Fiera Capital Corporation (FSZ) fair value: what the stock is really worth
As of Nov 12, 2026: fair value (intrinsic value) of Fiera Capital Corporation stock C$4.71, price C$2.23, upside +111.2%, quality 66 out of 100. Rating: strongly undervalued. Calculated from audited financials with 11 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 12, 2026.
How to read this chart
60‑month range C$2.23 – C$9.42 · fair‑value band C$2.79 – C$8.27 · the C$2.23 price screens below the C$4.71 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 12, 2026.
Follow Fiera Capital in your weekly email
Every Wednesday you see whether Fiera Capital is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Fiera Capital Corporation is an publicly owned investment manager. The firm primarily provides its services to institutional investors, financial intermediaries, high net worth individuals, family offices, foundations, and endowments.
Show moreShow less
The firm manages separate client-focused mutual funds, pooled funds, and alternative investment vehicles. The firm invests in equities, fixed income, balanced, alternative investments, and private markets. The firm employs fundamental and quantitative analysis to make its investments.
The firm uses both in-house and external research to complement its investment process. It was founded in 2003 and is based in Montreal, Quebec.
Stock analysis
Fiera Capital Corporation (FSZ) currently trades at C$2.23, while our model-based Fair Value estimate is C$4.71, implying the stock looks roughly 53% undervalued today.
Show more
Valuation
Bull case: the Earnings-Based group reads highest at a median of C$8.82 per share, and 11 of the 11 models we run sit above the C$2.23 price.
Bear case: the Economic Profit group reads lowest at C$2.48, and 0 of the 11 models stay below the price. Data coverage for this calculation is high.
Scenario range: C$2.79 (bear) to C$8.27 (bull), the price of C$2.23 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 66/100 (solid quality), in the Financial Services sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Fiera Capital Corporation reported revenue of C$655M in FY2025 versus C$738M in FY2021, a compound −2.9%/yr. Reported net income was C$39.0M in FY2025, compounding −14.6%/yr from FY2021.
Key figures
Market cap C$302M (≈ $212M) Micro · P/E ratio 15.8 · P/S ratio 0.61 · EPS (TTM) C$0.1800 · Net margin 3.0% · Return on equity 12.6% · Return on assets (EBIT) 8.9% (5-year average) · Operating margin 18.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 63% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −3% fair-value upside, at 111%, FSZ screens cheaper than that median.
Fair Value models
BearC$2.79Fair Value C$4.71BullC$8.27
Price C$2.23 · Upside +111.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−3.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−1.0%
Start year 2020 (pandemic). Over 10 years: +9.7% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.2%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−13.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−13.6%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−13.6% vs −2.5%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.15% → 17%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+1.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−2.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (Canada: IMF forecast 2.1% a year to 2030, 2.6% from 2016 to 2025) that is about −0.7% a year for the price and −4.1% for the forecasts.
Compare Fiera Capital Corporation with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 632 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score66 · Above median
Fair Value upside+111.2% · Top 25%
Profitability
Return on equity (12 months)12.6% · Above median
Return on assets4.2% · Above median
Net margin (12 months)4.0% · Below median
Operating margin (12 months)18.9% · Below median
Growth and dividend
Revenue growth (quarter YoY)−4.8% · Below median
Dividend yield (12 months)19.4% · Top 25%
Balance sheet
Debt / equity2.68× · Highest 25%
Valuation Multiplesvs Asset Management median · lower = cheaper
P/E (12 months)15.8× · Pricier than median
P/B1.16× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Fiera Capital Corporation Fair Value". https://www.fairvalue-calculator.com/stock/FSZ
Frequently asked questions
Is Fiera Capital Corporation (FSZ) overvalued or undervalued?
As of Nov 12, 2026, our model estimates a fair value of C$4.71 versus a price of C$2.23, about +111% upside (undervalued).
What is the fair value of FSZ?
Our model-based fair value for Fiera Capital Corporation is C$4.71 (as of Nov 12, 2026), built from audited fundamentals. The current price: C$2.23.
What is the quality score of FSZ?
Fiera Capital Corporation has a Quality Score of 66/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Fiera Capital Corporation (FSZ)?
Our model-based price target is the fair value of C$4.71 (as of Nov 12, 2026) from 11 valuation models. Cautious scenario C$2.79, optimistic scenario C$8.27. It is a calculation from audited fundamentals, not an analyst target.
What is the Fiera Capital Corporation stock forecast for 2026?
Our models put fair value at C$4.71, about +111% upside versus a price of C$2.23 (undervalued). Cautious scenario C$2.79, optimistic scenario C$8.27. The calculation is refreshed regularly with new filings.
What is the revenue of Fiera Capital Corporation (FSZ)?
Fiera Capital Corporation reported trailing-twelve-month revenue of about C$656M (latest available figure, as of Nov 12, 2026).
What growth is priced into Fiera Capital Corporation (FSZ)?
For today's price to be fair in a discounted-cash-flow model, Fiera Capital Corporation would have to grow free cash flow by +1.4 % per year for five years (discount rate 12.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -1.0 % per year. As of Nov 12, 2026.
What discount rate (WACC) does the fair value of FSZ use?
