Cogent Communications (CCOI)
Market Price (4/29/2026): $24.57 | Market Cap: $1.2 BilSector: Communication Services | Industry: Alternative Carriers
Cogent Communications (CCOI)
Market Price (4/29/2026): $24.57Market Cap: $1.2 BilSector: Communication ServicesIndustry: Alternative Carriers
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -35% Attractive yieldDividend Yield is 13% Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, and Artificial Intelligence. Themes include Telecom Infrastructure, and Data Centers & Infrastructure. | Weak multi-year price returns2Y Excs Rtn is -99%, 3Y Excs Rtn is -130% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -104 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -11% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 215% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.8%, Rev Chg QQuarterly Revenue Change % is -4.7% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.1%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -20% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.6% Key risksCCOI key risks include [1] a substantial debt burden driving high leverage and persistent unprofitability, Show more. |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -35% |
| Attractive yieldDividend Yield is 13% |
| Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, and Artificial Intelligence. Themes include Telecom Infrastructure, and Data Centers & Infrastructure. |
| Weak multi-year price returns2Y Excs Rtn is -99%, 3Y Excs Rtn is -130% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -104 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -11% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 215% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.8%, Rev Chg QQuarterly Revenue Change % is -4.7% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.1%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -20% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.6% |
| Key risksCCOI key risks include [1] a substantial debt burden driving high leverage and persistent unprofitability, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Cogent Communications (CCOI) stock has gained about 10% since 12/31/2025 because of the following key factors:
1. Cogent Communications reported stronger-than-expected earnings per share (EPS) for the fourth quarter of 2025. The company announced an EPS of -$0.64 on February 20, 2026, significantly beating analysts' consensus estimates which ranged from -$1.01 to -$1.09, representing a positive surprise of approximately 37% to 40%. This beat, despite a revenue miss, suggested better operational efficiency or cost management than anticipated.
2. The company demonstrated growth in key service areas and improved operational metrics. For Q4 2025, Cogent's wavelength revenue increased by 18.8% sequentially from Q3 2025 to $12.1 million and by 73.7% year-over-year. Wavelength customer connections also saw an 84.6% increase from Q4 2024. Additionally, adjusted EBITDA increased by 14.8% from Q4 2024 to $76.7 million in Q4 2025, with the EBITDA margin improving to 31.9%. On-net revenue also grew by 4.3% year-over-year in Q4 2025.
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1. Cogent Communications reported stronger-than-expected earnings per share (EPS) for the fourth quarter of 2025. The company announced an EPS of -$0.64 on February 20, 2026, significantly beating analysts' consensus estimates which ranged from -$1.01 to -$1.09, representing a positive surprise of approximately 37% to 40%. This beat, despite a revenue miss, suggested better operational efficiency or cost management than anticipated.
2. The company demonstrated growth in key service areas and improved operational metrics. For Q4 2025, Cogent's wavelength revenue increased by 18.8% sequentially from Q3 2025 to $12.1 million and by 73.7% year-over-year. Wavelength customer connections also saw an 84.6% increase from Q4 2024. Additionally, adjusted EBITDA increased by 14.8% from Q4 2024 to $76.7 million in Q4 2025, with the EBITDA margin improving to 31.9%. On-net revenue also grew by 4.3% year-over-year in Q4 2025.
