COHEN & STEERS, INC.
CNSdata completeness 88%17 fiscal years on fileData notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'
COHEN & STEERS, INC. earns about 129% on invested capital, far above its ~9% cost of capital, but has diluted owners by 5% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $24.63 and $30.81 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $583.8M1 | $566.9M2 | $489.6M3 | $517.4M3 | $556.1M3 |
| Net income | $211.4M4 | $171M5 | $129M6 | $151.3M6 | $153.2M6 |
| Operating cash flow | $242.9M7 | $61.7M8 | $172M9 | $96.7M9 | −$120.4M9 |
| Capital expenditure | $2.7M10 | $4.22M11 | $57M12 | $11.7M12 | $5.98M12 |
| Free cash flow (derived) | $240.2M7 | $57.5M8 | $115M9 | $85M9 | −$126.4M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $184.4M13 | $247.4M14 | $187.4M15 | $183M15 | $145.5M15 |
| Diluted shares | 49.1M | 49.3M | 49.6M | 50.9M | 51.5M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $109.06 of net worth that earned you $29.74 and generated −$24.54 of cash last year.
It earned about 129% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is up 5% over 5 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $24.63 and $30.81 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$85M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$85M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$153.2M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $26.4 |
| Base | 0.0% | $26.4 |
| Bull | 5.0% | $32.11 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0001284812-24-000139 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001284812-25-000087 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001284812-26-000011 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0001284812-24-000139 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001284812-25-000087 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001284812-26-000011 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001284812-24-000139 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001284812-25-000087 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001284812-26-000011 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001284812-24-000139 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001284812-25-000087 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001284812-26-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001284812-24-000139 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001284812-25-000087 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001284812-26-000011 (CashAndCashEquivalentsAtCarryingValue)