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Friday 6 November 2026
Export COHN’s income statement to Excel — free account
Institutional Financial Markets, Inc.
COHN Financial Capital Markets
Institutional Financial Markets, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $275.6 million, up 246.2% from fiscal 2024.
- Revenue
- +16.1%
- EPS
- +95.1%
- Free cash flow
- −71.2%
- Total debt
- −44.2%
Quarter to June 2026, against a year earlier
10.02
0.02
+0.20%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 55 | 48 | 49 | 50 | 130 | 146 | 44 | 83 | 80 | 276 | 314 | +19.5% | 180 | 181 | — | (19.0%) | |
| Gross margin, % | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 0.0 pt | ||||||
| EBT | 4 | 1 | (5) | (4) | 30 | 70 | (54) | 16 | 8 | 40 | 44 | +29.5% | ||||||
| EBT margin, % | 6.96 | 2.57 | (9.78) | (8.25) | 22.89 | 48.16 | (121.38) | 19.21 | 9.87 | 14.33 | 14.11 | +7.4 pt | ||||||
| Net income | 3 | 2 | (4) | (4) | 38 | 74 | (59) | 10 | 8 | 40 | 46 | +31.4% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 45.40 | 39.39 | 42.87 | 43.68 | 115.04 | 123.31 | 31.26 | 54.85 | 49.29 | 159.10 | 139.09 | +14.9% | |||||
| Earnings | 1.90 | 1.71 | (2.14) | (1.81) | 12.56 | 9.50 | (9.43) | (3.38) | (0.08) | 8.33 | 9.69 | +17.8% | ||||||
| Cash flow | (7.16) | (9.87) | (6.08) | (13.60) | 36.64 | 15.43 | (16.54) | (26.21) | 5.87 | 15.79 | (3.06) | n/m | ||||||
| Capex | (0.18) | (0.12) | (0.87) | (0.09) | (0.19) | (0.87) | (0.40) | (0.25) | (0.77) | (0.72) | (0.53) | +16.5% | ||||||
| Free cash flow | (7.35) | (9.99) | (6.95) | (13.69) | 36.44 | 14.57 | (16.94) | (26.46) | 5.09 | 15.07 | (3.59) | n/m | ||||||
| Book value | 38.36 | 39.90 | 36.84 | 42.88 | 89.69 | 127.58 | 66.22 | 60.67 | 55.90 | 59.52 | 48.36 | +5.0% | ||||||
| Shares, m | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | +4.0% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 6.37 | 4.53 | 0.00 | 0.00 | 1.23 | 1.38 | 0.00 | 0.00 | 0.00 | 2.84 | 1.02 | 1.6 | |||||
| P/S | 0.27 | 0.21 | 0.20 | 0.09 | 0.14 | 0.12 | 0.26 | 0.12 | 0.21 | 0.15 | 0.07 | 0.2 | ||||||
| P/B | 0.32 | 0.21 | 0.23 | 0.09 | 0.18 | 0.12 | 0.12 | 0.11 | 0.19 | 0.40 | 0.21 | 0.2 | ||||||
| EV/Sales | 5.86 | 36.25 | 156.14 | 152.61 | 44.09 | 21.74 | 10.46 | 5.27 | 9.15 | 1.51 | — | 44.3 | ||||||
| EV/FCF | (36.24) | (142.92) | (963.74) | (486.99) | 139.18 | 183.99 | (19.30) | (10.93) | 88.50 | 15.99 | — | (123.2) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | (9) | (12) | (7) | (15) | 41 | 18 | (23) | (40) | 9 | 27 | (7) | n/m | |||||
| Capex | 0 | 0 | (1) | 0 | 0 | (1) | (1) | 0 | (1) | (1) | (1) | +21.2% | ||||||
| Free cash flow | (9) | (12) | (8) | (16) | 41 | 17 | (24) | (40) | 8 | 26 | (8) | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | (6) | (21) | (101) | (149) | (113) | (75) | 6 | (53) | (50) | (40) | (81) | +23.2% | |||||
