Demonstrações financeiras detalhadas de Cogent Communications Holdings, Inc. (CCOI): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
Cogent Communications Holdings, Inc. registou receitas de $975.8M no último exercício, com um CAGR de 5 anos de 11.4%.
Margens dos últimos 12 meses: margem bruta 42.0%, margem operacional 5.3%, margem líquida -7.2%.
Ao preço atual de $9.21, CCOI apresenta lucros negativos (P/L não significativo) e um ROE de 140.52%. A capitalização de mercado é de $461M.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $446.9M | $485.2M | $520.2M | $546.2M | $568.1M | $589.8M | $599.6M | $940.9M | $1.04B | $975.8M |
| Custo da Receita | $194.1M | $209.3M | $219.5M | $219.8M | $219.2M | $226.3M | $228.2M | $544.2M | $641.8M | $805.1M |
| Lucro Bruto | $252.8M | $275.9M | $300.7M | $326.4M | $348.9M | $363.5M | $371.4M | $396.7M | $394.3M | $170.6M |
| P&D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Despesas Gerais e Administrativas | $120.7M | $127.9M | $133.9M | $146.9M | $158.5M | $162.4M | $163.0M | $275.3M | $275.8M | $76.6M |
| Despesas Operacionais | $195.9M | $203.8M | $215.1M | $226.1M | $242.0M | $244.2M | $257.5M | $526.0M | $591.9M | $274.4M |
| Lucro Operacional | $64.0M | $75.9M | $86.6M | $100.3M | $106.9M | $119.2M | $114.0M | -$129.3M | -$197.6M | -$103.8M |
| EBITDA | $135.2M | $148.0M | $166.8M | $190.4M | $156.3M | $218.7M | $229.3M | $1.56B | $161.7M | $186.6M |
| Despesas com Juros | $40.8M | $48.5M | $51.1M | $57.5M | $62.5M | $58.1M | $67.6M | $106.8M | $123.3M | $161.4M |
| Lucro Antes de Impostos | $24.3M | $31.1M | $41.4M | $52.7M | $10.3M | $71.4M | $26.4M | $1.22B | -$259.6M | -$245.0M |
| Imposto | $9.3M | $25.2M | $12.7M | $15.2M | $4.1M | $23.2M | $21.2M | -$54.0M | -$55.6M | -$62.8M |
| Lucro Líquido | $14.9M | $5.9M | $28.7M | $37.5M | $6.2M | $48.2M | $5.1M | $1.27B | -$204.1M | -$182.2M |
| LPA | $0.33 | $0.13 | $0.63 | $0.82 | $0.14 | $1.04 | $0.11 | $26.88 | $-4.28 | $-3.80 |
| LPA Diluído | $0.33 | $0.13 | $0.63 | $0.81 | $0.13 | $1.03 | $0.11 | $26.62 | $-4.30 | $-3.80 |
| Ações em Circulação (Diluídas) | $44.9M | $45.2M | $45.8M | $46.1M | $46.7M | $47.0M | $47.2M | $47.8M | $47.6M | $47.9M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $222.7M | $240.5M | $239.2M | $474.7M |
| Lucro Bruto | $110.3M | $53.7M | $110.0M | $220.5M |
| Lucro Operacional | -$18.1M | -$11.5M | -$13.5M | $105.4M |
| EBITDA | $51.2M | $55.2M | $47.0M | $226.8M |
| Lucro Líquido | -$41.5M | -$30.8M | -$39.5M | $27.1M |
| LPA | $-0.87 | $-0.64 | $-0.83 | $0.56 |
| LPA Diluído | $-0.87 | $-0.64 | $-0.83 | $0.56 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $274.3M | $247.0M | $276.1M | $399.4M | $371.3M | $319.6M | $223.8M | $75.1M | $198.5M | $205.1M |
| Investimentos de Curto Prazo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Contas a Receber | $33.6M | $39.1M | $41.7M | $40.5M | $44.2M | $41.9M | $44.1M | $319.3M | $180.1M | $177.8M |
| Estoque | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ativos Circulantes | $327.6M | $306.1M | $350.3M | $475.7M | $456.3M | $409.6M | $365.9M | $513.6M | $482.1M | $450.6M |
