Cowen Construction, Inc
How we got $13.6M
Based on its 49 employees and its payroll, both reported for PPP in 2020 and brought up to date.
What we know
Signs of a sale Some signs of a sale
- In business 130 years (since 1896)
- Family in the business (John S Cowen, Chairman of the Board)
- Headcount down 25% since 2022 (retirement plan filings)
From public records and the company's website, not a statement that it's for sale.
What they do
Cowen Construction is an Oklahoma commercial construction company offering preconstruction, construction management, general contracting, design-build and development services, with offices in Tulsa and Oklahoma City.
From the company's website. Industry: Commercial construction.
Customers & suppliers
Customers
- St. John Medical Center · named on its website
- St. John Health Club · named on its website
- Crafton Tull Sparks Architects · named on its website
- BOK · named on its website
- Tulsa Country Club · named on its website
- Bishop Kelly · named on its website
- Charney Properties · named on its website
- Cherokee Nation Businesses · named on its website
- Lufthansa Technik Component Services · named on its website
- Grant Thornton · named on its website
- Webco · named on its website
- Commerce Bank · named on its website
- Jenks Public Schools · named on its website
- Oklahoma Technical College · named on its website
- ONEOK · named on its website
Estimated value over time
▲ 28% since 2020Today's estimate scaled by the headcount reported each year and that year's prices. A trend, not a record of past sale values.
Employees over time
▲ 18% since 2020Show as table
| Year | Source | Employees | Est. revenue |
|---|---|---|---|
| 2020 | PPP loan | 49 | $35.1M |
| 2020 | Form 5500 | 38 | $27.2M |
| 2021 | Form 5500 | 47 | $33.7M |
| 2022 | Form 5500 | 77 | $55.2M |
| 2023 | Form 5500 | 55 | $39.4M |
| 2024 | Form 5500 | 65 | $46.6M |
| 2025 | Form 5500 | 58 | $41.6M |
Participants are employees in the company's retirement plan at year end, from its Form 5500 filing with the Department of Labor. They usually run a little under total headcount (part-timers and new hires may not be eligible). Revenue and EBITDA apply this industry's revenue per employee and margin to each year's count.
Compared with similar businesses nearby
| Business | Est. revenue | Distance |
|---|---|---|
| COWEN CONSTRUCTION, INC this business | $75.2M | — |
| OAKLAHOMA PAVING LLC Tulsa · 3 employees | $3.6M | 0.3 mi |
| BARNES CONSTRUCTION SOLUTIONS, INC. Tulsa · 48 employees | $45.8M | 1.2 mi |
| KDB PROPERTIES INC. Tulsa · 3 employees | $1.9M | 1.2 mi |
| TIMBER SOLUTIONS INTERNATIONAL, INC Tulsa · 4 employees | $3.6M | 1.3 mi |
| SUBCON INCORPORATED Tulsa · 22 employees | $22.1M | 1.6 mi |
| PARDEE CONSTRUCTION, LLC Tulsa · 1 employees | $712K | 1.8 mi |
The full calculation
| Employees reported to the SBA | 49 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $48.3M |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $90.1M |
| Estimate: the two combined (geometric mean) | $75.2M |
| EBITDA margin (industry, adjusted for size) | 4% |
| EBITDA = revenue × margin | $3.3M |
Figures are shown toward the upper part of their range rather than at its middle.
Brought up to date assuming revenue has grown 8% a year since 2020, when the PPP figures were reported; included above.
| Estimated value = EBITDA × typical sale multiple | $13.6M |
| Multiple for this size and industry | 4.1× |
| Value range | $7.2M – $18.6M |
| Revenue range | $49.5M – $85.8M |
| EBITDA range | $2.2M – $3.8M |
| Industry (NAICS) | Commercial and Institutional Building Construction (236220) |
EBITDA margin: from IRS tax returns of S corporations in this industry (2019–2022), adjusted for company size: smaller companies typically run higher margins. EBITDA here is after owners' salaries.
Benchmarks: US Economic Census 2022, OK. PPP loans were sized on 2019–2020 payroll, so figures reflect that period. These are statistical estimates, not reported financials. Full methodology
People & advisors
“Cowen Construction was officially founded in 1896 as we took our experience and knowledge and began building homes and municipal buildings in Shawnee, Oklahoma.”
Leadership
- JSJohn S CowenChairman of the Board · Company website · source
- RPRoss PhippenVice President · Company website · source
- BGBrent GathrightVice President · Company website · source
- LTLee TimmonsCOO · Company website · source
- JPJP PartridgeOklahoma City Division Manager · Company website · source
Advisors
- BankingBlue Sky BankPPP / SBA lender
From the company's own website and public filings (DOL Form 5500, IRS Form 990, SBA). Roles are as stated there and may be out of date.
Banking relationships
| Blue Sky Bank PPP 2020, PPP 2021 | All 430 borrowers → |
From PPP and SBA loan records, which name the bank but not the individual banker.
PPP loans
| Approved | Draw | Amount | Jobs |
|---|---|---|---|
| 4/4/2020 | first | $1.1M | 49 |
| 1/21/2021 | second | $1.1M | 36 |
Public records
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About Cowen Construction, Inc
Cowen Construction, Inc is a family-owned commercial construction company in Tulsa, Oklahoma, in business since 1896. It is owned by Link Cowen (President). Its estimated annual revenue is about $75.2M, with roughly $3.3M of EBITDA. It has about 58 employees. Its estimated business value is $13.6M (likely range $7.2M–$18.6M).
Common questions
- Who owns Cowen Construction, Inc?
- Cowen Construction, Inc is owned by Link Cowen (President), according to public sources such as the company's website or filings.
- How much revenue does Cowen Construction, Inc make?
- SeeBITDA estimates Cowen Construction, Inc's annual revenue at about $75.2M (likely between $49.5M and $85.8M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is Cowen Construction, Inc worth?
- About $13.6M, roughly 4.1× its estimated EBITDA of $3.3M, typical for a commercial construction company its size. Likely range: $7.2M–$18.6M.
- How many employees does Cowen Construction, Inc have?
- About 58, from its 2025 retirement-plan filing.
- When was Cowen Construction, Inc founded?
- Cowen Construction, Inc has been in business since 1896.