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2.87 (1y: +24%)
Market Cap 333 M P/E(ttm)
Enterprise Value P/B 0.70
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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 6/10

vs
industry		 vs
history
Cash to Debt 194.897
COWN's Cash to Debt is ranked lower than
60% of the 176 Companies
in the Global Capital Markets industry.

( Industry Median: 2100.97 vs. COWN: 194.897 )
COWN' s 10-Year Cash to Debt Range
Min: 1.36   Max: No Debt
Current: 194.9
Equity to Asset 0.277
COWN's Equity to Asset is ranked higher than
56% of the 176 Companies
in the Global Capital Markets industry.

( Industry Median: 0.24 vs. COWN: 0.277 )
COWN' s 10-Year Equity to Asset Range
Min: 0.25   Max: 0.69
Current: 0.28
0.25
0.69
Interest Coverage No Debt
COWN's Interest Coverage is ranked higher than
50% of the 176 Companies
in the Global Capital Markets industry.

( Industry Median: 10000.00 vs. COWN: No Debt )
COWN' s 10-Year Interest Coverage Range
Min: No Debt   Max: No Debt
Current: No Debt
F-Score: 2
Z-Score: 0.38
M-Score: -1.17
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 5/10

vs
industry		 vs
history
Operating margin (%) -35.90
COWN's Operating margin (%) is ranked lower than
82% of the 176 Companies
in the Global Capital Markets industry.

( Industry Median: 16.70 vs. COWN: -35.90 )
COWN' s 10-Year Operating margin (%) Range
Min: -73.6   Max: 4.8
Current: -35.9
-73.6
4.8
Net-margin (%) -9.9
COWN's Net-margin (%) is ranked lower than
80% of the 176 Companies
in the Global Capital Markets industry.

( Industry Median: 9.55 vs. COWN: -9.9 )
COWN' s 10-Year Net-margin (%) Range
Min: -73.6   Max: 19
Current: -9.9
-73.6
19
ROE (%) -4.8
COWN's ROE (%) is ranked lower than
78% of the 176 Companies
in the Global Capital Markets industry.

( Industry Median: 4.60 vs. COWN: -4.8 )
COWN' s 10-Year ROE (%) Range
Min: -58.3   Max: 17.4
Current: -4.8
-58.3
17.4
ROA (%) -1.5
COWN's ROA (%) is ranked lower than
77% of the 176 Companies
in the Global Capital Markets industry.

( Industry Median: 1.20 vs. COWN: -1.5 )
COWN' s 10-Year ROA (%) Range
Min: -34.8   Max: 6.7
Current: -1.5
-34.8
6.7
Revenue Growth (%) -8.7
COWN's Revenue Growth (%) is ranked higher than
51% of the 176 Companies
in the Global Capital Markets industry.

( Industry Median: 0.90 vs. COWN: -8.7 )
COWN' s 10-Year Revenue Growth (%) Range
Min: 0   Max: 2.5
Current: -8.7
0
2.5
EBITDA Growth (%) -17.8
COWN's EBITDA Growth (%) is ranked higher than
65% of the 176 Companies
in the Global Capital Markets industry.

( Industry Median: -1.85 vs. COWN: -17.8 )
COWN' s 10-Year EBITDA Growth (%) Range
Min: 0   Max: 0.2
Current: -17.8
0
0.2
EPS Growth (%) -37.2
COWN's EPS Growth (%) is ranked higher than
55% of the 176 Companies
in the Global Capital Markets industry.

( Industry Median: -2.95 vs. COWN: -37.2 )
COWN' s 10-Year EPS Growth (%) Range
Min: 0   Max: -8.4
Current: -37.2
» COWN's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades
Q2 2012

COWN Guru Trades in Q2 2012

Ian Cumming 2,003,994 sh (+101.66%)
John Rogers 1,142,815 sh (+35.29%)
Chuck Royce 3,366,835 sh (unchged)
Murray Stahl 193,103 sh (unchged)
Third Avenue Management 1,822,495 sh (-16.89%)
Richard Snow 86,406 sh (-19.11%)
Jim Simons 265,035 sh (-28.07%)
» More
Q3 2012

COWN Guru Trades in Q3 2012

John Rogers 1,323,330 sh (+15.8%)
Chuck Royce 3,713,535 sh (+10.3%)
Ian Cumming 2,003,994 sh (unchged)
Richard Snow 86,406 sh (unchged)
Murray Stahl 193,103 sh (unchged)
Third Avenue Management 1,571,140 sh (-13.79%)
Jim Simons 161,535 sh (-39.05%)
» More
Q4 2012

