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COHN Stock Analysis: Top Micro-Cap Hold (Score 59.1/100) | Blank Capital Research | Blank Capital Research
COHN
Cohen & Co Inc.
$18.81
+2.21 (+13.31%)
Score59.1
Data as of Apr 6, 2026
COHN
Cohen & Co Inc.
FinancialsTrading
$18.81
+2.21 (+13.31%)
Open $16.82High $19.00Low $16.33Prev $16.60Vol ---52W: $6.10 – $32.60
Catalyst IntelligenceBullish Factor
Significant upside volume detected in COHN. Positive sentiment following recent fundamental momentum.
Hold
Composite score
01234567890123456789.0123456789
Global rank
#407
Percentile
Top 9%
Business quality
74th
percentile
Exceptional capital efficiency and structural profitability. This enterprise generates superior returns on invested capital compared to industry peers.
Relative valuation derived from Financials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 74GRADE B+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
18.9%
Sector: 8.5%
Dividend Analysis audit
HIGH YIELD
8.92%
Trailing Yield
$8.92
Per $100 Invested
High yield — monitor payout sustainability closely.
Est. Payout Ratio
17%SAFE
Analyst Projections
Analyst Consensus
Unlock Valuation Tools
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Based on our 6-factor quantitative model, Cohen & Co Inc. (COHN) receives a "Hold" rating with a composite score of 59.1/100, ranked #407 out of 4446 stocks. Key factor scores: Quality 74/100, Value 81/100, Momentum 57/100. This is quantitative analysis only — not investment advice.
Cohen & Co Inc. (COHN) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does Cohen & Co Inc. Do?
Cohen & Company Inc. is a publicly owned investment manager. The firm primarily provides its services to individuals and institutions. It manages separate client-focused fixed income portfolios. Institutional Financial Markets, Inc. also manages funds and collateralized debt obligations for its clients. It invests in the fixed income and alternative investment markets across the globe. The firm's fixed income investments include U.S. trust preferred securities, European hybrid capital securities, Asian commercial real estate debt, mortgage backed securities, and asset backed securities. The firm was formerly known as Institutional Financial Markets, Inc. Cohen & Company Inc. was founded in 1999 and is based in Philadelphia, Pennsylvania with additional offices in New York City; Boca Raton, Florida; Chicago, Illinois; Bethesda, Maryland; Boston, Massachusetts; Paris, France; and London, United Kingdom. Cohen & Co Inc. (COHN) is classified as a micro-cap stock in the Financials sector, specifically within the Trading industry. The company is led by CEO Lester R. Brafman and employs approximately 120 people, headquartered in PHILADELPHIA, Pennsylvania. With a market capitalization of $38M, COHN is one of the notable companies in the Financials sector.
Cohen & Co Inc. (COHN) Stock Rating — Hold (April 2026)
As of April 2026, Cohen & Co Inc. receives a Hold rating with a composite score of 59.1/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.COHN ranks #407 out of 4,446 stocks in our coverage universe. Within the Financials sector, Cohen & Co Inc. ranks #136 of 891 stocks, placing it in the top quartile of its Financials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
COHN Stock Price and 52-Week Range
Cohen & Co Inc. (COHN) currently trades at $18.81. The stock gained $2.21 (13.3%) in the most recent trading session. The 52-week high for COHN is $32.60, which means the stock is currently trading -42.3% from its annual peak. The 52-week low is $6.10, putting the stock 208.4% above its annual trough. Recent trading volume was 45K shares, suggesting relatively thin trading activity.
Is COHN Overvalued or Undervalued? — Valuation Analysis
Cohen & Co Inc. (COHN) carries a value factor score of 81/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The trailing price-to-earnings ratio is 1.94x, compared to the Financials sector average of 14.88x — a discount of 87%. The price-to-book ratio stands at 0.37x, versus the sector average of 1.22x. The price-to-sales ratio is 0.19x, compared to 0.90x for the average Financials stock. On an enterprise value basis, COHN trades at 1.90x EV/EBITDA, versus 3.26x for the sector.
Based on these multiples, Cohen & Co Inc. appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.
Cohen & Co Inc. Profitability — ROE, Margins, and Quality Score
Cohen & Co Inc. (COHN) earns a quality factor score of 74/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 18.9%, compared to the Financials sector average of 8.5%, which is within a healthy range. Return on assets (ROA) comes in at 2.8% versus the sector average of 1.2%.
