Estados financieros detallados de Cohen & Steers, Inc. (CNS): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Cohen & Steers, Inc. registró ingresos de $567.8M en el último ejercicio fiscal, con un CAGR de 5 años del 5.7%. El beneficio neto alcanzó $153.2M, con un CAGR a 5 años del 14.9%.
Márgenes de los últimos 12 meses: margen bruto 76.6%, margen operativo 34.6%, margen neto 28.1%.
Al precio actual de $71.85, CNS cotiza a un P/E de 21.45 y un ROE del 29.72%. La capitalización bursátil es de $3.7B.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $353.6M | $383.0M | $391.5M | $410.8M | $430.9M | $583.8M | $573.7M | $489.6M | $517.4M | $567.8M |
| Coste de Ventas | $168.8M | $177.4M | $181.3M | $198.7M | $271.5M | $271.3M | $291.8M | $254.4M | $275.1M | $241.3M |
| Beneficio Bruto | $184.9M | $205.6M | $210.2M | $212.2M | $159.4M | $312.5M | $282.0M | $235.3M | $242.3M | $326.5M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $43.0M | $42.2M | $48.3M | $47.6M | $56.3M | $48.0M | $54.8M | $66.7M | $60.1M | $71.2M |
| Gastos Operativos | $49.4M | $50.9M | $63.2M | $52.0M | $64.3M | $52.1M | $66.0M | $70.8M | $69.4M | $148.8M |
| Beneficio Operativo | $135.5M | $154.7M | $147.0M | $160.1M | $95.1M | $260.4M | $215.9M | $164.5M | $172.9M | $177.7M |
| EBITDA | $141.9M | $171.0M | $171.3M | $181.9M | $114.7M | $279.3M | $228.4M | $169.6M | $203.4M | $200.4M |
| Gastos por Intereses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | $143.4M | $160.4M | $143.8M | $187.5M | $93.4M | $281.9M | $196.9M | $180.3M | $209.5M | $204.6M |
| Impuestos | $50.6M | $67.9M | $34.3M | $40.6M | $18.2M | $55.8M | $47.4M | $43.6M | $46.7M | $47.2M |
| Beneficio Neto | $92.9M | $91.9M | $113.9M | $134.6M | $76.6M | $211.4M | $171.0M | $129.0M | $151.3M | $153.2M |
| BPA | $2.02 | $1.98 | $2.43 | $2.85 | $1.60 | $4.38 | $3.51 | $2.62 | $3.00 | $2.99 |
| BPA Diluido | $2.00 | $1.96 | $2.40 | $2.79 | $1.57 | $4.31 | $3.47 | $2.60 | $2.97 | $2.98 |
| Acciones en Circulación (Diluidas) | $46.4M | $47.0M | $47.4M | $48.3M | $48.7M | $49.1M | $49.3M | $49.6M | $50.9M | $51.6M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $141.7M | $143.8M | $146.7M | $166.9M |
| Beneficio Bruto | $68.2M | $118.1M | $125.2M | $147.4M |
| Beneficio Operativo | $48.9M | $40.3M | $51.1M | $67.0M |
| EBITDA | $51.7M | $42.8M | $59.8M | $74.6M |
| Beneficio Neto | $41.7M | $34.9M | $42.4M | $49.3M |
| BPA | $0.81 | $0.68 | $0.82 | $0.96 |
| BPA Diluido | $0.81 | $0.68 | $0.82 | $0.95 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $183.2M | $193.5M | $92.7M | $101.4M | $41.2M | $184.4M | $247.4M | $187.4M | $183.0M | $145.5M |
| Inversiones a Corto | $48.1M | $101.9M | 0 | 0 | 0 | $23.7M | $15.3M | $78.0M | $127.0M | 0 |
| Cuentas por Cobrar | $47.9M | $60.3M | $64.6M | $60.8M | $74.8M | $87.7M | $68.8M | $73.6M | $75.9M | $81.6M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $279.2M | $355.7M | $157.4M | $162.2M | $116.0M | $295.7M | $331.5M | $339.0M | $385.8M | $227.1M |
| Inmovilizado Material | $16.0M | $15.0M | $62.6M | $50.9M | $41.5M | $30.9M | $145.2M | $169.6M | $167.8M | $162.4M |
