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Fiera Capital A
(TSX:FSZ)
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Rating:54Neutral
Price Target:
C$3.00
▼(-33.77% Downside)
Action:Reiterated
Date:10/16/26
The score is held back primarily by weakened fundamentals (sharp TTM revenue decline and high leverage despite strong cash flow) and poor technicals (below key moving averages with negative MACD). Offsetting factors include an attractive income profile (very high dividend yield) and an earnings-call outlook that is balanced—cost discipline and Private Markets progress, but continued near-term flow and revenue headwinds with leverage improvement expected later in the year.
Positive Factors
Strong cash generation
Strong operating and free cash flow provide internal funding for dividends, investment and debt reduction. The close relationship between free cash flow and net income also supports earnings quality, giving the business useful resilience despite market-sensitive fee revenue.
Negative Factors
Elevated leverage
High leverage reduces financial flexibility and leaves less balance-sheet capacity to absorb volatility in fee revenue. It also increases the importance of management’s planned debt reduction, while lower returns on equity suggest a thinner cushion than in prior periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Strong operating and free cash flow provide internal funding for dividends, investment and debt reduction. The close relationship between free cash flow and net income also supports earnings quality, giving the business useful resilience despite market-sensitive fee revenue.
Read all positive factors
Fiera Capital A (FSZ) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$298.73M
Dividend Yield15.32%
Average Volume (3M)446.99K
Price to Earnings (P/E)15.4
Beta (1Y)0.64
Revenue Growth-1.48%
EPS Growth-47.10%
CountryCA
Employees769
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.18
Shares Outstanding86,518,830
10 Day Avg. Volume811,215
30 Day Avg. Volume446,986
Financial Highlights & Ratios
PEG Ratio0.30
Price to Book (P/B)2.55
Price to Sales (P/S)1.02
P/FCF Ratio7.13
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$3.89Price Target Upside-14.06% Downside
Rating ConsensusHold
Number of Analyst Covering7
EPS Forecast (FY)0.91
Revenue Forecast (FY)C$639.03M
Fiera Capital A Business Overview & Revenue Model
Company Description
Fiera Capital Corporation is an publicly owned investment manager. The firm primarily provides its services to institutional investors, financial intermediaries, high net worth individuals, family offices, foundations, and endowments. The firm man...
How the Company Makes Money
Fiera Capital primarily makes money by charging fees for managing client assets. The main revenue stream is management fees calculated as a percentage of assets under management (AUM) across its investment strategies and pooled investment vehicles...
Fiera Capital A Earnings Call Summary
Earnings Call Date:Aug 07, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Neutral
The call presents a balanced picture: meaningful operational and investment highlights (AUM growth QoQ, Private Markets fundraising and deployment, strong strategy performance, cost optimization and stable margins) were offset by significant near-term headwinds (large sub-advised outflows of CAD 5.3 billion, anticipated further transfers/redemptions of ~CAD 2.0 billion combined, revenue declines ~5% YoY, and modest increases in net debt and leverage). Management articulated clear strategic responses and expects leverage to improve in H2, but near-term flow and revenue pressures temper the outlook.Positive Updates
Assets Under Management Growth (Quarterly)
Total AUM ended the quarter at CAD 163.5 billion, up ~2.1% QoQ. Public Markets AUM was CAD 141.2 billion, up ~2.4% QoQ, with market appreciation more than offsetting net outflows.
Negative Updates
Large Sub-Advised Outflows
Sub-advisory AUM outflows were CAD 5.3 billion in the quarter, largely reflecting a single U.S. client transfer to PineStone and additional rebalancing across U.S., EMEA and Asia. Public Markets net outflows excluding sub-advised mandates were CAD 2.2 billion in the quarter.
Read all updates
Q2-2026 Updates
Positive
Negative
Assets Under Management Growth (Quarterly)
Total AUM ended the quarter at CAD 163.5 billion, up ~2.1% QoQ. Public Markets AUM was CAD 141.2 billion, up ~2.4% QoQ, with market appreciation more than offsetting net outflows.