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Stock Movement Drivers
Fundamental Drivers
The 12.4% change in CCOI stock from 12/31/2025 to 4/28/2026 was primarily driven by a 15.3% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 4282026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.54 | 24.21 | 12.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 988 | 976 | -1.2% |
| P/S Multiple | 1.0 | 1.2 | 15.3% |
| Shares Outstanding (Mil) | 48 | 48 | -1.3% |
| Cumulative Contribution | 12.4% |
Market Drivers
12/31/2025 to 4/28/2026| Return | Correlation | |
|---|---|---|
| CCOI | 12.4% | |
| Market (SPY) | 5.2% | 30.5% |
| Sector (XLC) | -1.4% | 17.9% |
Fundamental Drivers
The -36.7% change in CCOI stock from 9/30/2025 to 4/28/2026 was primarily driven by a -34.1% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 4282026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.27 | 24.21 | -36.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,003 | 976 | -2.7% |
| P/S Multiple | 1.8 | 1.2 | -34.1% |
| Shares Outstanding (Mil) | 48 | 48 | -1.3% |
| Cumulative Contribution | -36.7% |
Market Drivers
9/30/2025 to 4/28/2026| Return | Correlation | |
|---|---|---|
| CCOI | -36.7% | |
| Market (SPY) | 8.0% | 28.9% |
| Sector (XLC) | -1.6% | 23.6% |
Fundamental Drivers
The -58.4% change in CCOI stock from 3/31/2025 to 4/28/2026 was primarily driven by a -55.8% change in the company's P/S Multiple.| (LTM values as of) | 3312025 | 4282026 | Change |
|---|---|---|---|
| Stock Price ($) | 58.22 | 24.21 | -58.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,036 | 976 | -5.8% |
| P/S Multiple | 2.7 | 1.2 | -55.8% |
| Shares Outstanding (Mil) | 48 | 48 | -0.2% |
| Cumulative Contribution | -58.4% |
Market Drivers
3/31/2025 to 4/28/2026| Return | Correlation | |
|---|---|---|
| CCOI | -58.4% | |
| Market (SPY) | 29.3% | 28.2% |
| Sector (XLC) | 21.5% | 25.0% |
Fundamental Drivers
The -55.2% change in CCOI stock from 3/31/2023 to 4/28/2026 was primarily driven by a -71.9% change in the company's P/S Multiple.| (LTM values as of) | 3312023 | 4282026 | Change |
|---|---|---|---|
| Stock Price ($) | 53.99 | 24.21 | -55.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 600 | 976 | 62.7% |
| P/S Multiple | 4.3 | 1.2 | -71.9% |
| Shares Outstanding (Mil) | 47 | 48 | -2.1% |
| Cumulative Contribution | -55.2% |
Market Drivers
3/31/2023 to 4/28/2026| Return | Correlation | |
|---|---|---|
| CCOI | -55.2% | |
| Market (SPY) | 81.5% | 26.6% |
| Sector (XLC) | 106.3% | 21.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CCOI Return | 28% | -17% | 41% | 7% | -70% | 15% | -45% |
| Peers Return | 11% | -26% | -9% | 44% | 11% | 7% | 27% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 5% | 91% |
Monthly Win Rates [3] | |||||||
| CCOI Win Rate | 58% | 50% | 50% | 58% | 33% | 75% | |
| Peers Win Rate | 53% | 38% | 53% | 55% | 52% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CCOI Max Drawdown | -5% | -30% | 0% | -30% | -77% | -19% | |
| Peers Max Drawdown | -9% | -36% | -31% | -16% | -17% | -9% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: LUMN, T, VZ, CMCSA, CCI. See CCOI Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/28/2026 (YTD)
How Low Can It Go
| Event | CCOI | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -38.7% | -25.4% |
| % Gain to Breakeven | 63.2% | 34.1% |
| Time to Breakeven | 504 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -40.0% | -33.9% |
| % Gain to Breakeven | 66.6% | 51.3% |
| Time to Breakeven | Not Fully Recovered days | 148 days |
| 2018 Correction | ||
| % Loss | -24.4% | -19.8% |
| % Gain to Breakeven | 32.3% | 24.7% |
| Time to Breakeven | 107 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -89.9% | -56.8% |
| % Gain to Breakeven | 886.0% | 131.3% |
| Time to Breakeven | 1,793 days | 1,480 days |
Compare to LUMN, T, VZ, CMCSA, CCI
In The Past
Cogent Communications's stock fell -38.7% during the 2022 Inflation Shock from a high on 11/16/2021. A -38.7% loss requires a 63.2% gain to breakeven.
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About Cogent Communications (CCOI)
Cogent Communications Holdings, Inc., through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Asia, South America, Australia, and Africa. The company 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. It 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, the company 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, it operates data centers that allow its customers to collocate their equipment and access the network. The company operates 54 data centers and provides facilities to 3,035 buildings and on-net services to 1,817 to multi-tenant office buildings. 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.
AI Analysis | Feedback
Here are a few analogies to describe Cogent Communications (CCOI):
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Cogent is like a global internet infrastructure company for businesses and other service providers, offering high-speed internet access, private networks, and data center space, similar to a business-focused AT&T or Lumen (formerly CenturyLink).
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Imagine Cogent as a global data center operator that also provides its own high-speed internet 'backbone' for businesses and internet service providers, much like Equinix for colocation combined with a major enterprise network provider.
AI Analysis | Feedback
- High-Speed Internet Access: Cogent provides high-speed internet connectivity to various businesses and organizations globally.
