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Cogent Communications Holdings, Inc.

CCOI NASDAQ Categories PDF
Communication Services · Telecommunications Services
Washington, DC 20037, United States IPO 2002 cogentco.com Updated Jun 26, 10:19am
Price
$12.94
Market Cap
$647.8M
Employees
1,899
Beta
0.75
Avg Volume
1,200,009
CEO
David Schaeffer
Business Description

Cogent Communications Holdings, Inc., founded in 1999 and based in Washington, D.C., functions as a multinational provider of high-speed internet connectivity, private networking solutions, and data center co-location services. Its extensive reach covers clients across North America, Europe, Asia, South America, Australia, and Africa. The company delivers its core services, including rapid internet access and secure private networks, in two primary ways: directly to customers located within buildings physically connected to its network (referred to as on-net services), and to those outside this direct infrastructure (off-net services). For corporate customers requiring off-net connections, Cogent frequently utilizes other carriers' circuits to complete the final segment of the network link to the customer's premises. Cogent serves a broad spectrum of organizations, from professional services firms like legal practices, financial institutions, advertising and marketing agencies, healthcare providers, and educational institutions, to other key players in the communications sector. This includes other internet service providers, telephone and cable television companies, web hosting providers, media and mobile phone operators, content delivery networks, and commercial content/application developers. Furthermore, Cogent operates 54 data centers, allowing customers to house their equipment securely and connect directly to its network. The company boasts a significant infrastructure presence, providing facilities to 3,035 buildings in total, with direct on-net services available to 1,817 multi-tenant office buildings. Cogent primarily caters to small and medium-sized enterprises, communications service providers, and organizations with substantial bandwidth demands.

Business History
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Last updated: Jun 26, 2026 10:19am (22h ago)
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
Period Revenue Net Income Net Margin YoY/QoQ
Key Metrics
API Direct from provider CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALC
Stock Price / EPS (Diluted)
-3.40
Stock Price: $12.94
EPS (Diluted): -3.80
P/B Ratio (Price vs net asset value)
API
Stock Price / Book Value Per Share
-16.18
Stock Price: $12.94
Total Equity: -$63.85M
Shares: 47,928,826
EV/EBITDA (Total value vs operating profit)
API
Enterprise Value / EBITDA
20.15
Market Cap: $647.77M
Total Debt: $2.06B
Cash: $205.11M
EBITDA: $186.58M
Enterprise Value (Takeover price (cap + debt - cash))
API
Market Cap + Total Debt - Cash
$3.8B
Market Cap: $647.77M
Total Debt: $2.06B
Cash: $205.11M
P/S Ratio (Price per dollar of revenue)
API
Stock Price / Revenue Per Share
1.06
Stock Price: $12.94
Revenue: $975.77M
Shares: 47,928,826
EV/Sales (Total value vs revenue — works when P/E can't)
API
3.85
Gross Margin (Revenue left after direct costs)
API
Gross Profit / Revenue
17.5%
Gross Profit: $170.62M
Revenue: $975.77M
Operating Margin (Revenue left after all operations)
API
Operating Income / Revenue
-10.6%
Operating Income: -$103.81M
Revenue: $975.77M
Net Margin (Revenue left as actual profit)
API
Net Income / Revenue
-18.7%
Net Income: -$182.17M
Revenue: $975.77M
ROE (Profit from shareholder equity)
CALC
Net Income / Total Equity
285.3%
Net Income: -$182.17M
Total Equity: -$63.85M
ROIC (Profit from all invested capital)
CALC
NOPAT / Invested Capital
-4.3%
Operating Income: -$103.81M
Tax Rate: 25.6%
Equity: -$63.85M
Total Debt: $2.06B
Cash: $205.11M
Current Ratio (Can it pay short-term bills)
API
Current Assets / Current Liabilities
2.04
Current Assets: $450.58M
Current Liabilities: $220.84M
Debt/Equity (Leverage — debt vs equity)
CALC
Total Debt / Total Equity
-32.33
Short-Term Debt: $80.69M
Long-Term Debt: $1.98B
Total Debt: $2.06B
Total Equity: -$63.85M
Rev/Share (Top-line per share)
CALC
Revenue / Shares Outstanding
$20.36
Revenue: $975.77M
Shares: 47,928,826
Book Value/Share (Net assets per share)
CALC
(Total Assets - Total Liabilities) / Shares
$-1.33
Total Equity: -$63.85M
Shares: 47,928,826
FCF/Share (Real cash generated per share)
CALC
(Operating Cash Flow + CapEx) / Shares
$-4.13
Operating CF: -$10.58M
CapEx: -$187.57M
Shares: 47,928,826
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
API
Last Annual Dividend / Stock Price
14.5%
Last Dividend: N/A
Stock Price: $12.94
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
Dividends Paid: N/A
Net Income: -$182.17M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares CCOI against LLM-researched typical ranges for its industry. One research call per industry, cached indefinitely — every stock in the same industry reuses the same baseline.
Deep Analysis

