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Side-by-side financial comparison of COGENT COMMUNICATIONS HOLDINGS, INC. (CCOI) and National Storage Affiliates Trust (NSA). Click either name above to swap in a different company.
COGENT COMMUNICATIONS HOLDINGS, INC. is the larger business by last-quarter revenue ($240.5M vs $187.0M, roughly 1.3× National Storage Affiliates Trust). National Storage Affiliates Trust runs the higher net margin — 12.2% vs -12.8%, a 25.0% gap on every dollar of revenue. On growth, National Storage Affiliates Trust posted the faster year-over-year revenue change (-1.6% vs -4.7%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $-43.0M). Over the past eight quarters, National Storage Affiliates Trust's revenue compounded faster (-2.4% 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.
National Storage Affiliates Trust is a U.S.-headquartered real estate investment trust focused on self-storage assets. It owns, operates and acquires self-storage facilities across dozens of U.S. states, offering secure storage solutions for residential and commercial customers.
CCOI vs NSA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $240.5M | $187.0M |
| Net Profit | $-30.8M | $22.9M |
| Gross Margin | 46.6% | 72.5% |
| Operating Margin | -4.7% | 20.2% |
| Net Margin | -12.8% | 12.2% |
| Revenue YoY | -4.7% | -1.6% |
| Net Profit YoY | 28.9% | 36.8% |
| EPS (diluted) | $-0.63 | $0.23 |
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.
| Q4 25 | $240.5M | $187.0M | ||
| Q3 25 | $241.9M | $188.7M | ||
| Q2 25 | $246.2M | $188.8M | ||
| Q1 25 | $247.0M | $188.4M | ||
| Q4 24 | $252.3M | $190.1M | ||
| Q3 24 | $257.2M | $193.6M | ||
| Q2 24 | $260.4M | $190.4M | ||
| Q1 24 | $266.2M | $196.1M |
| Q4 25 | $-30.8M | $22.9M | ||
| Q3 25 | $-41.5M | $18.4M | ||
| Q2 25 | $-57.8M | $19.5M | ||
| Q1 25 | $-52.0M | $13.0M | ||
| Q4 24 | $-43.3M | $16.7M | ||
| Q3 24 | $-63.1M | $18.7M | ||
| Q2 24 | $-32.3M | $17.1M | ||
| Q1 24 | $-65.3M | $59.0M |
| Q4 25 | 46.6% | 72.5% | ||
| Q3 25 | 45.6% | 70.7% | ||
| Q2 25 | 44.2% | 70.5% | ||
| Q1 25 | 44.4% | 70.7% | ||
| Q4 24 | 38.5% | 72.5% | ||
| Q3 24 | 37.2% | 72.8% | ||
| Q2 24 | 40.0% | 72.6% | ||
| Q1 24 | 36.5% | 72.1% |
| Q4 25 | -4.7% | 20.2% | ||
| Q3 25 | -7.5% | 15.8% | ||
| Q2 25 | -12.8% | 16.5% | ||
| Q1 25 | -16.3% | 11.0% | ||
| Q4 24 | -13.2% | 14.5% | ||
| Q3 24 | -22.5% | 15.8% | ||
| Q2 24 | -18.1% | 17.2% | ||
| Q1 24 | -22.3% | 48.9% |
| Q4 25 | -12.8% | 12.2% | ||
| Q3 25 | -17.2% | 9.8% | ||
| Q2 25 | -23.5% | 10.3% | ||
| Q1 25 | -21.1% | 6.9% | ||
| Q4 24 | -17.2% | 8.8% | ||
| Q3 24 | -24.5% | 9.7% | ||
| Q2 24 | -12.4% | 9.0% | ||
| Q1 24 | -24.5% | 30.1% |
| Q4 25 | $-0.63 | $0.23 | ||
| Q3 25 | $-0.87 | $0.17 | ||
| Q2 25 | $-1.21 | $0.19 | ||
