company background image

Fiera Capital TSX:FSZ Stock Report

Last Price


Market Cap







26 Jun, 2022


Company Financials +
FSZ fundamental analysis
Snowflake Score
Future Growth2/6
Past Performance4/6
Financial Health3/6

FSZ Stock Overview

Fiera Capital Corporation is an employee owned investment manager.

Fiera Capital Competitors













Price History & Performance

Summary of all time highs, changes and price drops for Fiera Capital
Historical stock prices
Current Share PriceCA$9.47
52 Week HighCA$11.75
52 Week LowCA$8.84
1 Month Change-1.97%
3 Month Change-9.55%
1 Year Change-12.15%
3 Year Change-16.05%
5 Year Change-31.13%
Change since IPO28.84%

Recent News & Updates

Shareholder Returns

FSZCA Capital MarketsCA Market

Return vs Industry: FSZ exceeded the Canadian Capital Markets industry which returned -15.1% over the past year.

Return vs Market: FSZ underperformed the Canadian Market which returned -4.1% over the past year.

Price Volatility

Is FSZ's price volatile compared to industry and market?
FSZ volatility
FSZ Average Weekly Movement3.7%
Capital Markets Industry Average Movement6.9%
Market Average Movement10.0%
10% most volatile stocks in CA Market17.3%
10% least volatile stocks in CA Market4.4%

Stable Share Price: FSZ is less volatile than 75% of Canadian stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: FSZ's weekly volatility (4%) has been stable over the past year.

About the Company

2002844Jean-Philippe Lemay

Fiera Capital Corporation is an employee owned investment manager. The firm primarily provides its services to institutional investors, mutual funds, charitable organizations, and private clients. It manages separate client-focused equity, fixed income, and balanced portfolios.

Fiera Capital Fundamentals Summary

How do Fiera Capital's earnings and revenue compare to its market cap?
FSZ fundamental statistics
Market CapCA$971.04m
Earnings (TTM)CA$54.72m
Revenue (TTM)CA$756.07m


P/E Ratio


P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
FSZ income statement (TTM)
Cost of RevenueCA$0
Gross ProfitCA$756.07m
Other ExpensesCA$701.35m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date


Earnings per share (EPS)0.53
Gross Margin100.00%
Net Profit Margin7.24%
Debt/Equity Ratio168.0%

How did FSZ perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio
We’ve recently updated our valuation analysis.


Is FSZ undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 0/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for FSZ?

Other financial metrics that can be useful for relative valuation.

FSZ key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue2.2x
Enterprise Value/EBITDA8.6x
PEG Ratio1.3x

Price to Earnings Ratio vs Peers

How does FSZ's PE Ratio compare to its peers?

FSZ PE Ratio vs Peers
The above table shows the PE ratio for FSZ vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average11.4x

Price-To-Earnings vs Peers: FSZ is expensive based on its Price-To-Earnings Ratio (17.7x) compared to the peer average (11.4x).

Price to Earnings Ratio vs Industry

How does FSZ's PE Ratio compare vs other companies in the Canadian Capital Markets Industry?

Price-To-Earnings vs Industry: FSZ is expensive based on its Price-To-Earnings Ratio (17.7x) compared to the Canadian Capital Markets industry average (8.9x)

Price to Earnings Ratio vs Fair Ratio

What is FSZ's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

FSZ PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio17.7x
Fair PE Ratio16.3x

Price-To-Earnings vs Fair Ratio: FSZ is expensive based on its Price-To-Earnings Ratio (17.7x) compared to the estimated Fair Price-To-Earnings Ratio (16.3x).

Share Price vs Fair Value

What is the Fair Price of FSZ when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: Insufficient data to calculate FSZ's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate FSZ's fair value for valuation analysis.

Price to Earnings Growth Ratio

PEG Ratio: FSZ is poor value based on its PEG Ratio (1.3x)

Discover undervalued companies

Future Growth

How is Fiera Capital forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

Future Growth Score


Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: FSZ's forecast earnings growth (13.1% per year) is above the savings rate (1.6%).