- Private Network Services: The company offers dedicated private network solutions for secure and reliable data transmission between customer locations.
- Data Center Colocation: Cogent provides space and facilities within its data centers for customers to house their own equipment and access its network.
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Dave Schaeffer - Founder and Chief Executive Officer
Dave Schaeffer founded Cogent Communications in August 1999 and has served as its Chief Executive Officer and President since its inception, also holding the role of Chairman of the Board. Prior to Cogent, Mr. Schaeffer successfully founded and operated six other businesses across various industries, including communications and commercial real estate. He was also the founder of Pathnet, Inc., a broadband telecommunications provider, where he served as CEO from 1995 to 1997 and as Chairman from 1997 to 1999. Under his leadership, Cogent has completed 13 acquisitions, expanding its network internationally. Mr. Schaeffer developed 46 commercial real estate properties in the Washington D.C. metro area and was involved in a regional paging carrier and a ground transportation enterprise. He was recognized as Ernst & Young's Entrepreneur of the Year® in Media, Entertainment and Telecommunications in 2019.Thaddeus “Tad” Weed - Chief Financial Officer and Treasurer
Thaddeus “Tad” Weed joined Cogent in 2000. He served as Vice President and Controller before being appointed Chief Financial Officer and Treasurer in May 2004. From May 2020 to May 2022, he took on the role of Senior Vice President of Audit & Operations, returning to his position as Chief Financial Officer and Treasurer in May 2022. Before joining Cogent, Mr. Weed was the Senior Vice President of Finance and Treasurer at Transaction Network Services from 1997 to 1999. He also spent ten years at Arthur Andersen LLP, where he was a Senior Audit Manager from 1987 to 1997.Mark Andrew Harris - Vice President of Global Sales and Chief Revenue Officer
Mark Andrew Harris became Cogent Communications' Vice President of Global Sales and Chief Revenue Officer in September 2025. Mr. Harris joined Cogent in 2023 following the company's acquisition of Sprint Communications from T-Mobile, where he served as Vice President of European Sales. He had been involved with the Sprint business in various sales capacities since April 2003.Brad Kummer - Vice President of Optical Transport Engineering and Chief Technology Officer
Brad Kummer joined Cogent in 2000. He serves as the Vice President of Optical Transport Engineering and Chief Technology Officer. Prior to joining Cogent, Dr. Kummer spent 25 years at Lucent Technologies, holding various roles in research and development and business development related to optical fibers and systems. His work at Lucent included responsibility for optical fiber systems engineering for long-haul and metropolitan dense wavelength division multiplexing systems.Guy Banks - Vice President of Real Estate
Guy Banks joined Cogent in 2000 and holds the title of Vice President of Real Estate.AI Analysis | Feedback
The key risks to Cogent Communications' business are:1. High Debt and Profitability Concerns
Cogent Communications faces significant financial leverage due to a substantial debt burden, with gross debt reported at approximately $2.3 billion to $2.4 billion. This contributes to a high net leverage ratio and has resulted in negative operating cash flow and profitability metrics, including negative operating margins and net income. The company's reliance on debt financing, coupled with ongoing losses, places pressure on its cash flow and limits its ability to invest or sustain dividend payments, leading to concerns about dividend sustainability.2. Intense Competition and Revenue Volatility
The telecommunications industry, in which Cogent operates, is highly competitive, leading to persistent pricing pressure. Cogent has experienced overall service revenue declines, attributed to changing economic conditions, currency fluctuations affecting its international business, and a deliberate strategy to shed unprofitable, low-margin legacy services acquired from the Sprint wireline business. The company's challenge is whether its high-growth segments, such as wavelength services and IPv4 leasing, can expand rapidly enough to offset these declines and achieve consistent overall revenue growth.3. Integration Risks of the Sprint Wireline Business
The acquisition of the Sprint wireline business from T-Mobile has introduced operational complexities and a legacy customer base that has been experiencing revenue attrition. Successfully integrating this substantial fiber network and enterprise customer base, which Cogent has not traditionally served, is critical. The central question for Cogent's business is whether its high-capacity wavelength segment can scale fast enough to replace the declining legacy Sprint revenue, especially as T-Mobile IP transit payments wind down through 2027.AI Analysis | Feedback
The increasing adoption of **Fixed Wireless Access (FWA)**, particularly 5G FWA, presents an emerging threat. As FWA technology matures and becomes more reliable and cost-effective, it offers a wireless alternative to traditional wired internet access and private network services for businesses, potentially diminishing the need for Cogent's physical network connections to multi-tenant office buildings and its "last mile" services.
