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Friday 6 November 2026
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FirstService Corporation
FSV Real Estate Real Estate Services
FirstService Corporation’s revenue for fiscal 2025 (year ended December 2025) was $5.5 billion, up 5.38% from fiscal 2024.
- Revenue
- +5.81%
- EPS
- −20.8%
- Free cash flow
- −39.9%
- Total debt
- +29.0%
Quarter to September 2026, against a year earlier
153.78
1.47
−0.95%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
— | 7 | 6 | 4 | 6 | 7 | 4 | 5 | 6 | 5 |
P/E ratio |
51.23 | 46.98 | 37.22 | 0.00 | 67.04 | 62.55 | 45.10 | 70.34 | 60.75 | 49.06 |
P/S ratio |
1.15 | 1.44 | 1.27 | 1.48 | 2.11 | 2.61 | 1.45 | 1.63 | 1.56 | 1.29 |
P/FCF ratio |
20.48 | 31.45 | 41.83 | 58.13 | 23.17 | 77.69 | 192.31 | 36.17 | 47.14 | 22.25 |
P/Operating CF |
85.52 | 63.42 | 136.23 | 82.35 | 60.40 | 264.76 | 100.69 | 63.85 | 93.97 | 61.31 |
P/B ratio |
9.45 | 12.98 | 10.42 | 8.35 | 8.85 | 10.60 | 5.99 | 6.89 | 6.86 | 5.15 |
Price to Tangible BV |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
EV/Sales |
1.29 | 1.56 | 1.41 | 1.74 | 2.25 | 2.75 | 1.61 | 1.85 | 1.76 | 1.45 |
EV/EBITDA |
14.95 | 18.37 | 15.07 | 0.00 | 23.26 | 29.72 | 18.28 | 21.53 | 18.31 | 15.26 |
EV/Operating CF |
17.48 | 23.35 | 27.33 | 38.86 | 21.35 | 53.41 | 56.81 | 28.63 | 32.22 | 17.90 |
EV/FCF |
22.82 | 34.02 | 46.17 | 68.49 | 24.68 | 81.91 | 212.68 | 41.17 | 53.25 | 25.09 |
Quick Ratio |
1.68 | 1.64 | 1.91 | 2.22 | 1.83 | 1.96 | 2.06 | 2.25 | 2.22 | 2.06 |
Current Ratio |
1.68 | 1.64 | 1.91 | 2.22 | 1.83 | 1.96 | 2.06 | 2.25 | 2.22 | 2.06 |
Net Debt/EBITDA |
1.52 | 1.38 | 1.41 | (6.67) | 1.42 | 1.53 | 1.75 | 2.62 | 2.10 | 1.72 |
Debt/Assets |
32.54% | 31.79% | 33.20% | 39.20% | 26.84% | 26.02% | 26.47% | 32.60% | 30.96% | 25.27% |
Debt/Equity |
1.39 | 1.40 | 1.42 | 1.80 | 0.89 | 0.82 | 0.81 | 1.15 | 1.09 | 0.79 |
Asset Turnover |
2.16 | 2.14 | 2.08 | 1.63 | 1.34 | 1.38 | 1.42 | 1.35 | 1.33 | 1.30 |
Operating CF/Net income |
3.24 | 2.25 | 1.51 | (0.43) | 3.34 | 1.24 | 0.87 | 2.79 | 2.13 | 3.07 |
Capex/Depreciation |
(0.79) | (0.86) | (0.77) | (0.59) | (0.40) | (0.59) | (0.70) | (0.67) | (0.68) | (0.69) |
Interest Coverage |
9.89 | 10.64 | 10.11 | (5.44) | 6.97 | 12.57 | 8.69 | 5.17 | 4.07 | 4.59 |
| 19.31% | 27.56% | 30.74% | (76.00%) | 16.07% | 18.52% | 14.18% | 10.39% | 12.15% | 11.32% | |
| 4.90% | 6.36% | 7.10% | (16.98%) | 4.20% | 5.75% | 4.58% | 3.14% | 3.44% | 3.42% | |
ROIC |
15.09% | 16.61% | 16.24% | (10.30%) | 10.17% | 10.02% | 9.23% | 7.66% | 9.41% | 9.27% |
Return on Tangible Assets |
20.35% | 27.56% | 25.61% | (59.05%) | 20.96% | 26.57% | 20.53% | 12.62% | 14.65% | 16.64% |
Average Days of Receivables |
41.96 | 40.89 | 47.90 | 60.94 | 56.67 | 63.26 | 64.48 | 72.02 | 67.23 | 63.00 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
20.58% | 22.27% | 22.08% | 22.69% | 22.67% | 22.58% | 22.60% | 22.91% | 23.57% | 23.84% |
Intangible Assets out of Total Assets |
0.50 | 0.50 | 0.48 | 0.52 | 0.49 | 0.49 | 0.45 | 0.50 | 0.50 | 0.51 |
Share Based Compensation of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.51% | 0.49% | 0.49% | 0.50% |
