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Side-by-side financial comparison of COGENT COMMUNICATIONS HOLDINGS, INC. (CCOI) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
INNOVATE Corp. is the larger business by last-quarter revenue ($382.7M vs $240.5M, roughly 1.6× COGENT COMMUNICATIONS HOLDINGS, INC.). INNOVATE Corp. runs the higher net margin — -1.9% vs -12.8%, a 10.9% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs -4.7%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% 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.
Innovate Corp. is an American public financial services company founded in 1994.
CCOI vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $240.5M | $382.7M |
| Net Profit | $-30.8M | $-7.4M |
| Gross Margin | 46.6% | 15.4% |
| Operating Margin | -4.7% | 3.7% |
| Net Margin | -12.8% | -1.9% |
| Revenue YoY | -4.7% | 61.7% |
| Net Profit YoY | 28.9% | 55.4% |
| EPS (diluted) | $-0.63 | $-0.57 |
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 | $382.7M | ||
| Q3 25 | $241.9M | $347.1M | ||
| Q2 25 | $246.2M | $242.0M | ||
| Q1 25 | $247.0M | $274.2M | ||
| Q4 24 | $252.3M | $236.6M | ||
| Q3 24 | $257.2M | $242.2M | ||
| Q2 24 | $260.4M | $313.1M | ||
| Q1 24 | $266.2M | $315.2M |
| Q4 25 | $-30.8M | $-7.4M | ||
| Q3 25 | $-41.5M | $-8.9M | ||
| Q2 25 | $-57.8M | $-19.8M | ||
| Q1 25 | $-52.0M | $-24.5M | ||
| Q4 24 | $-43.3M | $-16.6M | ||
| Q3 24 | $-63.1M | $-15.0M | ||
| Q2 24 | $-32.3M | $14.4M | ||
| Q1 24 | $-65.3M | $-17.4M |
| Q4 25 | 46.6% | 15.4% | ||
| Q3 25 | 45.6% | 14.3% | ||
| Q2 25 | 44.2% | 18.8% | ||
| Q1 25 | 44.4% | 16.6% | ||
| Q4 24 | 38.5% | 19.6% | ||
| Q3 24 | 37.2% | 19.9% | ||
| Q2 24 | 40.0% | 21.0% | ||
| Q1 24 | 36.5% | 15.4% |
| Q4 25 | -4.7% | 3.7% | ||
| Q3 25 | -7.5% | 1.8% | ||
| Q2 25 | -12.8% | 2.0% | ||
| Q1 25 | -16.3% | 1.2% | ||
| Q4 24 | -13.2% | 1.1% | ||
| Q3 24 | -22.5% | 2.4% | ||
| Q2 24 | -18.1% | 9.2% | ||
| Q1 24 | -22.3% | 0.9% |
| Q4 25 | -12.8% | -1.9% | ||
| Q3 25 | -17.2% | -2.6% | ||
| Q2 25 | -23.5% | -8.2% | ||
| Q1 25 | -21.1% | -8.9% | ||
| Q4 24 | -17.2% | -7.0% | ||
| Q3 24 | -24.5% | -6.2% | ||
| Q2 24 | -12.4% | 4.6% | ||
| Q1 24 | -24.5% | -5.5% |
| Q4 25 | $-0.63 | $-0.57 | ||
| Q3 25 | $-0.87 | $-0.71 | ||
| Q2 25 | $-1.21 | $-1.67 | ||
| Q1 25 | $-1.09 | $-1.89 | ||
| Q4 24 | $-0.89 | $-0.72 | ||
| Q3 24 | $-1.33 | $-1.18 | ||
| Q2 24 | $-0.68 | $1.03 | ||
| Q1 24 | $-1.38 | $-2.21 |
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 | $112.1M |
| Total DebtLower is stronger | $1.7B | $80.3M |
| Stockholders' EquityBook value | $-63.8M | $-240.1M |
| Total Assets | $3.1B | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $148.5M | $112.1M | ||
| Q3 25 | $147.1M | $35.5M | ||
| Q2 25 | $213.7M | $33.4M | ||
| Q1 25 | $153.8M | $33.3M | ||
| Q4 24 | $198.5M | $48.8M | ||
| Q3 24 | $279.2M | $51.0M | ||
| Q2 24 | $384.4M | $80.2M | ||
| Q1 24 | $118.4M | $38.4M |
| Q4 25 | $1.7B | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | — | $160.1M | ||
| Q1 25 | — | $139.9M | ||
| Q4 24 | $1.5B | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | — | $638.3M | ||
| Q1 24 | — | $641.5M |
| Q4 25 | $-63.8M | $-240.1M | ||
| Q3 25 | $-39.2M | $-233.3M | ||
| Q2 25 | $46.7M | $-224.8M | ||
| Q1 25 | $142.8M | $-204.2M | ||
| Q4 24 | $222.8M | $-180.4M | ||
| Q3 24 | $323.6M | $-163.1M | ||
| Q2 24 | $415.5M | $-149.0M | ||
| Q1 24 | $500.6M | $-184.4M |
| Q4 25 | $3.1B | $950.1M | ||
| Q3 25 | $3.1B | $913.2M | ||
| Q2 25 | $3.3B | $890.9M | ||
| Q1 25 | $3.1B | $868.0M | ||
| Q4 24 | $3.2B | $891.1M | ||
| Q3 24 | $3.2B | $897.2M | ||
| Q2 24 | $3.3B | $898.9M | ||
| Q1 24 | $3.1B | $943.5M |
| 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 | $101.1M |
| 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.
| Q4 25 | $-6.0M | $101.1M | ||
| Q3 25 | $3.1M | $19.2M | ||
| Q2 25 | $-44.0M | $40.4M | ||
| Q1 25 | $36.4M | $-14.1M | ||
| Q4 24 | $14.5M | $41.4M | ||
| Q3 24 | $-20.2M | $-28.4M | ||
| Q2 24 | $-22.2M | $21.5M | ||
| Q1 24 | $19.2M | $-25.4M |
| Q4 25 | $-43.0M | — | ||
| Q3 25 | $-33.1M | $19.0M | ||
| Q2 25 | $-100.2M | — | ||
| Q1 25 | $-21.7M | $-18.8M | ||
| Q4 24 | $-31.6M | $34.2M | ||
| Q3 24 | $-79.5M | $-31.5M | ||
| Q2 24 | $-70.9M | $18.4M | ||
| Q1 24 | $-21.7M | $-31.0M |
| Q4 25 | -17.9% | — | ||
| Q3 25 | -13.7% | 5.5% | ||
| Q2 25 | -40.7% | — | ||
| Q1 25 | -8.8% | -6.9% | ||
| Q4 24 | -12.5% | 14.5% | ||
| Q3 24 | -30.9% | -13.0% | ||
| Q2 24 | -27.2% | 5.9% | ||
| Q1 24 | -8.1% | -9.8% |
| Q4 25 | 15.4% | — | ||
| Q3 25 | 15.0% | 0.1% | ||
| Q2 25 | 22.8% | — | ||
| Q1 25 | 23.5% | 1.7% | ||
| Q4 24 | 18.3% | 3.0% | ||
| Q3 24 | 23.0% | 1.3% | ||
| Q2 24 | 18.7% | 1.0% | ||
| Q1 24 | 15.4% | 1.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.49× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CCOI
Segment breakdown not available.
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
