Cohen & Company (COHN) AI Stock Analysis

• Market Cap: $29.59M
• Dividend Yield: 6.45%
• Average Volume (3M): 3.95K
• Price to Earnings (P/E): 1.5
• Beta (1Y): 0.67
• Revenue Growth: 214.07%
• EPS Growth: -40.88%
• Country: US
• Employees: 117
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): 1.48
• Shares Outstanding: 2,035,863
• 10 Day Avg. Volume: 3,233
• 30 Day Avg. Volume: 3,952
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.80
• Price to Sales (P/S): 0.15
• P/FCF Ratio: 1.56
• Enterprise Value/Market Cap: 0.02
• Enterprise Value/Revenue: <0.01
• Enterprise Value/Gross Profit: <0.01
• Enterprise Value/Ebitda: 0.02
• 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: 74 Outperform
• Price Target: $22.00 ▲(18.03% Upside)
• Action: Upgraded Date: 03/07/26
• Date: Action: Upgraded 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

Revenue and profit rebound (2025)

A very large, company-wide revenue rebound with materially positive margins and adjusted pretax income demonstrates restored deal flow and execution capacity. A bigger revenue base and positive operating leverage support sustained investment bank hiring, recurring advisory work, and the ability to fund dividends and growth initiatives over the next several quarters.

Leading SPAC/de‑SPAC franchise (CCM)

Market leadership in SPAC underwriting and de‑SPAC advisory gives Cohen durable competitive advantages in a niche capital‑markets segment. Strong deal flow, high revenue per employee and sector specialization (frontier tech, energy transition) create a differentiated client franchise and pipeline that can support repeat advisory fees and cross‑sell opportunities over the medium term.

Improved leverage and cash conversion

Material deleveraging and positive free‑cash‑flow alignment with net income strengthen the firm’s financial flexibility. Lower indebtedness reduces funding and covenant risk, enabling consistent capital returns and strategic hires while providing a buffer against market stress — a structurally important improvement in balance‑sheet health.

Negative Factors

High revenue concentration in SPAC business

Two‑thirds of revenue tied to one product line and sponsor activities creates structural concentration risk. Demand for SPAC underwriting and de‑SPAC advisory is cyclical and policy/market dependent, making company cash flows and margins sensitive to sector shocks and limiting the predictability of recurring revenue over the medium term.

Pronounced earnings and cash‑flow volatility historically

A transaction and principal‑driven business model has resulted in large multi‑year swings in profit and cash flow. That lumpy pattern undermines forecasting, hampers stable reinvestment plans, and raises execution risk for hiring and dividend policy despite the current rebound, because a few large transactions can materially change results quarter to quarter.

Elevated compensation and affiliate losses pressure margins

High incentive compensation (including one‑time founder‑share charges) and mark‑to‑market losses from equity‑method holdings are structural margin headwinds. If incentive pay and affiliate volatility remain material, they can erode sustainable operating margins and make free‑cash‑flow conversion more variable over future periods.

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

2025 shows a meaningful rebound (strong revenue growth, improved profitability, positive operating/free cash flow, and materially lower leverage), but confidence is tempered by pronounced earnings and cash-flow volatility across 2022–2024 and a business mix that has historically produced lumpy results.

Income Statement

Results show a sharp rebound in 2025 with revenue up ~44% year over year and profitability materially improved (net margin ~10% vs. roughly breakeven in 2024). However, the record across 2022–2024 was volatile, including a deep loss in 2022 and negative net income in 2023–2024, which lowers confidence in earnings stability despite the strong latest year.

Balance Sheet

Leverage improved dramatically by 2025, with debt down substantially versus prior years and a much healthier debt-to-equity (~0.33 in 2025 vs. high leverage in 2021–2024). Equity remains relatively modest versus assets, and the company’s history of very high leverage (especially 2020–2022) highlights that capital structure risk has been a key swing factor even though the current snapshot looks much stronger.

Cash Flow

Cash generation strengthened in 2025 with solid operating and free cash flow, and free cash flow roughly matched net income (close conversion). That said, free cash flow declined year over year in 2025 and cash flows have been inconsistent historically (notably negative operating/free cash flow in 2022–2023), indicating variability in underlying cash earnings power.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	275.56M	79.60M	82.98M	44.39M	146.37M
Gross Profit	98.05M	23.21M	30.89M	-5.90M	61.32M
EBITDA	21.83M	2.60M	23.03M	-48.34M	78.10M
Net Income	27.62M	-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	56.76M	163.09M	181.40M	236.26M	273.16M
Total Debt	16.96M	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

• Technical Analysis Sentiment: Positive
• Last Price: 18.64
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For COHN, the sentiment is Positive. The current price of 18.64 is above the 20-day moving average (MA) of 15.88, above the 50-day MA of 18.23, and above the 200-day MA of 12.61, indicating a bullish trend. The MACD of -0.61 indicates Negative momentum. The RSI at 64.06 is Neutral, neither overbought nor oversold. The STOCH value of 72.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for COHN.

Cohen & Company Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
COHN	74 Outperform	$29.59M	1.48	9.56%	6.45%	214.07%	-40.88%
SIEB	72 Outperform	$75.19M	18.19	8.43%	―	8.47%	-32.22%
WHG	70 Outperform	$152.98M	20.36	5.99%	3.32%	4.03%	151.19%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
HGBL	63 Neutral	$45.16M	24.51	4.65%	―	0.02%	-68.55%
DOMH	61 Neutral	$49.32M	0.22	-29.28%	―	―	―

Cohen & Company Corporate Events

Cohen & Company Updates LLC Agreement and LTIP Structure

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 superseded the prior 2009 framework to authorize the issuance of LTIP Units designed as profits interests for U.S. federal income tax purposes, expanding the subsidiary’s equity incentive toolkit.

Under the new structure, the Board of Managers may grant non-voting, non-redeemable LTIP Units that are subject to vesting and capital account limitations, and which may be converted into standard membership units before becoming eligible for redemption. The LTIP Units are generally non-transferable without board consent, with limited exceptions for family and estate planning transfers, and the company stated that, aside from these equity-related changes, the agreement does not materially alter existing operating terms.

The most recent analyst rating on (COHN) stock is a Buy with a $21.00 price target. To see the full list of analyst forecasts on Cohen & Company stock, see the COHN Stock Forecast page.

Cohen & Company Backs $230 Million SPAC IPO Launch

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 Class A ordinary share and one-third of a warrant. Cohen & Company Capital Markets led the underwriting, while the sponsor and CCM also invested in 625,000 placement units via a simultaneous private placement, with all $230 million of IPO and private placement proceeds placed into a trust account subject to redemption and business-combination conditions.

Cohen & Company’s operating subsidiary consolidates the SPAC sponsor, treating the sponsor’s $2.65 million investment as an equity method holding with non-controlling interests, and stands to benefit from 2,442,382 currently allocated founder shares whose final allocation will depend on a future business combination. The sponsor has provided indemnities, repaid a pre-IPO loan of about $485,000, may extend up to $1.5 million in additional convertible loans, and entered into an administrative services agreement under which the SPAC will pay Cohen & Company $10,000 per month for office space and support services until a business combination or liquidation, highlighting recurring fee income and potential upside tied to the SPAC’s deal execution.

The most recent analyst rating on (COHN) stock is a Buy with a $21.00 price target. To see the full list of analyst forecasts on Cohen & Company stock, see the COHN Stock Forecast page.

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.