Colliers International (CIGI)
Market Price (12/23/2025): $147.8 | Market Cap: $7.5 BilSector: Real Estate | Industry: Real Estate Services
Colliers International (CIGI)
Market Price (12/23/2025): $147.8Market Cap: $7.5 BilSector: Real EstateIndustry: Real Estate Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 20% | Weak multi-year price returns2Y Excs Rtn is -22%, 3Y Excs Rtn is -8.7% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 26x |
| Low stock price volatilityVol 12M is 29% | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.4% | |
| Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, Sustainable & Green Buildings, and E-commerce Logistics & Data Centers. Themes include Smart Buildings & Proptech, Show more. | Key risksCIGI key risks include [1] an unfavorable credit profile and high financial leverage, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 20% |
| Low stock price volatilityVol 12M is 29% |
| Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, Sustainable & Green Buildings, and E-commerce Logistics & Data Centers. Themes include Smart Buildings & Proptech, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -22%, 3Y Excs Rtn is -8.7% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 26x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.4% |
| Key risksCIGI key risks include [1] an unfavorable credit profile and high financial leverage, Show more. |
Why The Stock Moved
Qualitative Assessment
AI Analysis | Feedback
The search results indicate that Colliers International (CIGI) reported strong Q3 2025 results on November 4, 2025, with increased revenues and adjusted earnings across all segments, exceeding analyst expectations. The company also maintained a positive outlook for 2025. There are also reports of strategic partnerships and acquisitions, such as a multi-year partnership with Google Cloud announced on December 10, 2025, for AI-powered innovation, and the rebranding of its investment management division to Harrison Street Asset Management on July 23, 2025. Analyst sentiment generally remains positive with "Moderate Buy" ratings and price targets suggesting upside. Conversely, none of the search results highlight any significant negative news, poor earnings, downgrades, or large insider selling events (exceeding USD 5 million) that would explain a -10.6% stock movement for CIGI between August 31, 2025, and December 23, 2025. In fact, the news points to positive financial performance and strategic growth during this period. Some articles mention general market volatility or a slight pre-market decline after positive earnings, but nothing to account for a sustained -10.6% drop. Given the provided information, I am unable to identify key points that explain a -10.6% stock decline for Colliers International (CIGI) during the specified period. The available search results primarily indicate positive performance and outlook for the company within that timeframe. I cannot provide specific reasons for the stated stock decline based on the search results. All relevant news indicates positive developments and financial performance for CIGI within the specified timeframe. Show moreStock Movement Drivers
Fundamental Drivers
The -10.1% change in CIGI stock from 9/22/2025 to 12/22/2025 was primarily driven by a -13.6% change in the company's P/E Multiple.| 9222025 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 164.40 | 147.87 | -10.05% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 5169.49 | 5453.53 | 5.49% |
| Net Income Margin (%) | 2.17% | 2.15% | -0.97% |
| P/E Multiple | 74.31 | 64.22 | -13.58% |
| Shares Outstanding (Mil) | 50.67 | 50.85 | -0.37% |
| Cumulative Contribution | -10.06% |
Market Drivers
9/22/2025 to 12/22/2025| Return | Correlation | |
|---|---|---|
| CIGI | -10.1% | |
| Market (SPY) | 2.7% | 57.4% |
| Sector (XLRE) | -3.6% | 36.6% |
Fundamental Drivers
The 12.3% change in CIGI stock from 6/23/2025 to 12/22/2025 was primarily driven by a 39.5% change in the company's P/E Multiple.| 6232025 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 131.72 | 147.87 | 12.26% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 4961.21 | 5453.53 | 9.92% |
| Net Income Margin (%) | 2.92% | 2.15% | -26.43% |
| P/E Multiple | 46.04 | 64.22 | 39.48% |
| Shares Outstanding (Mil) | 50.62 | 50.85 | -0.47% |
| Cumulative Contribution | 12.26% |
Market Drivers
6/23/2025 to 12/22/2025| Return | Correlation | |
|---|---|---|
| CIGI | 12.3% | |
| Market (SPY) | 14.4% | 43.9% |
| Sector (XLRE) | -3.7% | 46.8% |
Fundamental Drivers
The 9.4% change in CIGI stock from 12/22/2024 to 12/22/2025 was primarily driven by a 45.5% change in the company's P/E Multiple.| 12222024 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 135.14 | 147.87 | 9.42% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 4555.57 | 5453.53 | 19.71% |
