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COWEN INC - A (COWN) Stock Fundamental Analysis

NASDAQ:COWN - Nasdaq - US2236226062 - Common Stock - Currency: USD

38.99  0 (0%)

After market: 39 +0.01 (+0.03%)

Fundamental Rating

3

COWN gets a fundamental rating of 3 out of 10. The analysis compared the fundamentals against 225 industry peers in the Capital Markets industry. Both the profitability and financial health of COWN have multiple concerns. COWN is valued correctly, but it does not seem to be growing.


Dividend Valuation Growth Profitability Health

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3

1. Profitability

1.1 Basic Checks

COWN had positive earnings in the past year.
COWN had a negative operating cash flow in the past year.
Of the past 5 years COWN 4 years were profitable.
The reported operating cash flow has been mixed in the past 5 years: COWN reported negative operating cash flow in multiple years.
COWN Yearly Net Income VS EBIT VS OCF VS FCFCOWN Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 0 200M -200M 400M

1.2 Ratios

COWN's Return On Assets of 1.37% is in line compared to the rest of the industry. COWN outperforms 46.86% of its industry peers.
Looking at the Return On Equity, with a value of 10.37%, COWN is in the better half of the industry, outperforming 68.60% of the companies in the same industry.
The Return On Invested Capital of COWN (1.86%) is worse than 68.12% of its industry peers.
Industry RankSector Rank
ROA 1.37%
ROE 10.37%
ROIC 1.86%
ROA(3y)N/A
ROA(5y)N/A
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
COWN Yearly ROA, ROE, ROICCOWN Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 0 10 20

1.3 Margins

The Profit Margin of COWN (7.52%) is worse than 61.84% of its industry peers.
In the last couple of years the Profit Margin of COWN has grown nicely.
The Operating Margin of COWN (7.50%) is worse than 80.19% of its industry peers.
With a decent Gross Margin value of 75.78%, COWN is doing good in the industry, outperforming 73.91% of the companies in the same industry.
In the last couple of years the Gross Margin of COWN has remained more or less at the same level.
Industry RankSector Rank
OM 7.5%
PM (TTM) 7.52%
GM 75.78%
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y54.27%
PM growth 5YN/A
GM growth 3Y2.52%
GM growth 5Y-0.96%
COWN Yearly Profit, Operating, Gross MarginsCOWN Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 0 20 40 60 80

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1

2. Health

2.1 Basic Checks

COWN has no outstanding debt. Therefor its Debt/Equity and Debt/FCF ratios are 0 and belong to the best of the industry.
COWN Yearly Shares OutstandingCOWN Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 5M 10M 15M 20M 25M
COWN Yearly Total Debt VS Total AssetsCOWN Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2B 4B 6B 8B

2.2 Solvency

Based on the Altman-Z score of -0.09, we must say that COWN is in the distress zone and has some risk of bankruptcy.
COWN has a Altman-Z score of -0.09. This is in the lower half of the industry: COWN underperforms 70.05% of its industry peers.
COWN has a Debt/Equity ratio of 0.16. This is a healthy value indicating a solid balance between debt and equity.
COWN's Debt to Equity ratio of 0.16 is fine compared to the rest of the industry. COWN outperforms 75.36% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.16
Debt/FCF N/A
Altman-Z -0.09
ROIC/WACCN/A
WACCN/A
COWN Yearly LT Debt VS Equity VS FCFCOWN Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 0 500M 1B

2.3 Liquidity

A Current Ratio of 0.48 indicates that COWN may have some problems paying its short term obligations.
The Current ratio of COWN (0.48) is worse than 71.01% of its industry peers.
COWN has a Quick Ratio of 0.48. This is a bad value and indicates that COWN is not financially healthy enough and could expect problems in meeting its short term obligations.
With a Quick ratio value of 0.48, COWN is not doing good in the industry: 71.01% of the companies in the same industry are doing better.
Industry RankSector Rank
Current Ratio 0.48
Quick Ratio 0.48
COWN Yearly Current Assets VS Current LiabilitesCOWN Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2B 4B 6B

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3

3. Growth

3.1 Past

COWN shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -57.41%.
The Earnings Per Share has been growing by 59.88% on average over the past years. This is a very strong growth
The Revenue for COWN has decreased by -23.97% in the past year. This is quite bad
Measured over the past years, COWN shows a very strong growth in Revenue. The Revenue has been growing by 34.98% on average per year.
EPS 1Y (TTM)-57.41%
EPS 3Y59.88%
EPS 5YN/A
EPS Q2Q%-42.42%
Revenue 1Y (TTM)-23.97%
Revenue growth 3Y29.77%
Revenue growth 5Y34.98%
Sales Q2Q%-0.35%

3.2 Future

COWN is expected to show a decrease in Earnings Per Share. In the coming years, the EPS will decrease by -9.03% yearly.
COWN is expected to show a very negative growth in Revenue. In the coming years, the Revenue will decrease by -12.08% yearly.
EPS Next Y-71.67%
EPS Next 2Y-31.22%
EPS Next 3Y-9.03%
EPS Next 5YN/A
Revenue Next Year-30.83%
Revenue Next 2Y-12.08%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
COWN Yearly Revenue VS EstimatesCOWN Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B 2B
COWN Yearly EPS VS EstimatesCOWN Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2 4 6 8 10

