Cogent Communications (CCOI) Financials

$48.29 +1.56 (+3.34%)

As of 02:35 PM Eastern

Annual Income Statements for Cogent Communications

This table shows Cogent Communications' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	4.90	15	5.88	29	38	6.22	48	5.15	1,273	-204
Consolidated Net Income / (Loss)	4.90	15	5.88	29	38	6.22	48	5.15	1,506	66
Net Income / (Loss) Continuing Operations	4.90	15	5.88	29	38	6.22	48	5.15	1,506	66
Total Pre-Tax Income	13	24	31	41	53	10	71	26	1,219	-260
Total Operating Income	63	65	76	87	100	107	119	114	-129	-198
Total Gross Profit	230	253	276	301	326	349	363	371	423	394
Total Revenue	404	447	485	520	546	568	590	600	968	1,036
Operating Revenue	404	447	485	520	546	568	590	600	968	1,036
Total Cost of Revenue	175	194	209	220	220	219	226	228	544	642
Operating Cost of Revenue	175	194	209	220	220	219	226	228	544	642
Total Operating Expenses	167	188	200	214	226	242	244	257	294	275
Selling, General & Admin Expense	113	121	128	134	147	158	162	163	275	276
Depreciation Expense	71	75	76	81	80	83	89	92	0.00	0.00
Other Operating Expenses / (Income)	-12	-	-	0.00	0.00	0.42	-7.39	0.00	0.00	-22
Restructuring Charge	-	-	-	-	-	0.00	0.00	2.25	18	21
Total Other Income / (Expense), net	-50	-40	-45	-45	-48	-97	-48	-88	1,322	-109
Interest Expense	51	41	48	51	57	63	73	123	93	123
Interest & Investment Income	0.96	1.02	3.67	5.88	7.60	0.98	1.44	3.44	8.92	15
Other Income / (Expense), net	-	-	-	0.00	2.27	-34	24	32	1,406	0.00
Income Tax Expense	7.82	9.33	25	13	15	4.10	23	21	-54	-56
Basic Earnings per Share	$0.11	$0.33	$0.13	$0.63	$0.82	$0.14	$1.04	$0.11	$26.88	($4.28)
Weighted Average Basic Shares Outstanding	44.89M	44.64M	44.86M	45.28M	45.54M	45.95M	46.42M	46.88M	47.37M	47.63M
Diluted Earnings per Share	$0.11	$0.33	$0.13	$0.63	$0.81	$0.13	$1.03	$0.11	$26.62	($4.28)
Weighted Average Diluted Shares Outstanding	45.16M	44.87M	45.18M	45.78M	46.08M	46.67M	46.96M	47.21M	47.84M	47.63M
Weighted Average Basic & Diluted Shares Outstanding	44.50M	45.20M	45.20M	47.80M	46.85M	47.22M	47.93M	48.30M	47.43M	49.33M
Cash Dividends to Common per Share	$1.46	$1.51	$1.80	$2.12	$2.44	$2.78	$3.17	$3.56	$3.76	$3.92

This table shows Cogent Communications' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	6/30/2024	9/30/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-8.01	0.85	6.15	1,124	-57	200	-32	-63	-52
Consolidated Net Income / (Loss)	-8.01	0.85	6.15	1,124	-57	432	-32	-63	-52
Net Income / (Loss) Continuing Operations	-8.01	0.85	6.15	1,124	-57	432	-32	-63	-52
Total Pre-Tax Income	-7.04	12	11	1,100	-70	180	-40	-80	-70
Total Operating Income	28	28	24	-35	-51	-68	-47	-58	-40
Total Gross Profit	93	95	95	102	102	124	104	96	110
Total Revenue	150	152	154	240	275	299	260	257	247
Operating Revenue	150	152	154	240	275	299	260	257	247
Total Cost of Revenue	57	57	59	138	174	174	156	162	137
Operating Cost of Revenue	57	57	59	138	174	174	156	162	137
Total Operating Expenses	65	67	71	137	152	-66	151	153	150
Selling, General & Admin Expense	39	44	45	84	65	81	68	68	74
Depreciation Expense	23	24	25	53	87	-164	74	86	76
Restructuring Charge	2.00	0.24	0.40	0.74	0.35	17	12	0.00	0.00
Total Other Income / (Expense), net	-35	-15	-14	1,134	-20	221	6.95	-22	-30
Interest Expense	18	65	19	22	18	34	23	21	30
Interest & Investment Income	0.00	-	0.00	-	-	-	-	0.41	0.43
Other Income / (Expense), net	-17	46	5.35	1,156	-1.73	247	30	-1.15	-0.87
Income Tax Expense	0.97	11	4.50	-24	-14	-21	-7.85	-17	-18
Basic Earnings per Share	($0.17)	$0.02	$0.13	$23.84	($1.20)	$4.11	($0.68)	($1.33)	($1.09)
Weighted Average Basic Shares Outstanding	46.74M	46.88M	47.04M	47.14M	47.23M	47.37M	47.51M	47.43M	47.68M
Diluted Earnings per Share	($0.17)	$0.02	$0.13	$23.65	($1.20)	$4.04	($0.68)	($1.33)	($1.09)
Weighted Average Diluted Shares Outstanding	46.74M	47.21M	47.38M	47.53M	47.23M	47.84M	47.51M	47.43M	47.68M
Weighted Average Basic & Diluted Shares Outstanding	48.01M	48.30M	49.02M	48.88M	48.62M	47.43M	49.00M	49.02M	49.34M
Cash Dividends to Common per Share	$0.91	$0.92	$0.93	$0.94	$0.95	$0.96	$0.98	$0.99	$1.01

