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Cogent Communications Holdings, Inc.

CCOI Communication Services Telecom Services

Cogent Communications Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $975.8 million, down 5.82% from fiscal 2024.

Revenue
−4.44%
EPS
+28.7%
Free cash flow
+111.4%
Total debt
−69.5%

Quarter to September 2026, against a year earlier

4.73 2.06 −30.34%
Market cap
$240.2M
P/E
0.0×
Fwd P/E
−7.0×
Dividend yield
1.69%
F-score
4/9
Altman Z
0.17
Beneish M
−2.99
Dividend safety
0/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 0.94
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 3 — — 4 — 2 2 — — 2 — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 240.20
Revenue ttm 946.47
Net income ttm (33.45)
Free cash flow ttm 15.82
Net debt Q 516.29
Valuation
P/E 0.00
Forward P/E (6.98) (negative: loss-making)
Price / sales 0.24
Forward P/S Powerpack
Price / FCF 2.77
Price / book 0.00
Financial health
Current ratio Q 0.48 (below 1: weak)
Debt / equity Q (12.23) (negative: negative equity)
Interest coverage Q 2.72
Growth
Revenue growth Q −4.44% (below 0%: shrinking)
Operating income growth Q +61.77% (above 0%: growing)
EPS, this year +72.85% (at or above 15%: strong)
EPS, next year A −183.53% (below 0%: weak)
Revenue, next year A −3.26% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +13.85%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.4×, against a ten-year median of 5.5×; over the ten years it ranged from 2.4× in 2026 to 8.5× in 2020.
P/S against its own 10 years 0.04%
10-year low 10-year high
EV/Sales against its own 10 years 0.22%
10-year low 10-year high
EV/FCF against its own 10 years 0.05%
10-year low 10-year high

Dividends

Yield
1.69%
Annual rate
0.08
Payout ratio
—
Growth, 2017–25
+6.81%/yr
  1. 1.80 ’17
  2. 2.12 ’18 +18
  3. 2.44 ’19 +15
  4. 2.78 ’20 +14
  5. 3.17 ’21 +14
  6. 4.41 ’22 +39
  7. 3.76 ’23 −15
  8. 3.92 ’24 +4
  9. 3.05 ’25 −22
  10. 0.08 ’26e −97
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 114 228 205 181
Receivables 135 97 88 91
Inventory — — — —
Other 184 83 90 —
514 482 451 436
2023 2024 2025 Q'26
Payables 48 40 31 30
ST’ Debt — — — 698
Other 72 1 — —
373 253 221 908

Compound Annual Growth %

10y 5y 3y
Sales 9.21% 11.43% 17.62%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 0.00% 0.00% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −1.12 Actual −0.80

