Fiera Capital Corp
Fiera Capital Corp provides investment management and fund administration services to institutional and retail clients, generating revenue primarily through management fees and performance-based fees.
Business. Fiera Capital Corp (FSZ.TO) is a Canadian investment management and fund operator headquartered in Canada. The company operates within the Banking & Investment Services industry, generating revenue primarily through fee-based models associated with asset management. It is listed on the Toronto Stock Exchange under the ticker symbol FSZ.TO. Specific details regarding operating segments and geographic revenue mix are not provided in the available data.
Analyst recommendations
6 analysts · consensus HoldAt a glance
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- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
Signals & dispatch
Composite-score breakdown
Synthesis
Fiera Capital Corp (FSZ.TO) is a Canadian investment management and fund operator headquartered in Canada. The company operates within the Banking & Investment Services industry, generating revenue primarily through fee-based models associated with asset management. It is listed on the Toronto Stock Exchange under the ticker symbol FSZ.TO. Specific details regarding operating segments and geographic revenue mix are not provided in the available data.
Fiera Capital Corp maintains a debt-to-equity ratio of 2.92, indicating a capital structure that is significantly leveraged relative to equity. The company's liquidity position is characterized as medium risk, with a current ratio of 1.2, suggesting limited short-term liquidity cushion. Free cash flow of CAD 36.08 million in the latest period reflects the company's ability to generate cash after capital expenditures, though the negative net cash position after subtracting total debt raises concerns about long-term liquidity.
Profitability metrics show a return on equity (ROE) of 14.95%, which is strong but must be evaluated against the investment management industry's median ROE. The return on assets (ROA) of 3.19% is in line with the industry's capital-intensive nature, where asset turnover is typically low. Operating income of CAD 97.82 million and net income of CAD 39.05 million indicate a healthy margin, though the company's performance must be benchmarked against peers to assess competitive positioning.
The company's revenue is concentrated in its core investment management and fund administration services, with no disclosed geographic diversification in the latest financials. This lack of geographic segmentation suggests a potential concentration risk, as the company's performance is tied to the markets in which it operates.
Looking ahead, the company's growth trajectory is expected to remain stable, with no significant revenue growth or contraction projected in the current or next fiscal year. The absence of capital expenditure growth and the low dilution risk suggest a conservative approach to capital allocation and shareholder dilution.
The risk assessment highlights medium liquidity risk and low dilution risk, with the key flag being the negative net cash position after subtracting total debt. This suggests that the company may need to manage its debt obligations carefully to maintain financial stability. No recent events or filings have been disclosed that would significantly alter the company's risk profile or strategic direction.
Analyst sentiment is neutral, with a mean recommendation of 3.00 (Hold) and no strong buy or buy ratings. The mean price target of CAD 6.54 and median price target of CAD 6.38 suggest limited upside potential in the near term.
- Fiera Capital Corp has a strong ROE of 14.95% but a high debt-to-equity ratio of 2.92, indicating a leveraged capital structure.
- The company's liquidity position is medium risk, with a current ratio of 1.2 and negative net cash after subtracting total debt.
- Revenue is concentrated in investment management and fund administration services, with no geographic diversification disclosed.
- Analysts have a neutral outlook, with a mean recommendation of Hold and limited upside potential in price targets.
- The company's conservative capital allocation and low dilution risk suggest a stable financial strategy.
Bull / Bear case
Generated · model-assistedIn focus — financials by report
Valuation
Revenue by segment
Business relationships
Supply chain
Peer comparison
Market position
Stress test
Predictor forecast
| Metric | Our forecast | Guidance | Consensus |
|---|---|---|---|
| EPS | —no estimate | —no estimate | 0,93 |
| Revenue | —no estimate | —no estimate | 695,6M CAD |
| Operating income | —no estimate | —no estimate | 135,9M CAD |
Options
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Earnings-call key lines
Consensus distribution
sell-side coverageEstimate revisions
consensus EPS · 26-week trendSell-side observations
Themes
ESG
Risk factors
- Net cash is negative after subtracting total debt.
Benchmarks vs cohort
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- Dilution Ratio(shares_outstanding_diluted - shares_outstanding_basic) / shares_outstanding_basic
- Net Cashcash_and_equivalents + short_term_investments - short_term_debt - long_term_debt
- Capex To Revenuecapital_expenditure / revenue
- Return On Equitynet_income / total_equity
- Debt To Equity(short_term_debt + long_term_debt) / total_equity
- Cash Conversion Ratiooperating_cash_flow / net_income
- Fiera Capital Corp Market data — financials · 2026-05-27
- Fiera Capital Corp Market data — analyst estimates · 2026-05-27