CCOICogent Communications Holdings, Inc.
Is the business good?
More warning than reassurance: thin cash backing (0.3×) and margins compressing.
Operating profit outpaces operating cash flow, watch accruals and working capital.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is CCOI?
Cogent Communications Holdings, Inc. keeps 8.0% of every revenue dollar as operating profit, against 11% for the median Telecom Services name.
Operating margin · Telecom Services median 11% · 12 months to Q2 2026
- Cash conversion
- 0.25×
Cash conversion · the operating profit has not turned into cash yet
- Share count, year on year
- +1.8%
Share count, year on year · shareholders own a smaller slice than a year ago
- Gross margin
- 46%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | 19% |
| FY2021 | 20% |
| FY2022 | 19% |
| FY2023 | −14% |
| FY2024 | −19% |
| FY2025 | −10% |
Details›
- Gross margin12 months to Q2 2026
- 46%
- Operating margin12 months to Q2 2026
- 8.0%
- Free cash flow margin
- −15%
- Revenue, trailing twelve months
- $957M
- Free cash flow, trailing twelve months
- −$143M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.