# Cogent Communications Holdings, Inc. (CCOI)

> Source: Nexqual · https://nexqual.com/CCOI · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Cogent Communications Holdings, Inc. (CCOI), nexqual.com/CCOI" · informational, not investment advice.

**Price:** USD 7.64 (+2.28% on the day) · last close of Oct 28, 2026; US market after hours, not a live price. Prev close 7.47 · day 7.39–7.88 · 52w 7.04–44.31 · market cap $391M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $957M, net income -$45.2M (-4.7% margin), free cash flow -$143M (SEC filings).
- Analysts: Hold (mean 3.00 on a 1–5 scale) (12 analysts), mean target USD 15.09 (range 9–30).
- Total return with dividends: 1Y -82.1% vs S&P 500 +13.6%; 5Y -87.1% vs S&P 500 +79.8%.
- Next earnings: 2026-11-05, EPS estimate USD -0.86, revenue estimate $235M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $590M | $600M | $941M | $1.04B | $976M | $957M |
| Gross profit | $363M | $371M | $397M | $394M | $441M | — |
| Operating income | $119M | $114M | -$129M | -$198M | -$101M | $76.1M |
| Net income | $48.2M | $5.1M | $1.27B | -$204M | -$182M | -$45.2M |
| EPS (diluted) | $1.03 | $0.11 | $26.62 | -$4.28 | -$3.80 | — |
| Free cash flow | $100M | $94.7M | -$112M | -$204M | -$198M | -$143M |
| Gross margin | 61.6% | 61.9% | 42.2% | 38.1% | 45.2% | — |
| Operating margin | 20.2% | 19.0% | -13.7% | -19.1% | -10.4% | 8.0% |
| Net margin | 8.2% | 0.9% | 135.3% | -19.7% | -18.7% | -4.7% |
| Revenue growth | +3.8% | +1.7% | +56.9% | +10.1% | -5.8% | — |
| Cash + short-term investments | $320M | $224M | $75.1M | $198M | $149M | — |
| Total debt | $898M | $950M | $950M | $1.46B | $1.73B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.4x · FCF yield -36.52% · Earnings yield -11.56% · Dividend yield (paid, TTM) 14.05%
P/E at fiscal year-ends: Dec 2023 2.9x.

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 12 analysts; mean target USD 15.09 (low 9, high 30).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-19 | JP Morgan | Downgrade | Neutral → Underweight | $22 → $9 |
| 2026-08-14 | UBS | Target lowered | Neutral | $17 → $11 |
| 2026-08-13 | Citigroup | Target lowered | Neutral | $20 → $11.5 |
| 2026-08-13 | RBC Capital | Target lowered | Sector Perform | $18 → $12 |
| 2026-08-07 | TD Cowen | Target lowered | Buy | $34 → $30 |
| 2026-08-07 | Wells Fargo | Target lowered | Equal-Weight | $18 → $14 |
| 2026-08-07 | Keybanc | Target lowered | Overweight | $25 → $15 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -82.1% | -87.1% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | -82.2% | -33.6% |
| Volatility (annualized) | 101.2% | 57.8% |
| Max drawdown | -82.9% (Oct 2025→Oct 2026) | -90.5% (Oct 2024→Oct 2026) |

## Peers (Telecom Services)
SKM (SK Telecom Co., Ltd.) USD 31.82 +1.11% · TIGO (Millicom International Cellular) USD 79.66 -0.20% · TU (Telus Corporation) USD 8.55 -0.47% · RCI (Rogers Communication, Inc.) USD 31.3 -1.48% · VIV (Telefonica Brasil S.A.) USD 11.42 -1.55% · BCE (BCE, Inc.) USD 20.02 -0.35%

## More
Full page: https://nexqual.com/CCOI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CCOI's own 10-K filed 2026-02-20 (https://www.sec.gov/Archives/edgar/data/1158324/000110465926017968/ccoi-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Arista Networks (ANET) | "We have expanded our suppliers of routers, adding Arista Networks, Inc. ("Arista") as a provider for certain types of routers but Cisco remains our primary vendor for routers." |
| Supplier | Cisco (CSCO) | "We have expanded our suppliers of routers, adding Arista Networks, Inc. ("Arista") as a provider for certain types of routers but Cisco remains our primary vendor for routers." |
| Supplier | CIENA CORP (CIEN) | "We purchase equipment for our Optical Wave Network and optical wave services from Ciena Corporation ("Ciena")." |
| Customer | Cogent Fiber | "Building upon the foundation provided by the assets of the Cogent Fiber Business, we have created, and continue to expand, our Optical Wave Network to provide optical wavelength services to hyper-scalers and other net-ce…" |
| Customer | T-Mobile (TMUS) | "We concluded that T-Mobile did not represent a "customer" as defined by ASC 606, the stated contract price did not represent consideration for services to be delivered, and the transaction did not satisfy the definition …" |
| Partner | Germanium | "On July 25, 2023 we entered into a Second Amendment to the lease agreement with Germanium (the "Amendment"), which amended the Network Operations Lease to lease an additional 7,369 square feet on the first floor of the b…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.85 | $-0.91 | +$0.05 | $234.7M | 2 |
| Next quarter (ends 2026-12-31) | $-0.81 | $-0.83 | +$0.02 | $235.1M | 2 |
| Current fiscal year (ends 2026-12-31) | $-2.52 | $-3.92 | +$1.40 | $944.0M | 2 |
| Next fiscal year (ends 2027-12-31) | $-2.58 | $-2.95 | +$0.37 | $956.1M | 3 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | −$0.45 | −$0.95 | Beat +52.6% | — |
| — | Quarter ended Mar 31, 2026 | −$0.47 | −$0.98 | Beat +52.0% | — |
| — | Quarter ended Dec 31, 2025 | −$0.31 | −$1.07 | Beat +71.0% | — |
| — | Quarter ended Sep 30, 2025 | −$0.87 | −$1.22 | Beat +28.7% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-05 | Schedule 13G/A | BlackRock, Inc.: 7.7% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1158324/000201238326003317/0002012383-26-003317-index.htm |
| 2026-08-07 | Schedule 13G | STATE STREET CORPORATION: 5.5% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1158324/000009375126000438/0000093751-26-000438-index.htm |
| 2026-08-06 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1158324/000110465926091790/0001104659-26-091790-index.htm |
| 2026-08-06 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1158324/000110465926091634/0001104659-26-091634-index.htm |
| 2026-07-31 | Schedule 13G/A | Vanguard Portfolio Management: 4.8% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1158324/000210012126000950/0002100121-26-000950-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.