Toronto-based private equity management firm Clairvest Group Inc. (TSX:CVG) has released its fiscal 2026 annual filings, offering investors a detailed look at a year of solid book value growth and continued capital returns. The filings, covering the year ended March 31, 2026, include the company's Annual Report, audited consolidated financial statements, and Annual Information Form.

Clairvest occupies a distinctive position among Canadian financial companies. Rather than acting purely as an asset manager, it invests its own capital alongside that of third-party investors in private businesses. That alignment of interests, combined with a long track record and a disciplined approach to capital allocation, gives its results particular relevance for shareholders who follow the firm's signature metric: growth in book value per share. The fiscal 2026 numbers show that metric advancing once again, even as the company maintained a substantial cash position and returned capital through both dividends and share repurchases.

Keys Highlights

• Clairvest Group Inc. (TSX:CVG) reported net income of $112 million, or $8.04 per share, for fiscal 2026, compared with $122.0 million the prior year.

• Total revenue rose to $198.1 million from $176.5 million a year earlier.

• Book value per share grew to $96.60 at March 31, 2026, up 10.5% including dividends from $88.30 a year earlier.

• The company repurchased roughly $58 million of shares at an average price of $73.53 and paid total dividends of $0.8830 per share.

• Clairvest ended the year with more than $468 million in cash, treasury and marketable securities at the corporate level.

• Over the past decade, the firm has grown book value per share after tax by approximately 14.0% per annum, its key performance metric.

What the SEDAR+ Announcement Says

According to the fiscal 2026 filings, Clairvest reported net income of $112 million, or $8.04 per share, for the year ended March 31, 2026. That compares with net income of $122.0 million in the prior fiscal year. Total revenue rose to $198.1 million, up from $176.5 million a year earlier.

The headline measure for Clairvest is book value per share, which the company regards as its key metric. Book value per share grew to $96.60 at March 31, 2026, up from $88.30 a year earlier. Including dividends paid during the year, that represents an increase of 10.5%. In absolute terms, the company ended fiscal 2026 with book value of $1,293.4 million ($96.60 per share), compared with $1,251.6 million ($88.30 per share) the prior year.

The filings also detail the company's capital-return activities. During fiscal 2026, Clairvest spent approximately $58 million on share repurchases at an average price of $73.53 per share, plus roughly $12.5 million in treasury-related activity. On the dividend side, the company paid an annual ordinary dividend of $0.10 per share plus a special dividend of $0.7830 per share, for a total of $0.8830 per share in fiscal 2026, up from $0.8016 the prior year.

On liquidity, Clairvest reported more than $468 million in cash, treasury and marketable securities at the corporate level. In addition, its entities 2141788 Ontario and CVG Invest held $133.6 million in cash, investment savings and marketable securities.

The audited statements were prepared with Ernst & Young LLP as auditor. The company is led by Chief Executive Officer Ken Rotman and Chief Financial Officer Daniel Cheng, and it concluded that its internal control over financial reporting was effective for the year. Clairvest trades on the Toronto Stock Exchange under the symbol CVG.

Why This Matters for Investors

For Clairvest shareholders, book value per share is the figure that arguably matters most. The company has long emphasized growth in after-tax book value per share as its primary measure of success, and fiscal 2026's increase of 10.5% including dividends extends that record. Over the past ten years, Clairvest has grown book value per share after tax by approximately 14.0% per annum, a notable rate of compounding for a Canadian investment company.

What makes that long-term figure particularly striking is the context in which it was achieved. The company has held average cash of roughly 39% of book value over that period. Maintaining a large cash buffer typically dampens returns, since cash earns less than invested capital. The fact that Clairvest has compounded book value at about 14.0% per annum despite carrying such a substantial cash position points to the performance of its underlying private equity investments.

The combination of share repurchases and dividends also signals a focus on returning capital to shareholders. Repurchasing shares at an average price of $73.53, well below the year-end book value of $96.60 per share, is the kind of capital allocation decision that can be accretive to book value per share for remaining shareholders.

