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Cohen & Steers, Inc. (CNS)
NYSE:CNS
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Cohen & Steers
(NYSE:CNS)
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Rating:65Neutral
Price Target:
$72.00
▲(15.18% Upside)
Action:ReiteratedDate:02/28/26
Overall score reflects solid underlying profitability and a strengthened, low-leverage balance sheet, but is materially constrained by the 2025 cash flow deterioration. Earnings-call tone and guidance were constructive (inflows, pipeline, cost discipline), while technicals are only mildly supportive and valuation is reasonable with a solid dividend yield.
Positive Factors
Conservative Balance Sheet
Zero reported debt and steadily growing equity materially strengthen financial flexibility. Low leverage reduces refinancing and interest-rate risk, enabling sustained dividends, opportunistic M&A or buybacks, and continued investment in distribution over the next several quarters.
High Operating Margins
Consistently strong operating margins reflect a scalable fee-based model and disciplined cost control (compensation ratio ~40%). Durable margin structure helps earnings resilience when AUM or markets fluctuate and supports cash available for reinvestment and payouts.
Distribution & Product Expansion
Successful product launches and growing distribution channels diversify revenue sources and client access. A rising pipeline, targeted ETF adoption and geographic expansion create durable growth levers and reduce reliance on any single product or market over the medium term.
Negative Factors
Weak Cash Conversion
A sharp reversal to negative operating and free cash flow in 2025 undermines confidence in cash generation. Even with low leverage, persistent cash outflows can constrain capital returns, limit distribution flexibility, and raise financing or working-capital risks in the coming quarters.
Revenue Volatility
Material revenue swings and a sizable YoY decline highlight sensitivity to market levels and fee pressure. Volatile top-line growth reduces predictability of management targets for costs and compensation, complicating medium-term planning and capital allocation decisions.
Concentration Risk — U.S. REITs Underperformance
Underperformance in the largest strategy risks client outflows and reputational damage tied to a core competency. Given the strategy's scale, prolonged relative weakness can materially pressure AUM, fee revenue and distribution momentum over the medium term.
Cohen & Steers (CNS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.30B
Dividend Yield3.92%
Average Volume (3M)480.46K
Price to Earnings (P/E)21.0
Beta (1Y)0.72
Revenue Growth12.73%
EPS Growth19.01%
CountryUS
Employees411
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.81
Shares Outstanding51,390,182
10 Day Avg. Volume399,996
30 Day Avg. Volume480,463
Financial Highlights & Ratios
PEG Ratio-62.99
Price to Book (P/B)5.72
Price to Sales (P/S)5.67
P/FCF Ratio-25.45
Enterprise Value/Market Cap1.00
Enterprise Value/Revenue5.80
Enterprise Value/Gross Profit10.09
Enterprise Value/Ebitda16.43
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)3.36
Revenue Forecast (FY)$596.86M
Cohen & Steers Business Overview & Revenue Model
Company DescriptionCohen & Steers, Inc. is a publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to institutional investors, including pension funds, endowments, and foundations. It manages separate client-focused equity, fixed income, multi-asset, and commodity portfolios through its subsidiaries. The firm launches and manages equity, fixed income, balanced, and multi-asset mutual funds through its subsidiaries. Through its subsidiaries, it also launches and manages hedge funds. The firm invests in public equity, fixed income, and commodity markets across the globe through its subsidiaries. Through its subsidiaries, it invests in companies operating in the real estate sector, including real estate investment trusts, infrastructure sector, and natural energy resources sector for its equity and fixed income investments. The firm also invests in preferred securities for its fixed income investments through its subsidiaries. Cohen & Steers, Inc. was founded in 1986 and is based in New York, with additional offices in London, United Kingdom; Central, Hong Kong; Tokyo, Japan; and Seattle, Washington.
How the Company Makes MoneyCohen & Steers generates revenue primarily through investment management fees charged to clients for managing their assets. These fees typically include a management fee based on a percentage of assets under management (AUM) and, in some cases, performance fees based on investment performance. Key revenue streams come from their various investment products, including mutual funds and separate accounts. Additionally, the firm may earn performance fees if their funds exceed certain benchmarks. Significant partnerships with institutional investors and financial advisors further contribute to their earnings by expanding their distribution channels and reaching a broader client base.
Cohen & Steers Earnings Call Summary
Earnings Call Date:Jan 22, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 22, 2026
Earnings Call Sentiment Positive
Overall the call conveyed a constructive operational and market position: solid revenue and operating income growth, recurring net inflows, a strengthened institutional pipeline, strong investment performance metrics, and successful product launches (active ETFs, CCAP). Notable challenges remain—chiefly the underperformance of the firm's largest U.S. REIT strategy, modest sequential decline in ending AUM, higher G&A/talent costs, selective outflows in certain open-end and preferred products, and tight credit conditions. Management provided disciplined 2026 guidance (compensation ratio ~40%, mid-single-digit G&A growth) and highlighted liquidity and investment in distribution, supporting a constructive near-term outlook despite specific strategy headwinds.Q4-2025 Updates
Positive Updates
Earnings Per Share Growth (Full Year)
FY2025 as-adjusted EPS of $3.09 versus $2.93 in FY2024, an increase of ~5.5% year-over-year, and Q4 reported EPS of $0.81, unchanged from prior quarter.