| Imobilizado | $361.6M | $381.3M | $375.3M | $442.4M | $530.0M | $559.6M | $626.0M | $1.90B | $1.99B | $2.03B |
| Ágio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ativos Intangíveis | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $472.8M | $471.0M | $469.3M |
| Ativos Totais | $737.9M | $710.6M | $739.9M | $932.1M | $1.00B | $984.6M | $1.01B | $3.21B | $3.17B | $3.10B |
| Contas a Pagar | $11.6M | $11.6M | $8.5M | $11.1M | $9.8M | $11.9M | $27.2M | $48.4M | $39.8M | $30.6M |
| Dívida de Curto Prazo | 0 | 0 | $4.2M | 0 | 0 | 0 | 0 | 0 | 0 | $80.7M |
| Passivos Circulantes | $67.9M | $74.5M | $75.3M | $89.7M | $94.4M | $81.0M | $120.3M | $373.3M | $253.3M | $220.8M |
| Dívida de Longo Prazo | $559.9M | $560.7M | $631.5M | $782.5M | $869.7M | $891.4M | $944.3M | $945.6M | $1.44B | $1.98B |
| Passivos Totais | $791.1M | $813.1M | $888.9M | $1.14B | $1.29B | $1.36B | $1.53B | $2.60B | $2.95B | $3.16B |
| Reservas | -$478.9M | -$554.7M | -$609.5M | -$684.6M | -$807.8M | -$909.9M | -$1.07B | $17.1M | -$376.3M | -$708.6M |
| Patrimônio Líquido | -$53.3M | -$102.5M | -$149.0M | -$203.7M | -$293.2M | -$373.1M | -$518.6M | $609.6M | $222.8M | -$63.8M |
| Dívida Total | $701.8M | $718.2M | $795.2M | $1.05B | $1.21B | $1.26B | $1.36B | $1.83B | $2.34B | $2.93B |
| Dívida Líquida | $427.5M | $471.2M | $519.1M | $649.6M | $840.0M | $941.7M | $1.13B | $1.75B | $2.14B | $2.73B |
| Capital de Giro | $259.7M | $231.6M | $275.0M | $386.0M | $361.9M | $328.6M | $245.6M | $140.3M | $228.8M | $229.7M |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $147.1M | $205.1M | $140.3M | $183.7M |
| Ativos Totais | $3.15B | $3.10B | $3.06B | $3.10B |
| Passivos Totais | $3.19B | $3.16B | $3.16B | $3.14B |
| Patrimônio Líquido | -$39.2M | -$63.8M | -$104.2M | -$34.1M |
| Dívida Total | $2.65B | $2.93B | $2.66B | $2.64B |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | $14.9M | $5.9M | $28.7M | $37.5M | $6.2M | $48.2M | $5.1M | $1.27B | -$204.1M | -$182.2M |
| Depreciação e Amortização | $75.2M | $75.9M | $81.2M | $80.2M | $83.5M | $89.2M | $92.2M | $232.2M | $298.0M | $270.2M |
| Compensação em Ações | $10.7M | $13.3M | $17.7M | $18.5M | $23.5M | $26.8M | $24.4M | $26.9M | $25.7M | $26.4M |
| Variação Capital de Giro | $3.8M | -$4.5M | -$5.2M | $1.2M | -$9.6M | $11.2M | $53.2M | -$12.1M | -$30.3M | -$50.5M |
| Fluxo de Caixa Operacional | $108.0M | $111.7M | $133.9M | $148.8M | $140.3M | $170.3M | $173.7M | $17.3M | -$8.6M | -$10.6M |
| CapEx | -$45.2M | -$45.8M | -$49.9M | -$47.0M | -$56.0M | -$69.9M | -$79.0M | -$129.6M | -$195.0M | -$187.6M |
| Aquisições | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $2.2M | $12.3M | 0 |
| Recompra de Ações | -$4.5M | -$1.8M | -$6.6M | 0 | -$4.5M | 0 | 0 | 0 | -$8.0M | -$16.7M |
| Dividendos Pagos | -$68.2M | -$81.7M | -$97.9M | -$112.6M | -$129.4M | -$150.3M | -$169.9M | -$181.7M | -$189.4M | -$150.1M |
| Fluxo de Caixa Livre | $62.7M | $65.9M | $84.0M | $101.9M | $84.4M | $100.3M | $94.7M | -$112.3M | -$203.6M | -$198.1M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | $3.1M | -$6.0M | $14.8M | $3.2M |
| CapEx | -$36.2M | -$37.0M | -$46.2M | -$38.5M |
| Fluxo de Caixa Livre | -$33.1M | -$43.0M | -$31.4M | -$35.3M |
