CCOI Cogent Communications Holdings, Inc. - Common Stock

NASDAQ · Telecommunication · View on SEC EDGAR ↗
$9.33
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026

About Cogent Communications Holdings, Inc. - Common Stock Company overview from Wikipedia

Cogent Communications Holdings, Inc. is a multinational internet service provider based in the United States. Cogent's primary services consist of Internet access and data transport, offered on a fiber optic, IP data-only network, along with colocation in data centers.

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Cogent Communications Holdings, Inc. is a multinational internet service provider based in the United States. Cogent's primary services consist of Internet access and data transport, offered on a fiber optic, IP data-only network, along with colocation in data centers.

Acquisition history

Cogent was founded in 1999 at the peak of the industry's growth and was funded by angel investors including members of Keiretsu Forum. In three years, Cogent acquired 13 other failing carriers, purchasing $14 billion in capital for $60 million, including $4 billion worth of Property, Plant and Equipment.

September 2001 – Acquires the assets of NetRail

February 2002 – Acquires Allied Riser

April 2002 – Acquires Building Access Agreements from OnSite Access

April 2002 – Acquires Major US Assets of PSINet

September 2002 – Acquires Major Assets of FiberCity Networks

February 2003 – Acquires Fiber Network Solutions

May 2003 – Acquires Assets of Applied Theory

January 2004 – Acquires LambdaNet France & Spain

March 2004 – Acquires Fiber Network and Equipment in Germany Out of Former Carrier1 Assets

September 2004 – Acquires Global Access

October 2004 – Acquires Aleron Broadband

December 2004 – Acquires NTT/Verio Dedicated Access Business in U.S.

In September, 2022, it was announced that Cogent was buying the Sprint Corporation wireline business from T-Mobile for $1.00, assuming some liabilities.

Peering disputes

Cogent has been controversial in the ISP market for low bandwidth pricing and its public disputes over peering with AOL (2003), Level 3 Communications (2005), France Telecom (2006), Limelight Networks (2007), Telia Carrier (March 2008), and Sprint Nextel (October 2008).

On March 14, 2008, after Cogent stopped routing packets from European network provider Telia (AS 1299), their two networks lost mutual connectivity. The connection was reestablished March 28, 2008 with interconnection points in both the United States and Europe.

On June 6, 2011, Cogent automatically stopped peering with the US Department of Energy's Energy Sciences Network (ESnet) causing a disruption for three days.

In November 2015, CenturyLink signed a new long-term bilateral interconnection agreement with Cogent Communications.

In December 2015, Cogent sued Deutsche Telekom. Cogent claimed that DTAG failed to increase interconnection capacity between the two networks. According to a statement released by Cogent, "Deutsche Telekom has interfered with the free flow of Internet traffic between Cogent customers and Deutsche Telekom customers by refusing to increase the capacity of the interconnection ports that allow the exchange of traffic".

There is a long-running dispute between Cogent and Hurricane Electric. Cogent has been refusing to peer settlement-free with Hurricane Electric, the largest IPv6 network, since 2009. Due to this, IPv6 traffic cannot be interchanged between both networks. IPv4 traffic can still be interchanged since Hurricane Electric is only a Tier 1 operator for IPv6 but not for IPv4. IPv4 traffic between both networks is routed via Arelion.

Cogent and Google have also stopped IPv6 peering in 2016. This is rumored to be closely tied to Cogent leveraging Google's IPv4 traffic via a paid customer or to maintain settlement-free interconnect with another network. As of November 2023, the two networks appear to be reachable over IPv6 via Tata Communications.

In February 2017, Cogent blocked many piracy and streaming sites including The Pirate Bay. This was unintentional due to a poorly crafted Spanish court order.

In February 2024, Cogent withdrew peering with NTT in Europe, forcing all their peering traffic to go through their common remaining interconnections in USA, increasing latency and traffic loss between both networks, to complain against refusal of peering settlements in Asia from NTT.

In May 2024, Cogent withdrew peering with Tata Communications completely. As a result, networks that are single homed behind AS6453 (in APAC) or AS174 will not be able to reach each other. This is similar, but more serious, to the previous regional NTT-Cogent depeerings (since the NTT ones "just" increased latency by routing via the US instead). Despite what Cogent reported, Cogent has not de-peered, but rather blocked routes to TATA single-homed transit. However, in June 2024 this peering dispute was resolved. Connectivity between Cogent and TATA has been restored and is operating normally.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

CCOI Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$9.32
Market Cap
$467M
P/E (TTM)
-2.5
EPS (TTM)
$-3.80
Revenue (TTM)
$976M
Div Yield
32.1%
ROE
2120.8%
Debt/Equity
52W Range
$9 – $46

CCOI Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $976M
10-point trend, +118.3%
2016-12-31 2025-12-31
EPS $-3.80
10-point trend, -1251.5%
2016-12-31 2025-12-31
Free Cash Flow $-198M
10-point trend, -415.9%
2016-12-31 2025-12-31
Margins -18.7%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
CCOI
Peer Median
P/E (TTM)
5-point trend, -108.0%
-2.5
33.0
P/S (TTM)
5-point trend, -81.3%
0.5
1.1
P/B
5-point trend, -80.8%
-7.3
2.7
Price / FCF
5-point trend, -115.7%
-2.4

