Firan Tech (TSE:FTG)
TSX:FTG
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Firan Tech
(TSX:FTG)
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Rating:71Outperform
Price Target:
C$23.50
▲(11.11% Upside)
Action:ReiteratedDate:04/10/26
The score is driven primarily by improved fundamentals (strong revenue growth and better profitability with reduced leverage) and a supportive technical trend (price above major moving averages). This is partially offset by premium valuation (high P/E with no dividend yield provided) and near-term headwinds highlighted on the earnings call (FX/tariffs and working-capital pressure), despite strong bookings/backlog and solid liquidity.
Positive Factors
Balance sheet & liquidity
FTG's very low net debt (C$4.0M, ~0.1x TTM EBITDA) alongside C$80.5M of liquidity creates durable financial flexibility. This supports targeted capacity investments, absorbs working-capital swings during program ramps, and reduces refinancing risk while enabling opportunistic execution of multi-year aerospace contracts.
Negative Factors
Uneven cash conversion & working capital
FCF declined markedly year-over-year while receivables and inventory days expanded, indicating weaker cash conversion and timing-sensitive working capital. Persistent variability in FCF limits internal funding for growth, increases reliance on liquidity lines, and raises execution risk when scaling capacity or absorbing program timing shifts.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet & liquidity
FTG's very low net debt (C$4.0M, ~0.1x TTM EBITDA) alongside C$80.5M of liquidity creates durable financial flexibility. This supports targeted capacity investments, absorbs working-capital swings during program ramps, and reduces refinancing risk while enabling opportunistic execution of multi-year aerospace contracts.
Read all positive factors
Firan Tech (FTG) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$519.83M
Dividend YieldN/A
Average Volume (3M)92.34K
Price to Earnings (P/E)39.0
Beta (1Y)1.78
Revenue Growth15.09%
EPS Growth31.55%
CountryCA
Employees697
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)0.14
Shares Outstanding25,173,390
10 Day Avg. Volume175,050
30 Day Avg. Volume92,336
Financial Highlights & Ratios
PEG Ratio1.39
Price to Book (P/B)2.94
Price to Sales (P/S)1.48
P/FCF Ratio21.99
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$24.00Price Target Upside13.48% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.67
Revenue Forecast (FY)C$209.25M
Firan Tech Business Overview & Revenue Model
Company Description
Firan Technology Group Corporation manufactures and sells printed circuit boards, illuminated cockpit display panels, and keyboards primarily in Canada, the United States, Asia, Europe, and rest of Americas. It operates in two segments, FTG Circui...
How the Company Makes Money
FTG makes money by selling engineered electronic products and manufacturing services to customers—primarily in aerospace and defense—under customer purchase orders and longer-term supply arrangements. Key revenue streams include: (1) PCB-related r...
Firan Tech Earnings Call Summary
Earnings Call Date:Apr 08, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 15, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operational and commercial picture: record Q1 revenue, bookings and backlog, site-level growth, resumed licensing and new program wins, strong liquidity and low net debt. Near-term margin and cash-flow comparisons were pressured by FX volatility, prior-year one-time gains, tariff-driven cost increases and some working-capital timing. Management outlined clear mitigation actions (passing costs to customers, geographic diversification, targeted capex and Hyderabad expansion) and expects larger program volumes to ramp in 2027, so fundamentals and growth trajectory appear solid despite near-term headwinds.Positive Updates
Record Q1 Revenue, Bookings and Backlog
Revenue of $47.3M in Q1 2026, up 10.3% YoY; bookings of $60M, up 17% YoY; quarter-end backlog $157.9M, up 11% YoY; book-to-bill ratio of 1.27:1.
Negative Updates
Adjusted EBITDA Decline
Adjusted EBITDA of $7.3M (15.4% of sales) down from $8.4M (19.5% of sales) in Q1 2025; management attributes ~$1.9M of the variance to negative FX (~$1.5M) and a prior-year one-time $0.4M gold contract gain.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Q1 Revenue, Bookings and Backlog
Revenue of $47.3M in Q1 2026, up 10.3% YoY; bookings of $60M, up 17% YoY; quarter-end backlog $157.9M, up 11% YoY; book-to-bill ratio of 1.27:1.
