Latest Ratios: P/E Ratio 3.0x · EV/EBITDA 1.2x · ROE 14.9%. (2003–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $79M | $141M | $59M | $10M | $12M | $23M | $25M | $7M | $14M | $21M | $21M |
| Enterprise Value | $72M | $134M | $157M | $148M | $607M | $3.4B | $5.7B | $7.6B | $5.3B | $1.7B | $331M |
| P/E Ratio → | 2.99 | 5.42 | — | — | — | 1.89 | 2.13 | — | — | 5.01 | 6.26 |
| P/S Ratio | 0.29 | 0.51 | 0.74 | 0.12 | 0.27 | 0.16 | 0.19 | 0.13 | 0.29 | 0.44 | 0.38 |
| P/B Ratio | 0.75 | 1.37 | 0.65 | 0.11 | 0.13 | 0.15 | 0.25 | 0.14 | 0.33 | 0.43 | 0.45 |
| P/FCF | 3.04 | 5.40 | 7.14 | — | — | 1.32 | 0.61 | — | — | — | — |
| P/OCF | 2.90 | 5.16 | 6.20 | — | — | 1.24 | 0.61 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.48 | 1.98 | 1.79 | 13.67 | 22.95 | 44.19 | 152.81 | 106.39 | 36.48 | 5.98 |
| EV / EBITDA | 1.15 | 2.13 | — | 19.99 | — | 84.04 | 134.78 | 1741.07 | 1340.36 | 226.68 | 37.26 |
| EV / EBIT | 1.17 | 2.96 | 77.14 | 6.61 | — | 43.21 | 145.65 | 2063.44 | 1422.75 | 234.30 | 38.52 |
| EV / FCF | — | 5.14 | 19.12 | — | — | 194.22 | 139.50 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 93.8% | 93.8% | 29.2% | 37.2% | -13.3% | 41.9% | 54.0% | 47.7% | 48.6% | 52.6% | 43.8% |
| Operating Margin | 22.3% | 22.3% | -10.1% | 8.3% | -63.0% | 27.1% | 32.5% | 8.1% | 7.4% | 15.6% | 15.5% |
| Net Profit Margin | 5.2% | 5.2% | -0.2% | -6.2% | -30.2% | 8.1% | 10.9% | -4.1% | -5.0% | 4.3% | 4.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.9% | 14.9% | -0.1% | -5.5% | -10.9% | 9.3% | 18.9% | -4.5% | -5.4% | 4.3% | 4.9% |
| ROA | 1.7% | 1.7% | -0.0% | -0.6% | -0.6% | 0.2% | 0.2% | -0.0% | -0.1% | 0.2% | 0.5% |
| ROIC | 25.8% | 25.8% | -2.7% | 1.1% | -1.0% | 0.6% | 0.5% | 0.0% | 0.1% | 0.5% | 2.2% |
| ROCE | 7.6% | 7.6% | -0.9% | 0.8% | -1.2% | 2.0% | 19.3% | 1.9% | 1.7% | 3.9% | 5.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.48 | 0.48 | 1.31 | 1.62 | 6.64 | 22.36 | 56.85 | 155.69 | 123.81 | 36.06 | 6.95 |
| Debt / EBITDA | 0.79 | 0.79 | — | 20.07 | — | 84.74 | 135.18 | 1741.45 | 1340.34 | 226.96 | 36.61 |
| Net Debt / Equity | — | -0.07 | 1.09 | 1.51 | 6.33 | 22.03 | 56.44 | 155.52 | 123.47 | 35.58 | 6.62 |
| Net Debt / EBITDA | -0.11 | -0.11 | — | 18.64 | — | 83.47 | 134.19 | 1739.55 | 1336.74 | 223.96 | 34.89 |
| Debt / FCF | — | -0.26 | 11.98 | — | — | 192.91 | 138.89 | — | — | — | — |
| Interest Coverage | 7.72 | 7.72 | 0.35 | 3.44 | -9.81 | 10.75 | 4.12 | 0.48 | 0.43 | 1.20 | 1.81 |
Net cash position: cash ($57M) exceeds total debt ($50M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 33.96 | 33.96 | 81.32 | 82.34 | 56.34 | 154.55 | 1.02 | 1.02 | 1.04 | 1.10 | 1.38 |
| Quick Ratio | 33.96 | 33.96 | 81.32 | 82.34 | 56.34 | 154.55 | 1.02 | 1.02 | 1.04 | 1.10 | 1.38 |
| Cash Ratio | 3.16 | 3.16 | 1.80 | 1.31 | 1.98 | 2.22 | 0.01 | 0.00 | 0.00 | 0.01 | 0.04 |
| Asset Turnover | — | 0.40 | 0.08 | 0.11 | 0.05 | 0.04 | 0.02 | 0.01 | 0.01 | 0.02 | 0.10 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.7% | 1.5% | 3.2% | 17.4% | 21.6% | 2.9% | 0.1% | 7.8% | 6.8% | 4.7% | 4.5% |
| Payout Ratio | 14.8% | 14.8% | — | — | — | 5.7% | 0.2% | — | — | 47.7% | 42.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 33.5% | 18.5% | — | — | — | 52.9% | 46.9% | — | — | 20.0% | 16.0% |
| FCF Yield | 32.9% | 18.5% | 14.0% | — | — | 75.9% | 164.0% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 3.8% | 8.5% | 4.5% | 5.4% | 2.8% | 11.1% |
| Total Shareholder Yield | 2.7% | 1.5% | 3.2% | 17.4% | 21.6% | 6.7% | 8.6% | 12.3% | 12.2% | 7.5% | 15.6% |
| Shares Outstanding | — | $6M | $6M | $2M | $1M | $2M | $2M | $2M | $2M | $3M | $2M |
Cyclical Revenue Volatility
According to current market data, COHN trades at a P/E of 3.06 and a P/S of 0.29, suggesting that investors are heavily discounting the firm's recent growth due to the highly cyclical and non-recurring nature of its SPAC-driven advisory and principal transaction revenue streams.
