Cohen & STEERS, Inc. (CNS) intrinsic value & 10-year financials
Cohen & STEERS, Inc. (CNS) has a Graham intrinsic value of $44.79 per share. At $69.63 on Oct 17, 2026, the stock trades 55% above that value. Over the last 10 fiscal years revenue grew 5.2% a year to $556.1M, with an average return on invested capital of 61.4%.
- Graham intrinsic value
- $44.79
- Share price (Oct 17, 2026)
- $69.63
- Price vs Graham value
- 55% above
- Market cap
- $3.6B
- Revenue (FY2025)
- $556.1M
- Revenue growth (10-yr CAGR)
- 5.2%
- ROIC (10-yr avg)
- 61.4%
- Free cash flow (FY2025)
- -$126.4M
CNS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $556.1M | $153.2M | $2.97 | -$126.4M | 32.0% | 29.9% |
| FY2024 | $517.4M | $151.3M | $2.97 | $85.0M | 33.4% | 32.8% |
| FY2023 | $489.6M | $129.0M | $2.60 | $115.0M | 33.6% | 43.7% |
| FY2022 | $566.9M | $171.0M | $3.47 | $57.5M | 38.1% | 104.3% |
| FY2021 | $583.8M | $211.4M | $4.31 | $240.2M | 44.6% | 156.5% |
| FY2020 | $427.5M | $76.6M | $1.57 | $86.7M | 22.2% | 47.5% |
| FY2019 | $410.8M | $134.6M | $2.79 | $138.7M | 39.0% | 72.4% |
| FY2018 | $381.1M | $113.9M | $2.40 | $69.1M | 38.6% | 61.4% |
| FY2017 | $378.7M | $91.9M | $1.96 | $61.0M | 40.9% | 32.9% |
| FY2016 | $351.5M | $92.9M | $2.00 | $104.8M | 38.6% | 33.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
COHEN & STEERS, INC. has demonstrated mature, steady growth, with revenue compounding at 5.2% annually over the past decade.
COHEN & STEERS, INC. has earned high returns on invested capital, averaging 49.2% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
COHEN & STEERS, INC. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, COHEN & STEERS, INC. is modeled at 4.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $44.79 per share.