| Net debt | 310 | 1,714 | 7,701 | 7,575 | 5,718 | 3,164 | 453 | 427 | 711 | 377 | 433 | +2.2% | ||||||
| Shareholders’ equity | 47 | 48 | 42 | 49 | 101 | 151 | 94 | 92 | 90 | 103 | 109 | +9.2% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 0.52 | 0.16 | (0.05) | (0.03) | 0.20 | 0.24 | (0.59) | (0.62) | (0.01) | 1.73 | 1.84 | +1.2 pt | |||||
| ROIC | 1.51 | 0.26 | 0.03 | 0.03 | 0.45 | 0.75 | (3.20) | 0.83 | (0.63) | 7.74 | 7.99 | +6.2 pt | ||||||
| ROE | 4.88 | 4.35 | (5.44) | (4.51) | 18.92 | 9.34 | (10.91) | (5.50) | (0.14) | 14.93 | 17.61 | +10.0 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 79 | 88 | 88 | 94 | 87 | 118 | 121 | 118 | 113 | 126 | — | +5.3% | |||||
| Revenue/emp, $m | 0.70 | 0.54 | 0.56 | 0.53 | 1.50 | 1.24 | 0.37 | 0.70 | 0.70 | 2.19 | — | +13.5% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026
Institutional Financial Markets, Inc. vs peers in Capital Markets (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| HGBL Heritage Global Inc. | $43.7M | — (loss-making) | — (loss-making) | +28.44% (above 0%: growing) | +50.00% (above 0%: growing) | +1,218.88% (above 0%: growing) | 0.00% | 7.16% | Compare |
| NCTY The9 Limited | $38.6M | — (loss-making) | — | −90.91% (below 0%: shrinking) | n/m | −72.45% (below 0%: shrinking) | 44.80% | (1,883.71%) | Compare |
| STEX Streamex Corp. | $37.9M | — (loss-making) | — (loss-making) | +1,116.67% (above 0%: growing) | n/m | −818.54% (below 0%: shrinking) | 100.00% | (10,384.25%) | Compare |
| DOMH Dominari Holdings Inc. | $36.4M | — (loss-making) | — (loss-making) | −56.86% (below 0%: shrinking) | n/m | −2,705.10% (below 0%: shrinking) | 100.00% | (6.80%) | Compare |
| VIP Vulcan Infrastructure and Power Inc | $36.0M | 11.2× | — (loss-making) | −73.68% (below 0%: shrinking) | n/m | +32.03% (above 0%: growing) | (141.33%) | (284.79%) | Compare |
| AURE Aurelion Inc. | $33.2M | — (loss-making) | — | — | n/m | −75.78% (below 0%: shrinking) | (38.05%) | 0.00% | Compare |
| COHN Institutional Financial Markets, Inc. | $32.3M | 1.0× | 6.7× | +16.06% (above 0%: growing) | +95.06% (above 0%: growing) | −71.20% (below 0%: shrinking) | 100.00% | 17.86% | |
| GRAN Grande Group Limited | $28.5M | — | — | — | — | −420.52% (below 0%: shrinking) | — | — | Compare |
| FLD Fold Holdings, Inc. | $26.6M | — (loss-making) | — (loss-making) | −25.51% (below 0%: shrinking) | n/m | +812.60% (above 0%: growing) | 3.98% | (127.57%) | Compare |
| Median of peers | $36.2M | — | — | −41.18% | — | −74.11% | 3.98% | (127.57%) |
Pay and ownership Proxy statement filed 16 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 11.94m | 14.54m | 252.00 |
| 2024 | 4.03m | 5.26m | 173.00 |
| 2023 | 2.01m | 1.73m | 93.00 |
Ownership
Directors and executive officers, together
71.51%
Daniel G. Cohen
64.41%
Lester R. Brafman
12.74%
Edward E. Cohen
5.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement