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Held by 233 of 6,047 reporting institutions (92th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Solve the discounted cash flow backwards, then stress-test the assumptions.
The same 3 years as the 3-yr average, with the stock compensation of those years charged as a cost. Shares issued to employees are real dilution, so this asks what the business generates for existing holders.
To be worth $47.40 today, the market must believe free cash flow compounds 45.7%/yr for a decade (off $9.7M on the SBC-adjusted basis).
On the basis ($55.6M) the requirement is 19.4%/yr. The difference is what charging stock compensation costs.
The market's 45.7% is more optimistic than its 8-yr track record.
Default is 13.2% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.03B shares (market data) · net debt $144.8M
mean -218.9% · volatility σ 244% · implied rate exceeded in 0/4 yrs
Central path = implied 45.7%/yr growth; shaded band = ±1σ (244%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $67.2M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -2%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-14
Where each multiple sits in its own 9-yr range · 60th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 9-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -3% against ROIC -2% — -1% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 53.0 | 53.7 | 55.1 | 56.4 | 58.4 | 60.7 | 62.6 | 60.9 |
| Gross Profit | 47.0 | 46.3 | 44.9 | 43.6 | 41.6 | 39.3 | 37.4 | 39.1 |
| R&D | 10.2 | 13.5 | 15.9 | 14.2 | 17.1 | 17.3 | 15.8 | 17.6 |
| SG&A | 23.3 | 25.3 | 15.1 | 13.1 | 11.9 | 10.9 | 9.6 | 10.0 |
| Operating Income | 3.3 | -7.6 | -3.9 | -0.5 | -4.2 | -5.9 | -2.7 | -1.9 |
| Income Tax | -5.3 | -7.6 | 4.4 | -0.8 | -0.4 | -0.5 | -0.3 | -0.5 |
| Net Income | 8.8 | 1.1 | -12.8 | -5.6 | 3.4 | -2.7 | -0.9 | -1.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on BAND: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~1.0% on $247.6M of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-10-14
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $753.8M 100.0% | $748.5M 100.0% | $601.1M 100.0% | $573.2M 100.0% | $490.9M 100.0% | $343.1M 100.0% | $232.6M 100.0% | $204.1M 100.0% | $163.0M 100.0% | $152.1M 100.0% |
| Cost of Revenue | $458.8M 60.9% | $468.5M 62.6% | $365.0M 60.7% | $334.8M 58.4% | $277.1M 56.4% | $189.2M 55.1% | $125.0M 53.7% | $108.1M 53.0% | $89.3M 54.8% | $85.2M 56.0% |
| Cost of Services | — | — | — | — | — | — | — | — | $75.9M 46.6% | $71.2M 46.8% |
| Gross Profit | $295.1M 39.1% | $280.0M 37.4% | $236.2M 39.3% | $238.4M 41.6% | $213.8M 43.6% | $153.9M 44.9% | $107.6M 46.3% | $96.0M 47.0% | $73.7M 45.2% | $66.9M 44.0% |
| Research & Development | $132.5M 17.6% | $118.6M 15.8% | $104.2M 17.3% | $98.0M 17.1% | $69.5M 14.2% | $54.6M 15.9% | $31.5M 13.5% | $20.9M 10.2% | $10.8M 6.6% | $8.5M 5.6% |
