Cohen & Company (COHN) AI Stock Analysis

• Market Cap: $34.71M
• Dividend Yield: 6.45%
• Average Volume (3M): 3.95K
• Price to Earnings (P/E): 8.1
• Beta (1Y): 0.82
• Revenue Growth: 214.07%
• EPS Growth: -40.88%
• Country: US
• Employees: 117
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): 2.58
• Shares Outstanding: 2,035,863
• 10 Day Avg. Volume: 3,233
• 30 Day Avg. Volume: 3,952
• PEG Ratio: 1.33
• Price to Book (P/B): 0.40
• Price to Sales (P/S): 0.21
• P/FCF Ratio: 2.03
• Enterprise Value/Market Cap: 1.88
• Enterprise Value/Revenue: 0.34
• Enterprise Value/Gross Profit: 1.11
• Enterprise Value/Ebitda: 5.42
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 63 Neutral
• Price Target: $21.50 ▲(15.34% Upside)

The score is primarily held back by financial risk—extreme leverage and weak/free cash flow trends despite strong revenue growth. Offsetting factors include a strong technical uptrend and supportive valuation with an above-average dividend yield, while earnings-call guidance was constructive but tempered by sizeable principal-transaction losses; the special dividend adds a positive, secondary tailwind.

Positive Factors

Revenue & CCM Growth

Sustained, high revenue growth driven by CCM's rapid expansion into SPAC and crypto capital markets represents a durable revenue engine. With CCM now the majority of revenue, the firm benefits from scale, recurring underwriting/advisory deal flow and market leadership that can support medium-term top-line stability.

Operational margins

Healthy gross and EBIT margins point to a profitable core business and disciplined cost structure. These margins create buffer against revenue cyclicality, enable reinvestment in client-facing capabilities, and support sustainable earnings generation over multiple quarters absent large trading losses.

Capital return signal

A material special dividend signals management confidence in liquidity and capital allocation intent. For a financial services firm, returning capital indicates convertible cash generation or realizable assets, strengthens shareholder alignment, and can reflect a strategic choice to monetize non-core holdings.

Negative Factors

High leverage

Extremely high leverage materially raises financial risk and reduces strategic flexibility. Debt dependency increases refinancing and interest-rate vulnerability, constrains ability to absorb trading losses or fund growth organically, and elevates default or covenant pressure during adverse market cycles.

Principal transaction volatility

Material negative principal and mark-to-market losses show the firm's earnings are exposed to volatile proprietary and sponsored-investment positions. Such loss episodes can swamp operating profits, impair capital, and make earnings and equity returns unpredictable over the medium term.

Weak cash conversion & FCF decline

Sharp FCF decline and poor conversion of income to operating cash highlight structural liquidity stress. Weak cash generation limits reinvestment, debt servicing, and reliable dividends, raising the likelihood of funding constraints or dependence on external financing in the 2–6 month horizon.

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 funds and collateralized debt obligations for its clients. It invests in the fixed income and alternative investment markets across the globe. The firm's fixed income investments include U.S. trust preferred securities, European hybrid capital securities, Asian commercial real estate debt, mortgage backed securities, and asset backed securities. The firm was formerly known as Institutional Financial Markets, Inc. Cohen & Company Inc. was founded in 1999 and is based in Philadelphia, Pennsylvania with additional offices in New York City; Boca Raton, Florida; Chicago, Illinois; Bethesda, Maryland; Boston, Massachusetts; Paris, France; and London, United Kingdom.

How the Company Makes Money

Cohen & Company generates revenue through multiple key streams, primarily from advisory fees, asset management fees, and commissions from trading activities. The firm charges advisory fees for its investment banking services, which include capital raising and M&A advisory. In asset management, COHN earns management fees based on assets under management (AUM) and performance fees tied to investment performance. Additionally, the company may receive commissions from brokerage activities and trading services. Strategic partnerships with institutional investors and collaborative ventures in investment projects also contribute significantly to its earnings.

Cohen & Company Financial Statement Overview

Summary

Strong TTM revenue growth (39.19%) and solid EBIT margin (13.29%) are offset by very high leverage (debt-to-equity 19.95), low net margin (1.39%), and sharply negative free cash flow growth (-82.61%) with weak cash conversion (operating cash flow to net income 0.19).

Income Statement

Cohen & Company shows a strong revenue growth rate of 39.19% in the TTM, indicating a positive trajectory. However, the net profit margin is low at 1.39%, suggesting limited profitability. The gross profit margin is moderate at 30.25%, and the EBIT margin is healthy at 13.29%, reflecting operational efficiency. The company has improved from previous years, but profitability remains a concern.

