Does COGENT COMMUNICATIONS HOLDINGS, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores COGENT COMMUNICATIONS HOLDINGS, INC. (CCOI) 55.9 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 81, returns on capital 90, balance-sheet safety 0, capital discipline 24.

Is CCOI stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $4.08 per share versus a recent price of $10.97 — 169% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has CCOI's Moat Score changed over time?

The record logs 2 readings since Jul 17, 2026; the latest reads 55.9 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

COGENT COMMUNICATIONS HOLDINGS, INC.

CCOI · Communications · $549.2M mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power81

Median gross margin 57.3% over 10y, stable.

Returns on capital90

Median ROIC 24.6%, above the 9% hurdle in 70% of years.

Balance-sheet safety0

Net debt/EBITDA 9.4x, interest coverage 0x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

169% above value

Owner earnings (normalized): $18.4M
Est. intrinsic value / share: $4.08
Recent price: $10.97
Discount to value: 169% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Fundamentals

There's no normalized fundamentals series for CCOI yet — it appears once ingest has processed its filings.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale55.9 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — CCOI has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Communications context

#15 of 56 scored Communications companies, ranked by Moat Score.

Nearest peers by Moat Score

#13WMG Warner Music Group Corp.57.9 out of 100, Shallow moatShallow moat
#14GSAT GLOBALSTAR, INC.57.7 out of 100, Shallow moatShallow moat
#16SIRI SIRIUS XM HOLDINGS INC.52.9 out of 100, Shallow moatShallow moat
#17LTH Life Time Group Holdings, Inc.51.3 out of 100, Shallow moatShallow moat

Compare CCOI with its nearest peers →All Communications companies on the Index →

Common questions about CCOI

Does COGENT COMMUNICATIONS HOLDINGS, INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores COGENT COMMUNICATIONS HOLDINGS, INC. (CCOI) 55.9 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 81, returns on capital 90, balance-sheet safety 0, capital discipline 24.
Is CCOI stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $4.08 per share versus a recent price of $10.97 — 169% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has CCOI's Moat Score changed over time?: The record logs 2 readings since Jul 17, 2026; the latest reads 55.9 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell CCOI. See the disclaimer.