COWN Guru Trades in Q4 2012

Richard Snow 158,856 sh (+83.85%)
John Rogers 1,716,745 sh (+29.73%)
Jim Simons 188,333 sh (+16.59%)
Chuck Royce 4,110,435 sh (+10.69%)
Ian Cumming 2,003,994 sh (unchged)
Third Avenue Management 1,571,140 sh (unchged)
Murray Stahl 95,100 sh (-50.75%)
» More
Q1 2013

COWN Guru Trades in Q1 2013

John Rogers 3,350,770 sh (+95.18%)
Ian Cumming 3,014,807 sh (+50.44%)
Richard Snow 217,276 sh (+36.78%)
Chuck Royce 4,110,435 sh (unchged)
Third Avenue Management 1,571,140 sh (unchged)
Murray Stahl Sold Out
Jim Simons 80,812 sh (-57.09%)
» More
» Details

Insider Trades

Latest Guru Trades with COWN

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
Ian Cumming 2013-03-31 Add 50.44%7.78%$2.42 - $2.9 $ 2.857%3014807
Ian Cumming 2012-06-30 Add 101.66%0.22%$2.32 - $2.75 $ 2.8514%2003994
George Soros 2011-12-31 Sold Out 0.002%$2.41 - $2.96 $ 2.858%0
George Soros 2011-09-30 New Buy$2.67 - $4.21 $ 2.85-19%41900
George Soros 2011-06-30 Sold Out $3.47 - $4.31 $ 2.85-28%0
Ian Cumming 2011-03-31 New Buy0.3%$3.8 - $4.99 $ 2.85-35%993758
Mario Gabelli 2011-03-31 Sold Out $3.8 - $4.99 $ 2.85-35%0
Michael Price 2011-03-31 Sold Out $3.8 - $4.99 $ 2.85-35%0
George Soros 2011-03-31 Reduce -41.92%$3.8 - $4.99 $ 2.85-35%15100
Michael Price 2010-12-31 Reduce -67.23%0.25%$3.31 - $4.93 $ 2.85-30%148372
Mario Gabelli 2010-09-30 New Buy$3.03 - $4.45 $ 2.85-24%10000
George Soros 2010-09-30 New Buy$3.03 - $4.45 $ 2.85-24%27200
Michael Price 2010-06-30 Add 21.48%0.07%$3.99 - $5.93 $ 2.85-42%452772
Mario Gabelli 2010-06-30 Sold Out $3.99 - $5.93 $ 2.85-42%0
Michael Price 2010-03-31 Add 24.23%0.08%$4.89 - $5.97 $ 2.85-47%372700
Premium More recent guru trades are included for Premium Members only!!

Top Ranked Articles about Cowen Group, Inc.

Berkshire’s Berkadia Buys Hendricks & Partners
January 14, 2013
Warren Buffett - Berkshire’s Berkadia Buys Hendricks & Partners
Berkadia Commercial Mortgage, the commercial real estate servicer which is a hybrid of Warren Buffett’s Berkshire Hathaway (BRK.A)(BRK.B) and Guru Ian Cummings’ Leucadia National (LUK), reported last week that it has acquired Hendricks & Partners, a multifamily investment banking company that has now changed its name to Hendricks-Berkadia. Read more...

Ratios

vs
industry		 vs
history
P/B 0.70
COWN's P/B is ranked higher than
84% of the 176 Companies
in the Global Capital Markets industry.

( Industry Median: 1.30 vs. COWN: 0.70 )
COWN' s 10-Year P/B Range
Min: 0.31   Max: 1.28
Current: 0.7
0.31
1.28
P/S 1.30
COWN's P/S is ranked higher than
70% of the 176 Companies
in the Global Capital Markets industry.

( Industry Median: 2.10 vs. COWN: 1.30 )
COWN' s 10-Year P/S Range
Min: 0.2   Max: 2.97
Current: 1.3
0.2
2.97
PFCF 2.40
COWN's PFCF is ranked higher than
87% of the 176 Companies
in the Global Capital Markets industry.