This table details how cash moves in and out of Cogent Communications' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-84	71	-27	29	123	-28	-43	-53	-394	114
Net Cash From Operating Activities	84	108	112	134	149	140	170	174	17	-8.65
Net Cash From Continuing Operating Activities	84	108	112	134	149	140	170	174	-215	-195
Net Income / (Loss) Continuing Operations	4.90	15	5.88	29	38	6.22	48	5.15	1,273	-204
Consolidated Net Income / (Loss)	4.90	15	5.88	29	38	6.22	48	5.15	1,273	-204
Depreciation Expense	71	75	76	81	80	83	89	92	0.00	0.00
Amortization Expense	0.17	1.11	1.24	1.53	1.81	1.89	1.76	1.46	-27	3.69
Non-Cash Adjustments To Reconcile Net Income	5.15	3.65	8.46	17	27	58	11	5.14	-1,317	-30
Changes in Operating Assets and Liabilities, net	3.07	13	20	5.89	2.38	-9.35	20	70	-144	36
Net Cash From Investing Activities	-35	-45	-46	-50	-47	-56	-70	-79	77	21
Net Cash From Continuing Investing Activities	-35	-45	-46	-50	-47	-56	-70	-79	77	-183
Purchase of Property, Plant & Equipment	-36	-45	-46	-50	-47	-56	-70	-79	-130	-195
Acquisitions	-	-	-	-	-	-	0.00	0.00	2.19	12
Net Cash From Financing Activities	-129	8.34	-97	-53	22	-116	-141	-145	-258	106
Net Cash From Continuing Financing Activities	-129	8.34	-97	-53	22	-116	-141	-145	-258	295
Repayment of Debt	-272	-44	-15	-9.44	-10	-224	-466	-376	0.00	0.00
Repurchase of Common Equity	-39	-4.49	-1.83	-6.56	0.00	-4.50	-	0.00	0.00	-7.97
Payment of Dividends	-66	-68	-82	-98	-113	-129	-150	-170	-182	-189
Issuance of Debt	249	124	0.00	70	152	240	497	446	0.00	490
Other Financing Activities, net	0.42	1.22	1.22	-8.52	-7.46	1.38	-21	-45	-76	2.20
Effect of Exchange Rate Changes	-3.69	-0.35	4.06	-2.36	-0.54	3.51	-2.19	-2.60	1.65	-4.64
Cash Interest Paid	44	37	47	49	56	63	59	66	105	134
Cash Income Taxes Paid	0.58	0.14	0.44	2.44	3.41	3.45	4.45	7.16	35	3.17

This table details how cash moves in and out of Cogent Communications' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-26	-48	-41	9.53	-79	-284	-101	-133	-44
Net Cash From Operating Activities	54	36	36	83	-52	-49	-20	15	36
Net Cash From Continuing Operating Activities	54	36	36	83	-52	-281	-20	-172	36
Net Income / (Loss) Continuing Operations	-8.01	0.85	6.15	1,124	-57	200	-63	-43	-52
Consolidated Net Income / (Loss)	-8.01	0.85	6.15	1,124	-57	200	-63	-43	-52
Depreciation Expense	23	24	25	53	87	-164	86	-231	76
Amortization Expense	0.32	0.32	0.32	-7.85	-11	-9.21	-4.59	20	-3.92
Non-Cash Adjustments To Reconcile Net Income	25	-43	4.12	-1,042	-41	-237	27	38	7.77
Changes in Operating Assets and Liabilities, net	13	54	0.07	-44	-30	-70	-66	44	8.51
Net Cash From Investing Activities	-24	-20	-23	-22	62	60	-34	-21	-33
Net Cash From Continuing Investing Activities	-24	-20	-23	-22	62	60	-34	-225	-33
Purchase of Property, Plant & Equipment	-24	-20	-23	-37	-25	-44	-59	-46	-58
Acquisitions	-	-	0.00	-14	-0.00	16	-	-	0.00
Other Investing Activities, net	-	-	0.00	29	88	88	25	-	25
Net Cash From Financing Activities	-52	-68	-55	-52	-86	-65	-51	-75	-57
Net Cash From Continuing Financing Activities	-52	-68	-55	-52	-86	-65	-46	67	-57
Payment of Dividends	-43	-44	-45	-45	-45	-46	-47	-48	-49
Other Financing Activities, net	-9.77	-24	-9.31	-7.56	18	-77	0.75	1.25	-7.88
Effect of Exchange Rate Changes	-3.29	3.82	0.51	1.66	-	-	-	-	9.81

This table presents Cogent Communications' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	663	738	711	740	932	1,000	985	1,010	3,212	3,173
Total Current Assets	251	328	306	350	476	456	410	366	514	482
Cash & Equivalents	204	274	247	276	399	371	320	224	75	198
Restricted Cash	-	-	-	-	-	0.00	9.02	52	39	29
Accounts Receivable	31	34	39	42	40	44	42	44	135	97
Prepaid Expenses	17	20	20	33	36	41	39	46	81	74
Other Current Assets	-	-	-	-	-	-	-	0.00	184	83
Plant, Property, & Equipment, net	360	362	381	375	369	430	458	544	1,538	1,664
Plant, Property & Equipment, gross	1,070	1,136	1,234	1,301	1,367	1,516	1,620	1,715	2,947	3,320
Accumulated Depreciation	710	775	852	925	998	1,086	1,162	1,170	1,410	1,656
Total Noncurrent Assets	51	49	23	14	87	114	117	100	1,160	1,027
Intangible Assets	-	-	-	-	-	-	-	0.00	473	471
Other Noncurrent Operating Assets	6.20	6.39	5.57	11	87	114	117	100	687	556
Total Liabilities & Shareholders' Equity	663	738	711	740	932	1,000	985	1,010	3,212	3,173
Total Liabilities	675	791	813	889	1,136	1,294	1,358	1,529	2,602	2,950
Total Current Liabilities	69	68	75	75	90	94	81	120	373	253
Short-Term Debt	6.25	6.63	7.17	7.07	8.15	16	17	17	65	21
Accounts Payable	12	12	12	8.52	11	9.78	12	27	48	40
Accrued Expenses	38	47	48	51	51	51	39	64	121	135
Other Current Liabilities	12	2.59	7.82	8.28	19	18	13	12	140	58
Total Noncurrent Liabilities	606	723	739	814	1,046	1,199	1,277	1,409	2,229	2,697
Long-Term Debt	445	560	561	631	782	870	891	944	946	1,439
Capital Lease Obligations	130	135	150	157	162	203	229	287	420	517
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	48	471	398
Other Noncurrent Operating Liabilities	31	28	28	25	102	126	156	130	392	342
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-12	-53	-103	-149	-204	-293	-373	-519	610	223
Total Preferred & Common Equity	-12	-53	-103	-149	-204	-293	-373	-519	610	223
Total Common Equity	-12	-53	-103	-149	-204	-293	-373	-519	610	223
Common Stock	434	443	457	471	493	516	548	575	607	630
Retained Earnings	-432	-479	-555	-609	-685	-808	-910	-1,075	17	-376
Accumulated Other Comprehensive Income / (Loss)	-15	-17	-4.60	-11	-12	-1.31	-11	-19	-14	-31

