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Side-by-side financial comparison of Bandwidth Inc. (BAND) and Broadstone Net Lease, Inc. (BNL). Click either name above to swap in a different company.
Bandwidth Inc. is the larger business by last-quarter revenue ($208.8M vs $121.4M, roughly 1.7× Broadstone Net Lease, Inc.). Broadstone Net Lease, Inc. runs the higher net margin — 38.2% vs 1.9%, a 36.3% gap on every dollar of revenue. On growth, Bandwidth Inc. posted the faster year-over-year revenue change (20.1% vs 11.7%). Over the past eight quarters, Bandwidth Inc.'s revenue compounded faster (9.7% CAGR vs 7.1%).
Bandwidth Inc. is a communications platform as a service company. It sells software application programming interfaces for voice, text messaging and emergency services, using its own global IP voice network.
Broadstone Net Lease, Inc. is a real estate investment trust (REIT) that acquires, owns, and manages a diversified portfolio of single-tenant commercial real estate assets across the United States. Its portfolio covers key segments including industrial facilities, healthcare properties, retail locations, and office spaces, all leased to tenants under long-term net lease agreements.
BAND vs BNL — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $208.8M | $121.4M |
| Net Profit | $4.0M | $46.4M |
| Gross Margin | 37.3% | — |
| Operating Margin | 60.5% | 52.2% |
| Net Margin | 1.9% | 38.2% |
| Revenue YoY | 20.1% | 11.7% |
| Net Profit YoY | 200.0% | — |
| EPS (diluted) | $-0.08 | $0.24 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $208.8M | $121.4M | ||
| Q4 25 | $207.7M | $118.3M | ||
| Q3 25 | $191.9M | $114.2M | ||
| Q2 25 | $180.0M | $113.0M | ||
| Q1 25 | $174.2M | $108.7M | ||
| Q4 24 | $210.0M | $112.1M | ||
| Q3 24 | $193.9M | $108.4M | ||
| Q2 24 | $173.6M | $105.9M |
| Q1 26 | $4.0M | $46.4M | ||
| Q4 25 | — | $33.1M | ||
| Q3 25 | $-1.2M | $26.5M | ||
| Q2 25 | $-4.9M | $20.2M | ||
| Q1 25 | $-3.7M | $16.7M | ||
| Q4 24 | — | $26.4M | ||
| Q3 24 | $413.0K | $35.6M | ||
| Q2 24 | $4.1M | $35.3M |
| Q1 26 | 37.3% | — | ||
| Q4 25 | 37.6% | — | ||
| Q3 25 | 38.5% | — | ||
| Q2 25 | 39.8% | — | ||
| Q1 25 | 41.0% | — | ||
| Q4 24 | 36.4% | — | ||
| Q3 24 | 37.7% | — | ||
| Q2 24 | 37.3% | — |
| Q1 26 | 60.5% | 52.2% | ||
| Q4 25 | -1.9% | — | ||
| Q3 25 | -1.0% | — | ||
| Q2 25 | -2.1% | — | ||
| Q1 25 | -2.7% | — | ||
| Q4 24 | -1.3% | — | ||
| Q3 24 | -0.5% | — | ||
| Q2 24 | -3.5% | — |
| Q1 26 | 1.9% | 38.2% | ||
| Q4 25 | — | 28.0% | ||
| Q3 25 | -0.6% | 23.2% | ||
| Q2 25 | -2.7% | 17.8% | ||
| Q1 25 | -2.1% | 15.4% | ||
| Q4 24 | — | 23.5% | ||
| Q3 24 | 0.2% | 32.8% | ||
| Q2 24 | 2.3% | 33.4% |
| Q1 26 | $-0.08 | $0.24 | ||
| Q4 25 | $-0.10 | $0.17 | ||