Our models discount Fiera Capital Corporation at 12.1 %: a base by market capitalisation (micro), damped by beta 0.88, country premium for Canada. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Fiera Capital Corporation that is +1.4 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.1 %) and the same formula as our fair value.
How much growth has Fiera Capital Corporation (FSZ) delivered so far?
Over the past 5 years revenue at Fiera Capital Corporation grew -1.0 % a year. The price currently implies free-cash-flow growth of +1.4 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Fiera Capital Corporation (FSZ) growing?
The median revenue growth in the sector is +8.8 % a year. That is the yardstick for the growth priced into Fiera Capital Corporation (+1.4 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Fiera Capital Corporation (FSZ)?
The free-cash-flow yield on the price is 37.67 %: that much free cash flow Fiera Capital Corporation produces per unit of market value. When it exceeds the discount rate of our models (12.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Fiera Capital Corporation (FSZ)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Fiera Capital Corporation it is C$4.71 per share (as of Nov 12, 2026), against a price of C$2.23. It is the blended result of 11 valuation models in 6 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit).
Is Fiera Capital Corporation stock overvalued or undervalued in 2026?
As of Nov 12, 2026, FSZ trades below its calculated fair value: price C$2.23, fair value C$4.71, a gap of about +111% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FSZ?
No. The price is what the market pays today (C$2.23); the fair value is what the company's own numbers justify (C$4.71). For Fiera Capital Corporation the two are C$2.48 per share apart. That gap is exactly why we show both numbers side by side.
How much is Fiera Capital Corporation worth?
The market values Fiera Capital Corporation at about C$302M (market capitalisation, as of Nov 12, 2026). Per share that is C$2.23; our models calculate a fair value of C$4.71 per share.
What do the bullish and bearish scenarios say about FSZ?
Our models span a range for Fiera Capital Corporation: cautious scenario C$2.79, base C$4.71, optimistic C$8.27 per share (as of Nov 12, 2026, price C$2.23). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FSZ?
Fiera Capital Corporation trades at a price-to-earnings ratio of 15.8 (as of Nov 12, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of C$4.71 is built from several models across several years. Median P/E at fiscal year-end, 7 fiscal years (2016 to 2025), reported earnings: 35.7. Other multiples: P/B 1.2, P/S 0.6, EV/EBITDA 7.9.
How solid is the balance sheet of Fiera Capital Corporation (FSZ)?
Balance-sheet figures for Fiera Capital Corporation (as of Nov 12, 2026): return on equity 12.6%, debt of 2.68 per unit of equity. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is FSZ from its 52-week high?
Fiera Capital Corporation trades at C$2.23, about 63% below its 52-week high of C$6.03 and at the low of C$2.23 (as of Nov 12, 2026). Distance from the high says nothing about value: that is what the fair value of C$4.71 is for.
Which stocks are comparable to Fiera Capital Corporation?
From the same area (Financial Services) we also value Blackstone Inc, KKR & Co, Brookfield Asset Management Ltd, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Fiera Capital Corporation stock attractive at the current price?
The data as of Nov 12, 2026: price C$2.23, calculated fair value C$4.71 (+111%), Quality Score 66/100, from 11 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FSZ calculated?
We run Fiera Capital Corporation through 11 models from 6 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of C$4.71 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.3% above its aggregate fair value. Fiera Capital Corporation currently trades 53% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Fiera Capital Corporation (FSZ)?
The closing price on Nov 12, 2026 was C$2.23. Our model-based fair value is C$4.71, about +111% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Fiera Capital Corporation right now?
The price is below even our cautious bear case (C$2.79). The market is more pessimistic than our downside scenario. The model range is unusually wide (C$2.79 to C$8.27). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (66/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Fiera Capital Corporation (FSZ) come from?
Earnings per share at Fiera Capital Corporation grew −0.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.1 %, EBIT margin −0.4 %, tax rate −1.8 %, residual (interest, one-offs) −2.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Fiera Capital Corporation
How large is the market capitalisation of Fiera Capital Corporation (FSZ)?
The market capitalisation of Fiera Capital Corporation is C$302M (≈ $212M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Fiera Capital Corporation (FSZ)?
The price-to-sales ratio of Fiera Capital Corporation is 0.61 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Fiera Capital Corporation (FSZ)?
Earnings per share at Fiera Capital Corporation are C$0.1800 (price ÷ EPS = P/E 15.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Fiera Capital Corporation (FSZ)?
The net margin of Fiera Capital Corporation is 3.0% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Fiera Capital Corporation (FSZ)?
The return on equity (ROE) of Fiera Capital Corporation is 12.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Fiera Capital Corporation (FSZ)?
On an EBIT basis the return on assets of Fiera Capital Corporation is 8.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Fiera Capital Corporation (FSZ)?
The operating margin of Fiera Capital Corporation is 18.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Fiera Capital Corporation (FSZ)?
Revenue at Fiera Capital Corporation is growing −4.8% versus a year earlier (3y avg −0.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does Fiera Capital Corporation (FSZ) carry?
The net debt of Fiera Capital Corporation is C$774M (fiscal year 2025, ≈ 8.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Fiera Capital Corporation in the live analysis
One click puts Fiera Capital Corporation on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Broad data
Nov 12, 2026