Cash conversion efficiency remains highly unstable, evidenced by a volatile OCF/NI ratio that reached a negative 20.92 in 2026Q1, suggesting reported accounting profits frequently fail to materialize as cash.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Cash from Operations | 2.51M | 27.35M | 9.47M | -39.66M | -23.49M | 18.32M | 41.44M | -15.46M | -7M | -11.92M | -8.73M | -4.15M | 4.11M | -8.23M | 14.75M | -6.3M | -34.81M | 7.33M | 5.72M | 136.78M | 9.34M | 2.44M | 2.24M | -116.19K |
| Operating CF Margin % | - | 9.83% | 11.9% | -47.79% | -52.92% | 12.52% | 31.85% | -31.13% | -14.17% | -25.06% | -15.77% | -9% | 7.38% | -14.31% | 15.49% | -6.28% | -27.73% | 7.98% | 0.89% | 16.72% | 4.05% | 5.26% | 11.83% | - |
| Operating CF Growth % | -206.16% | 188.65% | 123.89% | -68.85% | -228.2% | -55.78% | 367.96% | -120.93% | 41.26% | -36.48% | -110.28% | -200.92% | 149.98% | -155.81% | 334.13% | 81.91% | -575.03% | 28.22% | -95.82% | 1364.35% | 283.61% | 8.75% | 2027.03% | - |
| Net Income | 15.59M | 27.62M | 8.19M | -5.11M | -58.67M | 74.04M | 38.45M | -3.57M | -3.99M | 2.44M | 3.43M | -5.67M | -3.67M | -19.92M | -2.04M | -16.73M | 11.21M | -11.8M | -8.19M | -1.26B | 22.03M | -4.74M | 644K | -21.56K |
| Depreciation & Amortization | 755K | 724K | 556K | 563K | 557K | 371K | 334K | 318K | 261K | 249K | 291K | 733K | 1.1M | 1.41M | 1.3M | 2.24M | 2.36M | 2.54M | 4.02M | 9.56M | 2.76M | 2.98M | 1.13M | 16.77K |
| Stock-Based Compensation | 20.35M | 20.21M | 4.67M | 4.39M | 4.39M | 15.72M | 12.55M | 744K | 623K | 732K | 1.17M | 1.19M | 1.32M | 1.9M | 1.27M | 6.93M | 2.5M | 6.56M | 6.18M | 2.02M | 0 | 172K | 501K | 0 |
| Deferred Taxes | -1.95M | -1.87M | -677K | 5.35M | 4.58M | -4.12M | -8.88M | -678K | -838K | -1.28M | 330K | -84K | -642K | -2.07M | -897K | 0 | -828K | 0 | 0 | 3.21M | 0 | -117K | -1.19M | 0 |
| Other Non-Cash Items | -69.67M | -333.69M | -13.1M | -114.84M | 44.75M | -73.53M | -33.03M | -403K | -3.22M | 243K | -661K | 2.5M | 2.37M | 10.49M | -352K | -7.34M | -27.79M | -9.9M | 15.82M | 1.36B | 9.3M | 6.15M | 1.83M | 0 |
| Working Capital Changes | 12.35M | 314.35M | 9.84M | 69.98M | -19.1M | 5.84M | 32M | -11.87M | 161K | -14.3M | -13.29M | -2.83M | 3.63M | -38K | 15.46M | 8.6M | -22.27M | 19.93M | -12.12M | 21.06M | -24.75M | -2.01M | -682K | -111.4K |
| Change in Receivables | 55.66M | 308.46M | -261M | 33.44M | 2.73B | 2.54B | 1.83B | 97.69M | -5.59B | -1.77B | -154.96M | -21.02M | -73.92M | 42.37M | 57.02M | 31.45M | 0 | -16.27M | 2.58M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | -2.73B | 0 | -1.83B | -97.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 52.31M | 167K | 11.16M | -88.43M | -11.77M | -19.19M | 24.55M | 7.86M | 6.33M | 1.22M | 367K | -1.72M | -2.8M | -4.86M | -1.54M | -3.15M | 25K | -526K | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 24.54M | 26.21M | 16.51M | 38.12M | 13.8M | -22.53M | -11.95M | 3.73M | 2.16M | -3.9M | 7.95M | 11.87M | 464K | 2.94M | 9.11M | -6.7M | 26.16M | 93.96M | 5.5M | -1.24B | -8.4B | -287.23M | -864.71M | -16K |
