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Side-by-side financial comparison of COGENT COMMUNICATIONS HOLDINGS, INC. (CCOI) and Shoals Technologies Group, Inc. (SHLS). 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 $148.3M, roughly 1.6× Shoals Technologies Group, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -12.8%, a 18.3% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs -4.7%). Shoals Technologies Group, Inc. produced more free cash flow last quarter ($-11.3M vs $-43.0M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% 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.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
CCOI vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $240.5M | $148.3M |
| Net Profit | $-30.8M | $8.1M |
| Gross Margin | 46.6% | 31.6% |
| Operating Margin | -4.7% | 11.7% |
| Net Margin | -12.8% | 5.5% |
| Revenue YoY | -4.7% | 38.6% |
| Net Profit YoY | 28.9% | 3.9% |
| EPS (diluted) | $-0.63 | $0.05 |
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 | $148.3M | ||
| Q3 25 | $241.9M | $135.8M | ||
| Q2 25 | $246.2M | $110.8M | ||
| Q1 25 | $247.0M | $80.4M | ||
| Q4 24 | $252.3M | $107.0M | ||
| Q3 24 | $257.2M | $102.2M | ||
| Q2 24 | $260.4M | $99.2M | ||
| Q1 24 | $266.2M | $90.8M |
| Q4 25 | $-30.8M | $8.1M | ||
| Q3 25 | $-41.5M | $11.9M | ||
| Q2 25 | $-57.8M | $13.9M | ||
| Q1 25 | $-52.0M | $-282.0K | ||
| Q4 24 | $-43.3M | $7.8M | ||
| Q3 24 | $-63.1M | $-267.0K | ||
| Q2 24 | $-32.3M | $11.8M | ||
| Q1 24 | $-65.3M | $4.8M |
| Q4 25 | 46.6% | 31.6% | ||
| Q3 25 | 45.6% | 37.0% | ||
| Q2 25 | 44.2% | 37.2% | ||
| Q1 25 | 44.4% | 35.0% | ||
| Q4 24 | 38.5% | 37.6% | ||
| Q3 24 | 37.2% | 24.8% | ||
| Q2 24 | 40.0% | 40.3% | ||
| Q1 24 | 36.5% | 40.2% |
| Q4 25 | -4.7% | 11.7% | ||
| Q3 25 | -7.5% | 13.7% | ||
| Q2 25 | -12.8% | 14.4% | ||
| Q1 25 | -16.3% | 5.4% | ||
| Q4 24 | -13.2% | 15.4% | ||
| Q3 24 | -22.5% | 4.4% | ||
| Q2 24 | -18.1% | 18.7% | ||
| Q1 24 | -22.3% | 12.8% |
| Q4 25 | -12.8% | 5.5% | ||
| Q3 25 | -17.2% | 8.7% | ||
| Q2 25 | -23.5% | 12.5% | ||
| Q1 25 | -21.1% | -0.4% | ||
| Q4 24 | -17.2% | 7.3% | ||
| Q3 24 | -24.5% | -0.3% | ||
| Q2 24 | -12.4% | 11.9% | ||
| Q1 24 | -24.5% | 5.3% |
| Q4 25 | $-0.63 | $0.05 | ||
| Q3 25 | $-0.87 | $0.07 | ||
| Q2 25 | $-1.21 | $0.08 | ||
| Q1 25 | $-1.09 | $0.00 | ||
| Q4 24 | $-0.89 | $0.04 | ||
| Q3 24 | $-1.33 | $0.00 | ||
| Q2 24 | $-0.68 | $0.07 | ||
| Q1 24 | $-1.38 | $0.03 |
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 | $7.3M |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $-63.8M | $600.0M |
| Total Assets | $3.1B | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $148.5M | $7.3M | ||
| Q3 25 | $147.1M | $8.6M | ||
| Q2 25 | $213.7M | $4.7M | ||
| Q1 25 | $153.8M | $35.6M | ||
| Q4 24 | $198.5M | $23.5M | ||
| Q3 24 | $279.2M | $11.1M | ||
| Q2 24 | $384.4M | $3.2M | ||
| Q1 24 | $118.4M | $15.2M |
| Q4 25 | $1.7B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | $1.5B | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M | ||
| Q1 24 | — | $168.8M |
| Q4 25 | $-63.8M | $600.0M | ||
| Q3 25 | $-39.2M | $589.6M | ||
| Q2 25 | $46.7M | $575.4M | ||
| Q1 25 | $142.8M | $558.9M | ||
| Q4 24 | $222.8M | $556.8M | ||
| Q3 24 | $323.6M | $545.2M | ||
| Q2 24 | $415.5M | $544.6M | ||
| Q1 24 | $500.6M | $554.0M |
| Q4 25 | $3.1B | $904.1M | ||
| Q3 25 | $3.1B | $851.8M | ||
| Q2 25 | $3.3B | $795.0M | ||
| Q1 25 | $3.1B | $788.4M | ||
| Q4 24 | $3.2B | $793.1M | ||
| Q3 24 | $3.2B | $801.3M | ||
| Q2 24 | $3.3B | $788.4M | ||
| Q1 24 | $3.1B | $825.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | 6.53× | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | — | 0.30× |
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 | $-4.1M |
| Free Cash FlowOCF − Capex | $-43.0M | $-11.3M |
| FCF MarginFCF / Revenue | -17.9% | -7.6% |
| Capex IntensityCapex / Revenue | 15.4% | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $-198.1M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.0M | $-4.1M | ||
| Q3 25 | $3.1M | $19.4M | ||
| Q2 25 | $-44.0M | $-13.8M | ||
| Q1 25 | $36.4M | $15.6M | ||
| Q4 24 | $14.5M | $14.0M | ||
| Q3 24 | $-20.2M | $15.7M | ||
| Q2 24 | $-22.2M | $37.8M | ||
| Q1 24 | $19.2M | $12.9M |
| Q4 25 | $-43.0M | $-11.3M | ||
| Q3 25 | $-33.1M | $9.0M | ||
| Q2 25 | $-100.2M | $-26.0M | ||
| Q1 25 | $-21.7M | $12.3M | ||
| Q4 24 | $-31.6M | $12.5M | ||
| Q3 24 | $-79.5M | $13.3M | ||
| Q2 24 | $-70.9M | $35.8M | ||
| Q1 24 | $-21.7M | $10.4M |
| Q4 25 | -17.9% | -7.6% | ||
| Q3 25 | -13.7% | 6.6% | ||
| Q2 25 | -40.7% | -23.5% | ||
| Q1 25 | -8.8% | 15.4% | ||
| Q4 24 | -12.5% | 11.6% | ||
| Q3 24 | -30.9% | 13.0% | ||
| Q2 24 | -27.2% | 36.1% | ||
| Q1 24 | -8.1% | 11.4% |
| Q4 25 | 15.4% | 4.8% | ||
| Q3 25 | 15.0% | 7.7% | ||
| Q2 25 | 22.8% | 11.0% | ||
| Q1 25 | 23.5% | 4.0% | ||
| Q4 24 | 18.3% | 1.4% | ||
| Q3 24 | 23.0% | 2.3% | ||
| Q2 24 | 18.7% | 2.0% | ||
| Q1 24 | 15.4% | 2.7% |
| Q4 25 | — | -0.50× | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | — | -1.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.21× | ||
| Q1 24 | — | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CCOI
Segment breakdown not available.
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
