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Cogent Communications Holdings, Inc. (CCOI) stock

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NASDAQ: CCOI Nasdaq Alternative Carriers Next results ~November 5, 2026

C Fundamentals grade

Cogent Communications Holdings, Inc. is a US-listed company in the alternative carriers industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

Not valued: the figures our models need are missing or failed our data-quality checks.

Price vs value

No model value: free cash flow after stock pay is not positive. How we value companies.

Cogent Communications Holdings, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 4 selling0 purchases and 15 sales by directors and officers, last 12 monthsInsider trades
  • Funds116 adding, 116 cuttingOf 37 active managers that changed their stake, 20 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Cogent Communications Holdings files

Where Cogent Communications stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $957m, down 4.5% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to -14.9% from -23.2% a year earlier. Operating margin widened to 8.0% from -16.2%. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 0 of our 2 financial-health checks.

Our models give no value for Cogent Communications Holdings at present, so past values are not shown.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Cogent Communications Holdings, Inc.'s trailing-twelve-month revenue fell 4.5% year on year, with a free-cash-flow margin of -14.9%. Where it lags: free-cash-flow margin of -14.9% ranks 153 of 174 communication services companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 38.7% while net income grew 79.1%: a 40pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 24.2 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.2bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 16 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 4.5% over the last 12 months.
  • Burning cash. Free cash flow was -14.9% of revenue over the last 12 months.
  • Volatile shares. Over the past year the shares showed annualised volatility of 95% and a beta of 2.0 against the S&P 500.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 55.8% ranks 101 of 119 communication services companies we cover (median 27.9%).
  • Heavily shorted. 19.2% of the shares available to trade are sold short (3.2 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
-$0.45 against an average estimate of -$0.95: beat by 52.6%
Revenue
$236m, down 4.3% on a year earlier
Share reaction
-22.9% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Next report
November 5, 2026; average EPS estimate -$0.85

Cogent Communications Holdings' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-10.2%
  • 1 week-17.8%
  • 1 month-28.5%
  • This year-71.8%
  • 1 year-85.3%
  • 5 years-89.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$957M
Operating margin
8.0%
Net margin
-4.7%
EPS (TTM, diluted)
$-0.94

Growth

Revenue growth
−4.5%
Change in growth rate
+0.3 pts
Share count change
+0.9%

Cash

Free cash flow (TTM)
-$143M
FCF margin
-14.9%
Stock pay % of revenue
3.2%

Earnings

Last results
August 6, 2026
Next results (est.)
November 16, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Cogent Communications Holdings, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: free cash flow after stock pay is not positive.

Valuation models

We value Cogent Communications Holdings, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.11 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: the projected cash flows don't support a positive value
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: fewer than 5 peers with a usable multiple
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. — No model applies: the filings don’t yet support a value.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Cogent Communications Holdings, Inc. with Alternative Carriers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$21.10$26.18$29.93$31.20$47.42$44.89$57.36$47.50$67.08$71.90$21.47$6.05
Market value$953m$1.2bn$1.4bn$1.4bn$2.2bn$2.1bn$2.7bn$2.2bn$3.2bn$3.4bn$1.0bn$291m
+ Net debt (− = net cash)$268m$295m$328m$369m$399m$511m$578m$726m$875m$1.3bn$1.6bn$1.5bn
Enterprise value$1.2bn$1.5bn$1.7bn$1.8bn$2.6bn$2.6bn$3.3bn$3.0bn$4.1bn$4.7bn$2.6bn$1.8bn
Multiples
Price / sales 2.4x2.6x2.8x2.7x4.0x3.7x4.6x3.7x3.4x3.3x1.1x0.3x
Price / earnings 194.6x78.7xn/m49.8x58.2xn/m55.9xn/m2.5x———
Price / free cash flow 19.8x18.7x20.5x17.0x21.5x24.8x26.8x23.7x————
EV / EBITDA 9.9x10.6x11.1x10.7x14.3x13.7x15.7x14.4x39.7x46.6x15.4x6.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

60 /100

Moderate moat

How hard Cogent Communications Holdings's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 18.2% of total assets over 9 years.

  • Pricing power 12 / 20

    Gross margin has been a median 57.2%, moving by 8.8 percentage points (standard deviation) across 9 years.