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
CCOI
Peer Median
Operating Margin
5-point trend, -151.2%
-10.4%
Net Profit Margin
5-point trend, -328.5%
-18.7%
-7.0%
ROA
5-point trend, -219.8%
-5.8%
-4.8%
ROE
5-point trend, +16166.4%
2120.8%
-52.0%
ROIC
5-point trend, +646.1%
117.7%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
CCOI
Peer Median
Current Ratio
5-point trend, -59.6%
2.0
1.6
Quick Ratio
5-point trend, -76.0%
1.1

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
CCOI
Peer Median
Revenue YoY
5-point trend, +65.4%
-5.8%
Revenue CAGR 3Y
5-point trend, +65.4%
17.6%
Revenue CAGR 5Y
5-point trend, +65.4%
11.4%
EPS YoY
5-point trend, -468.9%
24100.0%
Net Income YoY
5-point trend, -478.1%
24646.2%

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
CCOI
Peer Median
EPS (Diluted)
5-point trend, -468.9%
$-3.80

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
CCOI
Peer Median
Payout Ratio
5-point trend, -126.4%
-82.4%

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
32.1%
Payout Ratio
-82.4%
5Y Div CAGR
Ex-dateAmount
May 18, 2026$0.0200
March 6, 2026$0.0200
Nov. 21, 2025$0.0200
Aug. 21, 2025$1.0150
May 22, 2025$1.0100
March 13, 2025$1.0050
Nov. 22, 2024$0.9950
Aug. 22, 2024$0.9850
May 22, 2024$0.9750
March 14, 2024$0.9650
Nov. 22, 2023$0.9550
Aug. 23, 2023$0.9450
May 17, 2023$0.9350
March 9, 2023$0.9250
Nov. 17, 2022$0.9150
Aug. 17, 2022$0.9050
May 12, 2022$0.8800
March 8, 2022$0.8550
Nov. 18, 2021$0.8300
Aug. 19, 2021$0.8050

CCOI Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 18 analysts
  • Strong Buy 3 16.7%
  • Buy 6 33.3%
  • Hold 8 44.4%
  • Sell 1 5.6%
  • Strong Sell 0 0.0%

