Colliers International Group Inc. is a US-listed company in the real estate services industry. Its financial year ends in December.
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~$96
Forward price-to-earnings vs peers
Base case. Range ~$91–$130. Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings.
No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.
Colliers International Group Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $5.56bn, up 15.3% on a year earlier, faster than the 11.2% growth a quarter earlier. Free-cash-flow margin fell to 4.5% from 5.6% a year earlier. Operating margin widened to 6.7% from -3.2%. It passes 2 of our 5 financial-health checks. Our cash-flow model value is $44.41 a share.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Colliers International Group Inc.'s trailing-twelve-month revenue grew 15.3% year on year, with a free-cash-flow margin of 4.5%. Where it stands out: change in growth rate of +4.0pp ranks 4 of 22 real estate services companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 3.6% while net income fell 36.2%: a 33pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for CIGI from the sources we follow. See filings →
We value Colliers International Group Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.99 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$96 ~$91–$130 | Primary model, counts double |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: the model gives no positive value |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$17 ~$45–$140 | Left out: out of range vs price (0.17x) |
| Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. | — | Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient. |
| Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. | — | Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient. |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient. |
| Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$96 ~$91–$130 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Colliers International Group Inc. with Real Estate Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Share price | $43.56 | $36.03 | $59.28 | $54.14 | $76.81 | $87.93 | $146.87 | $91.22 | $125.73 | $135.46 | $146.77 |
| Market value | $1.64tn | $1.4bn | $2.3bn | $2.2bn | $3.1bn | $3.5bn | $6.3bn | $4.0bn | $5.8bn | $6.8bn | $7.5bn |
| + Net debt (− = net cash) | $145m | $149m | $141m | $545m | $496m | $323m | $134m | $1.3bn | $1.3bn | $1.3bn | $1.4bn |
| Enterprise value | $1.64tn | $1.5bn | $2.5bn | $2.7bn | $3.6bn | $3.9bn | $6.4bn | $5.3bn | $7.1bn | $8.1bn | $8.9bn |
| Multiples | |||||||||||
| Price / sales | n/m | 0.7x | 1.0x | 0.8x | 1.0x | 1.3x | 1.5x | 0.9x | 1.3x | 1.4x | 1.3x |
| Price / earnings | n/m | 20.6x | 47.3x | 22.1x | 29.8x | 72.0x | — | 86.6x | 88.8x | 42.0x | 72.7x |
| Price / free cash flow | n/m | 10.7x | 13.4x | 9.7x | 11.5x | 28.0x | 27.3x | — | 71.7x | 26.1x | 29.8x |
| EV / EBITDA | n/m | 8.1x | 11.2x | 9.6x | 11.4x | 13.3x | n/m | 10.3x | 14.2x | 13.3x | 14.2x |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 4, 2026, before the open. Analysts expect revenue of $1.7bn and EPS of $1.94 (range $1.90 to $2.00) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $7.42 | +13% | $6.4bn | +15% |
| Next | $8.28 | +12% | $6.9bn | +8% |
Next year's EPS estimate has moved −2.5% in 90 days, across 13 analysts.
The consensus EPS forecast for the current fiscal year is −0.9% on 90 days ago. In the last 30 days, 7 analysts raised Colliers International Group Inc.'s forecast and 6 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $7.48 | $8.49 |
| 60 days ago | $7.50 | $8.52 |
| 30 days ago | $7.50 | $8.52 |
| 7 days ago | $7.44 | $8.31 |
| Now | $7.42 | $8.28 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $1.81 | $1.83 | +1.1% |
| Mar 2026 | $0.93 | $0.91 | −2.3% |
| Dec 2025 | $2.45 | $2.34 | −4.5% |
| Sept 2025 | $1.57 | $1.64 | +4.3% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| CIGI | +67% | −38% | +38% | +8% | +8% | −29% |
| Industry peers (median) | +41% | −53% | +25% | +11% | −8% | −43% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| CIGI | 67% | 33% | 67% | 58% | 58% | 36% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| CIGI | −11% | −45% | −28% | −19% | −27% | −42% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 60% from February 18, 2020 to March 23, 2020. Getting back needed a 152% gain, reached on December 3, 2020, 255 days after the low.
