Sylogist (TSE:SYZ)
TSX:SYZ
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Sylogist
(TSX:SYZ)
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Rating:48Neutral
Price Target:
C$4.00
▲(2.56% Upside)
Action:Reiterated
Date:05/12/26
The score is held back primarily by deteriorating financial performance (recent losses and sharply weaker cash flow) and a longer-term bearish price trend versus key moving averages. Offsetting factors include measurable progress in the SaaS/ARR transition discussed on the earnings call and modestly positive near-term technical signals, but valuation support is limited due to negative earnings.
Positive Factors
ARR & SaaS ARR Growth
Steady ARR and faster SaaS ARR growth show the business is shifting toward recurring, predictable revenue. That improves revenue visibility and unit economics over time, supporting investment in product and partners and reducing reliance on one-time services if the trend persists.
Negative Factors
Sharp cash-generation decline
A steep fall in operating and free cash flow reduces internal funding for the SaaS transition and product rollout, forcing tougher capital allocation choices. Persistently weak cash conversion threatens runway for sales/implementation investments and increases reliance on external financing or cost cuts.
Read all positive and negative factors
Positive Factors
Negative Factors
ARR & SaaS ARR Growth
Steady ARR and faster SaaS ARR growth show the business is shifting toward recurring, predictable revenue. That improves revenue visibility and unit economics over time, supporting investment in product and partners and reducing reliance on one-time services if the trend persists.
Read all positive factors
Sylogist (SYZ) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$88.18M
Dividend Yield0.71%
Average Volume (3M)48.90K
Price to Earnings (P/E)―
Beta (1Y)1.17
Revenue Growth-7.56%
EPS Growth-554.27%
CountryCA
Employees200
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.32
Shares Outstanding23,389,578
10 Day Avg. Volume49,775
30 Day Avg. Volume48,898
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)4.34
Price to Sales (P/S)2.17
P/FCF Ratio106.69
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$4.25Price Target Upside8.97% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)-0.2
Revenue Forecast (FY)C$60.63M
Sylogist Business Overview & Revenue Model
Company Description
Sylogist Ltd., a software company, provides enterprise resource planning (ERP) solutions in Canada, the United States, the United Kingdom, and internationally. It offers Serenic Navigator solutions, including accounting and financial management, a...
How the Company Makes Money
Sylogist makes money primarily by selling software and related services tied to its ERP and business-application offerings. Key revenue streams generally include: (1) recurring software revenue from subscriptions (for cloud/SaaS deployments) and/o...
Sylogist Earnings Call Summary
Earnings Call Date:May 12, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Neutral
The call presents a mixed picture: clear progress on the company’s strategic SaaS transformation with ARR and SaaS ARR growth, improved recurring-revenue mix, product-market fit momentum (notably VSS and Gov/Ed), and cost discipline in go-to-market. However, near-term financials show meaningful headwinds — total revenue and project services revenue declines, a sharp contraction in adjusted EBITDA margin, SaaS NRR deterioration tied to legacy churn, a low cash balance, and one-time shareholder/severance costs. Management frames most legacy churn as largely behind them and expects upcoming renewals and Texas go-live to drive ARR and future revenue, but near-term metrics remain pressured.Positive Updates
SaaS Subscription Revenue Growth
SaaS subscription revenue grew 5% year-over-year; strong segment performance with Gov +34% and Solutions +48%, partially offset by Mission -9%.
Negative Updates
Total Revenue Decline
Total revenue declined to $14.7M from $16.3M year-over-year, a drop of approximately -9.8%, driven primarily by reduced project services revenue.
Read all updates
Q1-2026 Updates
Positive
Negative
SaaS Subscription Revenue Growth
SaaS subscription revenue grew 5% year-over-year; strong segment performance with Gov +34% and Solutions +48%, partially offset by Mission -9%.
