Cohen & Company

COHN

Financial - Capital Markets · Financial Services

Price

$12.69

-1.21 (-8.71%)

Market Cap

$26.6M

Exchange

New York Stock Exchange American

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+289.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 1.5M (2021) → 6.0M (2025)

Cohen & Company is a small financial services firm that helps governments, banks, and other institutions buy and sell specialized financial products. Its main focus is on fixed income securities — things like bonds issued by governments and financial companies. The firm also helps clients structure complex financial deals and provides research and advice on these products.

Cohen & Company makes money through trading commissions, fees for financial advisory work, and gains from its own investments in securities. It operates mainly in the United States and Europe, and its niche focus on fixed income and structured products gives it some specialization in markets that larger banks sometimes overlook. However, being a small firm means its revenue can swing sharply depending on market conditions and trading volumes, which is the main risk investors should understand. Growth depends heavily on activity in bond markets and whether clients continue to need specialized fixed income services.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+101.5% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+331.6% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (7%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

51.1%ownership

Insiders own a meaningful stake in the company

Cash Runway

~19 months

$196M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Strong grower

Cohen & Company is growing revenue at 101% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

92.5%

Premium pricing power — 92.5% gross margin

Operating Margin

8.9%

Modest — 8.9% operating margin

ROCE

5.0%

Weak — 5.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+239.4%

Fast-growing sales (239.4% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

16%

Weak — only 16% of profit becomes cash

FCF Margin

0.4%

Thin free cash flow (0.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

1.00

Moderate — manageable debt (1.00)

Interest Cover

11.18x

Comfortably covers interest (11.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

1.4x

Attractive valuation — P/E 1.4

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-5.5

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

28.30%

Healthy income — 28.30% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

+245.0%

Dividend growing fast (245.0% YoY)

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