Dividend 15 Split Corp (DFN) AI Stock Analysis

• Market Cap: N/A
• Dividend Yield: 16.15%
• Average Volume (3M): 477.92K
• Price to Earnings (P/E): 4.0
• Beta (1Y): 1.12
• Revenue Growth: 6.90%
• EPS Growth: 109.12%
• Country: CA
• Employees: N/A
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 1.68
• Shares Outstanding: 155,078,670
• 10 Day Avg. Volume: 369,807
• 30 Day Avg. Volume: 477,922
• PEG Ratio: -0.09
• Price to Book (P/B): 0.89
• Price to Sales (P/S): 10.97
• P/FCF Ratio: 14.29
• 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: 64 Neutral
• Price Target: C$8.00 ▲(6.10% Upside)
• Action: Downgraded Date: 03/04/26
• Date: Action: Downgraded 03/04/26

The score is driven primarily by mixed financial quality—strong recent profitability and improved cash flow are offset by pronounced volatility, meaningful leverage, and weak cash-flow-to-debt coverage. Technicals are mildly supportive (above key longer-term averages with neutral-to-positive momentum). Valuation is a major positive due to the low P/E and very high dividend yield.

Positive Factors

Structured split-share business model

The split-share structure creates durable, clearly differentiated exposures: preferred shares with distribution priority and Class A with residual upside. This structural waterfall supports predictable payout priorities and appeals to income and yield-seeking investors over multiple market cycles.

Recent income and profitability recovery

A sustained recovery in revenue and a sharp rebound in profitability through 2024–2025 strengthens the fund's ability to generate distributable income. Improved margins enhance resilience to moderate market swings and provide more internal flexibility to support preferred obligations.

Positive free cash flow trend

The transition to positive operating and free cash flow, culminating in a large 2025 increase, improves the corporation's ability to meet distribution and capital repayment needs from internal resources rather than relying solely on asset sales or new issuance.

Negative Factors

Meaningful and variable leverage

Persistently high and historically variable leverage raises structural risk for a fund funded by portfolio income. Elevated debt levels reduce financial flexibility, increase sensitivity to yield and dividend declines, and raise the likelihood of forced asset sales in stressed markets.

Weak cash-flow-to-debt coverage

Despite recent positive cash flow, coverage remains weak relative to total debt, limiting the durability of distributions and elevating refinancing and liquidity risk. A single down year in portfolio income could materially strain obligations to preferred holders.

Earnings and cash generation volatility

Large multi-year swings in earnings and cash generation reduce predictability of distributable income and NAV management. For a split-share vehicle, volatile underlying returns complicate coverage of preferred entitlements and make payout guidance less reliable.

Dividend 15 Split Corp Business Overview & Revenue Model

Company Description

Dividend 15 Split Corp. is a close ended equity mutual fund launched by Quadravest Inc. The fund is managed by Quadravest Capital Management. It invests in public equity markets of Canada. The fund spreads its investments across diversified sectors. It benchmarks the performance of its portfolio against the S&P TSX 60 Index. Dividend 15 Split Corp. was formed on January 9, 2004 and is domiciled in Canada.

How the Company Makes Money

Dividend 15 Split Corp generates revenue primarily through the dividends received from the underlying equities in its investment portfolio. The company holds a diversified selection of dividend-paying stocks, and as these companies distribute dividends, DFN collects these payments, which are then passed on to its shareholders. Additionally, DFN may also benefit from capital gains if the value of its portfolio holdings increases over time. The company typically employs a split share structure, which can enhance its yield and provide predictable income streams. DFN's ability to leverage its investment strategy and maintain a diversified portfolio contributes significantly to its earnings. There are no specific partnerships or unique revenue streams identified that further augment its income model.

Dividend 15 Split Corp Financial Statement Overview

Summary

Income statement recovery is strong (revenue expansion and sharply improved profitability in 2024–2025), but results are highly volatile. Balance sheet leverage is meaningful (debt-to-equity above 1x recently, historically much higher). Cash flow turned positive with a large 2025 jump, yet debt coverage is weak and year-to-year swings raise durability risk.

Income Statement

Revenue has generally expanded over time (positive growth in most years, including 2025), and profitability rebounded sharply after losses in 2022–2023. Recent years show very strong reported profit levels and margins (2024–2025), but results are also highly volatile with large swings between losses and outsized profits, which reduces confidence in earnings stability.

