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Side-by-side financial comparison of Bandwidth Inc. (BAND) and CSW INDUSTRIALS, INC. (CSW). Click either name above to swap in a different company.
CSW INDUSTRIALS, INC. is the larger business by last-quarter revenue ($233.0M vs $207.7M, roughly 1.1× Bandwidth Inc.). On growth, CSW INDUSTRIALS, INC. posted the faster year-over-year revenue change (20.3% vs -1.1%). Over the past eight quarters, Bandwidth Inc.'s revenue compounded faster (10.2% CAGR vs 5.1%).
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.
BAND vs CSW — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $207.7M | $233.0M |
| Net Profit | — | $10.3M |
| Gross Margin | 37.6% | 39.7% |
| Operating Margin | -1.9% | 7.4% |
| Net Margin | — | 4.4% |
| Revenue YoY | -1.1% | 20.3% |
| Net Profit YoY | — | -61.9% |
| EPS (diluted) | $-0.10 | $0.62 |
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.
| Q4 25 | $207.7M | $233.0M | ||
| Q3 25 | $191.9M | $277.0M | ||
| Q2 25 | $180.0M | $263.6M | ||
| Q1 25 | $174.2M | $230.5M | ||
| Q4 24 | $210.0M | $193.6M | ||
| Q3 24 | $193.9M | $227.9M | ||
| Q2 24 | $173.6M | $226.2M | ||
| Q1 24 | $171.0M | $210.9M |
| Q4 25 | — | $10.3M | ||
| Q3 25 | $-1.2M | $40.7M | ||
| Q2 25 | $-4.9M | $40.9M | ||
| Q1 25 | $-3.7M | $35.1M | ||
| Q4 24 | — | $26.9M | ||
| Q3 24 | $413.0K | $36.1M | ||
| Q2 24 | $4.1M | $38.6M | ||
| Q1 24 | $-9.2M | $31.8M |
| Q4 25 | 37.6% | 39.7% | ||
| Q3 25 | 38.5% | 43.0% | ||
| Q2 25 | 39.8% | 43.8% | ||
| Q1 25 | 41.0% | 44.2% | ||
| Q4 24 | 36.4% | 41.4% | ||
| Q3 24 | 37.7% | 45.6% | ||
| Q2 24 | 37.3% | 47.5% | ||
| Q1 24 | 38.3% | 44.4% |
| Q4 25 | -1.9% | 7.4% | ||
| Q3 25 | -1.0% | 20.5% | ||
| Q2 25 | -2.1% | 20.8% | ||
| Q1 25 | -2.7% | 19.5% | ||
| Q4 24 | -1.3% | 15.3% | ||
| Q3 24 | -0.5% | 22.6% | ||
| Q2 24 | -3.5% | 24.3% | ||
| Q1 24 | -6.1% | 21.0% |
| Q4 25 | — | 4.4% | ||
| Q3 25 | -0.6% | 14.7% | ||
| Q2 25 | -2.7% | 15.5% | ||
| Q1 25 | -2.1% | 15.2% | ||
| Q4 24 | — | 13.9% | ||
| Q3 24 | 0.2% | 15.8% | ||
| Q2 24 | 2.3% | 17.1% | ||
| Q1 24 | -5.4% | 15.1% |
| Q4 25 | $-0.10 | $0.62 | ||
| Q3 25 | $-0.04 | $2.41 | ||
| Q2 25 | $-0.16 | $2.43 | ||
| Q1 25 | $-0.13 | $2.05 | ||
| Q4 24 | $0.27 | $1.60 | ||
| Q3 24 | $0.01 | $2.26 | ||
| Q2 24 | $-0.17 | $2.47 | ||
| Q1 24 | $-0.35 | $2.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $111.3M | $40.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $400.0M | $1.1B |
| Total Assets | $1.1B | $2.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $111.3M | $40.2M | ||
| Q3 25 | $80.4M | $31.5M | ||
| Q2 25 | $68.1M | $38.0M | ||
| Q1 25 | $41.7M | $225.8M | ||
| Q4 24 | $83.8M | $213.8M | ||
| Q3 24 | $79.9M | $273.2M | ||
| Q2 24 | $76.4M | $18.9M | ||
| Q1 24 | $147.2M | $22.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $800.1M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $166.0M |
| Q4 25 | $400.0M | $1.1B | ||
| Q3 25 | $392.7M | $1.1B | ||
| Q2 25 | $384.5M | $1.1B | ||
| Q1 25 | $345.4M | $1.1B | ||
| Q4 24 | $312.5M | $1.0B | ||
| Q3 24 | $336.6M | $1.0B | ||
| Q2 24 | $307.4M | $650.2M | ||
| Q1 24 | $298.2M | $615.7M |
| Q4 25 | $1.1B | $2.3B | ||
| Q3 25 | $1.0B | $1.5B | ||
| Q2 25 | $1.0B | $1.5B | ||
| Q1 25 | $964.4M | $1.4B | ||
| Q4 24 | $989.2M | $1.4B | ||
| Q3 24 | $1.0B | $1.4B | ||
| Q2 24 | $1.0B | $1.1B | ||
| Q1 24 | $1.1B | $1.0B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.27× |
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 | $38.6M | $28.9M |
| Free Cash FlowOCF − Capex | — | $22.7M |
| FCF MarginFCF / Revenue | — | 9.8% |
| Capex IntensityCapex / Revenue | — | 2.6% |
| Cash ConversionOCF / Net Profit | — | 2.81× |
| TTM Free Cash FlowTrailing 4 quarters | — | $162.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $38.6M | $28.9M | ||
| Q3 25 | $22.2M | $61.8M | ||
| Q2 25 | $31.7M | $60.6M | ||
| Q1 25 | $-3.1M | $27.3M | ||
| Q4 24 | $36.5M | $11.6M | ||
| Q3 24 | $20.5M | $66.8M | ||
| Q2 24 | $24.4M | $62.7M | ||
| Q1 24 | $2.5M | $22.4M |
| Q4 25 | — | $22.7M | ||
| Q3 25 | — | $58.7M | ||
| Q2 25 | — | $57.7M | ||
| Q1 25 | — | $22.8M | ||
| Q4 24 | — | $8.5M | ||
| Q3 24 | — | $61.3M | ||
| Q2 24 | — | $59.6M | ||
| Q1 24 | — | $17.5M |
| Q4 25 | — | 9.8% | ||
| Q3 25 | — | 21.2% | ||
| Q2 25 | — | 21.9% | ||
| Q1 25 | — | 9.9% | ||
| Q4 24 | — | 4.4% | ||
| Q3 24 | — | 26.9% | ||
| Q2 24 | — | 26.3% | ||
| Q1 24 | — | 8.3% |
| Q4 25 | — | 2.6% | ||
| Q3 25 | — | 1.1% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | 2.0% | ||
| Q4 24 | — | 1.6% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 2.3% |
| Q4 25 | — | 2.81× | ||
| Q3 25 | — | 1.52× | ||
| Q2 25 | — | 1.48× | ||
| Q1 25 | — | 0.78× | ||
| Q4 24 | — | 0.43× | ||
| Q3 24 | 49.55× | 1.85× | ||
| Q2 24 | 6.03× | 1.62× | ||
| Q1 24 | — | 0.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BAND
| Messaging Surcharges | $192.4M | 93% |
| Other | $15.2M | 7% |
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
