Cogent Communications Holdings, Inc. (CCOI)
UndervaluedFundamental
51
Price
$7.79
Market Cap
$399M
Part 1 · What the company is worth
Overview
Cogent Communications Holdings, Inc., through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, South America, Europe, Oceania, and Africa. It offers on-net Internet access and private network services to law firms, financial services firms, and advertising and marketing firms, as well as heath care providers, educational institutions and other professional services businesses, other Internet service providers, telephone companies, cable television companies, web hosting companies, media service providers, mobile phone operators, content delivery network companies, and commercial content and application service providers. The company also provides Internet access and private network services to customers that are not located in buildings directly connected to its network; and on-net services to customers located in buildings that are physically connected to its network. In addition, it offers off-net services to corporate customers using other carriers' circuits to provide the last mile portion of the link from the customers' premises to the network. Further, the company operates data centers that allow its customers to collocate their equipment and access the network. It serves primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations. Cogent Communications Holdings, Inc. was founded in 1999 and is headquartered in Washington, the District of Columbia.
No editorial profile for this company yet
Direct competitors
Who this company fights with for the same customers
Generated on September 18, 2026 with claude-haiku-4-5 — shared with all users
AT&T sells dedicated internet access and private-line transport to the corporate tenants of the same office buildings and data centres where Cogent sells its on-net service.
Verizon's enterprise and wholesale business offers the same dedicated internet access, IP transit and transport circuits to US corporate and carrier customers.
Lumen runs the largest US long-haul fiber backbone and sells the same IP transit, wavelength and dedicated internet access services to the same carriers, data centres and enterprises Cogent targets.
Zayo, private since 2020, competes head-on for dark fiber, wavelengths and high-capacity transport between the same North American and European data centres, and bids on the same hyperscaler and carrier contracts.
Arelion operates a top-ranked global IP backbone (AS1299) and sells wholesale IP transit to the same internet service providers, content networks and carriers on both sides of the Atlantic.
GTT runs one of the largest Tier 1 IP networks (AS3257) and competes for the same wholesale IP transit and multinational enterprise connectivity customers, often on price.
Balance Sheet & Liquidity
Revenue
$957M
Trailing 12 months (through 6/30/2026)
Net Income
$-45M
Trailing 12 months (through 6/30/2026)
Free Cash Flow
$-198M
Total Equity
$-64M
Total Liabilities
$3.16B
Current Ratio
0.63
Interest Coverage
-
Debt/EBITDA
15.59
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$23.83
Current Price
$7.79
Margin of Safety
+67.3%
Fair Value Range
$15.49 - $32.18
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
-
ROE
285.3%
P/B Ratio
-
P/FCF
-
Gross Margin
46.3%
ROIC
2.8%
Profitability Radar
Value Creation (Economic Moat)
ROIC
2.8%
WACC
1.1%
ROIC − WACC
+1.7 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
Fundamental Analysis Criteria
Passed (10)
- Gross Margin 46.3%
- Operating Margin 8.0%
- Low reliance on intangibles
- DCF valuation (Undervalued)
- Revenue Growth 5Y 11.4%
- Analyst Consensus 50% Buy
- Earnings Surprise avg 7.9%
- Share Dilution 0.5%
- Net Margin Trend -4.7% vs -21.6%
- Piotroski F-Score 5/9
Failed (8)
- EPS shows upward trend
- Price CAGR -15.01%
- ROIC 2.8%
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- Return on Tangible Assets
- ROE -117.6%
Unavailable (9)
- P/FCF NaN
- P/B Ratio NaN
- Dividend Payout NaN%
- Debt/Equity ratio
- CapEx intensity
- Interest Coverage
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
Piotroski F-Score
Mixed signals: some areas need attention
Earnings Quality
Low quality: investigate accounting
Share Dilution
Share count is stable
Institutional Holdings
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. David Schaeffer Ph.D. | Founder, Chairman, CEO & President | 69 |
| Mr. Thaddeus G. Weed CPA | VP, CFO & Treasurer | 64 |
| Mr. John B. Chang | Chief Legal Officer & General Counsel | 53 |
| Mr. Mark Andrew Harris | VP of Global Sales & Chief Revenue Officer | 61 |
| Mr. David Allen Kapp | VP of Network Planning & CTO | 48 |
| Mr. Vincent Teissier | Director of Business Development | 57 |
| Mr. Jean-Michel F.F Slagmuylder | Chief Financial Officer for European Operations | 61 |
| Mr. Ried R. Zulager | Secretary | - |
Audit Risk
6
Board Risk
5
Compensation Risk
10
Shareholder Rights Risk
1
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Documents
- View document
Annual Report (10-K)
A yearly overview of the business, its financial results, and the risks it faces.
Filed on 2026-02-20
- View document
Quarterly Report (10-Q)
A snapshot of financial performance for the most recent three-month period.
Filed on 2026-08-06
- View document
Current Report (8-K)
An announcement of a major event, such as a leadership change or big news.
Filed on 2026-08-06
via SEC EDGAR
Income History
via SEC EDGAR
Latest News
Recent headlines for CCOI, sourced from Markets Gazette.
- 3/15/2026NEUTRALThis Internet Infrastructure Stock Plunged 72% in a Year, so Why Did an Investor Buy Up $12 Million?
Cogent Communications Holdings, Inc. has experienced a significant 72% stock price decline over the past year, indicating substantial investor concern or market headwinds. Despite this steep drop, a notable $12 million investment has been made by an unidentified investor, suggesting a contrarian belief in the company's long-term value or a potential turnaround. Cogent provides high-speed internet and data center services globally, operating in a competitive infrastructure sector. This large purchase amidst a severe downturn could signal an undervalued opportunity or an aggressive bet on future recovery, prompting market watchers to scrutinize the company's fundamentals and strategic outlook.
- 3/12/2026NEGATIVEOne Fund Just Sold $8 Million From This Dividend-Paying Internet Stock. Here's What Investors Should Know
A significant fund has divested $8 million worth of Cogent Communications (CCOI) shares, a provider of internet and private networking services. This sale, occurring on March 12, 2026, suggests a potential shift in institutional sentiment towards the dividend-paying internet stock. While the specific reasons for the sale are not detailed, such a move by a fund often precedes or reflects negative performance expectations or a strategic reallocation of capital. Investors should monitor further developments and analyst ratings for CCOI.
- 2/27/2026NEUTRALFull Transcript: Cable One Q4 2025 Earnings Call
Cable One, Inc. has released the full transcript of its fourth-quarter 2025 earnings call. While this announcement marks a significant event for investors, providing a detailed look into the company's financial performance and future outlook, the specific content of the results and guidance has not been disclosed at this stage. Analysts and investors are now poised to review the document to identify growth drivers, operational challenges, and management strategies. The release of such transcripts is crucial for due diligence, enabling a thorough understanding of discussions between executives and analysts, which often reveal nuances not present in official press releases. Market impact will depend on the interpretation of key data once made public.
- 2/20/2026NEGATIVEWhy Cogent Communications Stock Crashed Today
Despite Cogent Communications beating earnings expectations, the stock crashed. This indicates that details provided regarding future outlook or other non-financial factors have concerned investors, leading to a sell-off.
via Markets Gazette