Firstservice Corp is a US-listed company in the real estate services industry. Its financial year ends in December.
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~$63
Valuation models combined (3)
Base case. Range ~$50–$75. Weighted average of 3 models (forward price-to-earnings vs peers, residual income, justified price-to-book), the forward price-to-earnings vs peers counting double.
Overvalued
The price is above our entire value range; our base value is 58% below it.
Price used: $151.79, November 2, 2026
Firstservice Corp 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 $5.50bn, up 5.4% on a year earlier, slower than the 20.4% growth a quarter earlier. Free-cash-flow margin rose to 5.8% from 3.4% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 3 of our 5 financial-health checks. Our cash-flow model value is $60.35 a share, against a share price of $145.
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.
Firstservice Corp's trailing-twelve-month revenue grew 5.4% year on year, with a free-cash-flow margin of 5.8%. Where it stands out: operating margin of 6.1% ranks 5 of 22 real estate services companies we cover. Where it lags: change in growth rate of -15.0pp ranks 19 of 22 real estate services companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 84.1% while net income grew 7.9%: a 76pp 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 FSV from the sources we follow. See filings →
We value Firstservice Corp as an operating company, with every model that fits that kind of business. Cost of equity 8.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.84 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. | ~$75 ~$74–$94 | Primary model, counts double |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$50 ~$36–$72 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$54 ~$46–$66 | Included |
| 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. | — | Does not apply: earnings are positive: price-to-earnings is the better measure |
| 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. | ~$63 ~$50–$75 | 3 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Firstservice Corp 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 | $37.57 | $44.56 | $66.12 | $65.23 | $89.19 | $131.93 | $190.34 | $119.50 | $159.01 | $178.64 | $154.48 |
| Market value | $1.4bn | $1.6bn | $2.4bn | $2.4bn | $3.4bn | $5.7bn | $8.5bn | $5.3bn | $7.1bn | $8.1bn | $7.1bn |
| + Net debt (− = net cash) | $156m | $208m | $212m | $268m | $645m | $405m | $487m | $598m | $994m | $1.1bn | $928m |
| Enterprise value | $1.5bn | $1.8bn | $2.6bn | $2.7bn | $4.1bn | $6.1bn | $8.9bn | $5.9bn | $8.1bn | $9.2bn | $8.0bn |
| Multiples | |||||||||||
| Price / sales | 1.1x | 1.1x | 1.4x | 1.2x | 1.4x | 2.1x | 2.6x | 1.4x | 1.6x | 1.6x | 1.3x |
| Price / earnings | 64.0x | 48.2x | 45.5x | 36.2x | — | 65.3x | 62.5x | 43.9x | 71.0x | 60.2x | 48.7x |
| Price / free cash flow | 20.3x | 20.3x | 30.5x | 40.5x | 56.4x | 22.6x | 77.5x | 188.0x | 38.0x | 46.8x | 22.2x |
| EV / EBITDA | 15.3x | 14.3x | 17.9x | 14.7x | — | 22.8x | 29.7x | 18.0x | 21.8x | 18.2x | 15.3x |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $6.13 | +7% | $5.8bn | +5% |
| Next | $6.72 | +10% | $6.1bn | +6% |
Next year's EPS estimate has moved +0.2% in 90 days, across 10 analysts.
The consensus EPS forecast for the current fiscal year is +0.2% on 90 days ago. In the last 30 days, 0 analysts raised Firstservice Corp's forecast and 1 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $6.11 | $6.71 |
| 60 days ago | $6.13 | $6.70 |
| 30 days ago | $6.12 | $6.70 |
| 7 days ago | $6.12 | $6.69 |
| Now | $6.13 | $6.72 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Sept 2026 | $1.87 | $1.89 | +1.3% |
| Jun 2026 | $1.73 | $1.75 | +1.4% |
| Mar 2026 | $0.89 | $0.95 | +7.3% |
| Dec 2025 | $1.32 | $1.37 | +3.6% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| FSV | +44% | −37% | +33% | +12% | −14% | −2% |
| Industry peers (median) | +44% | −53% | +25% | +8% | −6% | −43% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| FSV | 75% | 42% | 58% | 75% | 33% | 46% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| FSV | −11% | −43% | −14% | −17% | −28% | −24% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 48% from February 14, 2020 to March 23, 2020. Getting back needed a 90% gain, reached on July 23, 2020, 122 days after the low.
How Firstservice Corp’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.
Not offered: rated Sell.
We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.
Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.
For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.
Not offered: no liquid put and call pair for the same expiry.
For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.
