Fiera Capital Corporation (FSZ.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+665.1%

CA$21.12

vs CA$2.76 price

Levered DCF

CA$22.58

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

0.07

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	17.22×	39.22×	10.79×	34.72×	14.77×	-356×	-83.64×	-213.02×
P/B	2.55×	3.39×	1.95×	2.61×	2.62×	2.38×	2.14×	1.69×
P/S	1.02×	1.43×	0.93×	1.34×	1.48×	1.61×	1.78×	1.98×
EV / EBITDA	9.07×	11.36×	6.82×	11.28×	8.42×	13.79×	16.61×	23.54×
Gross margin	85.5%	63.7%	65.7%	64.0%	52.3%	49.3%	42.0%	39.4%
Operating margin	16.8%	16.7%	19.0%	14.6%	18.3%	15.0%	13.6%	12.1%
Net margin	6.0%	3.7%	8.7%	3.8%	10.0%	-0.5%	-2.1%	-0.9%
Current ratio	23.38×	1.26×	1.17×	1.11×	1.16×	1.41×	1.11×	1.35×
Debt / equity	3.13×	2.7×	2.27×	2.19×	1.71×	1.61×	1.5×	0.84×
Interest coverage	2.59×	2.24×	2.56×	2.41×	3.85×	2.71×	2.46×	2.97×
Dividend yield	8.6%	9.4%	14.2%	9.9%	8.0%	7.7%	7.2%	6.9%
Payout ratio	147.0%	364.9%	153.1%	347.0%	119.2%	-2525.3%	-621.5%	-1467.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.9%	8.8%	18.1%	7.4%	17.7%	-0.7%	-2.5%	-0.8%
Return on invested capital	6.8%	7.4%	9.2%	6.6%	8.8%	1.7%	5.9%	4.6%
Return on assets	3.2%	2.0%	4.5%	1.9%	5.0%	-0.2%	-0.8%	-0.3%
Free cash flow yield	14.0%	13.6%	21.5%	12.2%	14.2%	12.0%	10.2%	8.7%
Earnings yield	5.9%	2.6%	9.3%	2.9%	6.8%	-0.3%	-1.2%	-0.5%
Enterprise value	CA$1.4B	CA$1.7B	CA$1.3B	CA$1.6B	CA$1.7B	CA$1.8B	CA$1.9B	CA$1.5B
Net debt / EBITDA	4.88×	4.9×	3.51×	4.9×	3.01×	5.25×	6.36×	7.3×
Cash conversion cycle (days)	-104	6	-17	-70	49	-86	49	60