This table presents Cogent Communications' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2024	6/30/2023	9/30/2023	6/30/2024	9/30/2024	3/31/2025
Total Assets	1,021	3,145	3,163	2,962	3,344	3,204	3,121
Total Current Assets	414	473	713	581	689	569	423
Cash & Equivalents	269	118	192	110	384	279	154
Restricted Cash	55	45	52	56	42	37	30
Accounts Receivable	43	107	89	87	112	100	88
Prepaid Expenses	46	80	82	74	68	72	66
Other Current Assets	-	123	298	254	84	82	85
Plant, Property, & Equipment, net	504	1,561	1,607	1,618	1,581	1,621	1,692
Plant, Property & Equipment, gross	-	3,046	2,856	2,947	3,104	3,228	3,428
Accumulated Depreciation	-	1,485	1,249	1,329	1,523	1,607	1,736
Total Noncurrent Assets	103	1,111	842	763	1,074	1,014	1,006
Intangible Assets	-	472	56	54	472	471	471
Other Noncurrent Operating Assets	103	639	786	708	602	543	536
Total Liabilities & Shareholders' Equity	1,021	3,145	3,163	2,962	3,344	3,204	3,121
Total Liabilities	1,512	2,645	2,624	2,520	2,929	2,881	2,978
Total Current Liabilities	122	421	416	356	313	281	283
Short-Term Debt	24	64	20	63	21	22	25
Accounts Payable	18	46	30	29	39	53	56
Accrued Expenses	67	187	118	120	189	148	147
Dividends Payable	-	46	-	-	0.00	0.00	0.00
Other Current Liabilities	12	77	248	143	64	57	56
Total Noncurrent Liabilities	945	2,224	2,208	2,164	2,616	2,600	2,694
Long-Term Debt	498	946	945	945	1,437	1,438	1,441
Capital Lease Obligations	264	453	311	420	405	461	544
Noncurrent Deferred & Payable Income Tax Liabilities	-	437	425	388	406	383	380
Other Noncurrent Operating Liabilities	183	388	527	410	367	318	330
Commitments & Contingencies	0.00	-	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-492	501	539	442	416	324	143
Total Preferred & Common Equity	-492	501	539	442	416	324	143
Total Common Equity	-492	501	539	442	416	324	143
Common Stock	568	615	590	599	611	620	639
Retained Earnings	-1,031	-95	-35	-137	-174	-285	-478
Accumulated Other Comprehensive Income / (Loss)	-28	-19	-16	-20	-21	-12	-19

