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Side-by-side financial comparison of COGENT COMMUNICATIONS HOLDINGS, INC. (CCOI) and Piedmont Realty Trust, Inc. (PDM). 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 $143.3M, roughly 1.7× Piedmont Realty Trust, Inc.). COGENT COMMUNICATIONS HOLDINGS, INC. runs the higher net margin — -12.8% vs -31.4%, a 18.6% gap on every dollar of revenue. On growth, Piedmont Realty Trust, Inc. posted the faster year-over-year revenue change (0.4% vs -4.7%). Over the past eight quarters, Piedmont Realty Trust, Inc.'s revenue compounded faster (0.0% 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.
Piedmont Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) that owns, operates, and invests in high-quality office properties primarily located in high-growth metropolitan areas across the United States. It serves corporate tenants across multiple industry sectors including technology, professional services, and healthcare, and pursues stable long-term returns for stakeholders via strategic property management and portfolio optimization.
CCOI vs PDM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $240.5M | $143.3M |
| Net Profit | $-30.8M | $-45.0M |
| Gross Margin | 46.6% | — |
| Operating Margin | -4.7% | — |
| Net Margin | -12.8% | -31.4% |
| Revenue YoY | -4.7% | 0.4% |
| Net Profit YoY | 28.9% | -27.9% |
| EPS (diluted) | $-0.63 | $-0.10 |
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 | — | $143.3M | ||
| Q4 25 | $240.5M | $142.9M | ||
| Q3 25 | $241.9M | $139.2M | ||
| Q2 25 | $246.2M | $140.3M | ||
| Q1 25 | $247.0M | $142.7M | ||
| Q4 24 | $252.3M | $143.2M | ||
| Q3 24 | $257.2M | $139.3M | ||
| Q2 24 | $260.4M | $143.3M |
| Q1 26 | — | $-45.0M | ||
| Q4 25 | $-30.8M | $-43.2M | ||
| Q3 25 | $-41.5M | $-13.5M | ||
| Q2 25 | $-57.8M | $-16.8M | ||
| Q1 25 | $-52.0M | $-10.1M | ||
| Q4 24 | $-43.3M | $-30.0M | ||
| Q3 24 | $-63.1M | $-11.5M | ||
| Q2 24 | $-32.3M | $-9.8M |
| Q1 26 | — | — | ||
| Q4 25 | 46.6% | — | ||
| Q3 25 | 45.6% | — | ||
| Q2 25 | 44.2% | — | ||
| Q1 25 | 44.4% | — | ||
| Q4 24 | 38.5% | — | ||
| Q3 24 | 37.2% | — | ||
| Q2 24 | 40.0% | — |
| Q1 26 | — | — | ||
| Q4 25 | -4.7% | — | ||
| Q3 25 | -7.5% | — | ||
| Q2 25 | -12.8% | — | ||
| Q1 25 | -16.3% | — | ||
| Q4 24 | -13.2% | — | ||
| Q3 24 | -22.5% | — | ||
| Q2 24 | -18.1% | — |
| Q1 26 | — | -31.4% | ||
| Q4 25 | -12.8% | -30.3% | ||
| Q3 25 | -17.2% | -9.7% | ||
| Q2 25 | -23.5% | -12.0% | ||
| Q1 25 | -21.1% | -7.1% | ||
| Q4 24 | -17.2% | -20.9% | ||
| Q3 24 | -24.5% | -8.3% | ||
| Q2 24 | -12.4% | -6.8% |
| Q1 26 | — | $-0.10 | ||
| Q4 25 | $-0.63 | $-0.34 | ||
| Q3 25 | $-0.87 | $-0.11 | ||
| Q2 25 | $-1.21 | $-0.14 | ||
| Q1 25 | $-1.09 | $-0.08 | ||
| Q4 24 | $-0.89 | $-0.25 | ||
| Q3 24 | $-1.33 | $-0.09 | ||
| Q2 24 | $-0.68 | $-0.08 |
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 | $2.3M |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $-63.8M | $1.5B |
| Total Assets | $3.1B | $4.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $2.3M | ||
| Q4 25 | $148.5M | $731.0K | ||
| Q3 25 | $147.1M | $3.0M | ||
| Q2 25 | $213.7M | $3.3M | ||
| Q1 25 | $153.8M | $2.9M | ||
| Q4 24 | $198.5M | $109.6M | ||
| Q3 24 | $279.2M | $133.6M | ||
| Q2 24 | $384.4M | $138.5M |
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | $2.2B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | $1.5B | $2.2B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B |
| Q1 26 | — | $1.5B | ||
| Q4 25 | $-63.8M | $1.5B | ||
| Q3 25 | $-39.2M | $1.5B | ||
| Q2 25 | $46.7M | $1.5B | ||
| Q1 25 | $142.8M | $1.6B | ||
| Q4 24 | $222.8M | $1.6B | ||
| Q3 24 | $323.6M | $1.6B | ||
| Q2 24 | $415.5M | $1.7B |
| Q1 26 | — | $4.0B | ||
| Q4 25 | $3.1B | $4.0B | ||
| Q3 25 | $3.1B | $4.0B | ||
| Q2 25 | $3.3B | $4.0B | ||
| Q1 25 | $3.1B | $4.0B | ||
| Q4 24 | $3.2B | $4.1B | ||
| Q3 24 | $3.2B | $4.1B | ||
| Q2 24 | $3.3B | $4.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.49× | ||
| Q3 25 | — | 1.43× | ||
| Q2 25 | — | 1.41× | ||
| Q1 25 | — | 1.40× | ||
| Q4 24 | 6.53× | 1.40× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | — | 1.34× |
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% | 110.3% |
| 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 | $140.6M | ||
| Q3 25 | $3.1M | $35.8M | ||
| Q2 25 | $-44.0M | $50.1M | ||
| Q1 25 | $36.4M | $3.7M | ||
| Q4 24 | $14.5M | $198.1M | ||
| Q3 24 | $-20.2M | $42.9M | ||
| Q2 24 | $-22.2M | $66.8M |
| Q1 26 | — | — | ||
| Q4 25 | $-43.0M | — | ||
| Q3 25 | $-33.1M | — | ||
| Q2 25 | $-100.2M | — | ||
| Q1 25 | $-21.7M | — | ||
| Q4 24 | $-31.6M | — | ||
| Q3 24 | $-79.5M | — | ||
| Q2 24 | $-70.9M | — |
| Q1 26 | — | — | ||
| Q4 25 | -17.9% | — | ||
| Q3 25 | -13.7% | — | ||
| Q2 25 | -40.7% | — | ||
| Q1 25 | -8.8% | — | ||
| Q4 24 | -12.5% | — | ||
| Q3 24 | -30.9% | — | ||
| Q2 24 | -27.2% | — |
| Q1 26 | — | 110.3% | ||
| Q4 25 | 15.4% | — | ||
| Q3 25 | 15.0% | — | ||
| Q2 25 | 22.8% | — | ||
| Q1 25 | 23.5% | — | ||
| Q4 24 | 18.3% | — | ||
| Q3 24 | 23.0% | — | ||
| Q2 24 | 18.7% | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
