Latest Ratios: P/E Ratio 25.3x · EV/EBITDA 20.5x · ROE 25.4%. (2002–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.9B | $3.2B | $4.7B | $3.8B | $3.2B | $4.5B | $3.6B | $3.0B | $1.6B | $2.2B | $1.6B |
| Enterprise Value | $3.9B | $3.2B | $4.7B | $3.7B | $3.1B | $4.4B | $3.6B | $3.0B | $1.6B | $2.0B | $1.4B |
| P/E Ratio → | 25.32 | 21.07 | 31.09 | 29.13 | 18.61 | 21.46 | 47.32 | 22.49 | 14.30 | 24.13 | 16.80 |
| P/S Ratio | 6.83 | 5.71 | 9.09 | 7.66 | 5.55 | 7.78 | 8.39 | 7.38 | 4.15 | 5.80 | 4.41 |
| P/B Ratio | 6.15 | 5.11 | 8.18 | 7.62 | 7.45 | 13.19 | 16.08 | 11.35 | 4.83 | 6.87 | 5.85 |
| P/FCF | — | — | 55.31 | 32.64 | 55.39 | 18.91 | 41.72 | 21.85 | 23.52 | 36.41 | 14.89 |
| P/OCF | — | — | 48.65 | 21.82 | 51.60 | 18.70 | 40.55 | 21.43 | 22.40 | 34.58 | 13.57 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.70 | 9.01 | 7.57 | 5.36 | 7.50 | 8.38 | 7.24 | 4.06 | 5.30 | 3.89 |
| EV / EBITDA | 20.51 | 17.14 | 25.33 | 21.85 | 13.87 | 15.85 | 32.43 | 16.97 | 9.87 | 12.17 | 9.85 |
| EV / EBIT | 21.78 | 17.08 | 24.25 | 22.53 | 13.80 | 16.64 | 36.68 | 17.82 | 10.08 | 12.75 | 10.00 |
| EV / FCF | — | — | 54.82 | 32.23 | 53.50 | 18.24 | 41.65 | 21.44 | 22.97 | 33.24 | 13.14 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 57.5% | 57.5% | 46.8% | 48.1% | 49.1% | 53.5% | 37.0% | 51.6% | 53.7% | 53.7% | 52.3% |
| Operating Margin | 31.3% | 31.3% | 33.4% | 33.6% | 37.6% | 44.6% | 22.1% | 39.0% | 37.6% | 40.4% | 38.3% |
| Net Profit Margin | 27.0% | 27.0% | 29.2% | 26.4% | 29.8% | 36.2% | 17.8% | 32.8% | 29.1% | 24.0% | 26.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 25.4% | 25.4% | 28.3% | 28.1% | 44.4% | 74.3% | 31.1% | 44.6% | 34.5% | 31.2% | 36.5% |
| ROA | 17.8% | 17.8% | 19.5% | 18.3% | 29.3% | 50.3% | 20.4% | 30.5% | 25.6% | 24.7% | 29.1% |
| ROIC | 17.9% | 17.9% | 19.2% | 20.6% | 34.7% | 62.1% | 25.0% | 34.2% | 30.9% | 39.3% | 39.9% |
| ROCE | 21.0% | 21.0% | 22.8% | 23.9% | 38.7% | 66.2% | 27.2% | 39.0% | 35.5% | 44.3% | 44.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.22 | 0.22 | 0.25 | 0.29 | 0.33 | 0.07 | 0.16 | 0.16 | 0.16 | — | — |
| Debt / EBITDA | 0.73 | 0.73 | 0.77 | 0.83 | 0.63 | 0.09 | 0.31 | 0.25 | 0.34 | — | — |
| Net Debt / Equity | — | -0.01 | -0.07 | -0.10 | -0.25 | -0.46 | -0.03 | -0.22 | -0.11 | -0.60 | -0.69 |
| Net Debt / EBITDA | -0.04 | -0.04 | -0.23 | -0.28 | -0.49 | -0.58 | -0.06 | -0.33 | -0.24 | -1.16 | -1.31 |
| Debt / FCF | — | — | -0.49 | -0.41 | -1.89 | -0.67 | -0.07 | -0.42 | -0.56 | -3.17 | -1.75 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($145M) exceeds total debt ($138M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 14.76 | 14.76 | 25.39 | 21.93 | 19.49 | 8.77 | 5.55 | 5.43 | 4.88 | 12.10 | 17.64 |
| Quick Ratio | 14.76 | 14.76 | 25.39 | 21.93 | 19.49 | 8.77 | 5.55 | 5.43 | 4.88 | 12.10 | 17.64 |
| Cash Ratio | 9.45 | 9.45 | 12.04 | 12.12 | 14.55 | 5.47 | 1.97 | 3.39 | 2.87 | 6.58 | 11.58 |
| Asset Turnover | — | 0.62 | 0.64 | 0.66 | 0.85 | 1.18 | 1.24 | 1.02 | 0.81 | 0.93 | 1.06 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.3% | 3.9% | 2.5% | 3.0% | 3.4% | 3.2% | 3.4% | 5.4% | 11.0% | 4.4% | 4.5% |
| Payout Ratio | 82.8% | 82.8% | 78.8% | 87.1% | 62.8% | 69.8% | 159.9% | 120.9% | 157.1% | 106.9% | 76.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.0% | 4.7% | 3.2% | 3.4% | 5.4% | 4.7% | 2.1% | 4.4% | 7.0% | 4.1% | 6.0% |
| FCF Yield | — | — | 1.8% | 3.1% | 1.8% | 5.3% | 2.4% | 4.6% | 4.3% | 2.7% | 6.7% |
| Buyback Yield | 0.7% | 0.9% | 0.4% | 0.6% | 0.8% | 0.5% | 0.7% | 0.3% | 0.7% | 0.4% | 0.5% |
| Total Shareholder Yield | 4.0% | 4.8% | 3.0% | 3.6% | 4.2% | 3.7% | 4.1% | 5.7% | 11.7% | 4.8% | 5.1% |
| Shares Outstanding | — | $52M | $51M | $50M | $49M | $49M | $49M | $48M | $47M | $47M | $46M |
Includes 30+ ratios · 24 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying CNS stock.