Read all positive updates
Company Guidance
Management's guidance centers on completing a 12–18 month SaaS transformation to an ARR‑driven model, accelerating partner‑led delivery while augmenting partner sales with selective direct sales, improving customer service/NPS to reduce churn and raise SaaS NRR, and pursuing focused R&D (including AI) to drive product differentiation; they highlighted Q1 metrics to frame that guidance — total revenue $14.7M (vs. $16.3M), recurring revenue 75% of total (vs. 67%), SaaS = 74% of recurring, ARR $45.6M (+3% YoY; +6% constant‑currency), SaaS ARR $33.6M (+7% YoY; +10% CC), SaaS NRR 98% (vs. 108% a year ago), gross margin 57% (recurring ≈71%), PS revenue $3.5M (vs. $4.9M), adjusted EBITDA $1.2M (7.9% margin), cash $4M, cumulative shareholder engagement costs $1.8M, NCIB repurchases of 95,000 shares at an average $3.84 and suspension of the dividend; they also said VSS is market‑ready, Gov ERP and SylogistEd are nearing product‑market fit, and the Texas contract is 92% complete (on track to finish by end‑of‑H1) with ARR pickup on Sept. 1 and revenue shifting into Q3 and full effect in Q4.Sylogist Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
56
Neutral
Cash Flow
45
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 60.66M | 62.24M | 65.60M | 65.51M | 69.00M | 38.67M |
| Gross Profit | 25.50M | 24.50M | 38.55M | 29.39M | 30.63M | 27.96M |
| EBITDA | 6.98M | 8.11M | 11.05M | 11.05M | 15.41M | 14.50M |
| Net Income | -7.53M | -4.66M | -727.00K | 1.10M | 2.54M | 4.37M |
Balance Sheet | ||||||
| Total Assets | 77.25M | 82.13M | 97.92M | 96.58M | 103.06M | 98.03M |
| Cash, Cash Equivalents and Short-Term Investments | 3.97M | 8.30M | 13.26M | 11.61M | 14.54M | 29.59M |
| Total Debt | 19.12M | 19.19M | 19.31M | 17.74M | 21.97M | 19.03M |
| Total Liabilities | 50.21M | 51.03M | 60.33M | 58.98M | 63.16M | 51.34M |
| Stockholders Equity | 27.03M | 31.10M | 37.59M | 37.60M | 39.91M | 46.69M |
Cash Flow | ||||||
| Free Cash Flow | -4.25M | 1.26M | 12.17M | 4.75M | 9.32M | 17.99M |
| Operating Cash Flow | -2.83M | 1.33M | 12.23M | 9.93M | 12.65M | 18.82M |
| Investing Cash Flow | -1.42M | -4.85M | -8.91M | -5.18M | -17.73M | -38.40M |
| Financing Cash Flow | -1.57M | -1.08M | -1.70M | -7.47M | -9.95M | 7.77M |
Sylogist Technical Analysis
Positive
3.90
Price Trends
3.61
Positive
3.97
Negative
5.15
Negative
Market Momentum
-0.01
Negative
55.80
Neutral
87.88
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:SYZ, the sentiment is Positive. The current price of 3.9 is above the 20-day moving average (MA) of 3.51, above the 50-day MA of 3.61, and below the 200-day MA of 5.15, indicating a neutral trend. The MACD of -0.01 indicates Negative momentum. The RSI at 55.80 is Neutral, neither overbought nor oversold. The STOCH value of 87.88 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:SYZ.
Sylogist Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | C$130.12M | 425.27 | 24.61% | ― | 14.22% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | C$83.32M | -300.48 | -0.47% | ― | 6.79% | -119.91% | |
49 Neutral | C$118.61M | -10.34 | -100.85% | ― | -0.90% | -3.31% | |
48 Neutral | C$88.18M | -11.70 | -24.29% | 0.71% | -7.56% | -554.27% | |
47 Neutral | C$239.97M | -5.70 | -61.90% | ― | -33.13% | -88.96% | |
46 Neutral | C$76.16M | -6.40 | -42.66% | ― | -62.08% | -377.71% |
* Technology Sector Average
TSE:SYZ
Sylogist
3.77
-5.14
-57.68%
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Sylogist Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Sylogist Challenges OneMove’s New Director Slate as Proxy Battle Continues
Negative
Apr 13, 2026
Sylogist has received an advance notice of director nominations from OneMove Capital and is reviewing the slate with its advisors, noting that OneMove’s latest nominees differ from its earlier requisition and highlighting what it characteriz...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Sylogist Lifts Recurring SaaS Mix but Posts 2025 Net Loss Amid Shift From Project Services
Negative
Mar 19, 2026
Sylogist reported fourth-quarter 2025 revenue of $14.4 million, with recurring revenue making up 81% of the total and SaaS annual recurring revenue rising 9% year over year to $33.8 million. Despite a gross margin of 56% and adjusted EBITDA of $1....
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Sylogist Adds Independent Director and Resets Shareholder Meeting Amid Activist Dispute
Negative
Mar 16, 2026
Sylogist has appointed Andrew Shen, a technology-focused growth equity investor and co-founder of Shen Capital Partners, as an independent director to its board, while long-serving director Barry Foster will not stand for re-election. In conjuncti...
Business Operations and Strategy
Sylogist Partners With RSM to Scale Public Sector Cloud Solutions Across North America
Positive
Mar 4, 2026
Sylogist has entered a strategic go-to-market relationship with RSM US LLP to jointly deliver industry-specific, Microsoft-based cloud solutions to nonprofit organizations and local governments across North America. The collaboration leverages RSM...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Sylogist Sets March 19 Date for FY 2025 Results, Cancels 2026 Investor Day Amid CEO Transition
Neutral
Mar 3, 2026
Sylogist said it will report its fourth quarter and fiscal 2025 financial results before markets open on March 19, 2026, and will discuss performance on a same-day conference call led by Interim CEO Craig O’Neill and CFO Sujeet Kini. The com...
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.