Latest Ratios: P/E Ratio -3.2x · EV/EBITDA 20.1x · 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 | $610M | $1.0B | $3.7B | $3.6B | $2.7B | $3.4B | $2.8B | $3.0B | $2.1B | $2.0B | $1.9B |
| Enterprise Value | $3.3B | $3.8B | $5.8B | $5.4B | $3.8B | $4.4B | $3.6B | $3.7B | $2.6B | $2.5B | $2.3B |
| P/E Ratio → | -3.21 | — | — | 2.86 | 518.91 | 71.05 | 460.54 | 81.25 | 71.76 | 348.46 | 125.30 |
| P/S Ratio | 0.63 | 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 | 20.05 | 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 | 25.7% | 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 | 2.7% | 1.6% | 0.2% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 0.3% | 0.1% | 0.2% |
| Total Shareholder Yield | 28.4% | 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 |
Sprint integration execution failure
Based on current market data, Cogent's EV/EBITDA multiple of 20.42x appears to reflect significant investor skepticism, as the forward EV/EBITDA of 8.39x suggests that the market is pricing in a substantial recovery in operational performance that has yet to be validated by recent quarterly financial results.
The wide disparity between trailing and forward multiples indicates that the market is heavily discounting the current integration-related margin compression. Investors should monitor whether the forward multiple is based on overly optimistic synergy assumptions or if the market is correctly identifying a structural floor for the business.
As reported in recent financial statements, Cogent's ROIC has trended into negative territory, reaching -0.4% in 2026Q1, which highlights the severe impact of the Sprint wireline acquisition on the company's ability to generate returns on its expanded asset base compared to its historical performance.
The transition from positive historical returns to persistent negative ROIC suggests that the capital deployed for the Sprint transaction is currently dilutive to shareholder value. This trend warrants further investigation into whether the company can rationalize its asset base sufficiently to restore positive returns on invested capital.
According to the provided quarterly data, Cogent's asset turnover remains stagnant at 0.08x, indicating that the company's massive increase in network footprint has not yet translated into a proportional improvement in revenue generation efficiency relative to its total asset base following the recent corporate restructuring.
The persistent low asset turnover suggests that the company is carrying significant underutilized capacity within its newly acquired network. Investors should monitor whether this is a temporary byproduct of the integration phase or a structural issue regarding the monetization of the legacy Sprint infrastructure.
Based on reported figures, Cogent's debt-to-EBITDA ratio of 65.64x in 2026Q1 underscores a highly strained leverage profile, suggesting that the company's ability to service its debt obligations is currently compromised by the ongoing operational losses and the significant debt load incurred during the Sprint acquisition.
The extreme debt-to-EBITDA ratio indicates that the company is operating with very little margin for error regarding its interest coverage. This level of leverage appears unsustainable without a rapid and significant improvement in operating cash flow to support the existing debt structure.
While the 23.3% dividend yield may appear attractive to income-focused investors, it is a highly misleading metric for Cogent, as the company's persistent negative free cash flow suggests that these distributions are being funded through external financing rather than sustainable operational earnings or excess cash generation.
Investors should prioritize free cash flow coverage over dividend yield when evaluating this business model, as the current payout policy appears disconnected from the underlying cash-burning reality of the integration. Relying on the yield as a signal of financial health obscures the significant liquidity risks currently facing the company.
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying CCOI stock.
Cogent Communications Holdings, Inc.'s current P/E ratio is -3.2x. The historical average is 60.9x.
Cogent Communications Holdings, Inc.'s current EV/EBITDA is 20.1x. 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 -3.2x. Compare with industry peers and growth rates for a complete picture.
Cogent Communications Holdings, Inc.'s current dividend yield is 25.70%.
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.