  • Durability 4 / 20

    Operating margin has been a median 15.3%; its worst year was -21.0%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 7 of 10 years, at a median 14.8% of revenue.

  • Discipline 14 / 20

    The diluted share count rose 3.4% over five years; stock-based pay has been a median 3.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (65 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $235m and EPS of −$0.85 (range −$0.88 to −$0.83) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$2.52 −12% $944m −3%
Next −$2.58 −3% $956m +1%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −35.8% on 90 days ago. In the last 30 days, 1 analyst raised Cogent Communications Holdings, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Cogent Communications Holdings, Inc., last 90 days
−$4.00 −$3.00 −$2.00 −$1.00 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$3.92 Current fiscal year, 60 days ago: −$3.87 Current fiscal year, 30 days ago: −$2.52 Current fiscal year, 7 days ago: −$2.52 Current fiscal year, Now: −$2.52 −$2.52 Next fiscal year, 90 days ago: −$2.95 Next fiscal year, 60 days ago: −$2.64 Next fiscal year, 30 days ago: −$2.58 Next fiscal year, 7 days ago: −$2.58 Next fiscal year, Now: −$2.58 −$2.58

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$3.92−$2.95
60 days ago −$3.87−$2.64
30 days ago −$2.52−$2.58
7 days ago −$2.52−$2.58
Now −$2.52−$2.58

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.95 −$0.45 +52.6%
Mar 2026 −$0.98 −$0.47 +52.1%
Dec 2025 −$1.07 −$0.31 +71.5%
Sept 2025 −$1.22 −$0.87 +28.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026

No numeric guidance in Cogent Communications Holdings, Inc.'s latest earnings release (filed August 6, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

12 analysts, Oct 2026
Buy433%
Hold650%
Sell217%

Monthly trend

  1. Oct 202646212
  2. Sep 202646212
  3. Aug 2026136212
  4. Jul 202647112

Counts of recommendations published by analysts covering Cogent Communications Holdings, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
19.2%
of tradable shares
Days to cover
3.22
at average volume
Short interest, 1 month
+4%
to October 15, 2026
Held by institutions
95%
of shares
Held by insiders
4.1%
of shares
Employees
1,833
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −85.3%

$41.03 on October 31, 2025 to $6.05

ThenNowEffect
Revenue (last 12 months) $1.0bn $957m −4.5%
P/S multiple 2.0x 0.3x −84.4%
Share count 48m 48m −0.9%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −89.6%

$58.06 on November 3, 2023 to $6.05

ThenNowEffect
Revenue (last 12 months) $695m $957m +37.7%
P/S multiple 4.0x 0.3x −92.3%
Share count 47m 48m −1.5%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CCOI+28%−17%+41%+7%−70%−72%
Industry peers (median)+5%+9%−31%−20%−39%−19%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CCOI58%50%50%58%33%27%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CCOI−10%−30%−20%−34%−79%−78%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 92% from November 7, 2024 to November 2, 2026. Getting back needed a 1201% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$6.05 – $40.55
From 52-week high
−85.1%
vs 50-day average
−29.6%
vs 200-day average
−61.3%
Volatility (1 year)
95%
Beta vs S&P 500
2.05

