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Cohen & Steers, Inc. (CNS)
NYSE:CNS
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Cohen & Steers
(NYSE:CNS)
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Rating:63Neutral
Price Target:
$70.00
▲(4.54% Upside)
Action:UpgradedDate:01/26/26
The score is primarily driven by solid profitability and a manageable balance sheet, but it is meaningfully capped by the sharp deterioration in TTM operating and free cash flow. Technicals are neutral-to-mixed (below the 200DMA with neutral RSI), while valuation is moderately supportive due to the dividend yield and a mid-range P/E.
Positive Factors
High profitability
Sustained high net margins reflect a fee-based, scalable business model with strong pricing power in real assets strategies. Persistent margin levels support durable earnings, underwriting of dividends and reinvestment, and provide a buffer against moderate market volatility over the medium term.
Meaningful revenue rebound
A 54.8% TTM revenue rebound indicates recovery in AUM or fee income and suggests the firm can regain growth momentum. For an asset manager, recovering revenue trends point to improvements in flows, market valuation effects, or product traction that can sustain fee revenue over coming quarters.
Manageable leverage with strong ROE
Low reported leverage and high ROE signal efficient capital use and a conservative financing stance relative to earning power. This combination supports capital allocation flexibility, resilience to shocks, and the ability to support client servicing and product investment without heavy refinancing needs.
Negative Factors
Negative operating and free cash flow
Sharp TTM negative OCF and FCF present a structural concern for an asset manager reliant on fee conversion to cash. Persistent cash deficits can strain liquidity, reduce ability to fund buybacks or dividends, and may force asset or financing actions if working-capital swings continue.
Higher debt than earlier cycle
Debt elevated versus earlier years reduces balance-sheet conservatism and narrows the margin of safety. In a downturn or period of cash pressure, higher leverage can increase refinancing and interest risks, limiting strategic flexibility and raising funding costs over the medium term.
Margin compression from 2021 peak
Lower margins versus 2021 suggest reduced peak earnings power, possibly from fee pressure, higher costs, or product mix shifts. If structural, this constrains long-term profitability growth and the firm's ability to restore prior peak returns without expense or pricing actions.
Cohen & Steers (CNS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.42B
Dividend Yield3.92%
Average Volume (3M)480.46K
Price to Earnings (P/E)22.1
Beta (1Y)0.70
Revenue Growth12.73%
EPS Growth19.01%
CountryUS
Employees411
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.81
Shares Outstanding51,007,540
10 Day Avg. Volume399,996
30 Day Avg. Volume480,463
Financial Highlights & Ratios
PEG Ratio2.12
Price to Book (P/B)9.10
Price to Sales (P/S)9.00
P/FCF Ratio54.74
Enterprise Value/Market Cap1.01
Enterprise Value/Revenue6.08
Enterprise Value/Gross Profit12.31
Enterprise Value/Ebitda16.10
Forecast
1Y Price Target
$63.00Price Target Upside-5.91% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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 meaningful TTM revenue rebound support results, and leverage appears manageable with robust ROE. However, TTM cash flow is a major concern (negative operating and free cash flow), raising a near-term quality-of-earnings and cash conversion risk that materially drags the financial score.Income Statement
