Cogent Communications Holdings, Inc. (CCOI) Stock

Cogent Communications Holdings, Inc. (CCOI) is a Communication Services stock trading at $10.01 (as of 2026-08-20), with a market capitalization of $512.67M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Cogent Communications Holdings, Inc. provides high-speed Internet access, private network services, and data center colocation space. It serves customers across North America, Europe, Asia, South America, Australia, and Africa, including enterprises and other service providers, using on-net, off-net, and related connectivity options.

Understand Cogent Communications Holdings, Inc.: how it makes money

Cogent Communications provides high-speed Internet access, private network services, and data center colocation, and it makes money by selling on-net and wireline connectivity (including wavelength services) plus related services like IP address leasing.

Cogent's profitability is structurally driven by recurring connectivity economics, where revenue momentum depends on its customer connection base and monthly churn rates, while network and service operating costs can keep operating margins below zero even when gross margin is solid.

Revenue by segment (latest quarter)
On-Net	$0.1B
Wireline	$0.1B

Business quality (Mixed): Gross margin is reported at 46.0%, but the operating margin is negative at -5.6%, so the key near term question is whether cost structure and service delivery can translate gross profit into operating profit.

Bull case

On-net traction with measurable retention: On-net monthly unit churn rate is 1.2%, and on-net customer connections are 87,899.
Gross profitability is strong for the model: Gross margin is 46.0%, indicating the company can generate meaningful gross profit from its connectivity services.
Wavelength services are scaling infrastructure: Wavelength service locations enabled for 30-day installation are 883, with monthly installation capacity of 500, and wavelength services revenue is 0.01B.

Bear case

Operating loss suggests cost pressure: Operating margin is -5.6% for the latest period, meaning operating costs and other items outweigh gross profit.
Higher churn off-net can weigh on future revenue quality: Off-net monthly unit churn rate is 1.7%, higher than on-net churn.
Wavelength contribution is currently small: Wavelength services revenue is 0.01B relative to total revenue of about 0.2B, so near term results may rely more heavily on the larger on-net and wireline categories.

Valuation — source: SEC EDGAR (first-party)
Price	$10.01
Market Cap	$512.67M
EV / EBITDA	0.5
Price / Sales	0.54
FCF Yield	-27.9%
DCF Value (model)	$68.22
DCF Upside vs Price	581.5%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$975.77M
Net Margin	-18.7%
Revenue Growth (YoY)	-4.3%
EPS Growth (YoY)	-214.9%
FCF Growth (YoY)	-64.7%

Financial Health — source: SEC EDGAR
Altman Z-Score	0.07 (distress)
Piotroski F-Score	4/9 (moderate)

Valuation vs Sector & Industry
Sector P/E (Communication Services)	24.4
Industry P/E (Communication)	17.9

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	TURTLE CREEK ASSET MANAGEMENT INC. ($155.48M)
Institutional Holders Tracked	10

Company
Sector	Communication Services
Industry	Communication
CEO	David Schaeffer
Employees	1,899
Country	US
IPO Date	2002-02-05

Related Companies (Business model: Telecom Carrier; 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.