Fiera Capital A (TSE:FSZ)
TSX:FSZ
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Fiera Capital A
(TSX:FSZ)
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Rating:54Neutral
Price Target:
C$5.50
▼(-3.17% Downside)
Action:ReiteratedDate:03/05/26
The score is driven primarily by financial risk from elevated and rising leverage alongside uneven earnings and a 2025 free-cash-flow pullback, which offset otherwise solid operating profitability. Technicals are weak-to-neutral with the price below key longer-term moving averages and negative MACD. Valuation is a positive factor due to the very high dividend yield and a moderate P/E, but it is not enough to outweigh balance-sheet and trend concerns.
Positive Factors
Operating profitability
Sustained operating profitability and healthy operating margins indicate structural operating leverage in the asset-management model. This supports the firm’s ability to cover fixed costs, fund distribution and product investment, and sustain operating cash flow through market cycles, underpinning long-term resilience.
Negative Factors
Rising leverage and shrinking equity
Growing debt and a smaller equity base materially reduce financial flexibility and increase refinancing and covenant risk. In an asset-management firm, higher leverage limits the ability to absorb AUM shocks, fund strategic investments, or maintain distributions during market stress, raising medium-term downside risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Operating profitability
Sustained operating profitability and healthy operating margins indicate structural operating leverage in the asset-management model. This supports the firm’s ability to cover fixed costs, fund distribution and product investment, and sustain operating cash flow through market cycles, underpinning long-term resilience.
Read all positive factors
Fiera Capital A (FSZ) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$597.09M
Dividend Yield8.78%
Average Volume (3M)334.75K
Price to Earnings (P/E)17.1
Beta (1Y)0.86
Revenue Growth-7.51%
EPS Growth55.53%
CountryCA
Employees863
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.23
Shares Outstanding87,210,434
10 Day Avg. Volume386,535
30 Day Avg. Volume334,752
Financial Highlights & Ratios
PEG Ratio0.30
Price to Book (P/B)2.55
Price to Sales (P/S)1.02
P/FCF Ratio7.13
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$6.45Price Target Upside13.56% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)0.94
Revenue Forecast (FY)C$700.76M
Fiera Capital A Business Overview & Revenue Model
Company Description
Fiera Capital Corporation is an employee owned investment manager. The firm primarily provides its services to institutional investors, mutual funds, charitable organizations, and private clients. It manages separate client-focused equity, fixed i...
How the Company Makes Money
Fiera Capital primarily makes money by charging fees for managing client assets. Its main revenue stream is management fees calculated as a percentage of assets under management (AUM) for investment funds and discretionary mandates; these fees rec...
Fiera Capital A Earnings Call Summary
Earnings Call Date:Aug 08, 2025
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 08, 2026
Earnings Call Sentiment Positive
The call presented a mix of meaningful positives — notably private markets growth (+11.4% AUM), improved core Canadian public market net organic flows (swing of ~$6.8B year-over-year), strong fixed income relative performance, adjusted EBITDA and margin expansion, and a clear 3-year strategic plan — while acknowledging headwinds tied to sub-advised outflows, revenue and performance fee pressures, private wealth declines and a dilutive hybrid debenture. Management emphasized active remediation (deleveraging, distribution specialization, and capital reallocation) and identified concrete growth drivers. Overall the operational and financial momentum, particularly in higher-fee private markets and core public franchises, outweighs the challenges, though execution on deleveraging and restoring performance-driven flows remains important.Positive Updates
Total AUM and Excluding Sub-Advised Growth
Total assets under management ended the year at $164.1 billion. Excluding sub-advised strategies, AUM increased 0.4% in Q4 and rose more than $7 billion or 5.7% for the year, driven by ~ $1 billion of net inflows and strong equity market performance in 2025.
Negative Updates
Overall AUM Decline Including Sub-Advised Strategies
Including sub-advisory AUM, total AUM declined 1.7% in the quarter and 1.8% for the year, driven by net outflows from sub-advisory strategies.
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Q4-2025 Updates
Positive
Negative
Total AUM and Excluding Sub-Advised Growth
Total assets under management ended the year at $164.1 billion. Excluding sub-advised strategies, AUM increased 0.4% in Q4 and rose more than $7 billion or 5.7% for the year, driven by ~ $1 billion of net inflows and strong equity market performance in 2025.
