Financial 15 Split Corp (TSE:FTN)
TSX:FTN
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Financial 15 Split Corp
(TSX:FTN)
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Rating:68Neutral
Price Target:
C$12.50
▲(15.42% Upside)
Action:Reiterated
Date:05/19/26
The score is driven by exceptionally attractive valuation (very low P/E and ~12% dividend yield) and a strong technical uptrend. These positives are tempered by the biggest risk: inconsistent operating/free cash flow and historically volatile earnings, which reduce confidence in the durability of recent profitability and distributions.
Positive Factors
Split-share structure
The split-share legal structure creates two investor-facing securities (preferred and Class A) with different priorities and cash flow claims. This durable product design attracts income-focused and residual-return investors, stabilizing demand and aligning payouts with capital structure rules.
Negative Factors
Weak cash generation
Reported profits have not consistently converted to operating cash, with multiple multi-year outflows before a small 2025 recovery. This persistent cash generation shortfall undermines distribution sustainability and raises earnings-quality risks that affect long-term payout durability.
Read all positive and negative factors
Positive Factors
Negative Factors
Split-share structure
The split-share legal structure creates two investor-facing securities (preferred and Class A) with different priorities and cash flow claims. This durable product design attracts income-focused and residual-return investors, stabilizing demand and aligning payouts with capital structure rules.
Read all positive factors
Financial 15 Split Corp (FTN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
N/A
Dividend Yield11.64%
Average Volume (3M)216.28K
Price to Earnings (P/E)3.4
Beta (1Y)1.12
Revenue Growth-22.23%
EPS Growth-35.33%
CountryCA
EmployeesN/A
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)3.11
Shares Outstanding76,603,290
10 Day Avg. Volume135,539
30 Day Avg. Volume216,285
Financial Highlights & Ratios
PEG Ratio-0.06
Price to Book (P/B)0.77
Price to Sales (P/S)2.06
P/FCF Ratio22.42
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Financial 15 Split Corp Business Overview & Revenue Model
Company Description
Financial 15 Split Corp. is an close ended equity mutual fund launched by Quadravest Inc. It is managed by Quadravest Capital Management Inc. It invests in the public equity markets of the United States and Canada. The fund primarily invests in st...
How the Company Makes Money
Financial 15 Split Corp. makes money primarily from (1) dividend income received from its underlying portfolio holdings (Canadian financial sector equities), and (2) realized and unrealized capital gains (or losses) on those holdings as their mark...
Financial 15 Split Corp Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
63
Positive
Cash Flow
34
Negative
| Breakdown | Nov 2025 | Nov 2024 | Nov 2023 | Nov 2022 | Nov 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 293.76M | 372.13M | -1.65M | 128.77K | 121.26M |
| Gross Profit | 283.65M | 372.13M | -1.65M | -4.85M | 115.67M |
| EBITDA | 280.45M | 368.88M | 0.00 | 0.00 | 112.77M |
| Net Income | 231.70M | 368.88M | -3.60M | -5.95M | 97.98M |
Balance Sheet | |||||
| Total Assets | 1.50B | 1.25B | 813.07M | 670.92M | 508.99M |
| Cash, Cash Equivalents and Short-Term Investments | 143.21M | 159.86M | 805.83M | 129.12M | 28.12M |
| Total Debt | 699.52M | 595.08M | 473.58M | 346.49M | 236.22M |
| Total Liabilities | 715.80M | 609.20M | 503.67M | 361.02M | 241.55M |
| Stockholders Equity | 788.82M | 645.09M | 309.39M | 309.90M | 267.44M |
Cash Flow | |||||
| Free Cash Flow | 27.01M | -66.14M | -127.75M | -59.68M | -34.41M |
| Operating Cash Flow | 27.01M | -66.14M | -127.75M | -59.68M | -34.41M |
| Investing Cash Flow | -11.58M | -92.14M | -148.57M | -70.33M | -37.20M |
| Financing Cash Flow | -30.82M | 91.50M | 132.74M | 160.75M | -178.38M |
Financial 15 Split Corp Technical Analysis
Positive
10.83
Price Trends
9.82
Positive
9.44
Positive
8.82
Positive
Market Momentum
0.25
Positive
72.27
Negative
39.17
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:FTN, the sentiment is Positive. The current price of 10.83 is above the 20-day moving average (MA) of 10.47, above the 50-day MA of 9.82, and above the 200-day MA of 8.82, indicating a bullish trend. The MACD of 0.25 indicates Positive momentum. The RSI at 72.27 is Negative, neither overbought nor oversold. The STOCH value of 39.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:FTN.
Financial 15 Split Corp Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | C$739.85M | 1.60 | 78.23% | 2.20% | 89.66% | ― | |
68 Neutral | ― | 3.42 | ― | 11.64% | -22.23% | -35.33% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | C$7.61M | 4.18 | 42.23% | 7.52% | -51.64% | -29.34% | |
65 Neutral | C$113.78M | ― | -7.26% | 17.81% | 109.66% | ― | |
| ― | C$26.98M | ― | 46.99% | 8.54% | 226.71% | 115.90% | |
63 Neutral | C$42.47M | ― | 26.15% | 10.21% | 184.08% | -45.01% |
* Financial Sector Average
TSE:FTN
Financial 15 Split Corp
10.69
4.73
79.21%
TSE:QRC
Queen's Road Capital Investment
14.50
8.22
130.97%
TSE:PDV
Prime Dividend Cl A
13.46
5.81
76.04%
TSE:RS
Real Estate & E-Commerce Split Corp. Class A
9.84
1.52
18.24%
TSE:BNK
Big Banc Split
16.78
6.20
58.53%
TSE:PWI
Sustainable Power & Infrastructure Split
12.87
4.42
52.34%
Financial 15 Split Corp Corporate Events
Dividends
Financial 15 Split Corp. Maintains Monthly Distributions to Class A and Preferred Shareholders
Positive
Mar 18, 2026
Financial 15 Split Corp., which invests in a diversified portfolio of leading Canadian and U.S. financial services companies, continues to offer investors exposure to major banks and insurers across North America. The company’s split-share s...
Financial DisclosuresRegulatory Filings and Compliance
Financial 15 Split Corp. Publishes 2025 Annual Financial Results
Neutral
Feb 25, 2026
Financial 15 Split Corp., a Toronto-listed investment corporation offering structured exposure to financial sector securities, has released its annual financial statements and management report of fund performance for the year ended November 30, 2...
Dividends
Financial 15 Split Corp. Maintains Monthly Distributions for Class A and Preferred Shares
Positive
Feb 19, 2026
Financial 15 Split Corp. has declared its regular monthly cash distributions for both classes of its shares, maintaining a payout of $0.12570 per Class A share, equivalent to $1.51 on an annualized basis, and $0.06042 per Preferred share, or $0.72...
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.