CABO · CIK 0001632127
What Cable One, Inc. told the SEC could break it.
Cable One's register centers on a geographically concentrated broadband business under competitive pressure. About 75% of its customers sit in just seven states — Arizona, Idaho, Mississippi, Missouri, Oklahoma, South Carolina and Texas — so regional economic, weather or competitive shocks hit it disproportionately, and just under 60% of its footprint has already been overbuilt by wired rivals offering 100+ Mbps service, with 5G fixed-wireless adding more competition against a business where residential data is about 60% of revenue. Layered on top are regulatory and supply exposures: FCC net-neutrality rules under the 2024 Open Internet Order reclassifying broadband, and dependence on vendors for network-backbone, modems and IPTV hardware and software, some of which are sole-source or hold exclusive positions.
4 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- ~75% of customers in seven states (AZ, ID, MS, MO, OK, SC, TX)high
About 75% of Cable One's customers are concentrated in just seven states (Arizona, Idaho, Mississippi, Missouri, Oklahoma, South Carolina and Texas), so regional economic, weather or competitive shocks in those markets would disproportionately affect results.
“As of December 31, 2025, approximately 75% of our customers were located in seven states: Arizona, Idaho, Mississippi, Missouri, Oklahoma, South Carolina and Texas.”
Other disclosures
- competitive overbuilding of ~60% of footprint by wired rivals; residential data ≈60% of revenuemedium
Just under 60% of Cable One's footprint has been overbuilt by wired competitors offering 100+ Mbps service, plus growing 5G fixed-wireless competition; with residential data at 60.1% of revenue, churn to competitors directly threatens its core broadband business.
“As of December 31, 2025, a little less than 60% of our footprint has been overbuilt by wired competitors offering high-speed data services with speeds of 100 Mbps or higher.”
SEC filing →As of 2026
Regulatory & policy
- FCC net-neutrality / broadband reclassification (2024 Open Internet Order)medium
Cable One's broadband service is subject to FCC regulation; the FCC's May 2024 Open Internet Order reinstated Title II 'telecommunications service' classification with net-neutrality rules, and shifting federal/state net-neutrality regimes create compliance and pricing uncertainty.
“In May 2024, the FCC adopted the 2024 Open Internet Order, which reinstated the classification of broadband internet access service as a "telecommu”
SEC filing →As of 2026
Sole-source dependency
- sole-source/exclusive vendors for network backbone, modems and IPTV hardware/softwaremedium
Cable One depends on vendors for hardware and software essential to its services — including network-backbone access, leased modems and IPTV video delivery — some of which are sole-source or hold exclusive positions via contract or IP, exposing it to supply disruption if a vendor fails to perform.
“Some of these vendors represent our sole source of supply or have, either through contract or as a result of intellectual property rights, a position of some exclusivity.”
SEC filing →As of 2026
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