A Business at a Glance
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COUSINS PROPERTIES INC
CUZ
$5.4B
Mkt Cap
$32.15
+1.93%
COUSINS PROPERTIES INC (CUZ) has a current P/E ratio of 134.0, compared to its historical median P/E of 18.8. The stock is currently considered Expensive based on its historical valuation range.
COUSINS PROPERTIES INC (CUZ) has a 5-year average return on invested capital (ROIC) of 7.7%. This is below average and may indicate limited pricing power.
COUSINS PROPERTIES INC (CUZ) has a market capitalization of $5.3B. It is classified as a mid-cap stock.
Yes, COUSINS PROPERTIES INC (CUZ) pays a dividend with a trailing twelve-month yield of 4.09%.
Based on historical P/E analysis, COUSINS PROPERTIES INC (CUZ) appears expensive. The current P/E of 134.0 is 613% above its historical median of 18.8. The estimated fair value CAGR (P/E method) is -19.1%.
COUSINS PROPERTIES INC (CUZ) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
COUSINS PROPERTIES INC (CUZ) reported annual revenue of $994 million in its most recent fiscal year, based on SEC EDGAR filings.
Cousins Properties Incorporated is a fully integrated, self-administered, and self-managed real estate investment trust that develops, acquires, leases, manages, and owns primarily Class A office properties and opportunistic mixed-use developments in Sun Belt markets, with a focus on lifestyle office properties in Austin, Atlanta, Charlotte, Tampa, Phoenix, Dallas, and Nashville. The company's "lifestyle office" strategy emphasizes well-located, modern or modernized buildings with professional management and high-demand amenities designed to support employee recruitment and retention, which the company believes drives higher occupancy and lease renewal rates compared to conventional office buildings. Cousins conducts substantially all business through Cousins Properties LP, which it owns in excess of 99%, and operates through a disciplined capital allocation approach that includes opportunistic acquisitions, selective developments, and timely dispositions of non-core assets, supported by a simple, flexible, and low-leveraged balance sheet. The company's operations are measured by geographical area across its target Sun Belt markets, with revenue generated through office leasing, and it maintains strong local operating platforms in each major market to implement its strategy. As a REIT, Cousins is required to distribute at least 100% of its net taxable income to stockholders, and its common stock trades on the New York Stock Exchange under the symbol "CUZ."
【Sun Belt office fundamentals strengthening】 Management expects continued strong office fundamentals in Sun Belt markets driven by return-to-office trends and technology company demand, with leasing activity remaining robust and new development starts at record lows creating a shrinking inventory of office properties. The company plans to grow occupancy in 2026 with a goal of achieving 90% or higher by year-end, supported by exceptionally low lease expirations of only 4.8% of contractual rent and a strong leasing pipeline with new and expansion activity representing 55% of total leasing. Management remains disciplined in its capital allocation approach, evaluating opportunities to recycle non-core assets and fund acquisitions while maintaining net debt to EBITDA in the low 5x range, and expects to continue deploying capital into compelling and accretive investment opportunities. The company anticipates continued FFO growth in 2026 and beyond, with management noting they are "still in the early innings" of the corporate migration trend to Sun Belt markets and expect these announcements to continue.
| Metric | Target | Period |
|---|---|---|
| FFO per share | $2.90–$2.98 | FY2026 |
| FFO per share growth | 3.5% growth over 2025 | FY2026 |
FFO per share (FY2026): “We currently anticipate full year 2026 FFO between $2.90 and $2.98 per share, with a midpoint of $2.94.”