| Capital Expenditures | -1.43M | -1.25M | -1.25M | -373K | -573K | -1.03M | -217K | -101K | -1M | -143K | -223K | -149K | -184K | -849K | -193K | -470K | -939K | -691K | -238K | 0 | 0 | -30K | -1.03M | -16K |
| CapEx % of Revenue | 0.47% | 0.45% | 1.57% | 0.45% | 1.29% | 0.7% | 0.17% | 0.2% | 2.03% | 0.3% | 0.4% | 0.32% | 0.33% | 1.48% | 0.2% | 0.47% | 0.75% | 0.75% | 0.04% | - | - | 0.06% | 5.46% | - |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 176.82M | 177.06M | 180.23M | 244.16M | 240.97M | 309.78M | 314.98M | 326.51M | 315.02M | 215.4M | 165.49M | 109.64M | 155.07M | 144.51M | 216.37M | -7.5M | 46.55M | 43.65M | 3.7B | 8.5B | 10.04B | 1.13B | 861.05M | 0 |
| Other Investing | 15.67M | 1.59M | 790K | 195K | 77K | 249K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.98M | 925K | 500K | 442.55M | -2.2B | 58.21M | -248.97M | 0 |
| Cash from Financing | -22.59M | -17.3M | -16.72M | -17.11M | -11.5M | 13.16M | 3.79M | 5.94M | -3.72M | 23.12M | 2.27M | -5.62M | -5.29M | 4.03M | -27.72M | -12.8M | -17.07M | -64.02M | -49.85M | 1.13B | 8.45B | 276.66M | 888.12M | 176.1K |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 614K | -343K | 154K | 0 | 0 | 7.84M | -2.14M | -299K | -769K | -572K | -2.33M | -4M | -384K | 4.26M | 0 | -1.49M | 0 | -1.23M | -295K | 55.54M | 463.32M | 1K | 118.68M | 31.1K |
| Dividends Paid | -5.91M | -2.13M | -1.87M | -1.75M | -2.56M | -671K | -27K | -519K | -966K | -985K | -954K | -1.19M | -1.28M | -1.07M | -953K | -2.12M | -1.04M | -4.75M | -7.83M | -51.83M | -26.1M | -4.61M | -680K | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -857K | -2.14M | -299K | -769K | -572K | -2.33M | -4M | -384K | 0 | 0 | -1.49M | 0 | -1.23M | -295K | -34.91M | 0 | 0 | 0 | 0 |
| Other Financing | -12.8M | -12.25M | -12.43M | -15.36M | -8.95M | 8.39M | 8.46M | 1.98M | -526K | 9.68M | 5.55M | -427K | -506K | -1.34M | -10.49M | -1.23M | -694K | -988K | 12.28M | -51.87M | -83.02M | 1.03M | -656K | 0 |
| Net Change in Cash | 5.01M | 37.17M | 8.94M | -18.45M | -21.47M | 8.57M | 33.69M | -5.8M | -8.83M | 7.72M | 1.1M | 1.86M | -908K | -1.34M | -3.72M | -25.73M | -25.75M | 37.72M | -40.2M | 28.36M | 51.82M | -8.13M | 25.66M | 176.1K |
| Free Cash Flow | 1.09M | 26.1M | 8.23M | -40.03M | -24.06M | 17.29M | 41.22M | -15.56M | -8M | -12.06M | -8.95M | -4.3M | 3.93M | -9.08M | 14.55M | -6.77M | -35.75M | 6.64M | 5.48M | 136.78M | 9.34M | 2.4M | 1.21M | -132.19K |
| FCF Margin % | 0.36% | 9.38% | 10.33% | -48.24% | -54.21% | 11.81% | 31.68% | -31.34% | -16.2% | -25.36% | -16.18% | -9.32% | 7.05% | -15.79% | 15.28% | -6.75% | -28.48% | 7.23% | 0.85% | 16.72% | 4.05% | 5.19% | 6.37% | - |
| FCF Growth % | -99.36% | 217.24% | 120.55% | -66.38% | -239.14% | -58.05% | 364.83% | -94.53% | 33.65% | -34.68% | -108.18% | -209.44% | 143.28% | -162.38% | 315.02% | 81.07% | -638.63% | 21.18% | -96% | 1364.35% | 288.4% | 99.42% | 1012.33% | - |
| FCF per Share | 0.18 | 4.36 | 1.45 | -26.45 | -16.94 | 11.24 | 26.80 | -9.26 | -4.75 | -4.65 | -5.08 | -2.14 | 1.93 | -5.14 | 9.11 | -4.26 | -22.79 | 6.89 | 5.71 | 243.83 | 89.11 | 22.85 | 14.36 | -1.08 |
