Recent News
On July 16, 2025 the company announced its plan to release second-quarter 2025 results and host an earnings call on August 7, 2025. On August 6–7, 2025 Cogent reported second-quarter results, approved a modest increase to its regular quarterly dividend to $1.015 per share payable September 5, 2025, and expanded its stock buyback program by $100.0 million; the company also disclosed share repurchases executed under the program through July. Analysts published updated coverage and consensus target changes later in August.
Technical Analysis
ADX at 20.53 indicates an emerging trend strength; momentum lacks the conviction that accompanies a strong directional move, which supports a cautious near-term outlook for price continuation.
Directional indicators show DI- at 23.49 with a dip & reversal trend (bearish) while DI+ at 18.59 shows a peak & reversal trend (bearish). The simultaneous DI- increase and DI+ decline point to downside bias for price in the immediate term, reinforcing caution relative to the valuation backdrop.
MACD sits at 0.08 above its signal line at -0.26, constituting a bullish cross; however, the MACD trend shows a peak & reversal. The cross signals a short-duration bullish trigger, yet the peak-and-reversal trend signals waning momentum that could limit any sustained advance tied to valuation re-rating.
MRO at -15.47 with a peak & reversal trend indicates price below the model target and potential upward pressure; the negative MRO suggests scope for mean reversion toward the target, but the peak & reversal qualifier tempers the strength of that potential.
RSI at 46.87 with a peak & reversal trend sits in neutral territory. The RSI does not signal overbought or oversold extremes, leaving room for technical moves to be decided by directional indicators and volume rather than by extremes in market internals.
Price relative to averages and bands: the close at $38.35 tracks near the 12-day and 26-day EMAs (~$38.61 / $38.37) and slightly below the 50-day average ($38.88), while the 200-day average stands at $54.04. Bollinger band width remains narrow with upper/lower 1x std-dev ~ $40.09 / $36.53, implying limited volatility expansion unless a catalyst arrives. The super-trend lower support at $36.39 offers a proximate technical floor in the short run.
Fundamental Analysis
Revenue totaled $246,247,000 for the period, with revenue growth at -0.324% and both revenue growth QoQ and YoY showing deep contraction of -84.408% QoQ and -84.937% YoY respectively. Operating income near -$31,459,000 produced an operating margin of -12.78%, a QoQ change of -10.29% and YoY change of +112.42% (the YoY figure above 100% reflects the arithmetic change provided). The EBIT figure of -$32,333,000 yields an EBIT margin of -13.13%, below the industry peer mean of -4.61% and well below the industry peer median of 3.81%, signaling weaker operating profitability versus peers.
EPS registered at -$0.81 versus an estimate of -$1.18, beating expectations by $0.37, an EPS surprise of 31.36%. The company reported EBITDA of $42,957,000 while net income remained negative at -$57,807,000, reflecting depreciation, interest and tax impacts on the bottom line.
Cash position shows $213,651,000 in cash and short-term investments with end-period operating cash flow at -$44,038,000 and free cash flow at -$100,238,000; free cash flow yield stands at -4.72%. Cash conversion ratio of 0.775 and cash flow to earnings at -6.28% reflect divergence between reported losses and cash generation patterns.
Leverage and solvency present material strain: total debt equals $2,665,625,000 against total equity of $46,668,000, producing a debt-to-equity of 5,711.89% and debt-to-assets of 81.50%. Net debt runs at $1,497,370,000. Interest expense at $42,192,000 produces an interest coverage that remains negative, and debt-to-EBITDA measures show high leverage at 62.05x. The balance sheet scale of debt relative to equity amplifies sensitivity to cash flow shortfalls.
Key operating efficiency metrics: asset turnover at 0.07706 sits slightly above the industry peer mean of 0.0672 but below the peer median of 0.0722 when considering the provided peer breakdown; receivables turnover at 2.69 showed small QoQ and YoY gains. Gross margin at 44.17% indicates healthy gross profitability versus cost of revenue, but operating and net margins remain negative after overhead, depreciation and interest.
