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Cohen & Steers
(NYSE:CNS)
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Rating:78Outperform
Price Target:
$94.00
▲(15.55% Upside)
Action:Upgraded
Date:08/01/26
The score is led by strong fundamentals (high margins/returns and a debt-free balance sheet) and a positive earnings update featuring AUM growth and strong net inflows. Technicals also support the rating with a clear uptrend versus key moving averages. These positives are moderated by less predictable cash-flow history and a relatively elevated P/E, partly offset by the dividend yield.
Positive Factors
Debt-free balance sheet & strong ROE
Zero total debt provides long-term financial flexibility to fund seed investments, support closed-end funds during redemptions, pursue M&A or buybacks, and absorb market shocks. Coupled with ~30% ROE, it signals efficient capital allocation and durable return generation without leverage reliance.
Negative Factors
Volatile operating and free cash flow
Large swings in operating/free cash flow reduce predictability of capital available for buybacks, seed investments, or client liquidity needs. Working-capital timing and non-recurring effects imply planning risk for capital allocation and may constrain strategic initiatives during weak cash periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet & strong ROE
Zero total debt provides long-term financial flexibility to fund seed investments, support closed-end funds during redemptions, pursue M&A or buybacks, and absorb market shocks. Coupled with ~30% ROE, it signals efficient capital allocation and durable return generation without leverage reliance.
Read all positive factors
Cohen & Steers (CNS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.23B
Dividend Yield3.14%
Average Volume (3M)480.46K
Price to Earnings (P/E)25.2
Beta (1Y)0.69
Revenue Growth12.59%
EPS Growth2.98%
CountryUS
Employees424
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)3.27
Shares Outstanding51,405,605
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$84.00Price Target Upside3.26% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)3.55
Revenue Forecast (FY)$615.11M
Cohen & Steers Business Overview & Revenue Model
Company Description
Cohen & Steers, Inc. operates as a publicly traded holding company specializing in asset management. Through its various operating units, the firm delivers financial services to institutional investors, such as pension funds, university endowments...
How the Company Makes Money
Cohen & Steers makes money primarily by earning investment management and advisory fees based on assets under management (AUM) across its mutual funds and institutional/separate account mandates. These fees are typically calculated as a percentage...
Cohen & Steers Earnings Call Summary
Earnings Call Date:Jul 16, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 21, 2026
Earnings Call Sentiment Positive
The call presents broadly positive momentum: strong net inflows ($1.3B), AUM growth (~8% to >$100B), EPS and net income expansion, margin improvement, product distribution traction (ETFs, SICAVs), and a robust pipeline and fundings. Performance metrics and sector recoveries (real estate, infrastructure, real assets) underpin optimism. Notable challenges include 1-year performance shortfall concentrated in U.S. REIT cell-tower positioning, softness in parts of real assets from commodity moves, continued private-market fundraising headwinds, and regional distribution pockets (Japan). On balance, the positive operating and market trends materially outweigh the outlined headwinds.Positive Updates
Adjusted EPS Growth
Adjusted EPS of $0.85 for the quarter, up from $0.79 in Q1 (≈+7.6% sequential) and $0.73 in Q2 last year (≈+16.4% year-over-year).
Negative Updates
One-Year Performance Shortfall Concentrated in U.S. REITs
Only 41% of AUM outperformed over one year; the shortfall is concentrated in U.S. REITs driven largely by positioning in cell tower REITs which were impacted by a slowdown in carrier spending after initial 5G build-out and concerns around satellite disruption to towers.
Read all updates
Q2-2026 Updates
Positive
Negative
Adjusted EPS Growth
Adjusted EPS of $0.85 for the quarter, up from $0.79 in Q1 (≈+7.6% sequential) and $0.73 in Q2 last year (≈+16.4% year-over-year).