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
2 up, 10 down
typical move ±15.9%
After a week
1 up, 11 down
typical move ±18.0%
After a month
2 up, 10 down
typical move ±20.6%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 −22.9% +0.5% −19.6% −21.8%
May 4, 2026 −22.0% +0.4% −29.2% −29.1%
February 20, 2026 −32.1% −0.3% −28.7% −28.3%
November 17, 2025 +12.9% −1.8% −2.1% +29.4%
November 6, 2025 −38.7% −1.0% −56.4% −44.6%
August 7, 2025 −30.2% +0.7% −22.2% −13.6%
May 8, 2025 −8.0% +0.6% −5.3% −5.9%
February 27, 2025 −8.8% −0.1% −11.5% −22.0%
November 7, 2024 −1.1% +1.2% −8.1% −8.5%
August 8, 2024 +5.9% +2.8% +8.9% +7.1%
May 9, 2024 −6.0% +0.7% −8.7% −17.0%
February 29, 2024 −2.7% +1.3% −15.8% −19.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Cogent Communications Holdings, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Cogent Communications Holdings, Inc.
$800M $900M $1B $1.1B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $820.8M Revenue (TTM), FY23 Q4: $940.9M Revenue (TTM), FY24 Q1: $1.1B Revenue (TTM), FY24 Q2: $1.1B Revenue (TTM), FY24 Q3: $1.1B Revenue (TTM), FY24 Q4: $1B Revenue (TTM), FY25 Q1: $1B Revenue (TTM), FY25 Q2: $1B Revenue (TTM), FY25 Q3: $987.5M Revenue (TTM), FY25 Q4: $975.8M Revenue (TTM), FY26 Q1: $967.9M Revenue (TTM), FY26 Q2: $957.2M $957.2M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $820.8M
FY23 Q4 $940.9M
FY24 Q1 $1.1B
FY24 Q2 $1.1B
FY24 Q3 $1.1B
FY24 Q4 $1B
FY25 Q1 $1B
FY25 Q2 $1B
FY25 Q3 $987.5M
FY25 Q4 $975.8M
FY26 Q1 $967.9M
FY26 Q2 $957.2M
Revenue growth, TTM YoY Cogent Communications Holdings, Inc.
-50% 0% 50% 100% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 38.0% Revenue growth, TTM YoY, FY23 Q4: 56.9% Revenue growth, TTM YoY, FY24 Q1: 74.4% Revenue growth, TTM YoY, FY24 Q2: 54.5% Revenue growth, TTM YoY, FY24 Q3: 28.6% Revenue growth, TTM YoY, FY24 Q4: 10.1% Revenue growth, TTM YoY, FY25 Q1: -3.5% Revenue growth, TTM YoY, FY25 Q2: -6.6% Revenue growth, TTM YoY, FY25 Q3: -6.5% Revenue growth, TTM YoY, FY25 Q4: -5.8% Revenue growth, TTM YoY, FY26 Q1: -4.8% Revenue growth, TTM YoY, FY26 Q2: -4.5% -4.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 38.0%
FY23 Q4 56.9%
FY24 Q1 74.4%
FY24 Q2 54.5%
FY24 Q3 28.6%
FY24 Q4 10.1%
FY25 Q1 -3.5%
FY25 Q2 -6.6%
FY25 Q3 -6.5%
FY25 Q4 -5.8%
FY26 Q1 -4.8%
FY26 Q2 -4.5%
Operating margin (TTM) Cogent Communications Holdings, Inc.
-30% -20% -10% 0% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -4.1% Operating margin (TTM), FY23 Q4: -13.7% Operating margin (TTM), FY24 Q1: -20.2% Operating margin (TTM), FY24 Q2: -21.0% Operating margin (TTM), FY24 Q3: -22.1% Operating margin (TTM), FY24 Q4: -19.1% Operating margin (TTM), FY25 Q1: -17.6% Operating margin (TTM), FY25 Q2: -16.2% Operating margin (TTM), FY25 Q3: -12.5% Operating margin (TTM), FY25 Q4: -10.4% Operating margin (TTM), FY26 Q1: -7.7% Operating margin (TTM), FY26 Q2: 8.0% 8.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -4.1%
FY23 Q4 -13.7%
FY24 Q1 -20.2%
FY24 Q2 -21.0%
FY24 Q3 -22.1%
FY24 Q4 -19.1%
FY25 Q1 -17.6%
FY25 Q2 -16.2%
FY25 Q3 -12.5%
FY25 Q4 -10.4%
FY26 Q1 -7.7%
FY26 Q2 8.0%
FCF margin (TTM) Cogent Communications Holdings, Inc.
-30% -20% -10% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -0.4% FCF margin (TTM), FY23 Q4: -11.9% FCF margin (TTM), FY24 Q1: -13.9% FCF margin (TTM), FY24 Q2: -24.5% FCF margin (TTM), FY24 Q3: -25.0% FCF margin (TTM), FY24 Q4: -19.7% FCF margin (TTM), FY25 Q1: -20.0% FCF margin (TTM), FY25 Q2: -23.2% FCF margin (TTM), FY25 Q3: -18.9% FCF margin (TTM), FY25 Q4: -20.3% FCF margin (TTM), FY26 Q1: -21.5% FCF margin (TTM), FY26 Q2: -14.9% -14.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -0.4%
FY23 Q4 -11.9%
FY24 Q1 -13.9%
FY24 Q2 -24.5%
FY24 Q3 -25.0%
FY24 Q4 -19.7%
FY25 Q1 -20.0%
FY25 Q2 -23.2%
FY25 Q3 -18.9%
FY25 Q4 -20.3%
FY26 Q1 -21.5%
FY26 Q2 -14.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 348 380 404 447 485 520 546 568 590 600 941 1,036 976 957
Gross profit — — — 253 276 301 326 349 363 371 397 394 441 443
EBITDA 111 123 124 139 152 168 181 190 208 206 103 100 169 302
Operating income 46 54 53 64 76 87 100 107 119 114 −129 −198 −101 76
Net income 57 1 5 15 6 29 38 6 48 5 1,273 −204 −182 −45
Diluted EPS $1.21 $0.02 $0.11 $0.33 $0.13 $0.63 $0.81 $0.13 $1.03 $0.11 $26.62 −$4.28 −$3.80 −$0.94
Growth (year on year)
Revenue — +9.2% +6.4% +10.6% +8.6% +7.2% +5.0% +4.0% +3.8% +1.7% +56.9% +10.1% −5.8% −4.5%
EBITDA — +11.6% +0.1% +12.7% +9.0% +10.5% +7.6% +5.5% +9.5% −1.1% −50.1% −2.4% +68.4% +113.3%
Operating income — +16.8% −1.6% +20.8% +18.5% +14.0% +15.8% +6.6% +11.5% −4.4% −213.5% — — —
Net income — −98.6% — — −60.6% — +30.9% −83.4% — −89.3% — −116.0% — —
Diluted EPS — −98.3% — — −60.6% — +28.6% −84.0% — −89.3% — −116.1% — —
Margins
Gross margin — — — 56.6% 56.9% 57.8% 59.8% 61.4% 61.6% 61.9% 42.2% 38.1% 45.2% 46.3%
EBITDA margin 31.8% 32.5% 30.6% 31.2% 31.3% 32.3% 33.0% 33.5% 35.3% 34.4% 10.9% 9.7% 17.3% 31.5%
Operating margin 13.3% 14.2% 13.1% 14.3% 15.6% 16.6% 18.4% 18.8% 20.2% 19.0% −13.7% −19.1% −10.4% 8.0%
Net margin 16.3% 0.2% 1.2% 3.3% 1.2% 5.5% 6.9% 1.1% 8.2% 0.9% 135.3% −19.7% −18.7% −4.7%
Free-cash-flow margin 9.4% 3.4% 11.9% 14.0% 13.6% 16.1% 18.6% 14.9% 17.0% 15.8% −11.9% −19.7% −20.3% −14.9%
Cash flow
Cash from operations 82 73 84 108 112 134 149 140 170 174 17 −9 −11 15
Capital spending 49 60 36 45 46 50 47 56 70 79 130 195 188 158
Free cash flow 33 13 48 63 66 84 102 84 100 95 −112 −204 −198 −143
Stock-based pay 9 10 12 11 13 18 18 24 27 24 27 26 26 30
Free cash flow after stock pay 24 3 37 52 53 66 83 61 74 70 −139 −229 −225 −173
Balance sheet
Cash 305 288 204 274 247 276 399 371 320 224 75 198 149 184
Total debt 334 440 471 570 575 645 798 882 898 950 950 1,456 1,730 1,730
Net debt (negative = net cash) 29 153 268 295 328 369 399 511 578 726 875 1,258 1,582 1,547
Diluted shares 47m 46m 45m 45m 45m 46m 46m 47m 47m 47m 48m 48m 48m 48m
Returned to shareholders
Dividends 35 54 66 68 82 98 113 129 150 170 182 189 150 55
Buybacks — 59 39 4 2 7 — 4 — — — 8 17 —
Total returned 35 113 106 73 83 104 113 134 150 170 182 197 167 55

