Financial 15 Split Corp (FTN) AI Stock Analysis

• Market Cap: N/A
• Dividend Yield: 11.64%
• Average Volume (3M): 216.28K
• Price to Earnings (P/E): 3.3
• Beta (1Y): 1.17
• Revenue Growth: 25.07%
• EPS Growth: 12.58%
• Country: CA
• Employees: N/A
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 3.26
• Shares Outstanding: 68,707,250
• 10 Day Avg. Volume: 135,539
• 30 Day Avg. Volume: 216,285
• PEG Ratio: -0.07
• Price to Book (P/B): 0.84
• Price to Sales (P/S): 2.27
• P/FCF Ratio: 24.66
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 62 Neutral
• Price Target: C$11.00 ▲(1.57% Upside)
• Action: Reiterated Date: 03/04/26
• Date: Action: Reiterated 03/04/26

The score is driven primarily by mixed financial performance: strong recent profitability and an improved balance sheet are offset by historically inconsistent operating/free cash flow and earnings volatility. Valuation is a clear positive (low P/E and high yield), while technicals are neutral-to-weak in the near term with the price below short-term moving averages.

Positive Factors

Split-share structure offering two investor profiles

The split-share model creates durable product differentiation: it institutionalizes distinct income (preferred) and growth (class A) propositions tied to the same portfolio. That structural offering appeals to different investor cohorts and supports stable demand for the company’s core product over time.

Improved balance sheet and materially lower leverage

The marked reduction in leverage and a stronger equity base materially improve solvency and resilience versus prior years. Lower leverage reduces refinancing and covenant risk and increases capacity to support preferred distributions and absorb market shocks over the medium term.

Very strong recent profitability and high net margins

Sustained high net margins and strong ROE in recent periods show the portfolio strategy can generate outsized returns when market conditions are favorable. This profitability supports internal capital accumulation and enhances the firm’s ability to fund distributions and rebuild reserves.

Negative Factors

Inconsistent and weak operating cash flow

Persistent negative operating cash flow across multiple years indicates reported profits are not consistently converting to cash. For a split-share corporation that funds distributions from realized/dividend cash, this raises durability concerns and increases the risk of capital raises or asset sales to maintain payouts.

Pronounced earnings and revenue volatility

Large swings between profitable and loss years undermine predictability of distributable income and complicate coverage planning for preferred dividends. Volatility limits management’s ability to make long-term commitments and increases investor uncertainty about sustainable cash returns.

Material absolute debt level remains elevated

Although leverage ratios improved, the absolute debt burden is still substantial. High nominal debt amplifies downside in market stress through interest and refinancing needs, constraining flexibility to opportunistically rebalance the portfolio or protect distributions in turbulent periods.

Financial 15 Split Corp Business Overview & Revenue Model

Company Description

Financial 15 Split Corp. is an close ended equity mutual fund launched by Quadravest Inc. It is managed by Quadravest Capital Management Inc. It invests in the public equity markets of the United States and Canada. The fund primarily invests in stocks of companies operating in the financials sector. Financial 15 Split Corp. was formed on Nov 14, 2003 and is domiciled in the Canada.

How the Company Makes Money

Financial 15 Split Corp generates revenue primarily through investment income derived from its diversified portfolio of financial services companies. The company employs a split share structure, issuing two types of shares: preferred shares and class A shares. Preferred shareholders receive fixed cumulative dividends, providing a steady income stream for the company. Class A shareholders benefit from capital appreciation and variable dividends, which are contingent on the performance of the underlying assets. FTN's revenue is also enhanced by capital gains realized from strategic buying and selling of securities within its portfolio. The corporation's key partnerships with financial institutions and its active management strategy contribute significantly to its earnings, enabling it to optimize dividend yields and capital returns.

Financial 15 Split Corp Financial Statement Overview

Summary

Strong recent profitability and improved leverage are tempered by very volatile results across years and weak earnings quality signals. Cash flow is the main concern: operating cash flow was negative in 2021–2024 before turning modestly positive in 2025, and free cash flow has swung sharply, reducing confidence in the sustainability of reported profits.

Income Statement

Profitability is exceptionally strong in 2024–2025, with very high net margins (about 79% in 2025 and ~99% in 2024) and positive net income in both years. However, results are volatile across the cycle: the company posted losses in 2020 and 2022–2023 and revenue swings materially (including negative revenue in 2020 and 2023). While 2025 shows solid revenue growth (+22%), the multi-year pattern suggests earnings are highly sensitive and less predictable.