( Industry Median: 8.17 vs. COWN: 2.40 )
COWN' s 10-Year PFCF Range
Min: 0.56   Max: 10.87
Current: 2.4
0.56
10.87
EV-to-EBIT 9.1
COWN's EV-to-EBIT is ranked higher than
87% of the 176 Companies
in the Global Capital Markets industry.

( Industry Median: 14.81 vs. COWN: 9.1 )
COWN' s 10-Year EV-to-EBIT Range
Min: 1.6   Max: 726.1
Current: 9.1
1.6
726.1

Valuation & Return

vs
industry		 vs
history
Price/Net Current Asset Value 3.6
COWN's Price/Net Current Asset Value is ranked higher than
80% of the 176 Companies
in the Global Capital Markets industry.

( Industry Median: 6.50 vs. COWN: 3.6 )
COWN' s 10-Year Price/Net Current Asset Value Range
Min: 2.6   Max: 5.2
Current: 3.6
2.6
5.2
Price/Tangible Book 0.7
COWN's Price/Tangible Book is ranked higher than
50% of the 176 Companies
in the Global Capital Markets industry.

( Industry Median: 1.10 vs. COWN: 0.7 )
COWN' s 10-Year Price/Tangible Book Range
Min: 0.5   Max: 1.6
Current: 0.7
0.5
1.6
Price/DCF (Projected) 0.5
COWN's Price/DCF (Projected) is ranked lower than
77% of the 176 Companies
in the Global Capital Markets industry.

( Industry Median: 0.80 vs. COWN: 0.5 )
COWN' s 10-Year Price/DCF (Projected) Range
Min: 0.3   Max: 0.3
Current: 0.5
Price/Median PS Value 1.6
COWN's Price/Median PS Value is ranked higher than
96% of the 176 Companies
in the Global Capital Markets industry.

( Industry Median: 1.00 vs. COWN: 1.6 )
COWN' s 10-Year Price/Median PS Value Range
Min: 0.4   Max: 1.8
Current: 1.6
0.4
1.8
Earnings Yield (Greenblatt) 11.00
COWN's Earnings Yield (Greenblatt) is ranked higher than
83% of the 176 Companies
in the Global Capital Markets industry.

( Industry Median: 9.05 vs. COWN: 11.00 )
COWN' s 10-Year Earnings Yield (Greenblatt) Range
Min: 0.1   Max: 62.6
Current: 11
0.1
62.6
Forward Rate of Return (Yacktman) -42.64
COWN's Forward Rate of Return (Yacktman) is ranked higher than
99% of the 176 Companies
in the Global Capital Markets industry.

( Industry Median: 7.98 vs. COWN: -42.64 )
COWN' s 10-Year Forward Rate of Return (Yacktman) Range
Min: 13.1   Max: 13.5
Current: -42.64
13.1
13.5

Business Description

Cowen Holdings Inc. formerly known as Cowen Group, Inc. was incorporated in Delaware on February 15, 2006. The Company completed an initial public offering of its common stock on July 12, 2006. It is an international investment bank dedicated to providing superior research, brokerage and investment banking services to companies and institutional investor clients mainly in the healthcare, technology, media and telecommunications, consumer, aerospace & defense and alternative energy sectors. The Company provides research and brokerage services to domestic and international clients seeking to trade equity and equity-linked securities, mainly in its target sectors. It focuses its investment banking efforts, mainly equity and equity-linked capital raising and strategic advisory services, on small to mid-capitalization public companies as well as private companies. It also offers traditional and alternative asset management services to institutional investors and other accredited investors. Its traditional asset management business includes teams based in the United States and the United Kingdom. The Company's alternative asset management business consists of CHRP, which invests mainly in commercial-stage biopharmaceutical products and companies through the purchase of royalty or synthetic royalty interests and structured debt and equity instruments, and Cowen Capital Partners, LLC, which manages a portfolio of middle market private equity investments for third party investors.
Company Website
SEC Reports
Industry: Capital Markets
Compare:PJC, SIEB, GHL, GS, SF
» More Articles for COWN

Headlines

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June 7, 2010 52-Week Low Wrap-Up: Alliant Techsystems Inc., AK Steel, Allied Defense Group, Banco Bi Jun 07 2010 
Weekly CFO Buys Highlight: New Generation Biofuels Holdings, Cowen Group, Ocean Shore Holding, Citiz Dec 28 2009 
Weekly CEO Buys Highlight: SAIC Inc, Griffon Corp, DPL Inc, Cowen Group Inc, Heelys Inc. Dec 26 2009 

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