Additionally, the widespread adoption of **Software-Defined Wide Area Networking (SD-WAN) and Secure Access Service Edge (SASE) architectures** poses an emerging threat. These technologies empower businesses to optimize their network traffic and reduce reliance on expensive, dedicated private network services by leveraging multiple, often lower-cost, internet connections. This trend could commoditize Cogent's private network offerings and alter how its corporate customers procure and manage their network connectivity.
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Cogent Communications (symbol: CCOI) operates in several addressable markets for its main products and services.High-Speed Internet Access
The global broadband internet access services market was valued at USD 418.65 billion in 2023 and is projected to reach USD 883.32 billion by 2032, with a compound annual growth rate (CAGR) of 8.65%. Another report indicates the global broadband services market is anticipated at USD 555.98 billion in 2025 and is expected to be worth approximately USD 1,397.93 billion by 2035, growing at a CAGR of 9.66% from 2026 to 2035. Specifically, for North America, the dedicated internet access (DIA) services market exceeded USD 10.16 billion in revenue in 2023 and is projected to grow at a CAGR of 4.4% from 2024 to 2028. The broader North America broadband services market was valued at USD 150.0 billion in 2024 and is expected to grow to USD 380.0 billion by 2035. The U.S. broadband services market alone generated USD 74.03 billion in 2024 and is expected to reach USD 113.83 billion by 2030, with a CAGR of 7.5% from 2025 to 2030.Private Network Services
The global private network services market was valued at USD 16.25 billion in 2022 and is expected to reach USD 24 billion by 2030, with a CAGR of 5.0% from 2023-2030. Another estimate places the global private network services market at USD 31.06 billion in 2025, projected to grow to USD 47.26 billion by 2030 with a CAGR of 8.8%. The total private networks addressable market, including private wireless, is expected to grow from US$1.2 billion in 2024 to US$21 billion in 2030 at a CAGR of 62%. In North America, the private 5G networks market was valued at US$599.41 million in 2022 and is projected to reach US$8,211.43 million by 2030, at a CAGR of approximately 38.7%. The North America private 5G network market generated a revenue of USD 1,244.8 million in 2025 and is expected to reach US$50,277.2 million by 2033, growing at a CAGR of 59.8% from 2026.Data Center Colocation Space Services
The global data center colocation market size was estimated at USD 69.41 billion in 2024 and is projected to reach USD 165.45 billion by 2030, exhibiting a CAGR of 16.0% from 2025 to 2030. Another report indicates the global data center colocation market is projected to grow from USD 84.05 billion in 2024 to USD 204.41 billion by 2030, at a 14.4% CAGR. For North America, the data center colocation market generated a revenue of USD 27.09 billion in 2024 and is expected to reach US$59.89 billion by 2030, growing at a CAGR of 14.5% from 2025 to 2030. Another source estimates the North America data center colocation market to grow from USD 21.77 billion in 2023 to an estimated USD 56.71 billion by 2032, with a CAGR of 11.20% from 2024 to 2032. North America held the largest share of the global data center colocation market in 2024, accounting for 39.0% of the revenue.AI Analysis | Feedback
Cogent Communications (CCOI) is expected to drive future revenue growth over the next two to three years through several key areas:
- Growth in On-Net Services and Corporate/Enterprise Customers: Cogent's strategic focus on higher-margin on-net products, along with the significant expansion of its network and customer base through the acquisition of Sprint's wireline business, is a primary growth driver. The company has seen increased on-net revenue and corporate customer connections, with expectations for continued improvement in corporate growth. This shift towards more profitable on-net offerings, which now represent a larger percentage of total revenues, is anticipated to contribute to sustained revenue expansion.
- Expansion of Wavelength Services: Wavelength services represent a significant and rapidly growing revenue stream for Cogent. This offering provides high-capacity optical connections crucial for AI infrastructure, hyperscalers, and large enterprises. The company has reported substantial year-over-year increases in wavelength revenue and customer connections, with strong growth expected to continue.
- Growth in IPv4 Address Leasing Revenue: Cogent has identified the leasing of IPv4 addresses as a growing source of revenue. The company has experienced a significant increase in revenue from this segment.
