Cohen & Steers, Inc. (CNS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-54.7%

$33.94

vs $75.00 price

Levered DCF

$17.21

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

11.25

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	21×	30.78×	28.9×	18.39×	21.12×	46.44×	22.02×	14.12×
P/B	5.72×	9.1×	9.79×	9.33×	17.52×	20.38×	13.88×	7.21×
P/S	5.67×	9×	7.63×	5.49×	7.66×	8.24×	7.22×	4.1×
EV / EBITDA	15.96×	22.68×	21.74×	13.31×	15.43×	30.91×	15.99×	9.15×
Gross margin	57.5%	46.8%	48.1%	49.1%	53.5%	37.0%	51.6%	53.7%
Operating margin	31.3%	33.4%	33.6%	37.6%	44.6%	22.1%	39.0%	37.6%
Net margin	27.0%	29.2%	26.4%	29.8%	36.2%	17.8%	32.8%	29.1%
Current ratio	14.76×	25.39×	21.93×	19.49×	8.77×	5.55×	5.43×	4.88×
Debt / equity	0.25×	0.28×	0.37×	0.41×	0.1×	0.2×	0.2×	0.24×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	3.9%	2.6%	3.0%	3.4%	3.3%	3.4%	5.5%	11.1%
Payout ratio	82.8%	78.8%	87.1%	62.8%	69.8%	159.9%	120.9%	157.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	27.3%	29.6%	33.9%	50.7%	82.8%	44.0%	63.0%	51.2%
Return on invested capital	15.0%	16.8%	17.3%	25.0%	45.5%	23.4%	35.1%	32.9%
Return on assets	16.8%	18.6%	17.5%	25.4%	42.9%	22.0%	33.5%	23.7%
Free cash flow yield	-3.9%	1.8%	3.1%	1.8%	5.4%	2.4%	4.7%	4.3%
Earnings yield	4.8%	3.2%	3.5%	5.4%	4.7%	2.2%	4.5%	7.1%
Enterprise value	$3.2B	$4.6B	$3.7B	$3B	$4.3B	$3.5B	$2.9B	$1.6B
Net debt / EBITDA	-0.04×	-0.21×	-0.28×	-0.48×	-0.57×	-0.05×	-0.32×	-0.22×
Cash conversion cycle (days)	39	42	40	33	41	53	41	43