BAND // Bandwidth Inc.

DES <GO> NASDAQ RQD COCKPIT → CIK 0001514416 ↗

Technology • Computer Software: Prepackaged Software

$47.34 ▼ -5.77 (-10.86%)

MKT CAP: $1.53B • VOL: 1.99M

52W L $13 52W H $79

ALTMAN Z

2.20 GREY

PIOTROSKI

6 / 9

BAND // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

▼ DOWNGRADE // D+ (RQD 55) -> D (RQD 51) AS OF 2026-11-03

ROARABLE D

RQD CONFIDENCE

51 / 100 -4D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Sell — Underperform / Distribution Warning

01 MASSIVE / SEC XBRL

Forensic Fundamentals

11 / 20

NEUTRAL

FCF +10.7% vs NI -97.9% • ROIC-WACC -10.6% • Z 2.2

02 INSTITUTIONAL TAPE & TREND

Whale & Options Flow

10 / 20

NEUTRAL

52W RANGE 52% • VS 200D +13.7% • RSI 46.1

03 SEC XBRL CAPITAL ALLOCATION

Insider & Capital Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

11 / 20

NEUTRAL

NEUTRAL • r(10Y)=-0.01 (+19bp) • r(OAS)=-0.24

05 10-K REDLINE AUDIT

Forensic 10-K Risk

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

ALERT

Why did BAND's Insider & Capital Conviction & Forensic 10-K Risk sub-score just flash a warning? Enter your email to unlock the full 5-Pillar Rating Breakdown + get instant alerts whenever BAND is Upgraded or Downgraded.

SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON BAND)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // MACRO TAILWIND SCORE (26/100)SIFTER 05 // TRUE NET LIQUIDITY BETA

SEVERITY: 86/100 Z-SCORE: +2.69σ

BAND Exhibits 2.51x True Net Liquidity Elasticity as Fed-TGA-RRP Prints $5,746B

TRUE NET LIQUIDITY

$5,746B (-0.64% 4W)

NET LIQUIDITY ELASTICITY

2.51x BETA (r=+0.18)

MACRO TAILWIND SCORE

26 / 100

[GEEK DESK FORENSIC NOTE // FRED WALCL - TGA - RRP × 5Y BETA]

FRED Fed Assets (WALCL)US Treasury TGA (WTREGEN) + ON RRPICE BofA High-Yield OAS + 5Y Equity Beta

Wall Street's True Net Liquidity Index (WALCL minus Treasury General Account WTREGEN minus Overnight RRP) stands at $5,745.73B (-0.64% 4-week RoC; High-Yield OAS +34 bps). Rolling 5-year regression assigns Bandwidth Inc. (BAND) a 2.51x Net Liquidity beta (r = +0.18), placing it in the top decile of liquidity-sensitive equities. Current plumbing translates to a deterministic Macro Tailwind Score of 26/100.

BAND // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: +5.15%▼ DESCENDING CHANNEL

2026-11-03O $53.11H $53.11L $47.34C $47.34VOL 1.99M

RES: $62.56SUP: $37.98SMA50: $51.80SMA200: $41.63

BAND // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

UNDERWEIGHT CONVICTION: 37/100

BEAR 0

100 BULL

Bandwidth Inc. (BAND) exhibits 39.1% gross margins and -2.1% return on invested capital within Technology (Computer Software: Prepackaged Software), balanced against a 24.0x enterprise multiple and 4.8% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 39.1% gross profitability converts into -1.9% operating margin and -2.1% ROIC, outpacing sector cost of capital.

ROIC: -2.1% // GM: 39.1%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +0.7% paired with 3.25% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +0.7% // FCF YLD: 3.25%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 2.20 and Piotroski F-Score of 6/9 indicate low near-term refinancing stress.

ALTMAN Z: 2.20 // F-SCORE: 6/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 24.0x trailing P/E (28.0x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 24.0x // EV/EBITDA: —

02. Options Skew & Event Volatility Risk

Options market prices a ±5.2% implied move with a 0.85 put/call ratio around $47.34 max pain.

IMPL MOVE: ±5.2% // P/C: 0.85

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Computer Software: Prepackaged Software require continuous execution to defend -1.7% net margins.

NET MARGIN: -1.7% // D/E: 0.62x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 28.0x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.15).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E —

FORWARD P/E 28.0x

EV / EBITDA —

FCF YIELD 3.25%

GROSS MARGIN 39.1%

OPERATING MARGIN -1.9%

NET MARGIN -1.7%

ROIC % -2.1%

REV GROWTH YOY +0.7%

DILUTED EPS TTM $-0.40

DEBT / EQUITY 0.62x

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 46.1

5Y EQUITY BETA 1.15

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // BANDPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $43.32

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for BAND & activate live FRED threshold breach alerts.

HEAD-TO-HEAD PEER COMPARISONS COMP <GO>

BAND VS AAPL

MARGINS ROIC VALUATION

BAND VS NVDA

MARGINS ROIC VALUATION

BAND VS MSFT

MARGINS ROIC VALUATION

BAND VS TSM

MARGINS ROIC VALUATION