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 2 checks passed · June 30, 2026
What it owns · $3.1bn
Short-term assets $606mLonger-term assets $2.5bn
What it owes, and who funded it · $3.1bn
Short-term liabilities $960mLonger-term liabilities $2.2bnShareholders' equity $-34m
  • Short-term assets cover short-term liabilities $606m of assets due within a year against $960m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $606m short-term assets against $2.2bn of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Cogent Communications Holdings, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q1 TTM
Buybacks (TTM)
$123M
Dividends (TTM)
$55M
Returned to shareholders
-108%
of free cash flow
Buybacks, last 3 fiscal years
$29.1M
Diluted share count
+0.9%
year over year
Total shareholder yield
57.3%
dividends 17.7% + buybacks 39.5% of market value
Sales & admin spending
29.3%
of revenue
Days sales outstanding
33 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in alternative carriers
Last 12 months unless stated CCOI IRDM GSAT UCL Median
Revenue, last 12 months $957m $903m $281m $81m $592m
Revenue growth, last 12 months −4.5% 3.6% 7.7% −11.1% −0.5%
Revenue growth, 3-year average 11.2% 4.6% 13.4% — 11.2%
Revenue growth, latest quarter −4.3% 8.3% −3.5% — −3.5%
Gross margin 46.3% — — 52.4% 49.3%
Operating margin 8.0% 19.0% 4.7% 9.8% 8.9%
Operating margin, 3-year average −9.8% 23.2% −0.4% — −0.4%
Net margin −4.7% 18.1% −19.4% 7.7% 1.5%
Cash from operations / revenue 1.6% 43.2% 203.7% 3.9% 23.6%
Free-cash-flow margin −14.9% 30.7% 201.6% 2.8% 16.8%
Free-cash-flow margin, 3-year average −20.9% 34.1% 154.2% — 34.1%
Stock pay / revenue 3.2% 6.5% 5.7% 1.3% 4.4%
Change in share count 0.9% −2.5% 0.7% 0.6% 0.6%

