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): 1.50
• 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: 4,775,573
• 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$6.50 ▲(25.00% 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

Stable dividend cashflow

The split-share vehicle's primary cash source is dividends from TD common shares, providing a predictable income stream that supports contractual distributions. Over a 2–6 month horizon, bank dividend receipts offer a durable cash inflow that reduces reliance on asset sales or volatile trading income.

Improving leverage

Material reduction in debt-to-equity during 2025 indicates balance-sheet repair and greater financial flexibility. Lower leverage reduces interest and refinancing stress, improving the company's ability to withstand shocks and sustain distributions over the medium term.

Flexible capital-raising structure

The legal and operational ability to issue preferred or capital shares provides a durable mechanism to raise equity and acquire more underlying TD shares. This optionality supports scaling assets, managing payout obligations, and addressing liquidity needs without forced disposals of core holdings.

Negative Factors

Weak cash conversion

Negative operating and free cash flow in the most recent year shows earnings are not reliably converting to cash, weakening the funding base for fixed distributions. Over several months this raises the risk of funding shortfalls, forced issuance, or reduced payouts to preserve solvency.

Revenue and earnings volatility

Sharp swings in revenue and extremely volatile margins—where recent profitability appears driven by non-core items—signal low durability of underlying earnings. This variability undermines predictability of distributions and increases the chance of structural changes to payouts or capital policies.

Historical high leverage risk

A track record of elevated leverage and thin equity amplifies downside sensitivity: losses or interrupted dividends can quickly erode capital. Even with recent improvement, legacy leverage patterns leave the vehicle exposed to adverse scenarios and limit long-term financial resilience.

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 (XTD) generates cash primarily from (1) dividends received on its holdings of Toronto-Dominion Bank common shares and (2) any capital gains realized if it sells TD shares. These cash inflows are used to pay operating expenses (such as management and administrative fees) and to fund distributions and obligations to its issued share classes (commonly including fixed distributions to preferred shares, with residual cash flow potentially supporting distributions to capital shares depending on the structure and coverage). It may also generate proceeds from issuing additional preferred and/or capital shares (new unit offerings) when undertaken, with proceeds typically used to acquire more TD shares to maintain the split-share structure. Specific details on fee rates, exact distribution terms, and any named counterparties or partnerships are null.

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: Negative
• Last Price: 5.20
• 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:XTD, the sentiment is Negative. The current price of 5.2 is below the 20-day moving average (MA) of 6.66, below the 50-day MA of 6.71, and below the 200-day MA of 5.34, indicating a neutral trend. The MACD of -0.11 indicates Positive momentum. The RSI at 35.94 is Neutral, neither overbought nor oversold. The STOCH value of 52.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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$3.03M	2.88	193.99%	13.17%	-5.41%	-10.83%
PWI	70 Outperform	C$39.57M	―	55.08%	10.21%	818.69%	-12.12%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
PDV	62 Neutral	C$6.30M	3.53	42.23%	7.52%	-54.61%	273.14%
XTD	57 Neutral	―	1.09	50.01%	7.78%	-56.22%	―
RS	56 Neutral	C$109.98M	―	-7.26%	17.81%	―	―
BNK	54 Neutral	C$21.82M	―	46.99%	8.54%	126.51%	10525.53%

TDb Split Corporate Events

TDb Split Corp. Declares Regular Monthly Distributions on Split Shares

TDb Split Corp., a TSX-listed split share corporation focused on Toronto-Dominion Bank common shares, provides investors with Class A and Priority Equity shares designed to deliver targeted income and exposure to one of Canada’s major financial institutions. Its structure allows different risk-return profiles for shareholders seeking bank-focused investment income.

The company declared regular monthly cash distributions of $0.05000 per Class A share and $0.05833 per Priority Equity share, payable on April 10, 2026 to shareholders of record on March 31, 2026. With this declaration, cumulative distributions since inception reach $8.65 per Class A share and $10.02 per Priority Equity share, underscoring the fund’s established income track record for its investors.

The most recent analyst rating on (TSE:XTD) stock is a Buy with a C$7.50 price target. To see the full list of analyst forecasts on TDb Split stock, see the TSE:XTD Stock Forecast page.

TDb Split Corp. 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.