This table displays calculated financial ratios and metrics derived from Cogent Communications' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.38%	10.55%	8.56%	7.22%	4.99%	4.02%	3.82%	1.66%	61.39%	7.07%
EBITDA Growth	6.80%	5.30%	8.59%	10.61%	9.01%	-14.49%	48.10%	2.34%	422.46%	-115.52%
EBIT Growth	17.22%	2.29%	17.47%	14.02%	18.45%	-29.33%	97.00%	1.95%	777.62%	-115.47%
NOPAT Growth	154.39%	63.44%	-63.95%	318.28%	19.10%	-9.75%	24.81%	-72.36%	-707.42%	-2.42%
Net Income Growth	514.30%	204.92%	-60.64%	387.87%	30.88%	-83.43%	675.18%	-89.32%	29,158.65%	-95.61%
EPS Growth	450.00%	200.00%	-60.61%	384.62%	28.57%	-83.95%	692.31%	-89.32%	24,100.00%	-116.08%
Operating Cash Flow Growth	14.73%	28.83%	3.46%	19.89%	11.12%	-5.70%	21.33%	2.03%	-90.01%	-149.84%
Free Cash Flow Firm Growth	1,140.22%	-46.94%	-35.88%	192.92%	58.12%	-111.61%	745.03%	-94.43%	-41,768.56%	88.48%
Invested Capital Growth	-8.58%	2.37%	-1.50%	0.41%	-5.67%	21.53%	2.65%	4.22%	324.25%	2.43%
Revenue Q/Q Growth	2.13%	2.39%	2.02%	1.33%	1.53%	0.64%	0.57%	0.80%	3.68%	0.00%
EBITDA Q/Q Growth	3.15%	0.91%	3.05%	2.08%	4.01%	-17.12%	15.06%	17.88%	4.02%	0.00%
EBIT Q/Q Growth	5.25%	-1.28%	7.28%	2.10%	8.46%	-32.59%	27.20%	32.14%	23.83%	0.00%
NOPAT Q/Q Growth	42.39%	17.11%	-65.58%	79.80%	7.30%	-16.28%	22.75%	-68.49%	-10.11%	0.00%
Net Income Q/Q Growth	137.21%	10.45%	-63.26%	86.88%	0.99%	-69.38%	108.97%	-77.43%	50.16%	0.00%
EPS Q/Q Growth	175.00%	6.45%	-51.85%	0.00%	0.00%	-69.05%	106.00%	-77.08%	26.22%	0.00%
Operating Cash Flow Q/Q Growth	5.09%	12.36%	-2.21%	7.52%	3.74%	-5.73%	-0.92%	0.20%	-83.06%	87.97%
Free Cash Flow Firm Q/Q Growth	26.69%	44.51%	-55.54%	67.93%	3.13%	-139.74%	45.74%	-95.27%	-13.91%	0.00%
Invested Capital Q/Q Growth	-2.43%	-3.33%	-3.98%	-3.21%	-2.85%	3.65%	1.90%	9.02%	12.99%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	56.83%	56.58%	56.87%	57.80%	59.76%	61.42%	61.62%	61.95%	43.76%	38.05%
EBITDA Margin	33.12%	31.54%	31.55%	32.55%	33.80%	27.78%	39.63%	39.89%	129.14%	-18.72%
Operating Margin	15.63%	14.46%	15.65%	16.64%	18.36%	18.82%	20.22%	19.01%	-13.36%	-19.07%
EBIT Margin	15.63%	14.46%	15.65%	16.64%	18.77%	12.75%	24.20%	24.27%	131.97%	-19.07%
Profit (Net Income) Margin	1.21%	3.34%	1.21%	5.51%	6.87%	1.09%	8.17%	0.86%	155.59%	6.38%
Tax Burden Percent	38.51%	61.54%	18.88%	69.27%	71.23%	60.28%	67.47%	19.51%	123.47%	-25.46%
Interest Burden Percent	20.12%	37.54%	40.99%	47.81%	51.38%	14.23%	50.04%	18.13%	95.49%	131.40%
Effective Tax Rate	61.49%	38.46%	81.12%	30.73%	28.77%	39.72%	32.53%	80.49%	-4.43%	0.00%
Return on Invested Capital (ROIC)	6.36%	10.75%	3.86%	16.23%	19.86%	16.67%	18.71%	5.00%	-11.35%	-7.10%
ROIC Less NNEP Spread (ROIC-NNEP)	0.76%	4.58%	1.98%	9.91%	13.53%	7.50%	14.48%	3.08%	132.01%	6.24%
Return on Net Nonoperating Assets (RNNOA)	7.33%	-56.32%	-11.40%	-39.03%	-41.13%	-19.17%	-33.17%	-6.15%	3,323.24%	22.98%
Return on Equity (ROE)	13.69%	-45.57%	-7.54%	-22.79%	-21.28%	-2.50%	-14.46%	-1.15%	3,311.89%	15.88%
Cash Return on Invested Capital (CROIC)	15.32%	8.41%	5.37%	15.82%	25.70%	-2.77%	16.10%	0.87%	-135.05%	-9.50%
Operating Return on Assets (OROA)	8.91%	9.23%	10.48%	11.94%	12.26%	7.50%	14.38%	14.59%	60.50%	-6.19%
Return on Assets (ROA)	0.69%	2.13%	0.81%	3.95%	4.49%	0.64%	4.85%	0.52%	71.33%	2.07%
Return on Common Equity (ROCE)	13.69%	-45.57%	-7.54%	-22.79%	-21.28%	-2.50%	-14.46%	-1.15%	3,311.89%	15.88%
Return on Equity Simple (ROE_SIMPLE)	-39.90%	-28.03%	-5.73%	-19.24%	-18.42%	-2.12%	-12.91%	-0.99%	247.01%	29.66%
Net Operating Profit after Tax (NOPAT)	24	40	14	60	71	64	80	22	-135	-138
NOPAT Margin	6.02%	8.90%	2.95%	11.53%	13.08%	11.35%	13.64%	3.71%	-13.96%	-13.35%
Net Nonoperating Expense Percent (NNEP)	5.60%	6.17%	1.88%	6.32%	6.32%	9.17%	4.23%	1.92%	-143.36%	-13.33%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	3.05%	-6.62%	-6.29%
Cost of Revenue to Revenue	43.17%	43.42%	43.13%	42.20%	40.24%	38.58%	38.38%	38.05%	56.24%	61.95%
SG&A Expenses to Revenue	27.98%	27.01%	26.36%	25.73%	26.90%	27.90%	27.53%	27.19%	28.45%	26.62%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	41.20%	42.11%	41.22%	41.16%	41.40%	42.60%	41.41%	42.94%	30.36%	26.54%
Earnings before Interest and Taxes (EBIT)	63	65	76	87	103	72	143	146	1,277	-198
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	134	141	153	169	185	158	234	239	1,250	-194
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.74	16.95
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	25.57	0.00
Price to Revenue (P/Rev)	2.56	2.89	3.07	3.02	4.41	4.05	5.03	4.08	3.61	3.65
Price to Earnings (P/E)	211.21	86.51	253.88	54.86	64.20	370.14	61.56	474.95	2.75	0.00
Dividend Yield	4.59%	5.32%	5.54%	6.26%	4.74%	5.70%	5.09%	6.98%	5.23%	5.09%
Earnings Yield	0.47%	1.16%	0.39%	1.82%	1.56%	0.27%	1.62%	0.21%	36.43%	0.00%
Enterprise Value to Invested Capital (EV/IC)	3.86	4.59	5.33	5.65	8.48	7.11	8.67	7.53	2.50	2.80
Enterprise Value to Revenue (EV/Rev)	3.49	3.85	4.05	4.02	5.42	5.31	6.40	5.70	4.97	5.34
Enterprise Value to EBITDA (EV/EBITDA)	10.55	12.19	12.82	12.35	16.04	19.12	16.15	14.28	3.85	0.00
Enterprise Value to EBIT (EV/EBIT)	22.35	26.60	25.86	24.17	28.89	41.66	26.45	23.48	3.77	0.00
Enterprise Value to NOPAT (EV/NOPAT)	58.02	43.22	136.93	34.89	41.47	46.83	46.93	153.67	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	16.85	15.92	17.57	15.62	19.90	21.51	22.17	19.67	277.44	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	24.07	55.24	98.38	35.79	32.05	0.00	54.55	885.93	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-47.38	-13.18	-7.00	-5.34	-4.68	-3.71	-3.05	-2.41	2.35	8.87
Long-Term Debt to Equity	-46.88	-13.05	-6.93	-5.29	-4.64	-3.66	-3.00	-2.37	2.24	8.78
