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

Data as of 2026-09-08. TSX, Canada. Sector: Financial Services / Capital Markets. Price C$11.69, market value C$911 million.

## Valuation
- **P/E (trailing): 2.2×** (5-yr avg 1.6×, 3-yr avg 1.9×). Financial 15 Split Corp. trades at 2.2× trailing earnings, well above its own five-year average of 1.6×: investors are paying up relative to the company's past. The Financial Services median in the September 2026 study was 13.1×.
- **Price / sales: 1.4×**. Each dollar of revenue is priced at 1.4×.
- **Price / book: 1.0×**. The shares trade at 1.0× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 3.4×**. Enterprise value is 3.4× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: -7.2%** (5-yr avg -35.8%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.
- **Earnings yield: 44.6%**. The inverse of the P/E: 44.6% of the price is earned each year.

## Profitability
- **Gross margin: 99.2%**. Financial 15 Split Corp. keeps 99.2% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 97.9%**. 97.9% of revenue is left after running the business, an exceptional level.
- **Net margin: 78.9%**. 78.9% of each dollar of sales reaches the bottom line.
- **Return on equity: 29.4%**. 29.4% on shareholders' equity is excellent if it is not driven by leverage; sustained above 20% usually signals a competitive advantage.
- **Return on invested capital: 48.5%**. Return on all capital, debt included, is 48.5%: comfortably above what that capital costs.
- **Return on assets: 39.9%**. Each dollar of assets produces 39.9% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): -21.1%** (3-yr 1216.4%/yr). Revenue fell 21.1% over the last year.
- **EPS growth (1 yr): -41.2%**. Earnings per share fell 41.2%, 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$143 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: 12.90%** (C$1.38 per share, trailing). Financial 15 Split Corp. yields 12.90%, high enough to check carefully: yields this high often precede a cut.
- **Payout ratio: 63%**. 63% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 3**. 3 straight years of increases.
- **Dividend growth (5 yr): 12.6%/yr** (1-yr 4.2%). The dividend has compounded at 12.6% a year over five years, doubling roughly every 6 years at that pace.
- **Shareholder yield: -37.8%**. Dividends plus net buybacks return -37.8% of the market value a year.

## Price and momentum
- **Total return (1 yr): 66.5%** (YTD 26.6%, 3-mo 10.5%). The shares are up 66.5% over twelve months including dividends.
- **From 52-week high: -11.3%** (53.1% above the low). Trading 11% 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): 47**. An RSI of 47 is neutral.
- **Beta (1 yr): 0.88** (volatility 25%). Beta of 0.88 against the S&P/TSX Composite: the shares move roughly with the market.

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

Not investment advice.