Cohen & Steers, Inc.'s current P/E ratio is 25.3x. The historical average is 26.3x. This places it at the 65th percentile of its historical range.
Cohen & Steers, Inc.'s current EV/EBITDA is 20.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.3x.
Cohen & Steers, Inc.'s return on equity (ROE) is 25.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 29.8%.
Based on historical data, Cohen & Steers, Inc. is trading at a P/E of 25.3x. This is at the 65th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Cohen & Steers, Inc.'s current dividend yield is 3.26% with a payout ratio of 82.8%.
Cohen & Steers, Inc. has 57.5% gross margin and 31.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Cohen & Steers, Inc.'s Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Interest rate sensitivity
Metrics are mathematically derived from official filings.
Premium Valuation Reflects Niche Dominance
Based on current market data, CNS trades at a TTM P/E of 26.30, which appears to command a significant premium over specialized peers like Virtus Investment Partners, suggesting that investors are pricing in the firm's unique competitive moat within the REIT and preferred security asset management verticals.
The forward P/E of 22.59 implies that the market anticipates sustained earnings growth, yet the PEG ratio of 1.92 suggests that this valuation may be stretched relative to near-term growth expectations. Investors should monitor whether the firm's specialized alpha generation can continue to justify these multiples if interest rate volatility persists and compresses the valuation of the underlying real asset portfolios.
Capital Efficiency Constrained by Structure
As reported in recent financial statements, the firm's ROIC has remained relatively modest, fluctuating between 4.1% and 5.4% over the last ten quarters, which indicates that the business model requires significant capital deployment to maintain its specialized research and distribution infrastructure relative to the returns generated.
The discrepancy between the firm's high-margin fee structure and its moderate ROIC suggests that the cost of maintaining specialized talent and seed capital investments acts as a drag on capital compounding. This warrants further investigation into whether the firm can improve its return profile by scaling its multi-asset offerings without a proportional increase in the capital-intensive nature of its current operations.
Stable Operational Efficiency Amid Volatility
According to historical quarterly data, the firm's asset turnover has remained remarkably consistent at approximately 0.17 to 0.19, suggesting that the core revenue-generating engine is stable despite the inherent cyclicality of the broader asset management industry and the firm's specific exposure to yield-sensitive real estate markets.
The DSO trend, hovering near 50 days, indicates a predictable collection cycle for advisory fees, which provides a degree of operational visibility that is often absent in more volatile financial services sectors. However, the lack of significant improvement in asset turnover suggests that the firm's growth is primarily driven by market appreciation and AUM inflows rather than internal operational efficiencies.
Misapplication of P/B Ratio Metrics
Based on an analysis of the firm's financial structure, the Price-to-Book ratio of 6.39 is frequently misapplied by market participants who fail to account for the firm's asset-light service model and the significant impact of historical share repurchases on the reported book value of equity.
Because CNS operates as an investment manager rather than a capital-intensive manufacturer, book value is a poor proxy for the firm's intrinsic worth, as it ignores the value of the firm's intellectual property and recurring fee streams. Analysts should instead focus on EV/EBITDA or price-to-AUM metrics to better capture the firm's true earning power and the durability of its institutional client relationships.