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COWN

Cowen NasdaqGS:COWN Stock Report

Last Price

US$25.70

Market Cap

US$713.8m

7D

10.0%

1Y

-35.1%

Updated

25 May, 2022

Data

Company Financials +
COWN fundamental analysis
Snowflake Score
Valuation4/6
Future Growth0/6
Past Performance2/6
Financial Health3/6
Dividends2/6

COWN Stock Overview

Cowen Inc., together with its subsidiaries, provides investment banking, research, sales and trading, prime brokerage, global clearing, securities financing, commission management, and investment management services in the United States and internationally.

Cowen Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Cowen
Historical stock prices
Current Share PriceUS$25.70
52 Week HighUS$44.07
52 Week LowUS$21.45
Beta1.46
1 Month Change8.03%
3 Month Change-11.26%
1 Year Change-35.10%
3 Year Change63.07%
5 Year Change70.76%
Change since IPO-11.99%

Recent News & Updates

Apr 08
Analysts Just Shaved Their Cowen Inc. (NASDAQ:COWN) Forecasts Dramatically

Analysts Just Shaved Their Cowen Inc. (NASDAQ:COWN) Forecasts Dramatically

Today is shaping up negative for Cowen Inc. ( NASDAQ:COWN ) shareholders, with the analysts delivering a substantial...

Shareholder Returns

COWNUS Capital MarketsUS Market
7D10.0%3.3%1.0%
1Y-35.1%-13.5%-15.1%

Return vs Industry: COWN underperformed the US Capital Markets industry which returned -14% over the past year.

Return vs Market: COWN underperformed the US Market which returned -13.2% over the past year.

Price Volatility

Is COWN's price volatile compared to industry and market?
COWN volatility
COWN Average Weekly Movement7.1%
Capital Markets Industry Average Movement0.4%
Market Average Movement7.8%
10% most volatile stocks in US Market16.8%
10% least volatile stocks in US Market2.9%

Stable Share Price: COWN is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: COWN's weekly volatility (7%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
19181,534Jeff Solomonhttps://www.cowen.com

Cowen Inc., together with its subsidiaries, provides investment banking, research, sales and trading, prime brokerage, global clearing, securities financing, commission management, and investment management services in the United States and internationally. It operates in two segments, Operating Company (Op Co) and Asset Company (Asset Co). The company offers public and private capital raising, and strategic advisory services for public and private companies. It also trades common stocks, listed options, equity-linked securities, and other financial instruments on behalf of institutional investor clients.

Cowen Fundamentals Summary

How do Cowen's earnings and revenue compare to its market cap?
COWN fundamental statistics
Market CapUS$713.76m
Earnings (TTM)US$176.33m
Revenue (TTM)US$1.58b

4.0x

P/E Ratio

0.5x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
COWN income statement (TTM)
RevenueUS$1.58b
Cost of RevenueUS$269.20m
Gross ProfitUS$1.31b
Other ExpensesUS$1.13b
EarningsUS$176.33m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)6.35
Gross Margin82.91%
Net Profit Margin11.19%
Debt/Equity Ratio198.0%

How did COWN perform over the long term?

See historical performance and comparison

Dividends

1.9%

Current Dividend Yield

7%

Payout Ratio

Does COWN pay a reliable dividends?

See COWN dividend history and benchmarks
When do you need to buy COWN by to receive an upcoming dividend?
Cowen dividend dates
Ex Dividend DateMay 31 2022
Dividend Pay DateJun 15 2022
Days until Ex dividend5 days
Days until Dividend pay date20 days

Does COWN pay a reliable dividends?

See COWN dividend history and benchmarks

Valuation

Is Cowen undervalued compared to its fair value and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • PE vs Industry

  • PE vs Market

  • PEG Ratio

  • PB vs Industry


>50%

Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: COWN ($25.7) is trading below our estimate of fair value ($70.26)

Significantly Below Fair Value: COWN is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: COWN is good value based on its Price-To-Earnings Ratio (4x) compared to the US Capital Markets industry average (29.6x).

PE vs Market: COWN is good value based on its Price-To-Earnings Ratio (4x) compared to the US market (14.9x).