Financial Leverage	9.70	-12.29	-5.77	-3.94	-3.04	-2.56	-2.29	-2.00	25.17	3.68
Leverage Ratio	19.82	-21.38	-9.30	-5.77	-4.74	-3.89	-2.98	-2.24	46.43	7.67
Compound Leverage Factor	3.99	-8.02	-3.81	-2.76	-2.44	-0.55	-1.49	-0.41	44.34	10.08
Debt to Total Capital	102.16%	108.21%	116.66%	123.06%	127.21%	136.85%	148.82%	171.06%	70.11%	89.87%
Short-Term Debt to Total Capital	1.10%	1.02%	1.16%	1.09%	1.09%	1.97%	2.23%	2.35%	3.17%	0.96%
Long-Term Debt to Total Capital	101.06%	107.19%	115.49%	121.96%	126.12%	134.87%	146.59%	168.71%	66.95%	88.91%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-2.16%	-8.21%	-16.66%	-23.06%	-27.21%	-36.85%	-48.82%	-71.06%	29.89%	10.13%
Debt to EBITDA	4.34	4.98	4.69	4.70	5.16	6.90	4.87	5.22	1.14	-10.20
Net Debt to EBITDA	2.82	3.03	3.08	3.07	3.00	4.55	3.46	4.07	1.05	-9.02
Long-Term Debt to EBITDA	4.30	4.93	4.64	4.65	5.11	6.80	4.79	5.15	1.09	-10.09
Debt to NOPAT	23.90	17.65	50.10	13.26	13.33	16.89	14.14	56.15	-10.59	-14.30
Net Debt to NOPAT	15.53	10.75	32.87	8.66	7.74	11.13	10.05	43.74	-9.75	-12.65
Long-Term Debt to NOPAT	23.64	17.48	49.60	13.14	13.22	16.65	13.93	55.38	-10.11	-14.14
Altman Z-Score	1.26	1.39	1.43	1.44	1.69	1.18	1.50	0.83	2.48	0.81
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.65	4.82	4.11	4.65	5.30	4.83	5.06	3.04	1.38	1.90
Quick Ratio	3.40	4.53	3.84	4.22	4.90	4.40	4.46	2.23	0.56	1.17
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	59	31	20	58	92	-11	69	3.86	-1,607	-185
Operating Cash Flow to CapEx	236.27%	238.69%	243.89%	268.18%	316.90%	250.79%	243.52%	219.96%	13.38%	-4.43%
Free Cash Flow to Firm to Interest Expense	1.14	0.75	0.41	1.14	1.61	-0.17	0.95	0.03	-17.22	-1.50
Operating Cash Flow to Interest Expense	1.63	2.61	2.30	2.62	2.59	2.22	2.34	1.42	0.19	-0.07
Operating Cash Flow Less CapEx to Interest Expense	0.94	1.52	1.36	1.64	1.77	1.34	1.38	0.77	-1.20	-1.65
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.57	0.64	0.67	0.72	0.65	0.59	0.59	0.60	0.46	0.32
Accounts Receivable Turnover	12.67	13.90	13.35	12.88	13.29	13.42	13.70	13.93	10.78	8.92
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	1.12	1.24	1.31	1.38	1.47	1.42	1.33	1.20	0.93	0.65
Accounts Payable Turnover	13.59	16.20	18.09	21.83	22.44	21.02	20.86	11.66	14.40	14.56
Days Sales Outstanding (DSO)	28.81	26.26	27.34	28.35	27.46	27.20	26.65	26.19	33.87	40.94
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	26.86	22.52	20.18	16.72	16.27	17.36	17.50	31.30	25.34	25.07
Cash Conversion Cycle (CCC)	1.94	3.74	7.16	11.63	11.20	9.84	9.15	-5.11	8.53	15.87
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	366	374	369	370	349	424	436	454	1,926	1,973
Invested Capital Turnover	1.06	1.21	1.31	1.41	1.52	1.47	1.37	1.35	0.81	0.53
Increase / (Decrease) in Invested Capital	-34	8.65	-5.62	1.52	-21	75	11	18	1,472	47
Enterprise Value (EV)	1,412	1,719	1,963	2,092	2,962	3,018	3,775	3,417	4,812	5,528
Market Capitalization	1,034	1,292	1,492	1,573	2,409	2,301	2,966	2,444	3,496	3,778
Book Value per Share	($0.27)	($1.17)	($2.23)	($3.21)	($4.35)	($6.20)	($7.83)	($10.80)	$12.54	$4.55
Tangible Book Value per Share	($0.27)	($1.17)	($2.23)	($3.21)	($4.35)	($6.20)	($7.83)	($10.80)	$2.81	($5.06)
Total Capital	569	649	616	646	749	796	764	730	2,040	2,201
Total Debt	581	702	718	795	952	1,089	1,137	1,248	1,430	1,978
Total Long-Term Debt	575	695	711	788	944	1,073	1,120	1,231	1,366	1,957
Net Debt	378	427	471	519	553	717	809	973	1,316	1,750
Capital Expenditures (CapEx)	35	45	46	50	47	56	70	79	130	195
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-15	-7.98	-8.25	6.01	-5.23	6.30	17	-13	91	22
Debt-free Net Working Capital (DFNWC)	189	266	239	282	394	378	346	263	205	250
Net Working Capital (NWC)	182	260	232	275	386	362	329	246	140	229
Net Nonoperating Expense (NNE)	19	25	8.46	31	34	58	32	17	-1,641	-204
Net Nonoperating Obligations (NNO)	378	427	471	519	553	717	809	973	1,316	1,750
Total Depreciation and Amortization (D&A)	71	76	77	83	82	85	91	94	-27	3.69
Debt-free, Cash-free Net Working Capital to Revenue	-3.69%	-1.79%	-1.70%	1.16%	-0.96%	1.11%	2.88%	-2.18%	9.42%	2.13%
Debt-free Net Working Capital to Revenue	46.68%	59.60%	49.21%	54.23%	72.17%	66.47%	58.60%	43.83%	21.17%	24.13%
Net Working Capital to Revenue	45.13%	58.11%	47.73%	52.87%	70.68%	63.70%	55.71%	40.97%	14.50%	22.08%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.13	$0.63	$0.00	$0.14	$1.04	$0.11	$26.88	($4.28)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	44.86M	45.28M	0.00	45.95M	46.42M	46.88M	47.37M	47.63M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.13	$0.63	$0.00	$0.13	$1.03	$0.11	$26.62	($4.28)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	45.18M	45.78M	0.00	46.67M	46.96M	47.21M	47.84M	47.63M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	45.97M	46.35M	0.00	47.22M	47.93M	48.30M	47.43M	49.33M
Normalized Net Operating Profit after Tax (NOPAT)	40	35	50	59	71	64	80	81	-78	-123
Normalized NOPAT Margin	10.00%	7.83%	10.40%	11.40%	12.94%	11.31%	13.64%	13.57%	-8.02%	-11.90%
Pre Tax Income Margin	3.14%	5.43%	6.41%	7.96%	9.64%	1.82%	12.11%	4.40%	126.02%	-25.06%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.23	1.56	1.57	1.70	1.78	1.15	1.96	1.19	13.68	-1.60
NOPAT to Interest Expense	0.47	0.96	0.30	1.17	1.24	1.02	1.11	0.18	-1.45	-1.12
EBIT Less CapEx to Interest Expense	0.54	0.47	0.62	0.72	0.97	0.26	1.00	0.54	12.29	-3.18
NOPAT Less CapEx to Interest Expense	-0.22	-0.13	-0.65	0.20	0.43	0.13	0.14	-0.46	-2.84	-2.70
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	1,354.45%	456.90%	1,389.67%	341.46%	300.23%	2,081.92%	311.90%	3,300.76%	12.07%	286.56%
Augmented Payout Ratio	2,159.07%	486.99%	1,420.80%	364.36%	300.23%	2,154.23%	311.90%	3,300.76%	12.07%	298.62%

