← Cogent Communications Holdings
The business behind the dividend
| Measure | CCOI | Median | Formula |
|---|---|---|---|
| Return on equity | — | — | Net income ÷ shareholders’ equity |
| Return on capital employed | -6.1% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-99.56m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-198.15m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | -10.4% | 15.0% | Operating income ÷ revenue |
| Net margin | -18.7% | 10.2% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | -0.65x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 2.04x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 7.53x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion, Debt to equity, Return on equity — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | — | -91.6% | 208.9% | — | — | — | — | — | — | — | -91.6% |
| Return on capital employed | -6.1% | -11.8% | -8.3% | 26.4% | 22.7% | 18.2% | 16.9% | 17.4% | 16.1% | 12.4% | 16.1% |
| Operating margin | -10.4% | -19.1% | -13.7% | 19.0% | 20.2% | 18.8% | 18.4% | 16.6% | 15.6% | 14.3% | 15.6% |
| Net margin | -18.7% | -19.7% | — | 0.9% | 8.2% | 1.1% | 6.9% | 5.5% | 1.2% | 3.3% | 1.2% |
| Debt to equity | — | 6.53x | 1.56x | — | — | — | — | — | — | — | 1.56x |
| Current ratio | 2.04x | 1.90x | 1.38x | 3.04x | 5.06x | 4.83x | 5.30x | 4.65x | 4.11x | 4.82x | 4.11x |
| Cash conversion | — | — | 0.01x | 33.76x | 3.53x | 22.57x | 3.97x | 4.67x | 19.01x | 7.23x | 7.23x |