Fiera Capital A (FSZ) AI Stock Analysis

• Market Cap: C$549.11M
• Dividend Yield: 8.78%
• Average Volume (3M): 334.75K
• Price to Earnings (P/E): 17.1
• Beta (1Y): 0.95
• 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: 0.30
• Price to Book (P/B): 2.55
• Price to Sales (P/S): 1.02
• P/FCF Ratio: 7.13
• 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$6.67
• Price Target Upside: 29.51% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 3
• EPS Forecast (FY): 1
• Revenue Forecast (FY): C$709.21M

• Rating: 54 Neutral
• Price Target: C$5.50 ▲(6.80% Upside)
• Action: Reiterated Date: 03/05/26
• Date: Action: Reiterated 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

Fee-based recurring revenue model

A fee-based asset manager collects recurring management fees and occasional performance fees across pooled funds and mandates. This business model creates stable, structurally recurring revenue tied to AUM and client relationships, supporting long-term cash flow and scalability as distribution grows.

Operating profitability and margins

Consistently solid operating margins indicate structural operating leverage typical of asset managers: fixed-cost infrastructure supports multiple strategies. Durable operating profitability provides capacity to invest in distribution, product development, and supports dividends even if short-term AUM fluctuates.

Historically positive cash generation

Free cash flow historically tracked net income well from 2021–2024, evidencing earnings quality and conversion. Reliable cash generation underpins capacity to pay dividends, fund growth initiatives and service debt, offering long-term financial resilience despite episodic swings.

Negative Factors

Rising leverage and shrinking equity

Increased debt alongside a smaller equity base reduces financial flexibility and amplifies downside risk. For an asset manager, higher leverage constrains ability to absorb AUM declines, raises fixed interest obligations, and limits capital deployment for distribution or M&A during market stress.

Material free-cash-flow pullback in 2025

A notable FCF drop in 2025 weakens the cushion that funds dividends, debt service, and reinvestment. With elevated leverage, reduced free cash flow tightens liquidity headroom, increasing reliance on operational improvements or capital markets to maintain long-term payout and growth plans.

Uneven revenue and earnings volatility

Flat-to-uneven revenue and volatile net income reduce predictability of fee income and performance fees. This instability complicates planning for marketing and retention investments and increases earnings risk, especially given the company’s elevated leverage and reliance on consistent AUM levels.

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 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 recur as long as client capital remains invested and vary by strategy (with alternative, specialized, or less-liquid strategies typically carrying higher fee rates than plain-vanilla strategies). The firm can also earn performance fees (incentive fees) on certain mandates or alternative products when returns exceed agreed benchmarks or hurdle rates, making this portion of revenue more market- and performance-dependent. Additional revenue can come from administrative and service-related fees tied to its investment products and client servicing activities (e.g., fund-related service fees where applicable), and from distribution/relationship channels that bring in AUM via institutional consultants, financial advisors, and other intermediaries. Profitability is influenced by AUM levels (net inflows/outflows and market movements), fee mix (higher-fee strategies vs. lower-fee strategies), investment performance (which affects both performance fees and client retention), and operating leverage from scaling investment and distribution platforms. Specific significant partnerships or material counterparty arrangements: null.

Fiera Capital A Financial Statement Overview

Summary

Operating profitability and margins are generally solid and cash flow has been consistently positive, but rising leverage and a shrinking equity base materially increase financial risk. Earnings have also been volatile year-to-year, and free cash flow declined in 2025 versus 2024 despite higher revenue.

Income Statement

Profitability is generally solid for an asset manager, with strong gross profitability and healthy operating margins across most years. Revenue has been mostly flat from 2021–2024, followed by a sharp jump in 2025, but earnings have been more volatile: net income fell meaningfully in 2024 vs. 2023 and margins remain relatively thin at the bottom line despite good operating performance. Overall, the business shows good operating leverage, but net results have not been consistently stable year-to-year.

Balance Sheet

Leverage has increased over time, with debt rising and equity shrinking from 2020 to 2025, pushing the debt load to a high level relative to equity by 2025. Returns on equity are positive in most years (and improved in 2025 vs. 2024), but the combination of higher leverage and a smaller equity base reduces financial flexibility and raises risk if markets or fee income weaken.

Cash Flow

Cash generation has been consistently positive, and free cash flow has typically tracked net income well in 2021–2024, supporting earnings quality. However, free cash flow declined in 2025 (down materially versus 2024), indicating weaker near-term cash momentum despite higher reported revenue and improved net income. Overall cash flow remains a strength, but the recent pullback is a key watch item.

