NASDAQ · CCOI

Cogent Communications Holdings, Inc.

Communication Services · Telecommunications Services

$9.09▼ 2.57% ($0.24)at close

After hours$9.05▼ 0.44%7:30 PM ET

52-week

$8.60$45.69

What the market price implies · Reverse DCF

Historical revenue grew by 13.41%/yr over the past 4 years.

Selected forecast · Base scenario

19.4%/yr · actual 10-year annualized revenue growth

Year 1 growth: 38.77%

Market-implied · Base operating assumptions + edited margins

Unavailable · flat 10-year annualized revenue growth

Reverse DCF solves revenue growth itself using Base operating assumptions and your edited margins. Changing forecast growth alone does not change the implied rate. This is a model-implied requirement, not an analyst forecast.

No supported revenue growth rate matches this price with these operating assumptions.

Valuation

Recommended · Revenue & margin DCF

Price used

$9.09

Estimated value / share

Unavailable

Base scenario

USD · TTM ending 2026-06-30

Every projected year produces negative free cash flow, so the model returns a negative enterprise value. A discounted-cash-flow valuation cannot be defended on those inputs, so it is not shown.

Latest quarterly growth differs materially from the latest annual pace. It remains an observed growth input; review whether acceleration or a change in the business explains it.

Year 1 growth 38.77% · Ending margin 5.29% · Discount rate 8.77%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 10, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 11, 2026, 2:44 AM UTC · provider

Why this method?

There is not a stable run of positive FCFF to anchor a direct cash-flow CAGR, so the model should start from revenue and margin assumptions instead.

Is FCFF positive and has it been for 3+ consecutive years? Latest FCFF is not positive.

Price vs Fundamentals

Why The Stock Is Moving

Likely multiple compressionHigh confidence

1Y Price: -74.25%Revenue (TTM): 17.39%FCF (TTM): 38.67%P/E: 0th pct

What changed

The stock fell 74.25% over the last year. Revenue grew 17.39% over the trailing twelve months. Operating margin moved from -16.24% to 5.29%. Free cash flow grew 38.67% over the trailing twelve months.

What the market seems to be pricing

Visible fundamentals weakened far less than the stock price, and the shares now sit around the 0th percentile of their historical P/E range. That looks more like a rerating of the multiple than a collapse in the business.

What would invalidate this read

This read changes if operating margin (currently 5.29%) continues to decline, or if revenue growth turns negative. The bull case requires the business to hold its current trajectory.

Performance

Return analysis

Company profile

Cogent Communications Holdings, Inc., founded in 1999 and based in Washington, D.C., functions as a multinational provider of high-speed internet connectivity, private networking solutions, and data center co-location services.

CEODavid Schaeffer

SectorCommunication Services

IndustryTelecommunications Services

Employees1,833

IPO dateFeb 5, 2002

https://www.cogentco.com

Market multiples

Forward P/E—

EV/EBITDA20.15

Enterprise value$3.76B

Stock splits

Mar 24, 2005↓ Reverse

Every 20 shares became 1

-95%

Profitability & growth

Revenue growth92.79%

Gross margin42%▼20.6ppvs FY2024

Operating margin5.29%▲8.4ppvs FY2024

ROEN/A

Analyst consensus

RatingHold

Target price$16.40▲80.42%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 5, 2026

Q4 FY26 · EPS est -$0.88 · Revenue est $235.17M

View

Dividends

$0.08/shareQuarterlyAt Risk

CCOI pays a dividend with a 0.88% dividend yield, covered -1.3× by free cash flow.

Dividend Yield

0.88%

Annual Div / Share

$0.08

5yr CAGR

-51.78%

Dividend has been cut

Payout Ratio

—

At Risk

Dividend Growth Rate

3yr CAGR

-72.19%

5yr CAGR

-51.78%

10yr CAGR

-25.2%

Dividend Safety

0/10At Risk

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$0.08-98.0%

2025$4.03+3.7%

2024$3.88+4.3%

2023$3.72+7.2%

2022$3.47+13.0%

2021$3.07+14.3%

2020$2.69+13.8%

Income Projection

Invest

Growth rate:

Reinvest dividends

Today

$9/yr

$1/mo

In 5 yrs

$9/yr

$1/mo

In 10 yrs

$9/yr

$1/mo

Today	In 5 yrs	In 10 yrs
$9/yr $1/mo	$9/yr $1/mo	$9/yr $1/mo

Analysis

Dividend Strengths

No strong strength signal stands out from the latest period pair.