On a margin basis, Cohen & Co Inc. reports gross margins of 0.0%. The operating margin is 15.4% (sector: 21.8%). Net profit margin stands at 9.4%, versus 17.7% for the average Financials stock. Revenue growth is running at 679.9% on a trailing basis, compared to 9.4% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
COHN Debt, Balance Sheet, and Financial Health
Cohen & Co Inc. has a debt-to-equity ratio of 32.0%, compared to the Financials sector average of 121.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 1.17x, suggesting adequate working capital coverage. Total debt on the balance sheet is $33M. Cash and equivalents stand at $55M.
COHN has a beta of 0.26, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for Cohen & Co Inc. is 39/100, suggesting elevated price swings that may be unsuitable for conservative portfolios.
Cohen & Co Inc. Revenue and Earnings History — Quarterly Trend
In TTM 2026, Cohen & Co Inc. reported revenue of $205M and earnings per share (EPS) of $8.33. Net income for the quarter was $19M. Gross margin was 0.0%. Operating income came in at $37M.
In FY 2025, Cohen & Co Inc. reported revenue of $276M and earnings per share (EPS) of $8.33. Net income for the quarter was $40M. Revenue grew 246.2% year-over-year compared to FY 2024. Operating income came in at $59M.
In Q3 2025, Cohen & Co Inc. reported revenue of $84M and earnings per share (EPS) of $2.64. Net income for the quarter was $9M. Revenue grew 165.7% year-over-year compared to Q3 2024. Operating income came in at $22M.
In Q2 2025, Cohen & Co Inc. reported revenue of $60M and earnings per share (EPS) of $0.81. Net income for the quarter was $5M. Revenue grew 454.5% year-over-year compared to Q2 2024. Operating income came in at $7M.
Over the past 8 quarters, Cohen & Co Inc. has demonstrated a growth trajectory, with revenue expanding from $11M to $205M. Investors analyzing COHN stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
COHN Dividend Yield and Income Analysis
Cohen & Co Inc. (COHN) currently pays a dividend yield of 8.9%. At this yield, a $10,000 investment in COHN stock would generate approximately $$892.00 in annual dividend income. This compares to the Financials sector average dividend yield of 2.5%, meaning COHN offers above-average income for its sector. The net margin of 9.4% provides reasonable coverage for the dividend, though investors should monitor payout sustainability.
COHN Momentum and Technical Analysis Profile
Cohen & Co Inc. (COHN) has a momentum factor score of 57/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 20/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 48/100 reflects moderate short selling activity.
COHN vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing COHN against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full COHN vs S&P 500 (SPY) comparison to assess how Cohen & Co Inc. stacks up against the broader market across all factor dimensions.
COHN Next Earnings Date
No upcoming earnings date has been announced for Cohen & Co Inc. (COHN) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy COHN? — Investment Thesis Summary
Cohen & Co Inc. presents a balanced picture with arguments on both sides. The quality score of 74/100 indicates above-average profitability and business fundamentals. The value score of 81/100 suggests attractive pricing relative to fundamentals. High volatility (stability score 39/100) increases portfolio risk.
In summary, Cohen & Co Inc. (COHN) earns a Hold rating with a composite score of 59.1/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on COHN stock.
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Institutional Research Dossier
Cohen & Co Inc. (COHN) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
We maintain our Hold rating on Cohen & Company Inc. (COHN). While the company exhibits compelling value characteristics, particularly its low P/E and EV/EBITDA multiples relative to the Financials sector, concerns surrounding the sustainability of its recent revenue surge and the volatility inherent in its earnings profile temper our enthusiasm. The firm's Investment score of 20/100 suggests potential issues with capital allocation or growth prospects, further justifying a cautious stance.
COHN's impressive profitability metrics, such as its high ROE, are noteworthy, but the lack of a clearly defined economic moat and the inherent risks associated with its fixed income investment strategies warrant a neutral outlook. Investors should closely monitor the company's ability to maintain its current performance levels and effectively manage its capital allocation strategies before considering a more bullish position.
Business Strategy & Overview
Cohen & Company Inc. operates as an investment manager, primarily serving individuals and institutions through separate client-focused fixed income portfolios. The firm's core business revolves around managing investments in the fixed income and alternative investment markets globally. This includes a diverse range of assets such as U.S. trust preferred securities, European hybrid capital securities, Asian commercial real estate debt, mortgage-backed securities, and asset-backed securities. The company also manages funds and collateralized debt obligations (CDOs) for its clients, indicating a presence in more complex and structured financial products.
