Cohen & Steers, Inc. (CNS) Key Metrics
CNS valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $3.58B
- Enterprise value
- $3.73B
- P/E (TTM)
- 21.4 10-yr median 22.0
- Forward P/E
- 18.5
- PEG ratio
- 1.69
- Price / sales
- 6.0 10-yr median 6.6
- Price / book
- 6.5 10-yr median 9.3
- EV / EBITDA
- 16.3 10-yr median 15.8
- Dividend yield
- 3.85% $2.68 a year
- Beta
- 1.22
CNS key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsCNS valuation Price multiples at each fiscal year-end price.
CNS returns How much profit the business earns on the capital it uses.
CNS per-share figures Results divided by the shares outstanding at year-end.
CNS financial health Debt, liquidity and how easily interest is covered.
CNS efficiency & capital use Working capital cycle and where the cash goes.
CNS valuation history
CNS returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
CNS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
CNS cash returned to shareholders
CNS price vs earnings per share
CNS key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $3.24B | $4.70B | $3.75B | $3.18B | $4.54B | $3.62B | $3.03B | $1.63B | $2.22B | $1.56B |
| Enterprise value | $3.23B | $4.53B | $3.63B | $3.06B | $4.36B | $3.61B | $2.97B | $1.59B | $1.93B | $1.34B |
| P/E ratio | 21.2 | 31.1 | 29.1 | 18.6 | 21.5 | 47.2 | 22.5 | 14.3 | 24.2 | 16.8 |
| Price / sales | 5.7 | 9.1 | 7.7 | 5.5 | 7.8 | 8.4 | 7.4 | 4.2 | 5.8 | 4.4 |
| Price / book | 5.8 | 9.2 | 9.8 | 9.4 | 17.8 | 20.8 | 14.2 | 4.8 | 6.9 | 5.9 |
| Price / free cash flow | — | 55.3 | 32.6 | 55.4 | 18.9 | 41.7 | 21.9 | 23.5 | 36.4 | 14.9 |
| Price / operating cash flow | — | 48.6 | 21.8 | 51.6 | 18.7 | 40.6 | 21.4 | 22.4 | 34.6 | 13.6 |
| EV / sales | 5.7 | 8.8 | 7.4 | 5.3 | 7.5 | 8.4 | 7.2 | 4.1 | 5.0 | 3.8 |
| EV / EBITDA | 16.1 | 22.3 | 21.4 | 13.4 | 15.6 | 31.5 | 16.3 | 9.3 | 11.8 | 9.2 |
| EV / free cash flow | — | 53.3 | 31.6 | 53.2 | 18.1 | 41.6 | 21.4 | 23.0 | 31.7 | 12.8 |
| Earnings yield | 4.7% | 3.2% | 3.4% | 5.4% | 4.7% | 2.1% | 4.4% | 7.0% | 4.1% | 6.0% |
| Free cash flow yield | −3.9% | 1.8% | 3.1% | 1.8% | 5.3% | 2.4% | 4.6% | 4.3% | 2.7% | 6.7% |
| Dividend yield | 3.9% | 2.5% | 3.0% | 3.4% | 3.2% | 3.4% | 5.4% | 11.0% | 4.4% | 4.5% |
| Shareholder yield (dividends + buybacks) | 4.8% | 3.0% | 3.6% | 4.2% | 3.7% | 4.1% | 5.7% | 11.7% | 4.8% | 5.1% |
| Share price at fiscal year-end | $62.78 | $92.34 | $75.73 | $64.56 | $92.51 | $74.30 | $62.76 | $34.32 | $47.29 | $33.60 |
| Per share | ||||||||||
| Revenue per share | $11.00 | $10.16 | $9.88 | $11.64 | $11.89 | $8.85 | $8.51 | $8.26 | $8.15 | $7.62 |
| Earnings per share | $2.97 | $2.97 | $2.60 | $3.47 | $4.31 | $1.57 | $2.79 | $2.40 | $1.96 | $2.00 |