This table displays calculated financial ratios and metrics derived from Cogent Communications' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	6/30/2024	9/30/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	1.40%	3.24%	2.96%	61.54%	83.62%	96.67%	8.61%	-6.62%	-7.18%
EBITDA Growth	-42.50%	59.22%	141.43%	1,600.49%	-30.19%	-95.07%	-95.11%	-6.60%	1,269.39%
EBIT Growth	-69.94%	92.45%	87.16%	2,387.33%	-579.25%	142.15%	-101.51%	-12.81%	33.75%
NOPAT Growth	13.87%	-92.64%	-28.05%	-311.29%	-279.95%	-4,011.63%	6.70%	-14.38%	32.16%
Net Income Growth	-160.11%	-95.40%	440.72%	9,966.85%	-608.42%	50,646.71%	-102.88%	-11.26%	20.31%
EPS Growth	-160.71%	-94.87%	550.00%	9,754.17%	-605.88%	20,100.00%	-102.88%	-10.83%	21.01%
Operating Cash Flow Growth	12.97%	0.94%	-61.10%	140.25%	-197.88%	-234.07%	0.00%	61.42%	89.14%
Free Cash Flow Firm Growth	4,037.94%	-207.68%	-44,403.37%	-3,768.20%	-4,411.62%	-9,325.24%	73.81%	80.03%	-210.60%
Invested Capital Growth	-2.58%	4.22%	351.78%	285.39%	309.34%	324.25%	17.88%	13.13%	0.00%
Revenue Q/Q Growth	1.04%	1.32%	1.06%	-9.90%	14.85%	8.52%	0.00%	-1.24%	0.00%
EBITDA Q/Q Growth	-50.24%	185.93%	72.70%	2,824.88%	-97.96%	-79.82%	0.00%	-61.01%	0.00%
EBIT Q/Q Growth	-75.80%	575.37%	-2.99%	1,742.37%	-104.66%	441.24%	0.00%	-247.24%	0.00%
NOPAT Q/Q Growth	17.48%	-90.08%	619.39%	14.92%	-0.06%	-115.59%	0.00%	-22.67%	0.00%
Net Income Q/Q Growth	-171.72%	110.64%	621.60%	1,820.89%	-105.05%	862.23%	0.00%	-95.16%	0.00%
EPS Q/Q Growth	-170.83%	111.76%	550.00%	1,813.77%	-105.07%	436.67%	0.00%	-95.59%	0.00%
Operating Cash Flow Q/Q Growth	55.71%	-32.20%	-47.09%	130.74%	-163.44%	7.12%	0.00%	0.00%	150.14%
Free Cash Flow Firm Q/Q Growth	-6.11%	-153.51%	-8,567.92%	18.94%	-10.36%	-16.98%	0.00%	15.84%	0.00%
Invested Capital Q/Q Growth	2.11%	9.02%	306.79%	-14.89%	8.45%	12.99%	0.00%	4.08%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-
Gross Margin	61.85%	62.51%	61.82%	42.66%	36.97%	41.62%	40.04%	37.19%	44.37%
EBITDA Margin	22.75%	64.20%	61.23%	486.22%	8.65%	1.61%	21.91%	8.65%	12.53%
Operating Margin	18.73%	18.10%	15.83%	-14.43%	-18.36%	-22.91%	-18.10%	-22.48%	-16.31%
EBIT Margin	7.27%	48.48%	19.31%	467.59%	-18.98%	59.69%	-6.52%	-22.93%	-16.66%
Profit (Net Income) Margin	-5.34%	0.56%	4.00%	468.66%	-20.59%	144.65%	-12.42%	-24.54%	-21.07%
Tax Burden Percent	113.77%	7.09%	57.72%	102.21%	80.63%	240.68%	80.46%	78.88%	74.07%
Interest Burden Percent	-64.51%	16.31%	35.92%	98.06%	134.54%	100.68%	236.61%	135.65%	170.72%
Effective Tax Rate	0.00%	92.91%	42.28%	-2.21%	0.00%	-11.42%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	18.48%	1.73%	5.81%	-10.36%	-11.31%	-20.76%	0.00%	0.00%	-11.80%
ROIC Less NNEP Spread (ROIC-NNEP)	15.21%	1.61%	5.08%	112.93%	-13.28%	23.69%	0.00%	0.00%	-14.41%
Return on Net Nonoperating Assets (RNNOA)	-30.34%	-3.21%	119.33%	2,144.64%	580.50%	596.26%	0.00%	0.00%	-184.14%
Return on Equity (ROE)	-11.86%	-1.48%	125.13%	2,134.28%	569.19%	575.49%	0.00%	0.00%	-195.94%
Cash Return on Invested Capital (CROIC)	19.34%	0.87%	-125.91%	-112.98%	-133.03%	-135.05%	0.00%	0.00%	-212.70%
Operating Return on Assets (OROA)	4.26%	29.15%	6.72%	155.67%	-8.90%	27.37%	0.00%	0.00%	-5.43%
Return on Assets (ROA)	-3.13%	0.34%	1.39%	156.03%	-9.65%	66.31%	0.00%	0.00%	-6.86%
Return on Common Equity (ROCE)	-11.86%	-1.48%	125.13%	2,134.28%	569.19%	575.49%	0.00%	0.00%	-195.94%
Return on Equity Simple (ROE_SIMPLE)	-4.64%	0.00%	-12.24%	208.24%	226.79%	0.00%	0.00%	0.00%	55.56%
Net Operating Profit after Tax (NOPAT)	20	1.95	14	-35	-35	-76	-33	-40	-28
NOPAT Margin	13.11%	1.28%	9.14%	-14.75%	-12.85%	-25.53%	-12.67%	-15.74%	-11.42%
Net Nonoperating Expense Percent (NNEP)	3.27%	0.12%	0.73%	-123.29%	1.97%	-44.45%	-0.05%	1.58%	2.61%
Return On Investment Capital (ROIC_SIMPLE)	-	0.27%	-	-	-	-3.74%	-	-	-1.31%
Cost of Revenue to Revenue	38.15%	37.49%	38.18%	57.34%	63.03%	58.38%	59.96%	62.81%	55.63%
SG&A Expenses to Revenue	26.08%	28.88%	29.35%	34.89%	23.71%	27.19%	26.24%	26.31%	29.90%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	43.12%	44.41%	45.99%	57.09%	55.33%	-22.12%	58.14%	59.67%	60.68%
Earnings before Interest and Taxes (EBIT)	11	74	30	1,121	-52	178	-17	-59	-41
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	34	98	94	1,166	24	4.81	57	22	31
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	5.63	5.61	6.45	5.74	6.57	11.50	21.17
Price to Tangible Book Value (P/TBV)	0.00	0.00	99.72	6.26	7.36	25.57	0.00	0.00	0.00
Price to Revenue (P/Rev)	3.74	4.08	3.93	4.35	3.06	3.61	0.00	0.00	2.97
Price to Earnings (P/E)	97.57	474.95	0.00	2.69	2.85	2.75	0.00	0.00	0.00
Dividend Yield	7.49%	6.98%	6.21%	5.88%	6.37%	5.23%	6.90%	5.11%	6.46%
Earnings Yield	1.02%	0.21%	0.00%	37.14%	35.14%	36.43%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	6.45	7.53	2.23	2.58	2.41	2.50	2.25	2.76	2.46
Enterprise Value to Revenue (EV/Rev)	4.52	5.70	5.75	5.83	4.41	4.97	0.00	0.00	4.77
Enterprise Value to EBITDA (EV/EBITDA)	13.24	14.28	26.88	3.10	3.43	3.85	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	24.40	23.48	225.28	3.40	3.99	3.77	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	38.08	153.67	228.24	88.88	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	15.50	19.67	28.71	19.46	40.20	277.44	0.00	0.00	571.40
Enterprise Value to Free Cash Flow (EV/FCFF)	32.93	885.93	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	-1.60	-2.41	2.92	2.37	3.23	2.35	4.48	5.94	14.07
Long-Term Debt to Equity	-1.55	-2.37	2.80	2.33	3.09	2.24	4.43	5.87	13.89
