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1. Company Snapshot

1.a. Company Description

Cohen & Steers, Inc.is a publicly owned asset management holding company.Through its subsidiaries, the firm provides its services to institutional investors, including pension funds, endowments, and foundations.


It manages separate client-focused equity, fixed income, multi-asset, and commodity portfolios through its subsidiaries.The firm launches and manages equity, fixed income, balanced, and multi-asset mutual funds through its subsidiaries.Through its subsidiaries, it also launches and manages hedge funds.


The firm invests in public equity, fixed income, and commodity markets across the globe through its subsidiaries.Through its subsidiaries, it invests in companies operating in the real estate sector, including real estate investment trusts, infrastructure sector, and natural energy resources sector for its equity and fixed income investments.The firm also invests in preferred securities for its fixed income investments through its subsidiaries.


Cohen & Steers, Inc.was founded in 1986 and is based in New York, with additional offices in London, United Kingdom; Central, Hong Kong; Tokyo, Japan; and Seattle, Washington.

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1.b. Last Insights on CNS

Cohen & Steers' recent performance was positively driven by increased assets under management, reaching $91.9 billion as of November 30, 2025. The company also saw new investor interest, with Bourgeon Capital Management LLC purchasing a $9.55 million stake. Additionally, Kikuo Shirose joined as Head of Japan, driving strategic growth. Institutional investors, such as Copeland Capital Management LLC, maintained significant holdings, with $56.86 million in Cohen & Steers shares. These developments suggest a positive outlook for the company's future growth.

1.c. Company Highlights

2. Earnings Beat Expectations, Growth Prospects Intact

The company reported Q4 revenue of $143.8 million, a 2% sequential increase, with full-year revenue rising 6.9% to $554 million. Operating income increased 3% to $52.4 million during the quarter, and operating income for the full year increased 6.3% to $195.1 million. The operating margin was 36.4%, up from 36.1% in the prior quarter. Earnings per share (EPS) came in at $0.81, in line with estimates. The company's financial performance was bolstered by net inflows of $1.2 billion during Q4, primarily related to advisory and closed-end funds.

Publication Date: Feb -14

📋 Highlights
  • Revenue and Operating Income Growth:: Q4 revenue rose 2% to $143.8M ($554M annually), while operating income increased 3% to $52.4M ($195.1M annually) with stable operating margins (36.4%).
  • Net Inflows and Market Impact:: Q4 net inflows reached $1.2B, driven by advisory funds, though offset by market depreciation and distributions.
  • Outperformance Rates:: 95% of AUM outperformed benchmarks in 1-year, with 3-, 5-, and 10-year outperformance rates exceeding 95%.
  • Strategic Focus on Natural Resources:: Natural resource equities (30%+ YTD growth) and global infrastructure ($1.5B annual inflows) are core strategies, supported by depleting resources and supply-demand dynamics.
  • ETF and Institutional Momentum:: Active ETFs, like the REIT ETF ($50M AUM in 159 days), are scaling rapidly, while institutional pipeline grew to $1.72B across 20 mandates with global interest in 2025.

Business Momentum

The company ended 2025 with good momentum across key business metrics, including positive flows into nearly all vehicles, stable fee rates, and a strengthening institutional pipeline. The company's one unfunded pipeline continued to strengthen at $1.72 billion at year-end across 20 mandates. As John Cheigh noted, "We believe the economic and market rotation is well underway, and we expect economic activity and market returns to broaden after several years of highly concentrated gains." This optimism is reflected in the company's outlook for 2026, which anticipates above-consensus global growth, inflation, and interest rates.

Investment Strategy

The company's investment strategy is focused on natural resource equities, which offer strong pricing power due to depleting resources and attractive supply-demand profiles. The company has also launched new investment vehicles, including an active ETF, which closed the year with $378 million in AUM. The company's active ETFs are based on established strategies, giving it an advantage in scaling quickly. With a P/E Ratio of 23.58 and a P/B Ratio of 6.21, the company's valuation is relatively high, but its ROE of 27.62% suggests strong profitability.

Growth Prospects

Analysts estimate revenue growth of 11.0% for the next year, driven by the company's expanding product offerings and growing demand from institutional investors. The company's institutional pipeline has been strengthening, with a broadening and deepening of interest from allocators. The company's ROIC of 18.76% indicates a strong ability to generate returns on invested capital, supporting its growth prospects. With a Dividend Yield of 3.72%, the company also offers an attractive income stream to investors.

3. NewsRoom

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Neurocrine Biosciences to Present at the Stifel 2026 Virtual CNS Forum

Mar -10

Source: prnewswire.com

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Acumen Pharmaceuticals to Participate in the Stifel 2026 Virtual CNS Forum

Mar -10

Source: globenewswire.com

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Cohen & Steers Announces Preliminary Assets Under Management and Net Flows for February 2026

Mar -09

Source: prnewswire.com

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First Look: Oil Shock, Global Selloff, Airlines Warn on Fuel

Mar -09

Source: gurufocus.com

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Cohen & Steers Inc $CNS Shares Sold by Citigroup Inc.

