Cohen & Steers Inc (CNS) Revenue-to-Profit Sankey Flow & SEC XBRL Financials

CNS scores 42 out of 100, a letter grade of D-, with the verdict "Roarable Sell — Vulnerable Balance Sheet & Flow." Across the five pillars:

• Fundamental Cash Engine: 9 / 20. Per the RQD rating, ROIC is 33.7% but FCF yield is -3.37%. For an investor, a high return on invested capital paired with negative free-cash-flow yield signals that accounting profitability is not translating into cash available to shareholders in the current period.
• Whale 13F Flow: 8 / 20. The RQD rating describes this pillar as institutional accumulation and options positioning. The underlying 13F and options detail is not itemized in the source data, so the sub-score reflects a weak institutional tailwind without specific holder evidence.
• Insider Conviction: 7 / 20. Per the RQD rating, this pillar reflects SEC Form 4 and Congressional PTR cluster flow. Insider evidence is the second-weakest signal in the rating, meaning insiders are not supplying meaningful conviction support.
• Macro Regime Fit: 8 / 20. Per the RQD rating, beta is 1.0 and sector sensitivity is a drag. An investor should expect CNS to move in line with the broad market, with no defensive cushion from its profile.
• Forensic Balance Sheet: 10 / 20. Per the RQD rating, Altman Z is 2.5, Piotroski F is 2/9, and Debt/Equity is 0.5. The Piotroski score of 2/9 indicates weak fundamental quality across the standard checks, which is the most important forensic warning in the rating.

Valuation tradeoffs: per the market data, the stock trades at a P/E (TTM) of 24.5, a Forward P/E of 22.8, and an EV/EBITDA of 19.7. These multiples price in continued earnings growth that the weak Piotroski reading and negative FCF yield do not clearly support. Upside drivers would require cash conversion to improve; the rating suggests that is the central unresolved condition.

Cohen & Steers Inc (CNS) is a NYSE-listed issuer classified in the Financials sector and the Investment Managers industry..

Operating income rose from $164.5M (FY 2023) to $177.7M (FY 2025) and net income rose from $129.0M to $153.2M over the same span, while FCF moved from $172.0M to $85.0M to -$126.4M. Reported gross, operating, and net margins in the market data are each 0%, which conflicts with the reported income figures and cannot be reconciled from the source data. Per the market data, ROIC is 33.7%. Per the RQD rating, Altman Z is 2.5 and Piotroski F is 2/9. Debt/Equity is 0.5 per the RQD rating; the debt figures in the financials are N/A. Balance sheet posture is weakened by the FY 2025 negative FCF and the declining cash balance from $183.0M to $145.5M.

• 🐂 Primary Bull Case: Reported Q3 2026 revenue beat and a 5.3% share surge suggest near-term market enthusiasm, with ROIC of 33.7% signaling high capital efficiency. With Fundamental Cash Engine at 9/20 (ROIC 33.7%, FCF yield -3.37%) and Institutional Whale Flow at 9/20, sustained execution supports upside toward the top of the $58.39 – $86.56 52-week range.
• 🐻 Primary Bear Case: Negative FY 2025 FCF of -$126.4M, a Piotroski F-Score of 2/9, and a 0% reported operating margin signal weak cash conversion and fundamental quality. Investors must weigh 24.5x trailing P/E and 19.7x EV/EBITDA against — operating margins and a 1.00 macro beta if sector demand softens.

Sector correlations beyond the Financials/Investment Managers classification are — The news wire does indicate that assets under management and yield-curve movements are the relevant second-order drivers: AUM declines reduce fee-based revenue, and yield-curve shifts are cited as a sensitivity. Investors should watch whether the Q3 revenue beat holds against the reported AUM decline, since a revenue beat alongside falling AUM would imply the beat is not sustained by asset growth.

• Key Question #1: What explains the reported — revenue line while net income is positive, and why are the gross, operating, and net margins reported as 0%?
• Key Question #2: What drove the move from positive FY 2024 FCF of $85.0M to negative FY 2025 FCF of -$126.4M, and is it a timing effect or structural?
• Key Question #3: What are the debt levels behind the 0.5 Debt/Equity figure, given that the debt field is N/A in every period?