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Cousins Properties

CUZ NYSE Office REITs Financials FY2016–FY2025

Cousins Properties' revenue rose 16.0% to $994 million in fiscal 2025. Its operating margin was 67.8%, up from 66.6% a year earlier. Free cash flow was $135 million, down 8.4%. It paid out $216 million in dividends and buybacks, 160% of free cash flow. The diluted share count rose 9.6%.

Last close · Oct 23, 2026

$28.87

0.7%
Value it Compare
Revenue Total sales reported in the income statement.
$994M
16.0% vs prior year
Operating margin Operating income as a share of revenue.
67.8%
1.2 pts
Net income Profit after all expenses, interest and tax.
$40.5M
12.0%
Free cash flow Cash from operations minus capital spending.
$135M
8.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
6.7%
0.6 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$4.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
—
On $0.04 EPS (TTM)

About these figures. Share counts and per-share figures for earlier years are restated for a stock split (1-for-4), so every year is on today's share basis.

What Cousins Properties does

No business description yet.

Legal name
COUSINS PROPERTIES INC
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0000025232-26-000014
0000025232

Revenue and margins

Cousins Properties had $994M of revenue in fiscal 2025, up 16.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −16.7% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $135M in fiscal 2025, 13.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Cousins Properties returned $216M to shareholders in fiscal 2025, 160% of free cash flow. The diluted share count rose 9.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Cousins Properties yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$3.3B and divides by 168.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today — · peers 22.0x · sector 28.1x.