Revenue Growth
Q4 revenue of $143.8 million, up 2% sequentially; full year revenue of $554 million, up 6.9% versus prior year. Q4 included $1.7 million of performance fees.
Operating Income and Margin Expansion
Operating income of $52.4 million in Q4, up 3% sequentially; FY2025 operating income $195.1 million, up 6.3% year-over-year. Operating margin improved to 36.4% from 36.1% in the prior quarter.
Net Inflows and Product Flows
Q4 net inflows of $1.2–$1.28 billion (company cited $1.2B and $1.28B), full year net flows of $1.5 billion. Five of six trailing quarters had net inflows, with post-Fed-easing quarters averaging $612 million in inflows.
AUM and Pipeline Strength
Ending AUM of $90.5 billion (full-year average AUM $88.6 billion). One-but-unfunded pipeline near multi-year highs at $1.72 billion across 20 mandates (3-year average $970 million); $660 million of new mandates awarded in the quarter and $385 million funded intra-quarter.
Strong Investment Performance Metrics
Long-term outperformance: 95% of AUM outperformed benchmarks on a 1-year basis (3-, 5-, 10-year outperformance rates also >95%). 90% of open-end fund AUM rated 4- or 5-star by Morningstar.
Notable Strategy Returns
Natural resource equities up ~30% in 2025 (with Q4 >6%); real assets multi-strategy +17%; global listed infrastructure +14%–22% depending on sub-strategy; gold +64% in 2025. Private real estate (NCREIF preliminary) total return +0.9% and sixth consecutive quarter of increasing total returns.
Successful Product Launches and Distribution Progress
Launched 5 active ETFs with $378 million AUM (seed capital $90 million); REIT ETF adoption accelerating (first $50M reached in 159 days then faster). Record net inflows of $1.6 billion into global listed infrastructure and record inflows of $291 million into CCAP vehicles; AUM in Australia doubled over two years to $1.2 billion.
Capital Position and Cost Discipline
Year-end liquidity of $403 million (up $39 million vs prior quarter). Compensation ratio decreased to 39% for the quarter and 40% for the year (below prior guidance of 40.5%). Management expects a 40% compensation ratio and mid-single-digit G&A growth in 2026.
Negative Updates
Largest Strategy (U.S. REITs) Underperformance
U.S. REITs, the firm's largest strategy by AUM, returned just 3.2% in 2025 and ranked 11th of 11 S&P 500 sectors; U.S. REITs were modestly down in Q4, reflecting dispersion by property type and ongoing weaknesses in some sub-sectors (e.g., data center and telecom landlords).
Ending AUM Slight Sequential Decline
Ending AUM of $90.5 billion was down slightly from Q3, with the quarter's inflows partially offset by market depreciation and distributions.
Expense Pressure — G&A and Talent Costs
Total expenses rose versus the prior quarter, primarily driven by higher G&A (travel, business development, talent acquisition). Management noted compensation increases below revenue growth this quarter, but G&A increases reduced absolute operating leverage.
Weakness in Certain Open-End Vehicles and Preferreds
Open-end funds had only a small net inflow of $13 million in Q4, with outflows from a third real estate fund and the core preferred stock fund. The core preferred strategy experienced outflows despite strong returns in 2025, potentially due to competition from private credit.
Client Terminations and Rebalancing Activity
Earlier disclosed terminations (~$500M–$600M referenced in prior quarters) weighed on flows historically; while termination activity has normalized, subadvisory saw account termination of $330 million and rebalancing outflows of $172 million during the quarter.
Tight Credit Spreads and Fixed Income Headwinds
Most fixed income classes delivered only slightly positive returns in Q4 and credit spreads remained historically tight, limiting near-term fixed-income return opportunities and affecting preferreds' competitiveness versus private credit.
