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In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
The industry rank for Cogent Communications Holdings's Net-Net Working Capital or its related term are showing as below:
FRA:OGM1's Price-to-Net-Net-Working-Capital is not ranked *
in the Telecommunication Services industry.
Industry Median: 9.665 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Cogent Communications Holdings (FRA:OGM1) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Cogent Communications Holdings Net-Net Working Capital Related Terms
Cogent Communications Holdings Net-Net Working Capital Historical Data
* 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.
Cogent Communications Holdings Net-Net Working Capital Chart
FRA:OGM1 vs SHEN, GOGO, ATNI: Net-Net Working Capital Comparison
For the Telecom Services subindustry, Cogent Communications Holdings's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital 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 Price-to-Net-Net-Working-Capital vs Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Cogent Communications Holdings's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Cogent Communications Holdings's Price-to-Net-Net-Working-Capital falls into.
* 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.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of €-51.80 mean?
Cogent Communications Holdings (FRA:OGM1) has a Net-Net Working Capital of €-51.80 as of Jun. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Cogent Communications Holdings According to the industry distribution chart, Cogent Communications Holdings ranks #999999 out of 54 companies in the Telecommunication Services industry.
Is Cogent Communications Holdings' Net-Net Working Capital too high?
Cogent Communications Holdings' current Net-Net Working Capital is €-51.80. Based on the distribution chart, Cogent Communications Holdings ranks #999999 out of 54 companies in the Telecommunication Services industry, which is in the bottom quartile relative to peers. Overall, Cogent Communications Holdings has a GF Score™ of 70/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Cogent Communications Holdings' Net-Net Working Capital compare to SHEN and GOGO?
According to the Telecommunication Services industry distribution chart, Cogent Communications Holdings ranks #999999 out of 54 companies for Net-Net Working Capital. This places Cogent Communications Holdings in the lower half of its industry. The industry median Net-Net Working Capital is 9.67. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Telecommunication Services company?
The median Net-Net Working Capital among Telecommunication Services companies is 9.67, based on 54 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Cogent Communications Holdings For the Telecommunication Services industry, the median Net-Net Working Capital is 9.67 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Cogent Communications Holdings's current Net-Net Working Capital is €-51.80. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Cogent Communications Holdings stock overvalued right now?
Based on GuruFocus' analysis, Cogent Communications Holdings (FRA:OGM1) is currently considered Possible Value Trap. The stock's GF Value™ is €44.44, compared to a current price of €9.22 — trading 79.3% below its estimated fair value. The current Net-Net Working Capital is €-51.80. Cogent Communications Holdings' overall GF Score™ is 70/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Cogent Communications Holdings (FRA:OGM1), the current Net-Net Working Capital is €-51.80 as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Cogent Communications Holdings (FRA:OGM1) Overvalued in 2026?
Based on GuruFocus' analysis, Cogent Communications Holdings stock appears to be undervalued.
The current stock price of €9.22 is trading 79.3% below its estimated GF Value™ of €44.44.
GuruFocus considers Cogent Communications Holdings to be Possible Value Trap.
Key valuation signals for FRA:OGM1:
Net-Net Working Capital: €-51.80
GF Value™: €44.44 vs. price of €9.22 (79.3% below fair value)
No single metric tells the full story. See the FRA:OGM1 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Cogent carries over one-fifth of the world's internet traffic on its network, providing high-capacity services to businesses. Cogent's corporate customers are in high-rise office buildings, where the firm provides 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 nearly 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 US.
70GF Score
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Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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