Cogent Communications Holdings, Inc. CCOI

Communication ServicesTelecommunications ServicesUnited States of America

Last close 6.74 USD on Nov 1, 2026, −68.6% year to date

Quant rating

Quant rating D Rank 112 of 135 in Communication Services

Growth A 19 of 135
Valuation C 82 of 135
Quality D 97 of 135
Revisions C 91 of 135
Momentum D 135 of 135

Wall Street consensus Hold (2.75)Average target 18.00 USD +167.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 345M
Enterprise value: 2.5B
52-week range: 6.63 – 41.52
3-year range: 6.63 – 85.35
Dividend yield: 1.19%
Beta (5 years): 0.77
Shares outstanding: 51.2M
Next earnings: Nov 5, 2026

About the company

Cogent Communications Holdings, Inc. is a facilities-based provider of Internet access, private network services, optical wavelength and optical transport services and data center colocation space and power. The Company operates two networks: an Internet protocol (IP) Network designed and optimized to transmit packet routed data and an Optical Wave Network designed to provide optical wave and transport services. It delivers its services primarily to businesses, large and small, communications service providers and other bandwidth-intensive organizations in approximately 57 countries across North America, Europe, Asia, South America, Oceania and Africa. It offers on-net Internet access services through its own facilities, which run from its IP Network to its customers’ premises. The Company provides its on-net Internet access and private network services to its corporate, net-centric and enterprise customers.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	976	1,036	941	600	590	–
Revenue growth	−5.8%	10.1%	56.9%	1.7%	3.8%	11.4%
EPS (basic, normalized)	−3.80	−4.28	26.62	0.11	1.03	–
EPS growth	–	–	24,100.0%	−89.3%	–	–
Gross margin	45.2%	38.1%	42.2%	61.9%	61.6%	49.8%
Net margin	−18.7%	−19.7%	135.4%	0.9%	8.2%	21.2%
ROE	−229.1%	−49.0%	2,802.2%	–	–	841.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	184
Current ratio	0.63x
Long-term debt (mil)	1,559
Net debt (mil)	2,143
Total equity (mil)	−34.1
Net debt / equity	−62.78x
Net debt / EBITDA	7.32x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	976	−5.8%	2.5x	293	−14.9%	8.5x	−3.80	+11.2%	−1.8x
2026	944	−3.3%	2.6x	296	+1.2%	8.4x	−1.06	+72.1%	−6.4x
2027	956	+1.3%	2.6x	320	+8.0%	7.8x	−2.80	−164.8%	−2.4x
2028	1,021	+6.8%	2.4x	272	−15.1%	9.2x	−2.37	+15.4%	−2.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	944	0.0%	−1.9%	−3.9%	−1.06	+4.3%	+70.1%	+70.0%
2027	956	−0.2%	−4.9%	−8.3%	−2.80	−0.2%	+4.5%	+1.6%
2028	1,021	0.0%	−4.7%	−8.0%	−2.37	−4.1%	−9.5%	−19.1%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	266	260	257	252	247	246	242	241	239	236
Sales mean (mil)	272	264	259	258	251	250	246	244	242	240
Surprise	−2.1%	−1.5%	−0.6%	−2.3%	−1.6%	−1.4%	−1.6%	−1.2%	−1.1%	−1.7%
EPS reported	−1.38	−0.68	−1.33	−0.91	−1.09	−1.21	−0.87	−0.64	−0.83	−1.38
EPS mean	−0.97	−1.12	−1.19	−1.21	−1.07	−0.93	−1.02	−0.98	−1.00	−0.97
Surprise	−43.0%	+39.4%	−11.5%	+24.7%	−1.8%	−29.8%	+15.0%	+34.6%	+16.7%	−42.0%

Peer comparison Telecommunications Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CCOI Cogent Communications Holdings, Inc.	345M	7.32x	−18.7%	−10.11x	−6.4x	−2.4x	8.4x	7.8x
VZ Verizon Communications Inc	185.4B	3.26x	12.4%	1.75x	8.8x	8.4x	6.5x	6.3x
TMUS T-Mobile US Inc	165.7B	2.47x	12.4%	2.95x	14.0x	11.1x	6.7x	6.2x
T AT&T Inc.	144.2B	3.60x	17.4%	1.36x	8.9x	8.2x	6.4x	6.3x
CMCSA Comcast Corporation	82.5B	2.14x	16.2%	0.89x	6.6x	6.6x	4.9x	4.9x
ECHO EchoStar Corporation	28.2B	−1.05x	−96.6%	1.99x	4.0x	32.4x	19.4x	20.3x
Mean		2.96x	−9.5%	−0.20x	6.0x	10.7x	8.7x	8.6x
Median		2.86x	12.4%	1.55x	7.7x	8.3x	6.6x	6.3x

