CNS

MKT CAP:$3B

Cohen & Steers, Inc.

Market Cap

$3B

Financial Services·Asset Management·🇺🇸 United States·NYSE

Financials·Asset Management·🇺🇸·NYSE

Stock Price

$68.32+$4.75 (+7.47%)

Apr 22, 2026

Company Details

Cohen & Steers, Inc. is a publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to institutional investors, including pension funds, endowments, and foundations. It manages separate client...

CEO

Joseph Martin Harvey

IPO Date

Aug 16, 2004

Website

www.cohenandsteers.com

Key Metrics TTM

Revenue

$540M

-7.9% YoY

Net Income

$146M

EPS (Diluted)

$2.89

Free Cash Flow

$208M

Revenue / Share

$10.46

Gross Margin

59.1%

Operating Margin

34.2%

Net Margin

27.1%

FCF Margin

38.6%

P/S

6.5x

P/E

23.8x

Earnings Reports

Q1 2026

Mar 30, 2026

$147MEPS $0.82

Q3 2025

Oct 31, 2025

$142MEPS $0.81

FY 2023

Feb 23, 2024

$490MEPS $2.60

Q4 2023

Feb 23, 2024

$123M-3.5%EPS $0.60

Q4 2022

Feb 24, 2023

$128MEPS $0.66

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 16	$87M	$49M	$34M
Q3 16	$95M	$53M	$37M
Q4 16	$90M	$52M	$36M
Q1 17	$90M	$48M	$36M
Q3 17	$98M	$53M	$41M
Q4 17	$101M	$58M	$41M
Q2 20	$95M	$48M	$35M
Q3 20	$112M	$56M	$43M
Q2 21	$144M	$72M	$60M
Q3 21	$154M	$81M	$68M
Q2 22	$147M	$75M	$61M
Q3 22	$140M	$72M	$57M
Q4 22	$128M	$65M	$47M
Q4 23	$123M	$61M	$38M
Q3 25	$142M	$68M	$49M
Q1 26	$147M	$125M	$51M

Valuation

Quarter	P/S	P/E
Q2 16	—	—
Q3 16	—	—
Q4 16	—	—
Q1 17	5.0x	18.5x
Q3 17	4.9x	18.8x
Q4 17	5.8x	23.3x
Q2 20	8.3x	33.0x
Q3 20	6.7x	25.6x
Q2 21	8.7x	30.9x
Q3 21	8.3x	26.5x
Q2 22	6.0x	18.4x
Q3 22	5.3x	16.0x
Q4 22	6.0x	18.9x
Q4 23	6.4x	21.7x
Q3 25	6.4x	23.1x
Q1 26	5.8x	21.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 16	$33M	$29M
Q3 16	$30M	$28M
Q4 16	$54M	$51M
Q1 17	-$2M	-$2M
Q3 17	$32M	$31M
Q4 17	$54M	$53M
Q2 20	$61M	$60M
Q3 20	$32M	$31M
Q2 21	$81M	$81M
Q3 21	$81M	$80M
Q2 22	$58M	$57M
Q3 22	$52M	$51M
Q4 22	$58M	$57M
Q4 23	$59M	$48M
Q3 25	$55M	$53M

Capital Expenditures

Quarter	CapEx
Q2 16	$4M
Q3 16	$2M
Q4 16	$3M
Q1 17	$649.0K
Q3 17	$889.0K
Q4 17	$801.0K
Q2 20	$721.0K
Q3 20	$398.0K
Q2 21	$453.0K
Q3 21	$996.0K
Q2 22	$881.0K
Q3 22	$1M
Q4 22	$1M
Q4 23	$11M
Q3 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 17	+13.0%	+8.4%
Q4 17	+6.6%	+4.4%
Q2 20	+5.4%	+10.1%
Q3 20	+24.0%	+25.3%
Q2 21	+46.9%	+47.8%
Q3 21	+52.7%	+43.1%
Q2 22	+55.2%	+44.8%
Q3 22	+25.1%	+20.8%
Q4 22	-11.4%	-4.2%
Q4 23	-20.0%	-0.5%
Q3 25	-3.9%	+7.4%
Q1 26	+4.8%	+15.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 16	$5M	5.7%
Q3 16	$5M	5.1%
Q4 16	$5M	5.3%
Q1 17	$5M	5.9%
Q3 17	$6M	5.7%
Q4 17	$5M	5.4%
Q2 20	$8M	8.0%
Q3 20	$0	0.0%
Q2 21	$11M	7.9%
Q3 21	$10M	6.6%
Q2 22	$12M	8.4%
Q3 22	$0	0.0%
Q4 22	$13M	10.1%
Q4 23	$11M	9.0%
Q3 25	$12M	8.7%

