Tearsheet

Cohen & Steers (CNS)

Market Price (12/4/2025): $62.4 | Market Cap: $3.2 Bil
Sector: Financials | Industry: Asset Management & Custody Banks

Cohen & Steers (CNS)

Market Price (12/4/2025): $62.4
Market Cap: $3.2 Bil
Sector: Financials
Industry: Asset Management & Custody Banks

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.6%, Dividend Yield is 3.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.5%	Weak multi-year price returns 2Y Excs Rtn is -37%, 3Y Excs Rtn is -68%	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.1%
1	Low stock price volatility Vol 12M is 31%		Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -16%
2	Megatrend and thematic drivers Megatrends include Sustainable & Green Buildings, and E-commerce Logistics & Data Centers. Themes include ESG REITs, E-commerce Logistics REITs, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.6%, Dividend Yield is 3.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.5%
1	Low stock price volatility Vol 12M is 31%
2	Megatrend and thematic drivers Megatrends include Sustainable & Green Buildings, and E-commerce Logistics & Data Centers. Themes include ESG REITs, E-commerce Logistics REITs, Show more.
3	Weak multi-year price returns 2Y Excs Rtn is -37%, 3Y Excs Rtn is -68%
4	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.1%
5	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -16%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$62.40	$89.39	$71.21	$58.45	$80.48
Market Cap CYE ($ Bil)	3.2	4.5	3.5	2.9	3.9
Total Debt ($ Bil)	0.1	0.1	0.1	0.1	0.0
Total Cash ($ Bil)	0.1	0.2	0.2	0.2	0.2
Enterprise Value ($ Bil)	3.2	4.6	3.6	3.0	3.9
Valuation Ratios
P/S TTM	5.8	8.7	7.4	5.5	7.6
P/EBIT TTM	16.1	24.2	20.9	14.1	17.0
P/E TTM	20.5	30.8	28.9	18.4	21.1
Sector Ratios
P/S TTM (Sector)	3.0	3.1	2.8	2.8	3.4
P/EBIT TTM (Sector)	8.1	8.5	7.5	7.7	7.3
P/E TTM (Sector)	11.7	11.6	10.2	9.4	10.1

	12/4/25	2024	2023
Share Price CYE	$62.40	$89.39	$71.21
Market Cap CYE ($ Bil)	3.2	4.5	3.5
Total Debt ($ Bil)	0.1	0.1	0.1
Total Cash ($ Bil)	0.1	0.2	0.2
Enterprise Value ($ Bil)	3.2	4.6	3.6
Valuation Ratios
P/S TTM	5.8	8.7	7.4
P/EBIT TTM	16.1	24.2	20.9
P/E TTM	20.5	30.8	28.9
Sector Ratios
P/S TTM (Sector)	3.0	3.1	2.8
P/EBIT TTM (Sector)	8.1	8.5	7.5
P/E TTM (Sector)	11.7	11.6	10.2

	CNS	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	0.6
Rev Chg Q	5.9%	7.1%
Rev Chg LTM	11.3%	6.1%
Rev Chg 3Y Avg	-1.1%	5.5%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	0.2
CFO LTM ($ Bil)	-0.1
Net Inc LTM ($ Bil)	0.2
Op Mgn LTM	36.3%	18.8%
CFO/Rev LTM	-15.1%	20.5%
Net Inc Mgn	28.6%	13.1%
VALUATION	MODERATE
P/S	5.9	3.2
P/CFO	-38.8	15.8
P/FCF	-35.7	20.5
P/E	20.5	23.5

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Metric	Value	Date	Source
Assets Under Management	90.4 billion	8312025	Link
Net Inflows	104 million	8312025	Link
Unfunded Pipeline	1.75 billion	11062025	Link
Unfunded Commitments	80.0 million	12312024	Link

Recent
11/10/2025	Dividend	Amount: $0.62 Payment On: 11/20/2025
Upcoming
1/28/2026	Earnings Release	Rev: - EPS: -