Median of all 4 companies we cover in alternative carriers. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

182 communication services companies
Measure Company Peer median Rank
Revenue growth Growth -4.5% 3.1% 128 of 182
Change in growth rate Growth +0.3pp +0.2pp 90 of 182
Gross margin Profitability 46.3% 52.4% 70 of 121
Operating margin Profitability 8.0% 2.3% 60 of 175
Net margin Profitability -4.7% 0.0% 110 of 182
Free-cash-flow margin Cash generation -14.9% 7.2% 153 of 174
Stock pay as % of revenue Cash generation 3.2% 2.4% 99 of 161
Long-term debt as % of assets Balance sheet 55.8% 27.9% 101 of 119
Change in share count Balance sheet 0.9% 1.3% 75 of 156
Days sales outstanding Balance sheet 33 days 47 days 50 of 156

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
On Net Services $532M 54.5% ▼ 2.4%
Off Net Services $397M 40.7% ▼ 12.5%
Wavelength Services $38.5M 3.9% ▲ 100.3%
Non Core Services $8.3M 0.9% ▼ 54.1%
Geography
Region Revenue Share YoY
North America $820M 84.0% ▼ 7.7%
Europe $122M 12.5% ▲ 5.1%
Oceania $24.8M 2.5% ▲ 6.5%
South America $8.8M 0.9% ▲ 9.8%
Africa $588,000 0.1% ▼ 8.4%

From Cogent Communications Holdings, Inc.'s 10-K filed February 20, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$656M
Institutions reporting
223
Shares held vs prior quarter
▼ 3.1%
Positions opened / closed
40 / 44

