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DCF valuation

What is Cousins Properties Inc worth?

With the base-case assumptions below, a discounted cash flow model on Cousins Properties Inc's reported free cash flow gives -$5.54 per share. The share price was $29.57 on November 10, 2026, 634% below that value.

Inputs from the filings

Free cash flow, fiscal 2025
$135M
Cash
$5.2M
balance sheet of September 30, 2026
Debt
$3.58B
balance sheet of September 30, 2026
Diluted shares, fiscal 2025
168,716,000
Revenue growth per year, last 5 years
6.1%

Three sets of assumptions

CaseGrowth yrs 1-5Growth yrs 6-10After year 10Discount rateValue per shareValue vs price
Bear1.0%1.5%2.0%10.0%-$11.55-139%
Base6.0%4.5%2.5%9.0%-$5.54-119%
Bull11.0%7.0%3.0%8.0%$5.68-81%

Sensitivity: base case value per share

Discount rate down the side, growth after year 10 across the top. Everything else as in the base case.

1.5%2.0%2.5%3.0%3.5%
7.0%-$1.21$0.11$1.72$3.74$6.33
8.0%-$4.44-$3.59-$2.57-$1.36$0.12
9.0%-$6.80-$6.21-$5.54-$4.75-$3.82
10.0%-$8.60-$8.18-$7.71-$7.17-$6.55
11.0%-$10.01-$9.70-$9.36-$8.98-$8.54

Where the presets come from

Base: years 1 to 5 grow at Cousins Properties Inc's revenue growth rate over the last 5 fiscal years (6.1% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.

Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.

Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.

This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.

Adjust the assumptions

Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.

Adjust the assumptions

Cousins Properties Inc company page