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Firan Tech
(TSX:FTG)
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Rating:67Neutral
Price Target:
C$20.50
▲(2.04% Upside)
Action:Reiterated
Date:08/25/26
Overall score reflects solid fundamental performance and a notably strong earnings update (record bookings/backlog, improving margins, stronger free cash flow and low net debt), partially offset by weak current technical momentum and a relatively high P/E with no dividend support.
Positive Factors
Record bookings and backlog visibility
Record bookings and a 1.64:1 book-to-bill support durable demand visibility, while 66% of backlog is expected to convert within 12 months. This strengthens revenue planning across aerospace, defense, and circuits programs.
Negative Factors
Tariff and input-cost inflation
Tariffs and rapidly rising circuit-board input costs can compress margins if customer pricing does not adjust. Persistent supply-chain inflation is a structural risk to profitability, particularly in the Circuits business.
Read all positive and negative factors
Positive Factors
Negative Factors
Record bookings and backlog visibility
Record bookings and a 1.64:1 book-to-bill support durable demand visibility, while 66% of backlog is expected to convert within 12 months. This strengthens revenue planning across aerospace, defense, and circuits programs.
Read all positive factors
Firan Tech (FTG) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$502.21M
Dividend YieldN/A
Average Volume (3M)67.44K
Price to Earnings (P/E)33.3
Beta (1Y)2.12
Revenue Growth11.09%
EPS Growth4.67%
CountryCA
Employees737
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)0.60
Shares Outstanding25,173,390
10 Day Avg. Volume104,379
30 Day Avg. Volume67,435
Financial Highlights & Ratios
PEG Ratio1.39
Price to Book (P/B)2.94
Price to Sales (P/S)1.48
P/FCF Ratio21.99
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$26.00Price Target Upside29.42% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.73
Revenue Forecast (FY)C$210.53M
Firan Tech Business Overview & Revenue Model
Company Description
Firan Technology Group Corporation specializes in the manufacturing and sale of critical electronic components, including printed circuit boards (PCBs), illuminated cockpit display panels, and specialized keyboards. Its diverse market footprint sp...
How the Company Makes Money
FTG makes money primarily by selling high-reliability printed circuit boards and related electronics manufacturing products/services to commercial and government customers, especially in aerospace, defense, and avionics supply chains. Its revenue ...
Firan Tech Earnings Call Summary
Earnings Call Date:Jul 08, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 14, 2026
Earnings Call Sentiment Positive
The call presented a strong positive operational and financial backdrop: record bookings (up 89%), record backlog (+30%), improving margins, positive free cash flow and reduced net debt. Management also highlighted meaningful wins in aerospace and defense (including two large classified programs) and strategic actions to diversify geographically (India facility, moving work outside the U.S.). Notable challenges were repeated — tariff-driven input-cost inflation, site-specific operational disruptions (Toronto, Minnetonka), shipping incidents on the C919 program, regional softness in Europe and timing uncertainty on ramping classified program revenue. Working capital metrics and SG&A rose modestly, and certification/staffing timelines (Hyderabad, customer approvals) present short-term execution risk. Overall, the positives (record financials, bookings, backlog, margin expansion, liquidity) materially outweigh the operational and market headwinds, though execution and cost-pass-through are key near-term risks to monitor.Positive Updates
Record Quarterly Performance Across Key Metrics
Bookings of $86.7M in Q2 2026, an 89% increase YoY (book-to-bill 1.64:1); quarter-end backlog $193.5M, up 30% YoY; revenue $52.7M, up 8.2% YoY; adjusted EBITDA $10.5M, up 20% YoY; adjusted net earnings $5.1M, up 44% YoY.
Negative Updates
Tariff Exposure and Rising Input Costs
U.S. tariffs are increasing input costs for the Circuits business (materials from outside North America); company estimates tariff-related cost impact is 'in the millions' in 2026 and is working to pass on costs to customers with limited success.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly Performance Across Key Metrics
Bookings of $86.7M in Q2 2026, an 89% increase YoY (book-to-bill 1.64:1); quarter-end backlog $193.5M, up 30% YoY; revenue $52.7M, up 8.2% YoY; adjusted EBITDA $10.5M, up 20% YoY; adjusted net earnings $5.1M, up 44% YoY.
