TDb Split (XTD) AI Stock Analysis

• Market Cap: N/A
• Dividend Yield: 7.78%
• Average Volume (3M): 17.21K
• Price to Earnings (P/E): 1.1
• Beta (1Y): 1.52
• Revenue Growth: -56.22%
• EPS Growth: N/A
• Country: CA
• Employees: N/A
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 3.14
• Shares Outstanding: 4,790,573
• 10 Day Avg. Volume: 24,459
• 30 Day Avg. Volume: 17,213
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.77
• Price to Sales (P/S): 9.26
• P/FCF Ratio: -17.71
• 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: 57 Neutral
• Price Target: C$7.00 ▲(34.62% Upside)
• Action: Reiterated Date: 03/05/26
• Date: Action: Reiterated 03/05/26

The score is held back primarily by uneven financial performance—sharp revenue decline, very volatile earnings quality, and negative operating/free cash flow in 2025 despite strong reported profit—partly offset by improved leverage. Technicals are moderately positive with price above key moving averages and positive MACD, and valuation is a major support given the very low P/E and high dividend yield.

Positive Factors

Balance-sheet repair

A materially lower debt-to-equity in 2025 reduces financial fragility and increases strategic optionality. Over the next 2–6 months, a repaired capital structure meaningfully lowers default risk, eases refinancing pressure, and creates room to prioritize cash flow stabilization or selective investments.

Historic cash-generation capability

A recent multi-year history of strong operating and free cash flow demonstrates the business can convert revenue into cash when conditions normalize. This durability supports working capital needs, discretionary capital allocation, and recovery potential after transient setbacks in cash conversion.

Demonstrated episodic profitability

The company has shown the capacity to generate very high reported profitability in certain periods, indicating latent earnings power or non-core gains that can boost reserves. If core revenue stabilizes, these structural margin drivers could translate into sustainable earnings and reinvestment capacity.

Negative Factors

Sharp revenue decline

A 61.5% revenue drop materially erodes the fee or product base that underpins long-term profitability for an asset manager. Sustained or repeated revenue contractions compress operating leverage, reduce scale benefits, and make future cash generation and planning highly uncertain over the coming months.

Weak cash conversion in latest year

Negative operating and free cash flow in 2025, despite reported profits, signals poor earnings quality and liquidity stress. Persistent cash conversion gaps force reliance on external financing or asset sales, constraining dividends, investments, and the ability to weather further revenue volatility.

Historically high leverage

A history of elevated leverage and thin equity amplifies downside when revenues or cash flows weaken. Even with recent improvement, legacy capital-structure risk limits flexibility, increases refinancing sensitivity, and raises the probability of equity dilution or distressed actions if headwinds persist.

TDb Split Business Overview & Revenue Model

Company Description

TDb Split Corp. is a closed-ended equity mutual fund launched and managed by Quadravest Capital Management Inc. It invests in the public equity markets of Canada. The fund seeks to invest in the stocks of a company operating in the banking sector. It primarily invests in the common shares of Toronto-Dominion Bank. The fund benchmarks the performance of its portfolio against the S&P TSX Financial Index. TDb Split Corp. was formed on May 24, 2007 and is domiciled in Canada.

How the Company Makes Money

TDb Split generates revenue through a multi-faceted model that includes software licensing fees, subscription services, and professional consulting. The company primarily earns money by selling licenses for its software products, allowing clients to install and use its technology on their own systems. Additionally, TDb Split offers subscription-based services, providing clients with ongoing access to updated software, cloud-based analytics, and support. Professional consulting services, which include training, implementation assistance, and custom development projects, also contribute significantly to the company's revenue. Strategic partnerships with key players in the technology and financial sectors enhance TDb Split's market reach and can lead to additional revenue opportunities through joint ventures and collaborative projects.