OpEx Breakdown

Quarter	G&A
Q2 16	$12M
Q3 16	$13M
Q4 16	$13M
Q1 17	$11M
Q3 17	$10M
Q4 17	$14M
Q2 20	$11M
Q3 20	$11M
Q2 21	$11M
Q3 21	$12M
Q2 22	$13M
Q3 22	$14M
Q4 22	$15M
Q4 23	$17M
Q3 25	$17M

Revenue Segments

Quarter	Closed-End Investment Funds	Institutional Accounts	Open-End Investment Funds
Q2 22	$27M	$34M	$86M
Q3 22	$27M	$33M	$81M
Q4 23	$23M	$31M	$65M
Q3 25	$26M	$33M	$82M

Revenue by Geography

Quarter	Asia, Excluding Japan	Europe	Japan	North America
Q2 20	$3M	$3M	$7M	$81M
Q3 20	$3M	$9M	$8M	$91M
Q2 21	$3M	$7M	$10M	$124M
Q3 21	$3M	$7M	$10M	$134M
Q2 22	$3M	$5M	$9M	$129M
Q3 22	$3M	$5M	$9M	$123M
Q4 22	$3M	$5M	$8M	$109M
Q4 23	$3M	$6M	$8M	$102M
Q3 25	$4M	$6M	$8M	$124M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$85M	$0	$85M
Q2 22	$127M	$79M	$206M
Q3 22	$162M	$58M	$220M
Q4 22	$247M	$15M	$263M
Q1 23	$150M	$47M	$197M
Q2 23	$178M	$27M	$206M
Q3 23	$133M	$96M	$230M
Q4 23	$187M	$78M	$265M
Q1 24	$100M	$78M	$177M
Q2 24	$122M	$145M	$267M
Q3 24	$106M	$186M	$293M
Q4 24	$183M	$127M	$310M
Q1 25	$65M	$147M	$212M
Q2 25	$95M	$135M	$230M
Q3 25	$98M	$198M	$296M
Q4 25	$145M	$0	$145M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 16	46M	—	—
Q3 16	47M	+0.4%	—
Q4 16	47M	+0.1%	—
Q1 17	47M	-0.0%	—
Q3 17	47M	+1.0%	+1.4%
Q4 17	47M	+0.5%	+1.6%
Q2 20	49M	+2.7%	+4.2%
Q3 20	49M	+0.2%	+4.5%
Q2 21	49M	+0.6%	+4.0%
Q3 21	49M	+0.6%	+4.1%
Q2 22	49M	-0.1%	+1.3%
Q3 22	49M	+0.2%	+1.3%
Q4 22	49M	+0.0%	+0.8%
Q4 23	50M	+0.8%	+0.9%
Q3 25	52M	+3.7%	+4.8%
Q1 26	52M	+0.0%	+4.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 16	$316.1K	275
Q3 16	$344.6K	275
Q4 16	$313.9K	287
Q1 17	$314.4K	287
Q3 17	$342.2K	287
Q4 17	$333.2K	303
Q2 20	$289.6K	328
Q3 20	$341.0K	328
Q2 21	$415.8K	347
Q3 21	$444.3K	347
Q2 22	$416.5K	354
Q3 22	$395.3K	354
Q4 22	$329.5K	388
Q4 23	$304.7K	405
Q3 25	$344.8K	411
Q1 26	$345.9K	424

Revenue / Employee