DFN Stock Analysis: Dividend 15 Split | TO

Asset Management | TO, Canada | Market Cap: 1.359m CAD | 12M Return: 35.1% | CA25537R1091 | Charts, Fundamentals & Technical Analysis

Canadian Equities, Dividend Investing, Split Shares, Income Funds
Total Rating 53
Safety 43
Buy Signal -0.70
Asset Management
Industry Rotation: +0.9
Market Cap: 972M
Avg Turnover: 2.99M
Risk 3d forecast
Volatility18.4%
VaR 5th Pctl3.24%
VaR vs Median7.16%
Reward TTM
Sharpe Ratio1.27
Rel. Str. IBD70.2
Rel. Str. Peer Group80.5 pctl
Character TTM
Beta0.542
Beta Downside0.286
Hurst Exponent0.425
Choppyness75.4%
Drawdowns 3y
Max DD20.06%
CAGR/Max DD2.83
CAGR/Mean DD16.91
EPS (Earnings per Share) EPS (Earnings per Share) of DFN over the last years for every Quarter: "2021-11": null, "2022-02": null, "2022-05": null, "2022-08": null, "2022-11": null, "2023-02": null, "2023-05": null, "2023-08": null, "2023-11": null, "2024-02": null, "2024-05": null, "2024-11": null, "2025-05": null, "2025-11": null, "2026-05": null,
Revenue Revenue of DFN over the last years for every Quarter: 2021-11: 36.029324, 2022-02: 31.98258, 2022-05: 60.922757, 2022-08: -23.16602, 2022-11: 34.923365, 2023-02: -29.996893, 2023-05: 37.301075, 2023-08: 18.983081, 2023-11: 38.640502, 2024-02: 91.264724, 2024-05: 44.506594, 2024-11: 44.140536, 2025-05: 44.746981, 2025-11: 43.469213, 2026-05: 48.992875,
Rev. CAGR: 72.49%
Rev. Trend: 63.3%
Qual. Beats: 0

Warnings

Strong Share Dilution
Choppy

Tailwinds

No distinct edge detected

Seasonality 11.8 years of data

Jan +0.6% 11
Feb -0.1% 7
Mar +1.0% 5
Apr -0.5% 18
May +0.1% 7
Jun -0.8% 8
Jul +1.4% 19
Aug -0.2% 7
Sep -2.4% 9
Oct -0.9% 8
Nov +1.3% 25
Dec -0.2% 13

How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.

Description: DFN Dividend 15 Split

Dividend 15 Split Corp. (TSX: DFN) is a Canadian closed-end investment fund launched in 2004 and managed by Quadravest Capital Management. It invests in Canadian public equities across multiple sectors and benchmarks its portfolio against the S&P/TSX 60 Index.

As a split-share corporation, it uses a share structure that separates exposure to portfolio income and capital growth between different share classes. The fund is classified in the Financials sector under Asset Management & Custody Banks.

Headlines to Watch Out For
  • TSX 60 gains amplify leveraged Class A net asset value
  • Portfolio dividend cuts threaten monthly Class A distributions
  • NAV erosion can suspend Class A payouts under split-share terms
Piotroski VR-10 (Strict) 5.0
Net Income: 578.2m TTM > 0 and > 6% of Revenue
FCF/TA: 0.02 > 0.02 and ΔFCF/TA 1.47 > 1.0
NWC/Revenue: -1.52k% < 20% (prev 958.0%; Δ -2.48k% < -1%)
CFO/TA 0.02 > 3% & CFO 67.9m > Net Income 578.2m
Net Debt (1.40b) to EBITDA (664.2m): 2.11 < 3
Current Ratio: 0.15 > 1.5 & < 3
Outstanding Shares: last quarter (157.3m) vs 12m ago 29.39% < -2%
Gross Margin: 77.25% > 18% (prev 81.80%; Δ -4.55% > 0.5%)
Asset Turnover: 3.50% > 50% (prev 4.09%; Δ -0.59% > 0%)
Interest Coverage Ratio: 7.00 > 6 (EBIT TTM 664.2m / Interest Expense TTM 94.9m)
What is the price of DFN shares?

