At a glance
Cohen & Steers Inc is worth $3.60B, about 24 times its fiscal 2025 earnings. Revenue grew 7.5% to $556.1M in fiscal 2025, with 27.6% kept as profit; over 5 years it has grown 5.4% a year. It pays a 3.75% dividend yield, raised every year for at least 3 years, and returned $733.9M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +2.0% over the past year with dividends reinvested and −2.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 55.1% in the 2020 crash (S&P 500: 33.7%) and 38.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 21 months after the lows.
The business in plain English
Cohen & Steers, founded in 1986 and based in New York City, is an investment manager focused on real assets, such as property and infrastructure, and on income-producing investments. It runs portfolios of real estate investment trusts (REITs, companies that own income-producing property), private real estate, preferred securities (hybrids that pay set income and rank between bonds and common stock), listed infrastructure, natural resource stocks and commodities.
It earns fees charged as a percentage of the assets it manages, plus performance fees in some cases, so revenue rises and falls with markets and with client deposits and withdrawals. Clients come through two channels: wealth (private banks, brokerage firms and registered investment advisers) and institutional (pension plans, sovereign wealth funds, insurers, endowments and foundations). Products include mutual funds; closed-end funds, which have a fixed number of shares that trade on the NYSE and usually use borrowed money; institutional accounts; a non-traded REIT; and active ETFs launched in 2025.
Revenue was $556.1 million in fiscal 2025, up 7.5%, and 32% of it was left as operating profit. By region, North America produced 87.1% of revenue, Japan 5.6%, Europe, the Middle East and Africa 4.2%, and other Asia Pacific markets 3.1%. Real estate is the core: 63.8% of client assets sat in real estate securities strategies as of December 31, 2025.
Price history
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CNS +2.0% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By geography
| North America | $484.2M | 87.1% |
| Japan | $31.1M | 5.6% |
| Europe, Middle East and Africa | $23.4M | 4.2% |
| Asia Pacific, excluding Japan | $17.4M | 3.1% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $157.4M, up 11.1% from a year earlier, and net income was $42.2M (+1.3%).
- For fiscal 2025, revenue was $556.1M (+7.5% year over year; +5.4% a year from FY2020 to FY2025) with a 27.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.4% good |
|---|---|
| Operating margin | 32% good |
| Free cash flow margin | -22.7% weak |
| Return on equity (FY2025) | 27.3% good |
| Return on assets (FY2025) | 17.5% good |
| Cash and investments | $66.1M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $427.5M | $76.6M | $86.7M |
| FY2021 | $583.8M | $211.4M | $240.2M |
| FY2022 | $566.9M | $171.0M | $57.5M |
| FY2023 | $489.6M | $129.0M | $115.0M |
| FY2024 | $517.4M | $151.3M | $85.0M |
| FY2025 | $556.1M | $153.2M | $-126.4M |
Valuation snapshot
| Market value | $3.60B |
|---|---|
| P/E ratio | 23.6 |
| Dividend yield | 3.75% |
Rank among 1514 US companies
Market value at each year end
Cohen & Steers’s market value went from $1.54B at the end of 2016 to $3.60B on Oct 28, 2026, about 2.3 times as much; since the end of 2025 it is up 13%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.60B | +12.5% |
| 2025 | $3.20B | -31.4% |
| 2024 | $4.67B | +25.5% |
| 2023 | $3.72B | +18.3% |
| 2022 | $3.14B | -29.6% |
| 2021 | $4.46B | +25.7% |
| 2020 | $3.55B | +19.7% |
| 2019 | $2.97B | +84.8% |
| 2018 | $1.60B | -26.7% |
| 2017 | $2.19B | +42.1% |
| 2016 | $1.54B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CNS price data to Oct 28, 2026 | +14.7% | +2.0% | +15.1% | -2.3% | +11.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +14.7% |
| 2025 | -29.8% |
| 2024 | +25.6% |
| 2023 | +21.8% |
| 2022 | -28.1% |
| 2021 | +28.9% |
| 2020 | +23.3% |
| 2019 | +93.8% |
| 2018 | -19.8% |
| 2017 | +48.0% |
| 2016 | +15.0% |
| 2015 | -23.9% |
| 2014 | +9.7% |
| 2013 | +37.8% |
| 2012 | +14.7% |
| 2011 | +16.7% |
| 2010 | +27.7% |
| 2009 | +110.4% |
| 2008 | -62.2% |
| 2007 | -23.2% |
| 2006 | +119.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 78.1% over that stretch · deepest drop along the way 80.2%, back to its old high 31.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 55.1% over that stretch · deepest drop along the way 55.1%, back to its old high 8.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 37.7% over that stretch · deepest drop along the way 38.9%, back to its old high 21.4 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 2 sales ($429K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 16, 2026 | Daniel Noonan Executive Vice President | sell | $337K |
| Jul 20, 2026 | Elena Dulik Chief Accounting Officer, SVP | sell | $91K |
Who owns it
ETFs with the most weight in CNS
| KCE SPDR S&P Capital Markets ETF | 1.74% |
| FSCS First Trust SMID Capital Strength ETF | 0.95% |
| SMDV ProShares Russell 2000 Dividend Growers ETF | 0.94% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.64% |
| OUSM ALPS | O’Shares U.S. Small-Cap Quality Dividend ETF | 0.63% |
| QSML WisdomTree U.S. SmallCap Quality Growth Fund | 0.61% |
| SLYG SPDR S&P 600 Small Cap Growth ETF | 0.34% |
| VIOG Vanguard S&P Small-Cap 600 Growth ETF | 0.34% |
What could go wrong
- Concentrated in real estate securities. About 63.8% of assets under management sat in real estate strategies as of December 31, 2025, including 25.9% in three real estate funds. Falling property stock prices would cut assets and fees directly.
