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The Moat Index

BANDWIDTH INC.

BAND · Technology · $2.2B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

34/ 100
No moat

The four filters

Pricing power70

Median gross margin 43.8% over 10y, very stable.

Returns on capital11

Median ROIC -1.9%, above the 9% hurdle in 30% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage -6x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$71.81
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

12 years of fundamentals

The business, in plain English

BANDWIDTH INC. booked $753.8M of revenue in FY2025 in the Technology sector and kept 39.1% of it as gross profit — a solid-margin business by that measure. After every other cost, −1.7% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $137.8M (FY2015) to $753.8M (FY2025) — about 18.5% a year compounded over 10 years.

It earned −2.1% on invested capital in FY2025, with a median of −1.9% across 10 filed years. The Returns on Capital filter above scores it 11/100.

The balance sheet carried $247.6M of total debt in FY2025. Balance-Sheet Safety scores it 28/100.

The share count rose 140.8% between FY2015 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (70/100) and Returns on Capital the weakest (11/100), which is how BAND lands at 34/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2014–FY2025 · 12 fiscal years, normalized from BAND’s SEC filings

RevenueSales, as filed$753.8M FY2025
$0$500M2014201820222025
Gross marginRevenue kept after cost of goods39.1% FY2025
0%20%40%2014201820222025
Return on invested capitalOperating profit on the capital employed−2.1% FY2025
0%100%2014201820222025
Owner earningsCash an owner could take out−$56.3M FY2020
−$50M$02014201820222025

Gaps in a line mean that item isn’t in BAND’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale34.3 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — BAND has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#392 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #390SST System1, Inc.34.4No moat
  2. #391RFIL R F INDUSTRIES, LTD.34.3No moat
  3. #393QUIK QUICKLOGIC Corp34.0No moat
  4. #394IPM Intelligent Protection Management Corp33.8No moat

Compare BAND with its nearest peers →All Technology companies on the Index →

Common questions about BAND

Does BANDWIDTH INC. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores BANDWIDTH INC. (BAND) 34.3 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 70, returns on capital 11, balance-sheet safety 28, capital discipline 24.
How has BAND's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 34.3 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell BAND. See the disclaimer.

BANDWIDTH INC. (BAND) Moat Score — The Moat Index · Buy Like Buffett