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): 2.9
• Beta (1Y): 1.29
• 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: 69,259,650
• 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: 55 Neutral
• Price Target: C$10.00 ▼(-7.66% Downside)
• Action: Reiterated Date: 03/11/26
• Date: Action: Reiterated 03/11/26

The score is driven primarily by mixed fundamentals: strong recent profitability and improved leverage are offset by inconsistent operating/free cash flow and multi-year volatility. Technical indicators are broadly bearish and oversold, weighing on the score, while very low P/E and a high dividend yield provide meaningful valuation support.

Positive Factors

High Profitability

Exceptional reported net margins in 2024–2025 indicate the portfolio generated strong realized and unrealized gains, supporting the corporation’s ability to pay preferred distributions. Sustained high profitability, if driven by durable dividend income and selective realizations, strengthens retained capital and coverage over time.

Improved Leverage

A meaningful reduction in leverage improves financial flexibility and lowers downside amplification from market swings. Moderated debt-to-equity enhances the company’s ability to maintain distributions and absorb portfolio volatility, reducing near-term refinancing pressure and stress on the split-share structure.

Stable Split-Share Model

The split-share product offers distinct income and growth investor demand and is backed by large Canadian financial names, providing predictable dividend streams and a clear risk-return segmentation. This structural business model can sustain investor interest and recurring fee/management activities over the medium term.

Negative Factors

Weak Cash Generation

Persistent negative operating cash flow across multiple years raises concerns that reported profits rely on non-cash items or timing of portfolio trades. Weak cash conversion undermines sustainable distributable cash, constrains deleveraging, and limits the firm’s ability to fund preferred distributions from operating sources.

Earnings Volatility

Multi-year swings between strong profits and outright losses show earnings are highly sensitive to market cycles and realization timing. This volatility makes future distributable income unpredictable, complicates risk management for leveraged split shares, and can erode investor confidence in steady payouts.

Sizeable Absolute Debt

Although leverage improved, the company still carries a large absolute debt load (~$700M). High nominal debt increases interest and refinancing risks, limits strategic optionality, and can amplify losses in downturns—heightening the structural risk profile for both preferred and class A shareholders.

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 value and supports distributions primarily from (1) dividend income received on its underlying portfolio holdings and (2) realized and unrealized gains (or losses) on those portfolio securities. Dividend income is used to pay operating expenses and fund distributions (including the fixed distributions typically associated with the preferred share class); remaining cash flow, if any, can support distributions to class A shares. The company may also use portfolio management activities—such as rebalancing, selling holdings to realize gains, and buying holdings to maintain target exposures—to manage coverage for the preferred shares and to support the split-share structure’s objectives. In addition, like other investment funds/split corporations, it can raise capital through issuing shares (e.g., during offerings), which increases assets under management, though this is a financing activity rather than operating revenue. Specific details on any securities lending, derivatives (e.g., covered call writing), or other ancillary income sources are null.

Financial 15 Split Corp Financial Statement Overview

Summary

Recent profitability is very strong (very high net margins in 2024–2025) and leverage has improved (debt-to-equity down to ~0.89 in 2025). However, results are highly volatile across years (losses in 2020 and 2022–2023, large revenue swings), and cash flow is the major concern with negative operating cash flow in 4 of the last 6 periods, raising earnings-quality and sustainability risk.

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: Negative
• Last Price: 10.83
• 50DMA: Negative
• 100DMA: Negative
• 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 Negative. The current price of 10.83 is above the 20-day moving average (MA) of 10.20, above the 50-day MA of 10.52, and above the 200-day MA of 8.97, indicating a neutral trend. The MACD of -0.36 indicates Positive momentum. The RSI at 31.77 is Neutral, neither overbought nor oversold. The STOCH value of 42.34 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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$39.89M	―	55.08%	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$842.25M	1.64	35.97%	2.20%	-1.35%	496.34%
PDV	66 Neutral	C$6.30M	11.28	42.23%	7.52%	-54.61%	273.14%
RS	56 Neutral	C$111.35M	―	-7.26%	17.81%	―	―
FTN	55 Neutral	―	2.87	―	11.64%	25.07%	12.58%
BNK	54 Neutral	C$23.83M	―	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.