12-Month Price Target

11 analysts · 2026-08-17
Median target $14.00 +50.1%
Mean target $16.45 +76.5%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.01%
Period EPS Actual EPS Est Surprise
June 30, 2026 $-1.38 $-0.99 -0.39%
March 31, 2026 $-0.83 $-1.02 0.19%
Dec. 31, 2025 $-0.64 $-1.00 0.36%
Sept. 30, 2025 $-0.87 $-1.04 0.17%
June 30, 2025 $-1.21 $-0.95 -0.26%
March 31, 2025 $-1.09 $-1.09 0.00%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
CCOI $1.08B -5.7 -5.8% -18.7% 2120.8%
LUMN $7.97B -4.4 -5.4% -14.0% 532.6%
IRDM $1.82B 16.4 4.9% 13.1% 24.4%
ATEX $722M 7.9 7.8% 1394.2% 36.1%
BAND -35.9 0.71% -1.7% -3.3% 39.1%
LILA -2.4 -0.10% -13.8% -74.4%
ELWT -6.3 154.5% -19.6% 608.8% 18.5%
NXPL
IQST -1.0 11.9%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 14
Annual Income Statement data for CCOI
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 12-point trend, +156.8% $976M $1.04B $941M $600M $590M $568M $546M $520M $485M $447M $404M $380M
Cost of Revenue 12-point trend, +234.6% $535M $642M $544M $228M $226M $219M $220M $220M $209M $194M $175M $160M
SG&A Expense 12-point trend, +154.9% $274M $276M $275M $163M $162M $158M $147M $134M $128M $121M $113M $108M
Operating Expenses 12-point trend, +220.3% $1.08B $1.24B $1.07B $486M $478M $461M $447M $435M $413M $390M $358M $337M
Operating Income 12-point trend, -287.5% $-101M $-198M $-129M $114M $119M $107M $100M $87M $76M $64M $53M $54M
Interest Expense 11-point trend, +146.9% · $123M $93M $111M $58M $62M $57M $51M $48M $41M $41M $50M
Pretax Income 12-point trend, -5554.6% $-245M $-260M $1.22B $26M $71M $10M $53M $41M $31M $24M $13M $4M
Income Tax 12-point trend, -1799.8% $-63M $-56M $-54M $21M $23M $4M $15M $13M $25M $9M $8M $4M
Net Income 10-point trend, -1320.3% $-182M $-204M $1.27B $5M $48M $6M $38M $29M $6M $15M · ·
EPS (Basic) 12-point trend, -19100.0% $-3.80 $-4.28 $26.88 $0.11 $1.04 $0.14 $0.82 $0.63 $0.13 $0.33 $0.11 $0.02
EPS (Diluted) 12-point trend, -19100.0% $-3.80 $-4.28 $26.62 $0.11 $1.03 $0.13 $0.81 $0.63 $0.13 $0.33 $0.11 $0.02
Shares (Basic) 12-point trend, +4.3% 47,928,826 47,627,873 47,373,361 46,875,992 46,419,180 45,947,772 45,542,315 45,280,161 44,855,263 44,641,805 44,888,723 45,960,720
Shares (Diluted) 12-point trend, +3.4% 47,928,826 47,627,873 47,837,512 47,207,298 46,963,920 46,668,198 46,080,395 45,780,954 45,184,203 44,873,030 45,159,489 46,349,670
EBITDA 12-point trend, +37.1% $169M $-198M $-129M $206M $208M $190M $181M $168M $152M $139M $124M $123M
Balance Sheet 23
Annual Balance Sheet data for CCOI
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 12-point trend, -48.4% $149M $198M $75M $224M $320M $371M $399M $276M $247M $274M $204M $288M
Receivables 12-point trend, +166.1% $88M $97M $135M $44M $42M $44M $40M $42M $39M $34M $31M $33M
Prepaid Expense 12-point trend, +359.5% $68M $74M $81M $46M $39M $41M $36M $33M $20M $20M $17M $15M
Current Assets 12-point trend, +34.2% $451M $482M $514M $366M $410M $456M $476M $350M $306M $328M $251M $336M
PP&E (Net) 12-point trend, +377.1% $1.72B $1.66B $1.54B $544M $458M $430M $369M $375M $381M $362M $360M $361M
PP&E (Gross) 12-point trend, +247.7% $3.64B $3.32B $2.95B $1.71B $1.62B $1.52B $1.37B $1.30B $1.23B $1.14B $1.07B $1.05B
Accum. Depreciation 12-point trend, +179.8% $1.92B $1.66B $1.41B $1.17B $1.16B $1.09B $998M $925M $852M $775M $710M $687M
Intangibles · · $473M · · · · · · · · ·
Total Assets 12-point trend, +310.6% $3.10B $3.17B $3.21B $1.01B $985M $1.00B $932M $740M $711M $738M $663M $755M
Accounts Payable 12-point trend, +130.1% $31M $40M $48M $27M $12M $10M $11M $9M $12M $12M $12M $13M
