Cohen & Company Inc. (COHN)

FairStock Score: 95/100 — HIGH CONVICTION

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a Buffett/Graham investor, I prefer durable, predictable businesses bought at a discount. Cohen & Company is a tiny fixed-income investment manager with 129 employees, and its record is not stable. In fiscal 2023, the year ended 2023-12-31, revenue was $83.0M and net income was a loss of $5.1M, or EPS -$3.38. In fiscal 2024, the year ended 2024-12-31, revenue was $79.6M and net income was a loss of $129,000, or EPS -$0.08. Then fiscal 2025, the year ended 2025-12-31, showed revenue of $275.6M, net income of $14.4M, and EPS of $4.35 — a sharp turnaround. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $69.5M, net income $3.6M, and EPS $0.94. Fiscal Q1 2026 had revenue of $57.9M, net income $1.5M, and EPS $0.42. So profitability is real but thin; the latest quarter's net margin was 5.14%. At the 2026-10-13 close of $10.42, FairStock calculates a P/E of 2.21 and P/B of 0.44, with ROE of 45.54%, ROCE of 4.76%, and D/E of 4.56. That high leverage and low return on capital suggest the headline ROE may be amplified by debt. The 10% dividend yield and Piotroski score of 7/9 are positives, but CET1, NIM, and combined ratio are not in the data. FairStock labels it a turnaround: returned to profit after a loss within the last three years. A 44% price-to-book ratio is cheap if earnings hold, but a 129-employee firm with volatile revenue and a 52-week range of $9.19 to $32.60 carries fragility. I need proof this turnaround is durable, not just one strong year. This is a statistical bargain with leverage risk, not a wide-moat compounder.

In plain English: Cohen & Company is a small money manager that invests mostly in fixed-income markets for clients. After losing money in 2023 and 2024, it made a profit in 2025 and stayed profitable in early 2026, but profit margins are thin. The stock looks cheap compared with recent earnings and accounting value, though the business is small, uses a lot of borrowed money, and its results can swing widely.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer