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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.

10.18 0.58 −5.39%
Market cap
$34.7M
P/E
1.1×
Fwd P/E
2.0×
Dividend yield
9.82%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 0.22
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — 1 — — — — 1 — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 34.74
Revenue 314.34
Net Income 45.94
Free Cash Flow (8.12)
Net Debt 433.40
Current Ratio 0.86
Debt/Equity 4.33
P/E ratio 1.05
Fwd P/E 1.98
P/S ratio 0.07
P/B ratio 0.21
Past 5Y EPS Growth (10.70%) (below 0%: weak)
This Y EPS Growth —
Next Y EPS Growth —
Next Y revenue growth (34.64%) (below 0%: weak)
Next 5Y EPS Growth 5.00%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 17.21%
10-year low 10-year high
P/S against its own 10 years 2.91%
10-year low 10-year high
P/B against its own 10 years 54.92%
10-year low 10-year high

Dividends

Payout Ratio 0.18
Annual Dividend Rate 1.00
Annual Dividend Yield 9.82%
total individual payouts
2026 0.75
2.00
0.25
0.25
0.25
2025 1.00
0.25
0.25
0.25
0.25
2024 1.00
0.25
0.25
0.25
0.25
2023 1.00
0.25
0.25
0.25
0.25
2022 1.00
0.25
0.25
0.25
0.25
2021 0.50
0.25
0.25
2020 Powerpack
2019 0.40
0.20
0.20
2018 0.80
0.20
0.20
0.20
0.20
2017 0.80
0.20
0.20
0.20
0.20
2016 0.80
0.20
0.20
0.20
0.20
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 11 20 57 40
Receivables 481 721 414 474
Inventory — — — —
Other — — — —
492 741 471 514
2023 2024 2025 Q'26
Payables 119 78 18 60
ST’ Debt 408 696 400 445
Other — — — —
545 791 511 594

Compound Annual Growth %

10y 5y 3y
Sales 19.56% 16.19% 83.79%
Cash Flow 0.00% (7.97%) 0.00%
Earnings 0.00% 0.32% 0.00%
Book Value 8.36% 0.32% 3.11%

Revenue $m

Mar Jun Sep Dec Year
’26 58 69 — — —
’25 29 60 84 103 276
’24 19 11 32 19 80
’23 9 23 17 34 83
’22 (1) 9 23 12 44
’21 103 10 7 27 146
’20 18 24 22 66 130
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (31) 4 — — —
’25 (6) 13 22 (2) 27
’24 5 (4) 4 4 9
’23 (28) (8) (1) (3) (40)
’22 14 (9) (1) (28) (23)
’21 (28) 4 21 21 18
’20 64 145 (94) (74) 41
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (32) 4 — — —
’25 (7) 13 22 (2) 26
’24 5 (5) 4 4 8
’23 (28) (8) (1) (4) (40)
’22 14 (9) (1) (28) (24)
’21 (28) 4 20 21 17
’20 64 145 (94) (74) 41
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 0.42 0.94 — — —
’25 0.19 0.81 2.58 1.48 4.35
’24 1.28 (1.47) 1.31 (1.21) (0.08)
’23 (1.77) (4.34) (0.28) 2.97 (3.38)
’22 (5.46) (1.53) (0.64) (2.10) (9.43)
’21 6.98 1.21 (3.46) 2.13 7.48
’20 (2.70) 0.69 1.19 7.64 7.66
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 6.50 7.50 7.40 2.79 2.77 14.70 8.06 3.29 6.10 6.10

