Cohen & Co Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Cohen & Co 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	55.3	47.5	49.4	49.7	130	146	44.4	83	79.6	276
Operating income	8.59	7.4	3.66	4.04	42.3	39.6	-28	6.86	-8.02	59.4
Interest expense	4.74	6.18	65.7	168	66.2	41	33.7	31.3	38.3	35.2
Other non-operating income	-4.74	-6.18	-8.49
Pre-tax income	3.85	1.22	-4.83	-4.1	29.8	70.5	-53.9	15.9	7.86	39.5
Income tax	0.42	-1.21	-0.84	-0.52	-8.67	-3.54	4.79	5.55	-0.33	-0.63
Net income to minority interests	1.16	0.37	-1.52	-1.52	24.2	62.2
Net income	2.27	2.06	-2.46	-2.05	14.2	11.8	-13.4	-5.11	-0.13	14.4
EBITDA	8.88	7.65	3.92	4.36	42.7	40	-27.4	7.42	-7.47	60.1
EPS, basic	1.86	1.71	-2.14	-1.81	12.56	9.95	-9.43	-3.38	-0.08	8.33
EPS, diluted	1.85	1.60	-2.14	-1.81	7.66	7.83	-9.43	-3.38	-0.08	4.35
Shares, basic (weighted)	1.22	1.21	1.15	1.14	1.13	1.19	1.42	1.51	1.61	1.73
Shares, diluted (weighted)	1.76	2.59	1.68	1.68	5.09	5.28	1.42	1.51	5.68	5.98
Dividend per share	0.80	0.80	0.80	0.40	0.00	0.50	1.75	1.00	1.00	3.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	15.2	22.9	14.1	8.3	42	50.6	29.1	10.7	19.6	56.8
Property, plant and equipment	0.5	0.39	1.13	0.92	0.8	1.46	1.47	1.28	1.98	2.51
Lease right-of-use assets				7.16	6.06	10.3	9.65	7.54	15.5	15.4
Goodwill	7.99	7.99	7.99	7.99	0.11	0.11	0.11	0.11	0.11	0.11
Intangible assets	0.17	0.17	0.17	0.17	0.17	0.17	0.17	0.17	0.17	0.17
Total assets	561	2,036	8,116	8,002	6,149	3,656	887	773	971	701
Total liabilities	515	1,988	8,073	7,953	6,048	3,505	793	681	881	597
Total debt	29.5	44.2	43.5	48.9	47.1	43.4	29	29.7	34.9	32.9
Paid-in capital	69.4	69.2	68.6	68.7	65	72	72.8	74.6	76.7	78.5
Retained earnings	-29.6	-28.5	-31.9	-34.5	-20.3	-9.2	-25.2	-32	-34	-26.6
Other comprehensive income	-1.07	-0.85	-0.91	-0.92	-0.82	-0.91	-0.96	-0.94	-1.01	-0.91
Shareholders' equity	38.8	39.9	35.8	33.3	43.9	61.9	46.7	41.7	41.7	51.1
Minority interests	7.98	8.28	6.66	15.4	57.5	89.5	47.3	50.1	48.6	52
Total equity	46.8	48.2	42.4	48.8	101	151	94	91.8	90.3	103
Total liabilities and equity	561	2,036	8,116	8,002	6,149	3,656	887	773	971	701
Shares outstanding	1.21	1.21	1.2	1.19	1.33	1.7	1.77	1.89	2.04	2.13

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	3.43	2.44	-3.99	-3.57	38.5	74	-58.7	10.4	8.19	40.1
Depreciation and amortization	0.29	0.25	0.26	0.32	0.33	0.37	0.56	0.56	0.56	0.72
Stock-based compensation	1.17	0.73	0.62	0.74	12.6	15.7	4.39	4.39	4.67	20.2
Deferred income tax	0.33	-1.28	-0.84	-0.68	-8.88	-4.12	4.58	5.35	-0.68	-1.87
Cash from operations	-8.73	-11.9	-7	-15.5	41.4	18.3	-23.5	-39.7	9.48	27.4
Capital expenditures	-0.22	-0.14	-1	-0.1	-0.22	-1.03	-0.57	-0.37	-1.25	-1.25
Cash from investing	7.95	-3.9	2.16	3.73	-11.9	-22.5	13.8	38.1	16.5	26.2
Debt issued				0	2.17	0	0
Stock issued				0	0	9.08	0	0	0.15	0
Share buybacks	-2.33	-0.57	-0.77	-0.3	-2.14	-0.86	0	0
Dividends paid	-0.95	-0.99	-0.97	-0.52	-0.03	-0.67	-2.56	-1.75	-1.87	-2.13
Cash from financing	2.27	23.1	-3.72	5.94	3.79	13.2	-11.5	-17.1	-16.7	-17.3
Exchange rate effect	-0.39	0.41	-0.26	-0.01
Net change in cash	1.1	7.72	-8.83	-5.8	33.7	8.57	-21.5	-18.5	8.94	37.2
Free cash flow	-8.95	-12.1	-8	-15.6	41.2	17.3	-24.1	-40	8.23	26.1
Interest paid	2.86	5.33	7.15	7.27	8.71	6.39	4.78	5.61	6.01	5.5
Income taxes paid	0.24	0.05	0.04	0.03	0.23	0.17	0.33	0.54	0.06	0.28

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 $10.11 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	22.1%	Operating income / revenue.
EBITDA margin	22.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	14.1%	Pre-tax income / revenue.
Net margin	5.6%	Net income / revenue.
FCF margin	-2.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-2.2%	Cash from operations / revenue.
Effective tax rate	-3.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	28.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.2%	Net income / average total assets.
Return on invested capital (ROIC)	105.4%	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	6.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.4%	Capital expenditures / revenue.
D&A / revenue	0.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	246.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	83.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 5y	7.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 5y	7.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 5y	0.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 5y	-10.7%	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	188.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	-8.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	217.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-8.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	200.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	19.7%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	22.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	3.0%	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	3.1%	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	-27.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-7.6%	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	-35.2%	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	5.4%	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	61.5%	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	3.3%	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
Debt / equity	0.46x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	3.6%	Total debt / total assets.
Liabilities / assets	86.3%	Total liabilities / total assets.
Net debt	-$11.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.16x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.86x	Operating income / interest expense.
Goodwill and intangibles / assets	0.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$63.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.39x	Revenue / average total assets.
Fixed asset turnover	121x	Revenue / average property, plant and equipment.
FCF conversion	-45.7%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.84	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	$50.32	Revenue / diluted weighted shares.
FCF per share	-$1.30	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$1.11	Cash from operations / diluted weighted shares.
Book value per share	$19.59	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$19.51	Tangible book value / shares outstanding.
Cash per share	$12.42	(Cash + short-term investments) / shares outstanding.
Payout ratio	22.5%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$32.6M	Share price x shares outstanding.
Enterprise value	$21.4M	Market cap + total debt - cash - short-term investments.
P/E	1.84x	Market cap / net income. Only when net income is positive.
P/S	0.10x	Market cap / revenue.
P/B	0.52x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.52x	Market cap / tangible book value, when positive.
EV/Sales	0.07x	Enterprise value / revenue.
EV/EBIT	0.31x	Enterprise value / operating income, when both are positive.
EV/EBITDA	0.30x	Enterprise value / EBITDA, when both are positive.
FCF yield	-24.9%	Free cash flow / market cap.
Earnings yield	54.4%	Net income / market cap (the inverse of P/E).
Dividend yield	12.3%	Dividends paid over the period / market cap.
Shareholder yield	12.3%	(Dividends paid + share buybacks) / market cap.

What was Cohen & Co Inc.'s revenue in fiscal 2025?

Cohen & Co Inc. reported revenue of $275.6M for fiscal 2025, 246.2% higher than the year before.

Was Cohen & Co Inc. profitable in fiscal 2025?

Yes. Net income was $14.4M, a net margin of 5.2%.

How much free cash flow did Cohen & Co Inc. generate in fiscal 2025?

Cash from operations of $27.4M minus capital expenditures of $1.3M left free cash flow of $26.1M.

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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