TDb Split Financial Statement Overview

Summary

Financials are high-variability: 2025 shows a sharp revenue decline (-61.5%) with extremely high margins that appear driven by non-core items, while cash conversion weakened with negative operating and free cash flow. Leverage improved materially in 2025 but the historical balance sheet has been highly levered, keeping overall financial strength below average.

Income Statement

Results are volatile. The latest annual period (2025) shows a sharp revenue decline (-61.5%) but very strong profitability (net margin ~849%, EBIT margin ~946%), suggesting earnings were driven more by non-revenue items than core revenue. Prior years swing between sizable losses (2020, 2022–2024) and strong profit (2021), limiting confidence in the durability of earnings and the underlying trajectory.

Balance Sheet

Leverage remains a key constraint. Debt-to-equity improved materially in 2025 (~1.44x) versus elevated levels in 2024 (~8.83x) and 2023 (~4.86x), indicating balance-sheet repair. However, the capital structure has historically carried high leverage and equity has been relatively thin versus debt in prior years, which can amplify downside during weak periods.

Cash Flow

Cash generation is inconsistent and a current weakness. 2025 posted negative operating cash flow and negative free cash flow (about -$1.46M) despite strong reported net income, implying weaker cash conversion in the most recent period. While 2022–2024 showed very strong positive operating/free cash flow, the history includes large cash outflows (2020–2021), highlighting meaningful volatility and timing risk.

Breakdown	Nov 2025	Nov 2024	Nov 2023	Nov 2022	Nov 2021
Income Statement
Total Revenue	2.79M	-2.81M	6.85M	4.70M	2.00M
Gross Profit	2.31M	-2.81M	6.21M	4.02M	1.34M
EBITDA	26.36M	-3.18M	42.41K	1.55M	0.00
Net Income	23.67M	-3.18M	-9.52M	-1.86M	14.79M
Balance Sheet
Total Assets	82.59M	88.26M	88.69M	89.75M	87.06M
Cash, Cash Equivalents and Short-Term Investments	82.59M	88.25M	88.69M	89.74M	87.06M
Total Debt	48.41M	78.88M	72.18M	64.76M	59.42M
Total Liabilities	49.09M	79.32M	73.84M	65.63M	60.16M
Stockholders Equity	33.50M	8.93M	14.84M	24.11M	26.91M
Cash Flow
Free Cash Flow	-1.46M	32.56M	18.98M	5.84M	-19.99M
Operating Cash Flow	-1.46M	32.56M	18.98M	5.84M	-19.99M
Investing Cash Flow	-34.37M	29.30M	16.09M	3.56M	-21.82M
Financing Cash Flow	-29.08M	4.00M	3.43M	1.05M	8.60M

TDb Split Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 5.20
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:XTD, the sentiment is Positive. The current price of 5.2 is below the 20-day moving average (MA) of 6.81, below the 50-day MA of 6.73, and above the 200-day MA of 5.20, indicating a bullish trend. The MACD of 0.07 indicates Negative momentum. The RSI at 56.59 is Neutral, neither overbought nor oversold. The STOCH value of 54.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:XTD.

TDb Split Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MKZ.UN	72 Outperform	C$3.04M	2.88	193.99%	13.17%	-5.41%	-10.83%
PWI	70 Outperform	C$40.71M	―	32.64%	10.21%	818.69%	-12.12%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
PDV	66 Neutral	C$6.75M	11.28	42.23%	7.52%	-54.61%	273.14%
XTD	57 Neutral	―	1.09	50.01%	7.78%	-56.22%	―
RS	56 Neutral	C$113.41M	―	15.77%	17.81%	―	―
BNK	54 Neutral	C$24.59M	―	46.99%	8.54%	126.51%	10525.53%

TDb Split Corporate Events

TDb Split Corp. Publishes 2025 Annual Financial Results

TDb Split Corp. has released its annual financial statements and management report of fund performance for the year ended November 30, 2025. These documents are now available to investors on the company’s website and through the SEDAR+ public filing system, providing updated transparency on the fund’s financial position and performance for stakeholders.