CNS Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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The available information from August 31, 2025, to December 4, 2025, for Cohen & Steers (CNS) does not indicate a -14.7% stock movement during this specific period. In fact, Cohen & Steers reported strong Q3 2025 earnings on October 16, 2025, surpassing analyst expectations for both profit and revenue, which led to a stock jump of over 4% on the news. However, there is mention of a broader decline in CNS stock over a longer period. As of November 24, 2025, Cohen & Steers shares had fallen nearly 14% over the past month and were down almost 33% year-to-date. By December 3, 2025, the stock price was $62.40. This longer-term decline appears to be influenced by several factors. Here are the key points for the observed stock movement, focusing on the broader trend around the requested period where a decline is noted: 1. 1. Underperformance Compared to Industry and Market: Over the past year leading up to the end of November 2025, Cohen & Steers (CNS) underperformed both the US Capital Markets industry, which returned 5.7%, and the broader US Market, which returned 11.2%. 2. 2. Adverse Effects of Rising Interest Rates and Market Headwinds on Managed Assets: A combination of rising interest rates, equity and credit market headwinds, and increased competition from private real estate investment vehicles has adversely affected Cohen & Steers' level of managed assets. The firm's managed assets ended September 2025 at $90.9 billion, down 1.0% year over year and 14.8% below peak levels from December 2021. 3. 3. Modest Long-Term Growth Amidst Valuation Concerns: While there was a 3% daily pop in the stock in November 2025 due to optimism about potential Fed rate cuts, and three- and five-year total returns remained modestly positive, the company's fundamentals show only modest long-term growth. Some analyses suggested the shares might actually be overvalued at recent prices despite analyst optimism. 4. 4. Weak Consistent Demand Reflected in Revenue Growth: Cohen & Steers' revenue grew at a compounded annual rate of 6.2% over the last five years, which fell short of the benchmark for the financials sector. Its annualized revenue growth of 5.5% over the last two years aligned with this five-year trend, suggesting consistently weak demand. 5. 5. Dependence on Real Estate Markets: Given the firm's heavy exposure to real estate-related investments, its performance is significantly tied to the state of commercial real estate markets and specialty finance firms.

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Stock Movement Drivers

Fundamental Drivers

The -11.7% change in CNS stock from 9/3/2025 to 12/3/2025 was primarily driven by a -12.7% change in the company's P/E Multiple.

	9032025	12032025	Change
Stock Price ($)	70.64	62.40	-11.67%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	565.63	573.84	1.45%
Net Income Margin (%)	28.66%	28.61%	-0.19%
P/E Multiple	22.30	19.46	-12.70%
Shares Outstanding (Mil)	51.16	51.20	-0.08%
Cumulative Contribution			-11.67%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
CNS	-11.7%
Market (SPY)	6.2%	34.0%
Sector (XLF)	0.1%	52.4%

Fundamental Drivers

The -16.2% change in CNS stock from 6/4/2025 to 12/3/2025 was primarily driven by a -19.6% change in the company's P/E Multiple.

	6042025	12032025	Change
Stock Price ($)	74.42	62.40	-16.15%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	549.97	573.84	4.34%
Net Income Margin (%)	28.55%	28.61%	0.19%
P/E Multiple	24.20	19.46	-19.56%
Shares Outstanding (Mil)	51.06	51.20	-0.29%
Cumulative Contribution			-16.15%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
CNS	-16.2%
Market (SPY)	15.1%	43.6%
Sector (XLF)	5.8%	52.7%

Fundamental Drivers

The -37.4% change in CNS stock from 12/3/2024 to 12/3/2025 was primarily driven by a -48.0% change in the company's P/E Multiple.

	12032024	12032025	Change
Stock Price ($)	99.61	62.40	-37.36%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	515.43	573.84	11.33%
Net Income Margin (%)	26.24%	28.61%	9.01%
P/E Multiple	37.40	19.46	-47.95%
Shares Outstanding (Mil)	50.78	51.20	-0.84%
Cumulative Contribution			-37.36%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
CNS	-37.4%
Market (SPY)	14.3%	60.3%
Sector (XLF)	7.4%	64.8%

Fundamental Drivers

The 2.0% change in CNS stock from 12/4/2022 to 12/3/2025 was primarily driven by a 32.3% change in the company's P/E Multiple.

	12042022	12032025	Change
Stock Price ($)	61.18	62.40	1.99%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	606.23	573.84	-5.34%
Net Income Margin (%)	33.49%	28.61%	-14.58%
P/E Multiple	14.71	19.46	32.31%
Shares Outstanding (Mil)	48.81	51.20	-4.90%
Cumulative Contribution			1.75%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
CNS	8.4%
Market (SPY)	53.2%	51.0%
Sector (XLF)	52.4%	57.8%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
CNS Return	23%	29%	-27%	22%	26%	-31%	22%
Peers Return	23%	18%	-13%	10%	1%	1%	42%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
CNS Win Rate	67%	67%	25%	50%	75%	30%
Peers Win Rate	67%	50%	35%	56%	48%	45%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
CNS Max Drawdown	-44%	-14%	-39%	-19%	-13%	-34%
Peers Max Drawdown	-39%	-13%	-31%	-11%	-12%	-16%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: VRTS, SLRC, DHIL, GEG, BLKS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	CNS	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-49.3%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	97.3%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	357 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-55.3%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	123.9%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	455 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-30.5%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	43.9%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	115 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-86.0%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	614.0%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	3975 days	1480 days

Compare to VRTS, SLRC, DHIL, GEG, BLKS

In The Past

Cohen & Steers's stock fell -49.3% during the 2022 Inflation Shock from a high on 11/18/2021. A -49.3% loss requires a 97.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Cohen & Steers (CNS)

