# Cousins Properties Incorporated (CUZ)

> Source: Nexqual · https://nexqual.com/CUZ · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Cousins Properties Incorporated (CUZ), nexqual.com/CUZ" · informational, not investment advice.

**Price:** USD 28.67 (+3.39% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 27.73 · day 27.63–28.73 · 52w 21.03–32.95 · market cap $4.72B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.03B, net income $6.4M (0.6% margin) (SEC filings).
- Valuation: P/E 734.6x (avg 84.9x at the last 3 fiscal year-ends), EV/EBITDA 7.5x, net debt $3.73B.
- 1 of 80 tracked superinvestors hold CUZ (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $178K; 1 not under a Rule 10b5-1 plan ($178K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.91 on a 1–5 scale) (11 analysts), mean target USD 33.36 (range 30–36).
- Total return with dividends: 1Y +13.0% vs S&P 500 +14.9%; 5Y -8.7% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 0.1, revenue estimate $263M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $755M | $762M | $803M | $857M | $994M | $1.03B |
| Gross profit | $496M | $504M | $536M | $576M | $679M | — |
| Operating income | $494M | $502M | $531M | $570M | $673M | $704M |
| Net income | $279M | $167M | $83.0M | $46.0M | $40.5M | $6.4M |
| EPS (diluted) | $1.87 | $1.11 | $0.55 | $0.30 | $0.24 | — |
| Free cash flow | — | $22.9M | $88.8M | $148M | $135M | — |
| Gross margin | 65.6% | 66.1% | 66.8% | 67.2% | 68.4% | — |
| Operating margin | 65.4% | 65.9% | 66.1% | 66.6% | 67.8% | 68.0% |
| Net margin | 36.9% | 21.9% | 10.3% | 5.4% | 4.1% | 0.6% |
| Revenue growth | +2.0% | +1.0% | +5.3% | +6.7% | +16.0% | — |
| Cash + short-term investments | $8.9M | $5.1M | $6.0M | $7.3M | $5.7M | — |
| Total debt | $2.24B | $2.33B | $2.46B | $3.10B | $3.34B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 734.6x · P/S 4.6x · EV/EBITDA 7.5x · EV/Sales 8.2x · P/B 1.1x · Earnings yield 0.14% · Dividend yield (paid, TTM) 4.56% · Net debt $3.73B · EV $8.45B
P/E at fiscal year-ends: Dec 2025 107.4x, Dec 2024 102.7x, Dec 2023 44.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold CUZ. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Christopher Davis | Davis Advisors | 0.07% | $17.2M | Reduced -2.2% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-20 | Symes Jeffrey D | SVP, Chief Accounting Officer | 6,033 | $178K | 26.6% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.91 on a 1–5 scale), 11 analysts; mean target USD 33.36 (low 30, high 36).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-21 | Evercore ISI Group | Target lowered | Outperform | $35 → $33 |
| 2026-08-14 | Baird | Target raised | Outperform | $33 → $35 |
| 2026-07-21 | Barclays | Target raised | Overweight | $28 → $34 |
| 2026-07-21 | Mizuho | Target raised | Outperform | $27 → $33 |
| 2026-07-06 | Evercore ISI Group | Target raised | Outperform | $32 → $34 |
| 2026-06-26 | Truist Securities | Target raised | Hold | $24 → $30 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +13.0% | -8.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +13.0% | -1.8% |
| Volatility (annualized) | 26.7% | 29.0% |
| Max drawdown | -20.9% (Jan 2026→Mar 2026) | -53.6% (Jan 2022→Oct 2023) |

## Peers (REIT - Office)
KRC (Kilroy Realty Corporation) USD 35.96 +4.44% · CDP (COPT Defense Properties) USD 33.83 +2.24% · SLG (SL Green Realty Corp) USD 49.19 +5.38% · HIW (Highwoods Properties, Inc.) USD 30.47 +4.24% · VNO (Vornado Realty Trust) USD 34.34 +4.41% · ARE (Alexandria Real Estate Equities) USD 43.33 +2.53%

## More
Full page: https://nexqual.com/CUZ · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CUZ's own 10-K filed 2026-02-05 (https://www.sec.gov/Archives/edgar/data/25232/000002523226000014/cuz-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Neuhoff Holdings | "•Loaned our Neuhoff joint venture partner $19.6 million at an interest rate of SOFR plus 625 basis points." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Rental property revenues | $265.7M | 99.0% | +11.8% |
| Fees and other | $2.8M | 1.0% | +16.7% |
| Fee income | $2.3M | 0.8% | +358.9% |
| Termination fee income | $2.2M | 0.8% | — |
| Other | $547,000 | 0.2% | -71.5% |
| Total revenue | $268.5M | 100% | — |
The lines above cover 101.9% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.10 | $0.09 | +11.1% | $263.2M | 1 |
| Next quarter (ends 2026-12-31) | $0.10 | $0.08 | +25.0% | $263.9M | 1 |
| Current fiscal year (ends 2026-12-31) | $0.22 | $0.09 | +131.6% | $1.06B | 3 |
| Next fiscal year (ends 2027-12-31) | $0.46 | $0.40 | +15.0% | $1.08B | 1 |