Cohen & Company Inc. (COHN) 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

-7008.8%

-$715.75

vs $10.36 price

Levered DCF

-$479.43

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.29

Distress zone

Rating

Overall 4 / 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	2.83×	-129.54×	-1.97×	-0.88×	1.49×	1.3×	-1.26×	-5.77×
P/B	0.8×	0.4×	0.24×	0.25×	0.28×	0.42×	0.13×	0.27×
P/S	0.15×	0.21×	0.12×	0.27×	0.12×	0.14×	0.09×	0.19×
EV / EBITDA	0.74×	44.42×	6.44×	-12.55×	42.94×	144.26×	1,898.69×	1,327.64×
Gross margin	93.8%	29.2%	37.2%	-13.3%	41.9%	54.0%	47.7%	48.6%
Operating margin	22.3%	-10.1%	8.3%	-63.0%	27.1%	32.5%	8.1%	7.4%
Net margin	5.2%	-0.2%	-6.2%	-30.2%	8.1%	10.9%	-4.1%	-5.0%
Current ratio	33.96×	81.32×	82.34×	56.34×	154.55×	1.02×	1.02×	1.04×
Debt / equity	0.98×	2.83×	3.58×	13.35×	54.67×	131.34×	227.83×	146.87×
Interest coverage	10.58×	-1.38×	1.05×	-5.61×	5.47×	4.41×	0.53×	0.43×
Dividend yield	5.2%	11.2%	17.4%	21.6%	3.8%	0.1%	11.6%	10.2%
Payout ratio	14.8%	-1451.9%	-34.2%	-19.1%	5.7%	0.2%	-25.3%	-39.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	28.3%	-0.3%	-12.3%	-28.6%	19.1%	32.4%	-6.2%	-6.9%
Return on invested capital	9.1%	-0.8%	0.6%	-2.1%	0.6%	0.7%	1.7%	0.1%
Return on assets	2.1%	-0.0%	-0.7%	-1.5%	0.3%	0.2%	-0.0%	-0.0%
Free cash flow yield	63.9%	49.2%	-397.8%	-203.1%	98.4%	223.0%	-346.7%	-84.3%
Earnings yield	35.4%	-0.8%	-50.8%	-113.0%	67.2%	76.9%	-45.8%	-26.0%
Enterprise value	$33.9M	$115.3M	$148.4M	$606.8M	$3.4B	$5.7B	$7.6B	$5.2B
Net debt / EBITDA	-0.15×	37.97×	6.01×	-12.31×	42.71×	143.8×	1,897.57×	1,325.24×
Cash conversion cycle (days)	528	3,301	2,122	4,776	8,108	16,193	55,180	57,292