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.
Income Statement
| Line item | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 | Q2 '21 | Q1 '21 | Q4 '20 | Q3 '20 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | $410.79M | $302.41M | $410.59M | - | $418.31M | $458.76M | $754.32M | - | $387.74M |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | - | - | - | - | - |
| Total Operating Expenses | - | $336.10M | $246.93M | $302.61M | - | $328.41M | $333.09M | $502.15M | - | $249.24M |
| D&A | - | $6.99M | $7.00M | $7.18M | - | $5.68M | $6.20M | $5.44M | - | $5.68M |
| Operating Income | - | ($3.22M) | $5.09M | $67.04M | - | $45.06M | $69.32M | $206.49M | - | $38.35M |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | - | $4.48M | $5.91M | $11.89M | - | $12.19M | $10.24M | $54.43M | - | $8.83M |
| Net Income | - | $14.35M | $14.16M | $35.02M | - | $37.80M | $45.32M | $147.50M | - | $20.28M |
| EPS - Basic | - | $0.45 | $0.45 | $1.17 | - | $1.25 | $1.62 | $5.33 | - | $0.67 |
| EPS - Diluted | - | $0.39 | $0.41 | $1.05 | - | $1.10 | $1.29 | $4.34 | - | $0.62 |
Balance Sheet
| Line item | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 | Q2 '21 | Q1 '21 | Q4 '20 | Q3 '20 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.14B | $909.85M | $926.77M | $512.98M | $914.34M | $1.06B | $806.89M | $1.15B | $645.17M | $539.73M |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - | - | - | - | - |
| Total Assets | $8.83B | $8.87B | $8.76B | $8.43B | $8.75B | $10.94B | $10.16B | $9.95B | $7.83B | $5.79B |
| Current Liabilities | - | - | - | - | - | - | - | - | - | - |
| Long-term Debt | - | - | - | - | - | - | $480.90M | $542.52M | $383.07M | $383.72M |
| Total Liabilities | $7.48B | $7.55B | $7.41B | $7.09B | $7.45B | $9.70B | $8.89B | $8.71B | $6.66B | $4.61B |
| Stockholders' Equity | $1.06B | $1.05B | $1.05B | $1.04B | $1.02B | $1.08B | $1.10B | $1.11B | $969.50M | $911.18M |
| Retained Earnings | $515.39M | $508.19M | $499.61M | $491.19M | $461.98M | $402.05M | $369.52M | $328.93M | $185.90M | $98.14M |
Cash Flow
| Line item | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 | Q2 '21 | Q1 '21 | Q4 '20 | Q3 '20 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | - | - | - | ($309.14M) | - | - | - | $359.23M | - | - |
| Investing Cash Flow | - | - | - | ($20.42M) | - | - | - | $2.81M | - | - |
| Financing Cash Flow | - | - | - | ($40.53M) | - | - | - | $123.69M | - | - |
| CapEx | - | - | - | $2.91M | - | - | - | $1.64M | - | - |
| Free Cash Flow | - | - | - | ($312.06M) | - | - | - | $357.58M | - | - |
Ratios
| Metric | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 | Q2 '21 | Q1 '21 | Q4 '20 | Q3 '20 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | - | -0.8% | 1.7% | 16.3% | - | 10.8% | 15.1% | 27.4% | - | 9.9% |
| EBITDA margin | - | 0.9% | 4.0% | 18.1% | - | 12.1% | 16.5% | 28.1% | - | 11.4% |
| Net margin | - | 3.5% | 4.7% | 8.5% | - | 9.0% | 9.9% | 19.6% | - | 5.2% |
| Free cash flow margin | - | - | - | -76.0% | - | - | - | 47.4% | - | - |
| FCF / Net income | - | - | - | -8.91 | - | - | - | 2.42 | - | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - | - | - | - | - |
| Effective tax rate | - | 23.8% | 29.4% | 25.3% | - | 24.4% | 18.4% | 27.0% | - | 30.3% |
| Return on assets | - | 0.2% | 0.2% | 0.4% | - | 0.3% | 0.4% | 1.5% | - | 0.4% |
| Return on equity | - | 1.4% | 1.4% | 3.4% | - | 3.5% | 4.1% | 13.3% | - | 2.2% |
| Return on invested capital | - | - | - | - | - | - | 3.6% | 9.1% | - | 2.1% |
| Liquidity | ||||||||||
| Current ratio | - | - | - | - | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - | - | - | - | - |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | 0.44 | 0.49 | 0.40 | 0.42 |
| Debt / Assets | - | - | - | - | - | - | 0.05 | 0.05 | 0.05 | 0.07 |
| Debt / EBITDA | - | - | - | - | - | - | 6.37 | 2.56 | - | 8.72 |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 8.30 | 8.42 | 8.36 | 8.14 | 8.61 | 10.10 | 9.26 | 8.99 | 8.07 | 6.36 |
| Liabilities / Assets | 0.85 | 0.85 | 0.85 | 0.84 | 0.85 | 0.89 | 0.88 | 0.88 | 0.85 | 0.80 |
| Efficiency | ||||||||||
| Asset turnover | - | 0.05 | 0.03 | 0.05 | - | 0.04 | 0.05 | 0.08 | - | 0.07 |
| 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) | - | -1.8% | -34.1% | -45.6% | - | 7.9% | 9.5% | 140.4% | - | 53.8% |
| Revenue CAGR (3y) | - | 17.7% | 1.2% | 21.9% | - | 23.7% | 25.1% | 44.2% | - | 29.4% |
| Revenue CAGR (5y) | - | 18.1% | 13.5% | 29.0% | - | 26.1% | 31.4% | 49.5% | - | 27.9% |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | - | - | -92.7% | -67.5% | - | 17.5% | -63.9% | - | - | 382.5% |
| Net income growth (YoY) | - | -62.0% | -68.8% | -76.3% | - | 86.4% | -60.2% | - | - | 432.0% |
| EPS growth (YoY) | - | -64.5% | -68.2% | -75.8% | - | 77.4% | -66.3% | - | - | 785.7% |
| EPS CAGR (3y) | - | 77.3% | 46.6% | 59.2% | - | 34.7% | 120.7% | 105.5% | - | 90.3% |
| EPS CAGR (5y) | - | 34.1% | 16.6% | 83.8% | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 4.8% | -2.8% | -4.6% | -6.5% | 4.8% | 18.9% | 21.7% | 41.0% | 19.7% | 11.5% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2021-12-31.
Business segments
$2.11B totalOperating Company$2.11B · 99.9%
Asset Company$2.64M · 0.1%
Product / service
$3.29B totalInvestment 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%
Peer comparison
Same SIC group: Security Brokers, Dealers & Flotation Companies
Comparing COWEN INC. against the 5 most active filers in the same SIC group.