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Cohen & Steers, founded in 1986, is a global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore, we serve institutional and …
Margins and capital returns are both well above average: 31.96% operating margin, ROIC at 18.62%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue grew 7.5%, steady but not accelerating. Free cash flow declined 249% despite revenue growth, conversion is weakening.
Free cash flow declined 249% versus the prior year, cash generation momentum has weakened. ROIC dropped from 21.48% to 18.62%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$567M
▲ +7.5% YoY
Net Income (TTM)
$156M
▲ +1.3% YoY
Op. Margin
32.20%
▼ -1.5pp YoY
ROIC
20.91%
▼ -2.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$63M
▼ -248.7% YoY
Op. Cash Flow (TTM)
-$63M
▼ -224.6% YoY
Net Debt
$83M
Cash & Equiv.
$53M
5Y CAGR: +5.4%
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