| Fondo de Comercio | $17.7M | $19.0M | $18.5M | $18.3M | $19.2M | $18.4M | $17.8M | $18.1M | $17.5M | $18.8M |
| Activos Intangibles | $1.4M | $1.3M | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M |
| Activos Totales | $333.7M | $410.1M | $481.0M | $402.4M | $348.5M | $492.7M | $673.4M | $736.6M | $812.4M | $910.5M |
| Cuentas por Pagar | $6.5M | $6.2M | $8.5M | $7.3M | $7.7M | $10.2M | $8.4M | $10.1M | $8.5M | $8.6M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $15.4M |
| Pasivos Corrientes | $15.8M | $29.4M | $32.3M | $29.9M | $20.9M | $33.7M | $17.0M | $15.5M | $15.2M | $15.4M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $67.1M | $86.8M | $144.2M | $135.3M | $123.5M | $148.4M | $246.4M | $243.9M | $237.5M | $276.6M |
| Reservas | -$128.0M | -$138.0M | -$208.4M | -$242.5M | -$291.5M | -$232.0M | -$171.4M | -$158.2M | -$129.3M | -$105.8M |
| Patrimonio Neto | $265.8M | $275.5M | $222.6M | $213.7M | $174.2M | $255.2M | $337.6M | $381.2M | $511.7M | $562.0M |
| Deuda Total | 0 | 0 | $54.3M | $43.3M | $34.9M | $24.5M | $138.8M | $140.4M | $141.1M | $138.3M |
| Deuda Neta | -$231.3M | -$295.4M | -$38.4M | -$58.0M | -$6.3M | -$183.6M | -$123.9M | -$125.0M | -$168.8M | -$7.1M |
| Capital Circulante | $263.4M | $326.3M | $125.1M | $132.3M | $95.1M | $262.0M | $314.5M | $323.5M | $370.6M | $211.7M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $98.1M | $145.5M | $53.1M | $59.2M |
| Activos Totales | $801.6M | $910.5M | $854.7M | $901.0M |
| Pasivos Totales | $222.4M | $276.6M | $187.8M | $205.6M |
| Patrimonio Neto | $550.3M | $562.0M | $563.4M | $589.4M |
| Deuda Total | $140.3M | $138.3M | $136.3M | $134.4M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $92.8M | $92.5M | $109.5M | $147.0M | $75.2M | $226.2M | $149.5M | $129.0M | $162.8M | $144.9M |
| Amortizaciones | $7.6M | $4.3M | $13.8M | $14.4M | $16.3M | $16.0M | $5.7M | $19.6M | $11.2M | $12.8M |
| Compensación en Acciones | $21.6M | $21.8M | $24.6M | $27.8M | $29.3M | $40.5M | $49.4M | $44.5M | $52.3M | $46.0M |
| Cambio en Capital Circulante | -$3.2M | -$63.0M | -$88.6M | -$26.8M | -$34.5M | -$23.0M | -$180.0M | -$22.3M | -$118.6M | -$15.7M |
| Flujo de Caja Operativo | $115.0M | $64.3M | $72.6M | $141.4M | $89.2M | $242.9M | $61.7M | $172.0M | $96.7M | -$120.4M |
| Inversiones (CapEx) | -$10.2M | -$3.2M | -$3.5M | -$2.8M | -$2.5M | -$2.7M | -$4.2M | -$57.0M | -$11.7M | -$6.0M |
| Adquisiciones | 0 | 0 | $37000 | 0 | $6000 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | -$8.0M | -$9.1M | -$10.6M | -$10.4M | -$25.9M | -$22.6M | -$26.8M | -$21.5M | -$21.1M | -$28.4M |
| Dividendos Pagados | -$70.8M | -$98.3M | -$178.9M | -$162.7M | -$122.5M | -$147.6M | -$107.4M | -$112.4M | -$119.2M | -$126.9M |
| Flujo de Caja Libre | $104.8M | $61.0M | $69.1M | $138.7M | $86.7M | $240.2M | $57.5M | $115.0M | $85.0M | -$126.4M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $55.1M | $56.0M | -$51.4M | $67.4M |
| Inversiones (CapEx) | -$2.5M | -$282000 | 0 | -$1.0M |
| Flujo de Caja Libre | $52.6M | $55.7M | -$51.4M | $66.4M |
| Dividendos Pagados | -$31.7M | -$31.8M | -$34.5M | -$34.5M |
