COGENT COMMUNICATIONS HOLDINGS, INC. (CCOI) — the dividend is covered by nothing
Fiscal year ending 2025-12-31 · sector Communications · computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | negative | The company lost $3.80 per share, so there are no earnings to pay a dividend out of and no ratio exists. |
| Operating cash flow | negative | Operations consumed $10.6m of cash rather than producing any, so no ratio exists. |
| Free cash flow | negative | Operating cash flow was $198m short of capital spending, so no ratio exists. The dividend was not funded from free cash flow this year. |
Nothing is marked as applying, deliberately — no basis produces a ratio. Earnings, operating cash flow and free cash flow are all negative, so there is no denominator to divide the dividend by. That is not a gap in the data; it is the answer. The dividend was funded from something other than the money the business made this year — borrowing, cash on hand, or asset sales — and the filing will say which.
The arithmetic
- GAAP earnings — dividends declared per share $3.05 ÷ diluted EPS $-3.80
- Operating cash flow — dividends paid $150.1m ÷ operating cash flow $-10.6m
- Free cash flow — dividends paid $150.1m ÷ (operating cash flow $-10.6m − capex $187.6m)
Where the figures came from
- 10-K filed 2026-02-20 · accession
0001104659-26-017968
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.