| FCF Conversion (FCF/Net Income) | 0.07x | 1.90x | -73.45x | 7.76x | 1.75x | 1.55x | 2.92x | 7.53x | 2.84x | -5.77x | -3.85x | 1.02x | -1.59x | 0.62x | -15.24x | 0.67x | -4.58x | -0.63x | -0.83x | -0.11x | 0.42x | -0.51x | 3.48x | 5.39x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical Cash Flow Volatility
According to quarterly financial data, COHN's operating cash flow frequently diverges from net income, evidenced by a volatile OCF/NI ratio that reached a negative 20.92 in 2026Q1, suggesting that reported accounting profits often fail to materialize as actual cash inflows for the firm.
The extreme variance between net income and operating cash flow indicates that non-cash items and working capital swings are the primary drivers of the firm's reported earnings. Investors should interpret this disconnect as a signal that the firm's core profitability is highly sensitive to accounting adjustments rather than consistent cash generation.
As reported in recent financial statements, COHN's free cash flow trajectory is highly erratic, swinging from a positive $176.8 million in 2024Q3 to a negative $31.5 million in 2026Q1, which highlights the firm's inability to maintain consistent cash generation across different market cycles.
The negative FCF margins observed in recent periods suggest that the firm's capital requirements and operational outflows are currently outpacing its ability to generate cash from core activities. This trend warrants further investigation into whether the firm can sustain its current operational scale without recurring external financing or asset liquidation.
Based on reported figures, COHN's cash flow is heavily influenced by massive working capital fluctuations, including a $178.2 million inflow in 2024Q3 followed by a $14.2 million outflow in 2026Q1, indicating that timing differences in trading settlements significantly distort the firm's underlying cash position.
These large swings suggest that the firm's cash flow is hostage to the settlement cycles of its niche financial instruments. Such volatility makes it difficult to forecast sustainable cash flow, as the firm's liquidity appears to be tied to the timing of specific, non-recurring transaction closures.
Data from recent filings reveals that stock-based compensation, which peaked at $16.9 million in 2025Q4, consistently masks the firm's true cash burn, as these non-cash expenses are added back to net income to inflate the appearance of operating cash flow during periods of weak performance.
By relying on SBC to manage compensation costs, the firm effectively shifts the burden of its operational expenses onto shareholders through dilution. This practice obscures the true cost of talent retention and suggests that the firm's cash-generating capacity is weaker than the headline operating cash flow figures might imply.
Quick answers to the most common questions about buying COHN stock.
Cohen & Company Inc. (COHN) generated $27.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cohen & Company Inc. (COHN) generated $26.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Cohen & Company Inc. (COHN) spent $1.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Cohen & Company Inc. (COHN) returned $2.1M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.