Accrued Liabilities 12-point trend, +240.8% $110M $135M $121M $64M $39M $51M $51M $51M $48M $47M $38M $32M
Current Liabilities 12-point trend, +267.9% $221M $253M $373M $120M $81M $94M $90M $75M $75M $68M $69M $60M
Capital Leases 12-point trend, +77.5% $270M $302M $330M $95M $112M $111M $87M $157M $150M $135M $130M $152M
Deferred Tax 4-point trend, +599.5% $333M $398M $471M $48M · · · · · · · ·
Other Non-current Liabilities 12-point trend, +31.2% $29M $40M $62M $35M $45M $15M $15M $25M $28M $28M $31M $22M
Total Liabilities 12-point trend, +371.4% $3.16B $2.95B $2.60B $1.53B $1.36B $1.29B $1.14B $889M $813M $791M $675M $671M
Long-term Debt 12-point trend, +293.3% $1.73B $1.46B $950M $950M $898M $882M $798M $645M $575M $570M $471M $440M
Common Stock 12-point trend, +8.7% $50.0K $49.0K $49.0K $48.0K $48.0K $47.0K $47.0K $46.0K $46.0K $45.0K $45.0K $46.0K
Retained Earnings 12-point trend, -91.3% $-709M $-376M $17M $-1.07B $-910M $-808M $-685M $-609M $-555M $-479M $-432M $-370M
AOCI 5-point trend, -69.1% · · · · · · · $-11M $-5M $-17M $-15M $-6M
Stockholders' Equity 12-point trend, -176.2% $-64M $223M $610M $-519M $-373M $-293M $-204M $-149M $-103M $-53M $-12M $84M
Liabilities + Equity 12-point trend, +310.6% $3.10B $3.17B $3.21B $1.01B $985M $1.00B $932M $740M $711M $738M $663M $755M
Shares Outstanding 12-point trend, +7.9% 50,062,158 49,034,925 48,608,569 48,013,330 47,674,189 47,214,077 46,840,434 46,336,499 45,960,799 45,478,787 45,198,718 46,398,729
Cash Flow 16
Annual Cash Flow data for CCOI
Metric Trend 202520242023202220212020201920182017201620152014
D&A 12-point trend, +288.9% $270M $298M $232M $92M $89M $83M $80M $81M $76M $75M $71M $69M
Stock-based Comp 4-point trend, +38.9% · · · · · · · · $13M $11M $12M $10M
Deferred Tax 12-point trend, -2154.1% $-65M $-52M $-70M $17M $18M $282.0K $12M $11M $25M $9M $8M $3M
Other Non-cash 6-point trend, -360.5% $-34M · · $60M $15M $50M $19M $13M · · · ·
Operating Cash Flow 12-point trend, -114.5% $-11M $-9M $17M $174M $170M $140M $149M $134M $112M $108M $84M $73M
CapEx 12-point trend, +212.4% $188M $195M $130M $79M $70M $56M $47M $50M $46M $45M $36M $60M
Investing Cash Flow 11-point trend, -146.9% $-88M $21M $77M $-79M $-70M $-56M $-47M $-50M $-46M $-45M $-35M ·
Net Debt Issued 8-point trend, -17.9% · · · $-790.0K $-7M $-11M $-10M $-9M $-4M $-21M $-670.0K ·
Stock Repurchased 8-point trend, -71.5% $17M $8M · · · $4M · $7M $2M $4M $39M $59M
Net Stock Activity 8-point trend, +71.5% $-17M $-8M · · · $-4M · $-7M $-2M $-4M $-39M $-59M
Dividends Paid 12-point trend, +176.8% $150M $189M $182M $170M $150M $129M $113M $98M $82M $68M $66M $54M
Financing Cash Flow 11-point trend, +148.8% $63M $106M $-258M $-145M $-141M $-116M $22M $-53M $-97M $8M $-129M ·
Net Change in Cash 12-point trend, -33.5% $-23M $114M $-162M $-53M $-43M $-28M $123M $29M $-27M $71M $-84M $-17M
Taxes Paid 3-point trend, -101.9% $-659.0K $3M $35M · · · · · · · · ·
Free Cash Flow 12-point trend, -1622.6% $-198M $-204M $-112M $95M $100M $84M $102M $84M $66M $63M $48M $13M
Levered FCF 11-point trend, -7341.7% · $-301M $-224M $82M $55M $47M $61M $49M $57M $38M $32M $4M
Profitability 7
Annual Profitability data for CCOI
Metric Trend 202520242023202220212020201920182017201620152014
Operating Margin 11-point trend, -179.0% -10.4% -19.1% -13.7% 19.0% 20.2% 18.8% 18.4% 16.6% 15.7% 14.3% 13.1% ·
Net Margin 8-point trend, -438.8% -18.7% -19.7% 135.3% 0.86% 8.2% 1.1% 6.9% 5.5% · · · ·
Pretax Margin 11-point trend, -899.4% -25.1% -25.1% 129.6% 4.4% 12.1% 1.8% 9.6% 8.0% 6.4% 5.4% 3.1% ·
EBITDA Margin 11-point trend, -43.3% 17.3% -19.1% -13.7% 34.4% 35.4% 33.5% 33.1% 32.3% 31.3% 31.2% 30.6% ·
