# Cousins Properties (CUZ.US)

Canonical: https://gigainvestors.com/s/CUZ

Analysis as of: 2026-10-16T07:27:50.026Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $27.61 per share; close as of 2026-10-15.

Estimated value: low $10.85 per share, central $12.35 per share, high $14.34 per share. Buy at or below the central value $12.35 per share. Valuation as of 2026-10-16T07:27:50.026Z; scenarios are not confidence intervals.

Expected annual return: 6.1% at the stated quote. About 6.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.15×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.17×

- FY2018: 0.14×

- FY2019: 0.21×

- FY2020: 0.24×

- FY2021: 0.24×

- FY2022: 0.24×

- FY2023: 0.24×

- FY2024: 0.20×

- FY2025: 0.22×

- LTM to Jun 2026: 0.23×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 39.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 2.0%

- ROIC, second-lowest year: 1.4%

- Typical minus recent gross margin: 39.4 pp

- Typical gross margin (annual median): 65.9%

- Recent gross margin (lower of latest and 3-year median): 26.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 46.9%

- ROIC including acquisitions, ten-year median: 1.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 0.8%

- FY2017: 2.1%

- FY2018: 1.8%

- FY2019: 2.1%

- FY2020: 1.9%

- FY2021: 1.9%

- FY2022: 2.6%

- FY2023: 2.7%

- FY2024: 1.4%

- FY2025: 2.1%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.59×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $365M

- Net income, five-year total: $615M

- Return on incremental invested capital: 8.8%

- Working capital / revenue, annual change: 2.9 pp

- Working capital / revenue, change between three-year averages: 26.3 pp

- Working capital / revenue, final three-year average: 34.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: -0.79×

- FY2022: 0.72×

- FY2023: 1.43×

- FY2024: 3.44×

- FY2025: 4.66×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 1.8% vs 2.1%

- Per-share earnings: 2.04 to 0.30 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 12.1%

- Ordinary dilution, 5-year annual growth: 2.6%

- Market cap gain: $2.2B

- Cumulative retained earnings: -$246M

- Diluted shares, 10-year annual growth: 12.1%

- Diluted shares, 5-year annual growth: 2.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -21.4%

- Per-share value change: -$1.75

- Per-share value, starting three-year median: $2.04

- Per-share value, ending three-year median: $0.30

- Buybacks concentrated in cheaper years (correlation): 0.80

- Average buyback yield: 0.2%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: $294M

- Cumulative net income, 10 years: $1.3B

- ROIC, first three-year median: 1.8%

- ROIC, last three-year median: 2.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.24

- FY2017: $2.04

- FY2018: $0.74

- FY2019: $0.78

- FY2020: $1.60

- FY2021: $1.87

- FY2022: $1.11

- FY2023: $0.55

- FY2024: $0.30

- FY2025: $0.24

### accounting: pass

- Sloan accruals: -4.1%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 4.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 9.93×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.04×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.8%

- FY2017: 0.1%

- FY2018: -3.6%

- FY2019: -2.8%

- FY2020: -1.6%

- FY2021: -1.5%

- FY2022: -2.6%

- FY2023: -3.7%

- FY2024: -4.0%

- FY2025: -4.1%

## Holders

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 31% since Mar 2022 · sales +4.1%

Story as of 2026-10-16T09:58:35.619Z; price observation 2026-10-15.

Price needs cash profits to grow 11% a year for ten years

- 2025-08-01: Cousins Properties Q2 FFO Matches Estimates, '25 Guidance Raised ([finance.yahoo.com](https://finance.yahoo.com/news/cousins-properties-q2-ffo-matches-144900201.html))

- 2026-04-30: CUZ Q1 FFO Beats Estimates on Strong Leasing, Revenues Top ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/cuz-q1-ffo-beats-estimates-160000195.html))

- 2026-07-31: CUZ Q2 FFO Beats Estimates on Leasing, Revenues Top, Rents Improve ([finance.yahoo.com](https://finance.yahoo.com/real-estate/articles/cuz-q2-ffo-beats-estimates-134000287.html))

### Sales · FY2025–2026

sales +4.1%; source https://www.sec.gov/Archives/edgar/data/25232/000002523226000014/cuz-20251231.htm; observed 2026-02-05.