Balance Sheet

Leverage remains meaningful: debt-to-equity is above 1x in 2024–2025 and was extremely elevated in earlier years, indicating a historically aggressive capital structure. While equity and assets are sizable in the latest period (2025) and return on equity is positive recently, the wide variability in equity base and leverage over time increases balance-sheet risk and limits the score.

Cash Flow

Cash generation is inconsistent: operating and free cash flow were negative in 2021–2022, then turned positive in 2023–2025 with a very large jump in free cash flow growth in 2025. However, cash flow coverage of debt is weak in 2025 (operating cash flow is small relative to total debt), and the large year-to-year swings suggest cash flow durability is a key risk.

Breakdown	Nov 2025	Nov 2024	Nov 2023	Nov 2022	Nov 2021
Income Statement
Total Revenue	88.22M	88.65M	75.94M	66.91M	25.77M
Gross Profit	70.51M	73.04M	61.60M	52.36M	12.28M
EBITDA	340.20M	109.54M	-8.17M	44.20M	231.82M
Net Income	257.50M	399.46M	-25.11M	-10.23M	32.30M
Balance Sheet
Total Assets	2.55B	428.63M	346.21M	459.60M	376.27M
Cash, Cash Equivalents and Short-Term Investments	246.41M	427.45M	344.80M	59.81M	63.35M
Total Debt	1.43B	251.42M	249.08M	311.12M	910.90M
Total Liabilities	1.46B	255.80M	250.75M	1.08B	926.98M
Stockholders Equity	1.09B	172.83M	95.46M	145.25M	128.85M
Cash Flow
Free Cash Flow	67.68M	34.03M	62.60M	-77.11M	-96.13M
Operating Cash Flow	67.68M	34.03M	62.60M	-77.11M	-96.13M
Investing Cash Flow	-108.29M	-69.24M	-121.03M	10.37M	-438.79M
Financing Cash Flow	84.75M	-27.37M	-103.96M	73.56M	146.64M

Dividend 15 Split Corp Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 7.54
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:DFN, the sentiment is Positive. The current price of 7.54 is below the 20-day moving average (MA) of 7.64, above the 50-day MA of 7.53, and above the 200-day MA of 6.44, indicating a bullish trend. The MACD of 0.05 indicates Positive momentum. The RSI at 53.94 is Neutral, neither overbought nor oversold. The STOCH value of 54.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:DFN.

Dividend 15 Split Corp Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PWI	70 Outperform	C$41.85M	5.00	32.64%	10.21%	818.69%	-12.12%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
PDV	66 Neutral	C$6.57M	3.68	42.23%	7.52%	-54.61%	273.14%
DFN	64 Neutral	―	4.00	38.36%	16.15%	6.90%	109.12%
RS	56 Neutral	C$113.30M	7.67	15.77%	17.81%	―	―
BNK	54 Neutral	C$23.77M	3.91	46.99%	8.54%	126.51%	10525.53%

Dividend 15 Split Corp Corporate Events

Dividend 15 Split Corp. Publishes 2025 Annual Financial Results

Dividend 15 Split Corp. has released its annual financial statements and management report of fund performance for the year ended November 30, 2025, making these documents available on its website and through the SEDAR+ platform. The disclosure provides investors and analysts with updated insight into the fund’s performance and financial condition, supporting informed decision-making and reinforcing the company’s transparency in the Canadian structured products market.

The most recent analyst rating on (TSE:DFN) stock is a Buy with a C$8.00 price target. To see the full list of analyst forecasts on Dividend 15 Split Corp stock, see the TSE:DFN Stock Forecast page.

Dividend 15 Split Corp. Announces Monthly Distributions for Class A and Preferred Shares

Dividend 15 Split Corp. has declared its regular monthly cash distribution of $0.10 per Class A share, equivalent to $1.20 on an annualized basis, and $0.05833 per Preferred share, or $0.70 annually, payable on March 10, 2026 to shareholders of record as of February 27, 2026. With this payment, Class A shareholders have received a cumulative $28.90 per share and Preferred shareholders $11.87 per share since inception, underscoring the fund’s ongoing income-generating track record for investors in both share classes.

The most recent analyst rating on (TSE:DFN) stock is a Buy with a C$8.00 price target. To see the full list of analyst forecasts on Dividend 15 Split Corp stock, see the TSE:DFN Stock Forecast page.

