Fiera Capital A (TSE:FSZ)
TSX:FSZ
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Fiera Capital A
(TSX:FSZ)
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Rating:60Neutral
Price Target:
C$6.00
▲(5.63% Upside)
Action:Reiterated
Date:05/10/26
The score is driven primarily by solid operating performance and strong cash generation, balanced against high leverage and weaker/volatile net profitability. Technicals are mildly supportive but not decisively bullish, while valuation is helped by a high dividend yield but tempered by a mid-to-high P/E.
Positive Factors
Strong cash generation
Robust operating and free cash flow provide durable funding for dividends, reinvestment, and debt servicing, reducing reliance on external financing. Strong cash conversion signals earnings quality and gives management flexibility to support clients, invest in products, or stabilize payouts across market cycles.
Negative Factors
High leverage
Elevated leverage constrains financial flexibility, raises interest and refinancing risk, and magnifies earnings shocks from AUM declines. Falling equity reduces loss-absorbing capacity, making the balance sheet more exposed to prolonged market stress or sustained client outflows.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Robust operating and free cash flow provide durable funding for dividends, reinvestment, and debt servicing, reducing reliance on external financing. Strong cash conversion signals earnings quality and gives management flexibility to support clients, invest in products, or stabilize payouts across market cycles.
Read all positive factors
Fiera Capital A (FSZ) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$581.09M
Dividend Yield8.78%
Average Volume (3M)334.75K
Price to Earnings (P/E)50.3
Beta (1Y)0.88
Revenue Growth-8.34%
EPS Growth-48.32%
CountryCA
Employees863
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.18
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$6.35Price Target Upside11.80% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)0.92
Revenue Forecast (FY)C$691.90M
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. The main revenue stream is management fees, typically calculated as a percentage of assets under management (AUM) across its strategies and vehicles (e.g., institutio...
Fiera Capital A Earnings Call Summary
Earnings Call Date:Aug 08, 2025
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 06, 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.
Read all updates
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
66
Positive
Balance Sheet
44
Neutral
Cash Flow
73
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 335.78M | 655.16M | 676.20M | 675.53M | 664.89M | 737.85M |
| Gross Profit | 265.43M | 559.97M | 430.91M | 444.04M | 425.29M | 385.53M |
| EBITDA | 134.86M | 158.78M | 149.50M | 189.96M | 139.49M | 201.56M |
| Net Income | 20.09M | 39.05M | 24.99M | 58.45M | 25.35M | 73.53M |
Balance Sheet | ||||||
| Total Assets | 1.23B | 1.22B | 1.25B | 1.29B | 1.33B | 1.47B |
| Cash, Cash Equivalents and Short-Term Investments | 60.37M | 52.63M | 44.56M | 75.22M | 68.21M | 111.98M |
| Total Debt | 816.96M | 817.74M | 768.51M | 732.54M | 746.30M | 709.54M |
| Total Liabilities | 985.23M | 956.48M | 957.75M | 960.74M | 982.45M | 1.05B |
| Stockholders Equity | 237.33M | 261.21M | 285.06M | 322.63M | 341.05M | 415.31M |
Cash Flow | ||||||
| Free Cash Flow | 113.95M | 93.43M | 130.98M | 135.12M | 108.39M | 155.15M |
| Operating Cash Flow | 120.01M | 99.11M | 134.00M | 137.97M | 113.31M | 171.29M |
| Investing Cash Flow | -3.14M | -15.01M | 9.39M | 3.29M | -6.34M | 43.55M |
| Financing Cash Flow | -104.50M | -78.76M | -175.23M | -137.30M | -148.15M | -179.35M |
Fiera Capital A Technical Analysis
Negative
5.68
Price Trends
5.48
Negative
5.68
Negative
5.92
Negative
Market Momentum
-0.01
Positive
40.89
Neutral
3.05
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:FSZ, the sentiment is Negative. The current price of 5.68 is above the 20-day moving average (MA) of 5.62, above the 50-day MA of 5.48, and below the 200-day MA of 5.92, indicating a bearish trend. The MACD of -0.01 indicates Positive momentum. The RSI at 40.89 is Neutral, neither overbought nor oversold. The STOCH value of 3.05 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | C$4.57B | 44.53 | 24.78% | 1.32% | 115.09% | 68.03% | |
76 Outperform | C$919.99M | -4.11 | 21.69% | ― | -3.24% | ― | |
69 Neutral | C$1.09B | 18.29 | 9.72% | 3.01% | 4.44% | 18.34% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
60 Neutral | C$581.09M | 50.26 | 7.80% | 8.78% | -8.34% | -48.32% |
* Financial Sector Average
TSE:FSZ
Fiera Capital A
5.41
-0.30
-5.24%
TSE:AGF.B
AGF Management B NV
16.92
5.95
54.18%
TSE:SEC
Senvest Capital
382.00
66.00
20.89%
TSE:SII
Sprott
171.24
93.33
119.79%
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...
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.