Clairvest (CVG) AI Stock Analysis

• Market Cap: C$1.01B
• Dividend Yield: 0.14%
• Average Volume (3M): 171.00
• Price to Earnings (P/E): 2.4
• Beta (1Y): 0.10
• Revenue Growth: -44.78%
• EPS Growth: -95.84%
• Country: CA
• Employees: 47
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 7.65
• Shares Outstanding: 13,680,831
• 10 Day Avg. Volume: 100
• 30 Day Avg. Volume: 171
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.80
• Price to Sales (P/S): 5.86
• P/FCF Ratio: 12.74
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 71 Outperform
• Price Target: C$78.00 ▲(6.85% Upside)
• Action: Upgraded Date: 02/18/26
• Date: Action: Upgraded 02/18/26

The score is primarily supported by strong financial safety (debt-free balance sheet) and attractive valuation (reasonable P/E and very high dividend yield). Offsetting these positives are volatile, timing-sensitive earnings and cash flows, and a neutral technical setup with the price sitting slightly below key moving averages.

Positive Factors

Debt-free balance sheet

A zero-debt, equity-heavy balance sheet materially reduces financial risk and preserves optionality. Over the next 2-6 months this provides durable capacity to support portfolio companies, fund follow-on investments, absorb realizations timing mismatches, and pursue opportunistic deals without refinancing pressure.

Fee and carried-interest revenue mix

A business model combining management fees and performance-based carried interest creates a baseline of recurring fee income plus upside from exits. This dual stream helps smooth revenue across cycles, aligns Clairvest with LP outcomes, and supports long-term cash generation even when realizations are lumpy.

Demonstrated ability to produce strong profitable years

History of very strong profitability in peak years indicates the firm can source value-add investments and execute exits that deliver outsized returns. This operational capability is structural: it supports long-term capital growth and the potential for meaningful carried interest and reinvestment proceeds when market timing aligns.

Negative Factors

Realization-driven earnings volatility

Reliance on exit timing produces persistent earnings and cash-flow lumpiness, making revenue and distributable cash unpredictable. Over months this limits forecasting, complicates capital allocation and dividend planning, and can constrain fee growth if multiple realized outcomes cluster unfavorably.

Recent revenue and EPS declines

Steep recent declines in revenue and EPS reflect portfolio performance or timing of realizations and reduce available internal capital. Persisting weak growth would pressure fee income, carried-interest generation, and the firm's ability to reinvest, raising medium-term risks to steady cash flow and strategic initiatives.

Concentration in cyclical sectors

High exposure to gaming, entertainment and leisure concentrates risk in demand-sensitive and regulatory-exposed industries. Structural downturns or policy shifts in these sectors can synchronously impair portfolio companies, reducing exit opportunities and fee generation for prolonged periods compared with a more diversified asset manager.

Clairvest Business Overview & Revenue Model

Company Description

Clairvest Group Inc. is a private equity firm specializing in mid-market, growth equity investments, growth capital, buyouts, and consolidating industries and add-on acquisitions. It seeks to invest in small and mid-sized gaming and casino, local market gaming, healthcare, equipment rental, facility services, oilfield services, waste management, business services, consumer services, aerospace, automotive aftermarket, collision repair, food, beverage and co-packing, defense, document management, warranty, contact manufacturing, environmental services, rental services, residential HVAC services, healthcare services, multiunit healthcare, insurance services, IT services, logistics and transportation, mining services, packaging, pest control, specialty aviation, education, software (mature), textile rental, utility services, water, building products, government services, industrial distribution and services, information technology and information services, media and marketing, non-destructive testing, renewable energy, property management, and restaurants. The firm typically invests in companies based in North America including United States and Canada. It seeks to make equity investments between CAD$25 million ($19.53 million) and CAD$100 million ($78.14 million) in its portfolio company with EBITDA between CAD$5 million ($3.81 million) and CAD$50 million ($39.07 million). The firm does not require majority stake and takes controlling or minority investments. It invests its own capital and seeks to take a board seat on its portfolio companies. The firm also makes co-investments. The firm typically exits its investments through market share offering, a strategic sale or sale to a financial buyer. Clairvest Group Inc. was founded in 1987 and is based in Toronto, Canada.