Company Background

Clairvest Group Inc. is a Toronto-based private equity management firm. Its defining characteristic is that it invests its own capital alongside that of third-party investors through its CEP funds, aligning the firm's interests with those of its co-investors. This structure means Clairvest is both a manager of capital and a principal investor.

The firm targets private, middle-market businesses across a range of sectors, including gaming and entertainment, waste and environmental services, and other middle-market enterprises. Its approach centres on partnering with management teams and supporting the growth of the businesses in which it invests.

Clairvest has a long public history. Since going public at $5.00 per share in 1987, it has paid cumulative dividends of $15.15 per share, and book value has reached $96.60 per share, representing a return of more than 22 times for long-term shareholders. The firm also points to an aggregate track record of turning $1.5 billion into $5.2 billion on its private equity investments. These figures underscore the firm's emphasis on long-term value creation.

Potential Market Impact

The fiscal 2026 results reinforce Clairvest's profile as a steady compounder of book value. Net income of $112 million, while below the prior year's $122.0 million, still supported a healthy increase in book value per share. The modest year-over-year decline in net income is worth noting, but for a private equity firm, annual earnings can fluctuate with the timing of investment gains, valuations and realizations.

The substantial cash and securities position, exceeding $468 million at the corporate level plus a further $133.6 million held in related entities, gives Clairvest meaningful flexibility. For an investment firm, a large pool of available capital can be an asset, enabling it to pursue new opportunities when they arise. At the same time, deploying that capital effectively is part of the ongoing challenge.

The continuation of share repurchases and the payment of a special dividend on top of the ordinary dividend illustrate the firm's willingness to return capital. Buying back shares below book value can support per-share value, while the dividend provides a direct return to shareholders. How the market weighs these factors will depend on investor expectations regarding future investment performance and capital deployment.

Key Risks or Things to Watch

Several considerations merit attention for those following Clairvest.

First, earnings variability. As a private equity firm, Clairvest's results can swing from year to year depending on the performance and valuation of its portfolio companies and the timing of realizations. The decline in net income from $122.0 million to $112 million illustrates this variability.

Second, cash deployment. Holding a large cash position provides flexibility but can also weigh on returns if capital is not deployed into attractive opportunities. Investors may watch how effectively Clairvest puts its substantial liquidity to work.

Third, sector exposure. The firm's investments in areas such as gaming and entertainment and waste and environmental services carry their own industry-specific risks, including regulatory, economic and competitive factors.

Fourth, valuation sensitivity. Book value depends in part on the valuation of private holdings, which involves estimates and assumptions. Changes in market conditions can affect those valuations.

Finally, the inherent illiquidity of private equity means that the timing and outcome of investments are not always predictable, and past performance is not a guarantee of future results.

Investor Takeaway

Clairvest Group's fiscal 2026 filings present a picture of continued book value growth, disciplined capital returns and a strong liquidity position. Book value per share rose 10.5% including dividends to $96.60, net income reached $112 million, and the company returned capital through both repurchases and dividends. Its long-term record, including approximately 14.0% annual book value growth per share over the past decade and a return of more than 22 times since its 1987 listing, remains a central part of the investment narrative.

For investors, the key themes are compounding book value, alignment through co-investment, and a substantial cash buffer that offers flexibility but must be deployed effectively. These observations are descriptive rather than advisory, and shareholders are encouraged to review the full Annual Report, financial statements and Annual Information Form on SEDAR+ and to consider their own circumstances.

Conclusion

Clairvest Group Inc. (TSX: CVG) has reported a fiscal 2026 that extends its long history of growing book value per share, the metric it holds central to its strategy. With book value per share at $96.60, up 10.5% including dividends, net income of $112 million, and more than $468 million in corporate-level liquidity, the firm continues to balance investment activity with capital returns to shareholders. As a Toronto-based private equity manager that invests its own capital alongside third-party investors, Clairvest's fiscal 2026 results offer a clear window into its approach. Investors interested in CVG should consult the company's official filings on SEDAR+ for complete details.