COWN · Cowen Inc. - Financials

Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.

Annual Quarterly

Income Statement

Line item	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Revenue	$1.54B	$2.11B	$1.62B	$1.05B	$966.92M	$658.78M
Cost of Revenue	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-
R&D	-	-	-	-	-	-
SG&A	-	-	-	-	-	-
Total Operating Expenses	$1.21B	$1.53B	$1.29B	$948.86M	$887.61M	$757.60M
D&A	$27.73M	$19.00M	$22.68M	$20.46M	$12.44M	$13.08M
Operating Income	$76.64M	$406.03M	$297.44M	$70.72M	$98.94M	$6.96M
Interest Expense	-	-	-	-	$800.0K	-
Income Tax	$10.79M	$102.04M	$90.37M	$14.85M	$15.72M	$44.05M
Net Income	$76.46M	$295.61M	$216.36M	$24.63M	$42.82M	($60.88M)
EPS - Basic	$2.47	$10.42	$7.54	$0.60	$1.22	($2.29)
EPS - Diluted	$2.21	$8.85	$7.10	$0.57	$1.17	($2.29)

Balance Sheet

Line item	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Cash & Equivalents	$1.14B	$914.34M	$645.17M	$301.12M	$259.15M	$130.05M
Accounts Receivable	-	-	-	-	-	-
Inventory	-	-	-	-	-	-
Accounts Payable	-	-	-	-	-	-
Current Assets	-	-	-	-	-	-
Total Assets	$8.83B	$8.75B	$7.83B	$5.16B	$3.35B	$3.30B
Current Liabilities	-	-	-	-	-	-
Long-term Debt	-	-	$383.07M	$345.45M	$262.96M	$173.46M
Total Liabilities	$7.48B	$7.45B	$6.66B	$3.87B	$2.27B	$2.11B
Stockholders' Equity	$1.06B	$1.02B	$969.50M	$809.86M	$794.41M	$748.02M
Retained Earnings	$515.39M	$461.98M	$185.90M	($16.81M)	($34.65M)	($70.12M)

Cash Flow

Line item	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Operating Cash Flow	$171.59M	$306.63M	$521.28M	($179.91M)	($351.52M)	($116.39M)
Investing Cash Flow	$175.22M	($75.54M)	($20.82M)	($47.63M)	$58.51M	($2.40M)
Financing Cash Flow	($55.41M)	($15.72M)	$25.58M	$200.44M	$249.79M	$137.85M
CapEx	$12.54M	$11.82M	$10.72M	$14.88M	$8.59M	$5.99M
Free Cash Flow	$159.06M	$294.81M	$510.56M	($194.79M)	($360.10M)	($122.38M)

Ratios

Metric	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Profitability
Gross margin	-	-	-	-	-	-
Operating margin	5.0%	19.2%	18.3%	6.7%	10.2%	1.1%
EBITDA margin	6.8%	20.1%	19.7%	8.7%	11.5%	3.0%
Net margin	5.0%	14.0%	13.3%	2.3%	4.4%	-9.2%
Free cash flow margin	10.3%	14.0%	31.5%	-18.6%	-37.2%	-18.6%
FCF / Net income	2.08	1.00	2.36	-7.91	-8.41	2.01
R&D / Revenue	-	-	-	-	-	-
SG&A / Revenue	-	-	-	-	-	-
Effective tax rate	12.4%	25.7%	29.5%	37.6%	26.9%	-
Return on assets	0.9%	3.4%	2.8%	0.5%	1.3%	-1.8%
Return on equity	7.2%	29.1%	22.3%	3.0%	5.4%	-8.1%
Return on invested capital	-	-	15.5%	3.8%	6.8%	0.6%
Liquidity
Current ratio	-	-	-	-	-	-
Quick ratio	-	-	-	-	-	-
Cash ratio	-	-	-	-	-	-
Leverage
Debt / Equity	-	-	0.40	0.43	0.33	0.23
Debt / Assets	-	-	0.05	0.07	0.08	0.05
Debt / EBITDA	-	-	1.20	3.79	2.36	8.66
Interest coverage	-	-	-	-	123.7x	-
Equity multiplier	8.30	8.61	8.07	6.37	4.21	4.41
Liabilities / Assets	0.85	0.85	0.85	0.75	0.68	0.64
Efficiency
Asset turnover	0.17	0.24	0.21	0.20	0.29	0.20
Inventory turnover	-	-	-	-	-	-
Days sales outstanding	-	-	-	-	-	-
Days inventory outstanding	-	-	-	-	-	-
Days payable outstanding	-	-	-	-	-	-
Cash conversion cycle	-	-	-	-	-	-
Valuation
P / E	-	-	-	-	-	-
P / B	-	-	-	-	-	-
P / S	-	-	-	-	-	-
EV / EBITDA	-	-	-	-	-	-
Growth
Revenue growth (YoY)	-27.2%	30.2%	54.7%	8.5%	46.8%	39.7%
Revenue CAGR (3y)	13.6%	29.8%	35.1%	30.6%	27.7%	15.5%
Revenue CAGR (5y)	18.5%	35.0%	28.4%	19.7%	32.1%	22.3%
Gross profit growth (YoY)	-	-	-	-	-	-
Operating income growth (YoY)	-81.1%	36.5%	320.6%	-28.5%	1321.1%	-
Net income growth (YoY)	-74.1%	36.6%	778.4%	-42.5%	-	-215.8%
EPS growth (YoY)	-75.0%	24.6%	1145.6%	-51.3%	-	-136.1%
EPS CAGR (3y)	57.1%	96.3%	-	-	51.0%	-
EPS CAGR (5y)	-	-	83.6%	-	-	-
FCF growth (YoY)	-46.0%	-42.3%	-	45.9%	-194.3%	67.0%
FCF CAGR (5y)	-	-	-	-	-	-
Book value growth (YoY)	4.8%	4.8%	19.7%	1.9%	6.2%	-3.2%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2021-12-31.

Business segments

$2.11B total

Operating Company$2.11B · 99.9%

Asset Company$2.64M · 0.1%

Product / service

$3.29B total

Investment Banking Revenue$1.07B · 32.5%

Brokerage$576.04M · 17.5%

Commissions$530.93M · 16.2%

Strategic Financial Advisory Fees$433.91M · 13.2%

Underwriting Fees$421.08M · 12.8%

Placementand Sales Agent Fees$195.68M · 6.0%

Trade Conversion$24.10M · 0.7%

Equityand Credit Research Fees$21.02M · 0.6%

Expense Reimbursementsfrom Clients$16.50M · 0.5%

Stability scores

Piotroski F-score

FY 2022 · 9-point quality

4/9

Neutral

✓Net income positive
✓Operating cash flow positive
✗ROA improved YoY
✓Cash flow > net income
-Long-term debt decreased
-Current ratio improved
✓No share dilution
-Gross margin improved
✗Asset turnover improved

Peer comparison

Same SIC group: Security Brokers, Dealers & Flotation Companies

Company	Revenue (last FY)	Net margin	ROE
HOOD	$4.47B	42.1%	27.1%
SCHW	$23.92B	37.0%	17.9%
PIPR	$1.90B	14.8%	20.5%
RJF	$15.91B	13.4%	17.1%
IBKR	$6.21B	15.9%	18.3%

Comparing COWEN INC. against the 5 most active filers in the same SIC group.