| Net Income Margin (%) | 3.38% | 2.15% | -36.50% |
| P/E Multiple | 44.15 | 64.22 | 45.47% |
| Shares Outstanding (Mil) | 50.32 | 50.85 | -1.06% |
| Cumulative Contribution | 9.41% |
Market Drivers
12/22/2024 to 12/22/2025| Return | Correlation | |
|---|---|---|
| CIGI | 9.4% | |
| Market (SPY) | 16.9% | 63.3% |
| Sector (XLRE) | 1.9% | 61.3% |
Fundamental Drivers
The 65.4% change in CIGI stock from 12/23/2022 to 12/22/2025 was primarily driven by a 46.8% change in the company's Net Income Margin (%).| 12232022 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 89.39 | 147.87 | 65.42% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 4582.55 | 5453.53 | 19.01% |
| Net Income Margin (%) | 1.46% | 2.15% | 46.78% |
| P/E Multiple | 57.71 | 64.22 | 11.27% |
| Shares Outstanding (Mil) | 43.28 | 50.85 | -17.49% |
| Cumulative Contribution | 60.36% |
Market Drivers
12/23/2023 to 12/22/2025| Return | Correlation | |
|---|---|---|
| CIGI | 19.4% | |
| Market (SPY) | 47.7% | 54.3% |
| Sector (XLRE) | 7.2% | 57.1% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CIGI Return | 14% | 67% | -38% | 38% | 8% | 8% | 90% |
| Peers Return | -17% | 80% | -40% | 19% | 21% | 18% | 51% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 17% | 113% |
Monthly Win Rates [3] | |||||||
| CIGI Win Rate | 58% | 67% | 33% | 67% | 58% | 58% | |
| Peers Win Rate | 50% | 67% | 33% | 50% | 58% | 55% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| CIGI Max Drawdown | -54% | -4% | -42% | -6% | -18% | -22% | |
| Peers Max Drawdown | -57% | -7% | -47% | -28% | -16% | -24% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: CBRE, JLL, CWK, NMRK, MMI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/22/2025 (YTD)
How Low Can It Go
| Event | CIGI | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -45.0% | -25.4% |
| % Gain to Breakeven | 81.8% | 34.1% |
| Time to Breakeven | 1,007 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -60.3% | -33.9% |
| % Gain to Breakeven | 152.2% | 51.3% |
| Time to Breakeven | 255 days | 148 days |
| 2018 Correction | ||
| % Loss | -36.8% | -19.8% |
| % Gain to Breakeven | 58.2% | 24.7% |
| Time to Breakeven | 389 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -80.6% | -56.8% |
| % Gain to Breakeven | 415.0% | 131.3% |
| Time to Breakeven | 756 days | 1,480 days |
Compare to OPEN, MAYS, GBR, CBRE, CSGP
In The Past
Colliers International's stock fell -45.0% during the 2022 Inflation Shock from a high on 2/16/2022. A -45.0% loss requires a 81.8% gain to breakeven.
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Colliers International Group Inc. provides commercial real estate professional and investment management services to corporate and institutional clients in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers sales brokerage services, including real estate sales, debt origination and placement, equity capital raising, market value opinions, acquisition advisory, and transaction management services; and landlord and tenant representation services. The company provides outsourcing and advisory services, such as corporate and workplace solutions; valuation and advisory services; workplace strategy services; loan servicing; property marketing; research services; and engineering design services for property and building, infrastructure, transportation, environmental and telecommunications end-markets. It also offers property management services comprising building operations and maintenance, facilities management, lease administration, property accounting and financial reporting, contract management and, construction management; and project management services, which include bid document review, construction monitoring and delivery management, contract administration and integrated cost control, development management, facility and engineering functionality, milestone and performance monitoring, quality assurance, risk management and strategic project consulting. In addition, the company provides investment management services that consists of asset management advisory and administration, transaction, and incentive services. The company was founded in 1972 and is headquartered in Toronto, Canada.
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Colliers is like RE/MAX for commercial properties.
Colliers is like Accenture for commercial real estate services.
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- Brokerage Services: Facilitates the buying, selling, and leasing of commercial properties for clients, including investment sales and financing.
- Property Management Services: Provides comprehensive management of commercial real estate assets, covering operations, maintenance, and tenant relations.
