CNSCOHEN & STEERS, INC.
Investment Advice
- Revenue
- $556M
- 7.5% YoY
- Operating margin
- 32.0%
- 4.3% YoY
- EBITDA
- $188M
- 2.9% YoY
- Market cap
- $3.7B
- Employees
- 424
- $1M revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 3.5
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes-79% of net incomeCash flow under 80% of net income
- Dilutive SBCNo8% of revenueOver 10% of revenue
- Payouts exceed cash flowNo-129% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo2% of assetsOver 40% of assets
- Shareholder dissentNo96% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$1M · 57th pctBottom quartile of its SIC industry
- Quiet on AINo3.5 per 10K words · 74th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$3.7B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$12M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $584M | $567M | $490M | $517M | $556M | 7.5% |
| Operating income | $260M | $216M | $164M | $173M | $178M | 2.8% |
| Net income | $211M | $171M | $129M | $151M | $153M | 1.3% |
| Operating cash flow | $243M | $62M | $172M | $97M | −$120M | 225% |
| Capex | $3M | $4M | $57M | $12M | $6M | 49% |
| Stock-based comp | $40M | $49M | $44M | $52M | $46M | 12% |
| Buybacks | $23M | $27M | $22M | $21M | $28M | 35% |
| Dividends | $148M | $107M | $112M | $119M | $127M | 6.5% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $14M · 14
- Open-market sells, 12 mo
- $2M · 6
- Net
- $12M
Pay vs performance
No pay-versus-performance disclosure yet.