Read all positive updates
Company Guidance
Management's guidance focused on capital allocation and deleveraging: they aim to reduce net debt leverage to 2.5x over the three‑year plan (ending 2028) from current net debt of $664M (net debt ratio 3.4x, down from 3.5x) and funded debt of $540M (funded debt ratio ~3.0x, up from 2.9x); LTM free cash flow is $79M (vs. $87M prior) and excess free cash flow is being reallocated roughly 50% to debt reduction, 25% to reinvestment and 25% to opportunistic buybacks (management has repurchased 1.6M shares for ~ $10M and redeemed $67M of debentures). The Board approved a quarterly dividend of $0.108 per share (payable Apr 9, 2026; record Mar 11), and management reiterated expectations for continued AUM momentum (total AUM $164.1B; private markets $22B, +11.4% with ~ $900M net inflows, $2.0B committed undeployed capital) and plans to deploy a $420M SMA this year.Fiera Capital A Financial Statement Overview
Summary
Income Statement
67
Positive
Balance Sheet
42
Neutral
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 655.16M | 676.20M | 675.53M | 664.89M | 737.85M |
| Gross Profit | 559.97M | 430.91M | 444.04M | 425.29M | 385.53M |
| EBITDA | 158.78M | 149.50M | 189.96M | 139.49M | 201.56M |
| Net Income | 39.05M | 24.99M | 58.45M | 25.35M | 73.53M |
Balance Sheet | |||||
| Total Assets | 1.22B | 1.25B | 1.29B | 1.33B | 1.47B |
| Cash, Cash Equivalents and Short-Term Investments | 52.63M | 44.56M | 75.22M | 68.21M | 111.98M |
| Total Debt | 817.74M | 768.51M | 732.54M | 746.30M | 709.54M |
| Total Liabilities | 956.48M | 957.75M | 960.74M | 982.45M | 1.05B |
| Stockholders Equity | 261.21M | 285.06M | 322.63M | 341.05M | 415.31M |
Cash Flow | |||||
| Free Cash Flow | 93.43M | 130.98M | 135.12M | 108.39M | 155.15M |
| Operating Cash Flow | 99.11M | 134.00M | 137.97M | 113.31M | 171.29M |
| Investing Cash Flow | -15.01M | 9.39M | 3.29M | -6.34M | 43.55M |
| Financing Cash Flow | -78.76M | -175.23M | -137.30M | -148.15M | -179.35M |
Fiera Capital A Technical Analysis
Positive
5.68
Price Trends
5.52
Positive
5.74
Negative
6.00
Negative
Market Momentum
0.05
Negative
62.47
Neutral
85.51
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:FSZ, the sentiment is Positive. The current price of 5.68 is above the 20-day moving average (MA) of 5.40, above the 50-day MA of 5.52, and below the 200-day MA of 6.00, indicating a neutral trend. The MACD of 0.05 indicates Negative momentum. The RSI at 62.47 is Neutral, neither overbought nor oversold. The STOCH value of 85.51 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:FSZ.
Fiera Capital A Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | C$4.56B | 36.86 | 20.71% | 1.32% | 65.61% | 37.68% | |
69 Neutral | C$1.00B | 18.29 | 9.72% | 3.01% | 4.44% | 18.34% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | C$896.19M | 6.05 | 9.23% | ― | 16.85% | -41.06% | |
54 Neutral | C$597.09M | 17.05 | 14.44% | 8.78% | -7.51% | 55.53% |
* Financial Sector Average
TSE:FSZ
Fiera Capital A
5.52
-0.25
-4.40%
TSE:AGF.B
AGF Management B NV
15.72
5.87
59.53%
TSE:SEC
Senvest Capital
370.00
50.00
15.63%
TSE:SII
Sprott
174.54
103.85
146.92%
Fiera Capital A Corporate Events
Business Operations and StrategyExecutive/Board Changes
Fiera Capital Names Interim Global CEO as Maxime Ménard Takes Medical Leave
Neutral
Mar 21, 2026
Fiera Capital Corporation announced that Global President and Chief Executive Officer Maxime Ménard has taken a medical leave of absence, effective immediately, with the board expecting him to return to his role. The board named Executive Dir...
Business Operations and StrategyDividendsFinancial Disclosures
Fiera Capital Posts Higher Q4 Profit and Margins Despite Modest AUM Decline
Positive
Feb 26, 2026
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 $16...
Business Operations and StrategyDividendsFinancial Disclosures
Fiera Capital Posts Higher Q4 Profit as Private Markets Grow and Costs Fall
Positive
Feb 26, 2026
Fiera Capital reported fourth-quarter 2025 total revenues of $180.1 million and net earnings of $7.7 million, with assets under management ending the year at $164.1 billion, down 1.7% from the prior quarter mainly on negative net contributions. Th...
Business Operations and StrategyFinancial Disclosures
Fiera Capital Posts Slight AUM Decline but Logs Growth Outside Sub-Advised Mandates in 2025
Neutral
Jan 29, 2026
Fiera Capital reported preliminary assets under management of approximately C$164.1 billion as of December 31, 2025, down 1.7% from the prior quarter and 1.8% year over year, with institutional AUM holding relatively steady but financial intermedi...
Business Operations and StrategyFinancial Disclosures
Fiera Capital Posts Slight AUM Decline but Grows Core and Private Strategies Ahead of Q4 Results
Neutral
Jan 29, 2026
Fiera Capital reported preliminary assets under management of approximately C$164.1 billion as of December 31, 2025, down 1.7% from the prior quarter and 1.8% year over year, with declines concentrated in financial intermediary and private wealth ...
Business Operations and StrategyFinancial Disclosures
Fiera Capital Retires $67.25 Million in Senior Subordinated Debentures Ahead of Maturity
Positive
Dec 31, 2025
Fiera Capital Corporation has fully redeemed the remaining $67.25 million principal amount of its 8.25% senior subordinated unsecured debentures, which were originally due to mature on December 31, 2026. The completion of this redemption removes a...
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.