| Selling, General & Admin | $75.2M 10.0% | $71.7M 9.6% | $65.4M 10.9% | $68.0M 11.9% | $64.2M 13.1% | $51.6M 15.1% | $58.8M 25.3% | $47.6M 23.3% | $37.1M 22.7% | $33.9M 22.3% |
| Total Operating Expenses | $309.4M 41.0% | $300.0M 40.1% | $271.6M 45.2% | $262.7M 45.8% | $216.1M 44.0% | $167.4M 48.8% | $125.3M 53.9% | $89.2M 43.7% | $59.1M 36.3% | $51.7M 34.0% |
| Operating Income | -$14.4M -1.9% | -$20.1M -2.7% | -$35.5M -5.9% | -$24.3M -4.2% | -$2.2M -0.5% | -$13.5M -3.9% | -$17.7M -7.6% | $6.8M 3.3% | $14.6M 9.0% | $15.2M 10.0% |
| Interest Expense | $2.4M 0.3% | $3.0M 0.4% | $3.7M 0.6% | $5.2M 0.9% | $28.7M 5.8% | $16.4M 4.8% | — | — | — | — |
| Interest & Investment Income | $300K 0.0% | $1.0M 0.1% | $2.0M 0.3% | $1.2M 0.2% | $0 0.0% | $0 0.0% | $100K 0.0% | $77K 0.0% | $0 0.0% | — |
| Other Income (Expense), net | -$2.2M -0.3% | $11.1M 1.5% | $16.2M 2.7% | $41.6M 7.3% | -$29.0M -5.9% | -$15.5M -4.5% | $2.5M 1.1% | $301K 0.1% | -$1.7M -1.1% | -$908K -0.6% |
| Pretax Income | — | — | — | — | — | -$29.0M -8.4% | -$15.2M -6.5% | $7.1M 3.5% | $12.9M 7.9% | $14.3M 9.4% |
| Income Tax Expense | -$3.7M -0.5% | -$2.4M -0.3% | -$3.0M -0.5% | -$2.3M -0.4% | -$3.8M -0.8% | $15.0M 4.4% | -$17.7M -7.6% | -$10.9M -5.3% | $6.9M 4.2% | -$11.1M -7.3% |
| Net Income | -$12.9M -1.7% | -$6.5M -0.9% | -$16.3M -2.7% | $19.6M 3.4% | -$27.4M -5.6% | -$44.0M -12.8% | $2.5M 1.1% | $17.9M 8.8% | $6.0M 3.7% | $22.4M 14.7% |
| Per Share | ||||||||||
| EPS (Basic) | -$0.43 | -$0.24 | -$0.64 | $0.77 | -$1.09 | -$1.83 | $0.11 | $0.96 | $0.42 | $1.66 |
| EPS (Diluted) | -$0.43 | -$0.24 | -$0.64 | -$0.48 | -$1.09 | -$1.83 | $0.10 | $0.85 | $0.37 | $1.51 |
| Weighted Avg Shares (Basic) | 30.0M | 27.2M | 25.6M | 25.3M | 25.1M | 24.1M | 22.6M | 18.6M | 12.6M | 11.7M |
| Weighted Avg Shares (Diluted) | 30.0M | 27.2M | 25.6M | 30.9M | 25.1M | 24.1M | 23.9M | 21.1M | 14.5M | 12.9M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Ranked against 39 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CLBT | $2.7B | 34.9× | 33.1× | 5.7× | 18.6% | 84.2% | 16.5% | 16.2% | 16.2% | -1.6× | 199 |
| KC | $2.6B | — | 10.9× | 1.9× | 28.2% | 15.7% | -9.8% | -10.0% | -6.0% | 0.2× | 87 |
| VIA | $2.5B | — | — | 5.9× | 28.6% | 39.6% | -22.2% | -15.4% | -15.4% | — | 126 |
| ASAN | $2.2B | — | — | 2.8× | 9.2% | 89.0% | -23.9% | -123% | -97.0% | — | 257 |
| BLKB | $2.2B | 20.6× | 16.4× | 2.0× | -2.3% | 58.8% | 10.2% | 135% | 9.6% | 5.3× | 270 |
| NCNO | $2.1B | 393.4× | 48.0× | 3.5× | 10.0% | 60.6% | 0.9% | 0.5% | 0.4% | 2.7× | 280 |
| AMPL | $2.0B | — | — | 5.9× | 14.7% | 74.0% | -25.8% | -36.1% | -36.1% | — | 199 |
| SOUN | $2.0B | — | — | 11.9× | 99.4% | 42.4% | -8.3% | -3.0% | -3.0% | — | 447 |
| MQ | $1.9B | — | — | 3.0× | 23.3% | 70.0% | -2.2% | -1.8% | -1.8% | — | 186 |
| PRCH | $1.9B | — | 36.3× | 3.9× | 10.2% | 70.5% | -0.7% | 13.7% | -0.9% | 5.7× | 195 |
| PDFS | $1.8B | — | 182.8× | 8.2× | 22.0% | 72.3% | -0.3% | -0.2% | -0.2% | 2.5× | 268 |