Pre-flight intelligence scans the company first, then routes to the right analytical methods.

0 Company Classification — What type of company is this?
1 Industry Landscape — Where is the industry headed?
2 Company Momentum — Where is this company trending?
3 Forward Projection — 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a DCF Valuation — Present value of future cash flows
4b Earnings Power Value — Floor value — worth with zero growth
4c Anchored PE — Industry PE adjusted for growth differential
4d Reverse DCF — What growth is the market pricing in?
4e Revenue-Based DCF — For growth/narrative companies (skip if mature earner)
4f Anchored P/S — Price-to-Sales peer comparison (skip if mature earner)
4g Scenario Analysis — Bull / Base / Bear (skip if mature earner)
4h Dividend Discount Model — For dividend/income stocks only
4i Book Value Analysis — For deep value / turnaround stocks only
4j Insider Activity — Are insiders buying or selling?
4f Cash Flow Quality — How trustworthy is the FCF?
4g Debt Maturity Risk — Can it handle its debt?
4h Macro Environment — Rates, market valuation, volatility
4i Sector Intelligence — How does this company compare within its sector?
4j Revenue Confidence — How reliable is the growth projection?
4k Sensitivity Analysis — How fragile is the fair value estimate?
4l Sector Demand Cycle — Is the sector in a boom, steady state, or contraction?
5 AI Investigation — Adaptive research engine (Claude)
5b Thesis Evaluation — What does the market believe? (narrative/platform stocks only)
6 Valuation Synthesis — Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 26, 2026 10:19am (22h ago)
Metric 2021 2022 2023 2024 2025
Revenue $589.8M $599.6M $940.9M $1.0B $975.8M
Cost of Revenue $226.3M $228.2M $544.2M $641.8M $805.1M
Gross Profit $363.5M $371.5M $396.7M $394.3M $170.6M
Operating Expenses $244.2M $257.5M $526.0M $591.9M $274.4M
Operating Income $119.2M $114.0M -$129.3M -$197.6M -$103.8M
Net Income $48.2M $5.1M $1.3B -$204.1M -$182.2M
EBITDA $218.7M $229.3M $1.6B $161.7M $186.6M
EPS $1.04 $0.11 $26.88 $-4.28 $-3.80
EPS (Diluted)
Balance Sheet (Annual)
Last updated: Jun 26, 2026 10:19am (22h ago)
Metric 2021 2022 2023 2024 2025
Cash & Equivalents $319.6M $223.8M $75.1M $198.5M $205.1M
Total Current Assets $409.6M $365.9M $513.6M $482.1M $450.6M
Total Assets $984.6M $1.0B $3.2B $3.2B $3.1B
Current Liabilities $81.0M $120.3M $373.3M $253.3M $220.8M
Long-Term Debt $891.4M $944.3M $945.6M $1.4B $2.0B
Total Liabilities $1.4B $1.5B $2.6B $3.0B $3.2B
Total Equity -$373.1M -$518.6M $609.6M $222.8M -$63.8M
Retained Earnings -$909.9M -$1.1B $17.1M -$376.3M -$708.6M