| Operating cash flow per share | −$2.33 | $1.90 | $3.47 | $1.25 | $4.95 | $1.83 | $2.93 | $1.53 | $1.37 | $2.48 |
| Free cash flow per share | −$2.45 | $1.67 | $2.32 | $1.17 | $4.89 | $1.78 | $2.87 | $1.46 | $1.30 | $2.26 |
| Cash per share | $2.82 | $6.08 | $5.36 | $5.33 | $4.24 | $0.85 | $2.10 | $1.96 | $6.29 | $4.98 |
| Book value per share | $10.88 | $10.05 | $7.69 | $6.85 | $5.20 | $3.58 | $4.42 | $7.11 | $6.88 | $5.74 |
| Tangible book value per share | $10.49 | $9.68 | $7.30 | $6.46 | $4.80 | $3.16 | $4.02 | $6.69 | $6.45 | $5.33 |
| Dividends per share | $2.46 | $2.34 | $2.27 | $2.18 | $3.01 | $2.52 | $3.37 | $3.78 | $2.09 | $1.53 |
| Capex per share | $0.12 | $0.23 | $1.15 | $0.09 | $0.05 | $0.05 | $0.06 | $0.07 | $0.07 | $0.22 |
| Debt per share | $2.68 | $2.77 | $2.83 | $2.82 | $0.50 | $0.72 | $0.90 | $1.15 | $0.15 | $0.16 |
| Shares outstanding | 51.6M | 50.9M | 49.6M | 49.3M | 49.1M | 48.7M | 48.3M | 47.4M | 47.0M | 46.4M |
| Change in shares outstanding | +1.4% | +2.8% | +0.5% | +0.4% | +0.9% | +0.8% | +1.9% | +0.9% | +1.2% | +1.2% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 28.5% | 33.9% | 35.9% | 57.7% | 98.5% | 39.5% | 48.9% | 34.5% | 31.2% | 37.3% |
| Return on invested capital (ROIC) | 30.5% | 44.8% | 53.1% | 114.9% | 174.4% | 47.3% | 55.3% | 67.2% | 229.6% | 209.8% |
| Return on assets (ROA) | 17.8% | 19.5% | 18.3% | 29.3% | 50.3% | 20.4% | 32.2% | 27.0% | 24.7% | 29.1% |
| Return on tangible assets | 17.2% | 19.1% | 18.0% | 26.1% | 44.7% | 23.4% | 35.2% | 27.6% | 23.6% | 29.5% |
| Free cash flow margin | −22.3% | 16.4% | 23.5% | 10.0% | 41.1% | 20.1% | 33.8% | 17.7% | 15.9% | 29.6% |
| Income quality (OCF / net income) | −0.79 | 0.64 | 1.33 | 0.36 | 1.15 | 1.16 | 1.05 | 0.64 | 0.70 | 1.24 |
| Financial health | ||||||||||
| Total debt | $138.3M | $141.1M | $140.4M | $138.8M | $24.5M | $34.9M | $43.3M | $54.3M | $7.1M | $7.4M |
| Cash & short-term investments | $145.5M | $309.9M | $265.4M | $262.7M | $208.1M | $41.2M | $101.4M | $92.7M | $295.4M | $231.3M |
| Net debt | −$7.1M | −$168.8M | −$125.0M | −$123.9M | −$183.6M | −$6.3M | −$58.0M | −$38.4M | −$288.3M | −$223.9M |
| Debt / equity | 0.25 | 0.28 | 0.37 | 0.41 | 0.10 | 0.20 | 0.20 | 0.16 | 0.02 | 0.03 |
| Debt / assets | 0.15 | 0.17 | 0.19 | 0.21 | 0.05 | 0.10 | 0.11 | 0.13 | 0.02 | 0.02 |
| Net debt / EBITDA | −0.04 | −0.83 | −0.74 | −0.54 | −0.66 | −0.05 | −0.32 | −0.22 | −1.76 | −1.54 |
| Current ratio | 14.76 | 25.39 | 21.93 | 19.49 | 8.77 | 5.55 | 5.43 | 4.88 | 12.10 | 17.64 |
| Quick ratio | 14.76 | 25.39 | 9.80 | 20.39 | 9.47 | 6.44 | 5.93 | 8.23 | 14.64 | 18.41 |
| Interest coverage | — | — | — | 31.7 | 10.2 | 18.0 | 4.5 | — | — | — |
| Working capital | $211.7M | $370.6M | $323.5M | $314.5M | $262.0M | $95.1M | $132.3M | $125.1M | $326.3M | $263.4M |
