Cohen & Company Inc. (COHN): fair value, margin of safety and Wheel Score

Is COHN undervalued?

Cohen & Company Inc. (COHN) closed at 10.23 on 5 Nov 2026. The GLS average fair value - the simple average of the 6 valuation models that produced a positive number - is 141.88, which puts the price 93% below it. 6 of the 6 models value the shares above the current price. A gap this wide is rare in our universe of ~7,400 US stocks and is exactly what the Value part of the Wheel Score rewards; it is also where the question "why is it this cheap?" matters most.

The 6 models disagree widely: Lynch gives 31.43 while GLS Growth gives 481.03. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.

Ranked against every other company we cover, neither cheapness nor growth clearly wins for COHN, so the nightly engine files it under Blend (value score 96, growth score 92, out of 100). It also carries the Income tag (Income = a dividend yield of 4% or more).

Nine valuation models for COHN

Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.

Quality and financial health

Financial health is average - COHN passes 5 of the nine Piotroski tests, which falls one point short of the "Piotroski 6 or more" Wheel Trade Filter. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is low at 2.6 out of 10: returns on capital, margins or the balance sheet have not shown a lasting edge yet - often a young company, a thin-margin business or one that has only recently turned profitable.

Returns on capital are high - ROIC 14.3%, ROE 28.3%, ROA 2.1% - with debt at 0.98 times equity and negative free cash flow.

The dividend yield is high at 36.17% (payout ratio 34%). A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual. Revenue comes mainly from New Issue and Advisory 78%, Underwriting 22%, Origination 0% (quarter Q2 FY2026).

Institutional ownership scores 1/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales.

Wheel Score 29: No options

COHN has no listed options in the nightly snapshot, so there is nothing to sell and the stock cannot be wheeled however good the business. It fails the first Wheel Trade Filter (options that actually trade), so the score stays under 70 and is shown as "No options" (29 here). The valuation and quality numbers still apply to owning the shares outright.

Volume runs at 2k shares a day on a market cap of $33M, with a beta of 1.02; the Stability part of the Wheel Score rates that fair.

The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.

Upcoming events

No upcoming earnings date is recorded for COHN in the nightly calendar.

Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.

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