- Increasing IP Network Traffic and Bandwidth Demand: The fundamental demand for high-speed Internet access and private network services continues to grow, driven by consistent increases in IP network traffic. This underlying trend for greater bandwidth consumption supports Cogent's core business and provides a sustained driver for revenue growth.
AI Analysis | Feedback
Share Repurchases
- Cogent Communications temporarily paused its stock buyback program in November 2025 to prioritize debt reduction.
- Prior to the pause, the company had approved a $100 million increase to its stock buyback program through 2026, purchasing 293,000 shares in Q2 and July 2025.
- The Board of Directors authorized management to resume the stock repurchase program in November 2025.
Share Issuance
- The number of shares outstanding for Cogent Communications was approximately 47.6 million as of March 2026.
- Shares outstanding gradually increased from 45.9 million in 2020 to 47.6 million in 2025.
Outbound Investments
- Cogent acquired Sprint's long-haul fiber assets, including approximately 23,500 route miles of U.S. fiber, 1.9 million square feet of facilities, and 9.9 million IPv4 addresses.
- The company is actively pursuing the monetization of 24 surplus data centers, and in October 2025, entered into a letter of intent to sell two such data centers for $144 million in cash, with proceeds intended for debt reduction.
Capital Expenditures
- Capital expenditures for the full year 2025 amounted to $187.6 million.
- Capital expenditures in the latter half of 2025 were $73.3 million, a decrease of $41 million from the first half of 2025, primarily due to the completion of data center modernization and reconfiguration work in Sprint-acquired facilities.
- The primary focus of capital expenditures included converting acquired Sprint facilities into data centers, with a total of 125 facilities converted in 2024 and the first six months of 2025.
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| 03272026 | META | Meta Platforms | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 8.8% | 8.8% | 0.0% |
| 03062026 | CARG | CarGurus | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 1.2% | 1.2% | -8.3% |
| 02132026 | YELP | Yelp | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 17.9% | 17.9% | -5.7% |
| 02132026 | TRIP | Tripadvisor | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 10.9% | 10.9% | -3.9% |
| 02062026 | OMC | Omnicom | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 8.9% | 8.9% | -3.7% |
| 05312020 | CCOI | Cogent Communications | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | -23.3% | 3.4% | -28.6% |
Research & Analysis
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Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 26.85 |
| Mkt Cap | 68.9 |
| Rev LTM | 68,055 |
| Op Inc LTM | 11,378 |
| FCF LTM | 11,055 |
| FCF 3Y Avg | 8,680 |
| CFO LTM | 19,190 |
| CFO 3Y Avg | 16,841 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -2.2% |
| Rev Chg 3Y Avg | 0.5% |
| Rev Chg Q | -1.5% |
| QoQ Delta Rev Chg LTM | -0.4% |
| Op Inc Chg LTM | -1.6% |
| Op Inc Chg 3Y Avg | -3.8% |
| Op Mgn LTM | 18.3% |
| Op Mgn 3Y Avg | 19.1% |
| QoQ Delta Op Mgn LTM | -0.9% |
| CFO/Rev LTM | 29.6% |
| CFO/Rev 3Y Avg | 28.1% |
| FCF/Rev LTM | 14.9% |
| FCF/Rev 3Y Avg | 12.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 68.9 |
| P/S | 1.3 |
| P/Op Inc | 5.8 |
| P/EBIT | 4.4 |
| P/E | 6.7 |
| P/CFO | 3.8 |
| Total Yield | 9.3% |
| Dividend Yield | 5.2% |
| FCF Yield 3Y Avg | 8.1% |
| D/E | 0.9 |
| Net D/E | 0.9 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 3.6% |
| 3M Rtn | 1.0% |
| 6M Rtn | -1.9% |