Read all positive updates
Company Guidance
Management said Q1 momentum leaves FTG well positioned: bookings were $60.0M (+17% YoY) with a 1.27:1 book‑to‑bill and a near‑record backlog of $157.9M (up 11%), ~80% of which management expects to convert to 2026 revenue; Q1 revenue was $47.3M (+10.3% YoY) split $31.1M for Circuits (+8.3%) and $17.1M for Aerospace (+12%), gross margin was $14.6M (30.9%) and adjusted EBITDA was $7.3M (15.4% of sales) noting a $1.9M Y/Y distortion ($1.5M FX, $0.4M gold) such that adjusted EBITDA would be about $0.8M higher vs. Q1 2025 absent those items. Net earnings were $3.5M ($0.14 diluted), free cash flow $4.9M, net debt $4.0M (0.1x TTM EBITDA) with liquidity of $80.5M (working capital $60.4M + $20.1M unused credit); operational metrics included AR days 68, inventory days 111, AP days 59, CapEx $0.7M (target ~3% of revenue), FX average rate 1.375 (vs 1.431 prior; ~1% FX ≈ $0.8M impact), and management highlighted capacity upside (shipped $191M last year; capacity north of $250M), targeted investments (Circuits Toronto ≈ $5M to add >$20M capacity; Hyderabad build ≈ $2–3M, ~ $20M potential capacity) and tariff headwinds estimated in the millions for 2026.Firan Tech Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
64
Positive
| Breakdown | TTM | Nov 2025 | Nov 2024 | Nov 2023 | Nov 2022 | Nov 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 195.62M | 191.00M | 162.10M | 135.20M | 89.62M | 79.36M |
| Gross Profit | 62.70M | 60.53M | 44.18M | 45.83M | 21.31M | 17.13M |
| EBITDA | 31.24M | 31.75M | 25.73M | 22.26M | 7.92M | 8.42M |
| Net Income | 13.39M | 13.08M | 10.81M | 11.62M | 698.00K | 170.00K |
Balance Sheet | ||||||
| Total Assets | 169.85M | 172.81M | 134.98M | 125.71M | 83.75M | 79.45M |
| Cash, Cash Equivalents and Short-Term Investments | 12.78M | 10.25M | 9.96M | 6.62M | 15.67M | 20.20M |
| Total Debt | 30.56M | 52.96M | 35.31M | 35.18M | 13.59M | 12.94M |
| Total Liabilities | 70.91M | 75.78M | 62.14M | 65.38M | 34.45M | 28.41M |
| Stockholders Equity | 98.32M | 96.47M | 72.15M | 59.53M | 48.33M | 50.10M |
Cash Flow | ||||||
| Free Cash Flow | 10.87M | 12.88M | 6.88M | 4.77M | -1.05M | 4.73M |
| Operating Cash Flow | 15.46M | 17.48M | 14.13M | 11.30M | 11.26M | 7.63M |
| Investing Cash Flow | -4.59M | -10.87M | -7.24M | -23.77M | -12.02M | -2.95M |
| Financing Cash Flow | -6.46M | -6.54M | -4.34M | 3.57M | -1.73M | -2.70M |
Firan Tech Technical Analysis
Positive
21.15
Price Trends
18.64
Positive
15.54
Positive
13.52
Positive
Market Momentum
0.65
Negative
59.97
Neutral
46.97
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:FTG, the sentiment is Positive. The current price of 21.15 is above the 20-day moving average (MA) of 19.20, above the 50-day MA of 18.64, and above the 200-day MA of 13.52, indicating a bullish trend. The MACD of 0.65 indicates Negative momentum. The RSI at 59.97 is Neutral, neither overbought nor oversold. The STOCH value of 46.97 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:FTG.
Firan Tech Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | C$519.83M | 38.96 | 14.42% | ― | 15.09% | 31.55% | |
71 Outperform | C$1.47B | 26.82 | 4.83% | 0.93% | 8.84% | 131.58% | |
71 Outperform | C$6.48B | 30.51 | 8.88% | ― | 57.77% | 57.55% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | C$12.36B | 30.69 | 7.50% | ― | 9.12% | ― | |
60 Neutral | C$26.63B | 18.12 | -61.55% | ― | 6.60% | -1.71% | |
46 Neutral | C$297.81M | -6.53 | -48.00% | ― | 26.74% | 53.14% |
* Industrials Sector Average
TSE:FTG
Firan Tech
20.50
11.86
137.27%
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Firan Tech Corporate Events
Executive/Board ChangesShareholder Meetings
Firan Technology Group Shareholders Back Board Slate and Auditor at AGM
Positive
Apr 9, 2026
Firan Technology Group Corporation reported that all six management-nominated directors were elected at its April 9 annual general meeting in Toronto, with each nominee receiving strong shareholder support. Shareholders representing 57.70% of outs...
Business Operations and StrategyFinancial Disclosures
Firan Technology Group Posts Higher Q1 2026 Revenue on Strong Bookings and Aerospace Growth
Positive
Apr 8, 2026
Firan Technology Group reported strong top-line momentum in the first quarter of 2026, with bookings climbing 17% to $60 million, revenue up 10.3% to $47.3 million and backlog rising 11% to $157.9 million, while maintaining low net debt of $4 mill...
Business Operations and StrategyFinancial Disclosures
Firan Technology Group posts higher Q1 revenue as aerospace and defence programs ramp up
Positive
Apr 8, 2026
Firan Technology Group reported first-quarter 2026 revenue of $47.3 million, up 10.3% year over year, driven by organic growth across its Circuits and Aerospace divisions and stronger bookings and backlog. Despite lower adjusted EBITDA, the compan...
Business Operations and StrategyProduct-Related Announcements
Firan Tech’s Cockpit Panels Help Power NASA’s Artemis Mission
Positive
Apr 1, 2026
Firan Technology Group’s FTG Aerospace division is playing a role in NASA’s Artemis program, supplying seven lighted Switch Interface Panels for the Orion spacecraft’s cockpit. The Chatsworth, California operation holds design au...
Business Operations and StrategyFinancial Disclosures
Firan Technology Group Sets Dates for Q1 2026 Results and Investor Call
Neutral
Mar 26, 2026
Firan Technology Group Corporation will release its first-quarter 2026 financial results after markets close on April 8, 2026, followed by a conference call on April 9 to discuss the performance. The company will also provide a replay of the call ...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Firan Technology Group Posts Strong 2025 Growth as Aerospace and Defence Programs Ramp Up
Positive
Feb 18, 2026
Firan Technology Group reported strong 2025 results, with revenue up 18% to $191 million, bookings rising 14% to $209.9 million, and backlog increasing 21% to $148.5 million, reflecting robust demand across its programs. Profitability also improve...
Financial Disclosures
Firan Technology Group Sets February 18 Date for 2025 Year-End Results
Neutral
Feb 5, 2026
Firan Technology Group Corporation will release its full-year and fourth-quarter 2025 financial results on February 18, 2026, after markets close, underscoring the company’s continued communication with investors as it navigates the aerospac...
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.