Source: SEC EDGAR filings. Retrieved October 31, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY14 Q4 | $1.6B |
| FY15 Q4 | $1.7B |
| FY16 Q4 | $1.9B |
| FY17 Q4 | $2.3B |
| FY18 Q4 | $2.8B |
| FY19 Q4 | $3B |
| FY20 Q4 | $2.8B |
| FY21 Q4 | $4.1B |
| FY22 Q4 | $4.5B |
| FY23 Q4 | $4.3B |
| FY24 Q4 | $4.8B |
| FY25 Q4 | $5.6B |
Source: SEC EDGAR filings. Retrieved October 31, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY14 Q4 | 21.1% |
| FY15 Q4 | 8.8% |
| FY16 Q4 | 10.1% |
| FY17 Q4 | 20.0% |
| FY18 Q4 | 24.2% |
| FY19 Q4 | 7.8% |
| FY20 Q4 | -8.5% |
| FY21 Q4 | 46.7% |
| FY22 Q4 | 9.1% |
| FY23 Q4 | -2.8% |
| FY24 Q4 | 11.2% |
| FY25 Q4 | 15.3% |
Source: SEC EDGAR filings. Retrieved October 31, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY14 Q4 | 4.9% |
| FY15 Q4 | 4.7% |
| FY16 Q4 | 7.7% |
| FY17 Q4 | 7.4% |
| FY18 Q4 | 7.1% |
| FY19 Q4 | 7.2% |
| FY20 Q4 | 5.9% |
| FY21 Q4 | -3.2% |
| FY22 Q4 | 7.5% |
| FY23 Q4 | 6.9% |
| FY24 Q4 | 8.1% |
| FY25 Q4 | 6.7% |
Source: SEC EDGAR filings. Retrieved October 31, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY14 Q4 | 8.2% |
| FY15 Q4 | 7.8% |
| FY16 Q4 | 6.9% |
| FY17 Q4 | 7.6% |
| FY18 Q4 | 7.9% |
| FY19 Q4 | 8.8% |
| FY20 Q4 | 4.5% |
| FY21 Q4 | 5.6% |
| FY22 Q4 | -0.0% |
| FY23 Q4 | 1.9% |
| FY24 Q4 | 5.4% |
| FY25 Q4 | 4.5% |
Each dollar Colliers International Group took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.
| Revenue | $5.6B | |
|---|---|---|
| Selling, general and admin | $1.6B | 28.2% of revenue |
| Other operating costs | $3.6B | 65.1% of revenue |
| Operating income | $371M | 6.7% of revenue |
| Income tax | $80.2M | 1.4% of revenue |
| Interest and other | $188M | 3.4% of revenue |
| Net income | $103M | 1.9% of revenue |
| Fiscal year | 2009 Dec 2009 | 2010 Dec 2010 | 2011 Dec 2011 | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||||||||
| Revenue | 1,703 | 1,986 | 1,852 | 2,099 | 1,307 | 1,582 | 1,722 | 1,897 | 2,275 | 2,825 | 3,046 | 2,787 | 4,089 | 4,459 | 4,335 | 4,822 | 5,558 |
| EBITDA | 85 | 145 | 107 | 133 | 75 | 114 | 119 | 191 | 220 | 280 | 313 | 290 | 14 | 510 | 503 | 611 | 627 |
| Operating income | 38 | 98 | 56 | 79 | 42 | 78 | 80 | 146 | 167 | 201 | 218 | 165 | −132 | 332 | 301 | 389 | 371 |
| Net income | −45 | 14 | 74 | 6 | −18 | 43 | 23 | 68 | 49 | 98 | 103 | 49 | −390 | 46 | 66 | 162 | 103 |
| Diluted EPS | −$1.87 | $0.11 | $2.10 | −$0.12 | −$0.64 | $1.19 | $0.62 | $1.75 | $1.31 | $2.45 | $2.57 | $1.22 | −$9.09 | $1.05 | $1.41 | $3.22 | $2.02 |
| Growth (year on year) | |||||||||||||||||
| Revenue | — | +16.6% | −6.8% | +13.3% | −37.8% | +21.1% | +8.8% | +10.1% | +20.0% | +24.2% | +7.8% | −8.5% | +46.7% | +9.1% | −2.8% | +11.2% | +15.3% |
