Dividend 15 Split Corp (DFN) - Net Assets
Based on the latest financial reports, Dividend 15 Split Corp (DFN) has net assets worth CA$1.09 Billion CAD (≈ $790.16 Million USD) as of November 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (CA$2.55 Billion ≈ $1.85 Billion USD) and total liabilities (CA$1.46 Billion ≈ $1.06 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check DFN goodwill-adjusted equity ratio to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | CA$1.09 Billion |
| % of Total Assets | 42.76% |
| Annual Growth Rate | 10.46% |
| 5-Year Change | N/A |
| 10-Year Change | 1263.44% |
| Growth Volatility | 331.67 |
Dividend 15 Split Corp - Net Assets Trend (2005–2025)
This chart illustrates how Dividend 15 Split Corp's net assets have evolved over time, based on quarterly financial data. See DFN defensive asset coverage days to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Dividend 15 Split Corp (2005–2025)
The table below shows the annual net assets of Dividend 15 Split Corp from 2005 to 2025. For live valuation and market cap data, see DFN market cap.
| Year | Net Assets | Change |
|---|---|---|
| 2025-11-30 | CA$1.09 Billion ≈ $790.16 Million |
+532.01% |
| 2024-11-30 | CA$172.83 Million ≈ $125.02 Million |
+81.05% |
| 2023-11-30 | CA$95.46 Million ≈ $69.05 Million |
+115.35% |
| 2022-11-30 | CA$-621.73 Million ≈ $-449.75 Million |
-12.90% |
| 2021-11-30 | CA$-550.70 Million ≈ $-398.37 Million |
-1294.58% |
| 2020-11-30 | CA$46.10 Million ≈ $33.35 Million |
-46.23% |
| 2019-11-30 | CA$85.73 Million ≈ $62.02 Million |
+22.45% |
| 2018-11-30 | CA$70.01 Million ≈ $50.64 Million |
-24.25% |
| 2017-11-30 | CA$92.42 Million ≈ $66.86 Million |
+15.36% |
| 2016-11-30 | CA$80.11 Million ≈ $57.95 Million |
+11.23% |
| 2015-11-30 | CA$72.02 Million ≈ $52.10 Million |
-14.15% |
| 2014-11-30 | CA$83.89 Million ≈ $60.68 Million |
+149.41% |
| 2013-11-30 | CA$33.64 Million ≈ $24.33 Million |
+24.77% |
| 2012-11-30 | CA$26.96 Million ≈ $19.50 Million |
+2.21% |
| 2011-11-30 | CA$26.38 Million ≈ $19.08 Million |
-22.49% |
| 2010-11-30 | CA$34.03 Million ≈ $24.62 Million |
+3.05% |
| 2009-11-30 | CA$33.02 Million ≈ $23.89 Million |
+43.60% |
| 2008-11-30 | CA$23.00 Million ≈ $16.63 Million |
-69.16% |
| 2007-11-30 | CA$74.55 Million ≈ $53.93 Million |
+6.26% |
| 2006-11-30 | CA$70.16 Million ≈ $50.75 Million |
-53.02% |
| 2005-11-30 | CA$149.35 Million ≈ $108.04 Million |
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Equity Component Analysis
This analysis shows how different components contribute to Dividend 15 Split Corp's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 100.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (November 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | CA$1.09 Billion | 100.00% |
| Other Components | CA$1.00 | 0.00% |
| Total Equity | CA$1.09 Billion | 100.00% |
Dividend 15 Split Corp Competitors by Market Cap
The table below lists competitors of Dividend 15 Split Corp ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Power Solutions International, Inc. Common Stock
NASDAQ:PSIX
|
$929.16 Million |
|
Bright Real Estate Group Co Ltd
SHG:600708
|
$929.44 Million |
|
Business First Bancshares Inc
NASDAQ:BFST
|
$929.69 Million |
|
Jiangsu Asia Pacific Light Alloy Technology Co Ltd
SHE:002540
|
$930.05 Million |
|
AEVEX Corp.
NYSE:AVEX
|
$928.62 Million |
|
Mercantile Bank Corporation
NASDAQ:MBWM
|
$928.50 Million |
|
Shandong Shanda Wit Science and Technology Co Ltd
SHE:000915
|
$927.89 Million |
|
China Petrochemical Development Corp
TW:1314
|
$927.71 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Dividend 15 Split Corp's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 172,830,006 to 1,092,311,531, a change of 919,481,525 (532.0%).
- Net income of 257,500,986 contributed positively to equity growth.
- Dividend payments of 250,857,937 reduced retained earnings.
- Share repurchases of 82,293,769 reduced equity.
- New share issuances of 422,384,743 increased equity.
