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Cohen & Steers, Inc.

CNS

Cohen & Steers, Inc. • NYSE
$63.25 ▼ -0.82% (-0.52)
Market Cap $3.23 B
52w High $105.04
52w Low $58.80
Dividend Yield 2.48%
P/E 19.83
Volume 160.74K
Outstanding Shares 51.01M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $141.72M ▼ $19.294M ▼ $41.711M ▲ 29.432% ▲ $0.81 ▲ $51.729M ▼
Q2-2025 $142.441M ▲ $26.768M ▲ $36.849M ▼ 25.87% ▼ $0.72 ▼ $52.47M ▼
Q1-2025 $139.838M ▼ $24.897M ▲ $39.778M ▼ 28.446% ▼ $0.78 ▼ $53.4M ▼
Q4-2024 $144.731M ▲ $23.157M ▲ $45.822M ▲ 31.66% ▲ $0.9 ▲ $57.155M ▲
Q3-2024 $138.623M $22.635M $39.668M 28.616% $0.78 $53.034M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $230.118M ▲ $751.023M ▼ $208.702M ▲ $528.501M ▲
Q1-2025 $212.209M ▼ $834.865M ▲ $193.513M ▼ $507.687M ▼
Q4-2024 $309.927M ▲ $812.366M ▲ $237.463M ▲ $511.711M ▲
Q3-2024 $292.632M ▲ $727.787M ▼ $215.235M ▲ $491.009M ▲
Q2-2024 $266.662M $784.052M $199.648M $463.173M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $41.711M ▼ $0 ▲ $0 ▼ $0 ▼ $-95.73M ▼ $0 ▲
Q2-2025 $41.772M ▲ $-67.637M ▲ $2.531M ▲ $93.807M ▲ $29.587M ▲ $-69.771M ▲
Q1-2025 $39.778M ▼ $-108.948M ▼ $2.001M ▼ $-10.543M ▼ $-117.019M ▼ $-110.023M ▼
Q4-2024 $43.018M ▲ $34.827M ▲ $23.11M ▲ $13.106M ▲ $67.47M ▲ $33.149M ▲
Q3-2024 $40.059M $25.625M $-39.079M $3.561M $-7.095M $24.217M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
ClosedEnd Investment Funds
ClosedEnd Investment Funds
 $30.00M ▲$30.00M ▲$20.00M ▼$30.00M ▲
Institutional Accounts
Institutional Accounts
 $30.00M ▲$40.00M ▲$30.00M ▼$30.00M ▲
OpenEnd Investment Funds
OpenEnd Investment Funds
 $70.00M ▲$80.00M ▲$80.00M ▲$80.00M ▲
Financial Service
Financial Service
 $0 ▲$0 ▲$10.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has been fairly resilient over the past five years, with a strong jump coming out of the pandemic, a pullback during the tougher markets of 2022–2023, and a modest recovery more recently. Profitability remains healthy: the firm consistently converts a good share of its fees into operating and net income, even when markets are soft. Earnings per share surged in the very strong market environment of 2021, then came down as asset values and flows weakened, and are now rebuilding. Overall, this looks like a cyclical but solid income statement for an active asset manager tied to real asset and REIT markets, with profitability still comfortably positive through the cycle.

Balance Sheet

Balance Sheet The balance sheet is relatively clean and has strengthened over time. Total assets and shareholders’ equity have grown steadily, suggesting retained profits and a more substantial financial base than a few years ago. Cash levels are solid for a fee-based business, providing flexibility for dividends, buybacks, or investment in the business. Debt exists but appears modest relative to the size of the company and its equity, especially compared with many financial firms. Overall, leverage does not look aggressive, and the company appears to be managing its obligations conservatively.

Cash Flow

Cash Flow Cash generation is consistently positive, though it moves with market conditions. Operating cash flow has swung higher in very strong markets and lower when performance fees and asset levels softened, which is typical for an active manager. Even in weaker periods, free cash flow has remained positive after investment in the business, and capital spending needs are low. This means the company generally has reliable cash coming in, with no signs that it is stretching to fund operations or growth. The main sensitivity remains the health of capital markets and client assets rather than heavy fixed costs or capital intensity.

Competitive Edge

Competitive Edge Cohen & Steers has a differentiated position as a specialist in real assets, especially listed real estate and REITs, rather than a broad, generic asset manager. Its long history in this niche, early role in shaping securitized real estate, and deep relationships with institutional clients give it a brand and expertise that are hard to copy quickly. The firm offers a range of vehicles—mutual funds, institutional accounts, closed‑end funds, and now active ETFs—that let it serve multiple client types around the same core capabilities. Key risks to its position include concentration in real assets (which can go in and out of favor), competition from much larger global managers, and fee pressure from passive and low‑cost products. Still, its specialist reputation, track record, and consultant relationships form a meaningful moat within its chosen segment.

Innovation and R&D

Innovation and R&D While it is not a technology company, Cohen & Steers is actively using tools and data to reinforce its edge in real assets. Its Real Assets Compass™ tool is a good example: it packages the firm’s research and capital market views into an interactive portfolio tool for advisors and institutions, deepening client engagement and reinforcing its expert image. The firm is selectively integrating data and AI into research and risk management, focusing on practical enhancements rather than chasing hype. Product innovation is also strong: multi‑strategy real asset solutions, strategies that blend public and private real estate, thematic funds around energy transition, and a growing suite of active ETFs. These initiatives show a willingness to evolve formats and themes while staying anchored to the core competency in real assets and income.

Summary

Cohen & Steers is a focused asset manager with a long-standing specialty in real assets and listed real estate. Its financials show a business that benefits strongly when markets and flows are favorable, but still maintains solid profitability and positive cash flow even in tougher years. The balance sheet is straightforward and robust, with ample equity, good cash, and only moderate debt. Strategically, the firm’s edge comes from deep expertise, a strong brand in REITs and real assets, and long relationships with institutional investors. It complements this with thoughtful innovation in tools, product design, and use of data, without straying far from its niche. The main uncertainties center on market cycles in real assets, fee pressure across asset management, and reliance on maintaining top investment talent. Overall, it looks like a specialist franchise with a reasonably strong financial footing and a clear, differentiated focus in a specific corner of the asset management industry.

NEWS

November 26, 2025 · 5:26 PM UTC

Cohen & Steers Total Return Realty Fund, Inc. (RFI) Notification of Sources of Distribution Under Section 19(a)

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November 26, 2025 · 5:25 PM UTC

Cohen & Steers Closed-End Opportunity Fund, Inc. (FOF) Notification of Sources of Distribution Under Section 19(a)

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November 26, 2025 · 5:23 PM UTC

Cohen & Steers REIT and Preferred and Income Fund, Inc. (RNP) Notification of Sources of Distribution Under Section 19(a)

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November 26, 2025 · 5:15 PM UTC

Cohen & Steers Quality Income Realty Fund, Inc. (RQI) Notification of Sources of Distribution Under Section 19(a)

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November 26, 2025 · 5:09 PM UTC

Cohen & Steers Infrastructure Fund, Inc. (UTF) Notification of Sources of Distribution Under Section 19(a)

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