COHEN & STEERS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data COHEN & STEERS, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	351	379	381	411	428	584	567	490	517	556
General and administrative	43	42.2	48.3	47.6	56.3	48	54.8	66.7	60.1	71.2
Operating expenses	216	224	234	251	332	323	351	325	345	378
Operating income	136	155	147	160	95.1	260	216	164	173	178
Interest income	2.12	4.33	10.4	6.72	3.36	2.88	6.82	14.6	19.3	22
Other non-operating income	7.89	5.65	-3.26	27.4	-1.67	21.6	-19	15.8	36.7	26.9
Pre-tax income	143	160	144	188	93.4	282	197	180	210	205
Income tax	50.6	67.9	34.3	40.6	18.2	55.8	47.4	43.6	46.7
Net income to minority interests	-0.13	0.55	-4.37	12.4	-1.42	14.8	-21.6	7.56	11.5	4.18
Net income	92.9	91.9	114	135	76.6	211	171	129	151	153
EBITDA	140	159	152	165	99.7	264	220	169	182	188
EPS, basic	2.02	1.98	2.43	2.85	1.60	4.38	3.51	2.62	3.00	2.99
EPS, diluted	2.00	1.96	2.40	2.79	1.57	4.31	3.47	2.60	2.97	2.97
Shares, basic (weighted)	46	46.4	46.8	47.3	47.8	48.3	48.8	49.3	50.4	51.2
Shares, diluted (weighted)	46.4	47	47.4	48.3	48.7	49.1	49.3	49.6	50.9	51.5
Dividend per share	1.54	2.12	3.82	3.44	2.56	3.05	2.20	2.28	2.36	2.48

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	183	193	92.7	101	41.2	184	247	187	183	145
Receivables									74.4	79.8
Property, plant and equipment	16	15	14.1	12.5	10.3	8.94	8.76	66.3	68.6	65.1
Lease right-of-use assets			48.5	38.4	31.2	22	136	103	99.2	97.3
Goodwill	17.7	19	18.5	18.3	19.2	18.4	17.8	18.1	17.5	18.8
Intangible assets	1.43	1.35	1.25	0
Total assets	334	410	481	402	348	493	673	737	812	877
Accrued liabilities	35.3	41.4	43.7	48.1	56.4	79.2	77.8	66.4	71	80.6
Lease liabilities			54.3	43.3	34.9	24.5	139	140	141	138
Total liabilities	67.1	86.8	144	135	124	148	246	244	237	243
Paid-in capital	544	570	602	637	670	716	769	818	943	993
Retained earnings	-128	-138	-208	-242	-292	-232	-171	-158	-129	-106
Treasury stock	-145	-154	-164	-175	-201	-223	-250	-272	-293	-321
Other comprehensive income	-5.89	-3.67	-7.32	-6.33	-4.13	-5.89	-10.8	-7.71	-10	-4.66
Shareholders' equity	266	276	223	214	174	255	338	381	512	562
Minority interests										49.1
Total equity	266	276	223	214	174	255	342	386	521	611
Total liabilities and equity	334	410	481	402	348	493	673	737	812	877
Shares outstanding	45.9	45.9	46.3	52.6	53.5	54.3	55.1	49.2	50.6	51

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	92.8	92.5	110	147	75.2	226	149	137	163	157
Depreciation and amortization	4.25	4.32	4.47	4.4	4.65	4.09	4.38	4.11	9.29	9.79
Stock-based compensation	22.1	22.4	24.6	27.8	29.3	40.5	49.4	44.5	52.3	46
Deferred income tax	-0.9	-0.31	-1.37	0.1	0.11	0.1	-1.2	0.54	-0.3	0.56
Change in receivables	-3.41	-7.61	3.26	-8.73	-9.31	-16.4	15.8	-1.43	-6.74	-5.3
Cash from operations	115	64.3	72.6	141	89.2	243	61.7	172	96.7	-120
Capital expenditures	-10.2	-3.24	-3.47	-2.75	-2.5	-2.7	-4.22	-57	-11.7	-5.98
Purchases of investments				-50.9	-71	-54	-145	-169	-417	-383
Sales and maturities of investments	20.8	25.8		89.6	71.7	104	147	112	309	398
Cash from investing	2.9	5.71	-53.2	35.9	-1.77	47.6	-2.86	-115	-120	8.36
Stock issued	0.64	0.64	0.6	0.74	0.86	1	1.04	1.06	1.1	0.96
Share buybacks	-8.04	-9.14	-10.6	-10.4	-25.9	-22.6	-26.8	-21.5	-21.1	-28.4
Dividends paid	-70.8	-98.3	-179	-163	-122	-148	-107	-112	-119	-127
Cash from financing	-74.5	-60.4	-118	-170	-149	-145	8.98	-119	18.2	73.8
Exchange rate effect	-2.81	0.68	-2.01	1.36	1.36	-1	-4.44	2.76	-1.59	1.69
Net change in cash				7.26	-61.5	145	67.8	-61.9	-4.86	-38.3
Free cash flow	105	61	69.1	139	86.7	240	57.5	115	85	-126
Income taxes paid	-49.3	-57.7	-36.8	-37	-27.7	-45.7	-63.6	45.8	47.2	51.7

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $74.20 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	32.9%	Operating income / revenue.
EBITDA margin	34.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	38.9%	Pre-tax income / revenue.
Net margin	28.8%	Net income / revenue.
Operating cash flow margin	12.4%	Cash from operations / revenue.
Return on equity (ROE)	28.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	18.7%	Net income / average total assets.
Return on invested capital (ROIC)	28.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	7.6%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	1.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	2.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-6.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	13.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	2.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-5.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	13.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	1.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-3.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	14.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	0.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-5.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	13.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-224.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-248.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	5.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	4.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-0.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	9.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	18.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	26.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	20.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	22.8%	Total liabilities / total assets.
Tangible book value	$589.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.65x	Revenue / average total assets.
Fixed asset turnover	9.60x	Revenue / average property, plant and equipment.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.25	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$11.26	Revenue / diluted weighted shares.
Operating cash flow per share	$1.39	Cash from operations / diluted weighted shares.
Book value per share	$11.46	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$11.46	Tangible book value / shares outstanding.
Cash per share	$1.15	(Cash + short-term investments) / shares outstanding.
Payout ratio	78.8%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.82B	Share price x shares outstanding.
Enterprise value	$3.76B	Market cap + total debt - cash - short-term investments.
P/E	22.7x	Market cap / net income. Only when net income is positive.
P/S	6.53x	Market cap / revenue.
P/B	6.47x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	6.47x	Market cap / tangible book value, when positive.
P/OCF	52.9x	Market cap / cash from operations, when positive.
EV/Sales	6.43x	Enterprise value / revenue.
EV/EBIT	19.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	18.6x	Enterprise value / EBITDA, when both are positive.
Earnings yield	4.4%	Net income / market cap (the inverse of P/E).
Dividend yield	3.5%	Dividends paid over the period / market cap.
Shareholder yield	4.0%	(Dividends paid + share buybacks) / market cap.

What was COHEN & STEERS, INC.'s revenue in fiscal 2025?

COHEN & STEERS, INC. reported revenue of $556.1M for fiscal 2025, 7.5% higher than the year before.

Was COHEN & STEERS, INC. profitable in fiscal 2025?

Yes. Net income was $153.2M, a net margin of 27.6%.

How much free cash flow did COHEN & STEERS, INC. generate in fiscal 2025?

Cash from operations of $120.4M minus capital expenditures of $6.0M left free cash flow of -$126.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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