Olympia Financial Group Inc. (OLYFF) is a monthly dividend stock with a high yield.
This potentially makes the stock more attractive for income investors looking for more frequent dividend payouts.
This article will analyze Olympia Financial Group in greater detail.
Business Overview
Olympia Financial Group is a niche Canadian financial administration and infrastructure provider whose core business is operating the back-office, legal trustee, and record-keeping platforms for assets and structures that traditional banks typically do not handle.
Through Olympia Trust Company, it acts as trustee and administrator for self-directed accounts holding private company shares, exempt market securities, private mortgages, limited partnerships, and other non-standard assets, and also provides transfer agency, corporate trust, and issuer services.
In addition, it operates foreign exchange and payment processing, private health plan administration, and technology and compliance platforms for exempt-market participants, making the company primarily a fee-based administrator of complex financial assets and structures rather than a lender or asset manager.
On November 13th, 2025, Olympia Financial Group reported its Q3 results for the period ending September 30th, 2025. The company recorded revenue of $17.1 million, down 5.5% year over year, reflecting lower trust income partially offset by higher service revenue.
Net earnings were $3.3 million, or $1.39 per share, representing a 26% year-over-year decline driven by lower interest income and higher operating costs.
Growth Prospects
Olympia has demonstrated solid growth over the past decade.
EPS rose from $1.29 in 2015 to $2.60 by 2019 as revenue expanded across its trust-driven operating lines due to higher service revenue and interest earned, including growth tied to higher mortgage activity in the Registered Plans division.
EPS then fell in 2020 to $1.59 as earnings before tax declined driven by lower interest revenue and a COVID-driven hit to private health plan revenues. These factors were somewhat offset by higher service revenue and lower operating costs.
EPS recovered in 2021 even as earnings before tax dropped 18% because interest revenue and trust income fell 38% to as trust placements rolled into lower rates, while service revenue increased 14% as a result of growth in Corporate and Shareholder Services and improved activity in Currency and Global Payments.
The step-change came in 2022–2023, with earnings doubling due to sharply higher interest and trust income amid materially higher rates and a larger IAS platform following late-2021 account acquisitions, and 2023 net earnings rising another 69% as trust, interest, and other income continued to surge.
EPS eased to $6.91 in 2024 as net earnings were essentially flat while total revenue increased 3% on higher trust income but service revenue slipped on lower trading-related results.
We believe Olympia can grow its EPS at a 5% CAGR from here, driven by steady growth in self-directed accounts and issuer services, operating leverage in its largely fixed-cost platform, and sustained interest income on client cash balances, partially offset by normal market and rate-cycle fluctuations.
Dividend & Valuation Analysis
Olympia has historically traded at low-to-mid single-digit to high-single-digit earnings multiples, reflecting its small size, niche business model, and exposure to capital-markets activity.
The stock is trading at 12.5x our expected EPS. While we appreciate Olympia’s renewed growth momentum, we believe this multiple is rich. We have set our fair multiple at 10x.
OLYFF stock currently trades for a P/E ratio of 12.5, therefore the stock is overvalued. A declining P/E ratio could reduce annual returns by 4.3% per year over the next five years.
In addition, we expect 5% annual EPS growth, and OLYFF is currently yielding 6.9%. Putting it all together, annual returns are expected to reach 7.3% per year.
Final Thoughts
Overall, Olympia is a niche, well-defended financial administration business with strong recurring revenue and operating leverage.
But its growth and valuation remain constrained by its small scale and sensitivity to interest rates and market activity.
We forecast annualized returns of 7.3% over the next five years, to be powered by our growth estimates and the starting yield, offset by the possibility of a valuation headwind.
We rate the stock a sell due to lack of consistent dividend growth.
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