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Primary reporting period: 2025-12-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
Cogent Communications Holdings, Inc., founded in 1999 and based in Washington, D. C. , functions as a multinational provider of high-speed internet connectivity, private networking solutions, and data center co-location services.
How they make money
Cogent Communications generates revenue primarily by providing high-speed internet access, private network services, and data center colocation services to net-centric and corporate customers. The company operates a global fiber-optic network and utilizes a low-cost, high-volume business model to sell bandwidth and connectivity services on a recurring subscription basis.
Products & services
Internet access, private network services (VPN), colocation services in data centers, and optical wavelength services.
Brands & revenue mix
Cogent Communications
Primary brand for all internet and data transport services.
Separate brand revenue is not available in this research.Source
Revenue share is not unit sales or a best-seller ranking. Parent brands and included sub-brands can overlap; do not add overlapping rows.
Calculated from reported segment revenue. Check the source period and revenue basis before comparing shares. Categories can overlap and may not add to 100%.
Calculated from reported segment revenue. Check the source period and revenue basis before comparing shares. Categories can overlap and may not add to 100%.
The company's customer base is highly diversified, and no single customer accounted for more than 10% of total revenue for the year ended December 31, 2025.
Suppliers, materials & equipment
Fiber and network equipment providers — The company relies on various unnamed third-party vendors for network infrastructure, fiber capacity, and hardware components.Source
Competitors
Incumbent telecommunications carriers — Large regional and national carriers that provide competing internet and data transport services.Source
Cable companies — Providers offering high-speed broadband services to corporate and residential markets.Source
Strengths
Extensive global fiber-optic network infrastructureSource
Overall investment score · Quality, value, risk and opportunity
22
Poor
PoorElite
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
30
Poor
Financial Strength
8
Business Quality / Moat
38
Management
33
Growth Quality
62
Risk / Durability
20
Weak Company · Expensive Stock
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
28
Avoid
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
40/100
Building Historical Record
Model Score 40/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
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WSS View
The quick read
The overall Wall Street Score is low across its combined quality, valuation and risk inputs. This can reflect an expensive share price, business weaknesses, or both; check Company Quality and the category breakdown before drawing a conclusion.
At today’s price, the WSS valuation framework currently reads as less attractive based on the available valuation and market data.
The model outlook is currently cautious.
What we like
•Recent buyback activity is present
What to watch
•Severe debt stress
•Valuation is a weaker part of the current profile
•Revenue fundamentals are weak
•Debt / balance-sheet profile needs attention
Company-specific research
Questions worth answering for CCOI
Research inputs 100% complete
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
•Can CCOI maintain its current revenue growth rate and improve the amount of that revenue that turns into earnings and cash?
•How long can CCOI fund negative free cash flow using its current cash position before it may need more debt or new shares?
•Is CCOI's debt load manageable relative to cash generation, interest costs and upcoming maturities?
•What specifically needs to improve for CCOI to reach sustainable profitability?
•What future growth or profitability would be needed to justify CCOI's current valuation?
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
Volatility = How violently is it moving?
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for CCOI
Detected from reported data — verify before acting.
Dividend history reported
Dividend payments are recorded. Review the dates and regular/special classification below; past payments do not guarantee future dividends.
Historical repurchase activity
Reported cash flows or share-count measures indicate past repurchase activity. This does not verify an active buyback authorization or future purchases.
Severe debt stress
Negative shareholder equity • Total debt is at least one year of revenue • Interest coverage is below 2x • Free cash flow is negative • Cash covers less than 20% of total debt
Community Sentiment
0 active · 0 total calls
0% Bullish (0) 0% Bearish (0)
No personal call yet on CCOI.
Potential upside factors
+Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
+Extensive global fiber-optic network infrastructure.
+Low-cost operating model.
Potential downside factors
−Debt risk (severe): Negative shareholder equity.
−Total debt is at least one year of revenue.
−Interest coverage is below 2x.
