Cohen & Company Inc (COHN)
XASE:COHN
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Cohen & Company
(NYSE MKT:COHN)
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Rating:74Outperform
Price Target:
$17.00
▼(-8.80% Downside)
Action:UpgradedDate:03/07/26
The score is driven by sharply improved 2025 fundamentals and upbeat guidance/capital returns, reinforced by a strong uptrend in price relative to moving averages. The biggest offset is historical and business-model volatility (notably SPAC concentration and lumpy principal/investment-banking results), despite the very attractive headline valuation.
Positive Factors
Large revenue rebound and restored profitability
A 246% revenue increase to $275.6M in 2025 and materially improved net margins reflect a much larger revenue base and restored profitability. This scale enhances durable fee generation, supports reinvestment in deal teams, and strengthens long‑term cash generation and dividend capacity.
Negative Factors
Concentration of revenue in SPAC/de‑SPAC activity
Relying on SPAC/de‑SPAC products for roughly two‑thirds of revenue concentrates earnings risk in a single product's cycle. This structural dependence makes results highly sensitive to SPAC issuance, deal timing and sponsor economics, increasing the probability of large revenue swings across periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Large revenue rebound and restored profitability
A 246% revenue increase to $275.6M in 2025 and materially improved net margins reflect a much larger revenue base and restored profitability. This scale enhances durable fee generation, supports reinvestment in deal teams, and strengthens long‑term cash generation and dividend capacity.
Read all positive factors
Cohen & Company (COHN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$37.27M
Dividend Yield6.45%
Average Volume (3M)3.95K
Price to Earnings (P/E)2.8
Beta (1Y)0.81
Revenue Growth214.07%
EPS Growth-40.88%
CountryUS
Employees117
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)1.48
Shares Outstanding2,448,559
10 Day Avg. Volume3,233
30 Day Avg. Volume3,952
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.80
Price to Sales (P/S)0.15
P/FCF Ratio1.56
Enterprise Value/Market Cap11.40
Enterprise Value/Revenue1.53
Enterprise Value/Gross Profit1.63
Enterprise Value/Ebitda9.22
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Cohen & Company Business Overview & Revenue Model
Company Description
Cohen & Company Inc. is a publicly owned investment manager. The firm primarily provides its services to individuals and institutions. It manages separate client-focused fixed income portfolios. Institutional Financial Markets, Inc. also manages f...
How the Company Makes Money
Cohen & Company’s earnings are generated primarily through its operating subsidiary’s investment banking and capital markets activities. Key revenue streams typically include: (1) Investment banking fees: advisory fees for M&A and other strategic ...
Cohen & Company Key Performance Indicators (KPIs)
Any
Operating Income by Segment
Shows how much profit each business line makes after paying day-to-day operating costs, revealing which services drive the company’s core earnings. Strong or improving operating income in key segments points to operational efficiency and scalability, while weak or concentrated results increase vulnerability if demand shifts.
Shows how much profit each business line makes after paying day-to-day operating costs, revealing which services drive the company’s core earnings. Strong or improving operating income in key segments points to operational efficiency and scalability, while weak or concentrated results increase vulnerability if demand shifts.
Data provided by:
The Fly
The FlyCohen & Company Earnings Call Summary
Earnings Call Date:Mar 06, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call presented strong operational and financial momentum: materially higher full-year revenue (+246% YoY), substantial CCM deal activity and market leadership in SPAC/de‑SPAC transactions, improved profitability and adjusted pretax income, and meaningful shareholder returns via dividends. Offsetting items include elevated compensation and one-time expenses tied to founder shares and SPAC sponsor accounting, losses from equity affiliates, sequential volatility in investment banking revenue, and concentration risk in the SPAC business. On balance, the highlights — including large YoY growth, improved profitability, and market leadership — outweigh the lowlights, though the results carry some volatility and concentration-related risk.Positive Updates
Record Full-Year Revenue and Large YoY Growth
Total revenue for fiscal 2025 was $275,600,000, an increase of 246% from 2024.
Negative Updates
High Compensation and Benefits Expense
Compensation and benefits expense for the fourth quarter was $57,800,000, elevated by incentive compensation and a $16,500,000 expense recorded related to founder shares allocable to employees tied to the Columbus Circle Capital Corp I sponsor.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Full-Year Revenue and Large YoY Growth
Total revenue for fiscal 2025 was $275,600,000, an increase of 246% from 2024.