Dividend 15 Split Corp. Raises $142.6 Million in Preferred Share Offering

Dividend 15 Split Corp. has completed an overnight offering of its Preferred Shares, raising gross proceeds of approximately $142.6 million, with the shares continuing to trade on the Toronto Stock Exchange under the symbol DFN.PR.A. Led by National Bank Financial Inc., the capital raised will be deployed into the firm’s existing actively managed portfolio of leading Canadian dividend-paying companies, and supports the fund’s investment objectives of delivering 7% annual fixed, cumulative monthly dividends on the original $10 issue price and aiming to return that $10 per share on or about its current December 1, 2029 termination date, which may be extended, thereby reinforcing its income-oriented value proposition for preferred shareholders.

The most recent analyst rating on (TSE:DFN) stock is a Buy with a C$8.00 price target. To see the full list of analyst forecasts on Dividend 15 Split Corp stock, see the TSE:DFN Stock Forecast page.

Dividend 15 Split Corp. Maintains Monthly Payouts to Class A and Preferred Shareholders

Dividend 15 Split Corp. has declared its regular monthly cash distributions of $0.10 per Class A share, equivalent to $1.20 on an annualized basis, and $0.05833 per preferred share, or $0.70 annually, payable on February 10, 2026 to shareholders of record as of January 30, 2026. The company highlighted its long-term payout record, noting that since inception Class A shareholders have received a cumulative $28.80 per share and preferred shareholders $11.81 per share, for a total of $40.61, underscoring its continued focus on delivering steady income from its portfolio of high-quality Canadian dividend stocks to both income-oriented and conservative investors.

The most recent analyst rating on (TSE:DFN) stock is a Buy with a C$8.00 price target. To see the full list of analyst forecasts on Dividend 15 Split Corp stock, see the TSE:DFN Stock Forecast page.

Dividend 15 Split Corp. Raises $142.6 Million in Overnight Preferred Share Offering

Dividend 15 Split Corp. has completed the overnight marketing of a preferred share offering, raising expected gross proceeds of approximately $142.6 million through the sale of TSX-listed Preferred Shares at $10.45 each, slightly below the prior closing price of $10.53. Led by National Bank Financial, the offering is expected to close on or about January 23, 2026, subject to TSX approval, with net proceeds earmarked to expand the company’s actively managed portfolio of dividend-paying Canadian blue-chip companies such as major banks, insurers, utilities and telecoms, supporting its investment objectives of delivering a 7% annual fixed, cumulative monthly dividend (based on the original $10 issue price) and returning $10 per preferred share around the current December 1, 2029 termination date, which may be extended.

The most recent analyst rating on (TSE:DFN) stock is a Buy with a C$8.00 price target. To see the full list of analyst forecasts on Dividend 15 Split Corp stock, see the TSE:DFN Stock Forecast page.

Dividend 15 Split Corp. Launches Overnight Preferred Share Offering to Expand Dividend Portfolio

Dividend 15 Split Corp. has launched an overnight offering of its Preferred Shares (TSX: DFN.PR.A), priced at $10.45 per share, with National Bank Financial Inc. acting as lead agent and closing expected around January 23, 2026, subject to TSX approval. The company plans to use the net proceeds to further invest in its portfolio of dividend-yielding Canadian blue-chip companies, while maintaining its stated objectives for the Preferred Shares of paying fixed cumulative monthly dividends at an annual rate of 7% on the original $10 issue price and returning the $10 principal per share on or about the current termination date of December 1, 2029, which may be extended.

The most recent analyst rating on (TSE:DFN) stock is a Buy with a C$8.00 price target. To see the full list of analyst forecasts on Dividend 15 Split Corp stock, see the TSE:DFN Stock Forecast page.

Dividend 15 Split Corp. Declares Monthly Distributions for Class A and Preferred Shares

Dividend 15 Split Corp. has declared its regular monthly cash distributions, announcing a payment of $0.10 per Class A share (equivalent to $1.20 on an annualized basis) and $0.05833 per Preferred share (or $0.70 annually), payable on January 9, 2026 to shareholders of record on December 31, 2025. Including this latest declaration, Class A shareholders have received a cumulative $28.70 per share and Preferred shareholders $11.75 per share, for a combined total of $40.45 since inception, underscoring the fund’s ongoing focus on reliable income generation for investors holding both share classes.

The most recent analyst rating on (TSE:DFN) stock is a Buy with a C$8.00 price target. To see the full list of analyst forecasts on Dividend 15 Split Corp stock, see the TSE:DFN Stock Forecast page.