Recent News
On April 9, 2026 the firm reported preliminary assets under management of $93.1 billion as of March 31, 2026. On May 11, 2026 Cohen & Steers reported preliminary AUM of $100.1 billion as of April 30, 2026, a $7.0 billion increase from March. Most recently, the company reported preliminary AUM of $99.5 billion as of May 31, 2026.
Technical Analysis
Directional indicators show a bullish tilt: DI+ at 27.59 and trending higher signals constructive directional breadth, while DI- at 17.53 has peaked and reversed, which also reads as bullish; ADX at 18.98, however, indicates the move lacks strong trend conviction.
MACD sits at 1.62, rising and above its signal line at 1.30, which signals bullish momentum and supports a near-term positive price bias.
MRO reads 7.69 with a dip-and-reversal pattern; the positive MRO implies price sits modestly above the model target and therefore may exert mild downward pressure if momentum fades.
RSI at 58.4 and increasing shows momentum staying in buyers’ favor without overbought readings. Price closed at $76.02, above the 12-day EMA ($73.68) and well above the 200-day average ($65.71), which reinforces the short-to-intermediate bullish posture.
Price trades slightly above the 1x Bollinger upper band (upper 1σ $75.44), suggesting the move carries near-term upside risk of reversion. SuperTrend lower support rests near $72.38; 50-day average at $69.10 and the 20-day average at $72.54 provide sequential support levels. Volume registers below 10/50/200-day averages, indicating the recent advance lacks strong participation.
Fundamental Analysis
Profitability: operating margin (EBIT margin) stands at 36.72% with a QoQ expansion of 20.20% and a YoY improvement of 1.54%, indicating meaningful quarter-over-quarter margin recovery. EBIT equals $55,429,000 and operating income matches that figure. Return on equity registers 7.52% with a QoQ lift of 21.17%; return on assets equals 4.89% with a QoQ gain of 17.76%.
Top-line and cash flow: total revenue totaled $150,946,000; revenue growth shows QoQ contraction of -13.52% and a YoY change of -138.21%. Operating cash flow and free cash flow both show an outflow of -$51,364,000; free cash flow yield equals -1.55%. Cash conversion ratio measures 45.78% and cash flow to earnings equals 84.83%, which indicates earnings convert partially to cash despite the FCF deficit.
Capital structure and liquidity: total debt stands at $136,323,000 with debt-to-assets 15.95% and debt-to-equity 0.24x. Current ratio equals 23.95x, markedly above the industry peer mean of 1.94x, signaling substantial near-term liquidity. Interest coverage remains high at 110.20x.
Valuation metrics: trailing P/E equals 81.49 and forward P/E about 68.75, both above the industry peer mean P/E of 62.64. Price-to-book equals 5.87, above the industry peer mean of 3.20 and below the industry peer high of 7.06. PS ratio equals 21.92. EPS for the quarter printed $0.79 versus an estimate of $0.82, a -3.66% surprise. Dividend payout ratio measures 81.49% with a dividend yield near 1.04% and dividend coverage roughly 1.23x. Free cash flow and FCF yield remain negative, while net income for the period equals $42,368,000.
