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Cogent Communications Holdings (Cogent Communications Holdings) Piotroski F-Score

: 5 (As of Today)
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The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Cogent Communications Holdings has an F-score of 5 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Cogent Communications Holdings's Piotroski F-Score or its related term are showing as below:

CCOI' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 7
Current: 5

During the past 13 years, the highest Piotroski F-Score of Cogent Communications Holdings was 7. The lowest was 4. And the median was 6.


Cogent Communications Holdings Piotroski F-Score Historical Data

The historical data trend for Cogent Communications Holdings's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Cogent Communications Holdings Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 7.00 4.00 6.00 5.00 5.00

Cogent Communications Holdings Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 4.00 5.00 5.00 5.00

Competitive Comparison

For the Telecom Services subindustry, Cogent Communications Holdings's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Cogent Communications Holdings Piotroski F-Score Distribution

For the Telecommunication Services industry and Communication Services sector, Cogent Communications Holdings's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Cogent Communications Holdings's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was 6.148 + 1123.863 + -56.723 + 200.153 = $1,273.4 Mil.
Cash Flow from Operations was 35.821 + 82.654 + -52.432 + -48.698 = $17.3 Mil.
Revenue was 153.588 + 239.806 + 275.429 + 272.1 = $940.9 Mil.
Gross Profit was 94.95 + 102.304 + 101.835 + 97.602 = $396.7 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(1010.182 + 998.412 + 3162.737 + 2961.681 + 3211.619) / 5 = $2268.9262 Mil.
Total Assets at the begining of this year (Dec22) was $1,010.2 Mil.
Long-Term Debt & Capital Lease Obligation was $1,695.6 Mil.
Total Current Assets was $513.6 Mil.
Total Current Liabilities was $373.3 Mil.
Net Income was 1.137 + 11.164 + -8.007 + 0.852 = $5.1 Mil.

Revenue was 149.175 + 148.45 + 150 + 151.979 = $599.6 Mil.
Gross Profit was 91.726 + 91.936 + 92.78 + 95.008 = $371.5 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(984.557 + 969.769 + 1014.584 + 1020.702 + 1010.182) / 5 = $999.9588 Mil.
Total Assets at the begining of last year (Dec21) was $984.6 Mil.
Long-Term Debt & Capital Lease Obligation was $1,325.9 Mil.
Total Current Assets was $365.9 Mil.
Total Current Liabilities was $120.3 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Cogent Communications Holdings's current Net Income (TTM) was 1,273.4. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Cogent Communications Holdings's current Cash Flow from Operations (TTM) was 17.3. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Dec22)
=1273.441/1010.182
=1.26060551

ROA (Last Year)=Net Income/Total Assets (Dec21)
=5.146/984.557
=0.00522672

Cogent Communications Holdings's return on assets of this year was 1.26060551. Cogent Communications Holdings's return on assets of last year was 0.00522672. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Cogent Communications Holdings's current Net Income (TTM) was 1,273.4. Cogent Communications Holdings's current Cash Flow from Operations (TTM) was 17.3. ==> 17.3 <= 1,273.4 ==> CFROA <= ROA ==> Score 0.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=1695.602/2268.9262
=0.74731474

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=1325.894/999.9588
=1.32594863

Cogent Communications Holdings's gearing of this year was 0.74731474. Cogent Communications Holdings's gearing of last year was 1.32594863. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Dec23)=Total Current Assets/Total Current Liabilities
=513.627/373.324
=1.375821

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=365.913/120.284
=3.04207542

Cogent Communications Holdings's current ratio of this year was 1.375821. Cogent Communications Holdings's current ratio of last year was 3.04207542. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Cogent Communications Holdings's number of shares in issue this year was 48.476. Cogent Communications Holdings's number of shares in issue last year was 47.536. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=396.691/940.923
=0.42159773

