Sylogist (TSE:SYZ)
TSX:SYZ
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Sylogist
(TSX:SYZ)
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Rating:45Neutral
Price Target:
C$3.00
▼(-4.46% Downside)
Action:ReiteratedDate:03/21/26
The score is held down primarily by deteriorating financial performance (swing to losses and sharply weaker operating/free cash flow) and weak technical trend signals (below key moving averages with negative MACD). The latest earnings call provides partial offset via improving SaaS/ARR and partnership progress, but margin and segment pressures remain, while valuation support is limited due to the negative P/E.
Positive Factors
SaaS ARR growth and recurring mix
A rising SaaS mix (73% of recurring revenue) and 15% ARR growth indicate a structural shift to subscription economics. That durable recurring base improves revenue predictability, supports higher lifetime value, and reduces reliance on lumpy services sales over the next several quarters.
Negative Factors
Operating performance deterioration
The swing from operating profit to loss and sustained net losses signals a fundamental profitability setback. Over multiple quarters this reduces retained earnings and managerial flexibility to invest in product or sales, raising the risk that growth investments will be limited or funded by external capital.
Read all positive and negative factors
Positive Factors
Negative Factors
SaaS ARR growth and recurring mix
A rising SaaS mix (73% of recurring revenue) and 15% ARR growth indicate a structural shift to subscription economics. That durable recurring base improves revenue predictability, supports higher lifetime value, and reduces reliance on lumpy services sales over the next several quarters.
Read all positive factors
Sylogist (SYZ) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$73.44M
Dividend Yield0.71%
Average Volume (3M)48.90K
Price to Earnings (P/E)―
Beta (1Y)0.93
Revenue Growth-4.89%
EPS Growth-143.94%
CountryCA
Employees200
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.04
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$6.42Price Target Upside104.35% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.04
Revenue Forecast (FY)C$65.61M
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:Nov 06, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted significant progress in SaaS revenue growth and partner strategy, alongside advancements in the Microsoft partnership. However, these positives were offset by declines in project services revenue and challenges in the Mission segment, leading to a reduced EBITDA margin.Positive Updates
Increase in SaaS Revenue
SaaS revenue reached 73% of recurring revenue, up from 68% the previous year. SaaS ARR increased by 15% year-over-year.
Negative Updates
Decline in Project Services Revenue
Project services revenue decreased to $4.2 million from $5.2 million the previous year due to a shift to a partner-led strategy.
Read all updates
Q3-2025 Updates
Positive
Negative
Increase in SaaS Revenue
SaaS revenue reached 73% of recurring revenue, up from 68% the previous year. SaaS ARR increased by 15% year-over-year.
Read all positive updates
Company Guidance
During the Sylogist Limited Third Quarter 2025 Results Conference Call, the company provided several key metrics and insights into its performance and future outlook. SaaS revenue constituted 73% of recurring revenue, up from 68% in the same period last year, with SaaS Annual Recurring Revenue (ARR) increasing by 15% year-over-year. Partner-driven Annual Recurring Revenue (ARR) bookings accounted for 48% of total ARR bookings. The total contract value (TCV) of bookings for the quarter was $5.9 million, with ARR derived from these bookings at approximately $1 million. The company plans to shift its reporting focus from total contract value to contracted ARR to align with its SaaS-centric strategy. Revenue for Q3 was $13.9 million, with SaaS subscription revenue growing 12% year-over-year. Gross margin remained stable at 60%, and adjusted EBITDA was $3.1 million, representing a 19.3% adjusted EBITDA margin. The company ended the quarter with $14.1 million in cash, and the sales pipeline is expanding and becoming more balanced across its three strategic markets. Sylogist also highlighted its strengthened partnership with Microsoft, transitioning to a managed software development company, which is expected to enhance its SaaS solutions in Microsoft's Azure cloud environment.Sylogist Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