| Invested capital | $554.8M | $342.9M | $256.2M | $213.7M | $71.6M | $167.9M | $155.7M | $298.4M | $35.0M | $42.7M |
| Tangible asset value | $613.8M | $556.1M | $473.3M | $407.9M | $324.6M | $204.4M | $247.6M | $317.1M | $303.0M | $247.5M |
| Net current asset value | −$49.5M | $148.3M | $95.1M | $85.0M | $147.4M | −$7.5M | $26.9M | $61.6M | $268.9M | $212.1M |
| Graham number | $26.95 | $25.91 | $21.23 | $23.12 | $22.44 | $11.26 | $16.66 | $19.61 | $17.41 | $16.08 |
| Graham net-net per share | −$1.35 | $2.54 | $3.44 | $1.22 | $2.31 | −$0.73 | $0.09 | −$0.18 | $4.61 | $4.18 |
| Capital allocation | ||||||||||
| Dividends paid | $126.9M | $119.2M | $112.4M | $107.4M | $147.6M | $122.5M | $162.7M | $178.9M | $98.3M | $70.8M |
| Share buybacks (net) | $28.4M | $21.1M | $21.5M | $26.8M | $22.6M | $25.9M | $10.4M | $10.6M | $9.1M | $8.0M |
| Dividend payout ratio | 82.8% | 78.8% | 87.1% | 62.8% | 69.8% | 159.9% | 120.9% | 157.1% | 106.9% | 76.2% |
| Dividends + buybacks / free cash flow | — | 165.0% | 116.5% | 233.5% | 70.8% | 171.2% | 124.8% | 274.1% | 176.1% | 75.3% |
| Capex / revenue | 1.1% | 2.3% | 11.6% | 0.7% | 0.5% | 0.6% | 0.7% | 0.9% | 0.8% | 2.9% |
| Capex / operating cash flow | — | 12.0% | 33.1% | 6.8% | 1.1% | 2.8% | 1.9% | 4.8% | 5.0% | 8.9% |
| Capex / depreciation | 0.51 | 1.04 | 11.08 | 0.24 | 0.17 | 0.17 | 0.19 | 0.25 | 0.75 | 1.34 |
| Stock-based compensation / revenue | 8.1% | 10.1% | 9.1% | 8.6% | 6.9% | 6.8% | 6.8% | 6.3% | 5.7% | 6.1% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 12.5% | 11.6% | 13.6% | 9.6% | 8.2% | 13.1% | 11.6% | 15.3% | 11.0% | 12.2% |
| Efficiency | ||||||||||
| Days sales outstanding | 50.6 | 52.7 | 53.0 | 49.8 | 50.8 | 57.5 | 55.7 | 58.2 | 51.5 | 50.9 |
| Days of inventory on hand | — | — | 123.5 | -24.4 | -28.5 | -22.6 | -113.3 | -184.4 | -89.6 | -52.8 |
| Days payables outstanding | 12.9 | 12.4 | 13.3 | 11.6 | 12.1 | 10.1 | 14.5 | 14.8 | 13.0 | 13.7 |
| Cash conversion cycle (days) | 37.7 | 40.3 | 163.2 | 13.7 | 10.2 | 24.7 | -72.1 | -141.0 | -51.1 | -15.6 |
| Receivables turnover | 7.21 | 6.93 | 6.88 | 7.34 | 7.19 | 6.35 | 6.55 | 6.27 | 7.08 | 7.18 |
| Payables turnover | 28.21 | 29.54 | 27.40 | 31.37 | 30.26 | 36.05 | 25.13 | 24.63 | 27.98 | 26.69 |
| Inventory turnover | — | — | 2.95 | — | — | — | — | — | — | — |
| Asset turnover | 0.66 | 0.67 | 0.69 | 0.98 | 1.39 | 1.15 | 0.98 | 0.93 | 1.03 | 1.11 |
| Average receivables | $78.8M | $74.7M | $71.2M | $78.2M | $81.2M | $67.8M | $62.7M | $62.5M | $54.1M | $49.3M |
| Average payables | $8.6M | $9.3M | $9.3M | $9.3M | $9.0M | $7.5M | $7.9M | $7.4M | $6.3M | $6.3M |
