Cohen & Steers, Inc. (CNS)
NYSE:CNS
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Cohen & Steers
(NYSE:CNS)
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Rating:69Neutral
Price Target:
$78.00
▲(16.99% Upside)
Action:Downgraded
Date:05/22/26
The score is held back primarily by the sharp deterioration to negative operating and free cash flow despite strong reported profitability. Offsetting this, the stock shows solid technical momentum and the latest earnings call emphasized healthy inflows/AUM growth and strong investment performance, with a reasonable P/E and supportive dividend yield.
Positive Factors
AUM Growth & Net Flows
Sustained AUM expansion from net inflows and market appreciation strengthens the firm's primary revenue driver: fee income. Higher and growing AUM improves fee scalability across funds, supports recurring advisory revenue, and creates durable distribution leverage for product launches and institutional mandates.
Negative Factors
Weak Cash Conversion
Persistent negative operating and free cash flow undermines the translation of accounting profits into spendable cash, limiting capacity for shareholder returns, deal-making and reinvestment. If cash conversion remains volatile, financing and liquidity planning become structurally more challenging.
Read all positive and negative factors
Positive Factors
Negative Factors
AUM Growth & Net Flows
Sustained AUM expansion from net inflows and market appreciation strengthens the firm's primary revenue driver: fee income. Higher and growing AUM improves fee scalability across funds, supports recurring advisory revenue, and creates durable distribution leverage for product launches and institutional mandates.
Read all positive factors
Cohen & Steers (CNS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.69B
Dividend Yield3.92%
Average Volume (3M)480.46K
Price to Earnings (P/E)19.0
Beta (1Y)0.76
Revenue Growth9.99%
EPS Growth-1.69%
CountryUS
Employees411
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)3.03
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 Cap1.02
Enterprise Value/Revenue6.57
Enterprise Value/Gross Profit9.90
Enterprise Value/Ebitda18.26
Forecast
1Y Price Target
$64.50Price Target Upside-3.25% Downside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)3.42
Revenue Forecast (FY)$597.50M
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 primarily makes money by earning investment management fees based on assets under management (AUM) across its advised products and institutional mandates. These fees are typically charged as a stated percentage of average AUM and ar...
Cohen & Steers Earnings Call Summary
Earnings Call Date:Apr 16, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 22, 2026
Earnings Call Sentiment Positive
The call highlights strong investment performance, continued product and distribution momentum, positive net inflows ($497M), growing ETF AUM and a robust institutional pipeline ($1.7B), alongside meaningful product-level successes (multi-strategy real assets, listed infrastructure, nontraded REIT performance). Offsetting these positives are modest sequential declines in EPS and operating income, rising expenses, sub-advisory outflows (notably Japan), some reported outflows in preferred securities/fixed income volatility, and short-term uncertainty from the Middle East conflict. On balance, the strategic growth initiatives, high outperformance rates, and sustained inflows materially outweigh the near-term operational and market headwinds.Positive Updates
Net Inflows and AUM Growth
Firm-wide net inflows of $497 million in Q1 2026; ending AUM $93.1 billion up from $90.5 billion at Q4 (≈ +2.9% end-period) and average AUM increased to $94.4 billion from $90.8 billion sequentially (≈ +4.0%). Market appreciation contributed $2.7 billion to AUM during the quarter.
Negative Updates
Slight Decline in EPS and Sequential Operating Income
As-adjusted EPS declined to $0.79 from $0.81 sequentially (≈ -2.5%). Operating income decreased to $50.7 million from $52.4 million sequentially and operating margin contracted to 35.1% from 36.4%.
Read all updates
Q1-2026 Updates
Positive
Negative
Net Inflows and AUM Growth
Firm-wide net inflows of $497 million in Q1 2026; ending AUM $93.1 billion up from $90.5 billion at Q4 (≈ +2.9% end-period) and average AUM increased to $94.4 billion from $90.8 billion sequentially (≈ +4.0%). Market appreciation contributed $2.7 billion to AUM during the quarter.