| Q1 25 | $-1.09 | $0.10 | ||
| Q4 24 | $-0.89 | $0.19 | ||
| Q3 24 | $-1.33 | $0.18 | ||
| Q2 24 | $-0.68 | $0.16 | ||
| Q1 24 | $-1.38 | $0.65 |
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 | $23.3M |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $-63.8M | $946.0M |
| Total Assets | $3.1B | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $148.5M | $23.3M | ||
| Q3 25 | $147.1M | $26.3M | ||
| Q2 25 | $213.7M | $26.1M | ||
| Q1 25 | $153.8M | $19.3M | ||
| Q4 24 | $198.5M | $50.4M | ||
| Q3 24 | $279.2M | $69.9M | ||
| Q2 24 | $384.4M | $59.0M | ||
| Q1 24 | $118.4M | $64.2M |
| Q4 25 | $1.7B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $-63.8M | $946.0M | ||
| Q3 25 | $-39.2M | $973.1M | ||
| Q2 25 | $46.7M | $1.0B | ||
| Q1 25 | $142.8M | $1.0B | ||
| Q4 24 | $222.8M | $1.1B | ||
| Q3 24 | $323.6M | $986.9M | ||
| Q2 24 | $415.5M | $1.2B | ||
| Q1 24 | $500.6M | $1.3B |
| Q4 25 | $3.1B | $5.1B | ||
| Q3 25 | $3.1B | $5.1B | ||
| Q2 25 | $3.3B | $5.2B | ||
| Q1 25 | $3.1B | $5.3B | ||
| Q4 24 | $3.2B | $5.4B | ||
| Q3 24 | $3.2B | $5.4B | ||
| Q2 24 | $3.3B | $5.3B | ||
| Q1 24 | $3.1B | $5.4B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.53× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $338.5M |
| Free Cash FlowOCF − Capex | $-43.0M | $299.8M |
| FCF MarginFCF / Revenue | -17.9% | 160.3% |
| Capex IntensityCapex / Revenue | 15.4% | 20.7% |
| Cash ConversionOCF / Net Profit | — | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | $-198.1M | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.0M | $338.5M | ||
| Q3 25 | $3.1M | $100.2M | ||
| Q2 25 | $-44.0M | $79.9M | ||
| Q1 25 | $36.4M | $85.6M | ||
| Q4 24 | $14.5M | $363.1M | ||
| Q3 24 | $-20.2M | $105.7M | ||
| Q2 24 | $-22.2M | $83.2M | ||
| Q1 24 | $19.2M | $94.0M |
| Q4 25 | $-43.0M | $299.8M | ||
| Q3 25 | $-33.1M | $88.0M | ||
| Q2 25 | $-100.2M | $73.8M | ||
| Q1 25 | $-21.7M | $79.9M | ||
| Q4 24 | $-31.6M | $344.4M | ||
| Q3 24 | $-79.5M | $101.8M | ||
| Q2 24 | $-70.9M | $79.5M | ||
| Q1 24 | $-21.7M | $88.6M |
| Q4 25 | -17.9% | 160.3% | ||
| Q3 25 | -13.7% | 46.6% | ||
| Q2 25 | -40.7% | 39.1% | ||
| Q1 25 | -8.8% | 42.4% | ||
| Q4 24 | -12.5% | 181.2% | ||
| Q3 24 | -30.9% | 52.6% | ||
| Q2 24 | -27.2% | 41.7% | ||
| Q1 24 | -8.1% | 45.2% |
| Q4 25 | 15.4% | 20.7% | ||
| Q3 25 | 15.0% | 6.5% | ||
| Q2 25 | 22.8% | 3.2% | ||
| Q1 25 | 23.5% | 3.0% | ||
| Q4 24 | 18.3% | 9.8% | ||
| Q3 24 | 23.0% | 2.0% | ||
| Q2 24 | 18.7% | 1.9% | ||
| Q1 24 | 15.4% | 2.7% |
| Q4 25 | — | 14.79× | ||
| Q3 25 | — | 5.44× | ||
| Q2 25 | — | 4.10× | ||
| Q1 25 | — | 6.59× | ||
| Q4 24 | — | 21.70× | ||
| Q3 24 | — | 5.65× | ||
| Q2 24 | — | 4.88× | ||
| Q1 24 | — | 1.59× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