| Average inventory | — | — | $86.1M | −$19.5M | −$21.2M | −$16.8M | −$61.7M | −$91.6M | −$43.5M | −$24.4M |
| Intangibles / total assets | 2.2% | 2.3% | 2.6% | 2.8% | 4.0% | 5.9% | 4.9% | 4.6% | 5.0% | 5.7% |
Computed from CNS's annual financial statements (latest annual report filed February 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
CNS valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Cohen & Steers traded at 21.2 times earnings, against a 10-year median of 22.0. Based on the latest twelve months, the trailing P/E is 21.4 and the forward P/E is 18.5. Cohen & Steers earned a return on equity of 28.5% and a return on invested capital of 30.5% in fiscal 2025. It ended the year with $138.3 million of debt and $145.5 million in cash and short-term investments, a net cash position of $7.1 million. It returned $155.3 million to shareholders: $126.9 million in dividends and $28.4 million in share buybacks. The share count rose 11.2% from 46.4M to 51.6M over 9 years.
See the CNS income statement, the CNS chart for price history, or the CNS stock overview for the latest quote and news.
CNS key metrics FAQ
What is Cohen & Steers's P/E ratio?
Cohen & Steers's trailing P/E ratio is 21.4 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 18.5. At the end of fiscal 2025 it was 21.2, compared with a 10-year median of 22.0.
What is Cohen & Steers's EV/EBITDA?
Cohen & Steers's enterprise value was 16.1 times EBITDA at the end of fiscal 2025 (enterprise value $3.2 billion, EBITDA $201.1 million); the current EV/EBITDA is 16.3.
What is Cohen & Steers's return on equity?
Cohen & Steers's return on equity (ROE) was 28.5% in fiscal 2025: net income of $153.2 million on average shareholders' equity of $536.8 million.
What is Cohen & Steers's ROIC?
Cohen & Steers's return on invested capital was 30.5% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Cohen & Steers have?
Cohen & Steers had total debt of $138.3 million at the end of fiscal 2025, a debt-to-equity ratio of 0.25 and more cash than debt.
What is Cohen & Steers's dividend yield?
Cohen & Steers's forward dividend yield is 3.85%. Cohen & Steers paid $126.9 million in dividends in fiscal 2025 ($2.46 per share), a payout ratio of 82.8%.
Does Cohen & Steers buy back its shares?
Yes. Cohen & Steers spent $28.4 million on net share repurchases in fiscal 2025 Shares outstanding changed +1.4% over the year, to 51.6M..
What is Cohen & Steers's free cash flow yield?
Cohen & Steers generated -$126.4 million of free cash flow in fiscal 2025, a free cash flow yield of −3.9% on its market value at year-end ($3.2 billion).
What is Cohen & Steers's current ratio?
Cohen & Steers's current ratio was 14.76 at the end of fiscal 2025: current assets were 14.76 times current liabilities.