Balance Sheet

The balance sheet improved meaningfully versus earlier years, with equity rising to ~789M in 2025 and leverage moderating to debt-to-equity of ~0.89 (from ~1.53 in 2023 and ~3.00 in 2020). Returns on equity are strong in the profitable years (about 29% in 2025 and 57% in 2024). The key risk remains meaningful absolute debt (~700M in 2025) and a history of elevated leverage during weaker periods, which can amplify downside when results soften.

Cash Flow

Cash generation is the weak point. Operating cash flow was negative in four of the last six annual periods (2021–2024), including a large outflow in 2023, before turning positive in 2025 (~27M). Free cash flow also swung sharply and shows steep reported decline in 2025 versus the prior year. Overall, cash flow does not consistently track reported profits, which raises questions about earnings quality and the stability of distributable cash.

Breakdown	Nov 2025	Nov 2024	Nov 2023	Nov 2022	Nov 2021
Income Statement
Total Revenue	293.76M	372.13M	-1.65M	128.77K	121.26M
Gross Profit	283.65M	372.13M	-1.65M	-4.85M	115.67M
EBITDA	280.45M	368.88M	0.00	0.00	112.77M
Net Income	231.70M	368.88M	-3.60M	-5.95M	97.98M
Balance Sheet
Total Assets	1.50B	1.25B	813.07M	670.92M	508.99M
Cash, Cash Equivalents and Short-Term Investments	143.21M	159.86M	805.83M	129.12M	28.12M
Total Debt	699.52M	595.08M	473.58M	346.49M	236.22M
Total Liabilities	715.80M	609.20M	503.67M	361.02M	241.55M
Stockholders Equity	788.82M	645.09M	309.39M	309.90M	267.44M
Cash Flow
Free Cash Flow	27.01M	-66.14M	-127.75M	-59.68M	-34.41M
Operating Cash Flow	27.01M	-66.14M	-127.75M	-59.68M	-34.41M
Investing Cash Flow	-11.58M	-92.14M	-148.57M	-70.33M	-37.20M
Financing Cash Flow	-30.82M	91.50M	132.74M	160.75M	-178.38M

Financial 15 Split Corp Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 10.83
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:FTN, the sentiment is Neutral. The current price of 10.83 is above the 20-day moving average (MA) of 10.70, above the 50-day MA of 10.68, and above the 200-day MA of 8.84, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 45.25 is Neutral, neither overbought nor oversold. The STOCH value of 35.74 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:FTN.

Financial 15 Split Corp Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PWI	70 Outperform	C$41.85M	5.00	32.64%	10.21%	818.69%	-12.12%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
QRC	67 Neutral	C$714.13M	4.20	36.24%	2.20%	-1.35%	496.34%
PDV	66 Neutral	C$6.57M	3.68	42.23%	7.52%	-54.61%	273.14%
FTN	62 Neutral	―	3.28	―	11.64%	25.07%	12.58%
RS	56 Neutral	C$113.30M	7.67	15.77%	17.81%	―	―
BNK	54 Neutral	C$23.77M	3.91	46.99%	8.54%	126.51%	10525.53%

Financial 15 Split Corp Corporate Events

Financial 15 Split Corp. Publishes 2025 Annual Financial Results

Financial 15 Split Corp., a Toronto-listed investment corporation offering structured exposure to financial sector securities, has released its annual financial statements and management report of fund performance for the year ended November 30, 2025. The documents are now available on the company’s website and on SEDAR+, giving shareholders and prospective investors updated insight into the fund’s recent performance and financial position.

The release of these annual filings provides the market with key information for evaluating the company’s income generation and capital preservation objectives, which is particularly relevant for investors in its split share structure. Ready access to these reports supports transparency and informed decision-making for stakeholders monitoring the fund’s performance and its role within the broader Canadian financial products landscape.

The most recent analyst rating on (TSE:FTN) stock is a Hold with a C$12.00 price target. To see the full list of analyst forecasts on Financial 15 Split Corp stock, see the TSE:FTN Stock Forecast page.

Financial 15 Split Corp. Maintains Monthly Distributions for Class A and Preferred Shares

Financial 15 Split Corp. has declared its regular monthly cash distributions for both classes of its shares, maintaining a payout of $0.12570 per Class A share, equivalent to $1.51 on an annualized basis, and $0.06042 per Preferred share, or $0.725 annually. These distributions will be paid on March 10, 2026 to shareholders of record as of February 27, 2026, underscoring the fund’s ongoing income mandate.

