Fiera Capital A (FSZ) AI Stock Analysis

• Market Cap: C$640.80M
• Dividend Yield: 8.87%
• Average Volume (3M): 334.75K
• Price to Earnings (P/E): 20.8
• Beta (1Y): 1.02
• Revenue Growth: -0.88%
• EPS Growth: -52.30%
• Country: CA
• Employees: 863
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 0.23
• Shares Outstanding: 87,210,434
• 10 Day Avg. Volume: 386,535
• 30 Day Avg. Volume: 334,752
• PEG Ratio: -0.66
• Price to Book (P/B): 3.39
• Price to Sales (P/S): 1.43
• P/FCF Ratio: 7.37
• 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: C$7.25
• Price Target Upside: 19.05% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 61 Neutral
• Price Target: C$6.50 ▲(6.73% Upside)

Fiera Capital A's overall score is driven by strong financial performance in terms of operational efficiency and cash generation, despite challenges with revenue growth and leverage. The technical analysis suggests bearish momentum, while valuation metrics are favorable with a high dividend yield. Earnings call and corporate events provide mixed but generally positive insights, contributing to a moderate overall score.

Positive Factors

Growth in Assets Under Management

The increase in AUM indicates strong market appreciation and net organic growth, enhancing revenue potential through management fees and expanding the firm's market presence.

Recognition in Fixed Income

Recognition as a top fixed income manager enhances the firm's reputation, potentially attracting more clients and increasing AUM, which supports long-term revenue growth.

Strong Performance in Private Markets

Positive returns in private markets demonstrate effective investment strategies, which can attract more capital and improve financial performance over time.

Negative Factors

Challenges in Equity Strategies

Underperformance in equity strategies may hinder competitive positioning and limit growth in AUM, affecting revenue derived from management fees.

Decrease in Public Market Revenues

A decline in public market revenues reflects reduced fee income, which could impact overall profitability and limit resources for strategic investments.

High Leverage

Significant leverage increases financial risk, potentially constraining cash flow and limiting the firm's ability to invest in growth opportunities.

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 income, and balanced portfolios. The firm also launches and manages equity, fixed income, and balanced mutual funds and income trusts for its clients. It invests in the public equity and fixed income markets across the globe with a focus on Canada. The firm primarily invests in growth and value stocks of small-cap companies. It also invests in G.A.R.P. and value stocks of large-cap companies. The firm also makes investments in income trusts and preferred shares. It also applies exclusions to be fossil fuel free, integrates environmental, social, and governance considerations, and applies an ethical filter while making its investments. The firm employs fundamental and quantitative analysis along with bottom-up stock picking approach to create its equity portfolios. It employs a top-down macro-economic research to make its fixed income investments. The firm also makes alternative investments, including the use of long/short equity strategy. It benchmarks the performance of its portfolio against the S&P/TSX Index, MSCI ACWI Index, S&P/TSX Composite FFF Index, and S&P 500 indices. The firm conducts in-house research to make its investments. It makes investments in social infrastructure with a focus on affordable housing and community health care facilities and also makes investment in solar and wind power generation, transport, and mid-market assets. It typically invests in Canada. It was formerly known as Fiera Sceptre Inc. Fiera Capital Corporation was founded in 2002 and is based in Montréal, Canada with an additional office in Toronto, Canada, Calgary, Canada, and Vancouver, Canada.

How the Company Makes Money

Fiera Capital A generates revenue primarily through management fees charged on the assets under management (AUM) across its various investment products and services. These fees are typically calculated as a percentage of the AUM, which varies depending on the specific fund or investment strategy. Additionally, the company may earn performance fees based on the returns of certain funds exceeding predefined benchmarks. Key revenue streams also include advisory services and institutional mandates, where they provide customized investment solutions for large clients. Strategic partnerships with financial institutions and other asset managers can enhance distribution capabilities and expand their client base, further contributing to their earnings.

Fiera Capital A Financial Statement Overview

Summary

Fiera Capital A shows strong operational efficiency with high gross profit margins and healthy EBIT/EBITDA margins. However, challenges include declining revenue growth and high leverage, which could impact financial stability. Cash flow metrics indicate efficient cash generation, but the decline in free cash flow growth is concerning.

Income Statement

Fiera Capital A's income statement shows a mixed performance. The TTM (Trailing-Twelve-Months) gross profit margin is exceptionally high at 98.14%, indicating strong cost management. However, the net profit margin is relatively low at 5.78%, suggesting challenges in converting revenue into net income. The revenue growth rate has declined significantly by 24.23% in the TTM, reflecting potential market or operational challenges. EBIT and EBITDA margins are healthy, showing operational efficiency, but the declining revenue growth is a concern.

