Cohen & Steers, Inc. (CNS)
NYSE:CNS
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Cohen & Steers
(NYSE:CNS)
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Rating:65Neutral
Price Target:
$72.00
▲(8.63% 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.
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.
Read all positive and negative factors
Positive Factors
Negative 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.
Read all positive factors
Cohen & Steers (CNS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.32B
Dividend Yield3.92%
Average Volume (3M)480.46K
Price to Earnings (P/E)21.0
Beta (1Y)0.67
Revenue Growth12.73%
EPS Growth19.01%
CountryUS
Employees411
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.81
Shares Outstanding51,393,910
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 Cap1.03
Enterprise Value/Revenue5.99
Enterprise Value/Gross Profit10.41
Enterprise Value/Ebitda16.96
Forecast
1Y Price Target
$64.00Price Target Upside-3.44% Downside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)3.39
Revenue Forecast (FY)$594.72M
Cohen & Steers Business Overview & Revenue Model
Company Description
Cohen & 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-focuse...
How the Company Makes Money
Cohen & 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, pe...
Cohen & Steers Earnings Call Summary
Earnings Call Date:Jan 22, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 16, 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.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.
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).
Read all updates
Q4-2025 Updates
Positive
Negative
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.
Read all positive updates
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
Income Statement
73
Positive
Balance Sheet
84
Very Positive
Cash Flow
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
Positive
66.28
Price Trends
63.97
Positive
63.70
Positive
66.78
Negative
Market Momentum
0.14
Negative
62.45
Neutral
79.35
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 66.28 is above the 20-day moving average (MA) of 63.04, above the 50-day MA of 63.97, and below the 200-day MA of 66.78, indicating a neutral trend. The MACD of 0.14 indicates Negative momentum. The RSI at 62.45 is Neutral, neither overbought nor oversold. The STOCH value of 79.35 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | $4.28B | 9.70 | 35.33% | 2.46% | 9.32% | 53.51% | |
78 Outperform | $3.57B | 12.97 | 18.76% | 8.93% | ― | -12.92% | |
70 Outperform | $4.43B | 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 | $3.32B | 21.00 | 28.53% | 3.92% | 12.73% | 19.01% | |
62 Neutral | $2.81B | 9.36 | 15.88% | 10.00% | -15.32% | -12.29% | |
62 Neutral | $2.98B | 9.21 | 73.54% | 8.72% | 5.46% | 2.10% |
* Financial Sector Average
CNS
Cohen & Steers
66.28
-5.80
-8.05%
AB
AllianceBernstein
38.80
4.59
13.43%
FHI
Federated Hermes
58.30
21.06
56.56%
HTGC
Hercules Capital, Inc.
15.28
-0.44
-2.82%
APAM
Artisan Partners
37.86
5.37
16.53%
VCTR
Victory Capital Holdings
71.97
16.24
29.15%
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.