Firm Capital Property Trust (TSE:FCD.UN)
TSX:FCD.UN
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Firm Capital Property
(TSX:FCD.UN)
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Rating:66Neutral
Price Target:
C$7.00
▲(14.75% Upside)
Action:ReiteratedDate:03/12/26
The score is primarily supported by attractive valuation (low P/E and high yield), but is moderated by variable earnings and cash flow and a moderately levered balance sheet. Technicals are mixed, with weaker near-term price action and muted momentum.
Positive Factors
Recurring Revenue Growth
Consistent multi‑year revenue growth, including a mid‑teens increase in 2025, indicates successful portfolio expansion and rent/NOI resilience. Steady top‑line gains support recurring cash flow, underwriting capacity for leasing and capex, and stronger distributable cash over the next several months.
Negative Factors
Earnings Volatility
Reported earnings show material year‑to‑year swings (notable spikes and a 2022 loss followed by variable results), undermining predictability of distributable cash. Persistent earnings volatility complicates capital allocation, dividend smoothing and investor visibility over a 2–6 month horizon.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring Revenue Growth
Consistent multi‑year revenue growth, including a mid‑teens increase in 2025, indicates successful portfolio expansion and rent/NOI resilience. Steady top‑line gains support recurring cash flow, underwriting capacity for leasing and capex, and stronger distributable cash over the next several months.
Read all positive factors
Firm Capital Property (FCD.UN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$241.86M
Dividend Yield8.65%
Average Volume (3M)16.27K
Price to Earnings (P/E)8.7
Beta (1Y)0.26
Revenue Growth0.74%
EPS Growth-24.11%
CountryCA
Employees1
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)0.34
Shares Outstanding36,925,682
10 Day Avg. Volume17,552
30 Day Avg. Volume16,271
Financial Highlights & Ratios
PEG Ratio-0.36
Price to Book (P/B)0.72
Price to Sales (P/S)3.62
P/FCF Ratio11.79
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$7.00Price Target Upside14.75% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Firm Capital Property Business Overview & Revenue Model
Company Description
Firm Capital Property Trust is focused on creating long-term value for Unitholders, through capital preservation and disciplined investing to achieve stable distributable income. In partnership with management and industry leaders, The Trust's pla...
How the Company Makes Money
The trust makes money primarily by earning rental and related property income from tenants occupying its properties. Key revenue streams generally include (1) base rent collected under lease agreements, (2) recoveries and reimbursements from tenan...
Firm Capital Property Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
63
Positive
Cash Flow
52
Neutral
| Breakdown | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 61.86M | 60.58M | 58.09M | 54.02M | 46.43M |
| Gross Profit | 33.60M | 35.19M | 37.30M | 35.46M | 30.22M |
| EBITDA | 40.42M | 47.67M | 29.28M | 30.66M | 66.76M |
| Net Income | 25.72M | 33.89M | 15.37M | -22.00M | 58.39M |
Balance Sheet | |||||
| Total Assets | 645.31M | 651.95M | 637.38M | 633.90M | 576.36M |
| Cash, Cash Equivalents and Short-Term Investments | 5.69M | 9.18M | 8.33M | 4.99M | 5.90M |
| Total Debt | 319.39M | 332.67M | 335.29M | 325.73M | 264.97M |
| Total Liabilities | 332.41M | 345.57M | 345.69M | 337.38M | 280.44M |
| Stockholders Equity | 312.90M | 306.38M | 291.69M | 296.51M | 295.92M |
Cash Flow | |||||
| Free Cash Flow | 19.02M | 29.70M | 22.66M | -55.31M | -47.05M |
| Operating Cash Flow | 19.02M | 34.42M | 28.92M | 29.97M | 26.60M |
| Investing Cash Flow | 9.90M | 1.96M | -561.66K | -80.71M | -47.83M |
| Financing Cash Flow | -32.44M | -35.53M | -25.01M | 49.83M | 21.44M |
Firm Capital Property Technical Analysis
Positive
6.10
Price Trends
6.10
Positive
6.00
Positive
5.86
Positive
Market Momentum
0.12
Negative
66.21
Neutral
84.88
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:FCD.UN, the sentiment is Positive. The current price of 6.1 is below the 20-day moving average (MA) of 6.23, above the 50-day MA of 6.10, and above the 200-day MA of 5.86, indicating a bullish trend. The MACD of 0.12 indicates Negative momentum. The RSI at 66.21 is Neutral, neither overbought nor oversold. The STOCH value of 84.88 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:FCD.UN.
Firm Capital Property Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | C$134.09M | 6.98 | 12.17% | 6.15% | 7.11% | 134.43% | |
70 Outperform | C$344.25M | 16.24 | 4.52% | 7.37% | 0.08% | -42.69% | |
66 Neutral | C$241.86M | 8.72 | 8.37% | 8.65% | 0.74% | -24.11% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
53 Neutral | C$2.83B | -3.39 | -17.10% | 7.05% | -0.23% | -559.38% | |
49 Neutral | C$439.38M | -25.11 | -1.91% | 3.85% | -7.65% | 72.11% | |
47 Neutral | C$30.48M | -0.29 | -9.99% | ― | -27.47% | -102.11% |
* Real Estate Sector Average
TSE:FCD.UN
Firm Capital Property
6.55
1.04
18.92%
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Firm Capital Property Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Firm Capital Trims AFFO Boost in $226.5 Million Manufactured Housing Deal Update
Positive
Apr 8, 2026
Firm Capital Property Trust has corrected a prior disclosure related to its recently announced acquisitions of 50% interests in eleven manufactured home communities in Alberta and Saskatchewan for a total of $226.5 million. The Trust now expects t...
Business Operations and StrategyM&A Transactions
Firm Capital Property Trust to Acquire Major Stake in Western Canadian Manufactured Housing Portfolio
Positive
Apr 6, 2026
Firm Capital Property Trust has entered binding agreements to acquire 50% interests in eleven manufactured housing communities in Alberta and Saskatchewan, totaling 1,752 sites, for $226.5 million on a 100% basis through its joint venture with Sun...
Business Operations and StrategyDividendsFinancial DisclosuresPrivate Placements and Financing
Firm Capital Property Trust Posts Stable Q4 Results and Expands Credit Capacity
Positive
Mar 10, 2026
Firm Capital Property Trust reported steady operating performance for the fourth quarter of 2025, with net operating income roughly flat year over year and commercial and residential occupancies holding in the low-90% range, while manufactured hom...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.