Read all positive updates
Company Guidance
Management said they are maintaining expense guidance, expecting compensation and benefits of approximately 40% of revenues, mid‑single‑digit growth in G&A versus 2025, and a pro‑forma effective tax rate of 25%–26%; they closed Q2 with $219M of cash in U.S. Treasuries and about $136M of liquid seed investments, reported revenue of $152M (up 5%), operating expenses of $97M (up 3%) and adjusted EPS of $0.85, saw AUM rise ~8% to over $100B with $1.3B of net inflows and a $1.6B won/unfunded institutional pipeline, reiterated expectations of generally steady long‑term interest rates, plan to launch a seventh ETF by the fall, and highlighted listed real estate yields of 3%–4% with earnings growth above the historical ~6% supporting a constructive 3–5 year outlook (double‑digit returns).Cohen & Steers Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 599.09M | 567.80M | 517.42M | 489.64M | 573.72M | 583.83M |
| Gross Profit | 458.91M | 326.52M | 242.30M | 235.29M | 281.96M | 312.50M |
| EBITDA | 226.36M | 200.44M | 203.39M | 169.62M | 228.42M | 279.31M |
| Net Income | 168.30M | 153.22M | 151.26M | 129.05M | 171.04M | 211.40M |
Balance Sheet | ||||||
| Total Assets | 900.98M | 910.45M | 812.37M | 736.55M | 673.38M | 492.69M |
| Cash, Cash Equivalents and Short-Term Investments | 59.15M | 145.45M | 309.93M | 265.44M | 262.71M | 208.08M |
| Total Debt | 0.00 | 138.33M | 141.12M | 140.41M | 138.81M | 24.52M |
| Total Liabilities | 205.61M | 276.60M | 237.46M | 243.91M | 246.44M | 148.36M |
| Stockholders Equity | 589.38M | 561.95M | 511.71M | 381.23M | 337.55M | 255.18M |
Cash Flow | ||||||
| Free Cash Flow | 123.32M | -126.42M | 85.04M | 114.97M | 57.46M | 240.21M |
| Operating Cash Flow | 127.11M | -120.44M | 96.69M | 171.96M | 61.68M | 242.90M |
| Investing Cash Flow | -70.27M | 8.36M | -119.71M | -114.78M | -2.86M | 47.65M |
| Financing Cash Flow | -90.72M | 73.84M | 18.17M | -119.05M | 8.97M | -145.43M |
Cohen & Steers Technical Analysis
Positive
81.35
Price Trends
76.86
Positive
71.41
Positive
67.73
Positive
Market Momentum
1.76
Negative
65.99
Neutral
69.92
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CNS, the sentiment is Positive. The current price of 81.35 is above the 20-day moving average (MA) of 80.34, above the 50-day MA of 76.86, and above the 200-day MA of 67.73, indicating a bullish trend. The MACD of 1.76 indicates Negative momentum. The RSI at 65.99 is Neutral, neither overbought nor oversold. The STOCH value of 69.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CNS.
Cohen & Steers Risk Analysis
Cohen & Steers disclosed 28 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 |
|---|---|---|---|---|---|---|---|
83 Outperform | $4.55B | 10.88 | 31.02% | 2.42% | 15.25% | 19.43% | |
79 Outperform | $6.19B | 22.10 | 15.76% | 1.98% | 62.31% | -1.99% | |
78 Outperform | $4.23B | 25.16 | 30.54% | 3.17% | 12.59% | 2.98% | |
75 Outperform | $3.44B | 10.88 | 25.41% | 9.17% | ― | 0.94% | |
73 Outperform | $3.18B | 9.25 | 70.91% | 10.07% | 7.40% | 9.66% | |
68 Neutral | $3.07B | 7.86 | 11.36% | 10.17% | 44.00% | 36.72% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
CNS
Cohen & Steers
84.63
13.49
18.96%
AB
AllianceBernstein
36.99
-0.70
-1.85%
FHI
Federated Hermes
63.94
14.26
28.71%
HTGC
Hercules Capital, Inc.
16.81
-0.49
-2.81%
APAM
Artisan Partners
42.11
-0.33
-0.78%
VCTR
Victory Capital Holdings
103.77
36.71
54.74%
Cohen & Steers Corporate Events
Business Operations and StrategyExecutive/Board Changes
Cohen & Steers Appoints Amit Muni as New CFO
Positive
May 21, 2026
On May 21, 2026, Cohen Steers announced that veteran finance executive Amit Muni will become Executive Vice President and Chief Financial Officer effective June 8, 2026, succeeding interim CFO Michael Donohue, who will return to his controller ro...
Executive/Board ChangesShareholder Meetings
Cohen & Steers Shareholders Back Board and Governance
Positive
May 4, 2026
On April 30, 2026, Cohen Steers held its 2026 Annual Meeting of Shareholders, at which holders of common stock as of March 5, 2026 were entitled to vote one share per share owned. Shareholders elected nine director nominees, including co-founders...
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.