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Cogent Communications

CCOI Nasdaq Alternative Carriers Financials FY2016–FY2025

Cogent Communications' revenue fell 5.8% to $976 million in fiscal 2025. Its operating margin was −10.4%, up from −19.1% a year earlier. Free cash flow was −$198 million. It paid out $167 million in dividends and buybacks. The diluted share count rose 0.6%.

Last close · Oct 23, 2026

$7.48

2.5%
Value it Compare
Revenue Total sales reported in the income statement.
$976M
5.8% vs prior year
Operating margin Operating income as a share of revenue.
−10.4%
8.7 pts
Net income Profit after all expenses, interest and tax.
−$182M
Free cash flow Cash from operations minus capital spending.
−$198M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−3.8%
4.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$362M
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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About these figures. Return on equity for fiscal 2025 is blank: the 10-K's structured data doesn't include every figure it needs.

What Cogent Communications does

No business description yet.

Legal name
COGENT COMMUNICATIONS HOLDINGS, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001104659-26-017968
0001158324

Revenue and margins

Cogent Communications had $976M of revenue in fiscal 2025, down 5.8% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$198M in fiscal 2025, −20.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Cogent Communications returned $167M to shareholders in fiscal 2025. The diluted share count rose 0.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Cogent Communications yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$2.2B and divides by 47.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Cogent Communications can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $320M$224M$75.1M$199M$149M
Debt incl. finance leases $1.1B$1.3B$1.4B$2.0B$2.4B
Net debt / EBITDA 4.0x5.0x13.2x17.9x13.0x
Debt / equity ——2.4x9.0x—
Interest coverage 2.1x1.0x−1.4x−1.6x−0.7x
Current ratio 5.1x3.0x1.4x1.9x2.0x
Quick ratio 5.1x3.0x1.4x1.9x2.0x
Total assets $985M$1.0B$3.2B$3.2B$3.1B
Total liabilities $1.4B$1.5B$2.6B$3.0B$3.2B
Shareholders' equity −$373M−$519M$610M$223M−$63.8M
Net debt (− = net cash) $824M$1.0B$1.4B$1.8B$2.2B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.9M

4 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 15, 2026 Henry W KilmerVP of Network Strategy Sold 2,400 $9.21 $0.0M Form 4
Sep 2, 2026 Thaddeus Gerard WeedVice President, CFO Sold 4,850 $9.37 $0.0M Form 4
Jun 16, 2026 Thaddeus Gerard WeedVice President, CFO Sold 4,850 $16.79 $0.1M Form 4
Jun 15, 2026 Henry W KilmerVP of Network Strategy Sold 2,400 $17.01 $0.0M Form 4
May 28, 2026 Lewis H FERGUSONDirector Sold 2,800 $20.36 $0.1M Form 4
May 14, 2026 Sheryl Lynn KennedyDirector Sold 3,300 $16.22 $0.1M Form 4
Mar 6, 2026 Henry W KilmerVP of Network Strategy Sold 2,400 $23.35 $0.1M Form 4
Mar 5, 2026 Lewis H FERGUSONDirector Sold 2,206 $23.03 $0.1M Form 4
Mar 5, 2026 Sheryl Lynn KennedyDirector Sold 3,300 $22.99 $0.1M Form 4
Mar 5, 2026 Thaddeus Gerard WeedVice President, CFO Sold 4,850 $22.63 $0.1M Form 4
Dec 11, 2025 Thaddeus Gerard WeedVice President, CFO Sold 7,300 $23.99 $0.2M Form 4
Dec 8, 2025 Henry W KilmerVP of Network Strategy Sold 4,800 $19.79 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✕ ✕
Cash from operations is positive ✓ ✕ ✕
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✕ ✓ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✕ ✓ ✕
Gross margin rose ✕ ✕ ✓
Revenue rose relative to assets ✓ ✕ ✕
F-score 5 / 93 / 94 / 9
Accruals ratio 59.5%−6.1%−5.5%
Altman Z'' 0.28−0.25−0.50