Cohen & Steers, Inc. is a publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to institutional investors, including pension funds, endowments, and foundations. It manages separate client-focused equity, fixed income, multi-asset, and commodity portfolios through its subsidiaries. The firm launches and manages equity, fixed income, balanced, and multi-asset mutual funds through its subsidiaries. Through its subsidiaries, it also launches and manages hedge funds. The firm invests in public equity, fixed income, and commodity markets across the globe through its subsidiaries. Through its subsidiaries, it invests in companies operating in the real estate sector, including real estate investment trusts, infrastructure sector, and natural energy resources sector for its equity and fixed income investments. The firm also invests in preferred securities for its fixed income investments through its subsidiaries. Cohen & Steers, Inc. was founded in 1986 and is based in New York, with additional offices in London, United Kingdom; Central, Hong Kong; Tokyo, Japan; and Seattle, Washington.

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A specialized BlackRock, focusing on investments in real estate and infrastructure.
Vanguard or Fidelity, but with a unique focus on income-generating assets like REITs and infrastructure.

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Cohen & Steers (CNS) primarily provides **Investment Management Services**, which include the following specialized strategies:

Real Estate Securities Management: Manages portfolios investing in publicly traded real estate companies, primarily Real Estate Investment Trusts (REITs).
Listed Infrastructure Management: Offers investment strategies focused on publicly traded companies that own or operate infrastructure assets globally.
Preferred Securities Management: Provides investment solutions specializing in preferred stocks, which offer fixed income and typically have priority in dividend payments.
Multi-Asset Real Assets Management: Manages diversified portfolios combining various real asset classes, including real estate, infrastructure, and natural resource equities.
Natural Resource Equities Management: Invests in public companies engaged in the exploration, production, and processing of natural resources.

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Cohen & Steers (CNS) - Major Customers

Cohen & Steers (CNS) is an investment manager specializing in real assets and income solutions. Based on its assets under management (AUM) breakdown, the company primarily serves individual investors, though often through various intermediary channels and institutional vehicles.

The following are up to three categories of customers that Cohen & Steers primarily serves:

Retail Investors: This category includes individual investors who access Cohen & Steers' investment strategies primarily through their mutual funds, exchange-traded funds (ETFs), or other pooled investment vehicles. These products are often purchased via various brokerage platforms, independent financial advisors, or direct-to-consumer channels. These investors typically aim for long-term goals such as retirement savings, education funding, or general wealth accumulation.
High-Net-Worth Individuals: Affluent individuals with significant assets often engage Cohen & Steers for more personalized investment management services. This can involve customized portfolios, separate accounts, or participation in dedicated private wealth management offerings that cater to their specific financial objectives and tax situations.
Retirement Plan Participants: Individuals saving for retirement through employer-sponsored plans (e.g., 401(k)s, 403(b)s, defined benefit plans) or other collective investment trusts. In these scenarios, Cohen & Steers' strategies are often offered as underlying investment options within the broader plan structure, making their investment products accessible to a large base of retirement savers.

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State Street Corporation (STT)

JPMorgan Chase & Co. (JPM)

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Here is the management team for Cohen & Steers: Joseph Harvey Chief Executive Officer & President Mr. Harvey joined Cohen & Steers in 1992 as a REIT analyst and has held various leadership roles including portfolio manager from 1998 to 2016 and Chief Investment Officer from 2003 to 2019. He was appointed Chief Executive Officer in March 2022, succeeding co-founder Robert Steers, and has served as President since 2003. Previously, Mr. Harvey was a vice president with Robert A. Stanger & Co., where he specialized as an analyst in real estate and oil & gas for the firm's research and consulting activities. Michael Donohue Interim Chief Financial Officer Mr. Donohue currently serves as the Interim Chief Financial Officer and Senior Vice President, Controller, responsible for all finance operations. He joined Cohen & Steers in 2023. Prior to his tenure at Cohen & Steers, Mr. Donohue was a managing director and corporate controller at Hamilton Lane for 15 years, where he played a role in leading the team responsible for the firm's IPO in 2017 and transitioning its Finance and Reporting functions. His background also includes positions at PQ Corporation and KPMG LLP. Robert Steers Executive Chairman Mr. Steers co-founded Cohen & Steers in 1986 with Martin Cohen, establishing it as one of the first investment advisors dedicated to real estate securities. He served as Co-Chief Executive Officer and Co-Chairman until 2014, and then as Chief Executive Officer until 2022, when he transitioned to Executive Chairman. Before co-founding the firm, he was a Senior Vice President and Chief Investment Officer of National Securities and Research Corporation from 1982 to 1986, where he and Mr. Cohen organized and managed the nation's first real estate securities mutual fund in 1985. From 1977 to 1982, Mr. Steers was a Vice President at Citibank, serving as an Analyst and Portfolio Manager of Citibank's Emerging Growth Stock Fund. Martin Cohen Chairman Mr. Cohen co-founded Cohen & Steers in 1986 with Robert Steers. He previously served as Co-Chairman and Co-Chief Executive Officer. Prior to founding Cohen & Steers, Mr. Cohen was a Senior Vice President and Portfolio Manager at National Securities and Research Corporation from 1984 to 1986, where he and Robert Steers organized and managed the nation's first real estate securities mutual fund. From 1976 to 1981, he was a Vice President at Citibank, where he served as an analyst and portfolio manager and organized and managed the Citibank Real Estate Stock Fund in 1980. Jon Cheigh President & Chief Investment Officer Mr. Cheigh joined Cohen & Steers in 2005 as a REIT analyst. He has progressed through several key roles, including portfolio manager (2008), Head of Global Real Estate (2012), and Chief Investment Officer (2019). Effective January 1, 2025, Mr. Cheigh was appointed President, while continuing to hold his position as Chief Investment Officer. Prior to joining Cohen & Steers, he was a vice president and senior REIT analyst at Security Capital Research & Management. He also held positions as a vice president of real estate acquisitions at InterPark and an acquisitions associate at Urban Growth Property Trust, both privately held real estate companies incubated by Security Capital Group.