By making the latest audited financials and management discussion accessible, the company fulfills its regulatory disclosure obligations and supports informed decision-making by current and prospective investors. The publication of these results offers the market an opportunity to reassess TDb Split Corp.’s performance, risk profile, and alignment with its investment mandates.

The most recent analyst rating on (TSE:XTD) stock is a Hold with a C$6.50 price target. To see the full list of analyst forecasts on TDb Split stock, see the TSE:XTD Stock Forecast page.

TDb Split Corp. Announces Regular Monthly Dividends for Class A and Priority Equity Shares

TDb Split Corp., which invests in Toronto-Dominion Bank common shares through a split-share structure, provides Class A and Priority Equity shares tailored for income-focused investors in the Canadian financial market. The company has a track record of regular cash distributions to both share classes since inception.

The firm declared its regular monthly cash dividend of $0.05000 per Class A share and $0.05833 per Priority Equity share, payable on March 10, 2026 to shareholders of record on February 27, 2026. With this distribution, cumulative payouts since inception total $8.60 per Class A share and $9.97 per Priority Equity share, underscoring TDb Split’s ongoing income delivery to its investors.

The most recent analyst rating on (TSE:XTD) stock is a Hold with a C$6.50 price target. To see the full list of analyst forecasts on TDb Split stock, see the TSE:XTD Stock Forecast page.

TDb Split Corp. Renews $75 Million At-the-Market Equity Program

TDb Split Corp. has renewed its at-the-market equity program, authorizing the issuance of up to $75 million of Class A Shares and Priority Equity Shares through the Toronto Stock Exchange and other Canadian marketplaces at prevailing market prices until February 21, 2028, replacing a prior program from 2023. The renewed program, arranged under an equity distribution agreement with National Bank Financial Inc. and supported by a new shelf prospectus and supplement, gives the company flexible, discretionary access to capital to be deployed in line with its existing investment objectives and strategies, potentially enhancing its ability to manage its portfolio of Toronto-Dominion Bank shares and respond to market conditions for the benefit of its shareholders.

The most recent analyst rating on (TSE:XTD) stock is a Hold with a C$6.50 price target. To see the full list of analyst forecasts on TDb Split stock, see the TSE:XTD Stock Forecast page.

TDb Split Corp. Announces Regular Monthly Distributions for Class A and Priority Equity Shares

TDb Split Corp. has declared its regular monthly cash distributions of $0.05000 per Class A share, equivalent to $0.60 on an annualized basis, and $0.05833 per Priority Equity share, or $0.700 annually, payable on February 10, 2026 to shareholders of record as of January 30, 2026. Including this latest payment, Class A shareholders have received a cumulative $8.55 per share and Priority Equity shareholders $9.91 per share, for a combined total of $18.46, underscoring the fund’s ongoing income stream to investors tied to its portfolio of Toronto-Dominion Bank common shares.

The most recent analyst rating on (TSE:XTD) stock is a Hold with a C$6.50 price target. To see the full list of analyst forecasts on TDb Split stock, see the TSE:XTD Stock Forecast page.

TDb Split Corp. Declares Regular Monthly Dividends for Class A and Priority Equity Shares

TDb Split Corp. has declared its regular monthly cash distributions of $0.05000 per Class A share, equivalent to $0.60 on an annualized basis, and $0.05833 per Priority Equity share, or $0.70 annually, payable on January 9, 2026 to shareholders of record as of December 31, 2025. The announcement underscores the fund’s continued income stream to investors, with cumulative payouts since inception reaching $8.50 per Class A share and $9.85 per Priority Equity share, for a combined total of $18.35 per unit, reinforcing its role as a consistent dividend vehicle tied to the performance of Toronto-Dominion Bank.

The most recent analyst rating on (TSE:XTD) stock is a Hold with a C$6.50 price target. To see the full list of analyst forecasts on TDb Split stock, see the TSE:XTD Stock Forecast page.