−Free cash flow is negative.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
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Scores
Click any score for full breakdown
Wall Street Score
Very Weak22/ 100
Weak (0–50)Fair (51–71)Strong (72+)
Debt
Poor
9
Debt Cost5.5%
Debt Reduction YoY-25.4%
Debt / Equity-45.91x
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Revenue
Poor
38
Revenue YoY20.6%
Revenue CAGR1.8%
Net Margin-7.2%
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Asset
Fair
50
Asset Growth YoY-2.3%
Liquidation/Share-$0.71
Net Assets/MCap1.20x
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Capital
Poor
11
Earnings Yield-21.7%
Buyback Yield1.6%
Debt Cost5.5%
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Management
Poor
33
ROIC-4.3%
ROE248.4%
ROA-2.7%
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Moat
Poor
38
EPS Growth—
FCF/Share Growth—
Rev/Share Growth7.7%
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Valuation
Poor
0
Intrinsic Value—
Value Reference—
MOS—
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Buffett
Poor
28
Revenue38
Moat38
Valuation0
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MOS
Poor
0
MOS %—
Value Reference—
Deep Discount Reference—
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Financial
Poor
24
Interest Coverage-0.6x
ROIC-4.3%
FCF Yield-50.8%
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Master
Poor
24
Financial24
Valuation0
Debt9
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Resilience
Poor
30
Survival Years1.0 yrs
Current Ratio2.04x
FCF Margin-20.3%
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Score Changes
5 historical score records available
Previous Score
25
Sep 14, 2026
Change
-2.7
points
Current Score
22
Oct 1, 2026
Category Changes
Revenue0
Debt0
Assets+3.2
Capital+2.0
Management0
Moat-36.3
Valuation0
Buffett-5.0
CCOI decreased 2.7 points because Moat declined by 36.3 points, Buffett declined by 5 points.
Positive Contributors
+ Asset improved by 3.2 points
+ Capital improved by 2 points
Negative Contributors
− Moat declined by 36.3 points
− Buffett declined by 5 points
Projected Score
Projected Score
20
Projected Change
-1.6 points
Preliminary comparable-period financial changes suggest decline of approximately 1.6 points. This is a projected estimate, not the official WallStreetScore.
Price vs. Value
Valuation unavailable
Current Price
$7.64
Model Intrinsic Value
—
Difference
—
Margin of Safety
—
Value Reference: —
Deep Discount Reference: —
Intrinsic value is not currently available for this stock, so valuation can't be calculated.
Monetary values in USD. Share counts in raw units.
Income StatementBalance SheetCash Flow
AnnualQuarterlyTTM + Annual
All rows
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
Line Item
TTM
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
Revenue
$1.18B
$975.8M
$1.04B
$940.9M
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····
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Cost of Revenue
$682.7M
$805.1M
$641.8M
$544.2M
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····
····
····
····
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Gross Profit
$494.5M
$170.6M
$394.3M
$396.7M
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····
····
····
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Research & Development
$0.00
$0.00
$0.00
$0.00
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····
····
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SG&A Expenses
$282.0M
$76.6M
$275.8M
$275.3M
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····
····
····
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Operating Expenses
$432.2M
$274.4M
$591.9M
$526.0M
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····
····
····
····
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EBITDA
$380.2M
$186.6M
$161.7M
$1.56B
····
····
····
····
····
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Operating Income
$62.3M
-$103.8M
-$197.6M
-$129.3M
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····
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Interest Expense
$219.3M
$161.4M
$123.3M
$106.8M
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····
····
····
····
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Income Before Tax
-$119.0M
-$245.0M
-$259.6M
$1.22B
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····
····
····
····
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Income Tax Expense
-$34.2M
-$62.8M
-$55.6M
-$54.0M
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Net Income
-$84.8M
-$182.2M
-$204.1M
$1.27B
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Basic EPS
$-1.78
$-3.80
$-4.28
$26.88
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Basic Shares
47.97M
47.93M
47.54M
47.37M
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Diluted Shares
48.33M
47.93M
47.63M
47.84M
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····
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Upgrade to Premium for up to 10 annual periods, where available.
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
Margins expanded
Debt reduced
What Weakened
Cash position declined
Potential Score Impact
Positive indicators included revenue growth, debt levels, net income margin. Pressure indicators included EPS growth, cash levels. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue increased 92.8%. EPS declined 146.3%. Cash declined 14.0%. Total debt declined 1.1%. Net income margin improved by 29.2 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Upgrade to Premium to unlock all earnings history.View plans
Government disclosed trading activity is available on the Smart Money directory. Filings may be delayed and may not represent complete current holdings.
Dividend HistoryShare
Dividend History
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Predictions & Historical PerformanceShare
Conservative Projected Values
3 Years
$———.——
Premium
5 Years
$———.——
Premium
10 Years
$———.——
Premium
Conservative Projection Rate
——%
Premium
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.