Analyst estimates 2026–2028

Powerpack
High 16.50 16.30 12.00 9.50 31.82 52.70 17.97 11.99 12.82 23.72
People
People Employees 79 88 88 94 87 118 121 118 113 126
Revenue/emp, $m 0.70 0.54 0.56 0.53 1.50 1.24 0.37 0.70 0.70 2.19
Income, $m
Income, $m Revenue 55 48 49 50 130 146 44 83 80 276
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
EBT 4 1 (5) (4) 30 70 (54) 16 8 40
EBT margin, % 6.96 2.57 (9.78) (8.25) 22.89 48.16 (121.38) 19.21 9.87 14.33
Net income 3 2 (4) (4) 38 74 (59) 10 8 40
Depreciation 1 1 1 1 9 1 1 1 1 1
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
Earnings 1.90 1.71 (2.14) (1.81) 12.56 9.50 (9.43) (3.38) (0.08) 8.33
Cash flow (7.16) (9.87) (6.08) (13.60) 36.64 15.43 (16.54) (26.21) 5.87 15.79
Capex (0.18) (0.12) (0.87) (0.09) (0.19) (0.87) (0.40) (0.25) (0.77) (0.72)
Free cash flow (7.35) (9.99) (6.95) (13.69) 36.44 14.57 (16.94) (26.46) 5.09 15.07
Book value 38.36 39.90 36.84 42.88 89.69 127.58 66.22 60.67 55.90 59.52
Shares, m 1 1 1 1 1 1 1 2 2 2
Valuation, ×
Valuation, × P/E 6.37 4.53 0.00 0.00 1.23 1.38 0.00 0.00 0.00 2.84
P/S 0.27 0.21 0.20 0.09 0.14 0.12 0.26 0.12 0.21 0.15
P/B 0.32 0.21 0.23 0.09 0.18 0.12 0.12 0.11 0.19 0.40
EV/Sales 5.86 36.25 156.14 152.61 44.09 21.74 10.46 5.27 9.15 1.51
EV/FCF (36.24) (142.92) (963.74) (486.99) 139.18 183.99 (19.30) (10.93) 88.50 15.99
Cash, $m
Cash, $m Operating cash flow (9) (12) (7) (15) 41 18 (23) (40) 9 27
Capex 0 0 (1) 0 0 (1) (1) 0 (1) (1)
Free cash flow (9) (12) (8) (16) 41 17 (24) (40) 8 26
Balance, $m
Balance, $m Working capital (6) (21) (101) (149) (113) (75) 6 (53) (50) (40)
Total debt 325 1,736 7,715 7,583 5,760 3,215 482 438 731 433
Net debt 310 1,714 7,701 7,575 5,718 3,164 453 427 711 377
Shareholders’ equity 47 48 42 49 101 151 94 92 90 103
Returns, %
Returns, % ROA 0.52 0.16 (0.05) (0.03) 0.20 0.24 (0.59) (0.62) (0.01) 1.73
ROIC 1.51 0.26 0.03 0.03 0.45 0.75 (3.20) 0.83 (0.63) 7.74
ROE 4.88 4.35 (5.44) (4.51) 18.92 9.34 (10.91) (5.50) (0.14) 14.93
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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. $43.3M — (loss-making) 9.3× −14.25% (below 0%: shrinking) n/m −18.14% (below 0%: shrinking) 68.01% (170.49%) Compare
AURE Aurelion Inc. $35.0M — (loss-making) — — n/m −75.78% (below 0%: shrinking) (38.05%) 0.00% Compare
COHN Institutional Financial Markets, Inc. $34.7M 1.1× 2.0× +16.06% (above 0%: growing) +95.06% (above 0%: growing) −71.20% (below 0%: shrinking) 100.00% 17.86%
GRAN Grande Group Limited $32.0M — — — — −420.52% (below 0%: shrinking) — — Compare
BGDE Mawson Infrastructure Group Inc. $30.9M — (loss-making) — (loss-making) −35.46% (below 0%: shrinking) n/m −56.83% (below 0%: shrinking) 26.14% (102.37%) Compare
PLUT Plutus Financial Group Limited $29.6M — — — — — — — Compare
FLD Fold Holdings, Inc. $28.7M — (loss-making) — (loss-making) −25.51% (below 0%: shrinking) n/m +812.60% (above 0%: growing) 3.98% (127.57%) Compare
ARBK Argo Blockchain PLC Sponsored ADR $28.1M — (loss-making) — (loss-making) −70.04% (below 0%: shrinking) n/m −128.72% (below 0%: shrinking) (22.79%) (57.47%) Compare
ATCH AtlasClear Holdings, Inc. $26.9M 13.4× — +136.82% (above 0%: growing) n/m −163.33% (below 0%: shrinking) 100.00% (53.57%) Compare
Median of peers $30.2M — — −25.51% — −75.78% 15.06% (79.92%)

All 93 Capital Markets stocks →

Institutional Financial Markets, Inc. (COHN) key facts

  • Strength: Institutional Financial Markets, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $275.6 million, up 246.2% from fiscal 2024.
  • Institutional Financial Markets, Inc. (COHN) is a Capital Markets company in the Financial sector, listed on NYSE American.
  • As of October 16, 2026, COHN traded at $10.18, a market capitalization of $34.7 million.
  • Institutional Financial Markets, Inc. pays an annual dividend of $1.00 per share, a yield of 9.82%, with a payout ratio of 18.5%.
  • Return on equity was 14.9% and debt-to-equity 4.33.
  • Its Piotroski F-score is 6 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Institutional Financial Markets, Inc. (COHN) Latest News

16 Mar

Impact 5 ·
stockrow.com/COHN · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com