Price to Earnings Growth Ratio

PEG Ratio: COWN's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: COWN is overvalued based on its Price-To-Book Ratio (0.8x) compared to the US Capital Markets industry average (-18.8x).


Future Growth

How is Cowen forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


-4.8%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: COWN's earnings are forecast to decline over the next 3 years (-4.8% per year).

Earnings vs Market: COWN's earnings are forecast to decline over the next 3 years (-4.8% per year).

High Growth Earnings: COWN's earnings are forecast to decline over the next 3 years.

Revenue vs Market: COWN's revenue (5.3% per year) is forecast to grow slower than the US market (7.7% per year).

High Growth Revenue: COWN's revenue (5.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if COWN's Return on Equity is forecast to be high in 3 years time


Past Performance

How has Cowen performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


68.7%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: COWN has high quality earnings.

Growing Profit Margin: COWN's current net profit margins (11.2%) are lower than last year (17.5%).


Past Earnings Growth Analysis

Earnings Trend: COWN has become profitable over the past 5 years, growing earnings by 68.7% per year.

Accelerating Growth: COWN's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: COWN had negative earnings growth (-52%) over the past year, making it difficult to compare to the Capital Markets industry average (96.7%).


Return on Equity

High ROE: COWN's Return on Equity (15.6%) is considered low.


Financial Health

How is Cowen's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: COWN's short term assets ($7.6B) exceed its short term liabilities ($6.3B).

Long Term Liabilities: COWN's short term assets ($7.6B) exceed its long term liabilities ($764.9M).


Debt to Equity History and Analysis

Debt Level: COWN has more cash than its total debt.

Reducing Debt: COWN's debt to equity ratio has increased from 19.2% to 198% over the past 5 years.

Debt Coverage: COWN's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: Insufficient data to determine if COWN's interest payments on its debt are well covered by EBIT.


Balance Sheet


Dividend

What is Cowen current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


1.87%

Current Dividend Yield

Upcoming Dividend Payment

TodayMay 26 2022Ex Dividend DateMay 31 2022Dividend Pay DateJun 15 202215 days from Ex DividendBuy in the next 5 days to receive the upcoming dividend

Dividend Yield vs Market

Notable Dividend: COWN's dividend (1.87%) is higher than the bottom 25% of dividend payers in the US market (1.57%).

High Dividend: COWN's dividend (1.87%) is low compared to the top 25% of dividend payers in the US market (4.06%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, COWN has been paying a dividend for less than 10 years.

Growing Dividend: COWN's dividend payments have increased, but the company has only paid a dividend for 2 years.


Earnings Payout to Shareholders

Earnings Coverage: With its low payout ratio (7%), COWN's dividend payments are thoroughly covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: COWN is paying a dividend but the company has no free cash flows.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

4.8yrs

Average management tenure


CEO

Jeff Solomon (55 yo)

4.42yrs

Tenure

US$28,559,540

Compensation

Mr. Jeffrey Marc Solomon, also known as Jeff, has been Chairman of the Board at Cowen Inc. Mr. Solomon has been the Chief Executive Officer at Cowen Inc. since December 27, 2017 and was its Chairman of the...


CEO Compensation Analysis

Compensation vs Market: Jeff's total compensation ($USD28.56M) is above average for companies of similar size in the US market ($USD3.95M).

Compensation vs Earnings: Jeff's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Leadership Team

Experienced Management: COWN's management team is considered experienced (4.8 years average tenure).


Board Members

Experienced Board: COWN's board of directors are considered experienced (3.9 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 3.4%.


Top Shareholders

Company Information

Cowen Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: Cowen Inc.
  • Ticker: COWN
  • Exchange: NasdaqGS
  • Founded: 1918
  • Industry: Investment Banking and Brokerage
  • Sector: Diversified Financials
  • Implied Market Cap: US$713.757m
  • Shares outstanding: 27.77m
  • Website: https://www.cowen.com

Number of Employees


Location

  • Cowen Inc.
  • 599 Lexington Avenue
  • 20th Floor
  • New York
  • New York
  • 10022
  • United States

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/05/25 00:00
End of Day Share Price2022/05/25 00:00
Earnings2022/03/31
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.