| EBITDA | — | +72.0% | −26.3% | +23.9% | −43.5% | +52.1% | +4.2% | +60.6% | +15.3% | +27.1% | +11.7% | −7.2% | −95.3% | — | −1.3% | +21.3% | +2.6% |
| Operating income | — | +155.4% | −42.4% | +41.0% | −46.5% | +84.4% | +2.9% | +81.8% | +14.5% | +20.3% | +8.3% | −24.6% | −179.9% | — | −9.5% | +29.3% | −4.7% |
| Net income | — | — | — | −92.1% | — | — | −46.1% | — | −27.4% | +98.0% | +5.4% | −52.3% | — | — | — | — | −36.2% |
| Diluted EPS | — | — | — | −105.7% | — | — | −47.9% | — | −25.1% | +87.0% | +4.9% | −52.5% | — | — | — | — | −37.3% |
| Margins | |||||||||||||||||
| EBITDA margin | 5.0% | 7.3% | 5.8% | 6.3% | 5.7% | 7.2% | 6.9% | 10.1% | 9.7% | 9.9% | 10.3% | 10.4% | 0.3% | 11.4% | 11.6% | 12.7% | 11.3% |
| Operating margin | 2.2% | 4.9% | 3.0% | 3.8% | 3.2% | 4.9% | 4.7% | 7.7% | 7.4% | 7.1% | 7.2% | 5.9% | −3.2% | 7.5% | 6.9% | 8.1% | 6.7% |
| Net margin | −2.6% | 0.7% | 4.0% | 0.3% | −1.4% | 2.7% | 1.4% | 3.6% | 2.2% | 3.5% | 3.4% | 1.8% | −9.5% | 1.0% | 1.5% | 3.4% | 1.9% |
| Free-cash-flow margin | 3.3% | 4.2% | 2.3% | 2.8% | 7.5% | 8.2% | 7.8% | 6.9% | 7.6% | 7.9% | 8.8% | 4.5% | 5.6% | −0.0% | 1.9% | 5.4% | 4.5% |
| Cash flow | |||||||||||||||||
| Cash from operations | 81 | 115 | 80 | 103 | 116 | 159 | 157 | 156 | 213 | 257 | 311 | 166 | 289 | 67 | 166 | 326 | 330 |
| Capital spending | 24 | 32 | 37 | 44 | 18 | 30 | 23 | 25 | 39 | 36 | 44 | 40 | 58 | 68 | 85 | 65 | 79 |
| Free cash flow | 57 | 83 | 43 | 59 | 98 | 129 | 135 | 131 | 173 | 222 | 267 | 126 | 231 | −1 | 81 | 261 | 251 |
| Stock-based pay | 3 | 3 | 2 | 3 | 2 | 2 | 4 | 3 | 4 | 6 | 8 | 10 | 14 | 22 | 27 | 46 | 56 |
| Free cash flow after stock pay | 54 | 80 | 40 | 55 | 96 | 127 | 130 | 128 | 169 | 216 | 259 | 116 | 217 | −23 | 54 | 215 | 196 |
| Balance sheet | |||||||||||||||||
| Cash | 100 | 100 | 98 | 109 | 143 | 90 | 116 | 113 | 109 | 127 | 115 | 157 | 397 | 174 | 181 | 176 | 208 |
| Total debt | 0 | 201 | 316 | 337 | 373 | 493 | 261 | 262 | 250 | 672 | 611 | 480 | 531 | 1,439 | 1,503 | 1,508 | 1,634 |
| Net debt (negative = net cash) | −100 | 101 | 219 | 229 | 230 | 403 | 145 | 149 | 141 | 545 | 496 | 323 | 134 | 1,265 | 1,322 | 1,332 | 1,426 |
| Diluted shares | — | 30m | 31m | 30m | 33m | 36,309m | 37,586m | 39m | 39m | 40m | 40m | 40m | 43m | 44m | 46m | 50m | 51m |
| Returned to shareholders | |||||||||||||||||
| Dividends | — | — | — | — | 7 | 14 | 7 | 3 | 4 | 4 | 4 | 4 | 4 | 13 | 14 | 15 | 15 |
| Buybacks | — | — | 20 | 7 | 15 | 29 | — | — | — | — | — | — | 0 | 166 | 0 | — | — |
| Total returned | — | — | 20 | 7 | 21 | 43 | 7 | 3 | 4 | 4 | 4 | 4 | 4 | 179 | 14 | 15 | 15 |