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The clear emerging threat for Cohen & Steers (CNS) is the rise of blockchain-enabled platforms and tokenization of real assets. This technology facilitates fractional, direct, and potentially more liquid ownership of assets such as real estate and infrastructure, which are core specializations for CNS. Should these platforms gain significant traction among institutional and high-net-worth investors, they could disintermediate traditional active fund managers by offering direct access to underlying assets with potentially lower fees and greater transparency and liquidity compared to traditional fund structures. While still in nascent stages for widespread institutional adoption, the technology is being actively developed and piloted, representing a potential shift in how investors access and manage real asset exposures.

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Cohen & Steers (CNS) specializes in real assets and alternative income strategies, with their main products including real estate securities, preferred securities, and listed infrastructure. Here are the addressable market sizes for their main products: * **Real Estate Securities:** The global real estate market was estimated at $4,130.01 billion in 2024 and is projected to reach $5,852.02 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.2% from 2025 to 2030. * **Preferred Securities:** The over-the-counter preferred securities market is approximately $1 trillion globally. More specifically, the global perpetual preferred securities market size was valued at $128.7 billion in 2024 and is forecasted to reach $196.4 billion by 2033, with a CAGR of 5.8%. * **Listed Infrastructure:** The global infrastructure sector market size reached $3.82 trillion in 2025 and is forecast to expand to $5.18 trillion by 2030, delivering a 6.3% CAGR over the period. The listed infrastructure market specifically stands at approximately $1.7 trillion globally.

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Here are the expected drivers of future revenue growth for Cohen & Steers (CNS) over the next 2-3 years:

Growth in Assets Under Management (AUM): Cohen & Steers' revenue model is directly tied to the assets it manages, charging clients a percentage of AUM as fees. Sustained increases in AUM, driven by market appreciation and net inflows, are a primary catalyst for revenue growth. The company reported an increase in AUM to $90.9 billion as of Q3 2025, up from $87.6 billion in Q1 2025 and $88.9 billion in Q2 2025, demonstrating this trend.
Expansion through Innovative Product Offerings, particularly Active ETFs: The firm is actively expanding its market presence by launching innovative products. Active ETFs have been highlighted as a significant area of focus, with strong early performance and inflows contributing to AUM growth.
Strategic Focus on Real Estate and Infrastructure Sectors: Cohen & Steers specializes in real assets and alternative income, with a strategic emphasis on real estate and infrastructure. This specialization is considered a key driver of its competitive position and is expected to continue attracting investor interest and driving asset growth.
Launch of New Investment Strategies: The company consistently introduces new investment strategies to meet evolving client demands and diversify its offerings. For example, a new real estate strategy combining listed and private assets was launched in May 2025, which is linked to current earnings growth and is expected to drive future asset growth. This includes a focus on global listed infrastructure.
Expansion of the Wealth Management Channel: Cohen & Steers plans to expand its wealth management channel, indicating a focus on growing its client base within this segment. This expansion is anticipated to contribute to future revenue growth by attracting more individual investors and their assets.

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Share Repurchases

Cohen & Steers repurchased 15,283 shares during the fourth quarter of 2024, primarily to satisfy employee tax withholding obligations related to restricted stock units.

Share Issuance

In 2024, Cohen & Steers issued 1,007,057 shares of common stock through an offering, generating approximately $68.5 million in net proceeds.
These proceeds were earmarked for general corporate purposes, including seeding track record strategies and investment vehicles, following the company's inclusion in the S&P SmallCap 600 Index.