Since inception, the company has delivered cumulative distributions of $28.32 per Class A share and $13.08 per Preferred share, for a combined total of $41.40. This long-term payout record highlights Financial 15’s consistent cash-return profile to investors, reinforcing its positioning as an income-focused vehicle within the financial services equity space.

The most recent analyst rating on (TSE:FTN) stock is a Hold with a C$12.00 price target. To see the full list of analyst forecasts on Financial 15 Split Corp stock, see the TSE:FTN Stock Forecast page.

Financial 15 Split Corp. Renews $400 Million At-the-Market Equity Program

Financial 15 Split Corp. has renewed its at-the-market equity program, allowing it to issue Class A and Preferred Shares on Canadian exchanges at prevailing market prices until February 21, 2028, with potential gross proceeds of up to $400 million. The program, arranged through an equity distribution agreement with National Bank Financial, gives the company flexible, discretionary access to capital that can be deployed in line with its stated investment objectives and restrictions, supporting its strategy of maintaining and growing a diversified portfolio of major North American financial services companies and potentially influencing liquidity and capital structure for existing shareholders.

The most recent analyst rating on (TSE:FTN) stock is a Hold with a C$12.00 price target. To see the full list of analyst forecasts on Financial 15 Split Corp stock, see the TSE:FTN Stock Forecast page.

Financial 15 Split Corp. Maintains Regular Monthly Distributions for Class A and Preferred Shares

Financial 15 Split Corp. has declared its regular monthly cash distributions for both share classes, announcing a payment of $0.12570 per Class A share (equivalent to $1.51 on an annualized basis) and $0.06042 per Preferred share ($0.725 annually), payable on February 10, 2026 to shareholders of record as of January 30, 2026. The firm highlighted its long-term payout record, noting that since inception Class A shareholders have received a cumulative $28.20 per share and Preferred shareholders $13.02 per share, for a combined total of $41.22, underscoring the fund’s role as an income-oriented vehicle for investors in the financial services sector.

The most recent analyst rating on (TSE:FTN) stock is a Hold with a C$12.00 price target. To see the full list of analyst forecasts on Financial 15 Split Corp stock, see the TSE:FTN Stock Forecast page.

Financial 15 Split Corp. Raises $92.2 Million in Preferred Share Offering

Financial 15 Split Corp. has completed an overnight offering of its Preferred Shares, raising gross proceeds of $92.2 million, with the shares continuing to trade on the Toronto Stock Exchange under the symbol FTN.PR.A. The capital will be deployed into the firm’s actively managed portfolio of major Canadian and U.S. financial institutions, and the preferred shares are structured to provide fixed, cumulative monthly dividends at an annual rate of 7.25% effective December 1, 2025, subject to a minimum 6.00% rate until 2030, along with a targeted $10.00 per share payout around the current scheduled termination date of December 1, 2030, which may be extended in five-year increments.

The most recent analyst rating on (TSE:FTN) stock is a Hold with a C$12.00 price target. To see the full list of analyst forecasts on Financial 15 Split Corp stock, see the TSE:FTN Stock Forecast page.

Financial 15 Split Corp. Announces Regular Monthly Distributions for Class A and Preferred Shares

Financial 15 Split Corp. has declared its regular monthly cash distributions of $0.12570 per Class A share, equivalent to $1.51 on an annualized basis, and $0.06042 per Preferred share, or $0.725 annually, payable on January 9, 2026 to shareholders of record as of December 31, 2025. With this latest declaration, the fund reports that since inception Class A shareholders have received a cumulative $28.07 per share and Preferred shareholders $12.96 per share, for a combined $41.03, underscoring the vehicle’s ongoing focus on delivering consistent income to investors from its portfolio of leading Canadian and U.S. financial institutions.

Financial 15 Split Corp. Announces Class A Share Split and Increased Distributions

Financial 15 Split Corp. has announced a share split of its Class A shares, which will provide shareholders with 10 additional shares for every 100 shares held, subject to Toronto Stock Exchange approval. This move, following the extension of the company’s termination date, is expected to increase total distributions by approximately 10% and will be reflected in the net asset value per unit by the end of December 2025. The share split is a strategic decision aimed at enhancing shareholder value and maintaining the company’s strong position in the financial services sector.