Profitability remains a clear strength: net margins are consistently high (roughly 26%–36% across the annual periods, and ~27% in TTM (Trailing-Twelve-Months)). Revenue has recovered meaningfully in TTM (Trailing-Twelve-Months) (+54.8%) following a down 2023, indicating a stronger recent trajectory. The main watch-out is some margin compression versus the 2021 peak (both operating and net profitability are lower than that high-water mark), suggesting earnings power is strong but not as elevated as prior-cycle levels.82
Very Positive
Balance Sheet
Leverage looks manageable for the business model, with debt-to-equity improving versus 2022–2023 levels and sitting around ~0.25 in TTM (Trailing-Twelve-Months), supported by a larger equity base. Returns on equity remain robust (roughly ~29%–34% recently, with a much higher 2021 outlier), indicating good capital efficiency. The key risk is that debt is materially higher than 2020–2021 levels, so the balance sheet is solid but less conservative than it was earlier in the cycle.76
Positive
Cash Flow
Cash generation is the weakest area. While operating and free cash flow were positive and supportive of earnings in the annual periods (2020–2024), TTM (Trailing-Twelve-Months) shows a sharp reversal with negative operating cash flow (-$86.7M) and negative free cash flow (-$94.1M), alongside a steep free-cash-flow decline. This creates a near-term quality-of-earnings concern despite strong reported profitability, and it raises questions about working-capital swings and cash conversion consistency.48
Neutral
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 568.73M | 517.42M | 489.64M | 573.72M | 583.83M | 430.90M |
| Gross Profit | 280.88M | 242.30M | 235.29M | 281.96M | 312.50M | 159.36M |
| EBITDA | 214.75M | 203.39M | 169.62M | 228.42M | 279.31M | 114.69M |
| Net Income | 164.16M | 151.26M | 129.05M | 171.04M | 211.40M | 76.58M |
Balance Sheet | ||||||
| Total Assets | 801.61M | 812.37M | 736.55M | 673.38M | 492.69M | 348.45M |
| Cash, Cash Equivalents and Short-Term Investments | 295.68M | 309.93M | 265.44M | 262.71M | 208.08M | 41.23M |
| Total Debt | 140.28M | 141.12M | 140.41M | 138.81M | 24.52M | 34.93M |
| Total Liabilities | 222.35M | 237.46M | 243.91M | 246.44M | 148.36M | 123.55M |
| Stockholders Equity | 550.29M | 511.71M | 381.23M | 337.55M | 255.18M | 174.24M |
Cash Flow | ||||||
| Free Cash Flow | -94.05M | 85.04M | 114.97M | 57.46M | 240.21M | 86.68M |
| Operating Cash Flow | -86.67M | 96.69M | 171.96M | 61.68M | 242.90M | 89.19M |
| Investing Cash Flow | -7.61M | -119.71M | -114.78M | -2.86M | 47.65M | -1.77M |
| Financing Cash Flow | 79.36M | 18.17M | -119.05M | 8.97M | -145.43M | -148.90M |
Cohen & Steers Technical Analysis
Positive
66.96
Price Trends
65.17
Positive
65.22
Positive
69.49
Negative
Market Momentum
0.37
Negative
56.08
Neutral
63.14
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 66.96 is above the 20-day moving average (MA) of 64.85, above the 50-day MA of 65.17, and below the 200-day MA of 69.49, indicating a neutral trend. The MACD of 0.37 indicates Negative momentum. The RSI at 56.08 is Neutral, neither overbought nor oversold. The STOCH value of 63.14 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 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $3.55B | 12.95 | 18.35% | 8.93% | ― | -12.92% | |
75 Outperform | $4.95B | 18.22 | 18.61% | 3.00% | 33.03% | -3.55% | |
74 Outperform | $4.30B | 10.66 | 34.09% | 2.46% | 9.32% | 53.51% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $3.23B | 9.91 | 63.64% | 8.72% | 5.46% | 2.10% | |
63 Neutral | $3.42B | 22.14 | 31.53% | 3.92% | 12.73% | 19.01% | |
62 Neutral | $2.77B | 8.14 | 16.02% | 10.00% | -15.32% | -12.29% |
* Financial Sector Average
CNS
Cohen & Steers
66.96
-16.97
-20.22%
AB
AllianceBernstein
38.51
3.99
11.56%
FHI
Federated Hermes
55.40
18.33
49.44%
HTGC
Hercules Capital, Inc.
15.07
-4.02
-21.06%
APAM
Artisan Partners
40.06
1.27
3.27%
VCTR
Victory Capital Holdings
76.25
14.59
23.66%
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.