Read all positive updates
Company Guidance
Management guided that first-quarter 2026 revenue is trending substantially higher than Q1 2025 and that CCM’s pipeline is more robust year-over-year, positioning the firm for continued growth as it expands the investment bank and industry verticals; key operational plans include adding roughly five investment‑bank hires in 2026 (investment bank headcount was 28 at year-end), potentially 2–5 new MDs, and about eight hires in fixed‑income trading to grow fixed‑income revenue from roughly $50M in 2025 toward a $60–65M target. They reiterated capital returns—a quarterly dividend of $0.25 and a $0.70 special dividend payable April 3, 2026 (record March 20), on top of the $2.00 special paid in January 2026—while noting dividend policy will be reviewed each quarter. Contextual metrics cited alongside the guidance include FY2025 total revenue of $275.6M (+246% YoY), adjusted pretax income $41.4M (15% of revenue), FY basic and fully diluted net income per share $8.33 and $4.35, Q4 net income attributable $8.1M ($1.48 diluted), Q4 adjusted pretax income $18.3M, Q4 investment‑banking revenue $55.0M (of which $50.8M was CCM), CCM closed $43.0B in transactions in 2025 and accounted for ~67% of company revenue, revenue per employee $2.3M, year‑end equity $103.1M, and consolidated indebtedness of $33.0M.Cohen & Company Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
72
Positive
Cash Flow
63
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 278.30M | 79.60M | 82.98M | 44.39M | 146.37M |
| Gross Profit | 260.92M | 23.21M | 30.89M | -5.90M | 61.32M |
| EBITDA | 46.10M | 2.60M | 23.03M | -48.34M | 78.10M |
| Net Income | 14.43M | -129.00K | -5.11M | -13.39M | 11.81M |
Balance Sheet | |||||
| Total Assets | 700.59M | 971.15M | 772.76M | 887.05M | 3.66B |
| Cash, Cash Equivalents and Short-Term Investments | 192.69M | 163.09M | 181.40M | 236.26M | 273.16M |
| Total Debt | 450.25M | 118.13M | 149.02M | 624.01M | 3.39B |
| Total Liabilities | 597.50M | 880.87M | 680.96M | 793.03M | 3.50B |
| Stockholders Equity | 51.08M | 41.73M | 41.68M | 46.74M | 61.94M |
Cash Flow | |||||
| Free Cash Flow | 26.10M | 8.23M | -40.03M | -24.06M | 17.29M |
| Operating Cash Flow | 27.35M | 9.47M | -39.66M | -23.49M | 18.32M |
| Investing Cash Flow | 26.21M | 16.51M | 38.12M | 13.80M | -22.53M |
| Financing Cash Flow | -17.30M | -16.72M | -17.11M | -11.50M | 13.16M |
Cohen & Company Technical Analysis
Negative
18.64
Price Trends
16.23
Negative
15.68
Negative
12.58
Positive
Market Momentum
-0.07
Negative
47.62
Neutral
41.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For COHN, the sentiment is Negative. The current price of 18.64 is above the 20-day moving average (MA) of 15.59, above the 50-day MA of 16.23, and above the 200-day MA of 12.58, indicating a neutral trend. The MACD of -0.07 indicates Negative momentum. The RSI at 47.62 is Neutral, neither overbought nor oversold. The STOCH value of 41.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for COHN.
Cohen & Company Risk Analysis
Cohen & Company disclosed 72 risk factors in its most recent earnings report. Cohen & Company 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 & Company Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $37.27M | 2.83 | 31.32% | 6.45% | 214.07% | -40.88% | |
72 Outperform | $76.81M | 18.19 | 8.17% | ― | 8.47% | -32.22% | |
70 Outperform | $150.71M | 19.44 | 5.77% | 3.32% | 4.03% | 151.19% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | $46.72M | 0.22 | 116.21% | ― | ― | ― | |
61 Neutral | $47.25M | 12.04 | 5.42% | ― | 0.02% | -68.55% |
* Financial Sector Average
COHN
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TOP
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Cohen & Company Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
Cohen & Company Updates LLC Agreement and LTIP Structure
Neutral
Mar 6, 2026
On March 6, 2026, Cohen Company, Inc. executed a Second Amended and Restated Limited Liability Company Agreement for its operating subsidiary, Cohen Company, LLC, with key executives and affiliated entities as members. The revised agreement supe...
Business Operations and StrategyPrivate Placements and Financing
Cohen & Company Backs $230 Million SPAC IPO Launch
Positive
Feb 13, 2026
On February 12, 2026, Columbus Circle Capital Corp. II, a SPAC sponsored and managed in part by Cohen Company’s operating subsidiary, completed a $230 million Nasdaq-listed IPO of 23 million units at $10 each, with each unit comprising one ...
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.