General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue (TTM) |
|---|---|
| FY14 Q4 | $1.1B |
| FY15 Q4 | $1.3B |
| FY16 Q4 | $1.5B |
| FY17 Q4 | $1.7B |
| FY18 Q4 | $1.9B |
| FY19 Q4 | $2.4B |
| FY20 Q4 | $2.8B |
| FY21 Q4 | $3.2B |
| FY22 Q4 | $3.7B |
| FY23 Q4 | $4.3B |
| FY24 Q4 | $5.2B |
| FY25 Q4 | $5.5B |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY14 Q4 | 9.0% |
| FY15 Q4 | 11.7% |
| FY16 Q4 | 17.3% |
| FY17 Q4 | 15.0% |
| FY18 Q4 | 13.3% |
| FY19 Q4 | 24.6% |
| FY20 Q4 | 15.2% |
| FY21 Q4 | 17.2% |
| FY22 Q4 | 15.3% |
| FY23 Q4 | 15.7% |
| FY24 Q4 | 20.4% |
| FY25 Q4 | 5.4% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Operating margin (TTM) |
|---|---|
| FY14 Q4 | 4.0% |
| FY15 Q4 | 5.6% |
| FY16 Q4 | 6.1% |
| FY17 Q4 | 6.2% |
| FY18 Q4 | 6.6% |
| FY19 Q4 | -7.2% |
| FY20 Q4 | 6.1% |
| FY21 Q4 | 6.2% |
| FY22 Q4 | 5.8% |
| FY23 Q4 | 5.6% |
| FY24 Q4 | 6.5% |
| FY25 Q4 | 6.1% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | FCF margin (TTM) |
|---|---|
| FY14 Q4 | 2.0% |
| FY15 Q4 | 5.3% |
| FY16 Q4 | 5.4% |
| FY17 Q4 | 4.7% |
| FY18 Q4 | 3.0% |
| FY19 Q4 | 2.5% |
| FY20 Q4 | 9.1% |
| FY21 Q4 | 3.4% |
| FY22 Q4 | 0.8% |
| FY23 Q4 | 4.3% |
| FY24 Q4 | 3.3% |
| FY25 Q4 | 5.8% |
Each dollar Firstservice 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 | $5.5B | |
|---|---|---|
| Selling, general and admin | $1.3B | 23.8% of revenue |
| Other operating costs | $3.8B | 70.0% of revenue |
| Operating income | $338M | 6.1% of revenue |
| Income tax | $75.8M | 1.4% of revenue |
| Interest and other | $117M | 2.1% of revenue |
| Net income | $145M | 2.6% of revenue |
| Fiscal year | 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 | 1,038 | 1,132 | 1,264 | 1,483 | 1,705 | 1,931 | 2,407 | 2,772 | 3,249 | 3,746 | 4,335 | 5,217 | 5,498 |
| EBITDA | 76 | 72 | 100 | 128 | 147 | 180 | −95 | 268 | 301 | 329 | 373 | 503 | 523 |
| Operating income | 37 | 46 | 71 | 91 | 105 | 128 | −174 | 169 | 202 | 219 | 245 | 338 | 338 |
| Net income | 3 | 13 | 21 | 34 | 53 | 66 | −252 | 87 | 135 | 121 | 100 | 134 | 145 |
| Diluted EPS | $0.09 | $0.36 | $0.59 | $0.92 | $1.41 | $1.80 | −$6.58 | $2.02 | $3.05 | $2.72 | $2.24 | $2.97 | $3.17 |
| Growth (year on year) | |||||||||||||
| Revenue | — | +9.0% | +11.7% | +17.3% | +15.0% | +13.3% | +24.6% | +15.2% | +17.2% | +15.3% | +15.7% | +20.4% | +5.4% |
| EBITDA | — | −5.6% | +38.3% | +27.9% | +15.3% | +22.7% | −152.6% | — | +12.3% | +9.5% | +13.3% | +34.9% | +4.1% |
| Operating income | — | +23.0% | +55.1% | +28.0% | +15.9% | +21.5% | −236.7% | — | +19.0% | +8.6% | +11.8% | +37.8% | +0.2% |
| Net income | — | — | — | — | +58.0% | +24.1% | −482.0% | — | +55.0% | −10.5% | −17.1% | +33.9% | +7.9% |
| Diluted EPS | — | — | — | — | +53.3% | +27.7% | −465.6% | — | +51.0% | −10.8% | −17.6% | +32.6% | +6.7% |
| Margins | |||||||||||||
| EBITDA margin | 7.4% | 6.4% | 7.9% | 8.6% | 8.6% | 9.3% | −3.9% | 9.7% | 9.3% | 8.8% | 8.6% | 9.6% | 9.5% |
| Operating margin | 3.6% | 4.0% | 5.6% | 6.1% | 6.2% | 6.6% | −7.2% | 6.1% | 6.2% | 5.8% | 5.6% | 6.5% | 6.1% |
| Net margin | 0.3% | 1.1% | 1.7% | 2.3% | 3.1% | 3.4% | −10.5% | 3.1% | 4.2% | 3.2% | 2.3% | 2.6% | 2.6% |
| Free-cash-flow margin | 1.7% | 2.0% | 5.3% | 5.4% | 4.7% | 3.0% | 2.5% | 9.1% | 3.4% | 0.8% | 4.3% | 3.3% | 5.8% |
| Cash flow | |||||||||||||
| Cash from operations | 34 | 45 | 87 | 109 | 116 | 99 | 108 | 292 | 167 | 106 | 280 | 286 | 446 |
| Capital spending | 17 | 22 | 20 | 29 | 36 | 41 | 47 | 39 | 58 | 78 | 93 | 113 | 128 |
| Free cash flow | 18 | 23 | 67 | 80 | 79 | 59 | 61 | 252 | 109 | 28 | 188 | 173 | 318 |
