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Firan Tech
(TSX:FTG)
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Rating:71Outperform
Price Target:
C$36.00
▲(79.19% Upside)
Action:Reiterated
Date:10/14/26
The score is driven primarily by improving financial fundamentals and a very strong earnings update (record backlog/earnings and net-cash position), partially offset by mixed cash-flow consistency. Technicals show strong trend strength but also stretched momentum, while valuation is a notable headwind given the high P/E and no dividend support.
Positive Factors
Backlog visibility
The record backlog and high expected conversion rate provide meaningful revenue visibility across the next several quarters. This supports production planning, resource allocation, and investment decisions while reducing reliance on securing entirely new orders to sustain near-term growth.
Negative Factors
Customer concentration
A large and rising share of revenue from five customers increases dependence on their program schedules, purchasing decisions, and production levels. Concentration may amplify the effect of delays or changes in a small number of aerospace and defense accounts.
Read all positive and negative factors
Positive Factors
Negative Factors
Backlog visibility
The record backlog and high expected conversion rate provide meaningful revenue visibility across the next several quarters. This supports production planning, resource allocation, and investment decisions while reducing reliance on securing entirely new orders to sustain near-term growth.
Read all positive factors
Firan Tech (FTG) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$847.84M
Dividend YieldN/A
Average Volume (3M)118.18K
Price to Earnings (P/E)37.8
Beta (1Y)2.02
Revenue Growth17.40%
EPS Growth56.91%
CountryCA
Employees737
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)0.89
Shares Outstanding25,173,390
10 Day Avg. Volume118,296
30 Day Avg. Volume118,179
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$35.00Price Target Upside74.22% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)1.01
Revenue Forecast (FY)C$224.18M
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 specialized hardware products and related services to aerospace and defense customers. In its Circuits segment, revenue is generated from manufacturing and delivering printed circuit boards (PCBs) and associate...
Firan Tech Earnings Call Summary
Earnings Call Date:Oct 07, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 10, 2027
Earnings Call Sentiment Positive
The call was strongly positive, led by record bookings, revenue, backlog, margins, EBITDA, earnings, free cash flow, and a move to net cash. Demand across aerospace and defense remains strong, classified defense programs are ramping, and international diversification and new product initiatives are progressing. The principal cautions were tariff- and AI-driven input cost increases, short-term visibility on expedited pricing, equipment and order-timing delays, higher working-capital and investment requirements, customer concentration, and execution challenges associated with the pace of growth.Positive Updates
Record Third-Quarter Results
FTG reported record revenues, earnings, bookings, and backlog in Q3 2026, supported by continued strong end-market demand. Bookings were $90 million, up 75% versus Q3 2025, with a 1.41:1 book-to-bill ratio. Revenue was $64 million, up 34.3%, adjusted EBITDA was $15.1 million, up 97% from $7.5 million, net earnings were $10 million, and free cash flow was positive $7.1 million.
Negative Updates
Tariff-Driven Input Cost Increases
Tariffs are impacting input costs in the Circuits business, particularly at U.S. sites and at Toronto when materials move through the U.S. Management estimates the overall cost impact to be in the millions of CAD in 2026 and is working to pass the increased costs to customers and end users.
Read all updates
Q3-2026 Updates
Positive
Negative
Record Third-Quarter Results
FTG reported record revenues, earnings, bookings, and backlog in Q3 2026, supported by continued strong end-market demand. Bookings were $90 million, up 75% versus Q3 2025, with a 1.41:1 book-to-bill ratio. Revenue was $64 million, up 34.3%, adjusted EBITDA was $15.1 million, up 97% from $7.5 million, net earnings were $10 million, and free cash flow was positive $7.1 million.
