Latest Ratios: P/E Ratio -2.1x · EV/EBITDA 18.8x · ROE -229.1%. (2000–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $407M | $1.0B | $3.7B | $3.6B | $2.7B | $3.4B | $2.8B | $3.0B | $2.1B | $2.0B | $1.9B |
| Enterprise Value | $3.1B | $3.8B | $5.8B | $5.4B | $3.8B | $4.4B | $3.6B | $3.7B | $2.6B | $2.5B | $2.3B |
| P/E Ratio → | -2.14 | — | — | 2.86 | 518.91 | 71.05 | 460.54 | 81.25 | 71.76 | 348.46 | 125.30 |
| P/S Ratio | 0.42 | 1.06 | 3.54 | 3.87 | 4.49 | 5.83 | 4.92 | 5.55 | 3.98 | 4.22 | 4.15 |
| P/B Ratio | — | — | 16.47 | 5.97 | — | — | — | — | — | — | — |
| P/FCF | — | — | — | — | 28.44 | 34.25 | 33.12 | 29.77 | 24.64 | 31.06 | 29.58 |
| P/OCF | — | — | — | 209.77 | 15.51 | 20.19 | 19.91 | 20.38 | 15.46 | 18.32 | 17.19 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.85 | 5.61 | 5.73 | 6.38 | 7.42 | 6.40 | 6.74 | 4.98 | 5.19 | 5.11 |
| EV / EBITDA | 18.83 | 22.60 | 57.85 | 52.41 | 18.56 | 21.00 | 19.09 | 20.40 | 15.43 | 16.58 | 16.39 |
| EV / EBIT | — | — | — | 4.07 | 27.91 | 33.82 | 49.92 | 33.44 | 30.25 | 34.95 | 38.06 |
| EV / FCF | — | — | — | — | 40.38 | 43.64 | 43.07 | 36.15 | 30.83 | 38.21 | 36.39 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 17.5% | 17.5% | 38.1% | 42.2% | 61.9% | 61.6% | 61.4% | 59.8% | 57.8% | 56.9% | 56.6% |
| Operating Margin | -10.6% | -10.6% | -19.1% | -13.7% | 19.0% | 20.2% | 18.8% | 18.4% | 16.6% | 15.6% | 14.3% |
| Net Profit Margin | -18.7% | -18.7% | -19.7% | 135.3% | 0.9% | 8.2% | 1.1% | 6.9% | 5.5% | 1.2% | 3.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -229.1% | -229.1% | -49.0% | 2801.1% | — | — | — | — | — | — | — |
| ROA | -5.8% | -5.8% | -6.4% | 60.3% | 0.5% | 4.9% | 0.6% | 4.5% | 4.0% | 0.8% | 2.1% |
| ROIC | -3.1% | -3.1% | -6.3% | -6.5% | 14.5% | 16.0% | 16.2% | 18.4% | 17.6% | 15.3% | 13.0% |
| ROCE | -3.6% | -3.6% | -6.9% | -6.9% | 12.7% | 13.2% | 12.2% | 13.3% | 13.3% | 11.6% | 10.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 10.49 | 3.00 | — | — | — | — | — | — | — |
| Debt / EBITDA | 17.62 | 17.62 | 23.27 | 17.77 | 6.57 | 6.05 | 6.36 | 5.81 | 4.74 | 4.73 | 5.04 |
| Net Debt / Equity | — | — | 9.60 | 2.88 | — | — | — | — | — | — | — |
| Net Debt / EBITDA | 16.39 | 16.39 | 21.30 | 17.04 | 5.49 | 4.52 | 4.41 | 3.60 | 3.09 | 3.10 | 3.07 |
| Debt / FCF | — | — | — | — | 11.94 | 9.38 | 9.96 | 6.38 | 6.18 | 7.15 | 6.81 |
| Interest Coverage | -0.52 | -0.52 | -1.11 | 12.42 | 2.03 | 2.23 | 1.17 | 1.92 | 1.68 | 1.49 | 1.47 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.04 | 2.04 | 1.90 | 1.38 | 3.04 | 5.06 | 4.83 | 5.30 | 4.65 | 4.11 | 4.82 |
| Quick Ratio | 2.04 | 2.04 | 1.90 | 1.38 | 3.04 | 5.06 | 4.83 | 5.30 | 4.65 | 4.11 | 4.82 |
| Cash Ratio | 0.93 | 0.93 | 0.78 | 0.20 | 1.86 | 3.95 | 3.93 | 4.45 | 3.67 | 3.31 | 4.04 |
| Asset Turnover | — | 0.31 | 0.33 | 0.29 | 0.59 | 0.60 | 0.57 | 0.59 | 0.70 | 0.68 | 0.61 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 38.5% | 14.5% | 5.2% | 5.0% | 6.3% | 4.4% | 4.6% | 3.7% | 4.7% | 4.0% | 3.7% |
| Payout Ratio | — | — | — | 14.3% | 3300.8% | 311.9% | 2081.9% | 300.2% | 341.5% | 1389.7% | 456.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 35.0% | 0.2% | 1.4% | 0.2% | 1.2% | 1.4% | 0.3% | 0.8% |
| FCF Yield | — | — | — | — | 3.5% | 2.9% | 3.0% | 3.4% | 4.1% | 3.2% | 3.4% |
| Buyback Yield | 4.1% | 1.6% | 0.2% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 0.3% | 0.1% | 0.2% |
| Total Shareholder Yield | 42.6% | 16.1% | 5.4% | 5.0% | 6.3% | 4.4% | 4.8% | 3.7% | 5.0% | 4.1% | 3.9% |
| Shares Outstanding | — | $48M | $48M | $48M | $47M | $47M | $47M | $46M | $46M | $45M | $45M |
Includes 30+ ratios · 26 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying CCOI stock.