| Stock-based pay | — | — | — | — | — | — | 252 | — | — | — | 21 | 25 | 27 |
| Free cash flow after stock pay | — | — | — | — | — | — | −190 | — | — | — | 166 | 148 | 291 |
| Balance sheet | |||||||||||||
| Cash | 86 | 67 | 46 | 43 | 57 | 66 | 121 | 184 | 166 | 136 | 188 | 228 | 154 |
| Total debt | 0 | 239 | 201 | 251 | 270 | 335 | 767 | 590 | 653 | 734 | 1,182 | 1,299 | 1,083 |
| Net debt (negative = net cash) | −86 | 173 | 156 | 208 | 212 | 268 | 645 | 405 | 487 | 598 | 994 | 1,071 | 928 |
| Diluted shares | 36m | 36m | 36m | 36m | 37m | 37m | 39m | 43m | 44m | 44m | 45m | 45m | 46m |
| Returned to shareholders | |||||||||||||
| Dividends | — | — | 7 | 15 | 17 | 19 | 22 | 27 | 31 | 35 | 39 | 44 | 49 |
| Buybacks | — | — | 19 | 10 | 17 | 9 | — | — | — | — | — | — | — |
| Total returned | — | — | 27 | 25 | 34 | 28 | 22 | 27 | 31 | 35 | 39 | 44 | 49 |
| Last 12 months unless stated | FSV | CIGI | AGNT | CSGP | NMRK | OPEN | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $5.5bn | $5.6bn | $5.0bn | $3.7bn | $3.6bn | $3.3bn | $2.2bn |
| Revenue growth, last 12 months | 5.4% | 15.3% | 8.1% | 20.2% | 20.8% | −37.2% | 6.7% |
| Revenue growth, 3-year average | 74.3% | 62.0% | 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 | 6.1% | 6.7% | −0.3% | 5.8% | 7.7% | −16.0% | 0.8% |
| Operating margin, 3-year average | 6.2% | 3.6% | −0.4% | 1.5% | 6.1% | −9.4% | −2.7% |
| Net margin | 2.6% | 1.9% | −0.3% | 4.9% | 4.1% | −46.7% | 1.8% |
| Cash from operations / revenue | 8.1% | 5.9% | 2.1% | 16.8% | 23.5% | −14.1% | 1.8% |
| Free-cash-flow margin | 5.8% | 4.5% | 1.9% | 11.5% | 22.1% | −14.6% | 1.5% |
| Free-cash-flow margin, 3-year average | 4.6% | 5.9% | 2.9% | 2.9% | 7.9% | −11.6% | 2.9% |
| Stock pay / revenue | 0.5% | 1.0% | 0.3% | 4.2% | 0.0% | 11.4% | 0.9% |
| Change in share count | 1.0% | 1.8% | 4.9% | −0.9% | — | 23.1% | 1.6% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 5.4% | 8.1% | 12 of 22 |
| Change in growth rate Growth | -15.0pp | -0.2pp | 19 of 22 |
| Operating margin Profitability | 6.1% | 1.2% | 5 of 22 |
| Net margin Profitability | 2.6% | 1.8% | 7 of 21 |
| Free-cash-flow margin Cash generation | 5.8% | 1.2% | 6 of 19 |
| Stock pay as % of revenue Cash generation | 0.5% | 1.0% | 7 of 21 |
| Long-term debt as % of assets Balance sheet | 25.0% | 18.2% | 10 of 14 |
| Change in share count Balance sheet | 1.0% | 1.8% | 8 of 20 |
| Days sales outstanding Balance sheet | 61 days | 22 days | 13 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 |
|---|---|---|---|---|
| Orbis Allan Gray Ltd | $575M | 4.0M | 12.5% | ▲ 1.9% |
| Manufacturers Life Insurance Company, The | $293M | 2.1M | 6.4% | ▲ 7.8% |
| 1832 Asset Management L.P. | $239M | 1.7M | 5.2% | ▲ 302.9% |
| Jupiter Topco LLC | $239M | 1.7M | 5.2% | — |
| Vanguard Capital Management LLC | $173M | 1.2M | 3.8% | ▲ 1.7% |
| Conestoga Capital Advisors, LLC | $173M | 1.2M | 3.8% | ▼ 13.4% |
| Neuberger Berman Group LLC | $167M | 1.2M | 3.6% | ▼ 1.8% |
| Mackenzie Financial Corp | $153M | 756K | 3.3% | ▼ 48.6% |
| Morgan Stanley | $124M | 873K | 2.7% | ▲ 42.8% |
| CIBC Asset Management Inc | $122M | 861K | 2.7% | ▲ 19.3% |
| Geode Capital Management, LLC | $101M | 652K | 2.2% | ▲ 10.2% |
| Royal Bank Of Canada | $91.4M | 643K | 2.0% | ▲ 12.2% |
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 Firstservice Corp'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.
In the last 12 months, 1 member of Congress disclosed 12 purchases and 0 sales of Firstservice Corp shares.
| 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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