Cash Flow (Annual)
Last updated: Jun 26, 2026 10:19am (22h ago)
Metric 2021 2022 2023 2024 2025
Operating Cash Flow $170.3M $173.7M $17.3M -$8.6M -$10.6M
Capital Expenditure -$69.9M -$79.0M -$129.6M -$195.0M -$187.6M
Free Cash Flow $100.3M $94.7M -$112.3M -$203.6M -$198.1M
Acquisitions (net) $0 $0 $2.2M $12.3M $0
Debt Repayment
Dividends Paid
Stock Buybacks $0 $0 $0 -$8.0M -$16.7M
Net Change in Cash -$42.7M -$52.7M -$162.1M $114.1M -$22.8M
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 10:19am (22h ago)
Metric 2027 2028 2029 2030
Revenue $1.0B
$987.4M – $1.0B
$1.1B
$1.1B – $1.1B
$1.2B
$1.1B – $1.2B
$1.2B
$1.2B – $1.3B
EBITDA $423.2M
$414.8M – $427.2M
$450.3M
$450.0M – $450.6M
$487.8M
$478.3M – $495.6M
$521.4M
$511.2M – $529.8M
Net Income -$149.4M
-$177.2M – -$124.6M
-$117.0M
-$131.2M – -$93.8M
-$49.7M
-$50.7M – -$48.4M
-$6.2M
-$6.4M – -$6.1M
EPS
Growth Trends (YoY %)
Last updated: Jun 26, 2026 10:19am (22h ago)
Metric 2022 2023 2024 2025
Revenue Growth +1.7% +56.9% +10.1% -5.8%
Gross Profit Growth +2.2% +6.8% -0.6% -56.7%
Operating Income Growth -4.4% -213.5% -52.8% +47.5%
Net Income Growth -89.3% +24,646.2% -116.0% +10.7%
EBITDA Growth +4.8% +579.7% -89.6% +15.4%
Dividend History (Last 20)
Last updated: Jun 26, 2026 10:19am (22h ago)
Date Dividend Declaration Record Payment
2026-05-18 $0.02 2026-05-01 2026-05-18 2026-06-02
2026-03-06 $0.02 2026-02-18 2026-03-06 2026-03-20
2025-11-21 $0.02 2025-11-05 2025-11-21 2025-12-08
2025-08-21 $1.02 2025-08-06 2025-08-21 2025-09-05
2025-05-22 $1.01 2025-05-07 2025-05-22 2025-06-06
2025-03-13 $1.01 2025-02-26 2025-03-13 2025-03-28
2024-11-22 $1.00 2024-11-07 2024-11-22 2024-12-06
2024-08-22 $0.99 2024-08-07 2024-08-22 2024-09-06
2024-05-22 $0.98 2024-05-08 2024-05-23 2024-06-07
2024-03-14 $0.97 2024-02-28 2024-03-15 2024-04-09
2023-11-22 $0.96 2023-11-01 2023-11-24 2023-12-08
2023-08-23 $0.95 2023-08-02 2023-08-24 2023-09-08
2023-05-17 $0.94 2023-05-03 2023-05-18 2023-06-02
2023-03-09 $0.93 2023-02-22 2023-03-10 2023-03-24
2022-11-17 $0.92 2022-11-02 2022-11-18 2022-12-02
2022-08-17 $0.91 2022-08-04 2022-08-18 2022-08-31
2022-05-12 $0.88 2022-04-29 2022-05-13 2022-05-27
2022-03-08 $0.86 2022-02-23 2022-03-09 2022-03-25
2021-11-18 $0.83 2021-11-04 2021-11-19 2021-12-03
2021-08-19 $0.81 2021-08-04 2021-08-20 2021-09-03
Narrative Economics
The story the market is telling about this stock — the intangible X-factor (founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for CCOI — it's generated by the pipeline (market-narrative step).
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30