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5

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 7.80, which indicates a rather cheap valuation of COWN.
Compared to the rest of the industry, the Price/Earnings ratio of COWN indicates a rather cheap valuation: COWN is cheaper than 82.13% of the companies listed in the same industry.
COWN's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 29.63.
The Price/Forward Earnings ratio is 8.30, which indicates a very decent valuation of COWN.
COWN's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. COWN is cheaper than 71.01% of the companies in the same industry.
When comparing the Price/Forward Earnings ratio of COWN to the average of the S&P500 Index (22.68), we can say COWN is valued rather cheaply.
Industry RankSector Rank
PE 7.8
Fwd PE 8.3
COWN Price Earnings VS Forward Price EarningsCOWN Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

COWN's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. COWN is cheaper than 89.37% of the companies in the same industry.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 5.44
COWN Per share dataCOWN EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 40

4.3 Compensation for Growth

A cheap valuation may be justified as COWN's earnings are expected to decrease with -9.03% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-31.22%
EPS Next 3Y-9.03%

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2

5. Dividend

5.1 Amount

COWN has a Yearly Dividend Yield of 1.23%. Purely for dividend investing, there may be better candidates out there.
COWN's Dividend Yield is slightly below the industry average, which is at 9.98.
With a Dividend Yield of 1.23, COWN pays less dividend than the S&P500 average, which is at 2.27.
Industry RankSector Rank
Dividend Yield 1.23%

5.2 History

COWN has paid a dividend for less than 5 years, so there is no long track record yet.
Dividend Growth(5Y)N/A
Div Incr Years2
Div Non Decr Years2
COWN Yearly Dividends per shareCOWN Yearly Dividends per shareYearly Dividends per share 2020 2021 2022 2023 0.1 0.2 0.3 0.4

5.3 Sustainability

17.57% of the earnings are spent on dividend by COWN. This is a low number and sustainable payout ratio.
DP17.57%
EPS Next 2Y-31.22%
EPS Next 3Y-9.03%
COWN Yearly Income VS Free CF VS DividendCOWN Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 0 200M -200M 400M
COWN Dividend Payout.COWN Dividend Payout, showing the Payout Ratio.COWN Dividend Payout.PayoutRetained Earnings

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COWEN INC - A

NASDAQ:COWN (2/28/2023, 8:26:38 PM)

After market: 39 +0.01 (+0.03%)

38.99

0 (0%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupFinancial Services
GICS IndustryCapital Markets
Earnings (Last)02-17 2023-02-17/bmo
Earnings (Next)04-27 2023-04-27/bmo
Inst Owners0%
Inst Owner Change0%
Ins Owners16.24%
Ins Owner Change0%
Market Cap1.09B
Analysts47.5
Price Target46.92 (20.34%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 1.23%
Yearly Dividend0.38
Dividend Growth(5Y)N/A
DP17.57%
Div Incr Years2
Div Non Decr Years2
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-28.69%
Min EPS beat(2)-64.97%
Max EPS beat(2)7.58%
EPS beat(4)3
Avg EPS beat(4)12.42%
Min EPS beat(4)-64.97%
Max EPS beat(4)68.24%
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)2
Avg Revenue beat(2)24.9%
Min Revenue beat(2)13.57%
Max Revenue beat(2)36.24%
Revenue beat(4)4
Avg Revenue beat(4)23.34%
Min Revenue beat(4)13.57%
Max Revenue beat(4)36.24%
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)0%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-9.59%
EPS NY rev (1m)-1.9%
EPS NY rev (3m)-17.53%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-1.8%
Revenue NY rev (1m)-0.46%
Revenue NY rev (3m)0.31%
Valuation
Industry RankSector Rank
PE 7.8
Fwd PE 8.3
P/S 0.68
P/FCF N/A
P/OCF N/A
P/B 0.93
P/tB 1.21
EV/EBITDA 5.44
EPS(TTM)5
EY12.82%
EPS(NY)4.7
Fwd EY12.05%
FCF(TTM)-3.79
FCFYN/A
OCF(TTM)-3.25
OCFYN/A
SpS57.76
BVpS41.91
TBVpS32.33
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 1.37%
ROE 10.37%
ROCE N/A
ROIC 1.86%
ROICexc 2.31%
ROICexgc 3.19%
OM 7.5%
PM (TTM) 7.52%
GM 75.78%
FCFM N/A
ROA(3y)N/A
ROA(5y)N/A
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y54.27%
PM growth 5YN/A
GM growth 3Y2.52%
GM growth 5Y-0.96%
F-Score4
Asset Turnover0.18
Health
Industry RankSector Rank
Debt/Equity 0.16
Debt/FCF N/A
Debt/EBITDA 22.65
Cap/Depr 56.77%
Cap/Sales N/A
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio 0.48
Quick Ratio 0.48
Altman-Z -0.09
F-Score4
WACCN/A
ROIC/WACCN/A
Cap/Depr(3y)60.67%
Cap/Depr(5y)59.43%
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-57.41%
EPS 3Y59.88%
EPS 5YN/A
EPS Q2Q%-42.42%
EPS Next Y-71.67%
EPS Next 2Y-31.22%
EPS Next 3Y-9.03%
EPS Next 5YN/A
Revenue 1Y (TTM)-23.97%
Revenue growth 3Y29.77%
Revenue growth 5Y34.98%
Sales Q2Q%-0.35%
Revenue Next Year-30.83%
Revenue Next 2Y-12.08%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y-64.24%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year-68.52%
EBIT Next 3Y-9.26%
EBIT Next 5YN/A
FCF growth 1Y-141.18%
FCF growth 3Y-2.25%
FCF growth 5YN/A
OCF growth 1Y-132.97%
OCF growth 3Y-1.84%
OCF growth 5YN/A