Read all positive updates
Company Guidance
Management guided that for 2026 the compensation ratio should remain at 40%, G&A is expected to increase in the mid‑single digits year‑over‑year, and the as‑adjusted effective tax rate should stay at 25.5%; those targets follow Q1 as‑adjusted results of $0.79 EPS (down from $0.81 sequential), revenue of $144.3M (+0.3% q/q), operating income of $50.7M and an operating margin of 35.1% (vs. 36.4% prior), ending AUM of $93.1B (up from $90.5B) with average AUM of $94.4B (vs. $90.8B) and $2.7B of market appreciation, net inflows of $497M and a $1.7B unfunded pipeline, and quarter‑end liquidity of $343M (down $60M mainly due to annual incentive compensation).Cohen & Steers Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 574.61M | 567.80M | 517.42M | 489.64M | 573.72M | 583.83M |
| Gross Profit | 381.59M | 326.52M | 242.30M | 235.29M | 281.96M | 312.50M |
| EBITDA | 206.82M | 200.44M | 203.39M | 169.62M | 228.42M | 279.31M |
| Net Income | 155.81M | 153.22M | 151.26M | 129.05M | 171.04M | 211.40M |
Balance Sheet | ||||||
| Total Assets | 854.73M | 910.45M | 812.37M | 736.55M | 673.38M | 492.69M |
| Cash, Cash Equivalents and Short-Term Investments | 53.09M | 145.45M | 309.93M | 265.44M | 262.71M | 208.08M |
| Total Debt | 136.32M | 138.33M | 141.12M | 140.41M | 138.81M | 24.52M |
| Total Liabilities | 187.76M | 276.60M | 237.46M | 243.91M | 246.44M | 148.36M |
| Stockholders Equity | 563.35M | 561.95M | 511.71M | 381.23M | 337.55M | 255.18M |
Cash Flow | ||||||
| Free Cash Flow | -12.82M | -126.42M | 85.04M | 114.97M | 57.46M | 240.21M |
| Operating Cash Flow | -7.92M | -120.44M | 96.69M | 171.96M | 61.68M | 242.90M |
| Investing Cash Flow | -32.69M | 8.36M | -119.71M | -114.78M | -2.86M | 47.65M |
| Financing Cash Flow | 30.01M | 73.84M | 18.17M | -119.05M | 8.97M | -145.43M |
Cohen & Steers Technical Analysis
Positive
66.67
Price Trends
66.54
Positive
65.57
Positive
65.71
Positive
Market Momentum
1.52
Positive
60.05
Neutral
42.77
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 66.67 is below the 20-day moving average (MA) of 70.74, above the 50-day MA of 66.54, and above the 200-day MA of 65.71, indicating a bullish trend. The MACD of 1.52 indicates Positive momentum. The RSI at 60.05 is Neutral, neither overbought nor oversold. The STOCH value of 42.77 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 |
|---|---|---|---|---|---|---|---|
82 Outperform | $5.37B | 9.29 | 15.76% | 3.00% | 62.31% | -1.99% | |
76 Outperform | $4.16B | 10.73 | 33.93% | 2.46% | 12.27% | 45.13% | |
76 Outperform | $3.06B | 10.37 | 71.27% | 8.72% | 9.72% | 8.92% | |
73 Outperform | $3.55B | 10.16 | 21.99% | 8.93% | ― | -12.21% | |
69 Neutral | $3.69B | 18.99 | 28.28% | 3.92% | 9.99% | -1.69% | |
69 Neutral | $2.87B | 15.88 | 15.11% | 10.00% | 14.32% | 36.84% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
CNS
Cohen & Steers
71.61
-3.43
-4.58%
AB
AllianceBernstein
37.64
1.06
2.90%
FHI
Federated Hermes
55.92
14.62
35.41%
HTGC
Hercules Capital, Inc.
15.71
-0.09
-0.59%
APAM
Artisan Partners
37.93
0.37
0.99%
VCTR
Victory Capital Holdings
87.84
26.78
43.87%
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.