# Financial 15 Split Corp. (FFN.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Financial Services / Capital Markets. Price C$10.13, market value C$708 million.

## Valuation
- **P/E (trailing): 2.1×** (5-yr avg 1.8×, 3-yr avg 1.9×). Financial 15 Split Corp. trades at 2.1× trailing earnings, close to its own five-year average of 1.8×. The Financial Services median in the September 2026 study was 13.1×.
- **Price / sales: 1.5×**. Each dollar of revenue is priced at 1.5×.
- **Price / book: 1.0×**. The shares trade at 1.0× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 0.2×**. Enterprise value is 0.2× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 12.4%** (5-yr avg -57.5%). Free cash flow equals 12.4% of the market value, above its five-year average of -57.5%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.
- **Earnings yield: 48.0%**. The inverse of the P/E: 48.0% of the price is earned each year.

## Profitability
- **Gross margin: 89.0%**. Financial 15 Split Corp. keeps 89.0% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 124.1%**. 124.1% of revenue is left after running the business, an exceptional level.
- **Net margin: 293.7%**. 293.7% of each dollar of sales reaches the bottom line.
- **Return on equity: 29.0%**. 29.0% on shareholders' equity is excellent if it is not driven by leverage; sustained above 20% usually signals a competitive advantage.
- **Return on assets: 37.4%**. Each dollar of assets produces 37.4% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): -84.0%** (3-yr 34.9%/yr). Revenue fell 84.0% over the last year.
- **EPS growth (1 yr): -49.1%**. Earnings per share fell 49.1%, faster than revenue, so margins expanded or the share count shrank.

## Financial health
- **Piotroski F-score: 3/9**. 3 of 9 checks pass: weak or deteriorating financials.
- **Cash and short-term investments: C$1.2 billion**. 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: 13.43%** (C$1.30 per share, trailing). Financial 15 Split Corp. yields 13.43%, high enough to check carefully: yields this high often precede a cut.
- **Payout ratio: 77%** (344% of free cash flow). 77% of earnings goes out as dividends, leaving a thin cushion.
- **Consecutive years of increases: 2**. 2 straight years of increases.
- **Dividend growth (5 yr): 37.9%/yr** (1-yr 9.1%). The dividend has compounded at 37.9% a year over five years, doubling roughly every 2 years at that pace.
- **Shareholder yield: 13.3%**. Dividends plus net buybacks return 13.3% of the market value a year.

## Price and momentum
- **Total return (1 yr): 53.7%** (YTD 11.7%, 3-mo 5.1%). The shares are up 53.7% over twelve months including dividends.
- **From 52-week high: -14.9%** (43.7% above the low). Trading 15% 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): 46**. An RSI of 46 is neutral.
- **Beta (1 yr): 0.98** (volatility 27%). Beta of 0.98 against the S&P/TSX Composite: the shares move roughly with the market.

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

Not investment advice.