Valuation context: enterprise value stands near $4,576,035,976 with an enterprise multiple of 106.53. Price-to-sales at 8.63 and price-to-book at 45.51 sit well above typical ranges; WMDST values the stock as over-valued. High leverage, negative free cash flow and negative earnings combine to support that over-valued conclusion despite cash on hand and ongoing shareholder returns.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-07 |
| NEXT REPORT DATE: | 2025-11-05 |
| CASH FLOW | Begin Period Cash Flow | $ 184.0 M |
| Operating Cash Flow | $ -44.04 M | |
| Capital Expenditures | $ -56.20 M | |
| Change In Working Capital | $ -51.15 M | |
| Dividends Paid | $ -49.56 M | |
| Cash Flow Delta | $ 122.8 M | |
| End Period Cash Flow | $ 306.7 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 246.2 M | |
| Forward Revenue | $ 45.4 M | |
| COSTS | ||
| Cost Of Revenue | $ 137.5 M | |
| Depreciation | $ 75.3 M | |
| Depreciation and Amortization | $ 75.3 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 277.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ 108.8 M | |
| EBITDA | $ 43.0 M | |
| EBIT | $ -32.33 M | |
| Operating Income | $ -31.46 M | |
| Interest Income | $ 4.7 M | |
| Interest Expense | $ 42.2 M | |
| Net Interest Income | $ -37.46 M | |
| Income Before Tax | $ -74.53 M | |
| Tax Provision | $ -16.72 M | |
| Tax Rate | 22.433 % | |
| Net Income | $ -57.81 M | |
| Net Income From Continuing Operations | $ -57.81 M | |
| EARNINGS | ||
| EPS Estimate | $ -1.18 | |
| EPS Actual | $ -0.81 | |
| EPS Difference | $ 0.37 | |
| EPS Surprise | 31.356 % | |
| Forward EPS | $ -0.86 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 3.3 B | |
| Intangible Assets | $ 470.1 M | |
| Net Tangible Assets | $ -423.48 M | |
| Total Current Assets | $ 561.0 M | |
| Cash and Short-Term Investments | $ 213.7 M | |
| Cash | $ 213.7 M | |
| Net Receivables | $ 95.1 M | |
| Inventory | — | |
| Long-Term Investments | $ 29.8 M | |
| LIABILITIES | ||
| Accounts Payable | $ 49.2 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 243.3 M | |
| Net Debt | $ 1.5 B | |
| Total Debt | $ 2.7 B | |
| Total Liabilities | $ 3.2 B | |
| EQUITY | ||
| Total Equity | $ 46.7 M | |
| Retained Earnings | $ -584.89 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 0.95 | |
| Shares Outstanding | 49.246 M | |
| Revenue Per-Share | $ 4.99 | |
| VALUATION | Market Capitalization | $ 2.1 B |
| Enterprise Value | $ 4.6 B | |
| Enterprise Multiple | 106.526 | |
| Enterprise Multiple QoQ | -17.29 % | |
| Enterprise Multiple YoY | 148.899 % | |
| Enterprise Multiple IPRWA | CCOI: 106.526 high: 40.081 mean: -54.593 median: -96.185 low: -171.446 |
|
| EV/R | 18.583 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 70.081 | |
| Asset To Liability | 1.014 | |
| Debt To Capital | 0.983 | |
| Debt To Assets | 0.815 | |
| Debt To Assets QoQ | 7.728 % | |
| Debt To Assets YoY | 1541.24 % | |
| Debt To Assets IPRWA | CCOI: 0.815 high: 0.558 median: 0.551 mean: 0.402 low: 0.002 |
|
| Debt To Equity | 57.119 | |
| Debt To Equity QoQ | 245.569 % | |
| Debt To Equity YoY | 14191.873 % | |
| Debt To Equity IPRWA | CCOI: 57.119 high: 2.493 median: 0.583 mean: -3.951 low: -30.54 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 45.514 | |
| Price To Book QoQ | 112.819 % | |
| Price To Book YoY | 545.175 % | |
| Price To Book IPRWA | CCOI: 45.514 high: 13.543 mean: 5.537 median: 1.929 low: -7.538 |
|
| Price To Earnings (P/E) | -61.606 | |
| Price To Earnings QoQ | 8.45 % | |
| Price To Earnings YoY | -29.986 % | |
| Price To Earnings IPRWA | CCOI: -61.606 high: -74.383 mean: -102.199 median: -106.669 low: -169.22 |
|
| PE/G Ratio | 2.398 | |
| Price To Sales (P/S) | 8.626 | |
| Price To Sales QoQ | -30.244 % | |
| Price To Sales YoY | -23.362 % | |
| Price To Sales IPRWA | CCOI: 8.626 high: 6.034 median: 6.034 mean: 4.478 low: 1.382 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -60.177 | |
| Forward PE/G | 2.343 | |
| Forward P/S | 46.735 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 24.968 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.077 | |
| Asset Turnover Ratio QoQ | -1.834 % | |