Financial Leverage	-1.99	-2.00	23.50	18.99	-43.73	25.17	2.59	3.74	12.78
Leverage Ratio	-2.39	-2.24	44.71	42.19	-80.23	46.43	6.82	8.05	21.85
Compound Leverage Factor	1.54	-0.36	16.06	41.37	-107.94	46.75	16.13	10.92	37.30
Debt to Total Capital	267.34%	171.06%	74.51%	70.30%	76.36%	70.11%	81.77%	85.58%	93.36%
Short-Term Debt to Total Capital	8.21%	2.35%	3.26%	1.11%	3.38%	3.17%	0.93%	0.98%	1.15%
Long-Term Debt to Total Capital	259.13%	168.71%	71.25%	69.19%	72.98%	66.95%	80.83%	84.61%	92.22%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-167.34%	-71.06%	25.49%	29.70%	23.64%	29.89%	18.23%	14.42%	6.64%
Debt to EBITDA	3.87	5.22	9.55	0.97	1.19	1.14	0.00	0.00	-12.16
Net Debt to EBITDA	2.28	4.07	8.48	0.79	1.05	1.05	0.00	0.00	-11.05
Long-Term Debt to EBITDA	3.75	5.15	9.13	0.96	1.14	1.09	0.00	0.00	-12.01
Debt to NOPAT	11.13	56.15	81.08	27.97	-11.65	-10.59	0.00	0.00	-16.08
Net Debt to NOPAT	6.55	43.74	72.03	22.63	-10.29	-9.75	0.00	0.00	-14.61
Long-Term Debt to NOPAT	10.79	55.38	77.53	27.53	-11.13	-10.11	0.00	0.00	-15.88
Altman Z-Score	0.43	0.60	0.88	2.18	0.96	1.35	0.00	0.00	0.73
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Current Ratio	3.40	3.04	1.12	1.72	1.63	1.38	2.20	2.03	1.49
Quick Ratio	2.57	2.23	0.54	0.68	0.55	0.56	1.59	1.35	0.85
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	31	-16	-1,424	-1,199	-1,323	-1,548	-314	-264	-1,996
Operating Cash Flow to CapEx	223.48%	185.41%	47.01%	220.71%	-206.67%	-111.67%	0.00%	-34.14%	62.58%
Free Cash Flow to Firm to Interest Expense	1.71	-0.25	-74.92	-55.05	-73.28	-44.88	-13.53	-12.33	-67.60
Operating Cash Flow to Interest Expense	2.98	0.56	1.01	3.79	-2.90	-1.41	0.00	-0.94	1.23
Operating Cash Flow Less CapEx to Interest Expense	1.65	0.26	-1.14	2.08	-4.31	-2.68	0.00	-3.71	-0.74
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.59	0.60	0.35	0.33	0.47	0.46	0.00	0.00	0.33
Accounts Receivable Turnover	13.66	13.93	9.63	10.40	14.29	10.78	0.00	0.00	11.56
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	1.24	1.20	0.71	0.67	0.88	0.93	0.00	0.00	0.60
Accounts Payable Turnover	15.15	11.66	11.37	13.76	22.49	14.40	0.00	0.00	10.93
Days Sales Outstanding (DSO)	26.72	26.19	37.90	35.11	25.54	33.87	0.00	0.00	31.57
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	24.08	31.30	32.10	26.52	16.23	25.34	0.00	0.00	33.40
Cash Conversion Cycle (CCC)	2.64	-5.11	5.80	8.59	9.30	8.53	0.00	0.00	-1.83
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	416	454	1,847	1,572	1,704	1,926	1,853	1,928	1,968
Invested Capital Turnover	1.41	1.35	0.64	0.70	0.88	0.81	0.00	0.00	1.03
Increase / (Decrease) in Invested Capital	-11	18	1,438	1,164	1,288	1,472	281	224	1,968
Enterprise Value (EV)	2,687	3,417	4,120	4,055	4,115	4,812	4,167	5,325	4,849
Market Capitalization	2,225	2,444	2,820	3,023	2,853	3,496	2,730	3,720	3,024
Book Value per Share	($10.24)	($10.80)	$10.37	$11.16	$9.04	$12.54	$8.48	$6.60	$2.90
Tangible Book Value per Share	($10.24)	($10.80)	$0.59	$10.00	$7.93	$2.81	($1.15)	($3.02)	($6.64)
Total Capital	294	730	1,964	1,816	1,871	2,040	2,279	2,244	2,152
Total Debt	786	1,248	1,463	1,276	1,428	1,430	1,863	1,921	2,009
Total Long-Term Debt	761	1,231	1,399	1,256	1,365	1,366	1,842	1,899	1,985
Net Debt	462	973	1,300	1,032	1,262	1,316	1,437	1,605	1,825
Capital Expenditures (CapEx)	24	20	41	37	25	44	0.00	59	58
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-7.63	-13	-47	74	123	91	-28	-5.38	-20
Debt-free Net Working Capital (DFNWC)	316	263	117	317	289	205	398	311	164
Net Working Capital (NWC)	292	246	53	297	226	140	377	289	139
Net Nonoperating Expense (NNE)	28	1.10	7.88	-1,159	21	-509	-0.66	23	24
Net Nonoperating Obligations (NNO)	908	973	1,346	1,032	1,262	1,316	1,437	1,605	1,825
Total Depreciation and Amortization (D&A)	23	24	64	45	76	-174	74	81	72
Debt-free, Cash-free Net Working Capital to Revenue	-1.28%	-2.18%	-6.51%	10.57%	13.15%	9.42%	0.00%	0.00%	-1.97%
Debt-free Net Working Capital to Revenue	53.13%	43.83%	16.27%	45.66%	30.94%	21.17%	0.00%	0.00%	16.12%
Net Working Capital to Revenue	49.07%	40.97%	7.33%	42.76%	24.17%	14.50%	0.00%	0.00%	13.69%
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.17)	$0.02	$0.13	$23.84	($1.20)	$4.11	($0.68)	($1.33)	($1.09)
Adjusted Weighted Average Basic Shares Outstanding	46.74M	46.88M	47.04M	47.14M	47.23M	47.37M	47.51M	47.43M	47.68M
Adjusted Diluted Earnings per Share	($0.17)	$0.02	$0.13	$23.65	($1.20)	$4.04	($0.68)	($1.33)	($1.09)
Adjusted Weighted Average Diluted Shares Outstanding	46.74M	47.21M	47.38M	47.53M	47.23M	47.84M	47.51M	47.43M	47.68M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	48.01M	48.30M	49.02M	48.88M	48.62M	47.43M	49.00M	49.02M	49.34M
Normalized Net Operating Profit after Tax (NOPAT)	21	19	14	-24	-35	-36	-24	-40	-28
Normalized NOPAT Margin	14.05%	12.79%	9.29%	-9.89%	-12.76%	-12.06%	-9.35%	-15.74%	-11.42%
Pre Tax Income Margin	-4.69%	7.91%	6.94%	458.51%	-25.54%	60.10%	-15.43%	-31.11%	-28.44%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.61	1.13	1.56	51.48	-2.90	5.17	-0.73	-2.75	-1.39
NOPAT to Interest Expense	1.10	0.03	0.74	-1.62	-1.96	-2.21	-1.42	-1.89	-0.96
EBIT Less CapEx to Interest Expense	-0.73	0.83	-0.59	49.76	-4.30	3.91	0.00	-5.51	-3.36
NOPAT Less CapEx to Interest Expense	-0.24	-0.27	-1.41	-3.34	-3.36	-3.48	0.00	-4.65	-2.92
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	725.56%	3,300.76%	-210.51%	15.76%	17.88%	12.07%	0.00%	0.00%	299.97%
Augmented Payout Ratio	725.56%	3,300.76%	-210.51%	15.76%	17.88%	12.07%	0.00%	0.00%	299.97%