- Project Management Services: Oversees the planning, design, and construction phases of real estate projects from inception to completion.
- Valuation & Advisory Services: Offers appraisal, valuation, and strategic consulting to inform clients' real estate decisions and investments.
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Colliers International (symbol: CIGI) primarily sells its services to other companies and institutions. Due to the nature of its business as a global commercial real estate services and investment management firm, Colliers serves a vast and diverse client base globally. Its revenue comes from a multitude of transactions and service contracts rather than from a few "major customers" that account for a significant portion of its revenue. Consequently, Colliers does not publicly disclose the names of specific companies as "major customers," and such information is not typically available for commercial real estate service providers.
Instead, Colliers' customer base largely consists of the following categories of companies and institutions. While these are not *specific named major customers* disclosed by Colliers, these are representative examples of public companies that fall within their typical client profiles and would engage services like those offered by Colliers:
-
Institutional Investors: Entities such as pension funds, sovereign wealth funds, private equity firms specializing in real estate, and Real Estate Investment Trusts (REITs). These clients engage Colliers for services like investment sales, capital markets advisory, and portfolio management.
- Prologis, Inc. (NYSE: PLD) - A leading global REIT focused on logistics real estate.
- Simon Property Group, Inc. (NYSE: SPG) - A large retail REIT that might utilize brokerage or advisory services.
- Blackstone Inc. (NYSE: BX) - A large alternative asset manager with significant real estate holdings.
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Corporate Occupiers: Businesses across diverse industries that require services related to leasing, acquiring, or disposing of office, industrial, retail, or other specialized commercial properties to support their operations.
- Amazon.com, Inc. (NASDAQ: AMZN) - Could use Colliers for logistics real estate, office space, or data center site selection.
- JPMorgan Chase & Co. (NYSE: JPM) - A financial institution that might engage Colliers for managing its extensive branch network or office portfolio.
- Microsoft Corporation (NASDAQ: MSFT) - A tech company with vast real estate needs globally for offices, data centers, and research facilities.
-
Real Estate Developers and Property Owners: Companies involved in the acquisition, development, and construction of commercial properties, as well as entities that own significant commercial real estate assets, requiring services such as brokerage, project management, property management, and advisory.
- Brookfield Asset Management Ltd. (NYSE: BAM) - A major global alternative asset manager and developer with extensive real estate interests.
- Lendlease Group (ASX: LLC) - An international property and infrastructure group (listed on the Australian stock exchange).
It is important to reiterate that the public companies listed above are examples of the types of organizations that would typically be clients of Colliers International, rather than specific, publicly disclosed "major customers" in terms of concentrated revenue.
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- CoStar Group (CSGP)
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Jay S. Hennick, Global Chairman & CEO
Co-Founder, Global Chairman & CEO, and controlling shareholder of Colliers International. He is also the Founder, Chairman, and largest individual shareholder of FirstService Corporation, and served as its CEO from 1988 to 2015. Mr. Hennick began his entrepreneurial journey at 17, founding a commercial swimming pool staffing and management company with a $1,000 loan, which eventually evolved into FirstService Corporation. In 1989, he merged this company with the College Pro Painters franchise system to form FirstService Corporation, taking it public in 1993 and listing it on NASDAQ in 1995. In 2015, he spearheaded the separation of FirstService into two independent publicly traded companies: FirstService and Colliers, subsequently becoming the Global Chairman and CEO of Colliers. His family investment firm, Hennick & Co., holds stakes in Foster + Partners Architects and Canada's Haventree Bank. He was recognized as Canada's Entrepreneur of the Year in 1998 and Canada's CEO of the Year by Canadian Business Magazine in 2001.
Co-Founder, Global Chairman & CEO, and controlling shareholder of Colliers International. He is also the Founder, Chairman, and largest individual shareholder of FirstService Corporation, and served as its CEO from 1988 to 2015. Mr. Hennick began his entrepreneurial journey at 17, founding a commercial swimming pool staffing and management company with a $1,000 loan, which eventually evolved into FirstService Corporation. In 1989, he merged this company with the College Pro Painters franchise system to form FirstService Corporation, taking it public in 1993 and listing it on NASDAQ in 1995. In 2015, he spearheaded the separation of FirstService into two independent publicly traded companies: FirstService and Colliers, subsequently becoming the Global Chairman and CEO of Colliers. His family investment firm, Hennick & Co., holds stakes in Foster + Partners Architects and Canada's Haventree Bank. He was recognized as Canada's Entrepreneur of the Year in 1998 and Canada's CEO of the Year by Canadian Business Magazine in 2001.