Read all positive updates
Company Guidance
FTG expects CapEx to be closer to FTG's long-term target of 3% of revenue, though as it adds production capacity in Canada, the U.S., and India, this rate may tick higher to 4% or 5% in the next couple of quarters; approximately 84.8% of the record $221 million backlog is expected to be converted to revenue through Q3 2027 or in the next 12 months, the two classified defense programs will ramp through next year and then sustain for some number of years after that, with management saying “by the end of next year” is fair for reaching run rate, and each has $50 million-$100 million annual potential; Hyderabad is expected to have no real incremental benefit to FTG before 2027, is expected to be certified to key aerospace standards by the end of this year, and first shipments of the Edge+ WQAR manufactured at FTG should happen in Q4 this year, while the first SATCOM radio shipment from Chatsworth is expected in Q4 this year and further WestJet WVSS-II installations are expected through the balance of this year.Firan Tech Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
78
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Nov 2025 | Nov 2024 | Nov 2023 | Nov 2022 | Nov 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 217.05M | 191.00M | 162.10M | 135.20M | 89.62M | 79.36M |
| Gross Profit | 77.10M | 60.53M | 44.18M | 45.83M | 21.31M | 17.13M |
| EBITDA | 39.93M | 31.75M | 25.73M | 22.26M | 7.92M | 8.47M |
| Net Income | 22.18M | 13.08M | 10.81M | 11.62M | 698.00K | 170.00K |
Balance Sheet | ||||||
| Total Assets | 184.99M | 172.81M | 134.98M | 125.71M | 83.75M | 79.45M |
| Cash, Cash Equivalents and Short-Term Investments | 12.75M | 10.25M | 9.96M | 6.62M | 15.67M | 20.20M |
| Total Debt | 22.57M | 52.96M | 35.31M | 35.18M | 13.59M | 12.94M |
| Total Liabilities | 71.69M | 75.78M | 62.14M | 65.38M | 34.45M | 28.41M |
| Stockholders Equity | 112.55M | 96.47M | 72.15M | 59.53M | 48.33M | 50.10M |
Cash Flow | ||||||
| Free Cash Flow | 20.61M | 12.88M | 6.88M | 4.77M | -1.05M | 4.73M |
| Operating Cash Flow | 25.83M | 17.48M | 14.13M | 11.30M | 11.26M | 7.63M |
| Investing Cash Flow | -7.32M | -10.87M | -7.24M | -23.77M | -12.02M | -2.95M |
| Financing Cash Flow | -16.91M | -6.54M | -4.34M | 3.57M | -1.73M | -2.70M |
Firan Tech Technical Analysis
Positive
20.09
Price Trends
25.51
Positive
24.36
Positive
21.65
Positive
Market Momentum
2.72
Positive
70.12
Negative
65.51
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:FTG, the sentiment is Positive. The current price of 20.09 is below the 20-day moving average (MA) of 31.38, below the 50-day MA of 25.51, and below the 200-day MA of 21.65, indicating a bullish trend. The MACD of 2.72 indicates Positive momentum. The RSI at 70.12 is Negative, neither overbought nor oversold. The STOCH value of 65.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | C$847.84M | 37.84 | 21.62% | ― | 17.40% | 56.91% | |
65 Neutral | C$33.42B | 25.12 | -93.00% | 2.51% | 10.95% | 111.91% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | C$11.58B | 40.33 | 5.47% | 1.82% | 5.38% | -31.14% | |
62 Neutral | C$6.66B | 50.74 | 6.60% | 7.63% | 38.30% | -13.39% | |
60 Neutral | C$1.95B | 32.47 | 7.11% | 0.59% | 15.36% | 57.18% | |
44 Neutral | C$201.59M | -4.77 | -27.52% | ― | 26.30% | 55.00% |
* Industrials Sector Average
TSE:FTG
Firan Tech
33.68
22.78
208.99%
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Firan Tech Corporate Events
Business Operations and StrategyFinancial Disclosures
Firan Technology Group Delivers Record Q3 Results and Expands Global Aerospace and Defense Footprint
Positive
Oct 7, 2026
Firan Technology Group reported a strong third quarter of 2026, with revenue rising 34.3% to $64.1 million and adjusted EBITDA nearly doubling to $15.1 million, driven by record bookings of $90.2 million and a growing backlog of $220.7 million. Ne...
Business Operations and StrategyFinancial Disclosures
Firan Technology Group Sets Date to Release Q3 2026 Results
Neutral
Sep 29, 2026
Firan Technology Group Corporation, a global aerospace and defence electronics supplier, serves leading aviation and defence customers through its FTG Circuits and FTG Aerospace units. These businesses provide high-reliability printed circuit boar...
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.