| Q3 25 | $-0.04 | $0.14 | ||
| Q2 25 | $-0.16 | $0.10 | ||
| Q1 25 | $-0.13 | $0.09 | ||
| Q4 24 | $0.27 | $0.13 | ||
| Q3 24 | $0.01 | $0.19 | ||
| Q2 24 | $-0.17 | $0.19 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $47.3M | $20.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $405.7M | $3.0B |
| Total Assets | $984.2M | $5.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $47.3M | $20.3M | ||
| Q4 25 | $111.3M | $30.5M | ||
| Q3 25 | $80.4M | $82.0M | ||
| Q2 25 | $68.1M | $20.8M | ||
| Q1 25 | $41.7M | $9.6M | ||
| Q4 24 | $83.8M | $14.8M | ||
| Q3 24 | $79.9M | $9.0M | ||
| Q2 24 | $76.4M | $18.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.0B | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $2.0B | ||
| Q2 24 | — | $1.9B |
| Q1 26 | $405.7M | $3.0B | ||
| Q4 25 | $400.0M | $2.9B | ||
| Q3 25 | $392.7M | $2.9B | ||
| Q2 25 | $384.5M | $2.9B | ||
| Q1 25 | $345.4M | $2.9B | ||
| Q4 24 | $312.5M | $3.0B | ||
| Q3 24 | $336.6M | $3.0B | ||
| Q2 24 | $307.4M | $3.1B |
| Q1 26 | $984.2M | $5.8B | ||
| Q4 25 | $1.1B | $5.7B | ||
| Q3 25 | $1.0B | $5.5B | ||
| Q2 25 | $1.0B | $5.3B | ||
| Q1 25 | $964.4M | $5.2B | ||
| Q4 24 | $989.2M | $5.2B | ||
| Q3 24 | $1.0B | $5.3B | ||
| Q2 24 | $1.0B | $5.3B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.87× | ||
| Q3 25 | — | 0.82× | ||
| Q2 25 | — | 0.73× | ||
| Q1 25 | — | 0.68× | ||
| Q4 24 | — | 0.64× | ||
| Q3 24 | — | 0.65× | ||
| Q2 24 | — | 0.62× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | — |
| Free Cash FlowOCF − Capex | $-1.0M | — |
| FCF MarginFCF / Revenue | -0.5% | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $38.6M | $299.5M | ||
| Q3 25 | $22.2M | $64.2M | ||
| Q2 25 | $31.7M | $79.3M | ||
| Q1 25 | $-3.1M | $71.5M | ||
| Q4 24 | $36.5M | $276.3M | ||
| Q3 24 | $20.5M | $67.3M | ||
| Q2 24 | $24.4M | $74.2M |
| Q1 26 | $-1.0M | — | ||
| Q4 25 | — | $269.8M | ||
| Q3 25 | — | $58.0M | ||
| Q2 25 | — | $76.7M | ||
| Q1 25 | — | $57.1M | ||
| Q4 24 | — | $259.5M | ||
| Q3 24 | — | $60.3M | ||
| Q2 24 | — | $74.0M |
| Q1 26 | -0.5% | — | ||
| Q4 25 | — | 228.1% | ||
| Q3 25 | — | 50.8% | ||
| Q2 25 | — | 67.9% | ||
| Q1 25 | — | 52.5% | ||
| Q4 24 | — | 231.4% | ||
| Q3 24 | — | 55.6% | ||
| Q2 24 | — | 69.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | 25.1% | ||
| Q3 25 | — | 5.4% | ||
| Q2 25 | — | 2.3% | ||
| Q1 25 | — | 13.2% | ||
| Q4 24 | — | 15.0% | ||
| Q3 24 | — | 6.5% | ||
| Q2 24 | — | 0.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 9.04× | ||
| Q3 25 | — | 2.43× | ||
| Q2 25 | — | 3.93× | ||
| Q1 25 | — | 4.27× | ||
| Q4 24 | — | 10.47× | ||
| Q3 24 | 49.55× | 1.89× | ||
| Q2 24 | 6.03× | 2.10× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