ROA 8-point trend, -247.1% -5.8% -6.4% 60.3% 0.52% 4.9% 0.64% 4.5% 4.0% · · · ·
ROE 8-point trend, +10266.7% 2120.8% -74.7% 242.2% -1.0% -13.2% -2.2% -19.0% -20.9% · · · ·
ROIC 12-point trend, +930.9% 117.7% -69.7% -22.2% -4.3% -21.6% -22.0% -35.1% -40.2% -14.0% -74.0% -166.5% 11.4%
Liquidity & Solvency 3
Annual Liquidity & Solvency data for CCOI
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 12-point trend, -63.9% 2.0 1.9 1.4 3.0 5.1 4.8 5.3 4.7 4.1 4.8 3.6 5.7
Quick Ratio 12-point trend, -80.0% 1.1 1.2 0.6 2.2 4.5 4.4 4.9 4.2 3.8 4.5 3.4 5.3
Interest Coverage 11-point trend, -248.5% · -1.6 -1.2 1.7 1.8 1.7 1.7 1.7 1.6 1.6 1.3 1.1
Efficiency 2
Annual Efficiency data for CCOI
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 11-point trend, -45.4% 0.3 0.3 0.4 0.6 0.6 0.6 0.7 0.7 0.7 0.6 0.6 ·
Receivables Turnover 11-point trend, -16.7% 10.5 8.9 10.5 13.9 13.7 13.4 13.3 12.9 13.3 13.9 12.7 ·
Per Share 6
Annual Per Share data for CCOI
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share 12-point trend, -170.6% $-1.28 $4.54 $12.54 $-10.80 $-7.83 $-6.21 $-4.35 $-3.22 $-2.23 $-1.17 $-0.27 $1.81
Revenue / Share 11-point trend, +127.4% $20.36 $21.75 $19.67 $12.70 $12.56 $12.17 $11.85 $11.36 $10.74 $9.96 $8.95 ·
Cash Flow / Share 12-point trend, -114.0% $-0.22 $-0.18 $0.36 $3.68 $3.63 $3.01 $3.23 $2.93 $2.47 $2.41 $1.86 $1.58
Cash / Share 12-point trend, -52.2% $2.97 $4.05 $1.54 $4.66 $6.70 $7.86 $8.53 $5.96 $5.37 $6.03 $4.50 $6.20
Dividend / Share 12-point trend, +160.7% $3 $4 $4 $4 $3 $3 $2 $2 $2 $2 $1 $1
EPS (TTM) 12-point trend, -19100.0% $-3.80 $-4.28 $26.62 $0.11 $1.03 $0.13 $0.81 $0.63 $0.13 $0.33 $0.11 $0.02
Growth Rates 8
Annual Growth Rates data for CCOI
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, -252.4% -5.8% 10.1% 56.9% 1.7% 3.8% · · · · · · ·
Revenue CAGR 3Y 3-point trend, -3.8% 17.6% 20.7% 18.3% · · · · · · · · ·
Revenue CAGR 5Y 11.4% · · · · · · · · · · ·
EPS YoY 3-point trend, +3381.1% · · 24100.0% -89.3% 692.3% · · · · · · ·
EPS CAGR 3Y · · 489.4% · · · · · · · · ·
Net Income YoY 3-point trend, +3550.3% · · 24646.2% -89.3% 675.2% · · · · · · ·
Net Income CAGR 3Y · · 489.5% · · · · · · · · ·
Dividend CAGR 5Y 3.0% · · · · · · · · · · ·
Valuation (TTM) 13
Annual Valuation (TTM) data for CCOI
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 12-point trend, +156.8% $976M $1.04B $941M $600M $590M $568M $546M $520M $485M $447M $404M $380M
Net Income TTM 10-point trend, -1320.3% $-182M $-204M $1.27B $5M $48M $6M $38M $29M $6M $15M · ·
Market Cap 12-point trend, -34.3% $1.08B $3.78B $3.70B $2.74B $3.49B $2.83B $3.08B $2.09B $2.08B $1.88B $1.57B $1.64B
P/E 12-point trend, -100.3% -5.7 -18.0 2.9 518.9 71.0 460.5 81.2 71.8 348.5 125.3 315.4 1769.5
P/S 12-point trend, -74.4% 1.1 3.6 3.9 4.6 5.9 5.0 5.6 4.0 4.3 4.2 3.9 4.3
P/B 12-point trend, -186.3% -16.9 17.0 6.1 -5.3 -9.4 -9.6 -15.1 -14.1 -20.3 -35.3 -127.8 19.6
P / Tangible Book 2-point trend, -37.3% · 17.0 27.0 · · · · · · · · ·
P / Cash Flow 12-point trend, -553.9% -102.0 -437.1 213.2 15.8 20.5 20.1 20.7 15.6 18.6 17.4 18.7 22.5
P / FCF 12-point trend, -104.3% -5.4 -18.6 -32.9 28.9 34.8 33.5 30.3 24.9 31.6 30.0 32.5 126.2
Dividend Yield 12-point trend, +321.2% 13.9% 5.0% 4.9% 6.2% 4.3% 4.6% 3.6% 4.7% 3.9% 3.6% 4.2% 3.3%
Earnings Yield 12-point trend, -29483.3% -17.6% -5.5% 35.0% 0.19% 1.4% 0.22% 1.2% 1.4% 0.29% 0.80% 0.32% 0.06%
Payout Ratio 8-point trend, -124.1% -82.4% -92.8% 14.3% 3300.8% 311.9% 2081.9% 300.2% 341.5% · · · ·
Annual Payout 12-point trend, +176.8% $150M $189M $182M $170M $150M $129M $113M $98M $82M $68M $66M $54M