| BL | $1.7B | 75.2× | 22.7× | 2.4× | 7.2% | 75.2% | 3.5% | 7.4% | 7.4% | -6.7× | 246 |
| EVCM | $1.7B | 93.7× | 16.1× | 2.8× | 4.8% | — | 3.0% | 2.5% | 1.4% | 3.1× | 83 |
| PRGS | $1.6B | 23.3× | 18.1× | 1.6× | 29.8% | 80.8% | 7.5% | 15.3% | 3.9% | 8.2× | 284 |
| BAND | $1.5B | — | 78.4× | 2.0× | 0.7% | 39.1% | -1.7% | -3.2% | -2.0% | 6.8× | 233 |
| ALKT | $1.5B | — | — | 3.3× | 32.9% | 57.8% | -10.7% | -13.2% | -13.2% | — | 200 |
| CERT | $1.4B | — | 15.9× | 3.4× | 8.7% | — | -0.4% | -0.2% | -0.1% | 1.1× | 238 |
| XZO | $1.4B | 16.0× | 10.3× | 6.6× | 62.0% | 60.4% | 38.1% | 32.6% | 32.6% | -2.8× | 87 |
| COUR | $1.4B | — | — | 1.8× | 9.0% | 54.6% | -6.7% | -8.0% | -8.0% | — | 245 |
| PD | $1.3B | 8.9× | 78.7× | 2.7× | 5.4% | 84.9% | 35.2% | 68.4% | 25.7% | 9.7× | 250 |
| CXM | $1.3B | 62.6× | 19.3× | 1.5× | 7.6% | 67.4% | 2.7% | 3.9% | 3.9% | -2.8× | 259 |
| RDVT | $1.2B | 83.5× | 49.4× | 13.5× | 20.0% | — | 14.6% | 13.0% | 13.0% | -1.8× | 172 |
| GTM | $1.1B | 10.3× | 8.9× | 0.9× | 2.9% | 84.0% | 9.9% | 8.2% | 4.4% | 4.5× | 330 |
| BBAI | $1.0B | — | — | 8.2× | -19.3% | 22.3% | -230% | -48.0% | -40.9% | — | 328 |
| TUYA | $1.0B | 18.8× | 11.5× | 3.2× | 7.8% | 48.2% | 18.0% | 5.7% | 5.7% | — | 67 |
Peers = companies sharing BAND's sector (Services-Prepackaged Software) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 44.0% | 10.0% | 14.7% |
| FY2017 | 45.2% | 9.0% | 3.7% |
| FY2018 | 47.0% | 3.3% | 8.8% |
| FY2019 | 46.3% | -7.6% | 1.1% |
| FY2020 | 44.9% | -3.9% | -12.8% |
| FY2021 | 43.6% | -0.5% | -5.6% |
| FY2022 | 41.6% | -4.2% | 3.4% |
| FY2023 | 39.3% | -5.9% | -2.7% |
| FY2024 | 37.4% | -2.7% | -0.9% |
| FY2025 | 39.1% | -1.9% | -1.7% |
Return on equity (-3%) and return on invested capital (-2%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: positive EBIT.
Fewer than three profitable years with a cash flow statement, so cash conversion cannot be judged.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Missing from our data, so excluded from this answer: 3 years of cash flow.
Stressed coverage falls to -4.2x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | -5.94x |
| 5% | -5.64x |
| 10% | -5.34x |
| 15% | -5.04x |
| 20% | -4.75x |
| 25% | -4.45x |
| 30% | -4.15x |
| 35% | -3.86x |
| 40% | -3.56x |
| 45% | -3.26x |
| 50% | -2.97x |
| 55% | -2.67x |
| 60% | -2.37x |
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Net debt is 17.4x EBITDA, so coverage today depends on earnings holding up rather than on the balance sheet.
At $47.40, free cash flow must compound 47.7%/yr for 10 years. It has no positive compounding record after stock compensation to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2022 | −419.5% | 47.7% |
| FY2025 | −30.8% | 47.7% |
This is solved on free cash flow AFTER stock compensation ($10M against $56M before it). On the unadjusted figure the requirement would be 21.26%/yr. Which is right depends on whether you think the share issuance is a recurring cost of running the business.