56
Neutral
Cash Flow
45
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 62.24M | 65.60M | 65.51M | 69.00M | 38.67M |
| Gross Profit | 24.50M | 38.55M | 29.39M | 30.63M | 27.96M |
| EBITDA | 8.11M | 11.05M | 11.05M | 15.41M | 14.50M |
| Net Income | -4.66M | -727.00K | 1.10M | 2.54M | 4.37M |
Balance Sheet | |||||
| Total Assets | 82.13M | 97.92M | 96.58M | 103.06M | 98.03M |
| Cash, Cash Equivalents and Short-Term Investments | 8.30M | 13.26M | 11.61M | 14.54M | 29.59M |
| Total Debt | 19.19M | 19.31M | 17.74M | 21.97M | 19.03M |
| Total Liabilities | 51.03M | 60.33M | 58.98M | 63.16M | 51.34M |
| Stockholders Equity | 31.10M | 37.59M | 37.60M | 39.91M | 46.69M |
Cash Flow | |||||
| Free Cash Flow | 1.26M | 12.17M | 4.75M | 9.32M | 17.99M |
| Operating Cash Flow | 1.33M | 12.23M | 9.93M | 12.65M | 18.82M |
| Investing Cash Flow | -4.85M | -8.91M | -5.18M | -17.73M | -38.40M |
| Financing Cash Flow | -1.08M | -1.70M | -7.47M | -9.95M | 7.77M |
Sylogist Technical Analysis
Negative
3.14
Price Trends
3.81
Negative
4.68
Negative
6.16
Negative
Market Momentum
-0.22
Positive
31.66
Neutral
8.17
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:SYZ, the sentiment is Negative. The current price of 3.14 is below the 20-day moving average (MA) of 3.54, below the 50-day MA of 3.81, and below the 200-day MA of 6.16, indicating a bearish trend. The MACD of -0.22 indicates Positive momentum. The RSI at 31.66 is Neutral, neither overbought nor oversold. The STOCH value of 8.17 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
63 Neutral | C$96.19M | 73.32 | 3.03% | ― | 14.05% | -62.16% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | C$147.70M | 52.17 | 32.17% | ― | 20.62% | 21.78% | |
52 Neutral | C$126.22M | -12.40 | -38.48% | ― | 48.18% | -401.19% | |
49 Neutral | C$114.36M | -16.83 | -100.85% | ― | -12.14% | 4.41% | |
46 Neutral | C$213.27M | -3.89 | -65.57% | ― | 13.16% | -1375.61% | |
45 Neutral | C$73.44M | -28.99 | -8.89% | 0.71% | -4.89% | -143.94% |
* Technology Sector Average
TSE:SYZ
Sylogist
3.18
-4.95
-60.90%
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Sylogist Corporate Events
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...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Sylogist Sets Special Meeting as It Fights Activist Bid for Board Control
Negative
Feb 18, 2026
Sylogist has called a special meeting of shareholders for April 7, 2026, after activist investor OneMove Capital and its principal, Tyler Proud, requisitioned board changes that the company says would give them nearly 60% of board seats despite a ...
Business Operations and StrategyStock BuybackDividends
Sylogist Renews Share Buyback and Declares Quarterly Dividend
Positive
Feb 17, 2026
Sylogist has renewed its normal course issuer bid, allowing it to repurchase up to 2,258,992 common shares, or 10% of its public float, over the next year through the Toronto Stock Exchange and alternative Canadian trading systems. The company has...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Sylogist Faces Boardroom Challenge as OneMove Seeks Control, Company Stresses Governance Overhaul
Negative
Feb 4, 2026
Sylogist has received a shareholder meeting requisition from OneMove Capital LLC, which holds about 9.09% of its outstanding shares and is seeking to elect four nominees—including principal Tyler Proud—to replace three current director...
Business Operations and StrategyExecutive/Board Changes
Sylogist Names Craig O’Neill Interim CEO as Bill Wood Departs
Neutral
Jan 29, 2026
Sylogist has announced a leadership transition, with Bill Wood stepping down as president, CEO, and director, and the board appointing former director Craig O’Neill as interim president and CEO effective January 28, 2026. The board emphasize...
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.