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $976M$1.04B$941M$600M$590M
Operating Margin % -10.4%-19.1%-13.7%19.0%20.2%
Net Income $-182M$-204M$1.27B$5M$48M
Diluted EPS $-3.80$-4.28$26.62$0.11$1.03
Balance Sheet
2025-12-312024-12-312023-12-312022-12-312021-12-31
Current Ratio 2.01.91.43.05.1
Quick Ratio 1.11.20.62.24.5
Cash Flow
2025-12-312024-12-312023-12-312022-12-312021-12-31
Free Cash Flow $-198M$-204M$-112M$95M$100M

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Institutional owners (13F) 263 filers · $579.9M total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
52 (+1 vs prior Q) 45 (-1 vs prior Q) 69 (-18 vs prior Q) 79 (+1 vs prior Q) -6.2M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
TURTLE CREEK ASSET MANAGEMENT INC. $58,344,955 4,203,527 10.06% Shares
BOSTON FINANCIAL MANGEMENT LLC $45,996,962 596,821 7.93% Shares
Park West Asset Management LLC $43,115,985 3,106,339 7.43% Shares
STATE STREET CORP $38,577,614 2,779,367 6.65% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $33,102,815 2,384,929 5.71% Shares
EdgePoint Investment Group Inc. $31,693,287 2,283,378 5.46% Shares
VANGUARD CAPITAL MANAGEMENT LLC $28,283,498 2,037,716 4.88% Shares
Newtyn Management, LLC $22,983,823 1,655,895 3.96% Shares
GEODE CAPITAL MANAGEMENT, LLC $14,822,883 1,067,654 2.56% Shares
Advisors Asset Management, Inc. $14,753,279 191,427 2.54% Shares
MAGNOLIA GROUP, LLC $13,598,042 979,686 2.34% Shares
Oakum Bay Capital LLC $13,006,646 690,374 2.24% Shares
MIG Capital, LLC $12,272,383 569,220 2.12% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $11,176,787 805,244 1.93% Shares
GILDER GAGNON HOWE & CO LLC $10,878,908 783,783 1.88% Shares
Broad Run Investment Management, LLC $9,162,604 660,130 1.58% Shares
Harspring Capital Management, LLC $8,319,922 599,418 1.43% Shares
CenterBook Partners LP $6,987,983 503,457 1.20% Shares
Madison Investment Advisors, LLC $6,332,302 82,163 1.09% Shares
AYAL Capital Advisors Ltd $5,552,000 400,000 0.96% Shares
FRONTIER CAPITAL MANAGEMENT CO LLC $5,310,595 382,608 0.92% Shares
VANGUARD FIDUCIARY TRUST CO $4,776,219 344,108 0.82% Shares
BNP PARIBAS FINANCIAL MARKETS $4,554,403 328,127 0.79% Shares
Granahan Investment Management, LLC $4,200,824 302,653 0.72% Shares
PDT Partners, LLC $4,114,573 296,439 0.71% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $3,996,052 287,900 0.69% Put option
CIBC Private Wealth Group LLC $3,977,460 103,715 0.69% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $3,897,365 280,790 0.67% Shares
FourWorld Capital Management LLC $3,685,140 265,500 0.64% Shares
14B Captial Management LP $3,665,200 170,000 0.63% Shares
CITADEL ADVISORS LLC $3,629,523 261,493 0.63% Shares
CITADEL ADVISORS LLC $3,607,412 259,900 0.62% Call option
BlackBarn Capital Partners LP $3,470,000 250,000 0.60% Shares
HERALD INVESTMENT MANAGEMENT Ltd $3,364,862 242,600 0.58% Shares
MYDA Advisors LLC $3,331,200 240,000 0.57% Shares
Palliser Capital (UK) Ltd $3,281,135 236,393 0.57% Shares
Squarepoint Ops LLC $3,137,366 226,035 0.54% Shares
XTX Topco Ltd $3,057,625 220,290 0.53% Shares
CITADEL ADVISORS LLC $2,720,480 196,000 0.47% Put option
Advantage Alpha Capital Partners LP $2,639,477 68,826 0.46% Shares
BANK OF AMERICA CORP /DE/ $2,467,892 177,802 0.43% Shares
Public Sector Pension Investment Board $2,277,833 164,109 0.39% Shares
FMR LLC $2,268,547 163,440 0.39% Shares
Global Endowment Management, LP $2,201,000 158,582 0.38% Shares
Y-Intercept (Hong Kong) Ltd $2,137,784 154,019 0.37% Shares
CAXTON ASSOCIATES LLP $2,014,071 145,106 0.35% Shares
TUDOR INVESTMENT CORP ET AL $1,933,054 139,269 0.33% Shares
BLAIR WILLIAM & CO/IL $1,865,209 134,381 0.32% Shares
ALGERT GLOBAL LLC $1,838,684 132,470 0.32% Shares
Bank of New York Mellon Corp $1,793,671 129,227 0.31% Shares
D. E. Shaw & Co., Inc. $1,782,109 128,394 0.31% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $1,705,852 122,900 0.29% Call option
LPL Financial LLC $1,697,746 122,316 0.29% Shares
MILLENNIUM MANAGEMENT LLC $1,653,635 119,138 0.29% Shares
RHUMBLINE ADVISERS $1,650,520 118,915 0.28% Shares
BOOTHBAY FUND MANAGEMENT, LLC $1,643,434 118,403 0.28% Shares
Skopos Labs, Inc. $1,540,929 81,791 0.27% Shares
Skylands Capital, LLC $1,366,139 98,425 0.24% Shares
Swiss National Bank $1,360,240 98,000 0.23% Shares
BlackRock, Inc. $1,273,754 91,769 0.22% Shares
WINTON GROUP Ltd $1,235,445 89,009 0.21% Shares
Schonfeld Strategic Advisors LLC $1,202,547 86,639 0.21% Shares
WOLVERINE TRADING, LLC $1,084,880 28,400 0.19% Put option
AMERIPRISE FINANCIAL INC $1,073,091 77,312 0.19% Shares
STATE OF WISCONSIN INVESTMENT BOARD $1,050,411 75,678 0.18% Shares
JANE STREET GROUP, LLC $1,035,448 74,600 0.18% Call option
Legal & General Group Plc $1,012,962 72,980 0.17% Shares
GOLDMAN SACHS GROUP INC $981,122 70,686 0.17% Shares
JANE STREET GROUP, LLC $966,312 69,619 0.17% Shares
ALLIANCEBERNSTEIN L.P. $948,048 50,321 0.16% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $861,252 45,714 0.15% Shares
WOLVERINE TRADING, LLC $851,860 22,300 0.15% Call option
VANGUARD GROUP INC $844,980 39,192 0.15% Shares
BROWN ADVISORY INC $797,764 57,476 0.14% Shares
JANE STREET GROUP, LLC $770,340 55,500 0.13% Put option
Salvus Wealth Management, LLC $714,639 37,932 0.12% Shares
IMC-Chicago, LLC $701,426 50,535 0.12% Shares
PRUDENTIAL FINANCIAL INC $696,429 50,175 0.12% Shares
RENAISSANCE TECHNOLOGIES LLC $683,326 49,231 0.12% Shares
Caption Management, LLC $659,300 47,500 0.11% Call option
VICTORY CAPITAL MANAGEMENT INC $643,949 46,394 0.11% Shares
Quantinno Capital Management LP $627,658 45,220 0.11% Shares
Walleye Capital LLC $601,004 43,300 0.10% Put option
Engineers Gate Manager LP $582,405 41,960 0.10% Shares
OPPENHEIMER & CO INC $576,034 41,501 0.10% Shares
Crawford Fund Management, LLC $527,440 38,000 0.09% Put option
New Age Alpha Advisors, LLC $523,443 37,712 0.09% Shares
Numerai GP LLC $504,816 36,370 0.09% Shares
ExodusPoint Capital Management, LP $485,550 34,982 0.08% Shares
OCCUDO QUANTITATIVE STRATEGIES LP $466,909 33,639 0.08% Shares
GROUP ONE TRADING LLC $441,953 31,841 0.08% Shares
PNC Financial Services Group, Inc. $428,559 30,876 0.07% Shares
VANGUARD ASSET MANAGEMENT, Ltd $424,936 30,615 0.07% Shares
Zurcher Kantonalbank (Zurich Cantonalbank) $399,369 28,773 0.07% Shares
WOLVERINE ASSET MANAGEMENT LLC $398,356 28,700 0.07% Put option
JANUS HENDERSON GROUP PLC $397,942 21,111 0.07% Shares
MetLife Investment Management, LLC $396,288 28,551 0.07% Shares
LAZARD ASSET MANAGEMENT LLC $368,958 26,582 0.06% Shares
PRAIRIEVIEW WEALTH PARTNERS, LLC $357,299 25,742 0.06% Shares
SHRIER WEALTH MANAGEMENT, LLC $325,531 23,453 0.06% Shares