Outbound Investments

In 2024, the company made seed investments of approximately $49.8 million to support the launch of its first ETFs.
As of December 31, 2024, Cohen & Steers had committed to invest up to $175 million in various investment vehicles, with $80 million of this commitment remaining unfunded.
In 2022, Cohen & Steers launched its first private real estate fund and began the development of a non-traded REIT, the Cohen & Steers Income Opportunities REIT, Inc.

Capital Expenditures

Cohen & Steers anticipates increasing its General & Administrative (G&A) expenses by approximately 9% year-over-year for the full year 2025 to support growth initiatives, with this growth expected to moderate to mid-single digits in 2026.

Better Bets than Cohen & Steers (CNS)

	CNS	Better Performance than CNS
Metric	Value	INDUSTRY: Asset Management & Custody Banks
Rev Chg LTM	11.3%	ARES (45.5%), CG (32.4%), BX (21.9%), BAM (21.4%), BLK (18.2%)
Rev Chg 3Y Avg	-1.1%	APO (129.8%), KKR (44.5%), BX (7.7%), BLK (7.5%), BK (6.0%)
Op Mgn LTM	36.3%	SWKH (66.7%), BAM (54.2%), VCTR (43.7%), HLNE (43.2%), PAX (41.4%)
CFO/Rev LTM	-15.1%	BX (33.0%), KKR (31.5%), BK (20.3%), BAM (20.3%), BLK (18.6%)
FCF/Rev LTM	-16.4%	BX (32.1%), KKR (30.4%), BAM (20.3%), BLK (17.2%), BK (12.6%)
Total Yield	8.6%	ARCC (18.0%), TROW (14.3%), STT (9.1%), NTRS (9.1%), CRBG (8.8%)
P/S	5.9	BN (2.0), STT (2.4), AMP (2.7), APO (3.3), BK (4.1)
P/Op Inc	16.1	BN (8.1), TROW (9.3), IVZ (9.7), APO (11.6), BEN (11.7)

	CNS	Better Performance than CNS
Metric	Value	SECTOR: Financials
Rev Chg LTM	11.3%	MS (17.6%), RY (16.4%), GS (15.2%), MA (14.6%), V (11.3%)
Rev Chg 3Y Avg	-1.1%	BRK-B (19.8%), JPM (13.4%), MA (13.2%), V (10.9%), BAC (5.2%)
Op Mgn LTM	36.3%	V (66.4%), CME (65.0%), MA (58.3%), HOOD (47.7%), SPGI (40.2%)
CFO/Rev LTM	-15.1%	V (57.6%), BAC (57.3%), MA (56.1%), BRK-B (9.8%), MS (-5.7%)
FCF/Rev LTM	-16.4%	BAC (57.3%), V (53.9%), MA (52.5%), BRK-B (4.8%), MS (-10.5%)
Total Yield	8.6%	TD (16.6%), BMO (11.0%), RY (10.3%), CB (10.0%), WFC (9.9%)
P/S	5.9	BRK-B (2.7), WFC (3.2), BAC (3.6), MS (3.9), JPM (4.9)
P/Op Inc	16.1	BN (8.1), PYPL (10.1), FI (11.2), APO (11.6), MMC (16.1)

	CNS	Better Performance than CNS
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	11.3%	NVDA (71.6%), AVGO (28.0%), META (21.3%), MSFT (15.6%), GOOGL (13.4%)
Rev Chg 3Y Avg	-1.1%	NVDA (92.0%), MSFT (13.2%), AMZN (11.3%), GOOGL (11.0%), AAPL (1.8%)
Op Mgn LTM	36.3%	NVDA (58.1%), MSFT (46.3%), META (43.2%), LLY (43.0%), AVGO (39.0%)
CFO/Rev LTM	-15.1%	MSFT (50.0%), NVDA (46.6%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	-16.4%	NVDA (43.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%), AMZN (2.0%)
Total Yield	8.6%	VZ (16.8%), MRK (13.0%), T (11.0%), XOM (10.3%), GILD (8.8%)
P/S	5.9	WMT (1.1), XOM (1.4), COST (1.5), AMZN (3.5), JNJ (4.8)
P/Op Inc	16.1	MRK (9.4), UNH (11.9), XOM (12.4), TMUS (13.9), CAT (15.8)

		Best Bets In Financials Sector
	CNS
What You Pay
P/E	20.5
P/EBIT	16.1
What You Get
Rev Chg Q	5.9%
Rev Chg LTM	11.3%
Rev Chg 3Y Avg	-1.1%
FCF/Rev 3Y Avg	9.1%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 21%, alpha of 9.1%, and sharpe of 0.94