Read all positive updates
Company Guidance
Guidance from the call was that 2026 direct transfers should be lower than the prior year (with one remaining client transfer of ~CAD1.5B expected in H2), and management expects net debt (CAD723M, up CAD23M QoQ) and leverage (net-debt ratio ~3.8x; interest coverage >4x) to decline in the second half of the year as the seasonal bonus/variable comp outflows reverse; they also expect quarterly interest expense to fall from roughly CAD12M toward CAD10M (≈CAD4M annual savings). Financial targets and capital-return actions include maintained adjusted EBITDA (CAD42M; margin 27.1%; YTD margin ~27%), adjusted net earnings of CAD23.9M (adj. EPS CAD0.21), last-12‑month free cash flow of CAD93M (dividend payout just under 50%), a quarterly dividend of CAD0.108/share payable Sept 17, NCIB renewal to buy up to CAD4M of shares (YTD ~700k shares repurchased for CAD3.9M), and continued focus on Private Markets growth (total AUM CAD163.5B; Public Markets AUM CAD141.2B; Private Markets AUM up 0.5% Q/Q and 1.4% YTD, pipeline/undeployed capital CAD1.9B, CAD800M deployed YTD including >CAD500M this quarter, net inflows >CAD115M and ~CAD100M of new mandates) despite sub-advised outflows of CAD5.3B (Public Markets ex-sub-advised net outflows CAD2.2B) in the quarter.Fiera Capital A Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
38
Negative
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 335.04M | 655.16M | 676.20M | 675.53M | 664.89M | 737.85M |
| Gross Profit | 265.69M | 559.97M | 430.91M | 444.04M | 425.29M | 385.53M |
| EBITDA | 133.65M | 158.78M | 149.50M | 189.96M | 139.49M | 201.56M |
| Net Income | 19.86M | 39.05M | 24.99M | 58.45M | 25.35M | 73.53M |
Balance Sheet | ||||||
| Total Assets | 1.21B | 1.22B | 1.25B | 1.29B | 1.33B | 1.47B |
| Cash, Cash Equivalents and Short-Term Investments | 41.49M | 52.63M | 44.56M | 75.22M | 68.21M | 111.98M |
| Total Debt | 827.30M | 817.74M | 768.51M | 732.54M | 746.30M | 709.54M |
| Total Liabilities | 969.91M | 956.48M | 957.75M | 960.74M | 982.45M | 1.05B |
| Stockholders Equity | 235.88M | 261.21M | 285.06M | 322.63M | 341.05M | 415.31M |
Cash Flow | ||||||
| Free Cash Flow | 114.06M | 93.43M | 130.98M | 135.12M | 108.39M | 155.15M |
| Operating Cash Flow | 119.92M | 99.11M | 134.00M | 137.97M | 113.31M | 171.29M |
| Investing Cash Flow | -10.04M | -15.01M | 9.39M | 3.29M | -6.34M | 43.55M |
| Financing Cash Flow | -103.61M | -78.76M | -175.23M | -137.30M | -148.15M | -179.35M |
Fiera Capital A Technical Analysis
Negative
4.53
Price Trends
3.97
Negative
4.46
Negative
4.91
Negative
Market Momentum
-0.37
Positive
10.40
Positive
8.16
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:FSZ, the sentiment is Negative. The current price of 4.53 is above the 20-day moving average (MA) of 3.45, above the 50-day MA of 3.97, and below the 200-day MA of 4.91, indicating a bearish trend. The MACD of -0.37 indicates Positive momentum. The RSI at 10.40 is Positive, neither overbought nor oversold. The STOCH value of 8.16 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:FSZ.
Fiera Capital A Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | C$1.07B | 1.73 | 28.64% | ― | -18.31% | 265.83% | |
79 Outperform | C$3.65B | 24.85 | 28.39% | 1.56% | 102.07% | 109.00% | |
73 Outperform | C$931.71M | 6.69 | 11.46% | 3.62% | 12.19% | 26.48% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
54 Neutral | C$298.73M | 15.39 | 7.95% | 15.32% | -1.48% | -47.10% |
* Financial Sector Average
TSE:FSZ
Fiera Capital A
2.82
-2.98
-51.37%
TSE:AGF.B
AGF Management B NV
14.65
1.10
8.15%
TSE:SEC
Senvest Capital
442.20
68.20
18.24%
TSE:SII
Sprott
141.67
28.06
24.70%
Fiera Capital A Corporate Events
Business Operations and StrategyFinancial Disclosures
Fiera Capital’s AUM Falls to $151.4 Billion Ahead of Q3 Results
Negative
Oct 14, 2026
Fiera Capital reported preliminary assets under management of approximately $151.4 billion as of September 30, 2026, down from $163.5 billion at the end of the prior quarter. The decline was driven by $3.8 billion of negative market impact amid ri...
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.