Cohen & Steers

CNS · NYSE · Financials · Financials, fiscal 2016 to 2025

CNS · Last close · November 6, 2026

$73.20

Cohen & Steers' revenue rose 7.5% to $556 million in fiscal 2025. Its operating margin was 32.0%, down from 33.4% a year earlier. Free cash flow was −$126 million, against $85 million a year earlier. It paid out $155 million in dividends and buybacks. The diluted share count rose 1.1%.

COHEN & STEERS, INC. Latest fiscal year ended December 31, 2025 10-K filed February 27, 2026 · 0001284812-26-000011 Updated November 5, 2026

Revenue

$556M

7.5%

Operating margin

32.0%

1.4 pts

Net income

$153M

1.3%

Free cash flow

−$126M

$85M a year earlier

Return on equity

28.5%

5.3 pts

Market cap

$3.8B

Nov 6 close

P/E

22.5x

On $3.25 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Cohen & Steers does

Cohen & Steers is an investment manager, founded in 1986, that specializes in real assets and alternative income. These include listed and private real estate, preferred securities, infrastructure, resource equities and commodities, as well as multi-strategy solutions. It is based in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore, and serves institutional and individual investors around the world.

It manages money through three types of investment vehicles: open-end funds, institutional accounts and closed-end funds. Open-end funds issue and redeem shares every day at net asset value, and include a non-traded REIT it advises and, since 2025, active exchange traded funds (ETFs). Institutional accounts are portfolios it manages for clients such as pension plans and sovereign wealth funds. Like other asset managers, it earns fees for managing these assets, so its revenue depends on how much money it manages.

It sells through two channels. The wealth channel covers intermediaries such as private banks, broker dealers and registered investment advisers. The institutional channel covers sovereign wealth funds, pension plans, insurers, endowments, foundations and investment consultants. Cohen & Steers, Inc. is the holding company for its operating subsidiaries and was organized in Delaware in 2004.

Its biggest risks, as it describes them

A fall in the performance or value of real estate securities, which would hurt its assets under management.
Limits on its growth from the size and number of real estate securities issuers and REIT ownership restrictions.
Losses on seed investments it makes to launch new strategies and products.
The loss of senior executives or investment professionals.
Substantial competition in all parts of its business.

From Cohen & Steers's annual report on Form 10-K, filed February 27, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share grew 4.5% a year and net income 5.7% a year, as new shares raised the share count by 11% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	184	247	187	183	146
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	—	—	—	—	—
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Cohen & Steers' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Cohen & Steers' projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 2 insiders bought $7.5 million of Cohen & Steers shares on the open market, and 4 insiders sold $2.5 million.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Jul 20, 2026	Elena DulikChief Accounting Officer, SVP	Sold	1,100	$83.16	$91,476	Form 4
Jun 16, 2026	Daniel NoonanExecutive Vice President	Sold	4,360	$77.33	$337,159	Form 4
May 26, 2026	Jon CheighPresident and CIO	Sold	10,500	$71.75	$753,375	Form 4
Feb 12, 2026	Francis C PoliGC, Secretary, EVP	Sold	10,000	$65.73	$657,300	Form 4
Feb 11, 2026	Francis C PoliGC, Secretary, EVP	Sold	9,696	$65.63	$636,367	Form 4
Nov 20, 2025	Martin CohenDirector, 10% owner	Bought	12,708	$60.83	$773,028	Form 4
Nov 19, 2025	Martin CohenDirector, 10% owner	Bought	37,292	$59.66	$2.2 million	Form 4
Nov 19, 2025	Robert Hamilton SteersExecutive Chairman, Director, 10% owner	Bought	25,000	$59.88	$1.5 million	Form 4
Nov 18, 2025	Martin CohenDirector, 10% owner	Bought	50,000	$59.69	$3.0 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	9.8%	22.1%	−15.2%
Altman Z''	—	—	—
Accruals ratio	−6.1%	7.0%	32.4%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Fail
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Fail	Fail
Debt fell relative to assets	—	—	—
Current ratio rose	—	—	—
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Fail	Fail
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Cohen & Steers side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Cohen & Steers	FY25	7.5%	32.0%	−22.7%	—	—	—
WisdomTree Investments	FY25	15.4%	35.3%	29.9%	—	—	—	Compare
Hamilton Lane	FY26	6.5%	—	55.2%	34.5%	−0.2x	—	Compare
Virtus Investment Partners	FY25	−6.0%	19.8%	−8.7%	15.5%	−0.4x	—	Compare
Artisan Partners Asset Management	FY25	7.6%	33.4%	14.3%	80.6%	−0.2x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	350	379	381	411	428	584	567	490	517	556
Revenue growth	6.5%	8.2%	0.6%	7.8%	4.1%	36.6%	−2.9%	−13.6%	5.7%	7.5%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	136	155	147	160	95	260	216	164	173	178
Net income	93	92	114	135	77	211	171	129	151	153
Diluted EPS (US$)	2.00	1.96	2.40	2.79	1.57	4.31	3.47	2.60	2.97	2.97
Diluted shares (millions)	46	47	47	48	49	49	49	50	51	52
Cash flow
Cash from operations	115	64	73	141	89	243	62	172	97	−120
Capital expenditure	10	3	4	3	2	3	4	57	12	6
Free cash flow	105	61	69	139	87	240	57	115	85	−126
Dividends paid	71	98	179	163	122	148	107	112	119	127
Share buybacks	8	9	11	10	26	23	27	22	21	28
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	22	22	25	28	29	40	49	44	52	46
Balance sheet at fiscal year end
Cash and short-term investments	183	194	93	101	41	184	247	187	183	146
Debt incl. finance leases	—	—	—	—	—	—	—	—	—	—
Total assets	334	410	481	402	348	493	673	737	812	877
Total liabilities	67	87	144	135	124	148	246	244	238	243
Shareholders' equity	266	276	223	214	174	255	338	381	512	562
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	38.7%	40.9%	38.6%	39.0%	22.2%	44.6%	38.1%	33.6%	33.4%	32.0%
Net margin	26.6%	24.3%	29.9%	32.8%	17.9%	36.2%	30.2%	26.4%	29.2%	27.6%
Free cash flow margin	29.9%	16.1%	18.1%	33.8%	20.3%	41.1%	10.1%	23.5%	16.4%	−22.7%
Rule of 40 (growth + FCF margin)	36.4%	24.4%	18.8%	41.6%	24.3%	77.7%	7.2%	9.8%	22.1%	−15.2%
Return on capital	—	—	—	—	—	—	—	—	—	—
Return on equity	37.4%	34.0%	45.7%	61.7%	39.5%	98.5%	57.7%	35.9%	33.9%	28.5%
Return on assets	29.1%	24.7%	25.6%	30.5%	20.4%	50.3%	29.3%	18.3%	19.5%	18.1%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Cohen & Steers' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Cohen & Steers.