WMDST values the stock as over-valued; price target mean sits at $73.91 versus the recent close of $76.02, and enterprise multiples (EV/Revenue and EV/EBITDA signals) remain elevated. Together, rich multiples, negative free cash flow, and modest EPS shortfall underpin the over-valued assessment.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-04-16 |
| NEXT REPORT DATE: | 2026-07-16 |
| CASH FLOW | Begin Period Cash Flow | $ 146.6 M |
| Operating Cash Flow | $ -51.36 M | |
| Capital Expenditures | — | |
| Change In Working Capital | $ -114.97 M | |
| Dividends Paid | $ -34.52 M | |
| Cash Flow Delta | $ -90.29 M | |
| End Period Cash Flow | $ 56.3 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 150.9 M | |
| Forward Revenue | $ 43.8 M | |
| COSTS | ||
| Cost Of Revenue | $ 74.0 M | |
| Depreciation | $ 3.1 M | |
| Depreciation and Amortization | $ 3.1 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 95.5 M | |
| PROFITABILITY | ||
| Gross Profit | $ 76.9 M | |
| EBITDA | $ 58.6 M | |
| EBIT | $ 55.4 M | |
| Operating Income | $ 55.4 M | |
| Interest Income | — | |
| Interest Expense | — | |
| Net Interest Income | — | |
| Income Before Tax | $ 57.2 M | |
| Tax Provision | $ 16.0 M | |
| Tax Rate | 27.936 % | |
| Net Income | $ 42.4 M | |
| Net Income From Continuing Operations | $ 41.2 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.82 | |
| EPS Actual | $ 0.79 | |
| EPS Difference | $ -0.03 | |
| EPS Surprise | -3.659 % | |
| Forward EPS | $ 0.96 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 854.7 M | |
| Intangible Assets | $ 19.8 M | |
| Net Tangible Assets | $ 543.5 M | |
| Total Current Assets | $ 344.1 M | |
| Cash and Short-Term Investments | $ 253.0 M | |
| Cash | $ 53.1 M | |
| Net Receivables | $ 88.6 M | |
| Inventory | — | |
| Long-Term Investments | $ 24.8 M | |
| LIABILITIES | ||
| Accounts Payable | $ 7.9 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 14.4 M | |
| Net Debt | — | |
| Total Debt | $ 136.3 M | |
| Total Liabilities | $ 187.8 M | |
| EQUITY | ||
| Total Equity | $ 563.4 M | |
| Retained Earnings | $ -98.91 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 10.96 | |
| Shares Outstanding | 51.403 M | |
| Revenue Per-Share | $ 2.94 | |
| VALUATION | Market Capitalization | $ 3.3 B |
| Enterprise Value | $ 3.2 B | |
| Enterprise Multiple | 54.516 | |
| Enterprise Multiple QoQ | -16.855 % | |
| Enterprise Multiple YoY | -29.328 % | |
| Enterprise Multiple IPRWA | high: 289.321 CNS: 54.516 median: 45.311 mean: 21.923 low: -409.91 |
|
| EV/R | 21.149 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.517 | |
| Asset To Liability | 4.552 | |
| Debt To Capital | 0.195 | |
| Debt To Assets | 0.159 | |
| Debt To Assets QoQ | 1.084 % | |
| Debt To Assets YoY | -4.924 % | |
| Debt To Assets IPRWA | high: 0.674 median: 0.211 mean: 0.198 CNS: 0.159 low: 0.0 |
|
| Debt To Equity | 0.242 | |
| Debt To Equity QoQ | -1.69 % | |
| Debt To Equity YoY | -12.275 % | |
| Debt To Equity IPRWA | high: 3.986 mean: 1.764 median: 1.127 CNS: 0.242 low: -1.068 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 5.874 | |
| Price To Book QoQ | -1.707 % | |
| Price To Book YoY | -28.853 % | |
| Price To Book IPRWA | high: 7.056 CNS: 5.874 median: 3.216 mean: 3.198 low: -0.507 |
|
| Price To Earnings (P/E) | 81.487 | |
| Price To Earnings QoQ | 0.256 % | |
| Price To Earnings YoY | -25.677 % | |
| Price To Earnings IPRWA | high: 131.673 CNS: 81.487 mean: 62.645 median: 56.13 low: -78.913 |
|
| PE/G Ratio | -33.004 | |
| Price To Sales (P/S) | 21.922 | |
| Price To Sales QoQ | -2.72 % | |
| Price To Sales YoY | -26.862 % | |
| Price To Sales IPRWA | high: 114.397 mean: 27.501 CNS: 21.922 median: 21.141 low: -50.338 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 68.753 | |
| Forward PE/G | -27.847 | |
| Forward P/S | 77.162 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 16.828 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.174 | |
| Asset Turnover Ratio QoQ | -1.813 % | |
