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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%
Market cap
$7.1B
P/E
46.9×
Fwd P/E
43.6×
Dividend yield
0.77%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 12.35%

Capital & Financial Ratios $m

Size
Market Cap 7,100.00
Revenue ttm 5,681.40
Net income ttm 199.45
Free cash flow ttm 298.44
Net debt Q 1,368.60
Valuation
P/E 46.88 (above 35: high)
Forward P/E 43.60 (above 35: high)
Price / sales 1.17
Forward P/S Powerpack
Price / FCF 22.33
Price / book 7.11
Financial health
Current ratio Q 1.85
Debt / equity Q 1.66
Interest coverage Q 5.70
Growth
Revenue growth Q +5.81% (above 0%: growing)
Operating income growth Q −7.14% (below 0%: shrinking)
EPS, this year +6.57%
EPS, next year A +9.73%
Revenue, next year A +39.80% (at or above 10%: strong)
EPS, past 5 yrs +9.43%
EPS, next 5 yrs A +11.06%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.4×, against a ten-year median of 1.7×; over the ten years it ranged from 1.2× in 2016 to 2.9× in 2021.
P/E against its own 10 years 19.80%
10-year low 10-year high
P/S against its own 10 years 11.29%
10-year low 10-year high
P/B against its own 10 years 43.12%
10-year low 10-year high
EV/Sales against its own 10 years 15.73%
10-year low 10-year high
EV/FCF against its own 10 years 15.41%
10-year low 10-year high

Dividends

Yield
0.77%
Annual rate
1.19
Payout ratio
36.3%
Growth, 2017–25
+10.6%/yr
  1. 0.49 ’17
  2. 0.54 ’18 +10
  3. 0.60 ’19 +11
  4. 0.66 ’20 +10
  5. 0.73 ’21 +11
  6. 0.81 ’22 +11
  7. 0.90 ’23 +11
  8. 1.25 ’24 +39
  9. 1.10 ’25 −12
  10. 1.61 ’26e +47
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 207 244 180 186
Receivables 855 961 949 971
Inventory — — — —
Other — — — —
1,062 1,205 1,129 1,156
2023 2024 2025 Q'26
Payables 143 174 159 195
ST’ Debt — — — —
Other — — — —
471 542 547 624

Compound Annual Growth %

10y 5y 3y
Sales 15.83% 14.67% 13.64%
Cash Flow 17.74% 8.86% 61.49%
Earnings 21.09% 10.70% 6.21%
Book Value 23.48% 15.81% 14.88%

Earnings Trends EPS, adjusted, against the consensus

Sep 2026 Estimate 1.90 Actual 1.89

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Dec 2025 1.32 1.37 Beat by 0.05
Mar 2026 0.90 0.95 Beat by 0.05
Jun 2026 1.71 1.75 Beat by 0.04
Sep 2026 1.90 1.89 Miss by 0.01
Dec 2026 1.57 — Reports 3 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.44 1.00 0.99 — —
’25 0.06 1.01 1.24 0.85 3.17
’24 0.14 0.78 1.34 0.71 2.97
’23 0.36 1.01 0.73 0.14 2.24
’22 0.32 0.78 0.77 0.86 2.72
’21 0.50 0.83 1.03 0.70 3.05
’20 0.13 0.64 0.75 0.50 2.02
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,317 1,449 1,532 — —
’25 1,251 1,416 1,448 1,383 5,498
’24 1,158 1,297 1,396 1,365 5,217
’23 1,018 1,120 1,117 1,079 4,335
’22 835 931 960 1,020 3,746
’21 711 832 849 857 3,249
’20 634 622 742 775 2,772
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 88 130 84 — —
’25 41 163 126 115 446
’24 (9) 131 77 87 286
’23 0 86 84 110 280
’22 2 62 (11) 54 106
’21 27 80 29 32 167
’20 40 113 42 97 292
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 60 99 56 — —
’25 12 129 93 84 318
’24 (34) 101 50 55 173
’23 (22) 64 61 93 195
’22 (15) 42 (31) 32 28
’21 13 64 15 16 109
’20 24 106 33 88 252
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,483 1,729 1,931 2,407 2,772 3,249 3,746 4,335 5,217 5,498 5,681 +15.7% 7,685 8,127 8,545 +15.8%
Gross margin, % 29.19 31.24 31.65 32.12 32.48 32.20 31.50 32.01 32.93 33.58 33.05 +4.4 pt
EBT 82 97 115 (200) 145 209 194 203 258 267 273 +14.1%
EBT margin, % 5.50 5.59 5.96 (8.33) 5.25 6.43 5.18 4.69 4.94 4.85 4.81 (0.6) pt
Net income 54 75 90 (228) 110 156 145 147 188 191 199 +15.0%
Per share, $
Per share, $ Revenue 41.23 48.15 53.72 62.98 64.84 74.11 84.80 97.28 115.88 120.75 131.12 +12.7%
Earnings 0.93 1.48 1.83 (6.58) 2.04 3.08 2.74 2.25 2.98 3.19 3.28 +14.7%
Cash flow 3.03 3.22 2.77 2.82 6.82 3.82 2.40 6.29 6.35 9.80 9.64 +13.9%
Capex (0.81) (1.01) (1.13) (1.22) (0.92) (1.33) (1.76) (1.92) (2.51) (2.80) (2.75) +14.8%
Free cash flow 2.22 2.21 1.64 1.60 5.90 2.49 0.64 4.38 3.84 6.99 6.89 +13.6%
Book value 5.03 5.36 6.57 11.14 15.45 18.24 20.54 22.99 26.38 30.22 21.62 +22.0%
Shares, m 36 36 36 38 43 44 44 45 45 46 45 +2.7%
Valuation, ×
Valuation, × P/E 51.23 46.98 37.22 0.00 67.04 62.55 45.10 70.34 60.75 49.06 46.88 49.0
P/S 1.15 1.44 1.27 1.48 2.11 2.61 1.45 1.63 1.56 1.29 1.17 1.6
P/B 9.45 12.98 10.42 8.35 8.85 10.60 5.99 6.89 6.86 5.15 7.11 8.6
EV/Sales 1.29 1.56 1.41 1.74 2.25 2.75 1.61 1.85 1.76 1.45 1.41 1.8
EV/FCF 22.82 34.02 46.17 68.49 24.68 81.91 212.68 41.17 53.25 25.09 26.92 61.0
Cash, $m
Cash, $m Operating cash flow 109 116 99 108 292 167 106 280 286 446 418 +16.9%
Capex (29) (36) (41) (47) (39) (58) (78) (85) (113) (128) (119) +17.9%
Free cash flow 80 79 59 61 252 109 28 195 173 318 298 +16.6%
Balance, $m
Balance, $m Working capital 92 101 159 295 290 371 423 591 663 582 533 +22.7%
Net debt 194 203 255 632 381 459 575 975 1,055 903 1,369 +18.6%
Shareholders’ equity 181 192 236 426 660 800 907 1,024 1,188 1,376 937 +25.3%
Returns, %
Returns, % ROA 4.90 6.36 7.10 (16.98) 4.20 5.75 4.58 3.14 3.44 3.42 3.33 (1.5) pt
ROIC 15.09 16.61 16.24 (10.30) 10.17 10.02 9.23 7.66 9.41 9.27 9.21 (5.8) pt
ROE 19.31 27.56 30.74 (76.00) 16.07 18.52 14.18 10.39 12.15 11.32 12.93 (8.0) pt
People
People Employees 17,000 19,000 20,000 24,000 24,000 25,000 27,000 29,000 30,000 31,000 — +6.9%
Revenue/emp, $m 0.09 0.09 0.10 0.10 0.12 0.13 0.14 0.15 0.17 0.18 — +8.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 3 Nov 2026