FFO per share growth (FY2026): “This is up from our prior midpoint of $2.92 and represents an increase of approximately 3.5% over the prior year.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.0B | 994M | 857M | 803M | 762M | 755M |
| Net Income | -5.3M | 41M | 46M | 83M | 167M | 279M |
| EPS | $-0.03 | $0.24 | $0.30 | $0.55 | $1.11 | $1.87 |
| Free Cash Flow | -186M | 135M | 148M | 89M | 23M | 323M |
| ROIC | 6.6% | 8.4% | 7.6% | 7.6% | 7.3% | 7.4% |
| Gross Margin | - | 26.6% | 24.6% | 27.6% | 27.3% | 27.5% |
| Debt/Equity | 0.84 | 0.71 | 0.64 | 0.54 | 0.51 | 0.49 |
| Dividends/Share | $1.32 | $1.28 | $1.28 | $1.28 | $1.28 | $1.24 |
| Operating Income | 688M | 673M | 570M | 531M | 502M | 494M |
| Operating Margin | 68.4% | 67.8% | 66.6% | 66.1% | 65.9% | 65.4% |
| ROE | -0.1% | 0.9% | 1.0% | 1.8% | 3.6% | 6.2% |
| Shares Outstanding | 165M | 169M | 153M | 151M | 150M | 149M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 178M | 204M | 259M | 466M | 475M | 658M | 740M | 755M | 762M | 803M | 857M | 994M | 1.0B |
| Gross Margin | 21.6% | 24.6% | 24.8% | 22.6% | 27.2% | 27.1% | 27.1% | 27.5% | 27.3% | 27.6% | 24.6% | 26.6% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 20M | 17M | 26M | 28M | 22M | 37M | 27M | 29M | 28M | 32M | 37M | 39M | 40M |
| EBIT | 66M | 148M | 106M | 313M | 326M | 432M | 486M | 494M | 502M | 531M | 570M | 673M | 688M |
| Op. Margin | 37.4% | 72.5% | 40.8% | 67.2% | 68.6% | 65.7% | 65.7% | 65.4% | 65.9% | 66.1% | 66.6% | 67.8% | 68.4% |
| Net Income | 46M | 126M | 79M | 216M | 79M | 150M | 237M | 279M | 167M | 83M | 46M | 41M | -5.3M |
| Net Margin | 25.6% | 61.4% | 30.5% | 46.4% | 16.7% | 22.9% | 32.0% | 36.9% | 21.9% | 10.3% | 5.4% | 4.1% | -0.5% |
| Non-Recurring | 185K | 0 | 0 | 0 | 0 | 0 | 105M | 153M | -9K | 504K | 98K | 14M | 14M |
| Returns on Capital | |||||||||||||
| ROIC | 2.9% | 6.1% | 3.4% | 8.4% | 8.6% | 8.3% | 7.4% | 7.4% | 7.3% | 7.6% | 7.6% | 8.4% | 6.6% |
| ROE | 2.9% | 7.5% | 3.8% | 8.3% | 2.9% | 4.2% | 5.4% | 6.2% | 3.6% | 1.8% | 1.0% | 0.9% | -0.1% |
| ROA | 1.8% | 4.8% | 2.3% | 5.2% | 1.9% | 2.7% | 3.3% | 3.9% | 2.2% | 1.1% | 0.6% | 0.5% | -0.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 142M | 154M | 118M | 212M | 229M | 303M | 351M | 389M | 365M | 368M | 400M | 402M | 398M |
| Free Cash Flow | 142M | 154M | 118M | 212M | 229M | 303M | 351M | 323M | 23M | 89M | 148M | 135M | -186M |
| Owner Earnings | 80M | 83M | 19M | 15M | 40M | 32M | 53M | 91M | 60M | 42M | 20M | -30M | -27M |
| CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 67M | 342M | 280M | 253M | 267M | 584M |
| Maint. CapEx | 62M | 72M | 98M | 197M | 181M | 257M | 289M | 288M | 296M | 315M | 365M | 415M | 422M |
| Growth CapEx | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 47M | 0 | 0 | 0 | 162M |
| D&A | 62M | 72M | 98M | 197M | 181M | 257M | 289M | 288M | 296M | 315M | 365M | 415M | 422M |