Top buyers and sellers, Q2 2026: 116 institutions bought and 116 sold ; the biggest buyer was Park West Asset Management LLC (+1.2M shares) and the biggest seller Morgan Stanley (−1.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $102M 7.4M 15.6% ▲ 4.3%
Turtle Creek Asset Management Inc. $58.3M 4.2M 8.9% ▼ 3.3%
Park West Asset Management LLC $43.1M 3.1M 6.6% ▲ 60.5%
State Street Corp $38.6M 2.8M 5.9% ▲ 22.3%
Vanguard Portfolio Management LLC $33.1M 2.4M 5.0% ▼ 13.2%
Edgepoint Investment Group Inc. $31.7M 2.3M 4.8% 0.0%
Vanguard Capital Management LLC $28.3M 2.0M 4.3% ▼ 3.9%
Newtyn Management, LLC $23M 1.7M 3.5% ▲ 3.5%
Geode Capital Management, LLC $17.3M 1.2M 2.6% ▲ 3.3%
Citadel Advisors LLC $16.3M 1.2M 2.5% ▲ 175.1%
Magnolia Group, LLC $13.6M 980K 2.1% ▼ 24.1%
Goldman Sachs Group Inc $13.5M 973K 2.1% ▲ 36.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Cogent Communications Holdings, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $995,500 15 trades by 4 insiders · 0% under pre-set plans
Net ▼ $995,500 net selling
Insider Date Trade Shares Price Value
Kilmer Henry W VP OF NETWORK STRATEGY September 15, 2026 Sell 2,400 $9.21 $22,104
Weed Thaddeus Gerard VICE PRESIDENT, CFO September 2, 2026 Sell 4,850 $9.37 $45,444
Weed Thaddeus Gerard VICE PRESIDENT, CFO June 16, 2026 Sell 4,850 $16.79 $81,432
Kilmer Henry W VP OF NETWORK STRATEGY June 15, 2026 Sell 2,400 $17.01 $40,824
Ferguson Lewis H Director May 28, 2026 Sell 2,800 $20.36 $57,008
Kennedy Sheryl Lynn Director May 14, 2026 Sell 3,300 $16.22 $53,526
Kilmer Henry W VP OF NETWORK STRATEGY March 6, 2026 Sell 2,400 $23.35 $56,040
Weed Thaddeus Gerard VICE PRESIDENT, CFO March 5, 2026 Sell 4,850 $22.63 $109,756
Kennedy Sheryl Lynn Director March 5, 2026 Sell 3,300 $22.99 $75,867
Ferguson Lewis H Director March 5, 2026 Sell 2,206 $23.03 $50,804
Weed Thaddeus Gerard VICE PRESIDENT, CFO December 11, 2025 Sell 7,300 $23.99 $175,127
Kilmer Henry W VP OF NETWORK STRATEGY December 8, 2025 Sell 4,800 $19.79 $94,992

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 1 trade and filings

No trades in Cogent Communications Holdings, Inc. disclosed in the last 12 months; 1 earlier trade on record.

  • Donna Shalala(FL):Sale (full), $1,001 - $15,000, traded June 24, 2019, filed April 27, 2020

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 16, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 4, 2026
  • February 20, 2026
  • November 17, 2025
  • November 6, 2025
  • August 7, 2025

Recent SEC filings

Data status

When each part of this page on Cogent Communications Holdings, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Cogent Communications Holdings, Inc. in brief

What does Cogent Communications Holdings, Inc. do?
Cogent Communications Holdings, Inc. is a US-listed company in the alternative carriers industry. Its financial year ends in December.
What is Cogent Communications Holdings, Inc.'s stock ticker?
Cogent Communications Holdings, Inc. trades under the ticker CCOI on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Cogent Communications Holdings, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Cogent Communications Holdings, Inc. reported revenue of $957M, 4.5% lower than a year earlier, according to its SEC filings.
What is Cogent Communications Holdings, Inc.'s free cash flow?
Cogent Communications Holdings, Inc.'s free-cash-flow margin is -14.9% of revenue over the trailing twelve months, ranking 153 of the 174 communication services companies we cover.
Who are Cogent Communications Holdings, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Turtle Creek Asset Management Inc. and Park West Asset Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Cogent Communications Holdings, Inc. buying back stock, and does it pay a dividend?
Cogent Communications Holdings, Inc. spent $123M on share repurchases over the trailing twelve months, and its diluted share count still rose 0.9% over the year.
What is Cogent Communications Holdings, Inc.'s market cap?
On November 2, 2026, Cogent Communications Holdings, Inc.'s market capitalisation was about $291M and net debt of $1.5B. Market figures come from third-party market data and may be delayed.
Does Cogent Communications Holdings, Inc. pay a dividend?
Yes: Cogent Communications Holdings, Inc. paid $55M in dividends over the trailing twelve months, a dividend yield of 17.74%.
Who are Cogent Communications Holdings, Inc.'s competitors?
In our Alternative Carriers peer group, the companies closest to Cogent Communications Holdings, Inc. are Iridium Communications Inc., Globalstar, Inc. and Ucloudlink Group Inc. The side-by-side comparison below sets their revenue, margins and growth against Cogent Communications Holdings, Inc.'s.
Are insiders buying or selling Cogent Communications Holdings, Inc. stock?
Over the last 12 months, Cogent Communications Holdings, Inc.'s directors and officers reported 0 open-market purchases and 15 sales on Form 4. The insider trading page charts every trade.
When is Cogent Communications Holdings, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Cogent Communications Holdings, Inc. announces its own schedule.