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CCOI

COGENT COMMUNICATIONS HOLDINGS, INC.
CIK 0001158324 · EDGAR ↗
cleanelevatedtriggeredno dataplanned
76.2
composite · 4 signals · ELEVATED

Every card below shows the score and the exact filing data it was computed from — no unexplained numbers. Some signals (P-02, P-03, P-08, P-09, P-10, P-11) pull live documents from SEC EDGAR the first time you view this company; a few of those (P-03, P-10, P-11) use AI to read the filing text, but every AI claim must quote the actual document verbatim or it's discarded — never a guess.

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Signals

P-05 · FY 2023-12-31 · ELEVATED100.0

Tax arbitrage

[FY2023 data, stale — no more recent pretax-income figure in XBRL] ETR -4.4% vs 21% statutory — gap persistent across 1 of 1 years
trend: flat
Trend
Source: 10-K on SEC.gov (filed 2026-02-20) ↗
Evidence — inputs and thresholds
{
  "etr_by_year": {
    "2023-12-31": -0.0443
  },
  "statutory_rate": 0.21,
  "gap_by_year": {
    "2023-12-31": 0.2543
  },
  "note": "Low ETR can be fully legitimate; this flags persistence + magnitude for review.",
  "stale": true,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/1158324/000110465926017968/0001104659-26-017968-index.htm",
    "form": "10-K",
    "filed": "2026-02-20"
  }
}
P-13 · FY 2024-12-31 · ELEVATED100.0

Zombie / distress

Interest coverage -1.60x below 1.0
trend: flat
Trend
Source: 10-K on SEC.gov (filed 2026-02-20) ↗
Evidence — inputs and thresholds
{
  "icr_by_year": {
    "2025-12-31": null,
    "2024-12-31": -1.602,
    "2023-12-31": -1.386,
    "2022-12-31": 1.029
  },
  "consecutive_years_below_1": 2,
  "altman_z_double_prime": -0.253,
  "definitions": {
    "zombie": "ICR<1 for 3+ consecutive FYs (BIS 2018)",
    "z_distress": "<1.1 distress, 1.1-2.6 gray, >2.6 safe"
  },
  "inputs": {
    "ebit_t": -197606000,
    "interest_expense_t": 123317000
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/1158324/000110465926017968/0001104659-26-017968-index.htm",
    "form": "10-K",
    "filed": "2026-02-20"
  }
}
P-01 · FY 2025-12-31 · CLEAN14.6

Earnings quality

Beneish M-Score -2.99 — no manipulation profile
trend: flat
Trend
Source: 10-K on SEC.gov (filed 2026-02-20) ↗
Evidence — inputs and thresholds
{
  "m_score": -2.988,
  "threshold": -1.78,
  "ratios": {
    "DSRI": 0.965,
    "GMI": 0.842,
    "AQI": 0.925,
    "SGI": 0.942,
    "DEPI": 1.119,
    "SGAI": 1.057,
    "LVGI": 1.169,
    "TATA": -0.055
  },
  "defaulted_to_neutral": [],
  "sloan_accruals": -0.0547,
  "inputs": {
    "revenue_t": 975766000,
    "revenue_t1": 1036104000,
    "total_assets_t": 3099784000,
    "net_income_t": -182174000,
    "cfo_t": -10579000
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/1158324/000110465926017968/0001104659-26-017968-index.htm",
    "form": "10-K",
    "filed": "2026-02-20"
  }
}
P-12 · FY 2025-12-31 · CLEAN6.9

Restatement predictor

F-Score 0.21 — at or below the population base rate
trend: flat
Trend
Source: 10-K on SEC.gov (filed 2026-02-20) ↗
Evidence — inputs and thresholds
{
  "f_score": 0.207,
  "probability": 0.00077,
  "components": {
    "rsst": -0.0547,
    "drec": -0.0028,
    "dinv": null,
    "soft": 0.3969,
    "dcs": -0.0497,
    "droa": 0.0055,
    "issue": 0
  },
  "model": "Dechow et al. 2011, Model 1 (simplified RSST)",
  "thresholds": {
    "elevated": 1,
    "triggered": 1.85
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/1158324/000110465926017968/0001104659-26-017968-index.htm",
    "form": "10-K",
    "filed": "2026-02-20"
  }
}