| CapEx/OCF | 499.1% | 122.0% | 164.4% | 151.2% | 97.6% | 159.2% | 176.5% | 202.3% | 93.7% | 75.9% | 63.1% | 66.4% | 146.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 62M | 69M | 51M | 99M | 107M | 143M | 176M | 183M | 192M | 194M | 195M | 216M | 217M |
| Dividend Yield | 2.1% | 2.5% | 3.0% | 11.5% | 11.8% | 4.0% | 4.8% | 4.1% | 4.8% | 6.6% | 5.3% | 4.7% | 4.1% |
| Share Buybacks | 0 | 48M | 14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | 4.9% | 0.9% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 550K | 72K | 504K | 124K | 8.0M | 14M | 9.4M | 11M | 10.0M | 12M | 15M | 16M | 3.3M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 792M | 720M | 1.3B | 946M | 1.1B | 2.2B | 2.2B | 2.2B | 2.3B | 2.5B | 3.1B | 3.3B | 3.8B |
| Cash & Equiv. | 0 | 2.0M | 36M | 149M | 2.5M | 16M | 4.3M | 8.9M | 5.1M | 6.0M | 7.3M | 5.7M | 6.3M |
| Long-Term Debt | 792M | 719M | 1.4B | 1.1B | 1.1B | 2.2B | 2.2B | 2.2B | 2.3B | 2.5B | 3.1B | 3.3B | 3.8B |
| Debt/Equity | 0.47 | 0.43 | 0.56 | 0.39 | 0.39 | 0.51 | 0.48 | 0.49 | 0.51 | 0.54 | 0.64 | 0.71 | 0.84 |
| Interest Coverage | 3.2 | 6.5 | 4.0 | 9.3 | 8.3 | 8.0 | 8.0 | 7.4 | 6.9 | 5.0 | 4.7 | 4.2 | 4.1 |
| Equity | 1.7B | 1.7B | 2.5B | 2.8B | 2.8B | 4.4B | 4.5B | 4.6B | 4.6B | 4.5B | 4.8B | 4.7B | 4.5B |
| Total Assets | 2.7B | 2.6B | 4.2B | 4.2B | 4.1B | 7.2B | 7.1B | 7.3B | 7.5B | 7.6B | 8.8B | 8.9B | 9.1B |
| Total Liabilities | 994M | 912M | 1.7B | 1.4B | 1.3B | 2.7B | 2.6B | 2.7B | 2.9B | 3.1B | 3.9B | 4.2B | 4.6B |
| Intangibles | 159M | 121M | 244M | 185M | 144M | 256M | 187M | 167M | 135M | 109M | 170M | 163M | 182M |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -236M |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 12M |
| Current Liabilities | 76M | 72M | 109M | 138M | 110M | 210M | 186M | 225M | 271M | 300M | 337M | 314M | 248M |
| Per Share Data | |||||||||||||
| EPS | 0.33 | 0.87 | 0.93 | 6.24 | 2.25 | 1.17 | 1.60 | 1.87 | 1.11 | 0.55 | 0.30 | 0.24 | -0.03 |
| Owner EPS | 0.58 | 0.57 | 0.23 | 0.43 | 1.13 | 0.25 | 0.36 | 0.61 | 0.40 | 0.28 | 0.13 | -0.18 | -0.16 |
| Book Value | 12.13 | 11.67 | 28.87 | 79.98 | 78.61 | 33.91 | 30.12 | 30.65 | 30.78 | 29.99 | 31.63 | 27.73 | 27.41 |
| Cash Flow/Share | 1.03 | 1.07 | 1.38 | 6.11 | 6.51 | 2.36 | 2.37 | 2.61 | 2.43 | 2.44 | 2.61 | 2.38 | 2.53 |
| Dividends/Share | 0.45 | 0.48 | 0.72 | 3.60 | 3.12 | 1.16 | 1.20 | 1.24 | 1.28 | 1.28 | 1.28 | 1.28 | 1.32 |
| Shares Out. | 137.9M | 144.3M | 85.1M | 34.7M | 35.2M | 128.6M | 148.3M | 149.0M | 150.3M | 150.8M | 153.2M | 168.8M | 164.5M |
| Valuation | |||||||||||||
| P/E Ratio | 34.7 | 7.8 | 18.4 | 12.9 | 30.7 | 26.6 | 16.8 | 17.4 | 18.8 | 40.4 | 95.6 | 105.9 | -936.4 |
| P/FCF | 20.9 | 17.0 | 16.5 | 4.4 | 3.5 | 13.2 | 11.3 | 15.0 | 136.7 | 37.7 | 29.8 | 31.8 | N/A |
| EV/EBIT | 31.8 | 11.5 | 26.2 | 14.3 | 29.4 | 30.3 | 20.6 | 20.5 | 22.8 | 30.8 | 44.4 | 38.1 | 13.2 |
| Price/Book | 0.9 | 0.6 | 0.6 | 1.0 | 0.9 | 0.9 | 0.9 | 1.1 | 0.7 | 0.7 | 0.9 | 0.9 | 1.2 |
| Price/Sales | 4.4 | 5.1 | 4.9 | 5.6 | 5.7 | 5.4 | 5.0 | 5.9 | 5.2 | 3.7 | 4.3 | 4.6 | 5.3 |
