Cogeco

CGO.TO

Telecommunications Services · Communication Services

Exchange

Toronto Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Strong

Growth

Weak

Cash Flow

Mixed

Stability

Weak

Valuation

Data not available

Dividends

Strong

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Winston Score History

The full picture

Cogeco Inc. is a Canadian holding company that owns and operates cable television, internet, and phone services for homes and businesses. Its main subsidiary, Cogeco Connexion, serves customers in Quebec and Ontario, while another subsidiary, Breezeline, provides similar services to customers across several U.S. states. The company competes in the broadband and cable industry, where it is one of the mid-sized players in Canada.

Cogeco makes most of its money by charging monthly subscription fees for internet, TV, and phone packages. It operates primarily in Canada and the northeastern United States, and its main competitive advantage comes from owning the physical cable network infrastructure in the regions it serves, which is expensive for rivals to replicate. The biggest risk the company faces is cord-cutting, as more customers cancel traditional TV packages and shift to streaming services, putting pressure on revenue growth over time.

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

-4.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

Insider Activity

2.3%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'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.

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Quality

Profit per sale

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

27.1%

Excellent — 27.1% operating margin

Return on the money invested

ROCE

15.2%

Strong — 15.2% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

-4.6%

Shrinking sales (-4.6% YoY)

Profit growth

EPS YoY

-491.9%

Earnings shrinking (-491.9% YoY)

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

How steady the profit is

EPS Consistency

3/8 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

12.7%

Converts sales into free cash efficiently (12.7%)

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

9.06

Heavy debt load (9.06)

Covers its interest

Interest Cover

2.76x

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

no trend

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

6.75%

no trend

Healthy income — 6.75% yield

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

Dividend record

Dividend Growth

+7.0%

no trend

Dividend growing modestly (7.0% YoY)

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