As of November 04, 2026, the stock is trading at CAD 8.41 with a total of 254,078 shares traded. Over the past week, the price has changed by -0.61%, over one month by +2.26%, over three months by -8.27% and over the past year by +35.14%.

Current recommended Stop Loss: 8.00 (which is 4.9% or 2.7 ATR below the current price).

Is DFN a buy, sell or hold?

Dividend 15 Split has no consensus analysts rating.

Dividend 15 Split (DFN) - Fundamental Data Overview as of 03 November 2026
Market Cap USD = 971.6m (1.36b CAD * 0.7147 CAD.USD)
P/E Trailing = 2.1692
P/S = 1.9505
P/B = 0.9704
Revenue TTM = 92.5m CAD
EBIT TTM = 664.2m CAD
EBITDA TTM = 664.2m CAD
Long Term Debt = 1.43b CAD (from longTermDebt, last fiscal year)
Short Term Debt = 1.64b CAD (from shortTermDebt, last quarter)
Debt = 1.64b CAD (from shortLongTermDebtTotal, last quarter)
Net Debt = 1.40b CAD (calculated: Debt 1.64b - CCE 241.5m)
Enterprise Value = 2.76b CAD (1.36b + Debt 1.64b - CCE 241.5m)
Interest Coverage Ratio = 7.00 (Ebit TTM 664.2m / Interest Expense TTM 94.9m)
EV/FCF = 40.68x (Enterprise Value 2.76b / FCF TTM 67.9m)
FCF Yield = 2.46% (FCF TTM 67.9m / Enterprise Value 2.76b)
FCF Margin = 73.44% (FCF TTM 67.9m / Revenue TTM 92.5m)
 Net Margin = 625.4% (Net Income TTM 578.2m / Revenue TTM 92.5m)
 Gross Margin = 77.25% ((Revenue TTM 92.5m - Cost of Revenue TTM 21.0m) / Revenue TTM)
Gross Margin QoQ = 76.49% (prev 78.11%)
Tobins Q-Ratio = 0.89 (Enterprise Value 2.76b / Total Assets 3.11b)
Interest Expense / Debt = 5.77% (Interest Expense 94.9m / Debt 1.64b)
Taxrate = 25.0% (non-US conservative default 25%)
NOPAT = 498.2m (EBIT 664.2m * (1 - 25.00%))
Current Ratio = 0.15 (Total Current Assets 241.5m / Total Current Liabilities 1.64b)
Debt / Equity = 1.15 (Debt 1.64b / totalStockholderEquity, last quarter 1.44b)
Debt / EBITDA = 2.11 (Net Debt 1.40b / EBITDA 664.2m)
Debt / FCF = 20.66 (Net Debt 1.40b / FCF TTM 67.9m)
Total Stockholder Equity = 888.1m (last 4 quarters mean from totalStockholderEquity)
RoA = 21.89% (Net Income 578.2m / Total Assets 3.11b)
RoE = 65.11% (Net Income TTM 578.2m / Total Stockholder Equity 888.1m)
RoCE = 28.60% (EBIT 664.2m / Capital Employed (Equity 888.1m + L.T.Debt 1.43b))
RoIC = 16.03% (NOPAT 498.2m / Invested Capital 3.11b)
WACC = 5.75% (E(1.36b)/V(3.00b) * Re(7.47%) + D(1.64b)/V(3.00b) * Rd(5.77%) * (1-Tc(0.25)))
Discount Rate = 7.47% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 86.30 | Cagr: 15.65%
[DCF] Terminal Value 77.97% ; FCFF base≈46.9m ; Y1≈53.8m ; Y5≈79.2m
 [DCF] Fair Price = N/A (negative equity: EV 1.19b - Net Debt 1.40b = -211.2m; debt exceeds intrinsic value)
 Revenue Correlation: 63.30 | Revenue CAGR: 72.49% | SUE: N/A | # QB: 0