| Asset Turnover Ratio YoY | -3.987 % | |
| Asset Turnover Ratio IPRWA | high: 0.513 CCOI: 0.077 median: 0.072 mean: 0.067 low: 0.001 |
|
| Receivables Turnover | 2.69 | |
| Receivables Turnover Ratio QoQ | 0.66 % | |
| Receivables Turnover Ratio YoY | 13.018 % | |
| Receivables Turnover Ratio IPRWA | high: 6.847 median: 3.598 mean: 3.547 CCOI: 2.69 low: 1.894 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 33.922 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.775 | |
| CapEx To Revenue | -0.228 | |
| CapEx To Depreciation | -0.746 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.8 B | |
| Net Invested Capital | $ 1.8 B | |
| Invested Capital | $ 1.8 B | |
| Net Tangible Assets | $ -423.48 M | |
| Net Working Capital | $ 317.7 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.878 | |
| Current Ratio | 2.306 | |
| Current Ratio QoQ | 54.613 % | |
| Current Ratio YoY | 4.663 % | |
| Current Ratio IPRWA | high: 8.226 mean: 4.148 CCOI: 2.306 median: 2.13 low: 0.357 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 62.053 | |
| Cost Of Debt | 1.302 % | |
| Interest Coverage Ratio | -0.766 | |
| Interest Coverage Ratio QoQ | -23.585 % | |
| Interest Coverage Ratio YoY | 112.562 % | |
| Interest Coverage Ratio IPRWA | high: 33.033 CCOI: -0.766 median: -2.399 mean: -8.575 low: -22.893 |
|
| Operating Cash Flow Ratio | 0.015 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 34.863 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | -1.166 | |
| Dividend Payout Ratio | -0.857 | |
| Dividend Rate | $ 1.01 | |
| Dividend Yield | 0.02 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 4.8 % | |
| Revenue Growth | -0.324 % | |
| Revenue Growth QoQ | -84.408 % | |
| Revenue Growth YoY | -84.937 % | |
| Revenue Growth IPRWA | high: 61.003 % mean: 26.64 % median: 1.806 % CCOI: -0.324 % low: -2.828 % |
|
| Earnings Growth | -25.688 % | |
| Earnings Growth QoQ | -229.869 % | |
| Earnings Growth YoY | -49.358 % | |
| Earnings Growth IPRWA | high: 105.0 % median: 88.462 % mean: 65.588 % CCOI: -25.688 % low: -76.923 % |
|
| MARGINS | ||
| Gross Margin | 44.165 % | |
| Gross Margin QoQ | -0.455 % | |
| Gross Margin YoY | 10.308 % | |
| Gross Margin IPRWA | high: 65.046 % median: 65.046 % mean: 57.245 % CCOI: 44.165 % low: 37.075 % |
|
| EBIT Margin | -13.13 % | |
| EBIT Margin QoQ | -7.801 % | |
| EBIT Margin YoY | 221.105 % | |
| EBIT Margin IPRWA | high: 8.937 % median: 3.811 % mean: -4.608 % CCOI: -13.13 % low: -26.229 % |
|
| Return On Sales (ROS) | -12.775 % | |
| Return On Sales QoQ | -10.294 % | |
| Return On Sales YoY | 212.424 % | |
| Return On Sales IPRWA | high: 8.937 % median: 3.942 % mean: 3.477 % low: 0.809 % CCOI: -12.775 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -100.24 M | |
| Free Cash Flow Yield | -4.719 % | |
| Free Cash Flow Yield QoQ | 562.781 % | |
| Free Cash Flow Yield YoY | 95.0 % | |
| Free Cash Flow Yield IPRWA | high: 5.144 % mean: -3.586 % median: -4.007 % CCOI: -4.719 % low: -7.157 % |
|
| Free Cash Growth | 361.14 % | |
| Free Cash Growth QoQ | -1259.321 % | |
| Free Cash Growth YoY | 58.783 % | |
| Free Cash Growth IPRWA | CCOI: 361.14 % high: 358.776 % mean: 61.515 % median: 54.622 % low: -205.592 % |
|
| Free Cash To Net Income | 1.734 | |
| Cash Flow Margin | 1.474 % | |
| Cash Flow To Earnings | -0.063 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | -1.809 % | |
| Return On Assets QoQ | 9.371 % | |
| Return On Assets YoY | 81.444 % | |
| Return On Assets IPRWA | high: 3.687 % CCOI: -1.809 % median: -2.751 % mean: -3.129 % low: -6.115 % |
|
| Return On Capital Employed (ROCE) | -1.068 % | |
| Return On Equity (ROE) | -1.239 | |
| Return On Equity QoQ | 239.991 % | |
| Return On Equity YoY | 1491.737 % | |
| Return On Equity IPRWA | high: 1.538 mean: 0.2 median: -0.026 low: -0.115 CCOI: -1.239 |
|
| DuPont ROE | -61.008 % | |
| Return On Invested Capital (ROIC) | -1.427 % | |
| Return On Invested Capital QoQ | -13.305 % | |
| Return On Invested Capital YoY | -136.366 % | |
| Return On Invested Capital IPRWA | high: 7.04 % CCOI: -1.427 % mean: -3.433 % median: -3.733 % low: -7.536 % |
|