| Compensación en Acciones | $12.3M | $34.6M | $10.8M | $11.3M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +8.3% | +2.2% | +4.9% | +4.9% | +35.5% | -1.7% | -14.7% | +5.7% | +9.7% |
| Crecimiento Beneficio Neto (anual) | | -1.1% | +23.9% | +18.2% | -43.1% | +176.0% | -19.1% | -24.6% | +17.2% | +1.3% |
| Crecimiento BPA (anual) | | -2.0% | +22.7% | +17.3% | -43.9% | +173.7% | -19.9% | -25.4% | +14.5% | -0.3% |
| Cambio en Acciones (anual) | | +1.2% | +0.9% | +1.9% | +0.8% | +0.9% | +0.4% | +0.5% | +2.8% | +1.4% |
| Crecimiento FCF (anual) | | -41.8% | +13.3% | +100.6% | -37.5% | +177.1% | -76.1% | +100.1% | -26.0% | -248.7% |
| Margen Bruto | 52.3% | 53.7% | 53.7% | 51.6% | 37.0% | 53.5% | 49.1% | 48.1% | 46.8% | 57.5% |
| Margen Operativo | 38.3% | 40.4% | 37.6% | 39.0% | 22.1% | 44.6% | 37.6% | 33.6% | 33.4% | 31.3% |
| Margen EBITDA | 40.1% | 44.6% | 43.8% | 44.3% | 26.6% | 47.8% | 39.8% | 34.6% | 39.3% | 35.3% |
| Margen Neto | 26.3% | 24.0% | 29.1% | 32.8% | 17.8% | 36.2% | 29.8% | 26.4% | 29.2% | 27.0% |
| Margen FCF | 29.6% | 15.9% | 17.7% | 33.8% | 20.1% | 41.1% | 10.0% | 23.5% | 16.4% | -22.3% |
| Tasa Impositiva Efectiva | 35.3% | 42.3% | 23.8% | 21.6% | 19.5% | 19.8% | 24.1% | 24.2% | 22.3% | 23.1% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $2.26 | $1.30 | $1.46 | $2.87 | $1.78 | $4.89 | $1.17 | $2.32 | $1.67 | $-2.45 |
| Dividendo por Acción | $1.53 | $2.09 | $3.78 | $3.37 | $2.52 | $3.01 | $2.18 | $2.27 | $2.34 | $2.46 |
| Acciones en Circulación (Básicas) | $46.0M | $46.4M | $46.8M | $47.3M | $47.8M | $48.3M | $48.8M | $49.3M | $50.4M | $51.2M |
Qué mirar en Servicios Financieros
Asset managers, brokers, fintech, bolsas. No son bancos — mira AUM, comisiones y calidad del FCF.
- Crecimiento ingresos 5y — Sin crecimiento, no hay creación de valor a largo plazo
- Margen operativo — Los buenos asset managers tienen márgenes >30% por escalabilidad
- ROE — Servicios financieros de calidad tienen ROE >15% consistente
- FCF / Net Income — Calidad del beneficio — >90% esperado en negocios ligeros en capital
- Debt / Equity — Fintech y brokers con D/E alto son bombas de relojería en crisis
- P/E vs 5y propio — Asset managers tienen múltiplos estables en rangos conocidos
- Dividend yield + buybacks — Estos negocios devuelven mucho capital — mirar yield total (div + recompras)
Rentabilidad
| Rentabilidad sobre capital | 29.72% |
| Rentabilidad sobre capital invertido | 18.23% |
| Rentabilidad sobre activos | 18.68% |
| Margen bruto | 76.60% |
| Margen operativo | 34.60% |
| Margen neto | 28.09% |
Salud financiera
| Deuda / Patrimonio | 0.23 |
| Ratio corriente | 2.66 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 16.63 | 23.88 | 14.12 | 22.02 | 46.44 | 21.12 | 18.39 | 28.90 | 30.78 | 21.00 |
| P/VC | 5.81 | 7.96 | 7.21 | 13.88 | 20.38 | 17.52 | 9.33 | 9.79 | 9.10 | 5.72 |
| P/V | 4.37 | 5.72 | 4.10 | 7.22 | 8.24 | 7.66 | 5.49 | 7.63 | 9.00 | 5.67 |
| Margen Bruto | 52.3% | 53.7% | 53.7% | 51.6% | 37.0% | 53.5% | 49.1% | 48.1% | 46.8% | 57.5% |
| Margen Operativo | 38.3% | 40.4% | 37.6% | 39.0% | 22.1% | 44.6% | 37.6% | 33.6% | 33.4% | 31.3% |
| Margen Neto | 26.3% | 24.0% | 29.1% | 32.8% | 17.8% | 36.2% | 29.8% | 26.4% | 29.2% | 27.0% |