# Dividend 15 Split Corp. (DFN.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Financial Services / Capital Markets. Price C$8.53, market value C$1.4 billion.

## Valuation
- **P/E (trailing): 2.2×** (5-yr avg 2.2×, 3-yr avg 2.5×). Dividend 15 Split Corp. trades at 2.2× trailing earnings, close to its own five-year average of 2.2×. The Financial Services median in the September 2026 study was 13.1×.
- **Price / sales: 9.9×**. Each dollar of revenue is priced at 9.9×.
- **Price / book: 1.0×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 5.7×**. Enterprise value is 5.7× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 3.5%** (5-yr avg -29.9%). Free cash flow equals 3.5% of the market value, above its five-year average of -29.9%, so the shares are cheaper on cash than they have usually been.
- **Earnings yield: 45.7%**. The inverse of the P/E: 45.7% of the price is earned each year.

## Profitability
- **Gross margin: 90.9%**. Dividend 15 Split Corp. keeps 90.9% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 316.1%**. 316.1% of revenue is left after running the business, an exceptional level.
- **Net margin: 291.9%**. 291.9% of each dollar of sales reaches the bottom line.
- **Return on equity: 23.6%**. 23.6% on shareholders' equity is excellent if it is not driven by leverage; sustained above 20% usually signals a competitive advantage.
- **Return on invested capital: 19.2%**. Return on all capital, debt included, is 19.2%: comfortably above what that capital costs.
- **Return on assets: 13.8%**. Each dollar of assets produces 13.8% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): -0.5%** (3-yr 9.7%/yr). Revenue fell 0.5% over the last year.
- **EPS growth (1 yr): -41.7%**. Earnings per share fell 41.7%, slower than revenue, so margins compressed.

## Financial health
- **Piotroski F-score: 3/9**. 3 of 9 checks pass: weak or deteriorating financials.
- **Cash and short-term investments: C$246 million**. Leverage ratios are shown differently for banks and insurers, whose balance sheets are built on deposits and reserves; use return on equity and the regulatory capital in the filings instead.

## Dividends
- **Dividend yield: 13.84%** (C$1.20 per share, trailing). Dividend 15 Split Corp. yields 13.84%, high enough to check carefully: yields this high often precede a cut.
- **Payout ratio: 97%** (547% of free cash flow). 97% of earnings goes out as dividends, leaving a thin cushion.
- **Consecutive years of increases: 2**. 2 straight years of increases.
- **Dividend growth (5 yr): 8.4%/yr** (1-yr 9.1%). The dividend has grown 8.4% a year over five years.
- **Shareholder yield: -10.0%**. Dividends plus net buybacks return -10.0% of the market value a year.

## Price and momentum
- **Total return (1 yr): 48.2%** (YTD 23.1%, 3-mo 6.4%). The shares are up 48.2% over twelve months including dividends.
- **From 52-week high: -11.8%** (32.7% above the low). Trading 12% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 44**. An RSI of 44 is neutral.
- **Beta (1 yr): 0.66** (volatility 22%). Beta of 0.66 against the S&P/TSX Composite: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=DFN.TO · Page: https://foliofundamentals.com/stocks/dfn.to

Not investment advice.