公司概述
Cohen & Steers REIT and Preferred Income Fund, Inc. operates as a closed-ended balanced mutual fund launched by Cohen & Steers Inc., managed by Cohen & Steers Capital Management, Inc., with a specific investment mandate focused on the public equity and fixed income markets of the United States. The entity functions within the Financial Services sector, specifically the Asset Management industry, positioning it as an intermediary that allocates capital to a diversified portfolio of US-based securities rather than operating a direct commercial service business. The company maintains a market capitalization of $966.72M and reported annual revenue of $70.41M, while the number of employees is listed as N/A. These valuation and revenue figures indicate that the fund holds a mid-tier scale within the broader asset management landscape, reflecting its capacity to manage significant capital flows without the extensive operational footprint typical of large-scale commercial enterprises.
财务健康
The fund reported a trailing twelve-month revenue of $70.41M with a corresponding net income of $57.30M, while EBITDA data is not available for this specific reporting period. The substantial gap between the total revenue of $70.41M and the net income of $57.30M reveals an extremely lean cost structure where operating expenses and taxes consume only a fraction of top-line earnings, a characteristic common in asset management fee-based models. The company generated free cash flow of $23.88M, which provides a clear measure of financial flexibility, demonstrating that the firm retains significant liquidity after capital expenditures and working capital adjustments to fund operations or distribute returns. Profitability is underscored by a gross margin of 100.0%, an operating margin of 83.6%, and a profit margin of 81.4%, indicating that the business model incurs minimal direct costs of goods sold and maintains high efficiency in converting revenue into bottom-line profit. However, the balance sheet presents a leveraged profile with total debt standing at $450.00M against a cash balance of $1.33M, resulting in a debt-to-equity ratio of 45.45, which suggests the fund relies heavily on debt financing relative to its equity base. This leverage is further highlighted by a current ratio of 0.04, a metric that indicates the company holds significantly fewer current assets than current liabilities, reflecting the specific liquidity dynamics of a closed-ended fund structure rather than traditional corporate solvency. Return on Equity stands at 5.7% and Return on Assets is 2.5%, metrics that reveal the effectiveness of management in generating returns from shareholder capital and total assets respectively, though the ROA suggests that asset efficiency is moderated by the high level of debt utilization.
估值评估
The trailing twelve-month P/E ratio is 16.78, while the forward P/E is listed as N/A, a discrepancy that implies the market is unable to price in future earnings growth expectations or that forward estimates have not been sufficiently established for this specific asset class. The price-to-book ratio is recorded at 0.98, which indicates that the market values the fund at approximately one dollar for every dollar of its book value, suggesting no significant market premium or discount relative to the net asset value of the underlying holdings. Alternative valuation metrics such as the price-to-sales ratio of 13.73 and the unavailable EV/EBITDA data provide context for revenue valuation, where the high multiple relative to sales reflects the capital-intensive nature of the fixed income and equity holdings rather than traditional sales-driven business models. The stock has traded within a 52-week range with a high of $22.99 and a low of $19.00, and given the current market context implied by the data, the price sits at the upper boundary of this historical trading range. The beta value of 1.28 signifies that the fund's price volatility is 28% higher than the broader market, indicating that the asset is more sensitive to market fluctuations than the standard equity benchmark.
Growth & Income
Year-over-year revenue growth is -0.2% while earnings growth is -82.1%, a divergence that indicates earnings are shrinking at a much faster rate than revenue, likely driven by changes in the asset mix, fee adjustments, or the performance of the underlying fixed income and equity portfolios. As a dividend-focused entity, the fund offers a dividend yield of 8.1%, but this comes with a payout ratio of 136.0%, which suggests that the current dividend payments exceed the reported net income, a situation that may rely on accumulated retained earnings or capital distributions to remain sustainable. Since the payout ratio exceeds 100%, the company is not reinvesting earnings into organic growth for the purpose of dividend expansion but is instead distributing capital that includes a portion of its earnings base. The overall growth and income profile presents a high-yield, low-growth characteristic typical of income funds, where capital preservation and current cash flow distribution take precedence over revenue expansion or earnings acceleration.