Earnings vs Market: FSZ's earnings (13.1% per year) are forecast to grow faster than the Canadian market (8.3% per year).

High Growth Earnings: FSZ's earnings are forecast to grow, but not significantly.

Revenue vs Market: FSZ's revenue (2.3% per year) is forecast to grow slower than the Canadian market (7.3% per year).

High Growth Revenue: FSZ's revenue (2.3% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if FSZ's Return on Equity is forecast to be high in 3 years time

Discover growth companies

Past Performance

How has Fiera Capital performed over the past 5 years?

Past Performance Score


Past Performance Score 4/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: FSZ has a large one-off loss of CA$35.0M impacting its March 31 2022 financial results.

Growing Profit Margin: FSZ's current net profit margins (7.2%) are higher than last year (1.6%).

Past Earnings Growth Analysis

Earnings Trend: FSZ's earnings have grown significantly by 42% per year over the past 5 years.

Accelerating Growth: FSZ's earnings growth over the past year (385.3%) exceeds its 5-year average (42% per year).

Earnings vs Industry: FSZ earnings growth over the past year (385.3%) exceeded the Capital Markets industry 0.2%.

Return on Equity

High ROE: FSZ's Return on Equity (15.9%) is considered low.

Discover strong past performing companies

Financial Health

How is Fiera Capital's financial position?

Financial Health Score


Financial Health Score 3/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: FSZ's short term assets (CA$249.7M) exceed its short term liabilities (CA$200.8M).

Long Term Liabilities: FSZ's short term assets (CA$249.7M) do not cover its long term liabilities (CA$764.4M).

Debt to Equity History and Analysis

Debt Level: FSZ's net debt to equity ratio (152.1%) is considered high.

Reducing Debt: FSZ's debt to equity ratio has increased from 73.8% to 168% over the past 5 years.

Debt Coverage: FSZ's debt is well covered by operating cash flow (27.3%).

Interest Coverage: FSZ's interest payments on its debt are well covered by EBIT (4.1x coverage).

Balance Sheet

Discover healthy companies


What is Fiera Capital current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 4/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: FSZ's dividend (9.08%) is higher than the bottom 25% of dividend payers in the Canadian market (2.03%).

High Dividend: FSZ's dividend (9.08%) is in the top 25% of dividend payers in the Canadian market (5.33%)

Stability and Growth of Payments

Stable Dividend: FSZ's dividends per share have been stable in the past 10 years.

Growing Dividend: FSZ's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its high payout ratio (160.4%), FSZ's dividend payments are not well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its reasonable cash payout ratio (55.1%), FSZ's dividend payments are covered by cash flows.

Discover strong dividend paying companies


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Jean-Philippe Lemay





Mr. Jean-Philippe Lemay, MSc, FCIA, FSA, CAIA, is the Global President of Fiera Capital Corporation since March 19, 2020, and serves as its Chief Executive Officer since January 1, 2022. He served as Chief...

CEO Compensation Analysis

Compensation vs Market: Jean-Philippe's total compensation ($USD2.01M) is about average for companies of similar size in the Canadian market ($USD1.59M).

Compensation vs Earnings: Jean-Philippe's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: FSZ's management team is not considered experienced ( 1.8 years average tenure), which suggests a new team.

Board Members

Experienced Board: FSZ's board of directors are considered experienced (3.5 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

Fiera Capital Corporation's employee growth, exchange listings and data sources

Key Information

  • Name: Fiera Capital Corporation
  • Ticker: FSZ
  • Exchange: TSX
  • Founded: 2002
  • Industry: Asset Management and Custody Banks
  • Sector: Diversified Financials
  • Implied Market Cap: CA$971.039m
  • Shares outstanding: 102.54m
  • Website:

Number of Employees


  • Fiera Capital Corporation
  • 1981 McGill College Avenue
  • Suite 1500
  • Montreal
  • Quebec
  • H3A 0H5
  • Canada


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/06/26 00:00
End of Day Share Price2022/06/24 00:00
Annual Earnings2021/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.