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Cohen & Co Inc.

COHN Clue Score57
United States Fiscal year ends December CIK 0001270436
$10.65 -1.11% Close, 9 Oct 2026
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Price $10.65 −45.97% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue55.3Operating income8.6Net income2.3EPS, diluted1.85Fiscal year 2017Revenue47.5 −14.1%Operating income7.4Net income2.1 −9.0%EPS, diluted1.60Fiscal year 2018Revenue49.4 +3.9%Operating income3.7Net income−2.5 −219.3%EPS, diluted−2.14Fiscal year 2019Revenue49.7 +0.6%Operating income4.0Net income−2.1EPS, diluted−1.81Fiscal year 2020Revenue130.1 +162.0%Operating income42.3Net income14.2EPS, diluted7.66Fiscal year 2021Revenue146.4 +12.5%Operating income39.6Net income11.8 −16.9%EPS, diluted7.83Fiscal year 2022Revenue44.4 −69.7%Operating income−28.0Net income−13.4 −213.4%EPS, diluted−9.43Fiscal year 2023Revenue83.0 +86.9%Operating income6.9Net income−5.1EPS, diluted−3.38Fiscal year 2024Revenue79.6 −4.1%Operating income−8.0Net income−0.1EPS, diluted−0.08Fiscal year 2025Revenue275.6 +246.2%Operating income59.4Net income14.4EPS, diluted4.35
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 55.3 47.5 49.4 49.7 130.1 146.4 44.4 83.0 79.6 275.6
Growth −14.1% +3.9% +0.6% +162.0% +12.5% −69.7% +86.9% −4.1% +246.2%
Operating income 8.6 7.4 3.7 4.0 42.3 39.6 −28.0 6.9 −8.0 59.4
Net income 2.3 2.1 −2.5 −2.1 14.2 11.8 −13.4 −5.1 −0.1 14.4
Growth −9.0% −219.3% −16.9% −213.4%
EPS, diluted 1.85 1.60 −2.14 −1.81 7.66 7.83 −9.43 −3.38 −0.08 4.35

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin15.5%Net margin4.1%Free cash flow margin−16.2%Fiscal year 2017Operating margin15.6%Net margin4.3%Free cash flow margin−25.4%Fiscal year 2018Operating margin7.4%Net margin−5.0%Free cash flow margin−16.2%Fiscal year 2019Operating margin8.1%Net margin−4.1%Free cash flow margin−31.3%Fiscal year 2020Operating margin32.5%Net margin10.9%Free cash flow margin31.7%Fiscal year 2021Operating margin27.1%Net margin8.1%Free cash flow margin11.8%Fiscal year 2022Operating margin−63.0%Net margin−30.2%Free cash flow margin−54.2%Fiscal year 2023Operating margin8.3%Net margin−6.2%Free cash flow margin−48.2%Fiscal year 2024Operating margin−10.1%Net margin−0.2%Free cash flow margin10.3%Fiscal year 2025Operating margin21.6%Net margin5.2%Free cash flow margin9.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 15.5% 15.6% 7.4% 8.1% 32.5% 27.1% −63.0% 8.3% −10.1% 21.6%
Net margin 4.1% 4.3% −5.0% −4.1% 10.9% 8.1% −30.2% −6.2% −0.2% 5.2%
Free cash flow margin −16.2% −25.4% −16.2% −31.3% 31.7% 11.8% −54.2% −48.2% 10.3% 9.5%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow−8.7Capital expenditure−0.2Free cash flow−9.0Buybacks−2.3Dividends paid−1.0Fiscal year 2017Operating cash flow−11.9Capital expenditure−0.1Free cash flow−12.1Buybacks−0.6Dividends paid−1.0Fiscal year 2018Operating cash flow−7.0Capital expenditure−1.0Free cash flow−8.0Buybacks−0.8Dividends paid−1.0Fiscal year 2019Operating cash flow−15.5Capital expenditure−0.1Free cash flow−15.6Buybacks−0.3Dividends paid−0.5Fiscal year 2020Operating cash flow41.4Capital expenditure−0.2Free cash flow41.2Buybacks−2.1Dividends paid−0.0Fiscal year 2021Operating cash flow18.3Capital expenditure−1.0Free cash flow17.3 −58.0%Buybacks−0.9Dividends paid−0.7Fiscal year 2022Operating cash flow−23.5Capital expenditure−0.6Free cash flow−24.1 −239.1%Buybacks0.0Dividends paid−2.6Fiscal year 2023Operating cash flow−39.7Capital expenditure−0.4Free cash flow−40.0Buybacks0.0Dividends paid−1.8Fiscal year 2024Operating cash flow9.5Capital expenditure−1.2Free cash flow8.2Dividends paid−1.9Fiscal year 2025Operating cash flow27.4Capital expenditure−1.3Free cash flow26.1 +217.2%Dividends paid−2.1
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −8.7 −11.9 −7.0 −15.5 41.4 18.3 −23.5 −39.7 9.5 27.4
Capital expenditure −0.2 −0.1 −1.0 −0.1 −0.2 −1.0 −0.6 −0.4 −1.2 −1.3
Free cash flow −9.0 −12.1 −8.0 −15.6 41.2 17.3 −24.1 −40.0 8.2 26.1
Growth −58.0% −239.1% +217.2%
Buybacks −2.3 −0.6 −0.8 −0.3 −2.1 −0.9 0.0 0.0 n/a n/a
Dividends paid −1.0 −1.0 −1.0 −0.5 −0.0 −0.7 −2.6 −1.8 −1.9 −2.1