The low valuation multiples appear to reflect a market consensus that recent earnings peaks are unsustainable rather than a permanent step-change in profitability. Investors should monitor whether these multiples represent a value opportunity or a trap, given the firm's historical inability to maintain consistent net margins compared to more stable boutique financial peers.
Based on reported figures, COHN's ROIC has exhibited extreme volatility, swinging from a negative 2.1% in 2024Q2 to a peak of 13.3% in 2025Q4, which indicates that the firm struggles to generate consistent, value-accretive returns on its invested capital across different market cycles.
The inconsistency in ROIC suggests that the firm's capital allocation is highly sensitive to the timing of niche market opportunities rather than a repeatable operational process. This lack of stability in returns on capital warrants further investigation into whether management's principal investment strategy is creating long-term shareholder value or merely capturing transient market alpha.
As reported in recent financial statements, COHN's DSO has fluctuated wildly, reaching as high as 587 days in 2024Q2, which suggests significant challenges in managing the cash conversion cycle and collecting fees from its specialized financial advisory and asset management client base.
Such extended collection periods imply that the firm may be providing implicit financing to its clients or facing structural delays in the settlement of complex financial instruments. This inefficiency in working capital management likely contributes to the firm's erratic cash flow profile and increases its reliance on external liquidity during market downturns.
Based on quarterly filings, COHN's interest coverage ratio has been highly unstable, oscillating between a negative 8.68 in 2024Q2 and a positive 17.71 in 2023Q4, indicating that the firm's ability to service its debt obligations is heavily dependent on volatile, transaction-based revenue.
While the current debt-to-equity ratio of 0.68 appears manageable, the extreme swings in interest coverage suggest that the firm's balance sheet is vulnerable to sudden shifts in market conditions. Investors should monitor the firm's refinancing risk, as the reliance on cyclical income to cover fixed interest costs may become problematic if the niche capital markets experience a prolonged contraction.
The P/E ratio is frequently misapplied to COHN, as it fails to account for the significant non-cash mark-to-market gains and stock-based compensation that distort the firm's reported net income, thereby masking the underlying cash-generating capacity of the business model.
Analysts should instead focus on adjusted cash flow metrics or price-to-tangible-book-value to better assess the firm's true economic value. Relying on P/E in this context obscures the reality that a large portion of earnings may not be recurring or cash-backed, leading to a potential mispricing of the firm's long-term operational viability.
Includes 30+ ratios · 23 years · Updated daily
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Quick answers to the most common questions about buying COHN stock.
Cohen & Company Inc.'s current P/E ratio is 3.0x. The historical average is 22.8x. This places it at the 25th percentile of its historical range.
Cohen & Company Inc.'s current EV/EBITDA is 1.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 36.5x.
Cohen & Company Inc.'s return on equity (ROE) is 14.9%. The historical average is -4.8%.
Based on historical data, Cohen & Company Inc. is trading at a P/E of 3.0x. This is at the 25th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Cohen & Company Inc.'s current dividend yield is 2.74% with a payout ratio of 14.8%.
Cohen & Company Inc. has 93.8% gross margin and 22.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Cohen & Company Inc.'s Debt/EBITDA ratio is 0.8x, indicating low leverage. A ratio below 2x is generally considered financially healthy.