Cogeco Communications

CCA.TO

Telecommunications Services · Communication Services

Price

C$60.51

+0.79 (+1.32%)

Market Cap

C$2.54B

Exchange

Toronto Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through May 31, 2026

How the score breaks down

Quality

Strong

Growth

Weak

Cash Flow

Mixed

Stability

Mixed

Valuation

Data not available

Dividends

Strong

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Share count falling — buybacks

−11.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 47.8M (2021) → 42.5M (2025)

Winston Score History

The full picture

Cogeco Communications is a Canadian cable and internet company that sells internet, TV, and home phone services to households and businesses. It operates mainly in Ontario and Quebec in Canada, and also runs a large cable internet business in the United States through its Atlantic Broadband subsidiary, serving customers across more than a dozen U.S. states. Cogeco is one of the larger regional cable operators in Canada, competing against giants like Rogers and Bell.

The company makes most of its money from monthly subscription fees for internet and TV packages, giving it a relatively steady and predictable revenue stream. Its network infrastructure — the physical cables already in the ground — acts as a natural barrier to new competitors entering its markets. However, Cogeco faces growing pressure from wireless internet providers and telecom giants with deeper pockets, and its ability to keep customers from switching depends heavily on continuing to upgrade its network speeds and service quality.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-4.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

C$0/ year

0.0% of revenue

Below sector average (12%)

Research and development spending

Insider Activity

0.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

C$77M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Cogeco Communications's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

27.5%

Excellent — 27.5% operating margin

Return on the money invested

ROCE

11.6%

Below par — 11.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

-4.9%

Shrinking sales (-4.9% YoY)

Profit growth

EPS YoY

-440.6%

Earnings shrinking (-440.6% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

13.3%

Converts sales into free cash efficiently (13.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

2.40

Heavy debt load (2.40)

Covers its interest

Interest Cover

2.82x

Tight — interest eats into profit (2.8x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

6.52%

Healthy income — 6.52% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+7.0%

Dividend growing modestly (7.0% YoY)

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