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Side-by-side financial comparison of COGENT COMMUNICATIONS HOLDINGS, INC. (CCOI) and Clearwater Paper Corp (CLW). Click either name above to swap in a different company.
Clearwater Paper Corp is the larger business by last-quarter revenue ($360.3M vs $240.5M, roughly 1.5× COGENT COMMUNICATIONS HOLDINGS, INC.). Clearwater Paper Corp runs the higher net margin — -3.6% vs -12.8%, a 9.2% gap on every dollar of revenue. On growth, COGENT COMMUNICATIONS HOLDINGS, INC. posted the faster year-over-year revenue change (-4.7% vs -4.7%). Over the past eight quarters, Clearwater Paper Corp's revenue compounded faster (2.3% CAGR vs -4.9%).
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.
Clearwater Paper Corporation is an American pulp and paperboard manufacturer. The company was created on December 9, 2008, via a spin-off from Potlatch Corporation and is headquartered in Spokane, Washington.
CCOI vs CLW — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $240.5M | $360.3M |
| Net Profit | $-30.8M | $-12.8M |
| Gross Margin | 46.6% | -0.2% |
| Operating Margin | -4.7% | — |
| Net Margin | -12.8% | -3.6% |
| Revenue YoY | -4.7% | -4.7% |
| Net Profit YoY | 28.9% | -103.2% |
| EPS (diluted) | $-0.63 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $360.3M | ||
| Q4 25 | $240.5M | $386.4M | ||
| Q3 25 | $241.9M | $399.0M | ||
| Q2 25 | $246.2M | $391.8M | ||
| Q1 25 | $247.0M | $378.2M | ||
| Q4 24 | $252.3M | $387.1M | ||
| Q3 24 | $257.2M | $393.3M | ||
| Q2 24 | $260.4M | $344.4M |
| Q1 26 | — | $-12.8M | ||
| Q4 25 | $-30.8M | $38.3M | ||
| Q3 25 | $-41.5M | $-53.3M | ||
| Q2 25 | $-57.8M | $2.7M | ||
| Q1 25 | $-52.0M | $-6.3M | ||
| Q4 24 | $-43.3M | $199.1M | ||
| Q3 24 | $-63.1M | $5.8M | ||
| Q2 24 | $-32.3M | $-25.8M |
| Q1 26 | — | -0.2% | ||
| Q4 25 | 46.6% | 4.5% | ||
| Q3 25 | 45.6% | 4.7% | ||
| Q2 25 | 44.2% | 11.0% | ||
| Q1 25 | 44.4% | 9.7% | ||
| Q4 24 | 38.5% | 3.8% | ||
| Q3 24 | 37.2% | 7.7% | ||
| Q2 24 | 40.0% | -0.6% |
| Q1 26 | — | — | ||
| Q4 25 | -4.7% | 1.9% | ||
| Q3 25 | -7.5% | -13.9% | ||
| Q2 25 | -12.8% | 2.5% | ||
| Q1 25 | -16.3% | -1.1% | ||
| Q4 24 | -13.2% | -4.0% | ||
| Q3 24 | -22.5% | -0.3% | ||
| Q2 24 | -18.1% | -13.6% |
| Q1 26 | — | -3.6% | ||
| Q4 25 | -12.8% | 9.9% | ||
| Q3 25 | -17.2% | -13.4% | ||
| Q2 25 | -23.5% | 0.7% | ||
| Q1 25 | -21.1% | -1.7% | ||
| Q4 24 | -17.2% | 51.4% | ||
| Q3 24 | -24.5% | 1.5% | ||
| Q2 24 | -12.4% | -7.5% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.63 | $2.36 | ||
| Q3 25 | $-0.87 | $-3.30 | ||
| Q2 25 | $-1.21 | $0.17 | ||
| Q1 25 | $-1.09 | $-0.38 | ||
| Q4 24 | $-0.89 | $11.87 | ||
| Q3 24 | $-1.33 | $0.35 | ||
| Q2 24 | $-0.68 | $-1.55 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $148.5M | $36.5M |
| Total DebtLower is stronger | $1.7B | $361.1M |