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Cohen & Steers Earnings Notes
2	Is Cohen & Steers Stock Built to Withstand More Downside?	Return
3	Cohen & Steers vs Southern Copper: Which Is A Better Investment?	Counter-Intuitive Comparisons
4	Cohen & Steers vs Interactive Brokers: Which Is A Better Investment?	Counter-Intuitive Comparisons
5	Cohen & Steers vs Hamilton Lane: Which Is A Better Investment?	Counter-Intuitive Comparisons
6	Better Bet Than CNS Stock: Pay Less Than Cohen & Steers To Get More From ADBE, MU
7	Better Bet Than CNS Stock: Pay Less Than Cohen & Steers To Get More From IBKR, SEIC
8	Better Bet Than CNS Stock: Pay Less Than Cohen & Steers To Get More From SEIC
9	Why Cohen & Steers Stock Moved: CNS Stock Has Lost 29% Since 2024 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S)
10	CNS Dip Buy Analysis

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to CNS. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WU_11212025_Dip_Buyer_FCFYield	11212025	WU	Western Union	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.4%	3.4%	-0.4%
COIN_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	COIN	Coinbase Global	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	9.5%	9.5%	0.0%
PYPL_11142025_Dip_Buyer_FCFYield	11142025	PYPL	PayPal	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	0.1%	0.1%	-7.5%
V_11142025_Monopoly_xInd_xCD_Getting_Cheaper	11142025	V	Visa	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-0.1%	-0.1%	-2.7%
WD_11072025_Dip_Buyer_ValueBuy	11072025	WD	Walker & Dunlop	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-7.7%	-7.7%	-11.0%
CNS_9052025_Dip_Buyer_ValueBuy	09052025	CNS	Cohen & Steers	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-14.0%	-14.0%	-17.6%
CNS_10312023_Dip_Buyer_FCFYield	10312023	CNS	Cohen & Steers	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	34.2%	99.9%	0.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WU_11212025_Dip_Buyer_FCFYield	11212025	WU	Western Union	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.4%	3.4%	-0.4%
COIN_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	COIN	Coinbase Global	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	9.5%	9.5%	0.0%
PYPL_11142025_Dip_Buyer_FCFYield	11142025	PYPL	PayPal	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	0.1%	0.1%	-7.5%
V_11142025_Monopoly_xInd_xCD_Getting_Cheaper	11142025	V	Visa	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-0.1%	-0.1%	-2.7%
WD_11072025_Dip_Buyer_ValueBuy	11072025	WD	Walker & Dunlop	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-7.7%	-7.7%	-11.0%
CNS_9052025_Dip_Buyer_ValueBuy	09052025	CNS	Cohen & Steers	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-14.0%	-14.0%	-17.6%
CNS_10312023_Dip_Buyer_FCFYield	10312023	CNS	Cohen & Steers	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	34.2%	99.9%	0.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for Cohen & Steers

Peers to compare with:

Financials

	CNS	VRTS	SLRC	DHIL	GEG	BLKS	Median
Name	Cohen & .	Virtus I.	SLR Inve.	Diamond .	Great Elm	Black Un.
Mkt Price	62.40	163.16	16.02	116.90	2.60	-	62.40
Mkt Cap	3.2	1.1	0.9	0.3	0.1	-	0.9
Rev LTM	574	874	100	152	16	-	152
Op Inc LTM	209	179	-	44	-8	-	111
FCF LTM	-94	70	104	-35	-9	-	-9
FCF 3Y Avg	43	125	138	16	-10	-	43
CFO LTM	-87	77	104	-32	-9	-	-9
CFO 3Y Avg	68	132	138	17	-9	-	68

Growth & Margins

	CNS	VRTS	SLRC	DHIL	GEG	BLKS	Median
Name	Cohen & .	Virtus I.	SLR Inve.	Diamond .	Great Elm	Black Un.
Rev Chg LTM	11.3%	-1.2%	-6.2%	2.9%	-8.5%	-	-1.2%
Rev Chg 3Y Avg	-1.1%	-2.4%	159.6%	-2.1%	13.5%	-	-1.1%
Rev Chg Q	5.9%	-4.8%	8.2%	-2.0%	-37.1%	-	-2.0%
QoQ Delta Rev Chg LTM	1.5%	-1.2%	2.1%	-0.6%	-16.9%	-	-0.6%
Op Mgn LTM	36.3%	20.5%	-	28.8%	-49.1%	-	24.6%
Op Mgn 3Y Avg	36.0%	18.9%	-	26.5%	-74.1%	-	22.7%
QoQ Delta Op Mgn LTM	0.1%	-0.1%	-	-0.2%	-6.5%	-	-0.2%
CFO/Rev LTM	-15.1%	8.9%	104.5%	-21.2%	-55.2%	-	-15.1%
CFO/Rev 3Y Avg	14.0%	15.6%	142.9%	11.7%	-56.6%	-	14.0%
FCF/Rev LTM	-16.4%	8.0%	104.5%	-23.1%	-55.2%	-	-16.4%
FCF/Rev 3Y Avg	9.1%	14.7%	142.9%	11.0%	-66.7%	-	11.0%