Read all positive updates
Company Guidance
Management guided to continued strong demand and backlog conversion: Q2 bookings were $86.7M (+89% YoY) with a 1.64:1 book‑to‑bill, generating a record backlog of $193.5M (+30% YoY) with ~66% expected to convert to revenue in 12 months; Q2 revenue was $52.7M (+8.2% YoY) (Aerospace $17.1M, +21%; Circuits $34.3M, +1.9%), gross margin $19.2M (36.5%), adjusted EBITDA $10.5M (19.9% of sales, +20% YoY), adjusted net earnings $5.1M (+44%), net earnings $5.0M ($0.20 diluted), free cash flow +$2.7M (vs. -$5.5M prior), net debt $2.9M (~0.09–0.1x TTM EBITDA) and liquidity ~$85M (working capital $61.8M + $23.3M undrawn); near‑term actions include converting classified-defense awards into production, ramping Aero‑Calgary and Edge+ and C919/De Havilland deliveries in H2, adding ~$20M+ Toronto capacity by year‑end, opening Hyderabad (~$2–3M investment, expected contribution in 2027), targeting long‑run CapEx ≈3% of revenue (Q2 CapEx $0.9M), managing tariff and input‑cost pressures (millions in 2026), and tightening working capital (AR days 60, inventory days 112, AP days 57) while acknowledging seasonal Q3 softness (~8% lost production).Firan Tech Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
76
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Nov 2025 | Nov 2024 | Nov 2023 | Nov 2022 | Nov 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 200.27M | 191.00M | 162.10M | 135.20M | 89.62M | 79.36M |
| Gross Profit | 66.31M | 60.53M | 44.18M | 45.83M | 21.31M | 17.13M |
| EBITDA | 33.41M | 31.75M | 25.73M | 22.26M | 7.92M | 8.42M |
| Net Income | 14.95M | 13.08M | 10.81M | 11.62M | 698.00K | 170.00K |
Balance Sheet | ||||||
| Total Assets | 170.92M | 172.81M | 134.98M | 125.71M | 83.75M | 79.45M |
| Cash, Cash Equivalents and Short-Term Investments | 10.83M | 10.25M | 9.96M | 6.62M | 15.67M | 20.20M |
| Total Debt | 27.53M | 52.96M | 35.31M | 35.18M | 13.59M | 12.94M |
| Total Liabilities | 67.13M | 75.78M | 62.14M | 65.38M | 34.45M | 28.41M |
| Stockholders Equity | 103.11M | 96.47M | 72.15M | 59.53M | 48.33M | 50.10M |
Cash Flow | ||||||
| Free Cash Flow | 17.11M | 12.88M | 6.88M | 4.77M | -1.05M | 4.73M |
| Operating Cash Flow | 21.13M | 17.48M | 14.13M | 11.30M | 11.26M | 7.63M |
| Investing Cash Flow | -4.13M | -10.87M | -7.24M | -23.77M | -12.02M | -2.95M |
| Financing Cash Flow | -13.69M | -6.54M | -4.34M | 3.57M | -1.73M | -2.70M |
Firan Tech Technical Analysis
Negative
20.09
Price Trends
23.09
Negative
22.24
Negative
18.78
Positive
Market Momentum
-1.02
Positive
38.01
Neutral
42.68
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:FTG, the sentiment is Negative. The current price of 20.09 is below the 20-day moving average (MA) of 22.10, below the 50-day MA of 23.09, and above the 200-day MA of 18.78, indicating a neutral trend. The MACD of -1.02 indicates Positive momentum. The RSI at 38.01 is Neutral, neither overbought nor oversold. The STOCH value of 42.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:FTG.
Firan Tech Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | C$31.21B | 23.86 | -93.00% | 2.51% | 10.95% | 111.91% | |
67 Neutral | C$502.21M | 33.25 | 15.33% | ― | 11.09% | 4.67% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | C$10.81B | 37.63 | 5.47% | 1.82% | 5.38% | -31.14% | |
62 Neutral | C$6.62B | 50.42 | 6.60% | 7.63% | 38.30% | -13.39% | |
60 Neutral | C$1.88B | 31.33 | 7.11% | 0.61% | 15.36% | 57.18% | |
54 Neutral | C$306.48M | -7.64 | -27.52% | ― | 26.30% | 55.00% |
* Industrials Sector Average
TSE:FTG
Firan Tech
19.95
7.26
57.21%
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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.