Balance sheet

Cash, debt and the ratios that show how comfortably Cousins Properties can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $8.9M$5.1M$6.0M$7.3M$5.7M
Debt incl. finance leases $2.2B$2.3B$2.5B$3.1B$3.3B
Net debt / EBITDA 2.9x2.9x2.9x3.3x3.1x
Debt / equity 0.5x0.5x0.5x0.6x0.7x
Interest coverage 7.4x6.9x5.0x4.7x4.2x
Total assets $7.3B$7.5B$7.6B$8.8B$8.9B
Total liabilities $2.7B$2.9B$3.1B$3.9B$4.2B
Shareholders' equity $4.6B$4.6B$4.5B$4.8B$4.7B
Net debt (− = net cash) $2.2B$2.3B$2.5B$3.1B$3.3B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.2M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 20, 2026 Jeffrey D SymesSVP, Chief Accounting Officer Sold 6,033 $29.44 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose — — —
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✓ ✓ ✓
F-score — / 9— / 9— / 9
Accruals ratio −3.8%−4.3%−4.1%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Cousins Properties CUZ $4.8B 16.0% 67.8% 13.6% 6.7% — —
Kilroy Realty KRC $4.4B −2.0% — 40.5% — 20.4x — Compare →
COPT Defense Properties CDP $3.9B 1.4% — 37.8% 6.1% 23.6x — Compare →
Vornado Realty Trust VNO $6.8B 1.3% — 53.1% 17.4% — — Compare →
Alexandria Real Estate Equities ARE $7.3B −2.9% — −15.1% — — — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $259M $466M $475M $658M $740M $755M $762M $803M $857M $994M
Gross profit $162M $302M $311M $435M $490M $496M $504M $536M $576M $679M
Operating income $260M $313M $326M $432M $486M $494M $502M $531M $570M $673M
Interest expense $26.6M $33.5M $39.4M $54.0M $60.6M $67.0M $72.5M $106M $123M $159M
Pretax income −$26.7M $39.8M $63.1M — — — — — — —
Income tax $0.0M — — — — — — — — —
Net income $79.1M $220M $80.8M $153M $237M $279M $167M $83.0M $46.0M $40.5M
Diluted EPS $1.24 $2.08 $0.75 $1.17 $1.60 $1.87 $1.11 $0.55 $0.30 $0.24
Diluted shares 0.06B 0.11B 0.11B 0.13B 0.15B 0.15B 0.15B 0.15B 0.15B 0.17B
Cash flow
Cash from operations $118M $212M $229M $303M $351M $390M $365M $368M $400M $402M
Capital expenditure — — — — — — $342M $280M $253M $267M
Free cash flow — — — — — — $22.9M $88.8M $148M $135M
Depreciation and amortization $97.9M $197M $181M $257M $289M $288M $296M $315M $365M $415M
Stock-based compensation — — $8.0M $13.7M $9.4M $10.7M $10.0M $12.0M $14.8M $16.5M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $13.7M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $50.5M $99.2M $107M $143M $176M $183M $192M $194M $195M $216M
Dividends and buybacks $64.3M $99.2M $107M $143M $176M $183M $192M $194M $195M $216M
Balance sheet
Cash and short-term investments $35.7M $149M $2.5M $15.6M $4.3M $8.9M $5.1M $6.0M $7.3M $5.7M
Total debt $1.4B $1.1B $1.1B $2.2B $2.2B $2.2B $2.3B $2.5B $3.1B $3.3B
Finance lease liabilities $0.0M $0.0M $0.0M $9.7M $3.6M $3.6M $3.6M $3.6M $0.0M $0.0M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Total assets $4.2B $4.2B $4.1B $7.2B $7.1B $7.3B $7.5B $7.6B $8.8B $8.9B
Total liabilities $1.7B $1.4B $1.3B $2.7B $2.6B $2.7B $2.9B $3.1B $3.9B $4.2B
Shareholders' equity $2.5B $2.8B $2.8B $4.4B $4.5B $4.6B $4.6B $4.5B $4.8B $4.7B
Margins
Gross margin 62.6% 64.9% 65.4% 66.2% 66.1% 65.6% 66.1% 66.8% 67.2% 68.4%
Operating margin 100.4% 67.2% 68.6% 65.7% 65.7% 65.4% 65.9% 66.2% 66.6% 67.8%
EBITDA margin 138.2% 109.4% 106.8% 104.8% 104.6% 103.5% 104.7% 105.4% 109.2% 109.5%
Net margin 30.5% 47.2% 17.0% 23.2% 32.1% 36.9% 21.9% 10.3% 5.4% 4.1%
FCF margin — — — — — — 3.0% 11.1% 17.2% 13.6%
Returns
Return on capital 6.6% 6.5% 6.7% 6.5% 5.8% 5.8% 5.7% 6.0% 6.0% 6.7%
Return on equity 3.8% 8.4% 2.9% 4.3% 5.4% 6.2% 3.6% 1.8% 1.0% 0.9%
Return on assets 2.3% 5.3% 1.9% 2.7% 3.3% 3.9% 2.3% 1.1% 0.6% 0.5%
Growth
Revenue growth 26.8% 79.9% 1.9% 38.4% 12.6% 2.0% 1.0% 5.3% 6.7% 16.0%
Net income growth −37.0% 178.1% −63.3% 89.1% 55.4% 17.4% −40.1% −50.3% −44.6% −11.9%
EPS growth −46.6% 67.7% −63.9% 56.0% 36.8% 16.9% −40.6% −50.5% −45.5% −20.0%
FCF growth — — — — — — — 287.5% 66.0% −8.5%
Share count change 18.5% 65.3% 1.0% 21.5% 14.5% 0.2% 1.0% 1.1% 1.3% 9.6%
Financial health
Net debt / EBITDA 3.8x 1.9x 2.1x 3.2x 2.8x 2.9x 2.9x 2.9x 3.3x 3.1x
Debt / equity 0.6x 0.4x 0.4x 0.5x 0.5x 0.5x 0.5x 0.5x 0.6x 0.7x
Interest coverage 9.8x 9.3x 8.3x 8.0x 8.0x 7.4x 6.9x 5.0x 4.7x 4.2x
Capital allocation
Capex / revenue — — — — — — 44.9% 34.8% 29.5% 26.9%
Stock comp / revenue — — 1.7% 2.1% 1.3% 1.4% 1.3% 1.5% 1.7% 1.7%
Payouts / FCF — — — — — — 838.7% 218.8% 132.5% 159.8%
Quality scores
Accruals ratio −1.1% 0.2% −3.6% −2.7% −1.6% −1.5% −2.7% −3.8% −4.3% −4.1%

Source: SEC EDGAR XBRL filings (CIK 0000025232). Data updated October 17, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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