FirstService Corporation vs peers in Real Estate Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BEKE KE Holdings Inc. Sponsored ADR $19.5B 29.0× 19.4× −0.39% (below 0%: shrinking) +125.00% (above 0%: growing) +760.48% (above 0%: growing) 28.58% 12.33% Compare
JLL Jones Lang LaSalle Incorporated $17.8B 15.9× 14.5× +11.84% (above 0%: growing) +47.98% (above 0%: growing) −2.03% (below 0%: shrinking) 54.81% 5.37% Compare
CSGP CoStar Group, Inc. $13.1B 72.8× 52.1× +14.15% (above 0%: growing) n/m +541.67% (above 0%: growing) 77.84% 8.82% Compare
COMP Compass, Inc. $7.7B 131× 200× +109.03% (above 0%: growing) +71.43% (above 0%: growing) +164.71% (above 0%: growing) 100.00% 2.88% Compare
FSV FirstService Corporation $7.1B 46.9× 43.6× +5.81% (above 0%: growing) −20.80% (below 0%: shrinking) −39.90% (below 0%: shrinking) 32.46% 7.01%
CIGI Colliers International Group Inc. $5.0B 45.4× 36.5× +16.68% (above 0%: growing) +600.00% (above 0%: growing) +285.13% (above 0%: growing) 40.39% 6.26% Compare
CWK Cushman & Wakefield PLC $3.5B 48.9× 12.4× +7.75% (above 0%: growing) +0.91% (above 0%: growing) −21.73% (below 0%: shrinking) 17.32% 4.63% Compare
IHS IHS Holding Limited $2.9B 20.1× 11.9× +10.41% (above 0%: growing) n/m −41.30% (below 0%: shrinking) 48.32% 19.32% Compare
NMRK Newmark Group, Inc. $2.2B 14.4× 14.6× +17.03% (above 0%: growing) −8.33% (below 0%: shrinking) +188.46% (above 0%: growing) 100.00% 4.55% Compare
Median of peers $6.4B 37.2× 17.0× +13.00% +59.71% +176.59% 51.57% 5.82%

All 44 Real Estate Services stocks →

FirstService Corporation (FSV) Latest News

5 Nov

Impact 2 · · PR Newswire
Impact 1 · · PR Newswire
Impact 1 · · PR Newswire

3 Nov

Impact 2 · · GlobeNewswire
Impact 1 · · PR Newswire

30 Oct

Impact 3 · · The Motley Fool
Impact 1 · · PR Newswire

29 Oct

Impact 4 · · PR Newswire
Impact 3 · · PR Newswire

28 Oct

Impact 4 · · PR Newswire
Impact 3 · · PR Newswire
Impact 3 · · PR Newswire

27 Oct

Impact 2 · · PR Newswire

26 Oct

Impact 3 · · PR Newswire

23 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

22 Oct

Impact 4 · · Moby transcript
Impact 3 · · Simply Wall St.
Impact 3 · · The Motley Fool transcript
Impact 3 · · MarketBeat
Impact 3 · · Zacks
Impact 3 · · Associated Press
Impact 3 · · GlobeNewswire

21 Oct

Impact 3 · · PR Newswire

20 Oct

Impact 4 · · PR Newswire

19 Oct

Impact 3 · · GlobeNewswire
Impact 3 · · PR Newswire

13 Oct

Impact 3 · · PR Newswire

8 Oct

Impact 2 · · PR Newswire

7 Oct

Impact 3 · · PR Newswire

FSV metrics, ten years each

stockrow.com/FSV · Data as of Nov 3, 2026 · For information only; not investment advice. · © 2026 stockrow.com