| 12M Rtn | -4.6% |
| 3Y Rtn | 15.7% |
| 1M Excs Rtn | -8.5% |
| 3M Excs Rtn | -1.3% |
| 6M Excs Rtn | -0.7% |
| 12M Excs Rtn | -33.2% |
| 3Y Excs Rtn | -52.0% |
Price Behavior
Price Behavior
| Market Price | $24.21 | |
| Market Cap ($ Bil) | 1.2 | |
| First Trading Date | 02/05/2002 | |
| Distance from 52W High | -54.8% | |
| 50 Days | 200 Days | |
| DMA Price | $21.06 | $29.42 |
| DMA Trend | down | down |
| Distance from DMA | 14.9% | -17.7% |
| 3M | 1YR | |
| Volatility | 91.5% | 77.7% |
| Downside Capture | 1.58 | 1.16 |
| Upside Capture | 218.82 | 60.45 |
| Correlation (SPY) | 31.8% | 26.7% |
CCOI Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.68 | 2.36 | 2.08 | 2.06 | 1.11 | 0.90 |
| Up Beta | -11.80 | -1.56 | 0.17 | 1.56 | 0.78 | 0.73 |
| Down Beta | 2.78 | 3.26 | 3.19 | 3.81 | 1.54 | 1.15 |
| Up Capture | 859% | 194% | 145% | 28% | 28% | 25% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 9 | 21 | 31 | 64 | 127 | 389 |
| Down Capture | 312% | 237% | 174% | 181% | 144% | 104% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 13 | 21 | 32 | 62 | 124 | 359 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CCOI | |
|---|---|---|---|---|
| CCOI | -52.5% | 77.6% | -0.58 | - |
| Sector ETF (XLC) | 24.3% | 13.2% | 1.39 | 21.3% |
| Equity (SPY) | 31.5% | 12.5% | 1.92 | 26.9% |
| Gold (GLD) | 38.6% | 27.2% | 1.18 | 0.4% |
| Commodities (DBC) | 45.9% | 18.0% | 1.95 | -0.4% |
| Real Estate (VNQ) | 14.4% | 13.4% | 0.75 | 25.1% |
| Bitcoin (BTCUSD) | -19.0% | 42.1% | -0.39 | 12.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CCOI | |
|---|---|---|---|---|
| CCOI | -14.4% | 44.4% | -0.19 | - |
| Sector ETF (XLC) | 9.9% | 20.7% | 0.39 | 25.2% |
| Equity (SPY) | 12.9% | 17.1% | 0.59 | 30.8% |
| Gold (GLD) | 20.2% | 17.8% | 0.92 | 3.9% |
| Commodities (DBC) | 14.8% | 19.1% | 0.63 | 3.3% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.09 | 29.8% |
| Bitcoin (BTCUSD) | 7.3% | 56.2% | 0.35 | 13.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CCOI | |
|---|---|---|---|---|
| CCOI | 0.3% | 38.9% | 0.14 | - |
| Sector ETF (XLC) | 9.6% | 22.3% | 0.51 | 31.5% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 37.4% |
| Gold (GLD) | 13.4% | 15.9% | 0.70 | 3.0% |
| Commodities (DBC) | 9.9% | 17.7% | 0.46 | 8.1% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 33.5% |
| Bitcoin (BTCUSD) | 67.8% | 66.9% | 1.07 | 9.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/20/2026 | -29.4% | -29.5% | -31.3% |
| 11/6/2025 | -34.9% | -51.7% | -44.6% |
| 8/7/2025 | -19.5% | -20.6% | -13.6% |
| 5/8/2025 | -7.3% | -4.4% | -8.1% |
| 2/27/2025 | -9.5% | -12.4% | -22.1% |
| 11/7/2024 | 0.8% | -7.2% | -6.6% |
| 8/8/2024 | 1.9% | 7.1% | 9.9% |
| 5/9/2024 | -2.7% | -7.4% | -11.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 6 | 8 |
| # Negative | 14 | 16 | 14 |
| Median Positive | 1.6% | 4.3% | 5.9% |
| Median Negative | -6.5% | -9.2% | -12.8% |
| Max Positive | 13.0% | 20.5% | 17.2% |
| Max Negative | -34.9% | -51.7% | -44.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kilmer, Henry W | VP OF NETWORK STRATEGY | Direct | Sell | 3082026 | 23.35 | 2,400 | 56,040 | 957,350 | Form |
| 2 | Ferguson, Lewis H | Direct | Sell | 3052026 | 23.03 | 2,206 | 50,804 | 470,940 | Form | |
| 3 | Kennedy, Sheryl Lynn | Direct | Sell | 3052026 | 22.99 | 3,300 | 75,867 | 232,200 | Form | |
| 4 | Weed, Thaddeus Gerard | VICE PRESIDENT, CFO | Direct | Sell | 3052026 | 22.63 | 4,850 | 109,756 | 4,588,232 | Form |
| 5 | Weed, Thaddeus Gerard | VICE PRESIDENT, CFO | Direct | Sell | 12122025 | 23.99 | 7,300 | 175,127 | 2,115,918 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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