How the Company Makes Money

Clairvest makes money through a combination of management fees, performance fees, and capital gains. The company raises funds from institutional investors and manages these funds by investing in private mid-market companies. Clairvest earns management fees based on a percentage of the assets under management from these investors. Additionally, Clairvest can earn performance fees, known as carried interest, which are a share of the profits generated from the investments when specific return benchmarks are exceeded. The company also generates revenue through capital gains realized when portfolio companies are sold or undergo public offerings, thereby providing a return on investment to both Clairvest and its investors. Significant partnerships with co-investors and strategic partnerships with portfolio companies further contribute to Clairvest’s earnings.

Clairvest Financial Statement Overview

Summary

Balance sheet strength is a major positive (debt-free with a large equity base), reducing financial risk. However, earnings and cash flows are realization-driven and uneven, with periods of losses and negative free cash flow offsetting strong peak years, limiting the score.

Income Statement

Results are highly volatile. Annual performance swung from very strong profitability in FY2022 and FY2025 (high net income and strong operating profitability) to a loss in FY2024. TTM (Trailing-Twelve-Months) shows sharp revenue growth but materially lower net profitability than the most recent annual peak, indicating earnings are less consistent and more sensitive to investment/realization timing.

Balance Sheet

Balance sheet is conservatively positioned with zero debt across periods and a large equity base versus total assets, which lowers financial risk and provides flexibility. The main weakness is that returns on equity fluctuate meaningfully year to year (including a negative year), reflecting uneven earnings power rather than balance sheet stress.

Cash Flow

Cash generation is mixed. Several years show positive operating cash flow and free cash flow with generally good conversion versus net income, but there are also periods of negative operating/free cash flow (notably FY2021 and FY2024). TTM (Trailing-Twelve-Months) free cash flow is positive, yet growth is sharply negative and the relationship between operating cash flow and reported earnings is inconsistent, pointing to lumpiness in cash realization.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	152.77M	170.77M	39.29M	119.13M	415.95M	179.45M
Gross Profit	141.26M	170.77M	29.81M	119.13M	415.24M	175.51M
EBITDA	82.32M	139.95M	-1.87M	64.85M	376.16M	117.99M
Net Income	70.42M	122.04M	-3.35M	52.37M	330.21M	104.84M
Balance Sheet
Total Assets	1.41B	1.43B	1.34B	1.43B	1.35B	985.02M
Cash, Cash Equivalents and Short-Term Investments	199.10M	176.98M	145.14M	217.87M	218.42M	186.79M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	151.20M	177.84M	165.84M	211.92M	174.06M	127.22M
Stockholders Equity	1.26B	1.25B	1.18B	1.22B	1.18B	857.81M
Cash Flow
Free Cash Flow	69.41M	78.59M	-34.66M	13.18M	40.55M	-1.70M
Operating Cash Flow	69.64M	79.53M	-33.80M	13.63M	41.02M	-1.58M
Investing Cash Flow	-19.12M	-938.00K	-854.00K	-452.00K	-466.00K	-114.00K
Financing Cash Flow	-49.61M	-46.75M	-38.08M	-13.73M	-8.93M	-84.45M

Clairvest Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 73.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CVG, the sentiment is Positive. The current price of 73 is above the 20-day moving average (MA) of 71.88, above the 50-day MA of 72.14, and above the 200-day MA of 71.99, indicating a bullish trend. The MACD of 0.32 indicates Negative momentum. The RSI at 58.53 is Neutral, neither overbought nor oversold. The STOCH value of 86.98 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:CVG.

Clairvest Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AGF.B	79 Outperform	C$1.22B	7.10	9.85%	3.01%	11.23%	30.44%
SII	78 Outperform	C$5.51B	36.86	14.90%	1.32%	35.51%	7.55%
SEC	74 Outperform	C$830.67M	1.28	9.11%	―	22.33%	-25.06%
CVG	71 Outperform	C$1.01B	2.39	0.32%	0.14%	-44.78%	-95.84%
GCG	69 Neutral	C$1.66B	5.53	13.82%	2.29%	58.88%	82.03%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
FSZ	54 Neutral	C$567.23M	17.05	11.26%	8.78%	-0.88%	-52.30%