Company Guidance
Guidance for 2026: management expects the compensation ratio to remain at about 40%, annual G&A growth to moderate to the mid‑single‑digit percentage range, and an as‑adjusted effective tax rate of 25.4%; year‑end liquidity was $403 million (up $39 million QoQ) but typically falls in Q1 for bonuses, and they expect CCAP profitability in 2026. For context, Q4 EPS was $0.81 (flat sequential) and FY EPS $3.09 vs $2.93 a year ago; Q4 revenue was $143.8M (+2% sequential) and FY revenue $554M (+6.9% YoY); ending AUM was $90.5B (FY average $88.6B), Q4 net inflows roughly $1.2–1.28B and FY flows $1.5B; Q4 operating income $52.4M (+3%) and FY operating income $195.1M (+6.3%), operating margin 36.4% (vs 36.1 prior quarter); effective fee rate excl. performance fees 59 bps (Q4 performance fees $1.7M); compensation ratio was 39% in Q4 and 40% for the year (below prior guidance of 40.5%); and the one‑but‑unfunded pipeline stood at $1.72B.Cohen & Steers Financial Statement Overview
Summary
Strong profitability and a conservative, improved balance sheet (debt reduced to zero; healthy ROE), but the score is held back by weak cash conversion in 2025 (negative operating and free cash flow) and volatility in revenue.Income Statement
Profitability remains strong for an asset manager, with consistently high gross and operating margins and net margins generally in the mid-to-high 20s (2025: ~25%). However, revenue has been volatile and declined meaningfully in 2025 (down ~16% YoY) after a modest increase in 2024, indicating sensitivity to market levels and fee-related pressures. Earnings held up better than revenue, but the growth trajectory is uneven versus the 2021 peak.73
Positive
Balance Sheet
The balance sheet looks conservative and improving: reported total debt is reduced to zero in 2025 (down from ~0.28x debt-to-equity in 2024), supporting financial flexibility. Equity has grown steadily over time, and returns on equity are healthy (~26% in 2025; ~30% in 2024), though below the unusually high levels seen earlier in the period. Main watch-out is that profitability and assets can fluctuate with market conditions, but leverage is not currently amplifying that risk.84
Very Positive
Cash Flow
Cash generation is the key weak spot: 2025 shows negative operating cash flow and negative free cash flow, a sharp reversal from consistently positive cash flow in 2020–2024. While free cash flow had historically tracked net income reasonably well, the latest year’s cash outflow raises questions around working-capital swings, timing effects, or other non-recurring cash uses. The prior track record is solid, but the 2025 deterioration meaningfully reduces confidence in near-term cash conversion.41
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 567.80M | 517.42M | 489.64M | 573.72M | 583.83M |
| Gross Profit | 326.52M | 242.30M | 235.29M | 281.96M | 312.50M |
| EBITDA | 200.44M | 203.39M | 169.62M | 228.42M | 279.31M |
| Net Income | 153.22M | 151.26M | 129.05M | 171.04M | 211.40M |
Balance Sheet | |||||
| Total Assets | 910.45M | 812.37M | 736.55M | 673.38M | 492.69M |
| Cash, Cash Equivalents and Short-Term Investments | 145.45M | 309.93M | 265.44M | 262.71M | 208.08M |
| Total Debt | 138.33M | 141.12M | 140.41M | 138.81M | 24.52M |
| Total Liabilities | 276.60M | 237.46M | 243.91M | 246.44M | 148.36M |
| Stockholders Equity | 561.95M | 511.71M | 381.23M | 337.55M | 255.18M |
Cash Flow | |||||
| Free Cash Flow | -126.42M | 85.04M | 114.97M | 57.46M | 240.21M |
| Operating Cash Flow | -120.44M | 96.69M | 171.96M | 61.68M | 242.90M |
| Investing Cash Flow | 8.36M | -119.71M | -114.78M | -2.86M | 47.65M |
| Financing Cash Flow | 73.84M | 18.17M | -119.05M | 8.97M | -145.43M |
Cohen & Steers Technical Analysis
Neutral
62.51
Price Trends
65.25
Negative
64.44
Negative
67.82
Negative
Market Momentum
-0.48
Positive
48.12
Neutral
32.64
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CNS, the sentiment is Neutral. The current price of 62.51 is below the 20-day moving average (MA) of 65.15, below the 50-day MA of 65.25, and below the 200-day MA of 67.82, indicating a bearish trend. The MACD of -0.48 indicates Positive momentum. The RSI at 48.12 is Neutral, neither overbought nor oversold. The STOCH value of 32.64 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CNS.
Cohen & Steers Risk Analysis
Cohen & Steers disclosed 27 risk factors in its most recent earnings report. Cohen & Steers reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Cohen & Steers Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $4.32B | 9.70 | 35.33% | 2.46% | 9.32% | 53.51% | |
78 Outperform | $3.51B | 12.97 | 18.76% | 8.93% | ― | -12.92% | |
70 Outperform | $4.40B | 12.51 | 15.65% | 3.00% | 33.03% | -3.55% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $3.30B | 21.00 | 28.53% | 3.92% | 12.73% | 19.01% | |
65 Neutral | $2.93B | 9.21 | 73.54% | 8.72% | 5.46% | 2.10% | |
62 Neutral | $2.67B | 10.01 | 15.88% | 10.00% | -15.32% | -12.29% |
* Financial Sector Average
CNS
Cohen & Steers
64.24
-11.97
-15.71%
AB
AllianceBernstein
38.06
3.29
9.47%
FHI
Federated Hermes
56.89
18.77
49.23%
HTGC
Hercules Capital, Inc.
14.51
-2.47
-14.53%
APAM
Artisan Partners
36.28
-0.66
-1.79%
VCTR
Victory Capital Holdings
68.66
11.49
20.09%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.