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ZYBERNO

Stock Report

Updated Sep 1, 2026

COGENT COMMUNICATIONS HOLDINGS, INC. (CCOI)

Technology • NASDAQ

$9.48

Cogent Communications Holdings Inc. is an American internet service provider headquartered in Washington, D.C., that operates one of the world's largest Internet backbones. The company provides high-bandwidth IP transit, colocation, and private network services to internet service providers, content companies, and businesses requiring large amounts of bandwidth.

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

27.0/100

POOR BUSINESS

COGENT COMMUNICATIONS HOLDINGS, INC. (CCOI) scores 27/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full CCOI quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

Margin of Safety unavailable — insufficient data for the owner-earnings DCF.

BRINA GAP ↗

Is the market underestimating or overestimating what this business is capable of going forward?

-100.7%

Market Overestimates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full CCOI valuation analysis · → View full CCOI Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (0.0%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.00x)

Operating Margin (Operational Efficiency):POOR (8.0%)

Return on Capital (Capital Efficiency):EXCELLENT (66.6%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

COGENT COMMUNICATIONS HOLDINGS, INC. (CCOI) stock report — Zyberno Score 27/100 (POOR BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, COGENT COMMUNICATIONS HOLDINGS, INC. (CCOI) shows a Brina Gap of -100.7%, which weakens the case: based on the company's ROIC (66.6%) and reinvestment rate (-155.6%), the business can fundamentally grow at -103.6% — but the current enterprise value implies the market expects -2.9%.

Over the trailing twelve months, CCOI generated -$207.82M in Owner Earnings. Capital was deployed as follows: $105.80M returned via share buybacks, $54.97M paid as dividends, $175.72M invested in capital expenditures. Reinvestment rate: -155.6%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:9.48

Market Cap:$454.29M

Valuation Multiples (2)

P/S Ratio:0.47x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$580.07M

Ev Ebitda Ratio:1.92x

Price Action & Momentum (3)

12-1 Momentum:

-75.1% (3th pctile)

📈 Click to view full CCOI Momentum analysis →

Momentum Percentile:3 / 100

% of 52-Week High:20.7%

B. Profitability Assessment

Return Metrics (6)

ROA:-1.5%

Roic:

66.6%

📊 Click to view full CCOI ROIC analysis →

Reinvestment Rate:-155.6%

Fundamental Growth Rate (g):-103.6%

Market-Implied Growth Rate:-2.9%

Brina Gap:

-100.7%

☷ Click to view full CCOI Brina Gap analysis →

Margin Analysis (3)

Operating Margin Ttm:8.0%

Net Margin Ttm:-4.7%

Ebitda Margin:31.5%

TTM Performance (3)

Gross Margin Ttm:46.3%

Operating Margin Ttm:8.0%

Net Margin Ttm:-4.7%

Yield Metrics (2)

Earnings Yield:-$10.02

Dividend Yield:12.1%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+0.31

📊 Click to view full CCOI Earnings Surprise analysis →

EPS Surprise vs Expected:111.3%

Latest Earnings Filed:2026-08-06

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):13.8%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):100.0%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):-25.7%

Operating Cash Flow Growth Rate (Linear):-28.8%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):43.6%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:0.63x

Quick Ratio:0.63x

Cash Ratio:0.19x

Leverage Analysis (1)

Debt To Ebitda:1.02x

Coverage Ratios (2)

Interest Coverage Ratio:-0.98x

Times Interest Earned:-0.98

Capital Structure (4)

Working Capital:-353,415,000.00

Cash And Cash Equivalents:183,703,000.00

Long Term Debt:$256.37M

Net Debt:$125.77M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $957.22M

Linear Growth: 13.8%

📊 Click to view full CCOI Revenue analysis & methodology →

Cost Of Revenue Ttm:$514.27M

Profitability Breakdown (2)

Gross profit TTM: $442.95M

Linear Growth: 5.0%

📊 Click to view full CCOI Gross Profit analysis & methodology →

Operating income TTM: $76.11M

Linear Growth: 43.6%

📊 Click to view full CCOI Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: -$45.23M

Linear Growth: 100.0%

📊 Click to view full CCOI Net Income analysis & methodology →

Income Before Tax:-$68.03M

Ebitda Ttm:301,974,000.00

Operating Expenses (5)

Operating Expenses:1,020,209,000.00

R And D Expense:0.00

Sga Expense:280,083,000.00

Income Tax Expense:-$22.80M

Interest Expense:102,778,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:118.9%

Ebitda Margin:31.5%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$3.10B

Current Assets:$606.15M

Ppe Net:1,638,204,000.00

Goodwill:0.00

Intangible Assets:$458.00M

Liability Structure (4)

Total Liabilities:3,137,999,000.00

Current Liabilities:959,565,000.00

Long Term Debt:$256.37M

Short Term Debt:$53.10M

Equity & Capital (3)

Equity:-$34.13M

Retained Earnings:-$685.07M

Common Stock:75,000,000.00

Working Capital Items (3)

Accounts Receivable:85,820,000.00

Inventory:0.00

Accounts Payable:36,255,000.00

Special Items (2)

Contract Liabilities:4,504,000.00

Stock Based Compensation:7,563,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: -$32.10M

Linear Growth: -28.8%

Free cash flow TTM: -$207.82M

Linear Growth: -25.7%

📊 Click to view full CCOI Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:-$21.24M

Capital Expenditures Ttm:175,720,000.00

Financing Activities (3)

Financing Cash Flow:-$14.66M

Dividends Paid Ttm:54,969,000.00

Stock Repurchase:105,800,000.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:225,860,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-0.94

Eps diluted TTM: -$0.95

Linear Growth: 100.0%

📊 Click to view full CCOI EPS analysis & methodology →

Earnings Per Share Ttm:-$0.94

Revenue & Cash Per Share (2)

Sales Per Share Ttm:19.97

Operating Cash Flow Per Share:-$0.22

Book Value & Capital (2)

Book Value Per Share:-$0.71

Cash Per Share:3.83

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.31x

Working Capital Turnover Ttm:-999.00x

Receivables Management (2)

Receivables Turnover Ttm:11.15x

Days Sales Outstanding Ttm:32.72

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:25.73

Cash Conversion Cycle:-992.01

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:20.00

Quality Score:20.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (1)

-$207.82M

Damodaran Growth Analysis (4)

Reinvestment Rate:-155.6%

Fundamental Growth Rate (g):-103.6%

Market-Implied Growth Rate:-2.9%

Brina Gap:

-100.7%

☷ Click to view full CCOI Brina Gap analysis →

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):13.8%

Net Income Growth Rate (Linear):100.0%

Operating Income Growth Rate (Linear):43.6%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):-25.7%

Operating Cash Flow Growth Rate (Linear):-28.8%

Other Growth Rates (2)

Gross Profit Growth Rate (Linear):5.0%

Book Value Growth Rate (Linear):-50.0%

C. Company Profile & Context

Corporate Information (6)

Symbol:CCOI

Company Name:COGENT COMMUNICATIONS HOLDINGS, INC.

Sector:Technology

Industry:Communications

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:low

Volume Category:N/A

Share Structure (3)

Shares Outstanding:47.92M

Shares Outstanding Basic:47.92M

Shares Outstanding Diluted:48.43M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-09-01 10:39:58 UTC

Data Timestamp:2026-09-01T10:39:58.382290