Valuation

	CNS	VRTS	SLRC	DHIL	GEG	BLKS	Median
Name	Cohen & .	Virtus I.	SLR Inve.	Diamond .	Great Elm	Black Un.
Mkt Cap	3.2	1.1	0.9	0.3	0.1	-	0.9
P/S	5.9	1.5	8.3	2.5	3.4	-	3.4
P/EBIT	16.1	3.6	-	8.7	2.8	-	6.1
P/E	20.5	9.4	9.3	8.1	4.3	-	9.3
P/CFO	-38.8	16.6	8.0	-11.8	-6.1	-	-6.1
Total Yield	8.6%	15.6%	21.5%	16.6%	23.4%	-	16.6%
Dividend Yield	3.7%	5.0%	10.7%	4.3%	0.0%	-	4.3%
FCF Yield 3Y Avg	1.1%	8.7%	16.7%	2.9%	-17.7%	-	2.9%
D/E	0.0	2.0	1.4	0.0	1.1	-	1.1
Net D/E	-0.0	1.6	0.9	-0.1	-0.9	-	-0.0

Returns

	CNS	VRTS	SLRC	DHIL	GEG	BLKS	Median
Name	Cohen & .	Virtus I.	SLR Inve.	Diamond .	Great Elm	Black Un.
1M Rtn	-7.9%	1.8%	4.2%	-5.3%	4.4%	-	1.8%
3M Rtn	-11.7%	-14.1%	-0.8%	-14.0%	-15.9%	-	-14.0%
6M Rtn	-16.2%	-1.2%	0.7%	-10.1%	20.6%	-	-1.2%
12M Rtn	-37.4%	-30.3%	5.6%	-24.3%	43.6%	-	-24.3%
3Y Rtn	2.0%	-7.0%	43.3%	-24.8%	31.3%	-	2.0%
1M Excs Rtn	-7.9%	1.8%	4.2%	-5.3%	4.5%	-	1.8%
3M Excs Rtn	-18.7%	-21.2%	-6.9%	-21.0%	-18.7%	-	-18.7%
6M Excs Rtn	-30.9%	-15.9%	-14.1%	-24.8%	5.9%	-	-15.9%
12M Excs Rtn	-52.0%	-44.0%	-8.0%	-37.4%	29.3%	-	-37.4%
3Y Excs Rtn	-68.4%	-75.8%	-22.7%	-96.4%	-43.4%	-	-68.4%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/31/2025	2/21/2025	2/23/2024	2/24/2023	2/25/2022	2/26/2021	2/28/2020
Key Financials
Total Revenue	574	537	504	574	587	431	418
Net Income	164	151	129	171	211	77	135
EPS	3.21	3.00	2.62	3.51	4.38	1.60	2.85
Growth Rates
Total Revenue Growth	11.3%	6.4%	-12.1%	-2.2%	36.2%	3.2%	6.6%
Net Income Growth	21.4%	17.2%	-24.6%	-19.1%	176.0%	-43.1%	18.2%
Margins
Net Income Margin	28.6%	28.2%	25.6%	29.8%	36.0%	17.8%	32.2%
Cash & Debt
Total Cash	296	310	265	263	208	60	116
Total Debt	140	141	140	139	25	35	43
Net Debt / (Cash)	-155	-169	-125	-124	-184	-25	-73
Cash Flows
Net Cash from Operations	-87	97	172	62	243	89	141
Free Cash from Operations	-94	85	115	57	240	87	139
Returns to Shareholders
Dividends	125	119	112	107	148	122	163
Share Repurchases	28	21	22	27	23	26	10

