Cogent Communications

CCOI · Nasdaq · Communication Services · Financials, fiscal 2016 to 2025

CCOI · Last close · October 26, 2026

$7.36

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%.

COGENT COMMUNICATIONS HOLDINGS, INC. Latest fiscal year ended December 31, 2025 10-K filed February 20, 2026 · 0001104659-26-017968 Updated October 19, 2026

Revenue

$976M

5.8%

Operating margin

−10.4%

8.7 pts

Net income

−$182M

Free cash flow

−$198M

Return on capital

−3.8%

4.0 pts

Market cap

$356M

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Return on equity for fiscal 2025 is blank: the 10-K's structured data doesn't include every figure it needs.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2023, earnings per share grew 87.2% a year and net income 88.8% a year, as new shares raised the share count by 6% and diluted each share's earnings. Cogent Communications then lost money in fiscal 2024 and 2025.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Cogent Communications yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Cogent Communications' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need a positive starting cash flow. Cogent Communications' free cash flow was negative in fiscal 2025 and over the last three years, and so is cash from operations minus depreciation. You can still enter your own figures in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Cogent Communications's own revenue growth, as above. Cautious: growth of 9% then 5.5% a year, 2% after year 10, a 12% discount rate. Base: growth of 17.5% then 10% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $7.36
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Cogent Communications' latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	320	224	75	198	148
Debt incl. finance leases	1,144	1,254	1,434	1,994	2,354
Net debt (negative means net cash)	824	1,030	1,359	1,796	2,205
Net debt to EBITDA	4.0x	5.0x	13.2x	17.9x	13.0x
Debt to equity	—	—	2.4x	8.9x	—
Interest coverage	2.0x	1.0x	−1.4x	−1.6x	−0.7x
Current ratio	5.1x	3.0x	1.4x	1.9x	2.0x
Quick ratio	5.1x	3.0x	1.4x	1.9x	2.0x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Cogent Communications shares on the open market, and 4 insiders sold $995,500.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 15, 2026	Henry W KilmerVP of Network Strategy	Sold	2,400	$9.21	$22,104	Form 4
Sep 2, 2026	Thaddeus Gerard WeedVice President, CFO	Sold	4,850	$9.37	$45,444	Form 4
Jun 16, 2026	Thaddeus Gerard WeedVice President, CFO	Sold	4,850	$16.79	$81,432	Form 4
Jun 15, 2026	Henry W KilmerVP of Network Strategy	Sold	2,400	$17.01	$40,824	Form 4
May 28, 2026	Lewis H FERGUSONDirector	Sold	2,800	$20.36	$57,008	Form 4
May 14, 2026	Sheryl Lynn KennedyDirector	Sold	3,300	$16.22	$53,526	Form 4
Mar 6, 2026	Henry W KilmerVP of Network Strategy	Sold	2,400	$23.35	$56,040	Form 4
Mar 5, 2026	Thaddeus Gerard WeedVice President, CFO	Sold	4,850	$22.63	$109,756	Form 4
Mar 5, 2026	Sheryl Lynn KennedyDirector	Sold	3,300	$22.99	$75,867	Form 4
Mar 5, 2026	Lewis H FERGUSONDirector	Sold	2,206	$23.03	$50,804	Form 4
Dec 11, 2025	Thaddeus Gerard WeedVice President, CFO	Sold	7,300	$23.99	$175,127	Form 4
Dec 8, 2025	Henry W KilmerVP of Network Strategy	Sold	4,800	$19.79	$94,992	Form 4

The latest 12 of 14 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Fail	Fail
Cash from operations is positive	Pass	Fail	Fail
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Fail	Pass	Pass
Debt fell relative to assets	Pass	Fail	Fail
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Fail	Pass	Fail
Gross margin rose	Fail	Fail	Pass
Revenue rose relative to assets	Pass	Fail	Fail
F-score	5 of 9	3 of 9	4 of 9
Accruals ratio	59.5%	−6.1%	−5.5%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Cogent Communications side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Cogent Communications	FY25	−5.8%	−10.4%	−20.3%	−3.8%	13.0x	4
Iridium Communications	FY25	4.9%	27.1%	34.4%	8.7%	3.7x	7	Compare
Uniti Group	FY25	91.5%	11.7%	−19.6%	4.0%	10.3x	—	Compare
Lumen Technologies	FY25	−5.4%	−6.5%	3.0%	−3.9%	8.7x	4	Compare
CarGurus	FY25	13.7%	26.9%	31.9%	90.3%	−0.7x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	447	485	520	546	568	590	600	941	1,036	976
Revenue growth	10.6%	8.6%	7.2%	5.0%	4.0%	3.8%	1.7%	56.9%	10.1%	−5.8%
Gross profit	253	276	301	326	349	364	371	397	394	441
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	64	76	87	100	107	119	114	−129	−198	−101
Net income	15	6	29	38	6	48	5	1,273	−204	−182
Diluted EPS (US$)	0.33	0.13	0.63	0.81	0.13	1.03	0.11	26.62	−4.28	−3.80
Diluted shares (millions)	45	45	46	46	47	47	47	48	48	48
Cash flow
Cash from operations	108	112	134	149	140	170	174	17	−9	−11
Capital expenditure	45	46	50	47	56	70	79	130	195	188
Free cash flow	63	66	84	102	84	100	95	−112	−204	−198
Dividends paid	68	82	98	113	129	150	170	182	189	150
Share buybacks	4	2	7	0	4	0	0	0	8	17
Acquisitions	0	0	0	0	0	0	0	2	12	0
Stock-based compensation	11	13	18	18	24	27	24	27	26	26
Balance sheet at fiscal year end
Cash and short-term investments	274	247	276	399	371	320	224	75	198	148
Debt incl. finance leases	570	575	809	968	1,101	1,144	1,254	1,434	1,994	2,354
Total assets	738	711	740	932	1,000	985	1,010	3,212	3,173	3,100
Total liabilities	791	813	889	1,136	1,294	1,358	1,529	2,602	2,950	3,164
Shareholders' equity	−53	−102	−149	−204	−293	−373	−519	610	223	−64
Margins and ratios
Gross margin	56.6%	56.9%	57.8%	59.8%	61.4%	61.6%	62.0%	42.2%	38.0%	45.2%
Operating margin	14.3%	15.7%	16.6%	18.4%	18.8%	20.2%	19.0%	−13.7%	−19.1%	−10.4%
Net margin	3.3%	1.2%	5.5%	6.9%	1.1%	8.2%	0.9%	135.3%	−19.7%	−18.7%
Free cash flow margin	14.0%	13.6%	16.1%	18.6%	14.8%	17.0%	15.8%	−11.9%	−19.6%	−20.3%
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 equity	—	—	—	—	—	—	—	—	−49.0%	—
Return on assets	2.1%	0.8%	4.0%	4.5%	0.6%	4.8%	0.5%	60.3%	−6.4%	−5.8%
Net debt to EBITDA	2.1x	2.2x	3.2x	3.1x	3.8x	4.0x	5.0x	13.2x	17.9x	13.0x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Cogent Communications' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Cogent Communications.