Risks to Watch

Dividend exceeds free cash flow

Free cash flow covers only -1.32× the dividend. The company is paying out more than it generates in cash, which is unsustainable without borrowing or asset sales.

Dividend has been reduced

The 5-year dividend CAGR of -51.78% is negative, indicating the payout has been cut over this period.

NASDAQ · CCOI

Cogent Communications Holdings, Inc.

Communication Services · Telecommunications Services

$9.09▼ 2.57% ($0.24)at close

After hours$9.05▼ 0.44%7:30 PM ET

52-week

$8.60$45.69

What the market price implies · Reverse DCF

Historical revenue grew by 13.41%/yr over the past 4 years.

Selected forecast · Base scenario

19.4%/yr · actual 10-year annualized revenue growth

Year 1 growth: 38.77%

Market-implied · Base operating assumptions + edited margins

Unavailable · flat 10-year annualized revenue growth

No supported revenue growth rate matches this price with these operating assumptions.

Valuation

Recommended · Revenue & margin DCF

Price used

$9.09

Estimated value / share

Unavailable

Base scenario

USD · TTM ending 2026-06-30

Every projected year produces negative free cash flow, so the model returns a negative enterprise value. A discounted-cash-flow valuation cannot be defended on those inputs, so it is not shown.

Latest quarterly growth differs materially from the latest annual pace. It remains an observed growth input; review whether acceleration or a change in the business explains it.

Year 1 growth 38.77% · Ending margin 5.29% · Discount rate 8.77%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 10, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 11, 2026, 2:44 AM UTC · provider

Why this method?

There is not a stable run of positive FCFF to anchor a direct cash-flow CAGR, so the model should start from revenue and margin assumptions instead.

Is FCFF positive and has it been for 3+ consecutive years? Latest FCFF is not positive.

Price vs Fundamentals

Why The Stock Is Moving

Likely multiple compressionHigh confidence

1Y Price: -74.25%Revenue (TTM): 17.39%FCF (TTM): 38.67%P/E: 0th pct

What changed

What the market seems to be pricing

What would invalidate this read

This read changes if operating margin (currently 5.29%) continues to decline, or if revenue growth turns negative. The bull case requires the business to hold its current trajectory.

Performance

Return analysis

Company profile

CEODavid Schaeffer

SectorCommunication Services

IndustryTelecommunications Services

Employees1,833

IPO dateFeb 5, 2002

https://www.cogentco.com

Market multiples

Forward P/E—

EV/EBITDA20.15

Enterprise value$3.76B

Stock splits

Mar 24, 2005↓ Reverse

Every 20 shares became 1

-95%

Profitability & growth

Revenue growth92.79%

Gross margin42%▼20.6ppvs FY2024

Operating margin5.29%▲8.4ppvs FY2024

ROEN/A

Analyst consensus

RatingHold

Target price$16.40▲80.42%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 5, 2026

Q4 FY26 · EPS est -$0.88 · Revenue est $235.17M

View

Dividends

$0.08/shareQuarterlyAt Risk

CCOI pays a dividend with a 0.88% dividend yield, covered -1.3× by free cash flow.

Dividend Yield

0.88%

Annual Div / Share

$0.08

5yr CAGR

-51.78%

Dividend has been cut

Payout Ratio

—

At Risk

Dividend Growth Rate

3yr CAGR

-72.19%

5yr CAGR

-51.78%

10yr CAGR

-25.2%

Dividend Safety

0/10At Risk

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$0.08-98.0%

2025$4.03+3.7%

2024$3.88+4.3%

2023$3.72+7.2%

2022$3.47+13.0%

2021$3.07+14.3%

2020$2.69+13.8%

Income Projection

Invest

Growth rate:

Reinvest dividends

Today

$9/yr

$1/mo

In 5 yrs

$9/yr

$1/mo

In 10 yrs

$9/yr

$1/mo

Today	In 5 yrs	In 10 yrs
$9/yr $1/mo	$9/yr $1/mo	$9/yr $1/mo

Analysis

Dividend Strengths

No strong strength signal stands out from the latest period pair.

Risks to Watch

Dividend exceeds free cash flow

Free cash flow covers only -1.32× the dividend. The company is paying out more than it generates in cash, which is unsustainable without borrowing or asset sales.

Dividend has been reduced

The 5-year dividend CAGR of -51.78% is negative, indicating the payout has been cut over this period.