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/31/2025	8/1/2025	5/2/2025	2/21/2025	11/8/2024	8/2/2024	5/3/2024	2/23/2024	11/3/2023	8/4/2023	5/5/2023	2/24/2023
Key Financials Quarterly
Total Revenue	147	142	140	145	139	127	127	123	128	124	129	128
Net Income	42	37	40	46	40	32	34	30	32	32	35	32
EPS	0.81	0.72	0.78	0.90	0.78	0.63	0.69	0.60	0.65	0.64	0.72	0.67
Key Financials TTM
Total Revenue TTM	574	566	550	537	515	504	502	504	509	523	548	574
Net Income TTM	164	162	157	151	135	128	128	129	132	144	164	171
Growth Rates Quarterly
Total Revenue Growth	5.9%	12.4%	10.4%	17.3%	8.7%	2.2%	-2.1%	-3.5%	-9.9%	-16.9%	-16.6%	-20.3%
Net Income Growth	5.2%	16.0%	17.0%	53.7%	23.4%	-0.0%	-3.7%	-8.2%	-27.9%	-38.8%	-16.0%	-49.6%
Margins Quarterly
Net Income Margin	28.4%	25.9%	28.4%	31.7%	28.6%	25.1%	26.9%	24.2%	25.2%	25.6%	27.3%	25.4%
Cash & Debt
Total Cash	296	230	212	310	293	267	177	265	230	206	197	263
Total Debt	140	142	140	141	141	141	141	140	133	116	138	139
Net Debt / (Cash)	-155	-89	-72	-169	-152	-125	-36	-125	-96	-90	-59	-124
Cash Flows Quarterly
FCF from Operations	55	-68	-109	35	26	31	5	59	75	54	-15	58
Cash Flows TTM
FCF from Operations TTM	-87	-116	-17	97	120	169	192	172	171	149	153	62
Returns to Shareholders Quarterly
Dividends	32	32	32	30	30	30	29	28	28	28	28	27
Share Repurchases	0	1	26	2	0	0	19	1	0	0	20	1
Return on Invested Capital (ROIC) Quarterly
ROIC	88.2%	64.7%	69.3%	93.4%	85.6%	63.8%	65.1%	92.3%	79.3%	85.6%	87.0%	108.6%
Return on Invested Capital (ROIC) TTM
ROIC TTM	88.4%	68.5%	65.8%	83.2%	73.0%	65.3%	63.9%	95.1%	87.7%	96.7%	94.1%	125.4%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Single segment	490		584	428	411
Distribution and service fees		35
Investment advisory and administration fees		529
Other		3
Total	490	567	584	428	411

Price Behavior

Price Behavior

Market Price	$62.40
Market Cap ($ Bil)	3.2
First Trading Date	08/16/2004
Distance from 52W High	-37.4%
	50 Days	200 Days
DMA Price	$65.75	$72.90
DMA Trend	down	down
Distance from DMA	-5.1%	-14.4%
	3M	1YR
Volatility	28.6%	31.3%
Downside Capture	134.14	134.27
Upside Capture	38.86	70.77
Correlation (SPY)	33.2%	60.0%

CNS Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.97	0.82	0.83	1.12	0.95	1.07
Up Beta	0.27	0.71	1.14	1.56	1.07	1.06
Down Beta	-0.64	0.39	0.45	0.53	0.68	0.84
Up Capture	72%	85%	35%	68%	58%	121%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	9	23	30	63	118	374
Down Capture	174%	113%	133%	161%	118%	106%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	10	18	32	62	130	376

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of CNS With Other Asset Classes (Last 1Y)
	CNS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-38.4%	5.7%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	31.1%	19.2%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	-1.53	0.16	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		64.9%	60.2%	-5.0%	11.2%	65.1%	24.8%

ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of CNS With Other Asset Classes (Last 5Y)
	CNS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	0.1%	15.3%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	30.3%	18.9%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.05	0.67	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		62.7%	61.1%	9.2%	13.1%	64.2%	23.9%

Based On 10-Year Data

		Comparison of CNS With Other Asset Classes (Last 10Y)
	CNS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	12.4%	12.5%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	33.2%	22.4%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.44	0.52	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		67.5%	66.1%	5.5%	20.7%	66.3%	16.2%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	1,887,846
Short Interest: % Change Since 10312025	7.7%
Average Daily Volume	393,521
Days-to-Cover Short Interest	4.80
Basic Shares Quantity	51,205,000
Short % of Basic Shares	3.7%

Returns Analyses

	Title
0	Is Cohen & Steers Stock Built to Withstand More Downside?

SEC Filings

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Report Date	Filing Date	Filing
9302025	10312025	10-Q 9/30/2025
6302025	8012025	10-Q 6/30/2025
3312025	5022025	10-Q 3/31/2025
12312024	2212025	10-K 12/31/2024
9302024	11082024	10-Q 9/30/2024
6302024	8022024	10-Q 6/30/2024
3312024	5032024	10-Q 3/31/2024
12312023	2232024	10-K 12/31/2023
9302023	11032023	10-Q 9/30/2023
6302023	8042023	10-Q 6/30/2023
3312023	5052023	10-Q 3/31/2023
12312022	2242023	10-K 12/31/2022
9302022	11042022	10-Q 9/30/2022
6302022	8052022	10-Q 6/30/2022
3312022	5062022	10-Q 3/31/2022
12312021	2252022	10-K 12/31/2021

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5	MarketWatch	Unusual Whales
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Cohen & Steers (CNS)

Market Price (12/4/2025): $62.4 | Market Cap: $3.2 BilSector: Financials | Industry: Asset Management & Custody Banks

Cohen & Steers (CNS)

Market Price (12/4/2025): $62.4Market Cap: $3.2 BilSector: FinancialsIndustry: Asset Management & Custody Banks

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Market Price (12/4/2025): $62.4 | Market Cap: $3.2 Bil
Sector: Financials | Industry: Asset Management & Custody Banks

Market Price (12/4/2025): $62.4
Market Cap: $3.2 Bil
Sector: Financials
Industry: Asset Management & Custody Banks