Company insiders 27 insiders · 14 officers · 14 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Dave Schaeffer CHAIRMAN, CEO, AND PRESIDENT May 4, 2026 G 1,258,990 0 0 $0
Thaddeus Gerard Weed VICE PRESIDENT, CFO June 16, 2026 S 197,900 0 3 $-366,315
Helen Heyoung Lee CFO Oct. 10, 2003 J 0 0 0 $0
Reed R Harrison President & COO Sept. 10, 2009 M 45,000 0 0 $0
Henry W Kilmer VP OF NETWORK STRATEGY June 15, 2026 S 38,600 0 1 $-40,824
Timothy G Oneill VP Field Engineering Aug. 1, 2018 S 40,652 0 0 $0
Raymond B Kummer CTO; VP Optical Transport June 19, 2018 S 49,640 0 0 $0
Robert N Beury JR VP & Chief Legal Officer June 1, 2018 S 50,840 0 0 $0
James Bubeck Chief Revenue Officer May 11, 2018 S 33,542 0 0 $0
Ernest Ortega Chief Revenue Officer Sept. 16, 2015 S 38,800 0 0 $0
Jeffrey Karnes VP Sales & CRO May 1, 2013 S 72,218 0 0 $0
Mark A Schleifer VP of IP Engineering Dec. 2, 2011 M 0 0 0 $0
Warren Thrasher VP Global Customer Net Ops Oct. 26, 2005 A 0 0 $0
Bruce Thomas Wagner VP of Sales Feb. 12, 2004 D 259,999 0 0 $0
Eve N Howard Director June 30, 2026 A 27,306 0 0 $0
Deneen C Howell Director June 30, 2026 A 32,330 0 0 $0
de Sa Paul Director June 30, 2026 A 33,792 0 0 $0
Sheryl Lynn Kennedy Director June 30, 2026 A 13,690 0 0 $0
Marc Montagner Director June 30, 2026 A 99,842 0 0 $0
Lewis H Ferguson Director June 30, 2026 A 24,539 0 3 $-189,172
Steven D Brooks Director June 30, 2026 A 58,693 0 0 $0
Blake Bath Director April 1, 2023 A 25,452 0 0 $0
Tim Weingarten Director July 1, 2018 A 21,861 0 0 $0
Richard Liebhaber Director July 1, 2018 A 70,295 0 0 $0
Erel N Margalit Director July 1, 2013 A 2,500 0 0 $0
Edward F Glassmeyer Director Jan. 8, 2007 A 11,250 0 0 $0
Kenneth D Peterson JR March 23, 2007 D 0 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 15 positions