- FY2017: $466M 

- FY2018: $475M 

- FY2019: $658M 

- FY2020: $740M 

- FY2021: $755M 

- FY2022: $762M 

- FY2023: $803M 

- FY2024: $857M 

- FY2025: $994M 

- FY2026: $1.0B 

### Gross margin · FY2025

gross margin 26.5%; source https://www.sec.gov/Archives/edgar/data/25232/000002523226000014/cuz-20251231.htm; observed 2026-02-05.

- FY2016: 62.6% 

- FY2017: 64.8% 

- FY2018: 65.3% 

- FY2019: 66.2% 

- FY2020: 66.1% 

- FY2021: 65.6% 

- FY2022: 66.1% 

- FY2023: 66.8% 

- FY2024: 67.2% 

- FY2025: 26.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in property rentals; annual sales are USD 993.8 million.

- Source: https://www.sec.gov/Archives/edgar/data/25232/000002523226000014/cuz-20251231.htm (filed 2026-02-05); FY2025: revenue 993816000; grossProfit 263415000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 26.5% to 67.2% during 2023–25; it earns 2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-05); FY2023: grossProfit / revenue = 66.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-05); FY2024: grossProfit / revenue = 67.2%.

- Source: https://www.sec.gov/Archives/edgar/data/25232/000002523226000014/cuz-20251231.htm (filed 2026-02-05); FY2025: grossProfit / revenue = 26.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-05); 10-year return on capital observations [[2016,0.00806049881077598],[2017,0.021007656817776783],[2018,0.017698277345357765],[2019,0.02060830694960262],[2020,0.019294351583340523],[2021,0.01939097144506136],[2022,0.025888296329405355],[2023,0.026650858910776138],[2024,0.014206601160118267],[2025,0.021101743493391056]]; median 0.01999963919733199. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 66% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/25232/000002523226000014/cuz-20251231.htm (filed 2026-02-05); Gross margin observations: [[2021,0.656376270903608],[2022,0.6610594393209933],[2023,0.6681496723022542]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 1.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-05); FY2016: growth capex 0; upkeep 109051000; owner earnings 115351000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-05); FY2017: growth capex 8002961.381465316; upkeep 325354038.6185347; owner earnings 87665961.38146532. Growth capex / owner earnings = 0.09128926729773289.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-05); FY2018: growth capex 330908.86695382; upkeep 231622091.13304618; owner earnings 28923908.86695382. Growth capex / owner earnings = 0.011440668979976299.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-05); FY2022: growth capex 204245.51193219423; upkeep 342036754.4880678; owner earnings 120343245.5119322. Growth capex / owner earnings = 0.0016971913219005134.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-05); FY2023: growth capex 0; upkeep 279519000; owner earnings 118341000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-05); FY2024: growth capex 0; upkeep 252731000; owner earnings 158276000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/25232/000002523226000014/cuz-20251231.htm (filed 2026-02-05); FY2025: growth capex 0; upkeep 267231000; owner earnings 188631000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-05); Dividend observations: [[2016,243303000],[2017,99151000],[2018,107167000],[2019,142941000],[2020,176263000],[2021,182840000],[2022,192275000],[2023,194348000],[2024,195413000],[2025,215802000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/25232/000002523226000014/cuz-20251231.htm (filed 2026-02-05); FY2025: cash repurchases 1908000 USD.

### Are managers owners

Insiders own 1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CUZ.US SharesStats.PercentInsiders = 0.993 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 11% yearly over ten years; actual decline was 2.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-05); Ten-year compound average after fade. Initial solved rate 0.145882167505739. Price 27.61; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.4197955355446226 → FY2025 1.1180385974062923. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-11: $31.64 per share

