# Cogent Communications Holdings, Inc. (CCOI) — Stock CV

Cogent Communications Holdings, Inc. is a $450M communication services company. Revenue shrank 4.5% over the last year, it currently loses money, and it carries $2.52B of net debt.

> Cogent carries over one-fifth of the world's internet traffic on its network, providing high-capacity services to businesses. Cogent's netcentric customers, which contribute nearly half of total revenue, include internet service providers and content providers, to which Cogent provides internet transit service.

## Identity

- **Ticker**: CCOI
- **Sector**: Communication Services
- **Industry**: Communications Services, Nec
- **Headquarters**: WASHINGTON, DC
- **Employees**: 1 833
- **Website**: https://www.cogentco.com
- **Market cap**: $450M
- **Last price**: $8.69
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $957M
- **Net income**: -$45.2M
- **Free cash flow**: -$143M
- **Net debt**: $2.52B
- **P/E**: 568.5
- **Revenue growth (YoY)**: -4.5%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 62 |
| Growth | 20 |
| Profitability | 12 |
| Health | 3 |
| Quality | 72 |
| Moat | 41 |

## Qualifications (beginner checklist) — 4 of 11 passed

- [ ] Revenue growing — -4.5% YoY
- [ ] Profitable — -$45.2M TTM
- [x] Profit growing — +10.7% YoY
- [ ] Generates cash — -$143M TTM
- [ ] Debt under control — current ratio 0.63
- [ ] Established company — $450M market cap
- [x] Not printing shares — +2.7% shares over ~5y
- [x] Proven track record — 8/10 profitable years
- [ ] Financially stable — Altman Z -0.2 — distress
- [x] Pays a dividend — yield 12.56%
- [ ] Valuation not extreme — P/E 568.5

## Experience (career milestones)

- **FY2024** — Revenue crossed $1B: $1.04B for the year
- **FY2023** — Best year on record: $1.27B net income
- **FY2016** — First recorded profitable year: $14.9M net income

## Strengths

- High gross margin (46.3%)

## Watch-outs

- Revenue shrinking 4.5% year over year
- Not profitable — 4.7% net margin
- Negative free cash flow (-$142.9M)
- Altman Z-Score -0.25 — elevated financial-distress risk
- Thin interest coverage (-0.8×)

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $590M | $48.2M | $100M |
| FY2022 | $600M | $5.15M | $94.7M |
| FY2023 | $941M | $1.27B | -$112M |
| FY2024 | $1.04B | -$204M | -$204M |
| FY2025 | $976M | -$182M | -$198M |

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Source: https://stockcv.com/CCOI — derived from company filings; may be delayed or incomplete. Information, not investment advice.