| Asset Turnover Ratio YoY | 2.692 % | |
| Asset Turnover Ratio IPRWA | high: 0.275 CNS: 0.174 mean: 0.037 median: 0.013 low: -0.084 |
|
| Receivables Turnover | 1.793 | |
| Receivables Turnover Ratio QoQ | -10.905 % | |
| Receivables Turnover Ratio YoY | -1.652 % | |
| Receivables Turnover Ratio IPRWA | high: 13.771 CNS: 1.793 mean: 1.614 median: 0.21 low: 0.039 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 50.894 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.458 | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 563.4 M | |
| Net Invested Capital | $ 563.4 M | |
| Invested Capital | $ 563.4 M | |
| Net Tangible Assets | $ 543.5 M | |
| Net Working Capital | $ 329.7 M | |
| LIQUIDITY | ||
| Cash Ratio | 17.601 | |
| Current Ratio | 23.945 | |
| Current Ratio QoQ | -35.387 % | |
| Current Ratio YoY | 56.792 % | |
| Current Ratio IPRWA | CNS: 23.945 high: 8.141 mean: 1.939 median: 1.178 low: 0.007 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 2.328 | |
| Cost Of Debt | 0.262 % | |
| Interest Coverage Ratio | 110.197 | |
| Interest Coverage Ratio QoQ | 21.75 % | |
| Interest Coverage Ratio YoY | 9.611 % | |
| Interest Coverage Ratio IPRWA | CNS: 110.197 high: 98.464 mean: 10.81 median: 9.06 low: -19.59 |
|
| Operating Cash Flow Ratio | 2.501 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 9.217 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 1.227 | |
| Dividend Payout Ratio | 0.815 | |
| Dividend Rate | $ 0.67 | |
| Dividend Yield | 0.01 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -2.505 % | |
| Revenue Growth | 1.292 % | |
| Revenue Growth QoQ | -13.521 % | |
| Revenue Growth YoY | -138.214 % | |
| Revenue Growth IPRWA | high: 130.559 % CNS: 1.292 % median: -1.879 % mean: -3.552 % low: -156.276 % |
|
| Earnings Growth | -2.469 % | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | -35.803 % | |
| Earnings Growth IPRWA | high: 45.0 % median: 5.556 % mean: -0.237 % CNS: -2.469 % low: -117.241 % |
|
| MARGINS | ||
| Gross Margin | 50.95 % | |
| Gross Margin QoQ | 12.861 % | |
| Gross Margin YoY | 1.644 % | |
| Gross Margin IPRWA | high: 98.068 % median: 71.417 % mean: 67.614 % CNS: 50.95 % low: 14.434 % |
|
| EBIT Margin | 36.721 % | |
| EBIT Margin QoQ | 20.196 % | |
| EBIT Margin YoY | 1.543 % | |
| EBIT Margin IPRWA | high: 82.682 % mean: 40.534 % median: 37.173 % CNS: 36.721 % low: -62.871 % |
|
| Return On Sales (ROS) | 36.721 % | |
| Return On Sales QoQ | 20.196 % | |
| Return On Sales YoY | 1.543 % | |
| Return On Sales IPRWA | high: 69.661 % median: 45.647 % mean: 39.546 % CNS: 36.721 % low: -58.213 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -51.36 M | |
| Free Cash Flow Yield | -1.552 % | |
| Free Cash Flow Yield QoQ | -6847.826 % | |
| Free Cash Flow Yield YoY | -40.876 % | |
| Free Cash Flow Yield IPRWA | high: 29.426 % median: 0.626 % CNS: -1.552 % mean: -1.6 % low: -27.411 % |
|
| Free Cash Growth | -6719.072 % | |
| Free Cash Growth QoQ | 6719.662 % | |
| Free Cash Growth YoY | 1455.686 % | |
| Free Cash Growth IPRWA | high: 314.536 % median: 8.623 % mean: -1.043 % low: -569.703 % CNS: -6719.072 % |
|
| Free Cash To Net Income | -1.212 | |
| Cash Flow Margin | 23.809 % | |
| Cash Flow To Earnings | 0.848 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 4.894 % | |
| Return On Assets QoQ | 17.757 % | |
| Return On Assets YoY | 1.325 % | |
| Return On Assets IPRWA | high: 6.815 % CNS: 4.894 % mean: 0.816 % median: 0.371 % low: -5.651 % |
|
| Return On Capital Employed (ROCE) | 6.596 % | |
| Return On Equity (ROE) | 0.075 | |
| Return On Equity QoQ | 21.17 % | |
| Return On Equity YoY | -4.008 % | |
| Return On Equity IPRWA | high: 0.222 CNS: 0.075 median: 0.052 mean: 0.048 low: -0.164 |
|
| DuPont ROE | 7.53 % | |
| Return On Invested Capital (ROIC) | 7.091 % | |
| Return On Invested Capital QoQ | 20.554 % | |
| Return On Invested Capital YoY | -12.919 % | |
| Return On Invested Capital IPRWA | high: 11.978 % CNS: 7.091 % mean: 3.45 % median: 3.357 % low: -6.621 % |
|