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. In the quarter to June 2026, revenue grew 16.1%, EPS grew 95.1%, free cash flow fell 71.2% and total debt fell 44.2%, each against the same quarter a year earlier.
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Institutional Financial Markets, Inc. (COHN) Piotroski F-score
Institutional Financial Markets, Inc.'s Piotroski F-score for fiscal 2025 is 6 out of 9: 6 of nine tests of profitability, leverage and efficiency passed, up from 4 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 6 | 2.00 |
| FY2024 | 4 | 3.00 |
| FY2023 | 1 | 0.00 |
| FY2022 | 1 | (4.00) |
| FY2021 | 5 | (2.00) |
| FY2020 | 7 | 4.00 |
| FY2019 | 3 | 1.00 |
| FY2018 | 2 | (2.00) |
| FY2017 | 4 | (1.00) |
| FY2016 | 5 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 1.73% | (0.01%) | Pass | 1 |
| Positive operating cash flow | 27.35m | 9.48m | Pass | 1 |
| Rising return on assets | 1.73% | (0.01%) | Pass | 1 |
| Cash flow above net income | 12.92m | 9.60m | Pass | 1 |
| Falling long-term leverage | 0.04 | 0.04 | Pass | 1 |
| Rising current ratio | 0.92 | 0.94 | Fail | 0 |
| No new shares issued | 1,732,000 | 1,615,000 | Fail | 0 |
| Rising gross margin | 100.00% | 100.00% | Fail | 0 |
| Rising asset turnover | 0.33 | 0.09 | Pass | 1 |
| Piotroski F-score | Mixed | 6 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| COHN Institutional Financial Markets, Inc. | 6 |
| BGDE Mawson Infrastructure Group Inc. compare | 5 |
| HGBL Heritage Global Inc. compare | 5 |
| ARBK Argo Blockchain PLC Sponsored ADR compare | 3 |
| ATCH AtlasClear Holdings, Inc. compare | 3 |
| AURE Aurelion Inc. compare | 3 |
| PLUT Plutus Financial Group Limited compare | 2 |
| GRAN Grande Group Limited compare | 1 |
| FLD Fold Holdings, Inc. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover