Cogent Communications vs Lumen Technologies
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The short version
- Lumen Technologies is the larger business, with $12.4B of revenue in fiscal 2025 against $976M for Cogent Communications, about 13 times as much.
- Lumen Technologies kept more of each dollar of sales as operating profit (−6.6% operating margin, against −10.4%).
- Lumen Technologies turned more of its sales into free cash flow (3.0% FCF margin, against −20.3%).
| Latest fiscal year | CCOI · FY25 | LUMN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $362M | $4.6B |
| Revenue | $976M | $12.4B |
| Free cash flow | −$198M | $371M |
| Net income | −$182M | −$1.7B |
| Growth | ||
| Revenue growth | −5.8% | −5.4% |
| 5-year growth | 11.4% | −9.8% |
| Share count change | 0.6% | 0.7% |
| Profitability | ||
| Gross margin | 45.2% | 46.5% |
| Operating margin | −10.4% | −6.6% |
| Net margin | −18.7% | −14.0% |
| FCF margin | −20.3% | 3.0% |
| Return on capital | −3.8% | −3.9% |
| Return on equity | — | — |
| Balance sheet | ||
| Net debt | $2.2B | $16.8B |
| Net debt / EBITDA | 13.0x | 8.7x |
| Dividends and buybacks | $167M | $1.0M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 4 | 4 |
Revenue
FY16
CCOI $447M
LUMN $17.5B
FY17
CCOI $485M
LUMN $17.7B
FY18
CCOI $520M
LUMN $22.6B
FY19
CCOI $546M
LUMN $21.5B
FY20
CCOI $568M
LUMN $20.7B
FY21
CCOI $590M
LUMN $19.7B
FY22
CCOI $600M
LUMN $17.5B
FY23
CCOI $941M
LUMN $14.6B
FY24
CCOI $1.0B
LUMN $13.1B
FY25
CCOI $976M
LUMN $12.4B
CCOI
LUMN
Operating margin
FY16
CCOI 14.3%
LUMN 13.4%
FY17
CCOI 15.7%
LUMN 11.4%
FY18
CCOI 16.6%
LUMN 2.5%
FY19
CCOI 18.4%
LUMN −12.7%
FY20
CCOI 18.8%
LUMN 4.6%
FY21
CCOI 20.2%
LUMN 21.8%
FY22
CCOI 19.0%
LUMN 0.5%
FY23
CCOI −13.7%
LUMN −65.8%
FY24
CCOI −19.1%
LUMN 3.5%
FY25
CCOI −10.4%
LUMN −6.6%
CCOI
LUMN
Free cash flow
FY16
CCOI $62.7M
LUMN $1.6B
FY17
CCOI $65.9M
LUMN $772M
FY18
CCOI $84.0M
LUMN $3.9B
FY19
CCOI $102M
LUMN $3.1B
FY20
CCOI $84.4M
LUMN $2.8B
FY21
CCOI $100M
LUMN $3.6B
FY22
CCOI $94.7M
LUMN $1.7B
FY23
CCOI −$112M
LUMN −$940M
FY24
CCOI −$204M
LUMN $1.1B
FY25
CCOI −$198M
LUMN $371M
CCOI
LUMN
Return on capital
FY16
CCOI 15.8%
LUMN 4.3%
FY17
CCOI 16.2%
LUMN 4.3%
FY18
CCOI 19.7%
LUMN 0.8%
FY19
CCOI 19.1%
LUMN −4.2%
FY20
CCOI 16.1%
LUMN 1.7%
FY21
CCOI 18.1%
LUMN 7.8%
FY22
CCOI 11.8%
LUMN 0.2%
FY23
CCOI −10.4%
LUMN −31.4%
FY24
CCOI −7.8%
LUMN 2.1%
FY25
CCOI −3.8%
LUMN −3.9%
CCOI
LUMN
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.