| Dividendos Pagos | -$49.1M | -$2.3M | -$1.3M | -$2.3M |
| Compensação em Ações | $8.9M | $4.8M | $7.6M | $7.6M |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | +8.6% | +7.2% | +5.0% | +4.0% | +3.8% | +1.7% | +56.9% | +10.1% | -5.8% |
| Crescimento Lucro Líquido (anual) | | -60.6% | +387.9% | +30.9% | -83.4% | +675.2% | -89.3% | +24646.2% | -116.0% | +10.7% |
| Crescimento LPA (anual) | | -60.6% | +384.6% | +30.2% | -82.9% | +642.9% | -89.4% | +24336.4% | -115.9% | +11.2% |
| Variação de Ações (anual) | | +0.7% | +1.3% | +0.7% | +1.3% | +0.6% | +0.5% | +1.3% | -0.4% | +0.6% |
| Crescimento FCF (anual) | | +5.0% | +27.4% | +21.3% | -17.2% | +18.9% | -5.6% | -218.5% | -81.4% | +2.7% |
| Margem Bruta | 56.6% | 56.9% | 57.8% | 59.8% | 61.4% | 61.6% | 61.9% | 42.2% | 38.1% | 17.5% |
| Margem Operacional | 14.3% | 15.6% | 16.6% | 18.4% | 18.8% | 20.2% | 19.0% | -13.7% | -19.1% | -10.6% |
| Margem EBITDA | 30.3% | 30.5% | 32.1% | 34.9% | 27.5% | 37.1% | 38.2% | 165.6% | 15.6% | 19.1% |
| Margem Líquida | 3.3% | 1.2% | 5.5% | 6.9% | 1.1% | 8.2% | 0.9% | 135.3% | -19.7% | -18.7% |
| Margem FCF | 14.0% | 13.6% | 16.1% | 18.6% | 14.9% | 17.0% | 15.8% | -11.9% | -19.7% | -20.3% |
| Taxa Efetiva de Imposto | 38.5% | 81.1% | 30.7% | 28.8% | 39.7% | 32.5% | 80.5% | -4.4% | 21.4% | 25.6% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $1.40 | $1.46 | $1.83 | $2.21 | $1.81 | $2.14 | $2.01 | $-2.35 | $-4.28 | $-4.13 |
| Dividendo por Ação | $1.52 | $1.81 | $2.14 | $2.44 | $2.77 | $3.20 | $3.60 | $3.80 | $3.98 | $3.13 |
| Ações em Circulação (Básicas) | $44.6M | $44.9M | $45.3M | $45.5M | $45.9M | $46.4M | $46.9M | $47.4M | $47.5M | $47.9M |
O que olhar em empresas de Communication Services
- Crescimento de receita 3a (≥15%/ano) — Valida tração sustentada, não um ano pontual.
- Margem bruta (Depende do sub-setor) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Receita (≥20%) — Caixa real gerada. Muitas tech maquilham lucros não-GAAP.
- ROIC (≥15%) — Eficiência do capital reinvestido — a primeira métrica de Buffett.
- SBC / Receita (<10% saudável) — Stock-based compensation. Diluição silenciosa: >20% destrói valor.
- Dívida Líquida / EBITDA (≤2x (1,5x SaaS)) — Resistência em recessões e subidas de juros.
Rentabilidade
| Retorno sobre patrimônio | 140.52% |
| Retorno sobre capital investido | 1.50% |
| Retorno sobre ativos | -2.73% |
| Margem bruta | 42.00% |
| Margem operacional | 5.29% |
| Margem líquida | -7.20% |
Saúde financeira
| Dívida / Patrimônio | -77.23 |
| Liquidez corrente | 0.63 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | 125.30 | 348.46 | 71.76 | 80.26 | 427.64 | 70.37 | 518.91 | 2.83 | -18.01 | -5.67 |
| P/VP | -34.66 | -19.82 | -13.74 | -14.72 | -9.38 | -9.10 | -5.16 | 5.91 | 16.44 | -16.18 |
| P/V | 4.13 | 4.19 | 3.94 | 5.49 | 4.84 | 5.76 | 4.46 | 3.83 | 3.54 | 1.06 |
| Margem Bruta | 56.6% | 56.9% | 57.8% | 59.8% | 61.4% | 61.6% | 61.9% | 42.2% | 38.1% | 17.5% |
| Margem Operacional | 14.3% | 15.6% | 16.6% | 18.4% | 18.8% | 20.2% | 19.0% | -13.7% | -19.1% | -10.6% |
| Margem Líquida | 3.3% | 1.2% | 5.5% | 6.9% | 1.1% | 8.2% | 0.9% | 135.3% | -19.7% | -18.7% |