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash15.2Total debt29.5Net cash (debt)−14.3Shareholders’ equity38.8Debt to equity0.76Fiscal year 2017Cash22.9Total debt44.2Net cash (debt)−21.2Shareholders’ equity39.9Debt to equity1.11Fiscal year 2018Cash14.1Total debt43.5Net cash (debt)−29.4Shareholders’ equity35.8Debt to equity1.22Fiscal year 2019Cash8.3Total debt48.9Net cash (debt)−40.6Shareholders’ equity33.3Debt to equity1.47Fiscal year 2020Cash42.0Total debt47.1Net cash (debt)−5.1Shareholders’ equity43.9Debt to equity1.07Fiscal year 2021Cash50.6Total debt43.4Net cash (debt)7.2Shareholders’ equity61.9Debt to equity0.70Fiscal year 2022Cash29.1Total debt29.0Net cash (debt)0.1Shareholders’ equity46.7Debt to equity0.62Fiscal year 2023Cash10.7Total debt29.7Net cash (debt)−19.1Shareholders’ equity41.7Debt to equity0.71Fiscal year 2024Cash19.6Total debt34.9Net cash (debt)−15.3Shareholders’ equity41.7Debt to equity0.84Fiscal year 2025Cash56.8Total debt32.9Net cash (debt)23.9Shareholders’ equity51.1Debt to equity0.64
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 15.2 22.9 14.1 8.3 42.0 50.6 29.1 10.7 19.6 56.8
Total debt 29.5 44.2 43.5 48.9 47.1 43.4 29.0 29.7 34.9 32.9
Net cash (debt) −14.3 −21.2 −29.4 −40.6 −5.1 7.2 0.1 −19.1 −15.3 23.9
Shareholders’ equity 38.8 39.9 35.8 33.3 43.9 61.9 46.7 41.7 41.7 51.1
Debt to equity 0.76 1.11 1.22 1.47 1.07 0.70 0.62 0.71 0.84 0.64

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018† 31 Dec 2018 FY2019 31 Dec 2019 FY2020† 31 Dec 2020 FY2021 31 Dec 2021 FY2022† 31 Dec 2022 FY2023 31 Dec 2023 FY2024† 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
55.3 47.5 49.4 49.7 130.1 146.4 44.4 83.0 79.6 275.6
Growth −14.1% +3.9% +0.6% +162.0% +12.5% −69.7% +86.9% −4.1% +246.2%
8.6 7.4 3.7 4.0 42.3 39.6 −28.0 6.9 −8.0 59.4
Growth −13.8% −50.6% +10.4% +947.5% −6.5% −170.6% −216.9%
3.9 1.2 −4.8 −4.1 29.8 70.5 −53.9 15.9 7.9 39.5
0.4 −1.2 −0.8 −0.5 −8.7 −3.5 4.8 5.5 −0.3 −0.6
2.3 2.1 −2.5 −2.1 14.2 11.8 −13.4 −5.1 −0.1 14.4
Growth −9.0% −219.3% −16.9% −213.4%
Per share
1.86 1.71 −2.14 −1.81 12.56 9.95 −9.43 −3.38 −0.08 8.33
1.85 1.60 −2.14 −1.81 7.66 7.83 −9.43 −3.38 −0.08 4.35
Growth −13.5% −233.8% +2.2% −220.4%
1.2 1.2 1.2 1.1 1.1 1.2 1.4 1.5 1.6 1.7
1.8 2.6 1.7 1.7 5.1 5.3 1.4 1.5 5.7 6.0
Growth +47.0% −35.0% −0.2% +202.8% +3.8% −73.1% +6.6% +275.0% +5.4%

† The diluted share count jumps at 2018 and 2020 and 2022 and 2024, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 16.2% a year over five years.
  • Operating margin is down 11.0 points on five years ago, at 21.6%.
  • A net loss in 5 of 10 years on file.