Cogent Communications
CCOI · Alternative Carriers
$7.48
2.5%Uniti Group
UNIT · Alternative Carriers
$5.07
2.3%The short version
- Uniti Group is the larger business, with $2.2B of revenue in fiscal 2025 against $976M for Cogent Communications, about 2.3 times as much.
- Uniti Group grew revenue faster (91.5%, against −5.8%).
- Uniti Group kept more of each dollar of sales as operating profit (11.7% operating margin, against −10.4% operating margin).
- Uniti Group turned more of its sales into free cash flow (−19.6% FCF margin, against −20.3% FCF margin).
- Uniti Group earned a higher return on the capital invested in it (4.0%, against −3.8%).
| Latest fiscal year | CCOI · FY25 | UNIT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $362M | $1.3B |
| Revenue | $976M | $2.2B |
| Free cash flow | −$198M | −$438M |
| Net income | −$182M | $1.3B |
| Growth | ||
| Revenue growth | −5.8% | 91.5% |
| 5-year growth | 11.4% | — |
| Share count change | 0.6% | 86.2% |
| Profitability | ||
| Gross margin | 45.2% | — |
| Operating margin | −10.4% | 11.7% |
| Net margin | −18.7% | 58.4% |
| FCF margin | −20.3% | −19.6% |
| Return on capital | −3.8% | 4.0% |
| Return on equity | — | — |
| Balance sheet | ||
| Net debt | $2.2B | $9.5B |
| Net debt / EBITDA | 13.0x | 10.3x |
| Dividends and buybacks | $167M | $0.0M |
| Valuation & quality | ||
| P/E | — | 1.0x |
| Piotroski F-score | 4 | — |
FY16
CCOI $447M
UNIT —
FY17
CCOI $485M
UNIT —
FY18
CCOI $520M
UNIT —
FY19
CCOI $546M
UNIT —
FY20
CCOI $568M
UNIT —
FY21
CCOI $590M
UNIT —
FY22
CCOI $600M
UNIT —
FY23
CCOI $941M
UNIT $1.1B
FY24
CCOI $1.0B
UNIT $1.2B
FY25
CCOI $976M
UNIT $2.2B
CCOI
UNIT
FY16
CCOI 14.3%
UNIT —
FY17
CCOI 15.7%
UNIT —
FY18
CCOI 16.6%
UNIT —
FY19
CCOI 18.4%
UNIT —
FY20
CCOI 18.8%
UNIT —
FY21
CCOI 20.2%
UNIT —
FY22
CCOI 19.0%
UNIT —
FY23
CCOI −13.7%
UNIT 32.9%
FY24
CCOI −19.1%
UNIT 50.3%
FY25
CCOI −10.4%
UNIT 11.7%
CCOI
UNIT
FY16
CCOI $62.7M
UNIT —
FY17
CCOI $65.9M
UNIT —
FY18
CCOI $84.0M
UNIT —
FY19
CCOI $102M
UNIT —
FY20
CCOI $84.4M
UNIT —
FY21
CCOI $100M
UNIT —
FY22
CCOI $94.7M
UNIT —
FY23
CCOI −$112M
UNIT −$63.8M
FY24
CCOI −$204M
UNIT $11.8M
FY25
CCOI −$198M
UNIT −$438M
CCOI
UNIT
FY16
CCOI 15.8%
UNIT —
FY17
CCOI 16.2%
UNIT —
FY18
CCOI 19.7%
UNIT —
FY19
CCOI 19.1%
UNIT —
FY20
CCOI 16.1%
UNIT —
FY21
CCOI 18.1%
UNIT —
FY22
CCOI 11.8%
UNIT —
FY23
CCOI −10.4%
UNIT —
FY24
CCOI −7.8%
UNIT —
FY25
CCOI −3.8%
UNIT 4.0%
CCOI
UNIT
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