CCOI Communication Services

Cogent Communications Holdings, Inc.

$5.91-2.31%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Communication Services
Industry: Telecom Services
Country: United States
Market cap: 302.7M USD
Enterprise value: 2.0B USD
Full-time employees: 1,833

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.63 vs a peer median of 1.38)higher risk: less liquidity (current ratio 0.63 vs peers 1.38)
About average: growth and valuation

Ranks #364 of 454 communication services companies (bottom 21%)

See how it ranks against its peers

Worth knowing

Paying shareholders without free cash flow. Paid out $521M over the 3 fiscal years to 2025 with -$514M of free cash flow.
Cogent Communications returned $521M in buybacks and dividends over three fiscal years while its free cash flow totalled -$514M. The money came from its cash pile or from borrowing.
Negative shareholders' equity. Liabilities exceed assets on the balance sheet.
Cogent Communications's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.
Valuation signals disagree. Cheaper than 77% of peers on operating cash profit (EBITDA), but only 0% on earnings.Cheaper than 77% of peers on operating cash profit, but only 0% on earnings.
Relative to its operating cash profit (EBITDA), Cogent Communications looks cheaper than 77% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.Relative to its operating cash profit, Cogent Communications looks cheaper than 77% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Loss over 12 months, profit last quarter. Lost money in the 12 months to June 2026, but made a $67M profit in the quarter to June 2026.
Cogent Communications reported a net loss over the last twelve months, but its most recent quarter was profitable ($67M). One quarter isn't a trend, but it's closer to profitability than the 12-month figure suggests.

StockQuotient Score

34/ 100

Oct 5 34 → Nov 4 34

Valuation

Is the price right?

47/100

Moderate▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Share count up 2.3% (existing holders diluted)

Valuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 46 → 47

Share price -20.9%+10
Company's reported figures updated-9

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Mixed versus peers:

▲ EBITDA yield
▼ Earnings yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-14.9%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0294 · MAD: 0.0294

EBITDA yield16.0%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score 1.15Sector median: 0.0857 · MAD: 0.0649

Free cash flow yield-47.2%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.25Sector median: 0.0740 · MAD: 0.0593

Other data (not scored)

Book yield-11.3%

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.4780 · MAD: 0.3375

Growth

Is it growing?

52/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ 3-yr revenue
▼ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.24Sector median: 0.0878 · MAD: 0.3126

3-year revenue growth11.2%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 1.20Sector median: 0.0303 · MAD: 0.0683

Revenue growth-4.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.05Sector median: 0.0299 · MAD: 0.0720

Profitability

Does it earn well?

33/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 15.6 points to 8.0%

Why

Weaker than most peers on:

▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin8.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.03Sector median: 0.0818 · MAD: 0.0789

Return on assets-1.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.31Sector median: 0.0272 · MAD: 0.0318

Return on invested capital4.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.28Sector median: 0.0598 · MAD: 0.0706

Other data (not scored)

Gross margin46.3%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.4656 · MAD: 0.1827

Return on equity-721.5%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0529 · MAD: 0.1007

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Debt / equity
▼ Current ratio
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.79

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.47Sector median: 0.6525 · MAD: 0.2880

Current ratio0.63×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.08Sector median: 1.3848 · MAD: 0.6948

Debt / equityUnavailable

Shareholders' equity is negative, so debt/equity counts as among the highest in its peer group33% base weight · Z-score -13.85Sector median: 0.3697 · MAD: 0.3335

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Cogent Communications

Is Cogent Communications getting weaker?: Its latest SEC filing (Aug 6, 2026) was mixed: some things better, some worse: operating margin rose 15.6 points to 8.0%; share count up 2.3%. Its overall score is unchanged at 34/100 since Oct 28, 2026.
How is Cogent Communications valued vs its peers?: Priced about in line with its peers. Valuation scores 47/100 against 512 communication services peers. EBITDA yield 16.0% vs a peer median of 8.6% (stronger than 77% of peers).EBITDA yield 16.0% vs peers 8.6% (stronger than 77% of peers). Earnings yield -14.9% vs a peer median of 2.9% (weaker than 100% of peers).Earnings yield -14.9% vs peers 2.9% (weaker than 100% of peers).
Is Cogent Communications growing?: At about the same pace as its peers. Growth scores 52/100 against 512 communication services peers. 3-year revenue growth 11.2% vs a peer median of 3.0% (stronger than 76% of peers).3-year revenue growth 11.2% vs peers 3.0% (stronger than 76% of peers). Revenue growth -4.5% vs a peer median of 3.0% (weaker than 79% of peers).Revenue growth -4.5% vs peers 3.0% (weaker than 79% of peers).
How profitable is Cogent Communications?: Less profitable than most of its peers. Profitability scores 33/100 against 512 communication services peers. Return on assets -1.5% vs a peer median of 2.7% (weaker than 81% of peers).Return on assets -1.5% vs peers 2.7% (weaker than 81% of peers).
How risky is Cogent Communications?: Higher risk relative to 512 communication services peers, judged on debt, liquidity and share-price swings. Current ratio 0.63× vs a peer median of 1.38× (weaker than 86% of peers).Current ratio 0.63× vs peers 1.38× (weaker than 86% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026

Mixed: some things better, some worse

Operating margin rose 15.6 points to 8.0%
Share count up 2.3% (existing holders diluted)

	Previous quarter	Latest quarter	Change
Revenue (12 months)	967.9M USD	957.2M USD	−1.1%
Net income (12 months)	−169.7M USD	−45.2M USD	−73.3%
Operating margin	-7.7%	8.0%	+15.6 pts
Free cash flow (12 months)	−207.8M USD	−142.9M USD	−31.2%
Cash	140.3M USD	183.7M USD	+31.0%
Shares outstanding	50.1M	51.2M	+2.3%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Communication Services · 67 companies

Valuations in Communication Services are within their usual range since 2016.

46% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +13% and earnings +11% (medians): earnings grew faster than prices.
Median price-to-sales is −6% vs the whole market, against a usual −7%.

2016Shaded: most expensive fifth of its range2026

Shown for Communication Services: too few Telecom Services companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	61.6%	61.9%	42.2%	38.1%	45.2%	▲ 7.1 pts
Operating margin	20.2%	19.0%	-13.7%	-19.1%	-10.4%	▲ 8.7 pts
Net margin	8.2%	0.9%	135.3%	-19.7%	-18.7%	▲ 1.0 pts
Return on assets (ROA)	4.9%	0.5%	39.7%	-6.4%	-5.9%	▲ 0.6 pts
Return on equity (ROE)	—	—	208.9%	-91.6%	—	—
Free cash flow margin	17.0%	15.8%	-11.9%	-19.7%	-20.3%	▼ 0.7 pts
Current ratio	5.06×	3.04×	1.38×	1.90×	2.04×	▲ 7.2%
Debt to equity	—	—	1.56×	6.53×	—	—
Interest coverage	2.05×	1.03×	-1.39×	-1.60×	—	—

CCOI price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.63 vs a peer median of 1.38)higher risk: less liquidity (current ratio 0.63 vs peers 1.38)

About average: growth and valuation

Ranks #364 of 454 communication services companies (bottom 21%)

See how it ranks against its peers

Worth knowing

Paying shareholders without free cash flow. Paid out $521M over the 3 fiscal years to 2025 with -$514M of free cash flow.

Cogent Communications returned $521M in buybacks and dividends over three fiscal years while its free cash flow totalled -$514M. The money came from its cash pile or from borrowing.

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.

Cogent Communications's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.

Valuation signals disagree. Cheaper than 77% of peers on operating cash profit (EBITDA), but only 0% on earnings.Cheaper than 77% of peers on operating cash profit, but only 0% on earnings.

Relative to its operating cash profit (EBITDA), Cogent Communications looks cheaper than 77% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.Relative to its operating cash profit, Cogent Communications looks cheaper than 77% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Loss over 12 months, profit last quarter. Lost money in the 12 months to June 2026, but made a $67M profit in the quarter to June 2026.

Cogent Communications reported a net loss over the last twelve months, but its most recent quarter was profitable ($67M). One quarter isn't a trend, but it's closer to profitability than the 12-month figure suggests.

Questions investors ask about Cogent Communications

Is Cogent Communications getting weaker?

Its latest SEC filing (Aug 6, 2026) was mixed: some things better, some worse: operating margin rose 15.6 points to 8.0%; share count up 2.3%. Its overall score is unchanged at 34/100 since Oct 28, 2026.

How is Cogent Communications valued vs its peers?

Priced about in line with its peers. Valuation scores 47/100 against 512 communication services peers. EBITDA yield 16.0% vs a peer median of 8.6% (stronger than 77% of peers).EBITDA yield 16.0% vs peers 8.6% (stronger than 77% of peers). Earnings yield -14.9% vs a peer median of 2.9% (weaker than 100% of peers).Earnings yield -14.9% vs peers 2.9% (weaker than 100% of peers).

Is Cogent Communications growing?

At about the same pace as its peers. Growth scores 52/100 against 512 communication services peers. 3-year revenue growth 11.2% vs a peer median of 3.0% (stronger than 76% of peers).3-year revenue growth 11.2% vs peers 3.0% (stronger than 76% of peers). Revenue growth -4.5% vs a peer median of 3.0% (weaker than 79% of peers).Revenue growth -4.5% vs peers 3.0% (weaker than 79% of peers).

How profitable is Cogent Communications?

Less profitable than most of its peers. Profitability scores 33/100 against 512 communication services peers. Return on assets -1.5% vs a peer median of 2.7% (weaker than 81% of peers).Return on assets -1.5% vs peers 2.7% (weaker than 81% of peers).

How risky is Cogent Communications?

Higher risk relative to 512 communication services peers, judged on debt, liquidity and share-price swings. Current ratio 0.63× vs a peer median of 1.38× (weaker than 86% of peers).Current ratio 0.63× vs peers 1.38× (weaker than 86% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

967.9M USD

957.2M USD

−1.1%

Net income (12 months)

−169.7M USD

−45.2M USD

−73.3%

Operating margin

-7.7%

8.0%

+15.6 pts

Free cash flow (12 months)

−207.8M USD

−142.9M USD

−31.2%

Cash

140.3M USD

183.7M USD

+31.0%

Shares outstanding

50.1M

51.2M

+2.3%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

61.6%

61.9%

42.2%

38.1%

45.2%

▲ 7.1 pts

Operating margin

20.2%

19.0%

-13.7%

-19.1%

-10.4%

▲ 8.7 pts

Net margin

8.2%

0.9%

135.3%

-19.7%

-18.7%

▲ 1.0 pts

Return on assets (ROA)

4.9%

0.5%

39.7%

-6.4%

-5.9%

▲ 0.6 pts

Return on equity (ROE)

—

208.9%

-91.6%

—

Free cash flow margin

17.0%

15.8%

-11.9%

-19.7%

-20.3%

▼ 0.7 pts

Current ratio

5.06×

3.04×

1.38×

1.90×

2.04×

▲ 7.2%

Debt to equity

—

1.56×

6.53×

—

Interest coverage

2.05×

1.03×

-1.39×

-1.60×

—