Key Financial Trends

Cogent Communications (CCOI) reported mixed Q1 2025 results, with revenue down year-over-year but strong gross margins and solid operating cash flow. The company continues to support a attractive dividend yield, yet profitability remains under pressure from elevated capex and interest costs against a highly leveraged balance sheet.

Generated $36.4 million in net cash from operating activities in Q1 2025, converting core losses into positive cash flow.
Maintained a robust gross margin of 44.4% in Q1 2025, up from 40.0% a year earlier, reflecting disciplined cost control.
Paid a quarterly dividend of $1.005 per share, providing a 6.46% yield, underscoring commitment to shareholder returns.
Total revenue of $247.0 million in Q1 2025 fell 7.2% year-over-year, reflecting continued pricing pressure and customer turnover.
Net debt stands at $1.83 billion against invested capital of $2.15 billion, resulting in a debt-to-total-capital ratio of 93.4%.
Liquidity metrics remain adequate with a current ratio of 1.49× and quick ratio of 0.85× at quarter end.
Reported a Q1 2025 net loss of $52.0 million (EPS –$1.09), wider than the $32.3 million loss in Q1 2024.
Q1 2025 operating income was –$40.3 million, underscoring ongoing pressure on operating profitability.
Investing cash flow was –$33.1 million, driven by $58.1 million of capital expenditures in the quarter.
Interest expense of $29.5 million in Q1 2025 pushed the interest-burden ratio to 170.7%, weighing on pre-tax earnings.

06/20/25 01:35 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Cogent Communications' Financials

When does Cogent Communications' fiscal year end?

According to the most recent income statement we have on file, Cogent Communications' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Cogent Communications' net income changed over the last 9 years?

Cogent Communications' net income appears to be on an upward trend, with a most recent value of $66.10 million in 2024, rising from $4.90 million in 2015. The previous period was $1.51 billion in 2023. View Cogent Communications' forecast to see where analysts expect Cogent Communications to go next.

What is Cogent Communications' operating income?

Cogent Communications' total operating income in 2024 was -$197.61 million, based on the following breakdown:

Total Gross Profit: $394.27 million
Total Operating Expenses: $274.99 million

How has Cogent Communications' revenue changed over the last 9 years?

Over the last 9 years, Cogent Communications' total revenue changed from $404.23 million in 2015 to $1.04 billion in 2024, a change of 156.3%.

How much debt does Cogent Communications have?

Cogent Communications' total liabilities were at $2.95 billion at the end of 2024, a 13.4% increase from 2023, and a 337.0% increase since 2015.

How much cash does Cogent Communications have?

In the past 9 years, Cogent Communications' cash and equivalents has ranged from $75.09 million in 2023 to $399.42 million in 2019, and is currently $198.49 million as of their latest financial filing in 2024.

How has Cogent Communications' book value per share changed over the last 9 years?

Over the last 9 years, Cogent Communications' book value per share changed from -0.27 in 2015 to 4.55 in 2024, a change of -1,773.7%.

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This page (NASDAQ:CCOI) was last updated on 6/20/2025 by MarketBeat.com Staff

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Cogent Communications (CCOI) Financials

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