Mar -08

Source: defenseworld.net

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Fisher Asset Management LLC Grows Holdings in Cohen & Steers Inc $CNS

Mar -06

Source: defenseworld.net

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Corero Network Security Named a 'Star' in MarketsandMarkets DDoS Protection & Mitigation Security Market Report

Mar -05

Source: prnewswire.com

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CNS Pharmaceuticals Appoints Lynne Kelley, MD, FACS, as Chief Medical Officer, Completing Executive Leadership Team

Mar -02

Source: accessnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.75%)

6. Segments

Open-end Funds

Expected Growth: 7.5%

Growing demand for diversified investment portfolios, increasing popularity of real assets and alternative investments, and Cohen & Steers' expertise in actively managing income-generating portfolios drive growth.

Institutional Accounts

Expected Growth: 8.5%

Increasing demand for institutional investment management services, driven by growing pension funds, endowments, and foundations seeking diversified investment portfolios and risk management strategies.

Close-end Funds

Expected Growth: 4.5%

Growing demand for diversified income and growth investments, increasing allocation to real assets, and rising popularity of closed-end funds drive growth in Cohen & Steers' portfolio.

Distribution and Service Fees

Expected Growth: 0.4%

The growth of Cohen & Steers, Inc. is driven by its diversified investment portfolio, strong brand reputation, and increasing demand for asset management services. The company's ability to charge a distribution fee of up to 0.25% and a service fee of up to 0.15% of the net asset value of the fund contributes to its revenue growth.

Other

Expected Growth: 4.5%

The 'Other' segment, comprising REITs and other income, is expected to grow driven by increasing demand for real estate investment and diversification of income streams, supported by Cohen & Steers' expertise in real assets and income-focused strategies.

7. Detailed Products

Real Estate Securities

Cohen & Steers offers a range of real estate securities strategies, including US and global real estate securities, real estate investment trusts (REITs), and real estate debt.

Real Assets

The company's real assets strategies focus on infrastructure, commodities, and natural resources, providing investors with exposure to essential services and tangible assets.

Preferred Securities

Cohen & Steers offers a range of preferred securities strategies, including US and global preferreds, and convertible preferreds.

MLPs and Energy

The company's MLP and energy strategies focus on master limited partnerships and energy-related investments, providing investors with exposure to the energy sector.

Global Listed Infrastructure

Cohen & Steers' global listed infrastructure strategies focus on investing in listed infrastructure companies, providing investors with exposure to essential services and infrastructure assets.

8. Cohen & Steers, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Cohen & Steers, Inc. is medium due to the presence of alternative investment products and services offered by competitors.

Bargaining Power Of Customers

The bargaining power of customers for Cohen & Steers, Inc. is low due to the company's strong brand reputation and diversified product offerings.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Cohen & Steers, Inc. is medium due to the company's dependence on a few key suppliers for certain investment products.

Threat Of New Entrants

The threat of new entrants for Cohen & Steers, Inc. is high due to the relatively low barriers to entry in the investment management industry.

Intensity Of Rivalry

The intensity of rivalry for Cohen & Steers, Inc. is high due to the highly competitive nature of the investment management industry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 28.18%
Debt Cost 3.95%
Equity Weight 71.82%
Equity Cost 11.07%
WACC 9.06%
Leverage 39.25%

11. Quality Control: Cohen & Steers, Inc. passed 8 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Invesco

A-Score: 6.4/10

Value: 7.6

Growth: 2.9

Quality: 6.7

Yield: 7.0

Momentum: 8.5

Volatility: 6.0

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SEI Investments

A-Score: 6.0/10

Value: 3.9

Growth: 5.7

Quality: 9.2

Yield: 2.0

Momentum: 5.5

Volatility: 9.7

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Affiliated Managers Group

A-Score: 5.7/10

Value: 4.2

Growth: 5.4

Quality: 7.7

Yield: 0.0

Momentum: 9.0

Volatility: 8.0

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Franklin Resources

A-Score: 5.6/10

Value: 5.0

Growth: 2.8

Quality: 4.3

Yield: 8.0

Momentum: 5.5

Volatility: 8.0

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Prospect Capital

A-Score: 5.5/10

Value: 6.5

Growth: 3.9

Quality: 4.7

Yield: 10.0

Momentum: 0.5

Volatility: 7.7

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Cohen & Steers

A-Score: 5.4/10

Value: 4.2

Growth: 3.3

Quality: 8.8

Yield: 7.0

Momentum: 1.5

Volatility: 7.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

63.23$

Current Price

63.23$

Potential

-0.00%

Expected Cash-Flows