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −1.15 −0.87 Beat by 0.28
Q4 FY25 −1.09 −0.64 Beat by 0.45
Q1 FY26 −1.03 −0.83 Beat by 0.20
Q2 FY26 −1.12 −0.80 Beat by 0.32
Q3 FY26 −0.83 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.83) 1.38 (0.62) — —
’25 (1.09) (1.21) (0.87) (0.64) (3.80)
’24 (1.38) (0.68) (1.33) (0.91) (4.28)
’23 0.13 23.65 (1.20) 4.17 26.62
’22 0.02 0.24 (0.17) 0.02 0.11
’21 0.41 (0.05) 0.28 0.39 1.03
’20 0.20 0.18 (0.11) (0.14) 0.13
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 239 236 231 — —
’25 247 246 242 241 976
’24 266 260 257 252 1,036
’23 154 240 275 272 941
’22 149 148 150 152 600
’21 147 148 148 147 590
’20 141 141 142 144 568
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 15 3 4 — —
’25 36 (44) 3 (6) (11)
’24 19 (22) (20) 15 (9)
’23 36 83 (52) (49) 17
’22 49 34 54 36 174
’21 47 40 47 36 170
’20 28 41 33 38 140
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (31) 189 4 — —
’25 (22) (100) (33) (43) (198)
’24 (22) (71) (79) (32) (204)
’23 13 45 (78) (92) (112)
’22 31 17 30 17 95
’21 32 23 25 21 100
’20 16 27 20 22 84
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 447 485 520 546 568 590 600 941 1,036 976 946 +9.1% 944 956 1,017 +1.4%
Gross margin, % 56.58 56.87 57.80 59.76 61.42 61.62 61.95 42.16 38.05 45.18 46.75 (11.4) pt
EBT 24 31 41 53 10 71 26 1,219 (260) (245) (49) n/m
EBT margin, % 5.43 6.41 7.96 9.64 1.82 12.11 4.40 129.60 (25.06) (25.10) (5.21) (30.5) pt
Net income 15 6 29 38 6 48 5 1,273 (204) (182) (33) n/m
Per share, $
Per share, $ Revenue 10.01 10.82 11.49 11.99 12.36 12.71 12.79 19.86 21.75 20.36 19.72 +8.2%
Earnings 0.33 0.13 0.63 0.82 0.14 1.04 0.11 26.88 (4.28) (3.80) (0.70) n/m
Cash flow 2.42 2.49 2.96 3.27 3.05 3.67 3.71 0.37 (0.18) (0.22) 0.33 n/m
Capex (1.01) (1.02) (1.10) (1.03) (1.22) (1.51) (1.68) (2.74) (4.09) (3.91) 0.00 +16.2%
Free cash flow 1.41 1.47 1.85 2.24 1.84 2.16 2.02 (2.37) (4.28) (4.13) 0.33 n/m
Book value (1.19) (2.29) (3.29) (4.47) (6.38) (8.04) (11.06) 12.87 4.68 (1.33) (1.19) +1.2%
Shares, m 45 45 45 46 46 46 47 47 48 48 48 +0.8%
Valuation, ×
Valuation, × P/E 123.09 343.46 70.64 80.26 427.64 69.70 524.91 2.83 0.00 0.00 0.00 164.3
P/S 4.18 4.13 3.94 5.49 4.84 5.76 4.51 3.85 3.54 1.06 0.24 4.1
P/B 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5.94 16.47 0.00 0.00 2.2
EV/Sales 5.13 5.10 4.94 6.50 6.09 7.10 6.16 5.32 5.34 3.35 2.43 5.5
EV/FCF 36.53 37.55 30.57 34.86 41.00 41.75 38.96 (44.59) (27.16) (16.51) 28.10 17.3
Cash, $m
Cash, $m Operating cash flow 108 112 134 149 140 170 174 17 (9) (11) 16 n/m
Capex (45) (46) (50) (47) (56) (70) (79) (130) (195) (188) 66 +17.1%
Free cash flow 63 66 84 102 84 100 95 (112) (204) (198) 16 n/m
Balance, $m
Balance, $m Working capital 260 232 275 386 362 329 246 140 229 230 (472) (1.4%)
Net debt 423 472 520 554 709 792 955 1,252 1,729 2,106 516 +19.5%
Shareholders’ equity (53) (103) (149) (204) (293) (373) (519) 610 223 (64) (57) +2.0%
Returns, %
Returns, % ROA 2.13 0.81 3.95 4.49 0.64 4.85 0.52 60.33 (6.39) (5.81) (1.11) (7.9) pt
ROIC 10.81 12.85 14.57 17.90 16.09 17.77 16.31 (4.34) (6.33) (3.09) 11.88 (13.9) pt
ROE (45.57) (7.54) (22.79) (21.28) (2.50) (14.46) (1.15) 2,801.11 (49.03) (229.15) 69.56 (183.6) pt
People
People Employees 897 928 978 686 1,083 1,001 1,076 1,947 1,916 1,833 — +8.3%
Revenue/emp, $m 0.50 0.52 0.53 0.80 0.52 0.59 0.56 0.48 0.54 0.53 — +0.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Cogent Communications Holdings, Inc. vs peers in Telecom Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
GLIBA Liberty Capital Corporation $993.7M 12.0× 8.7× +3.89% (above 0%: growing) n/m −90.48% (below 0%: shrinking) 49.06% 13.48% Compare
GLIBK GCI Liberty, Inc. - Series C GCI Group $988.0M 12.3× — +3.89% (above 0%: growing) n/m −90.48% (below 0%: shrinking) 49.06% 13.48% Compare
SHEN Shenandoah Telecommunications Co $538.2M — (loss-making) — (loss-making) +4.61% (above 0%: growing) n/m +20.25% (above 0%: growing) 64.96% (2.10%) Compare
ATNI ATN International, Inc. $409.6M 2.6× 2.1× +1.77% (above 0%: growing) n/m +71.51% (above 0%: growing) 56.94% 129.93% Compare
GOGO Gogo Inc. $306.9M 2,290× 52.4× −1.43% (below 0%: shrinking) n/m −34.40% (below 0%: shrinking) 42.01% 13.31% Compare
CCOI Cogent Communications Holdings, Inc. $240.2M — (loss-making) — (loss-making) −4.44% (below 0%: shrinking) n/m +111.41% (above 0%: growing) 47.51% (3.00%)
OPTU Optimum Communications, Inc. $217.2M — (loss-making) — (loss-making) −5.75% (below 0%: shrinking) n/m −359.11% (below 0%: shrinking) 70.96% 8.21% Compare
RDCM Radcom Ltd. $169.2M 23.2× — (loss-making) −33.40% (below 0%: shrinking) n/m +3,354.69% (above 0%: growing) 75.08% (31.95%) Compare
CXDO Crexendo Inc. $165.5M 40.0× 80.8× +43.92% (above 0%: growing) −32.80% (below 0%: shrinking) +10.64% (above 0%: growing) 65.94% 4.30% Compare
Median of peers $358.2M 17.7× 30.6× +2.83% — −11.88% 60.95% 10.76%

All 55 Telecom Services stocks →

Pay and ownership Proxy statement filed 20 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 25.37k 8.80k 29.83
2024 12.69k 12.76k 113.59
2023 8.84k 20.48k 141.50
2022 10.92k (2.53k) 100.20
2021 11.50k 18.76k 120.98

Ownership

Directors and executive officers, together 4.20%
BlackRock, Inc. 14.10%
The Vanguard Group, Inc. 10.10%
Turtle Creek Asset Management Inc. Scotia Plaza, 8.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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stockrow.com/CCOI · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com