| Last 12 months unless stated | CIGI | FSV | AGNT | CSGP | NMRK | OPEN | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $5.6bn | $5.5bn | $5.0bn | $3.7bn | $3.6bn | $3.3bn | $2.2bn |
| Revenue growth, last 12 months | 15.3% | 5.4% | 8.1% | 20.2% | 20.8% | −37.2% | 6.7% |
| Revenue growth, 3-year average | 62.0% | 74.3% | 5.4% | 15.4% | 14.9% | −34.0% | 13.0% |
| Revenue growth, latest quarter | — | — | 10.7% | 14.1% | 17.0% | −43.7% | 12.7% |
| Gross margin | — | — | 8.1% | 78.3% | — | 8.6% | 18.5% |
| Operating margin | 6.7% | 6.1% | −0.3% | 5.8% | 7.7% | −16.0% | 0.8% |
| Operating margin, 3-year average | 3.6% | 6.2% | −0.4% | 1.5% | 6.1% | −9.4% | −2.7% |
| Net margin | 1.9% | 2.6% | −0.3% | 4.9% | 4.1% | −46.7% | 1.8% |
| Cash from operations / revenue | 5.9% | 8.1% | 2.1% | 16.8% | 23.5% | −14.1% | 1.8% |
| Free-cash-flow margin | 4.5% | 5.8% | 1.9% | 11.5% | 22.1% | −14.6% | 1.5% |
| Free-cash-flow margin, 3-year average | 5.9% | 4.6% | 2.9% | 2.9% | 7.9% | −11.6% | 2.9% |
| Stock pay / revenue | 1.0% | 0.5% | 0.3% | 4.2% | 0.0% | 11.4% | 0.9% |
| Change in share count | 1.8% | 1.0% | 4.9% | −0.9% | — | 23.1% | 1.6% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 15.3% | 8.1% | 6 of 22 |
| Change in growth rate Growth | +4.0pp | -0.2pp | 4 of 22 |
| Operating margin Profitability | 6.7% | 1.2% | 4 of 22 |
| Net margin Profitability | 1.9% | 1.8% | 10 of 21 |
| Free-cash-flow margin Cash generation | 4.5% | 1.2% | 7 of 19 |
| Stock pay as % of revenue Cash generation | 1.0% | 1.0% | 11 of 21 |
| Long-term debt as % of assets Balance sheet | 24.1% | 18.2% | 9 of 14 |
| Change in share count Balance sheet | 1.8% | 1.8% | 11 of 20 |
| Days sales outstanding Balance sheet | 54 days | 22 days | 12 of 15 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Royal Bank Of Canada | $357M | 3.8M | 10.4% | ▼ 4.2% |
| 1832 Asset Management L.P. | $334M | 3.6M | 9.7% | ▲ 10.5% |
| Spruce House Investment Management LLC | $257M | 2.7M | 7.5% | ▲ 9.3% |
| Fil Ltd | $195M | 2.1M | 5.7% | ▲ 25.7% |
| Price T Rowe Associates Inc | $190M | 2.0M | 5.5% | ▲ 46.8% |
| Turtle Creek Asset Management Inc. | $172M | 1.8M | 5.0% | ▲ 12.6% |
| Beutel, Goodman & Co Ltd. | $167M | 1.8M | 4.9% | ▼ 12.5% |
| Bank Of Montreal | $126M | 1.3M | 3.7% | ▲ 16.1% |
| Neuberger Berman Group LLC | $122M | 1.3M | 3.6% | ▲ 18.9% |
| Vanguard Capital Management LLC | $120M | 1.3M | 3.5% | ▲ 1.1% |
| CIBC Asset Management Inc | $100M | 1.1M | 2.9% | ▼ 2.6% |
| FMR LLC | $85.3M | 909K | 2.5% | ▲ 37.4% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Colliers International Group Inc.'s complete shareholder register. Values are as reported by the filers .
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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