Technical analysis

1M−9.3%
3M−47.8%
1Y−84.4%
3Y−87.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Cogent Communications Holdings, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	976	1,036	941	600	590	568
Cost of revenue	535	642	544	228	226	219
Gross profit	441	394	397	371	363	349
Selling, general & administrative expenses	274	276	275	163	162	158
Research & development	–	–	–	–	–	–
Depreciation/amortization	270	298	232	92.2	89.2	83.5
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	2.9	−4.1	−1,388	14.1	7.3	0.7
Other operating expenses	0	0	0	0	0	0
Operating income	−107	−175	1,277	102	105	106
Net interest income (expense)	−138	−84.2	−57.6	−75.7	−33.1	−96.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	−245	−260	1,219	26.4	71.4	10.3
Provision for taxes	−62.8	−55.6	−54.5	20.9	22.8	4.0
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−182	−204	1,274	5.5	48.6	6.3
Extraordinary items	–	–	−0.5	−0.4	−0.4	−0.1
Net income	−182	−204	1,273	5.1	48.2	6.2
EBIT, normalized	−104	−180	−111	116	112	107
EBITDA, normalized	166	118	121	208	201	190
Basic EPS, normalized	−3.80	−4.28	26.62	0.11	1.03	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Cogent Communications Holdings, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	149	198	75.1	224	320	371
Receivables	178	180	319	44.1	41.9	44.2
Total inventory	–	–	–	–	–	–
Prepaid expenses	67.7	74.1	80.6	45.9	39.0	40.9
Other current assets	56.6	29.4	38.7	52.1	9.0	0
Total current assets	451	482	514	366	410	456
Property, plant & equipment	2,032	1,988	1,899	626	560	530
Goodwill	–	–	–	–	–	–
Intangibles	469	471	473	–	–	–
Long-term investments	–	–	–	–	–	–
Note receivable	114	202	302	–	–	–
Other long-term assets	34.8	29.6	23.4	18.2	15.4	14.1
Total assets	3,100	3,173	3,212	1,010	985	1,000
Liabilities
Accounts payable	30.6	39.8	48.4	27.2	11.9	9.8
Payable/accrued	–	–	–	–	–	–
Accrued expenses	154	167	160	50.7	46.4	57.5
Short-term debt	0	0.5	71.9	0	0	0
Current portion of long-term debt	26.1	21.2	64.6	17.2	17.8	22.5
Other current liabilities	10.5	24.5	28.1	25.2	4.9	4.7
Total current liabilities	221	253	373	120	81.0	94.4
Long-term debt	2,311	1,957	1,366	1,231	1,120	1,073
Minority interest	–	–	–	–	–	–
Other liabilities	632	740	863	177	156	126
Total liabilities	3,164	2,950	2,602	1,529	1,358	1,294
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.1	0	0	0	0	0
Additional paid-in capital	643	630	607	575	548	516
Retained earnings (accumulated deficit)	−709	−376	17.1	−1,075	−910	−808
Treasury stock	–	–	–	–	–	–
Other equity	1.4	−30.7	−14.4	−19.2	−11.0	−1.3
Total equity	−63.8	223	610	−519	−373	−293
Total liabilities & shareholders' equity	3,100	3,173	3,212	1,010	985	1,000

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Cogent Communications Holdings, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−182	−204	1,273	5.1	48.2	6.2
Depreciation, depletion & amortization	270	298	232	92.2	89.2	83.5
Deferred taxes	−65.0	−51.6	−69.6	16.5	18.2	0.3
Non-cash items	16.3	−82.6	−1,344	6.6	3.5	60.0
Changes in working capital	−49.9	31.6	−74.5	53.2	11.2	−9.6
Cash from operations	−10.6	−8.6	17.3	174	170	140
Investing activities
Capital expenditures	−188	−195	−130	−79.0	−69.9	−56.0
Other investing cash flows	100.0	216	206	0	0	0
Cash from investing	−87.6	21.5	76.7	−79.0	−69.9	−56.0
Financing activities
Financing cash flow items	–	–	–	–	–	–
Cash dividends paid	−150	−189	−182	−170	−150	−129
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	213	295	−76.1	25.0	9.5	13.4
Cash from financing	62.9	106	−258	−145	−141	−116
Foreign exchange effects	12.4	−4.6	1.6	−2.6	−2.2	3.5
Net change in cash	−22.8	114	−162	−52.7	−42.7	−28.1
Free cash flow	−198	−204	−112	94.7	100	84.4

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.