The firm's geographic footprint extends beyond its Philadelphia headquarters, with offices in major financial centers like New York City, London, and Paris. This international presence allows Cohen & Company to tap into diverse investment opportunities and cater to a global client base. However, it also exposes the company to various regulatory and economic environments, which can introduce additional complexities and risks.
Cohen & Company's revenue generation is primarily driven by management fees and performance-based incentives earned from managing client portfolios and funds. The firm's ability to attract and retain clients, as well as generate strong investment returns, is crucial to its financial performance. The company's focus on fixed income and alternative investments suggests a strategy of seeking higher yields and returns in less traditional asset classes, which can be both rewarding and risky.
The company's recent revenue growth, as evidenced by the TTM revenue of $275.56 million compared to $79.60 million in FY2024, indicates a significant expansion in its business activities. However, the sustainability of this growth remains a key question. The firm's strategic positioning within the investment management industry depends on its ability to differentiate itself through specialized expertise, strong investment performance, and effective risk management.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
679.9%
Sector: 9.4%
+7148% VS SCTR
Economic Moat Analysis
Cohen & Company's economic moat appears to be non-existent or, at best, very narrow. The investment management industry is highly competitive, with numerous firms offering similar services. The absence of a wide moat is reflected in the company's relatively low Stability score of 39/100, indicating higher volatility and potential drawdowns compared to its peers.
The firm does not possess significant network effects, as its client base is not inherently tied to the platform in a way that creates a self-reinforcing cycle of growth. Switching costs for clients are also relatively low, as they can easily move their assets to other investment managers if they are dissatisfied with Cohen & Company's performance or fees. While the firm may have some intangible assets in the form of specialized expertise and investment strategies, these are not necessarily unique or difficult to replicate by competitors.
Cohen & Company's focus on fixed income and alternative investments may provide a niche advantage, but it also exposes the firm to specific risks associated with these asset classes. The firm's ability to generate consistent and superior investment returns is crucial to its competitive positioning, but this is highly dependent on market conditions and the skill of its investment professionals. The lack of a strong brand name or proprietary technology further limits its ability to establish a durable competitive advantage.
The firm's size, with a market capitalization of only $35.53 million, also suggests that it lacks the scale and resources to compete effectively with larger, more established investment management firms. While the company's high ROE of 18.9% indicates strong profitability, this may not be sustainable in the long run without a more defensible competitive position. Therefore, we believe that Cohen & Company's economic moat is either non-existent or very narrow, making it vulnerable to competition and market fluctuations.
Financial Health & Profitability
Cohen & Company's financial health presents a mixed picture. The company's recent revenue growth is impressive, with TTM revenue of $275.56 million representing a substantial increase compared to previous years. This growth is also reflected in the significant year-over-year revenue increase of 679.9% compared to the sector average of 9.3%. However, the sustainability of this growth remains a key concern, as it may be driven by specific market conditions or one-time events.
The company's profitability metrics are also noteworthy, with a TTM net income of $40.13 million and an ROE of 18.9%, significantly higher than the sector average of 8.5%. However, the company's operating margin of 15.4% and net margin of 9.4% are lower than the sector averages of 22.0% and 17.8%, respectively, suggesting that the company may be less efficient in managing its expenses compared to its peers.
The company's balance sheet appears to be relatively healthy, with total cash of $54.69 million and total debt of $32.90 million, resulting in a debt-to-equity ratio of 32.00, which is significantly lower than the sector average of 115.00. The current ratio of 1.17 indicates that the company has sufficient liquid assets to cover its short-term liabilities. The free cash flow of $130.95 million is also a positive sign, indicating that the company is generating ample cash from its operations.
However, a closer look at the quarterly financial history reveals some volatility in the company's earnings. While the most recent quarter (Q3 FY2025) shows strong revenue and net income, previous quarters have exhibited fluctuations in profitability. For example, Q2 FY2024 saw a significant net loss of $13.58 million. This volatility raises concerns about the consistency and predictability of the company's financial performance. Overall, while Cohen & Company's recent financial performance is encouraging, investors should closely monitor its ability to maintain its growth and profitability in the long run.
Valuation Assessment
Cohen & Company's valuation metrics suggest that the stock may be undervalued relative to its peers in the Financials sector. The company's P/E ratio of 1.7x is significantly lower than the sector average of 15.5x, indicating that investors are paying a relatively low price for each dollar of earnings. Similarly, the company's EV/EBITDA ratio of 0.3x is substantially lower than the sector average of 3.5x, suggesting that the company's enterprise value is low relative to its earnings before interest, taxes, depreciation, and amortization.