Balance Sheet

The balance sheet reveals a high debt-to-equity ratio of 2.80 in the TTM, indicating significant leverage and potential financial risk. Return on equity is moderate at 13.50%, showing decent profitability relative to shareholder equity. The equity ratio is not explicitly calculated, but the high leverage suggests a lower proportion of equity in the capital structure, which could pose risks in volatile markets.

Cash Flow

Cash flow analysis shows a decline in free cash flow growth by 8.53% in the TTM, which could impact future investments and debt servicing. The operating cash flow to net income ratio is 0.86, indicating that operating cash flow is relatively aligned with net income. The free cash flow to net income ratio is strong at 0.98, suggesting efficient cash generation relative to net income, despite the recent decline in growth.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	343.27M	676.20M	675.53M	664.89M	737.85M	689.48M
Gross Profit	316.88M	430.91M	444.04M	425.29M	385.53M	340.11M
EBITDA	154.38M	149.50M	189.96M	139.49M	201.56M	130.09M
Net Income	31.19M	24.99M	58.45M	25.35M	73.53M	-3.38M
Balance Sheet
Total Assets	1.22B	1.25B	1.29B	1.33B	1.47B	1.51B
Cash, Cash Equivalents and Short-Term Investments	42.79M	44.56M	75.22M	68.21M	111.98M	72.37M
Total Debt	768.99M	768.51M	732.54M	746.30M	709.54M	767.07M
Total Liabilities	939.81M	957.75M	960.74M	982.45M	1.05B	1.04B
Stockholders Equity	264.60M	285.06M	322.63M	341.05M	415.31M	467.98M
Cash Flow
Free Cash Flow	134.88M	130.98M	135.12M	108.39M	155.15M	133.60M
Operating Cash Flow	138.90M	134.00M	137.97M	113.31M	171.29M	145.38M
Investing Cash Flow	-5.04M	9.39M	3.29M	-6.34M	43.55M	-13.42M
Financing Cash Flow	-132.55M	-175.23M	-137.30M	-148.15M	-179.35M	-159.85M

Fiera Capital A Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 6.09
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 6.09 is above the 20-day moving average (MA) of 6.02, above the 50-day MA of 6.04, and below the 200-day MA of 6.12, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 55.20 is Neutral, neither overbought nor oversold. The STOCH value of 76.61 is Neutral, 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GCG.A	81 Outperform	C$1.65B	8.76	13.82%	2.29%	58.88%	82.03%
AGF.B	79 Outperform	C$1.04B	9.25	9.85%	3.02%	11.23%	30.44%
SII	79 Outperform	C$3.28B	46.75	14.90%	1.43%	35.51%	7.55%
SEC	74 Outperform	C$946.28M	5.16	9.11%	―	22.33%	-25.06%
GCG	69 Neutral	C$1.65B	8.76	13.82%	2.29%	58.88%	82.03%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
FSZ	61 Neutral	C$640.80M	20.77	11.26%	8.87%	-0.88%	-52.30%

Fiera Capital A Corporate Events

Fiera Capital Announces Redemption of 8.25% Debentures

Fiera Capital Corporation announced the redemption of its 8.25% senior subordinated unsecured debentures due December 31, 2026, with a redemption date set for December 31, 2025. This move involves redeeming $67,250,000 in aggregate principal amount of debentures, impacting the company’s financial obligations and potentially influencing its market positioning and stakeholder relations.

Fiera Capital Achieves Positive Net Growth in Q3 2025

Fiera Capital reported positive financial results for the third quarter of 2025, with net organic growth of nearly $900 million, marking a return to positive total net flows. The company’s adjusted EBITDA margin improved to 30%, driven by increased revenues and cost containment efforts. Fiera Capital reduced its net debt, repurchased over 500,000 shares, and declared a dividend of 10.8 cents per share. These results highlight the firm’s commitment to operational efficiency and returning capital to shareholders, strengthening its position in the asset management industry.

Fiera Capital Sees 4% Growth in Q3 2025 AUM

Fiera Capital reported a preliminary estimate of $166.9 billion in assets under management as of September 30, 2025, marking a 4.0% increase from the previous quarter. This growth was driven by positive net flows and market appreciation in both public and private markets, with significant contributions from equity mandates and the Canadian Built Opportunities Platform. The company will release its Q3 2025 financial results on November 13, 2025.