| FCF Yield | 9.0% | 15.7% | 8.1% | 7.6% | 9.4% | 7.6% | 8.8% | 6.6% | 0.7% | 2.7% | 3.4% | 3.1% | -3.5% |
| Market Cap | 1.6B | 983M | 1.5B | 2.8B | 2.4B | 4.0B | 4.0B | 4.9B | 3.1B | 3.4B | 4.4B | 4.3B | 5.3B |
| Avg. Price | 21.75 | 19.08 | 20.11 | 24.96 | 25.78 | 27.86 | 24.75 | 29.85 | 26.41 | 19.44 | 24.15 | 27.32 | 32.15 |
| Year-End Price | 21.56 | 18.18 | 22.87 | 26.77 | 23.04 | 31.18 | 26.80 | 32.59 | 20.85 | 22.21 | 28.69 | 25.41 | 32.15 |
COUSINS PROPERTIES INC passes 1 of 9 quality checks, indicating weak fundamentals.
COUSINS PROPERTIES INC trades at 134.0x trailing earnings, compared to its 15-year median P/E of 18.8x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 40.0x vs a median of 15.0x. The company's 5-year average ROIC is 7.7% with a gross margin of 26.7%. Total shareholder yield (dividends) is 4.1%. At current prices, the estimated annualized return to fair value is +43.0%.
COUSINS PROPERTIES INC (CUZ) has a net profit margin of 4.1%. This is a modest margin.
COUSINS PROPERTIES INC (CUZ) generated $135 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
COUSINS PROPERTIES INC (CUZ) has a debt-to-equity ratio of 0.71. This indicates moderate leverage.
COUSINS PROPERTIES INC (CUZ) reported earnings per share (EPS) of $0.24 in its most recent fiscal year.
COUSINS PROPERTIES INC (CUZ) has a return on equity (ROE) of 0.9%. This indicates moderate shareholder returns.
COUSINS PROPERTIES INC (CUZ) has a 5-year average gross margin of 26.7%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 15 years of financial data for COUSINS PROPERTIES INC (CUZ), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
COUSINS PROPERTIES INC (CUZ) has a book value per share of $27.73, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued strong office fundamentals in Sun Belt markets driven by return-to-office trends and technology company demand, with leasing activity remaining robust and new development starts at record lows creating a shrinking inventory of office properties. The company plans to grow occupancy in 2026 with a goal of achieving 90% or higher by year-end, supported by exceptionally low lease expirations of only 4.8% of contractual rent and a strong leasing pipeline with new and expansion activity representing 55% of total leasing. Management remains disciplined in its capital allocation approach, evaluating opportunities to recycle non-core assets and fund acquisitions while maintaining net debt to EBITDA in the low 5x range, and expects to continue deploying capital into compelling and accretive investment opportunities. The company anticipates continued FFO growth in 2026 and beyond, with management noting they are "still in the early innings" of the corporate migration trend to Sun Belt markets and expect these announcements to continue.
Based on recent SEC filings and earnings calls, COUSINS PROPERTIES INC (CUZ) has provided the following forward guidance: FFO per share: $2.90–$2.98 (FY2026); FFO per share growth: 3.5% growth over 2025 (FY2026).
No recent press releases.