Cogent Communications Holdings, Inc.'s current P/E ratio is -2.1x. The historical average is 60.9x.
Cogent Communications Holdings, Inc.'s current EV/EBITDA is 18.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.1x.
Cogent Communications Holdings, Inc.'s return on equity (ROE) is -229.1%. The historical average is -24.2%.
Based on historical data, Cogent Communications Holdings, Inc. is trading at a P/E of -2.1x. Compare with industry peers and growth rates for a complete picture.
Cogent Communications Holdings, Inc.'s current dividend yield is 38.51%.
Cogent Communications Holdings, Inc. has 17.5% gross margin and -10.6% operating margin.
Cogent Communications Holdings, Inc.'s Debt/EBITDA ratio is 17.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Negative equity and cash burn
Metrics are mathematically derived from official filings.
Yield-Driven Valuation Amid Structural Losses
Cogent's 31.2% dividend yield, as reported in current valuation metrics, is an extreme outlier that likely reflects market skepticism about the sustainability of the payout rather than a traditional income opportunity.
The negative P/E of -2.64 indicates the market is not valuing Cogent on an earnings basis, which is consistent with its history of operating losses. The yield is almost certainly a function of the stock price collapsing to $10.05, not a robust dividend policy. Investors should monitor whether the yield is a value trap or a signal of imminent dividend cut, as the company's negative equity and cash burn make the payout appear highly precarious.
Leverage Beyond Conventional Utility Metrics
With a debt-to-capital ratio of 1.01 in 2026Q2, as shown in the ratio data, Cogent's capital structure is entirely debt-funded, a level of leverage that appears unsustainable without a clear path to consistent positive cash flow generation.
The debt-to-capital ratio exceeding 1.0 mathematically confirms negative equity, a trend that has deteriorated from 0.79 in 2024Q1. This level of leverage is far outside typical utility parameters and suggests the company is operating with no equity cushion. The interest coverage ratio of 1.37 in 2026Q2, while positive, is thin and highly volatile, indicating that debt service is consuming a significant portion of operating income and leaving minimal buffer for any operational setbacks.
Dividend Payout Unsustainable by Cash Flow
The 8.4% dividend payout ratio in 2026Q2, based on reported figures, masks the underlying cash flow reality where operating cash flow of $3.2 million is insufficient to cover the dividend and the massive $219.0 million capital expenditure program.
While the payout ratio appears low, it is calculated against a net income figure that includes significant non-cash items. The cash flow statement reveals that the dividend is being funded through external financing or balance sheet drawdowns, not operational cash generation. This dynamic is unsustainable and suggests the dividend is at high risk of being cut or eliminated to preserve liquidity for the company's transformation.
Peer Comparison Highlights Unique Risk Profile
Cogent's negative ROE and extreme leverage contrast sharply with peer Lumen Technologies' negative but less severe metrics, while its yield dwarfs both peers, suggesting its valuation reflects a distressed, not utility-like, risk profile.
Unlike Lumen, which also has negative ROE but a more moderate EV/EBITDA of 9.23, Cogent's EV/EBITDA of 19.41 indicates the market is pricing in significant future cash flow growth or turnaround potential. The comparison to Innovative Industrial Properties, a profitable REIT with a 13.3% yield, underscores that Cogent's yield is not a sign of strength but of distress. The valuation premium appears unjustified given Cogent's operational losses and balance sheet strain.
Misapplied Utility Metrics Obscure True Risk
The most commonly misapplied ratio is the dividend yield, which at 31.2% is interpreted as a utility-like income stream but actually signals severe financial distress and a likely unsustainable payout.
Investors often compare utility yields to bond alternatives, but Cogent's yield is a function of a collapsing stock price, not a stable, regulated cash flow stream. The correct metric to assess is the cash flow coverage of the dividend and capital expenditures, which reveals a massive deficit. Using a standard utility valuation framework based on P/E or yield is misleading because Cogent's financials are driven by acquisition accounting and transformation costs, not a regulated rate base and allowed return.