- 2016-12: $34.04 per share

- 2017-01: $34.00 per share

- 2017-02: $34.20 per share

- 2017-03: $33.08 per share

- 2017-04: $33.96 per share

- 2017-05: $34.24 per share

- 2017-06: $35.16 per share

- 2017-07: $36.76 per share

- 2017-08: $37.40 per share

- 2017-09: $37.36 per share

- 2017-10: $36.08 per share

- 2017-11: $35.88 per share

- 2017-12: $37.00 per share

- 2018-01: $36.00 per share

- 2018-02: $33.36 per share

- 2018-03: $34.72 per share

- 2018-04: $35.56 per share

- 2018-05: $37.68 per share

- 2018-06: $38.76 per share

- 2018-07: $37.28 per share

- 2018-08: $37.40 per share

- 2018-09: $35.56 per share

- 2018-10: $33.24 per share

- 2018-11: $33.80 per share

- 2018-12: $31.60 per share

- 2019-01: $35.40 per share

- 2019-02: $38.08 per share

- 2019-03: $38.64 per share

- 2019-04: $38.28 per share

- 2019-05: $36.20 per share

- 2019-06: $36.17 per share

- 2019-07: $35.18 per share

- 2019-08: $34.70 per share

- 2019-09: $37.59 per share

- 2019-10: $40.13 per share

- 2019-11: $40.49 per share

- 2019-12: $41.20 per share

- 2020-01: $40.93 per share

- 2020-02: $35.69 per share

- 2020-03: $29.27 per share

- 2020-04: $30.17 per share

- 2020-05: $31.12 per share

- 2020-06: $29.83 per share

- 2020-07: $30.72 per share

- 2020-08: $29.85 per share

- 2020-09: $28.59 per share

- 2020-10: $25.48 per share

- 2020-11: $33.41 per share

- 2020-12: $33.50 per share

- 2021-01: $31.54 per share

- 2021-02: $33.54 per share

- 2021-03: $35.35 per share

- 2021-04: $36.67 per share

- 2021-05: $37.09 per share

- 2021-06: $36.78 per share

- 2021-07: $39.72 per share

- 2021-08: $38.56 per share

- 2021-09: $37.29 per share

- 2021-10: $39.61 per share

- 2021-11: $37.76 per share

- 2021-12: $40.28 per share

- 2022-01: $38.56 per share

- 2022-02: $38.63 per share

- 2022-03: $40.29 per share

- 2022-04: $35.90 per share

- 2022-05: $34.55 per share

- 2022-06: $29.23 per share

- 2022-07: $30.85 per share

- 2022-08: $26.85 per share

- 2022-09: $23.35 per share

- 2022-10: $23.76 per share

- 2022-11: $26.38 per share

- 2022-12: $25.29 per share

- 2023-01: $27.42 per share

- 2023-02: $24.49 per share

- 2023-03: $21.38 per share

- 2023-04: $21.81 per share

- 2023-05: $19.92 per share

- 2023-06: $22.80 per share

- 2023-07: $24.43 per share

- 2023-08: $23.50 per share

- 2023-09: $20.37 per share

- 2023-10: $17.87 per share

- 2023-11: $20.52 per share

- 2023-12: $24.35 per share

- 2024-01: $22.91 per share

- 2024-02: $22.81 per share

- 2024-03: $24.04 per share

- 2024-04: $22.94 per share

- 2024-05: $23.13 per share

- 2024-06: $23.15 per share

- 2024-07: $27.51 per share

- 2024-08: $28.51 per share

- 2024-09: $29.48 per share

- 2024-10: $30.63 per share

- 2024-11: $31.74 per share

- 2024-12: $30.64 per share

- 2025-01: $30.53 per share

- 2025-02: $30.33 per share

- 2025-03: $29.50 per share

- 2025-04: $27.54 per share

- 2025-05: $28.07 per share

- 2025-06: $30.03 per share

- 2025-07: $27.10 per share

- 2025-08: $29.49 per share

- 2025-09: $28.94 per share

- 2025-10: $25.93 per share

- 2025-11: $25.78 per share

- 2025-12: $25.78 per share

- 2026-01: $25.24 per share

- 2026-02: $23.16 per share

- 2026-03: $22.57 per share

- 2026-04: $25.61 per share

- 2026-05: $26.81 per share

- 2026-06: $29.98 per share

- 2026-07: $31.55 per share

- 2026-08: $28.99 per share

- 2026-09: $27.64 per share

- 2026-10: $27.61 per share

## Annual estimated value (USD per share)

- FY2017: low $10.37 per share, central $11.62 per share, high $13.28 per share

- FY2018: low $9.14 per share, central $10.40 per share, high $12.08 per share

- FY2019: low $10.43 per share, central $11.86 per share, high $13.77 per share

- FY2020: low $3.31 per share, central $3.77 per share, high $4.38 per share

- FY2024: low $8.96 per share, central $10.20 per share, high $11.84 per share

- FY2025: low $10.16 per share, central $11.57 per share, high $13.43 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/25232/000002523226000014/cuz-20251231.htm); period 2025-12-31, filed 2026-02-05.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.