However, it is important to consider the company's growth prospects and risk profile when assessing its valuation. While the company has experienced significant revenue growth in recent periods, the sustainability of this growth is uncertain. The company's Investment score of 20/100 suggests potential issues with capital allocation or growth prospects, which may justify a lower valuation multiple. The company's Stability score of 39/100 also indicates higher volatility and potential drawdowns, which may further discount its valuation.
The company's high ROE of 18.9% is a positive factor that could support a higher valuation. However, the company's lower operating and net margins compared to the sector average suggest that it may be less efficient in managing its expenses, which could limit its ability to sustain its high ROE in the long run. The company's small market capitalization of $35.53 million also makes it less attractive to institutional investors, which could further depress its valuation.
Overall, while Cohen & Company's valuation metrics appear to be attractive at first glance, a closer examination of its growth prospects, risk profile, and profitability suggests that the stock may not be as undervalued as it seems. The market may be discounting the stock due to concerns about the sustainability of its recent growth and the volatility inherent in its earnings profile. Therefore, we believe that the stock is fairly valued at its current price, justifying our Hold rating.
Risk & Uncertainty
Cohen & Company faces several specific risks that could negatively impact its business and financial performance. One of the primary risks is the volatility inherent in the fixed income and alternative investment markets. The company's investments in U.S. trust preferred securities, European hybrid capital securities, Asian commercial real estate debt, mortgage-backed securities, and asset-backed securities are all subject to market fluctuations and credit risk. Adverse market conditions or economic downturns could lead to significant losses on these investments, which could negatively impact the company's earnings and financial position.
Another risk is the company's reliance on attracting and retaining clients. The investment management industry is highly competitive, and clients can easily move their assets to other firms if they are dissatisfied with Cohen & Company's performance or fees. The company's ability to generate consistent and superior investment returns is crucial to its ability to retain clients and attract new ones. Failure to do so could lead to a decline in assets under management and a corresponding decrease in revenue.
Regulatory risk is also a significant concern for Cohen & Company. The investment management industry is subject to extensive regulation, and changes in regulations could negatively impact the company's business. For example, new regulations could restrict the types of investments that the company is allowed to make or increase the compliance costs associated with managing client portfolios. The company's international operations also expose it to various regulatory and economic environments, which can introduce additional complexities and risks.
Finally, the company's small size and limited resources could make it more vulnerable to competition and market fluctuations. Larger, more established investment management firms have greater scale and resources, which allows them to compete more effectively and withstand adverse market conditions. Cohen & Company's ability to compete effectively depends on its ability to differentiate itself through specialized expertise, strong investment performance, and effective risk management. Failure to do so could lead to a decline in market share and a deterioration in its financial performance.
Bulls Say / Bears Say
The Bull Case
BULL VIEWCohen & Company's extremely low P/E and EV/EBITDA ratios suggest the market is dramatically undervaluing the company's earnings potential, offering a compelling entry point.
BULL VIEWThe company's recent revenue growth and high ROE demonstrate its ability to generate strong returns for shareholders, indicating a potential for significant upside.
BULL VIEWWith a debt-to-equity ratio significantly below the sector average, Cohen & Company possesses a strong balance sheet providing flexibility for future growth initiatives and shareholder returns.
The Bear Case
BEAR VIEWCohen & Company's recent revenue surge is unsustainable, and the company's volatile earnings history suggests that its current profitability is unlikely to persist.
BEAR VIEWThe company's lack of a clearly defined economic moat makes it vulnerable to competition, limiting its ability to generate consistent and superior investment returns.
BEAR VIEWThe firm's small market capitalization and low Stability score indicate higher risk and potential drawdowns, making it an unsuitable investment for risk-averse investors.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score COHN and 4,400+ other equities.
Cohen & Co Inc. exhibits a 69% valuation discount relative to institutional benchmarks. This represents a constructive entry window based on current multiples.
Return on Assets
Efficiency of asset utilization
2.8%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
0.0%
Sector: 0.0%
Operating Margin
Core business profitability
15.4%
Sector: 21.8%
Net Margin
Bottom-line profitability
9.4%
Sector: 17.7%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield2.48%
Yield Delta+260%
Income Projection audit
A $10,000 investment would generate approximately $892 annually in dividends at the current trailing rate.