Graham Net Nets |
(0.21) | (0.16) | (0.18) | (0.28) | (0.15) | (0.11) | (0.19) | (0.22) | (0.22) | (0.25) |
Graham Number |
10.27 | 13.35 | 16.49 | 0.00 | 26.63 | 35.61 | 35.52 | 34.11 | 42.06 | 46.43 |
Earnings Yield |
1.95% | 2.13% | 2.69% | (7.29%) | 1.49% | 1.60% | 2.22% | 1.42% | 1.65% | 2.04% |
Free Cash Flow Yield |
4.88% | 3.18% | 2.39% | 1.72% | 4.32% | 1.29% | 0.52% | 2.77% | 2.12% | 4.49% |
Revenue per Share |
41.23 | 48.15 | 53.72 | 62.98 | 64.84 | 74.11 | 84.80 | 97.28 | 115.88 | 120.75 |
Operating CF per Share |
3.03 | 3.22 | 2.77 | 2.82 | 6.82 | 3.82 | 2.40 | 6.29 | 6.35 | 9.80 |
Capex per Share |
(0.81) | (1.01) | (1.13) | (1.22) | (0.92) | (1.33) | (1.76) | (1.92) | (2.51) | (2.80) |
Free Cash Flow per Share |
2.22 | 2.21 | 1.64 | 1.60 | 5.90 | 2.49 | 0.64 | 4.38 | 3.84 | 6.99 |
Cash per Share |
1.58 | 1.86 | 2.22 | 3.51 | 4.89 | 4.43 | 3.61 | 4.64 | 5.41 | 3.96 |
Shareholders Equity per Share |
5.03 | 5.36 | 6.57 | 11.14 | 15.45 | 18.24 | 20.54 | 22.99 | 26.38 | 30.22 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
5.03 | 5.36 | 6.57 | 11.14 | 15.45 | 18.24 | 20.54 | 22.99 | 26.38 | 30.22 |
Free Cash Flow |
79.88 | 79.38 | 58.86 | 61.18 | 252.35 | 109.07 | 28.28 | 194.98 | 172.88 | 318.24 |
Working Capital |
92.02 | 101.28 | 159.04 | 294.53 | 289.70 | 370.87 | 422.75 | 591.08 | 663.05 | 581.96 |
Capital Expenditures |
(29.12) | (36.26) | (40.60) | (46.63) | (39.41) | (58.20) | (77.61) | (85.38) | (112.80) | (127.70) |
Net Current Asset Value |
(362.65) | (395.41) | (437.93) | (993.38) | (896.75) | (951.90) | (1,045.98) | (1,539.44) | (1,802.55) | (1,778.69) |
EV/EBIT |
21.05 | 25.73 | 21.30 | 0.00 | 36.77 | 44.30 | 27.46 | 32.78 | 27.27 | 23.62 |
Capex to Sales |
0.02 | 0.02 | 0.02 | 0.02 | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
Price to Operating Income |
18.90 | 23.79 | 19.30 | 0.00 | 34.52 | 42.02 | 24.83 | 28.79 | 24.15 | 20.94 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.51 | 0.49 | 0.54 | 0.60 | 0.78 | 0.72 | 0.66 | 0.63 | 0.65 | 0.64 |
Cash ROIC |
16.34% | 15.01% | 9.05% | 4.61% | 17.30% | 6.62% | 1.57% | 8.08% | 6.33% | 12.06% |
Accounts Receivable Turnover |
9.94 | 9.50 | 8.64 | 7.35 | 6.66 | 6.54 | 6.12 | 5.71 | 5.75 | 5.76 |
Accounts Payable Turnover |
37.17 | 32.37 | 31.89 | 27.71 | 21.43 | 22.18 | 23.74 | 22.73 | 22.05 | 21.96 |
Inventory Turnover |
(394.72) | (446.86) | (416.04) | (256.24) | (69.55) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
11.25 | 12.62 | 11.53 | 17.03 | 19.21 | 16.59 | 16.50 | 17.75 | 18.16 | 15.85 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
149.22 | 182.06 | 223.58 | 327.69 | 416.18 | 496.79 | 612.42 | 758.50 | 908.08 | 954.91 |
Average Payables |
28.25 | 36.73 | 41.40 | 58.97 | 87.36 | 99.31 | 108.06 | 129.67 | 158.71 | 166.29 |
Average Inventory |
(2.66) | (2.66) | (3.17) | (6.38) | (26.91) | — | — | — | — | — |
Average Assets |
685.72 | 809.62 | 927.87 | 1,481.47 | 2,076.00 | 2,352.78 | 2,641.77 | 3,200.13 | 3,910.30 | 4,239.28 |
Average Common Equity |
174.03 | 186.66 | 214.26 | 331.06 | 543.14 | 730.06 | 853.59 | 965.81 | 1,105.95 | 1,281.87 |
Columns are period end dates · fundamentals updated 3 Nov 2026