Friday 6 November 2026 Export FSV’s income statement to Excel — free account

FirstService Corporation

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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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

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

Forward P/E 43.60

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%

Operating income growth Q −7.14%

EPS, this year +6.57%

EPS, next year A +9.73%

Revenue, next year A +39.80%

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

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

0.49 ’17
0.54 ’18 +10
0.60 ’19 +11
0.66 ’20 +10
0.73 ’21 +11
0.81 ’22 +11
0.90 ’23 +11
1.25 ’24 +39
1.10 ’25 −12
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

0.75 1.08 1.40 1.72 2.05

Dec 2025 Beat +0.05

Mar 2026 Beat +0.05

Jun 2026 Beat +0.04

Sep 2026 Miss −0.01

Dec 2026 — Feb 3

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM Sep ’26	Trend	10 yrs	2026e	2027e	2028e	Next 3/yr
													Ten-year view		Analyst estimates Powerpack
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	Powerpack FirstService Corporation’s next three years, line by line Analysts expect revenue to grow 15.8% a year to 2028 — in line with the 15.7% of the last 9 years. See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	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

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%

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