Cohen & Steers, Inc.

Finance
Investment Managers
www.cohenandsteers.com

Earnings Score
Moat Score

Market Cap $5.02B
PE 36
Debt $NaN
Cash $115.69M
EV $NaN
FCF $99.62M

Earnings

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Sales & Net Margins

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Earnings	$140.52M
EBIT	$207.48M
ROE	28%
ROA	29%
FCF	$99.62M
Equity	$498.06M
Growth Stability	67%
PE	35.73
PEG	7.57
PB	10.08
P/FCF	50.4
P/S	10.11
Price/Cash	0.02
Net Margins	28%
Op. Margins	42%
Earnings CAGR	9%
Sales Growth YoY	8%
Sales Growth QoQ	9%
Sales CAGR	7%
FCF CAGR	7%
Equity CAGR	4%
Earnings Stability	0.59
Earnings Growth YoY	52%

Earnings Growth QoQ	34%
Earnings CAGR 5Y	5%
Sales CAGR 5Y	4%
FCF CAGR 5Y	-5%
Equity CAGR 5Y	22%
Earnings CAGR 3Y	-9%
Sales CAGR 3Y	-9%
FCF CAGR 3Y	-4%
Equity CAGR 3Y	25%
Market Cap	$5.02B
Revenue	$496.82M
Dividend Yield	2%
Payout Ratio	83%
Assets	$727.79M
Cash	$115.69M
Shares Outstanding	50.21M
Earnings Score	77%
Moat Score	97%
Shares Growth 3y	5%
Equity Growth QoQ	6%
Equity Growth YoY	34%

Assets & ROA

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Stockholders Equity & ROE

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Cohen & Steers is a niche asset manager concentrating on real estate securities. The firm invests mainly in the equity shares of real estate investment trusts, with holdings in domestic and international real estate securities accounting for close to two thirds of its $87.9 billion in managed assets at the end of June 2022. Cohen & Steers also manages portfolios dedicated to preferred securities, utilities stocks, and other high-yield offerings. It expects to balance distribution among its closed-end mutual funds, open-end mutual funds, and institutional accounts over time. During the June quarter of 2022, the company garnered 39% (25%) of its managed assets (base management fees) from institutional clients, 48% (55%) from open-end funds, and 13% (20%) from closed-end funds.

SEC Filings

Direct access to Cohen & Steers, Inc. (CNS) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Cohen & Steers, Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Cohen & Steers, Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 9%

Stability 59%

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Cohen & Steers, Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Cohen & Steers, Inc..

Years

Calculation mode

= $1.6B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$100M	$107M	$114M	$122M	$131M	$140M	$149M	$160M	$171M	$183M	$196M	$2B
DCF		$97M	$94M	$92M	$89M	$87M	$84M	$82M	$80M	$78M	$75M	$755M
Value	$1.6B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	24%	20%	27%	24%	29%	33%	18%	36%	26%	26%	28%
ROA	-	42%	41%	38%	34%	47%	27%	57%	32%	24%	29%
ROE	-	28%	35%	33%	49%	63%	43%	83%	44%	33%	28%

Good Net Margins (27.92%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	-	-	-	-	-	-	-	-	-	-
Debt over Equity	-	-	-	-	-	-	-	-	-	-	-
Growth Stability	-	-	-	100%	100%	100%	67%	100%	100%	89%	67%

Neutral Debt/FCF ratio (-)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Neutral Debt/Equity ratio (-)

The company has a balance between equity and debt that is not too good nor too bad.

Bad Graham’s Stability (67%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	5%	6%	8%	1%	8%	4%	37%	-3%	-14%	4%
Earnings YoY growth	-	-15%	44%	-1%	19%	23%	-44%	181%	-29%	-14%	5%
Equity YoY growth	-	2%	15%	4%	-19%	-4%	-18%	46%	34%	13%	22%
FCF YoY growth	-	80%	20%	-42%	13%	101%	-37%	177%	-76%	100%	-5%