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Cogent Communications CCOI $362M −5.8% −10.4% −20.3% −3.8% — 4
Iridium Communications IRDM $4.8B 4.9% 27.1% 34.4% 8.7% 29.4x 7 Compare →
Uniti Group UNIT $1.3B 91.5% 11.7% −19.6% 4.0% 1.0x — Compare →
Lumen Technologies LUMN $4.6B −5.4% −6.6% 3.0% −3.9% — 4 Compare →
CarGurus CARG $2.9B 13.7% 27.0% 31.9% 90.3% 17.1x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $447M $485M $520M $546M $568M $590M $600M $941M $1.0B $976M
Gross profit $253M $276M $301M $326M $349M $364M $371M $397M $394M $441M
Operating income $64.0M $75.9M $86.6M $100M $107M $119M $114M −$129M −$198M −$101M
Interest expense $40.8M $48.5M $51.1M $57.5M $62.5M $58.1M $111M $93.3M $123M $155M
Pretax income $24.3M $31.1M $41.4M $52.7M $10.3M $71.4M $26.4M $1.2B −$260M −$245M
Income tax $9.3M $25.2M $12.7M $15.2M $4.1M $23.2M $21.2M −$54.0M −$55.6M −$62.8M
Net income $14.9M $5.9M $28.7M $37.5M $6.2M $48.2M $5.1M $1.3B −$204M −$182M
Diluted EPS $0.33 $0.13 $0.63 $0.81 $0.13 $1.03 $0.11 $26.62 −$4.28 −$3.80
Diluted shares 0.04B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B
Cash flow
Cash from operations $108M $112M $134M $149M $140M $170M $174M $17.3M −$8.6M −$10.6M
Capital expenditure $45.2M $45.8M $49.9M $47.0M $56.0M $69.9M $79.0M $130M $195M $188M
Free cash flow $62.7M $65.9M $84.0M $102M $84.4M $100M $94.7M −$112M −$204M −$198M
Depreciation and amortization $75.2M $75.9M $81.2M $80.2M $83.5M $89.2M $92.2M $232M $298M $270M
Stock-based compensation $10.7M $13.3M $17.7M $18.5M $23.5M $26.8M $24.4M $26.9M $25.7M $26.4M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $2.2M $12.3M $0.0M
Share buybacks $4.5M $1.8M $6.6M $0.0M $4.5M $0.0M $0.0M $0.0M $8.0M $16.7M
Dividends paid $68.2M $81.7M $97.9M $113M $129M $150M $170M $182M $189M $150M
Dividends and buybacks $72.7M $83.5M $104M $113M $134M $150M $170M $182M $197M $167M
Balance sheet
Cash and short-term investments $274M $247M $276M $399M $371M $320M $224M $75.1M $199M $149M
Total debt $570M $575M $646M $798M $882M $898M $950M $950M $1.5B $1.7B
Finance lease liabilities $0.0M $0.0M $164M $170M $219M $246M $304M $485M $538M $623M
Current assets $328M $306M $350M $476M $456M $410M $366M $514M $482M $451M
Current liabilities $67.9M $74.5M $75.3M $89.7M $94.4M $81.0M $120M $373M $253M $221M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $362M $381M $375M $369M $430M $458M $544M $1.5B $1.7B $1.7B
Total assets $738M $711M $740M $932M $1.0B $985M $1.0B $3.2B $3.2B $3.1B
Total liabilities $791M $813M $889M $1.1B $1.3B $1.4B $1.5B $2.6B $3.0B $3.2B
Shareholders' equity −$53.3M −$103M −$149M −$204M −$293M −$373M −$519M $610M $223M −$63.8M
Margins
Gross margin 56.6% 56.9% 57.8% 59.8% 61.4% 61.6% 62.0% 42.2% 38.1% 45.2%
Operating margin 14.3% 15.7% 16.6% 18.4% 18.8% 20.2% 19.0% −13.7% −19.1% −10.4%
EBITDA margin 31.2% 31.3% 32.3% 33.1% 33.5% 35.4% 34.4% 10.9% 9.7% 17.3%
Net margin 3.3% 1.2% 5.5% 6.9% 1.1% 8.2% 0.9% 135.3% −19.7% −18.7%
FCF margin 14.0% 13.6% 16.1% 18.7% 14.9% 17.0% 15.8% −11.9% −19.7% −20.3%
Returns
Return on capital 15.8% 16.2% 19.7% 19.1% 16.1% 18.1% 11.8% −10.4% −7.8% −3.8%
Return on capital employed 10.1% 11.6% 13.3% 13.3% 12.2% 13.2% 12.7% −6.9% −6.9% −3.5%
Return on equity — — — — — — — — −49.0% —
Return on assets 2.1% 0.8% 4.0% 4.5% 0.6% 4.9% 0.5% 60.3% −6.4% −5.8%
Growth
Revenue growth 10.6% 8.6% 7.2% 5.0% 4.0% 3.8% 1.7% 56.9% 10.1% −5.8%
Net income growth 204.9% −60.6% 387.9% 30.9% −83.4% 675.2% −89.3% 24,646.2% −116.0% —
EPS growth 200.0% −60.6% 384.6% 28.6% −84.0% 692.3% −89.3% 24,100.0% −116.1% —
FCF growth 30.1% 5.1% 27.4% 21.3% −17.2% 18.9% −5.6% −218.5% — —
Share count change −0.6% 0.7% 1.3% 0.7% 1.3% 0.6% 0.5% 1.3% −0.4% 0.6%
Financial health
Net debt / EBITDA 2.1x 2.2x 3.2x 3.2x 3.8x 4.0x 5.0x 13.2x 17.9x 13.0x
Debt / equity — — — — — — — 2.4x 9.0x —
Interest coverage 1.6x 1.6x 1.7x 1.8x 1.7x 2.1x 1.0x −1.4x −1.6x −0.7x
Current ratio 4.8x 4.1x 4.7x 5.3x 4.8x 5.1x 3.0x 1.4x 1.9x 2.0x
Quick ratio 4.8x 4.1x 4.7x 5.3x 4.8x 5.1x 3.0x 1.4x 1.9x 2.0x
Capital allocation
Capex / revenue 10.1% 9.4% 9.6% 8.6% 9.9% 11.9% 13.2% 13.8% 18.8% 19.2%
Stock comp / revenue 2.4% 2.7% 3.4% 3.4% 4.1% 4.6% 4.1% 2.9% 2.5% 2.7%
Payouts / FCF 115.9% 126.7% 124.4% 110.6% 158.7% 149.8% 179.3% — — —
Quality scores
Piotroski F-score 7.0 5.0 7.0 7.0 5.0 7.0 5.0 5.0 3.0 4.0
Altman Z'' 0.7 0.2 0.4 0.9 0.2 −0.3 −1.5 0.3 −0.3 −0.5
Accruals ratio −13.3% −14.6% −14.5% −13.3% −13.9% −12.3% −16.9% 59.5% −6.1% −5.5%

Source: SEC EDGAR XBRL filings (CIK 0001158324). Data updated October 19, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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