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=371.45/599.604
=0.6194922

Cogent Communications Holdings's gross margin of this year was 0.42159773. Cogent Communications Holdings's gross margin of last year was 0.6194922. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec22)
=940.923/1010.182
=0.93143909

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=599.604/984.557
=0.60900892

Cogent Communications Holdings's asset turnover of this year was 0.93143909. Cogent Communications Holdings's asset turnover of last year was 0.60900892. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+0+1+0+0+0+1
=5

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Cogent Communications Holdings has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Cogent Communications Holdings  (NAS:CCOI) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Cogent Communications Holdings Piotroski F-Score Related Terms

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Cogent Communications Holdings (Cogent Communications Holdings) Business Description

Traded in Other Exchanges
Address
2450 N Street North West, Washington, DC, USA, 20037
Cogent carries over one fifth of the world's internet traffic over its network and is a broadband provider for businesses. Cogent's corporate customers are in high-rise office buildings; the firm provides them with two types of connections: dedicated internet access, which connects them to the internet, and virtual private networking, which offers an internal network for employees in different locations. Cogent's corporate customers are exclusively in North America and account for over half of the firm's revenue. Cogent's netcentric customers include internet service providers and content providers, to which Cogent provides internet transit. They hand traffic to Cogent in data centers and rely on Cogent to deliver it. About half of netcentric revenue is from outside the U.S.
Executives
John B. Chang officer: VP & CHIEF LEGAL OFFICER 2450 N ST NW, 4TH FLOOR, WASHINGTON DC 20037
Dave Schaeffer director, 10 percent owner, officer: Chairman, President & CEO C/O COGENT COMMUNICATIONS HOLDINGS, INC., 2450 N ST NW, 4TH FLOOR, WASHINGTON DC 20037
Henry W Kilmer officer: VP of IP Engineering C/O COGENT COMMUNICATIONS HOLDINGS, INC., 2450 N ST NW, 4TH FLOOR, WASHINGTON DC 20037
James Bubeck officer: Chief Revenue Officer 2450 N STREET NW, WASHINGTON DC 20037
Thaddeus Gerard Weed officer: VP, Controller COGENT COMMUNICATIONS HOLDINGS, INC., 2450 N ST NW, 4TH FLOOR, WASHINGTON DC 20037
Lewis H Ferguson director 8717 BURDETTE ROAD, BETHESDA MD 20817
Sheryl Lynn Kennedy director C/O COGENT COMMUNICATIONS HOLDINGS, INC., 2450 N STREET, N.W., WASHINGTON DC 20037
Blake Bath director 1010 WISCONSIN AVENUE, SUITE 600, WASHINGTON DC 20007
Marc Montagner other: director nominee C/O ENDURANCE INT'L GROUP HOLDINGS, INC., 10 CORPORATE DRIVE, SUITE 300, BURLINGTON MA 01803
David Allen Kapp officer: VP & CHIEF TECHNICAL OFFICER C/O COGENT COMMUNICATIONS HOLDINGS, INC., 2450 N STREET, N.W., WASHINGTON DC 20037
Jeffrey S Danielson officer: VP Infrastructure C/O COGENT COMMUNICATIONS HOLDINGS, INC., 2450 N STREET, N.W., WASHINGTON DC 20037
Steven D Brooks director C/O COGENT COMMUNICATIONS HOLDINGS, INC., 2450 N ST NW, 4TH FLOOR, WASHINGTON DC 20037
Greg W O'connor officer: VP, CHIEF OPERATING OFFICER C/O COGENT COMMUNICATIONS HOLDINGS, INC., 2450 N STREET, N.W., WASHINGTON DC 20037
Eve N Howard director C/O COGENT COMMUNICATIONS HOLDINGS, INC., 2450 N STREET, N.W., WASHINGTON DC 20037
Sa Paul De director C/O COGENT COMMUNICATIONS HOLDINGS, INC., 2450 N STREET, N.W., WASHINGTON DC 20037