Cohen & Co. Inc. (COHN) intrinsic value & 10-year financials
Cohen & Co. Inc. (COHN) has a Graham intrinsic value of $144.49 per share. At $10.18 on Oct 17, 2026, the stock trades 93% below that value. Over the last 10 fiscal years revenue grew 19.5% a year to $275.6M, with an average return on invested capital of 26.6%.
- Graham intrinsic value
- $144.49
- Share price (Oct 17, 2026)
- $10.18
- Price vs Graham value
- 93% below
- Market cap
- $60.9M
- Revenue (FY2025)
- $275.6M
- Revenue growth (10-yr CAGR)
- 19.5%
- ROIC (10-yr avg)
- 26.6%
- Free cash flow (FY2025)
- $26.1M
COHN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $275.6M | $14.4M | $4.35 | $26.1M | 21.6% | 141.0% |
| FY2024 | $79.6M | -$129.0K | -$0.08 | $8.2M | -10.1% | -6.8% |
| FY2023 | $83.0M | -$5.1M | -$3.38 | -$40.0M | 8.3% | 6.4% |
| FY2022 | $44.4M | -$13.4M | -$9.43 | -$24.1M | -63.0% | -55.4% |
| FY2021 | $146.4M | $11.3M | $7.48 | $17.3M | 27.1% | 76.7% |
| FY2020 | $130.1M | $14.2M | $7.66 | $41.2M | 32.5% | 68.9% |
| FY2019 | $49.7M | -$2.1M | -$0.60 | -$15.6M | 8.1% | 4.6% |
| FY2018 | $49.4M | -$2.5M | -$0.71 | -$8.0M | 7.4% | 4.3% |
| FY2017 | $47.5M | $2.1M | $0.53 | -$12.1M | 15.6% | 13.0% |
| FY2016 | $55.3M | $2.3M | $0.06 | -$9.0M | 15.5% | 13.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Cohen & Co Inc. is a consistent compounder, expanding top-line revenue at 19.5% annually over the past decade.
Cohen & Co Inc. has earned high returns on invested capital, averaging 26.6% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Cohen & Co Inc. shows that management has aggressively returned capital to shareholders by retiring 88.7% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Cohen & Co Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $144.49 per share.