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
Undisclosed reporting person June 27, 2007 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person Nov. 29, 2006 Initial filing SEC
Worldview Technology Partners IV, L.P. (“WVTP IV”), Worldview Technology International IV, L.P. (“WVTI IV”), Worldview Strategic Partners IV, L.P. (“WVSP IV”), Worldview Capital IV, L.P.(“WVC IV”), Worldview Technology Partners III, L.P. (“WVTP III”), Worldview Technology International III, L.P. (“WVTI III”), Worldview Strategic Partners III, L.P. (“WVSP III”), Worldview III Carrier Fund, L.P. (“WVCF III”), Worldview Capital III, L.P. (“WVC III”), Worldview Equity I, L.L.C. (“WVE I”), James Wei (“Wei”), Michael Orsak (“Orsak”), Susumu Tanaka (“Tanaka”), Tim Weingarten (“Weingarten”) ×3 filings Nov. 20, 2006 Initial filing SEC
Jerusalem Venture Partners IV, L.P. (“JVP IV”), Jerusalem Venture Partners IV-A, L.P. (“JVP IV-A”), Jerusalem Venture Partners IV (Israel), L.P. (“JVP IV (Israel)”), Jerusalem Venture Partners Entrepreneurs Fund IV, L.P. (“JVP E-Fund IV”), Jerusalem Venture Partners III, L.P. (“JVP III”), Jerusalem Venture Partners Entrepreneur Fund III, L.P. (“JVP E-Fund III”), Jerusalem Venture Partners III (Israel), L.P. (“JVP III (Israel)”), Jerusalem Partners IV, L.P.(“JP IV”), Jerusalem Partners IV – Venture Capital, L.P.(“JP IV VC”), Jerusalem Partners III, L.P.(“JP III”), Jerusalem Venture Partners III (Israel) Management Company Ltd. (“JVP III (Israel) Mgmt”), Jerusalem Venture Partners Corporation (“JVPC”), JVP Corp. IV (“JVPCIV”), Erel Margalit (“Margalit”) ×4 filings Nov. 20, 2006 Initial filing SEC
Undisclosed reporting person June 16, 2006 Initial filing SEC
Cisco Systems Capital Corporation, Cisco Systems, Inc. ×2 filings June 27, 2005 Initial filing SEC
Undisclosed reporting person April 14, 2005 Initial filing M&A / sale SEC
BCP Capital, L.P. (formerly Broadview Capital Partners L.P.), BCP Capital QPF, L.P. (formerly Broadview Capital Partners Qualified Purchaser Fund L.P.), BCP Affiliates Fund LLC (formerly Broadview Capital Partners Affiliates Fund LLC), Broadview BCPSBS Fund L.P., BCP General LLC (formerly Broadview Capital Partners Management LLC), BCI Holdings L.P., BV Holdings LLP (formerly Broadview Holdings LLP), Steven D. Brooks, Stephen J. Bachmann, Paul F. Deninger March 16, 2005 Initial filing SEC
Oak Investment Partners IX, Limited Partnership, Oak Associates IX, LLC, Oak IX Affiliates Fund - A, Limited Partnership, Oak IX Affiliates Fund, Limited Partnership, Oak IX Affiliates, LLC, Oak Management Corporation, Bandel L. Carano, Gerald R. Gallagher, Edward F. Glassmeyer, Fredric W. Harman, Ann H. Lamont ×3 filings Feb. 23, 2005 Initial filing SEC
Undisclosed reporting person Dec. 17, 2004 Initial filing M&A / sale SEC
Undisclosed reporting person Aug. 5, 2004 Initial filing SEC
Broadview Capital Partners L.P., Broadview Capital Partners Qualified Purchaser Fund L.P., Broadview Capital Partners Affiliates Fund LLC, Broadview BCPSBS Fund L.P., Broadview Capital Partners Management LLC, BCI Holdings LP, Broadview Holdings LLP, Steven D. Brooks, Stephen J. Bachmann, Paul F. Deninger ×2 filings April 21, 2004 Initial filing M&A / sale SEC
Undisclosed reporting person April 14, 2004 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person April 9, 2004 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person April 9, 2004 Initial filing SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 47 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
EBIT · Harbor ETF Trust 0.19% 979 NS April 30, 2026 N-PORT
ESSC · Strategy Shares 0.15% 1,691 NS April 30, 2026 N-PORT
NUSC · Nushares ETF Trust 0.09% 51,859 NS April 30, 2026 N-PORT
FCOM · FIDELITY COVINGTON TRUST 0.07% 52,208 NS April 30, 2026 N-PORT
BBSC · J.P. Morgan Exchange-Traded Fund Tr… 0.05% 17,174 NS April 30, 2026 N-PORT
FNDA · SCHWAB STRATEGIC TRUST 0.05% 227,640 NS May 31, 2026 N-PORT
SAA · ProShares Trust 0.04% 567 NS May 31, 2026 N-PORT
RSSL · Global X Funds 0.03% 21,140 NS April 30, 2026 N-PORT
ITWO · ProShares Trust 0.02% 2,295 NS May 31, 2026 N-PORT
SCHA · SCHWAB STRATEGIC TRUST 0.02% 226,933 NS May 31, 2026 N-PORT
UWM · ProShares Trust 0.01% 1,795 NS May 31, 2026 N-PORT
URTY · ProShares Trust 0.01% 1,817 NS May 31, 2026 N-PORT
MSSM · MORGAN STANLEY PATHWAY FUNDS 0.00% 1,861 NS May 31, 2026 N-PORT
HDG · ProShares Trust 0.00% 46 NS May 31, 2026 N-PORT
ONEQ · Fidelity Commonwealth Trust 0.00% 19,371 NS May 31, 2026 N-PORT
FNDB · SCHWAB STRATEGIC TRUST 0.00% 2,331 NS May 31, 2026 N-PORT
AVSU · AMERICAN CENTURY ETF TRUST 0.00% 795 NS May 31, 2026 N-PORT
SCHB · SCHWAB STRATEGIC TRUST 0.00% 30,899 NS May 31, 2026 N-PORT
TILT · FlexShares Trust 0.00% 924 NS April 30, 2026 N-PORT
VXF · VANGUARD INDEX FUNDS July 15, 2026 Daily
VB · VANGUARD INDEX FUNDS July 15, 2026 Daily
VBK · VANGUARD INDEX FUNDS July 15, 2026 Daily
VTI · VANGUARD INDEX FUNDS July 15, 2026 Daily
VIOO · VANGUARD ADMIRAL FUNDS July 15, 2026 Daily
VIOG · VANGUARD ADMIRAL FUNDS July 30, 2026 Daily
VIOV · VANGUARD ADMIRAL FUNDS July 15, 2026 Daily
VTWO · VANGUARD SCOTTSDALE FUNDS July 15, 2026 Daily
VTWG · VANGUARD SCOTTSDALE FUNDS July 15, 2026 Daily
VTHR · VANGUARD SCOTTSDALE FUNDS July 15, 2026 Daily
IJR · iShares Trust Aug. 3, 2026 Daily
IJT · iShares Trust Aug. 17, 2026 Daily
IJS · iShares Trust Aug. 10, 2026 Daily
ITOT · iShares Trust July 22, 2026 Daily
IWV · iShares Trust Aug. 18, 2026 Daily
IWO · iShares Trust Aug. 18, 2026 Daily
IWM · iShares Trust Aug. 18, 2026 Daily
XJR · iShares Trust Aug. 18, 2026 Daily
PRFZ · Invesco Exchange-Traded Fund Trust July 20, 2026 Daily
NEAR · iShares U.S. ETF Trust Aug. 18, 2026 Daily
BSJR · Invesco Exchange-Traded Self-Indexe… Aug. 18, 2026 Daily
VOX · VANGUARD WORLD FUND July 20, 2026 Daily
ISCB · iShares Trust July 20, 2026 Daily
ISCV · iShares Trust July 20, 2026 Daily
ESML · iShares Trust Aug. 14, 2026 Daily
WSML · iShares Trust July 20, 2026 Daily
PSCU · Invesco Exchange-Traded Fund Trust … July 20, 2026 Daily
RWJ · Invesco Exchange-Traded Fund Trust … July 23, 2026 Daily