Balance Sheet

The company's balance sheet reveals high leverage with a debt-to-equity ratio of 19.95, indicating significant reliance on debt financing. The return on equity is modest at 10.01%, showing some profitability for shareholders. The equity ratio is low, suggesting potential risks in financial stability. Overall, the balance sheet reflects high risk due to leverage, despite some profitability improvements.

Cash Flow

Cohen & Company's cash flow analysis shows a significant decline in free cash flow growth at -82.61% in the TTM, indicating potential liquidity issues. The operating cash flow to net income ratio is low at 0.19, suggesting challenges in converting income into cash. However, the free cash flow to net income ratio is strong at 0.99, indicating efficient cash generation relative to net income. The cash flow situation is mixed, with liquidity concerns but efficient cash conversion.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	191.37M	79.60M	82.98M	44.39M	146.37M	130.11M
Gross Profit	58.76M	23.21M	30.89M	-5.90M	61.32M	70.21M
EBITDA	12.04M	2.60M	23.03M	-48.34M	78.10M	39.81M
Net Income	4.38M	-129.00K	-5.11M	-13.39M	11.81M	14.21M
Balance Sheet
Total Assets	773.85M	971.15M	772.76M	887.05M	3.66B	6.15B
Cash, Cash Equivalents and Short-Term Investments	161.39M	163.09M	181.40M	236.26M	273.16M	284.96M
Total Debt	83.93M	118.13M	149.02M	624.01M	3.39B	5.77B
Total Liabilities	672.80M	880.87M	680.96M	793.03M	3.50B	6.05B
Stockholders Equity	47.84M	41.73M	41.68M	46.74M	61.94M	43.91M
Cash Flow
Free Cash Flow	32.56M	8.23M	-40.03M	-24.06M	17.29M	41.22M
Operating Cash Flow	33.84M	9.47M	-39.66M	-23.49M	18.32M	41.44M
Investing Cash Flow	18.55M	16.51M	38.12M	13.80M	-22.53M	-11.95M
Financing Cash Flow	-12.19M	-16.72M	-17.11M	-11.50M	13.16M	3.79M

Cohen & Company Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 18.64
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: 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 below the 20-day moving average (MA) of 20.75, above the 50-day MA of 17.50, and above the 200-day MA of 11.27, indicating a neutral trend. The MACD of 0.51 indicates Positive momentum. The RSI at 44.82 is Neutral, neither overbought nor oversold. The STOCH value of 28.84 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for COHN.

Cohen & Company Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
WHG	73 Outperform	$170.38M	22.10	5.99%	3.32%	4.03%	151.19%
SIEB	72 Outperform	$113.20M	15.38	8.43%	―	8.47%	-32.22%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
COHN	63 Neutral	$34.71M	8.11	9.56%	6.45%	214.07%	-40.88%
HGBL	63 Neutral	$47.94M	15.99	4.65%	―	0.02%	-68.55%
DOMH	61 Neutral	$65.33M	0.74	-29.28%	―	―	―

Cohen & Company Corporate Events

Cohen & Company Announces Special Cash Dividend to Shareholders

On December 22, 2025, Cohen & Company announced that its board had declared a special cash dividend of $2.00 per share on its common stock, payable on January 22, 2026 to shareholders of record as of January 7, 2026. Management framed the dividend as a reflection of the company’s recent strong operating performance and a signal of confidence in its future prospects, underscoring its stated commitment to returning capital to investors, which may enhance the stock’s appeal to income-focused shareholders and highlight the firm’s solid positioning within capital markets and asset management amid a challenging macro environment.

The most recent analyst rating on (COHN) stock is a Hold with a $18.00 price target. To see the full list of analyst forecasts on Cohen & Company stock, see the COHN Stock Forecast page.

Cohen & Company Completes SPAC Merger with ProCap

On December 5, 2025, Columbus Circle Capital Corp. I, a SPAC sponsored by Cohen & Company, completed its merger with ProCap BTC, resulting in ProCap Financial becoming the go-forward company. ProCap Financial’s common stock and warrants began trading on Nasdaq under the symbols ‘BRR’ and ‘BRRWW’ on December 8, 2025. The SPAC founder shares were converted into ProCap Financial shares, with certain transfer restrictions in place. Executives and key employees of Cohen & Company received approximately 2,150,000 ProCap Financial shares.

The most recent analyst rating on (COHN) stock is a Hold with a $20.00 price target. To see the full list of analyst forecasts on Cohen & Company stock, see the COHN Stock Forecast page.