- Heavy reliance on one institutional client. The company's annual report says a significant portion of fiscal 2025 revenue came from a single institutional client. Advisory agreements can generally be ended on notice, so losing that account could noticeably dent revenue.
- Preferred securities could fall out of favor. Its preferred securities strategies invest mainly in securities issued by banks, insurers, REITs and utilities. Stress in those sectors, or fading investor interest in preferreds, would shrink assets managed and fees.
- Concentrated ownership by the two chairmen. A significant portion of the stock is owned or controlled by the Executive Chairman, the Board Chairman and their families. That may limit other shareholders' ability to influence how the company is run.
- Dependence on brokers and advisers for access. Its wealth channel reaches investors through private banks, U.S. wirehouses (large brokerage firms), regional brokers and financial advisers. If those intermediaries drop its funds or restrict access, new money and assets could shrink.
- Weak returns or fee competition drive withdrawals. Clients judge the firm on returns versus benchmarks (market yardsticks) and on fees. Underperformance, or competition from larger firms with broader product lines, can lead clients to withdraw money or change terms.
Recent events
- Quarterly results released
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released
- Quarterly results released
For income and retirement investors
The dividend yield was 3.75% as of October 28, 2026. Regular dividends per share rose three years in a row, from $2.20 in fiscal 2022 to $2.48 in fiscal 2025, though that was still short of the $3.05 paid in fiscal 2021. Dividends used about 83% of fiscal 2025 earnings. Free cash flow (cash from operations after capital spending) was negative $126.4 million that year, so it did not cover the dividend. Share repurchases totaled $120.5 million over fiscal 2021–2025, yet the share count rose 6.6% between August 2021 and July 2026. The company warns it may change its dividend policy at any time.
The stock has fallen hard in downturns: 80.2% in the 2008 financial crisis, 55.1% in the 2020 COVID crash and 38.9% in the 2022 bear market. It took 31.5, 8.4 and 21.4 months, respectively, to climb back from those lows to its prior peak. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Cohen & Steers make money?
Mainly from fees charged as a percentage of the assets it manages. Its funds, including ETFs, pay it advisory, administration, distribution and service fees, while institutions such as pension plans and sovereign wealth funds pay fees on accounts it runs for them. Some accounts also carry performance fees. Because fees track asset values, revenue moves with markets and client deposits and withdrawals. Revenue was $556.1 million in fiscal 2025 and $152.7 million in the quarter ended June 30, 2026, up 12.2% from a year earlier.
Does Cohen & Steers raise its dividend every year?
No. Regular dividends per share fell from $3.05 in fiscal 2021 to $2.20 in fiscal 2022, then rose three years in a row to $2.48 in fiscal 2025. From fiscal 2020 to fiscal 2025, the dividend per share shrank about 0.6% a year on average. The yield was 3.75% as of October 28, 2026. Dividends used about 83% of fiscal 2025 earnings, and the company says it may change its dividend policy at any time.
Is Cohen & Steers a REIT?
No. Cohen & Steers is an investment manager, not a real estate investment trust. It earns fees running funds and accounts that invest in REITs and other real estate, so weak property stocks can cut its revenue. As of December 31, 2025, about 63.8% of the assets it managed sat in real estate securities strategies, including 25.9% in its Real Estate Securities Fund, Realty Shares and Institutional Realty Shares funds. It also advises a non-traded REIT (one not listed on an exchange), Cohen & Steers Income Opportunities REIT.
Does Cohen & Steers have ETFs?
Yes. It launched its first exchange-traded funds in 2025: three actively managed ETFs, meaning portfolio managers choose the holdings instead of tracking an index. They cover U.S. real estate securities, preferred securities and natural resource stocks. In December 2025 it added ETFs for listed infrastructure and short duration preferred securities, which are less sensitive to interest-rate moves. ETFs are one product line among several, alongside mutual funds, NYSE-listed closed-end funds, institutional accounts and a non-traded REIT.
How has CNS stock performed over the long term?
It depends heavily on the period. As of October 28, 2026, the stock returned 11.7% a year over 10 years, but lost 2.3% a year over five years and gained 2% over one year. It fell 29.8% in calendar 2025 and was up 14.7% in 2026 through October 28. Its deepest peak-to-trough drop in about 21 years of trading history was 85.3%. The shares traded at 23.6 times fiscal 2025 earnings per share on October 28, 2026.