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

• Technical Analysis Sentiment: Negative
• Last Price: 5.15
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: 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 5.15 is below the 20-day moving average (MA) of 5.65, below the 50-day MA of 5.81, and below the 200-day MA of 6.04, indicating a bearish trend. The MACD of -0.12 indicates Positive momentum. The RSI at 25.59 is Positive, neither overbought nor oversold. The STOCH value of 5.68 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GCG.A	81 Outperform	C$1.66B	5.53	13.82%	2.29%	58.88%	82.03%
AGF.B	79 Outperform	C$1.21B	7.10	9.85%	3.01%	11.23%	30.44%
SII	78 Outperform	C$5.23B	36.86	14.90%	1.32%	35.51%	7.55%
SEC	74 Outperform	C$835.94M	1.28	9.11%	―	22.33%	-25.06%
GCG	69 Neutral	C$1.66B	5.53	13.82%	2.29%	58.88%	82.03%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
FSZ	54 Neutral	C$549.11M	17.05	11.26%	8.78%	-0.88%	-52.30%

Fiera Capital A Corporate Events

Fiera Capital Posts Higher Q4 Profit and Margins Despite Modest AUM Decline

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 $164.1 billion, largely due to negative net contributions, partly offset by favorable market performance.

Management highlighted strong 2025 momentum in its core business, securing more than $3 billion in new public markets mandates and driving over 11% AUM growth in private markets on robust demand for real assets. The firm also cut SG&A expenses by 7% year over year, reduced its net debt ratio to 3.4x and the board approved a quarterly dividend of 10.8 cents per share, underscoring a focus on cost discipline, balance sheet strength and shareholder returns.

The most recent analyst rating on (TSE:FSZ) stock is a Hold with a C$7.50 price target. To see the full list of analyst forecasts on Fiera Capital A stock, see the TSE:FSZ Stock Forecast page.

Fiera Capital Posts Higher Q4 Profit as Private Markets Grow and Costs Fall

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. The firm highlighted more than $3 billion in new public market mandates and over 11% annual AUM growth in private markets, alongside higher adjusted EBITDA margins, lower SG&A expenses and reduced net debt, while the board approved a quarterly dividend of 10.8 cents per share.

Management emphasized strong momentum in its core business despite overall AUM pressure from outflows, particularly in sub-advised strategies, and modest market tailwinds. The results underscore a strategic tilt toward higher-demand real assets and continued cost discipline, positioning Fiera Capital to pursue growth initiatives and potentially improve profitability for shareholders and clients in 2026.

The most recent analyst rating on (TSE:FSZ) stock is a Hold with a C$7.50 price target. To see the full list of analyst forecasts on Fiera Capital A stock, see the TSE:FSZ Stock Forecast page.

Fiera Capital Posts Slight AUM Decline but Logs Growth Outside Sub-Advised Mandates in 2025

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 intermediaries and private wealth segments posting declines. Excluding sub-advised strategies, however, total AUM rose 5.7% in 2025, supported by net inflows of C$1 billion and strong equity markets, while public markets AUM ex‑sub-advised grew 4.7% and private markets AUM climbed 11.4% on net inflows of about C$900 million and a strategic acquisition, partly offset by outflows and FX pressure; the company also set February 26, 2026 as the date to release its fourth-quarter 2025 financial results and hold an analyst conference call.

The most recent analyst rating on (TSE:FSZ) stock is a Hold with a C$6.50 price target. To see the full list of analyst forecasts on Fiera Capital A stock, see the TSE:FSZ Stock Forecast page.

Fiera Capital Posts Slight AUM Decline but Grows Core and Private Strategies Ahead of Q4 Results

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 channels and in sub-advised public markets mandates. Excluding sub-advised strategies, total AUM increased 5.7% for the year on the back of C$1 billion in net inflows and strong equity markets, while private markets AUM rose 11.4% supported by roughly C$900 million of net inflows and a strategic acquisition, highlighting continued growth in core in-house and private strategies despite headline AUM pressure; the firm also set February 26, 2026 as the date for releasing its fourth-quarter 2025 financial results and hosting an analyst conference call.

The most recent analyst rating on (TSE:FSZ) stock is a Hold with a C$6.50 price target. To see the full list of analyst forecasts on Fiera Capital A stock, see the TSE:FSZ Stock Forecast page.

Fiera Capital Retires $67.25 Million in Senior Subordinated Debentures Ahead of Maturity

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 relatively high-cost layer of debt from the company’s capital structure, potentially improving its financial flexibility and interest expense profile as it continues to position itself in the competitive global asset management industry.

The most recent analyst rating on (TSE:FSZ) stock is a Hold with a C$6.50 price target. To see the full list of analyst forecasts on Fiera Capital A stock, see the TSE:FSZ Stock Forecast page.