| Stockholders' EquityBook value | $-63.8M | $813.8M |
| Total Assets | $3.1B | $1.6B |
| Debt / EquityLower = less leverage | — | 0.44× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $36.5M | ||
| Q4 25 | $148.5M | $30.7M | ||
| Q3 25 | $147.1M | $34.4M | ||
| Q2 25 | $213.7M | $46.7M | ||
| Q1 25 | $153.8M | $44.0M | ||
| Q4 24 | $198.5M | $79.6M | ||
| Q3 24 | $279.2M | $35.5M | ||
| Q2 24 | $384.4M | $39.6M |
| Q1 26 | — | $361.1M | ||
| Q4 25 | $1.7B | $346.8M | ||
| Q3 25 | — | $337.0M | ||
| Q2 25 | — | $330.1M | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.5B | $283.4M | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.1B |
| Q1 26 | — | $813.8M | ||
| Q4 25 | $-63.8M | $825.3M | ||
| Q3 25 | $-39.2M | $783.0M | ||
| Q2 25 | $46.7M | $836.8M | ||
| Q1 25 | $142.8M | $836.6M | ||
| Q4 24 | $222.8M | $854.6M | ||
| Q3 24 | $323.6M | $664.6M | ||
| Q2 24 | $415.5M | $658.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $3.1B | $1.6B | ||
| Q3 25 | $3.1B | $1.6B | ||
| Q2 25 | $3.3B | $1.6B | ||
| Q1 25 | $3.1B | $1.6B | ||
| Q4 24 | $3.2B | $1.7B | ||
| Q3 24 | $3.2B | $2.5B | ||
| Q2 24 | $3.3B | $2.5B |
| Q1 26 | — | 0.44× | ||
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.43× | ||
| Q2 25 | — | 0.39× | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.53× | 0.33× | ||
| Q3 24 | — | 1.73× | ||
| Q2 24 | — | 1.74× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-6.0M | — |
| Free Cash FlowOCF − Capex | $-43.0M | — |
| FCF MarginFCF / Revenue | -17.9% | — |
| Capex IntensityCapex / Revenue | 15.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-198.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-6.0M | $5.0M | ||
| Q3 25 | $3.1M | $34.0M | ||
| Q2 25 | $-44.0M | $-28.2M | ||
| Q1 25 | $36.4M | $1.5M | ||
| Q4 24 | $14.5M | $-35.1M | ||
| Q3 24 | $-20.2M | $16.2M | ||
| Q2 24 | $-22.2M | $21.1M |
| Q1 26 | — | — | ||
| Q4 25 | $-43.0M | $-9.9M | ||
| Q3 25 | $-33.1M | $15.7M | ||
| Q2 25 | $-100.2M | $-51.1M | ||
| Q1 25 | $-21.7M | $-31.2M | ||
| Q4 24 | $-31.6M | $-68.1M | ||
| Q3 24 | $-79.5M | $-30.8M | ||
| Q2 24 | $-70.9M | $3.0M |
| Q1 26 | — | — | ||
| Q4 25 | -17.9% | -2.6% | ||
| Q3 25 | -13.7% | 3.9% | ||
| Q2 25 | -40.7% | -13.0% | ||
| Q1 25 | -8.8% | -8.2% | ||
| Q4 24 | -12.5% | -17.6% | ||
| Q3 24 | -30.9% | -7.8% | ||
| Q2 24 | -27.2% | 0.9% |
| Q1 26 | — | — | ||
| Q4 25 | 15.4% | 3.9% | ||
| Q3 25 | 15.0% | 4.6% | ||
| Q2 25 | 22.8% | 5.8% | ||
| Q1 25 | 23.5% | 8.6% | ||
| Q4 24 | 18.3% | 8.5% | ||
| Q3 24 | 23.0% | 12.0% | ||
| Q2 24 | 18.7% | 5.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.13× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -10.44× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -0.18× | ||
| Q3 24 | — | 2.79× | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