- Other factors increased equity by 572,747,502.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | CA$257.50 Million | +23.57% |
| Dividends Paid | CA$250.86 Million | -22.97% |
| Share Repurchases | CA$82.29 Million | -7.53% |
| Share Issuances | CA$422.38 Million | +38.67% |
| Other Changes | CA$572.75 Million | +52.43% |
| Total Change | CA$- | 532.01% |
Book Value vs Market Value Analysis
This analysis compares Dividend 15 Split Corp's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 1.07x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has increased from 0.08x to 1.07x over the analyzed period, suggesting growing market confidence.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2005-11-30 | CA$112.14 | CA$8.62 | x |
| 2006-11-30 | CA$13.34 | CA$8.62 | x |
| 2007-11-30 | CA$13.39 | CA$8.62 | x |
| 2008-11-30 | CA$4.11 | CA$8.62 | x |
| 2009-11-30 | CA$6.08 | CA$8.62 | x |
| 2010-11-30 | CA$6.73 | CA$8.62 | x |
| 2011-11-30 | CA$5.17 | CA$8.62 | x |
| 2012-11-30 | CA$5.34 | CA$8.62 | x |
| 2013-11-30 | CA$6.61 | CA$8.62 | x |
| 2014-11-30 | CA$9.22 | CA$8.62 | x |
| 2015-11-30 | CA$5.44 | CA$8.62 | x |
| 2016-11-30 | CA$4.87 | CA$8.62 | x |
| 2017-11-30 | CA$5.62 | CA$8.62 | x |
| 2018-11-30 | CA$4.26 | CA$8.62 | x |
| 2019-11-30 | CA$5.22 | CA$8.62 | x |
| 2020-11-30 | CA$3.31 | CA$8.62 | x |
| 2021-11-30 | CA$8.06 | CA$8.62 | x |
| 2022-11-30 | CA$9.09 | CA$8.62 | x |
| 2023-11-30 | CA$3.21 | CA$8.62 | x |
| 2024-11-30 | CA$7.08 | CA$8.62 | x |
| 2025-11-30 | CA$8.05 | CA$8.62 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Dividend 15 Split Corp utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 23.57%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 291.90%
- • Asset Turnover: 0.03x
- • Equity Multiplier: 2.34x
- Recent ROE (23.57%) is below the historical average (32.65%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2005 | -1.10% | -25.08% | 0.03x | 1.61x | CA$-16.58 Million |
| 2006 | -1.42% | -859.17% | 0.00x | 1.79x | CA$-8.02 Million |
| 2007 | 7.62% | 134.45% | 0.03x | 1.76x | CA$-1.78 Million |
| 2008 | -195.03% | -981.00% | 0.06x | 3.47x | CA$-47.15 Million |
| 2009 | 50.64% | 423.82% | 0.05x | 2.56x | CA$13.42 Million |
| 2010 | 20.80% | 218.49% | 0.04x | 2.51x | CA$3.68 Million |
| 2011 | -1.99% | -16.38% | 0.04x | 3.02x | CA$-3.16 Million |
| 2012 | 20.05% | 168.47% | 0.04x | 2.90x | CA$2.71 Million |
| 2013 | 189.21% | 96.35% | 0.74x | 2.65x | CA$60.28 Million |
| 2014 | 65.91% | 95.65% | 0.28x | 2.42x | CA$46.90 Million |
| 2015 | -35.70% | 0.00% | -0.11x | 3.02x | CA$-32.92 Million |
| 2016 | 88.92% | 96.56% | 0.33x | 2.80x | CA$63.22 Million |
| 2017 | 71.30% | 95.28% | 0.27x | 2.81x | CA$56.66 Million |
| 2018 | -36.01% | 0.00% | -0.09x | 3.41x | CA$-32.21 Million |
| 2019 | 136.15% | 96.94% | 0.48x | 2.92x | CA$108.15 Million |
| 2020 | -142.56% | 0.00% | -0.34x | 4.05x | CA$-70.33 Million |
| 2021 | 179.91% | 97.59% | 0.63x | 2.92x | CA$218.93 Million |
| 2022 | 40.53% | 93.39% | 0.14x | 3.16x | CA$44.34 Million |
| 2023 | -26.30% | -33.06% | 0.22x | 3.63x | CA$-34.66 Million |
| 2024 | 231.13% | 450.62% | 0.21x | 2.48x | CA$382.18 Million |
| 2025 | 23.57% | 291.90% | 0.03x | 2.34x | CA$148.27 Million |
Industry Comparison
This section compares Dividend 15 Split Corp's net assets metrics with peer companies in the Asset Management industry.
Industry Context
- Industry: Asset Management
- Average net assets among peers: $869,663,042
- Average return on equity (ROE) among peers: 9.51%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Dividend 15 Split Corp (DFN) | CA$1.09 Billion | -1.10% | 1.34x | $928.68 Million |
| Aberdeen International Inc. (AAB) | $52.57 Million | 31.52% | 0.07x | $3.49 Million |
| Base Carbon Inc. (BCBN) | $103.01 Million | -28.06% | 0.09x | $52.58 Million |
| Canadian Banc Corp (BK) | $184.35 Million | 1.73% | 0.92x | $562.96 Million |
| Brookfield Corporation (BN) | $4.18 Billion | 6.97% | 0.79x | $102.06 Billion |
| Sprott Physical Gold and Silver Trust (CEF) | $1.24 Billion | 17.63% | 0.00x | $8.19 Billion |
| Canadian General Investments Ltd (CGI) | $533.40 Million | 17.99% | 0.28x | $795.13 Million |
| CI Financial Corp (CIX) | $1.61 Billion | 15.20% | 0.87x | $3.32 Billion |
| Clairvest Group Inc. (CVG) | $447.69 Million | 11.62% | 0.19x | $752.17 Million |
| Cymbria Corporation (CYB) | $317.74 Million | 0.50% | 0.02x | $1.01 Billion |
| Dividend 15 Split Corp II (DF) | $26.96 Million | 20.05% | 1.90x | $163.92 Million |
About Dividend 15 Split Corp
Dividend 15 Split Corp. is a close ended equity mutual fund launched by Quadravest Inc. The fund is managed by Quadravest Capital Management. It invests in public equity markets of Canada. The fund spreads its investments across diversified sectors. It benchmarks the performance of its portfolio against the S&P TSX 60 Index. Dividend 15 Split Corp. was formed on January 9, 2004 and is domiciled i… Read more