AllianceBernstein Holding L.P. (AB) vs Cohen & Steers Inc (CNS)

AllianceBernstein Holding L.P. and Cohen & Steers Inc are both Asset Management companies. Cohen & Steers Inc is the larger, with a market value of $3.8B against $3.2B — 1.2× the size. AllianceBernstein Holding L.P. trades at the lower P/E: 10.3× against 22.4×. Cohen & Steers Inc has the higher net margin (28.2% vs 0.00%) and the higher return on invested capital (0.00% vs 0.00%). Both pay a dividend; AllianceBernstein Holding L.P. yields more (10.0% vs 3.58%). Across the 12 metrics below, AllianceBernstein Holding L.P. leads on 6 and Cohen & Steers Inc on 6.

Valuation

Metric AB CNS Asset Management median
P/E 10.33 22.38 13.38
P/S n/m 6.31 2.99
P/B 2.68 5.56 0.91
Price to free cash flow 10.14 105.86 7.79
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 9.68% 4.47% 4.67%
Free cash flow yield 9.86% 0.94% 4.85%

Profitability

Metric AB CNS Asset Management median
Gross margin — 100.00% 100.00%
Operating margin — 32.40% 27.27%
Net margin 0.00% 28.16% 11.89%
Free cash flow margin 0.00% 5.96% 5.96%
Return on equity 25.52% 27.10% 4.57%
Return on assets 25.49% 38.10% 1.40%
Return on invested capital 0.00% 0.00% 2.12%

Growth

Metric AB CNS Asset Management median
Revenue growth (TTM) — 8.60% 7.26%
EPS growth (last fiscal year) (19.95%) 0.00% (5.64%)
Revenue growth, 5-year CAGR — 5.40% 11.84%
Net income growth, 5-year CAGR 1.42% 14.88% 0.00%

Health

Metric AB CNS Asset Management median
Debt to equity 0.00 0.00 0.40
Current ratio — 9.19 1.23
Net debt to EBITDA — (2.97) 1.06

Dividend

Metric AB CNS Asset Management median
Dividend yield 10.00% 3.58% 6.43%
Payout ratio 1.03 0.81 0.91

Size

Metric AB CNS Asset Management median
Market cap 3.21b 3.77b 692.54m

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