Cohen & Co Inc. (COHN) financials — revenue, cash, debt and margins

Key figures

Trailing twelve months where a flow is involved, latest reported balance where it is not.

Valuation

Market cap: $31M
P/E (TTM): 2.05
Price / sales: 0.10
EV / EBITDA: 0.51
Price / book: 0.49

Cash flow

FCF yield: -26.2%
SBC-adjusted FCF yield: -93.6%
SBC impact: —
Stock compensation (TTM): $21M

Margins & growth

Profit margin: 5.6%
Operating margin: 22.1%
Quarterly revenue (year on year): 16.1%
Quarterly earnings (year on year): 153.8%

Balance sheet

Cash & investments: $40.1M
Debt: $45.1M
Net cash / (debt): -$5M

Where the revenue comes from

Capital Markets is 85% of revenue.

By product or service

Year to Dec 31, 2025 · $215.6M

New Issue and Advisory87%
$187.6M+360.1% vs. a year earlier
Gestational Repo Business9%
$19.2M+26.8% vs. a year earlier
Asset Management14%
$8.8M-2.1% vs. a year earlier

These lines account for 78% of revenue. Each breakdown reconciles to the total by its own route, so they need not agree with one another.

By business segment

Year to Dec 31, 2025 · $275.6M

Capital Markets85%
$235M+204.4% vs. a year earlier
Principal Investing11%
$30M+425.2% vs. a year earlier
Asset Management4%
$10.6M-8.7% vs. a year earlier

By region

Year to Dec 31, 2025 · $275.6M

United States96%
$265.6M+266.0% vs. a year earlier
Outside the US4%
$10M+42.0% vs. a year earlier

What it owns and what it owes

Both on one scale, because both are money — the bar that is taller is the one that matters.

Cash and debt

Cash & InvestmentsTotal Debt

Cash counts short-term investments, not just the bank balance — technology companies park most of it in marketable securities, and leaving those out understates it several times over. Debt includes lease obligations.

The rest of the series

Not on the overview because five charts is as much as one decision needs — but here in full, on one period switch. Each bar sums the four quarters ending there — a full year, brought up to today.

Total Revenue

$314.34MQ2 2026+3.2%

1Y: +126.39%2Y: +288.33%5Y: +56.42%

Everything the company sold, before any costs. Each bar sums the four quarters ending there — a full year, brought up to today.

EBITDA

$70.15MQ2 2026+7.6%

1Y: +603.44%2Y: +3,835.20%5Y: -33.55%

Operating profit before depreciation and amortisation — approximated from operating income, because no depreciation tag is reported consistently enough across filers to do better. Treat it as indicative. Each bar sums the four quarters ending there — a full year, brought up to today.

Profit

$17.76MQ2 2026+13.9%5.6% of revenue

1Y: +818.30%2Y: +367.49%5Y: -35.39%

What was left after every cost, including tax. Each bar sums the four quarters ending there — a full year, brought up to today.

Profit margin

5.6%Q2 2026+10.4%

How much of every dollar of sales the company keeps as profit. A grocer keeps a few cents; a software company can keep half. Each point covers the four quarters ending there — a full year, brought up to today.

Free Cash Flow

-$8.12MQ2 2026-845.8%

1Y: -157.29%2Y: -119.99%5Y: +95.77%

Cash left over after running and maintaining the business. Each bar sums the four quarters ending there — a full year, brought up to today.

Profit per share

$4.68Q2 2026+2.9%

1Y: +321.62%2Y: +83.53%5Y: -73.29%

The same profit, split across every share. If this lags the profit chart above, the company is issuing shares and your slice is getting smaller. Restated onto today’s share count, so stock splits do not show as jumps. Each bar sums the four quarters ending there — a full year, brought up to today.

Shares outstanding

6.13MQ2 2026+1.4%

How many shares the profit is divided across. Rising is dilution; falling is the company buying itself back. Restated onto today’s basis, so splits do not show as jumps. Each point covers the four quarters ending there — a full year, brought up to today.

Price to earnings

2.6xQ2 2026-24.8%

2.6x today · median 2.6x and range 0.3x–8.5x across the points shown, Q4 2016 to Q2 2026 The breaks in the line cover 24 periods with no meaningful multiple — a loss, or earnings so small the ratio says more about the denominator than the price.

Paid per unit of yearly profit. Periods with a loss, or profits too small for the ratio to mean anything, are left out — the line breaks rather than drawing through them. Each point covers the four quarters ending there — a full year, brought up to today.

Dividends paid

$4MQ2 2026-32.3%

1Y: +92.73%2Y: +119.58%5Y: +57,085.71%

Cash handed to shareholders. A flat line at zero means the company pays none. Each bar sums the four quarters ending there — a full year, brought up to today.

About Cohen & Co Inc.

Ticker: COHN
SEC classification: Security Brokers, Dealers & Flotation Companies (6211)
Listed on: NYSE
Incorporated in: MD
Financial year ends: December 31
Filer size: Accelerated filer<br>Smaller reporting company

About this data

Everything above comes from Cohen & Co Inc.’s own filings with the SEC, as reported. No estimates, no analyst figures, nothing adjusted.

Splits applied: 0:1 on Sep 1, 2017. Per-share history is restated onto today’s basis, so a split does not appear as a cliff.

Share-count jumps we cannot explain: 0.65x around Dec 31, 2018, 3.03x around Dec 31, 2020, 0.27x around Dec 31, 2022, and 3.75x around Dec 31, 2024. No split accounts for these, so nothing was adjusted — most often it is real dilution rather than a data problem, which is why it is flagged and not corrected.

Not reported by this filer: Cost of Revenue, Gross Profit, R&D Expense, SG&A Expense, Non-interest Income, Non-interest Expense, Provision for Credit Losses, Deposits, Current Assets, Current Liabilities, Short-term Investments, Inventory, Receivables, Long-term Debt (current), Short-term Borrowings, Borrowings (total), Operating Lease (current), Operating Lease (noncurrent), Finance Lease (current), Finance Lease Liabilities (total), Finance Lease (noncurrent), and Amortization of Intangibles. Companies choose which XBRL tags to use, and anything untagged cannot be recovered — so these are blank rather than guessed.