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Fiera Capital Posts Higher Q4 Profit and Margins Despite Modest AUM Decline

Story Highlights
  • Fiera Capital grew Q4 adjusted EBITDA and margins, even as AUM dipped modestly on net outflows.
  • New mandates, private markets growth, cost cuts and lower leverage position Fiera for 2026.
  • Looking for the best stocks to buy? Follow the recommendations of top-performing analysts.
Fiera Capital Posts Higher Q4 Profit and Margins Despite Modest AUM Decline

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An update from Fiera Capital A ( (TSE:FSZ) ) is now available.

Fiera Capital reported fourth-quarter 2025 revenue of $180.1 million and net earnings of $7.7 million, with adjusted EBITDA rising to $54.7 million and margins improving to 30.4%. Assets under management declined 1.7% from the prior quarter to $164.1 billion, largely due to negative net contributions, partly offset by favorable market performance.

Management highlighted strong 2025 momentum in its core business, securing more than $3 billion in new public markets mandates and driving over 11% AUM growth in private markets on robust demand for real assets. The firm also cut SG&A expenses by 7% year over year, reduced its net debt ratio to 3.4x and the board approved a quarterly dividend of 10.8 cents per share, underscoring a focus on cost discipline, balance sheet strength and shareholder returns.

The most recent analyst rating on (TSE:FSZ) stock is a Hold with a C$7.50 price target. To see the full list of analyst forecasts on Fiera Capital A stock, see the TSE:FSZ Stock Forecast page.

Spark’s Take on TSE:FSZ Stock

According to Spark, TipRanks’ AI Analyst, TSE:FSZ is a Neutral.

The score is driven primarily by mid-range financial quality: strong cash generation and acceptable margins are weighed down by high leverage and uneven earnings consistency. Technicals are moderately supportive (positive momentum and price above key averages) but show some overbought risk. Valuation is helped by a high dividend yield, while the earnings call was mixed—AUM growth and margin improvement tempered by weaker public-market revenues and lower net earnings.

To see Spark’s full report on TSE:FSZ stock, click here.

More about Fiera Capital A

Fiera Capital Corporation is a Montreal-based independent asset management firm listed on the TSX under the symbol FSZ. The company offers public and private markets investment strategies to institutional clients, financial intermediaries and private wealth investors, with a growing focus on real assets within its private markets platform.

Average Trading Volume: 301,120

Technical Sentiment Signal: Sell

Current Market Cap: C$630.1M

For an in-depth examination of FSZ stock, go to TipRanks’ Overview page.

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