Christian Mayer, Chief Financial Officer
Serves as Chief Financial Officer for Colliers International Group Inc. since January 2020. Prior to this, he was the Senior Vice President, Finance & Treasurer | Global for Colliers, overseeing the firm's external reporting, treasury, and tax functions, as well as aspects of operations, governance, and investor relations. Mr. Mayer joined FirstService Corporation, the predecessor of Colliers, in July 1999, where he was responsible for external and internal financial accounting, reporting, and analysis, and advised on a variety of corporate finance and development transactions. He is a Chartered Professional Accountant and began his career with accounting firms Grant Thornton and PricewaterhouseCoopers in Toronto.
Serves as Chief Financial Officer for Colliers International Group Inc. since January 2020. Prior to this, he was the Senior Vice President, Finance & Treasurer | Global for Colliers, overseeing the firm's external reporting, treasury, and tax functions, as well as aspects of operations, governance, and investor relations. Mr. Mayer joined FirstService Corporation, the predecessor of Colliers, in July 1999, where he was responsible for external and internal financial accounting, reporting, and analysis, and advised on a variety of corporate finance and development transactions. He is a Chartered Professional Accountant and began his career with accounting firms Grant Thornton and PricewaterhouseCoopers in Toronto.
Chris McLernon, Chief Executive Officer, Real Estate Services | Global
Responsible for client relationships, operational excellence, and overall growth within Colliers' real estate services across 62 countries, overseeing the Capital Markets, Leasing, and Outsourcing & Advisory businesses globally. Previously, he was the Chief Executive Officer for Europe, Middle East and Africa (EMEA), where he significantly grew revenues and managed over 30 acquisitions, including Colliers UK, Colliers Germany, and Colliers Italy. Before that, he developed and led Colliers' Latin America business and was a top producer in Canada when he joined the company in 1987 as an office leasing advisor.
Responsible for client relationships, operational excellence, and overall growth within Colliers' real estate services across 62 countries, overseeing the Capital Markets, Leasing, and Outsourcing & Advisory businesses globally. Previously, he was the Chief Executive Officer for Europe, Middle East and Africa (EMEA), where he significantly grew revenues and managed over 30 acquisitions, including Colliers UK, Colliers Germany, and Colliers Italy. Before that, he developed and led Colliers' Latin America business and was a top producer in Canada when he joined the company in 1987 as an office leasing advisor.
Gil Borok, President & CEO, U.S. & LATAM
Serves as President & Chief Executive Officer for the USA region. From 2014 until his departure, he held the role of Deputy Chief Financial Officer & Chief Accounting Officer. Between 2010 and 2014, Mr. Borok was the Chief Financial Officer of CBRE Group, where his responsibilities included global Finance, Accounting, Treasury, Tax, Risk Management, and Investor Relations. His professional experience also includes Big 4 public accounting from 1992 to 1997 and serving as Chief Accounting Officer at Dole Food Company from 1997 to 2002.
Serves as President & Chief Executive Officer for the USA region. From 2014 until his departure, he held the role of Deputy Chief Financial Officer & Chief Accounting Officer. Between 2010 and 2014, Mr. Borok was the Chief Financial Officer of CBRE Group, where his responsibilities included global Finance, Accounting, Treasury, Tax, Risk Management, and Investor Relations. His professional experience also includes Big 4 public accounting from 1992 to 1997 and serving as Chief Accounting Officer at Dole Food Company from 1997 to 2002.
Brian Rosen, President and CEO, Canada & President, Northeast Region Brokerage
Joined Colliers in April 2019 and assumed the role of President and CEO of Canada on March 31, 2020. In this position, he is responsible for driving growth and establishing the strategic direction of the business in Canada. Prior to his appointment as President and CEO, Mr. Rosen served as Chief Operating Officer | Canada at Colliers.
```Joined Colliers in April 2019 and assumed the role of President and CEO of Canada on March 31, 2020. In this position, he is responsible for driving growth and establishing the strategic direction of the business in Canada. Prior to his appointment as President and CEO, Mr. Rosen served as Chief Operating Officer | Canada at Colliers.
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The key risks to Colliers International's (CIGI) business are:
- Unfavorable Credit Profile and High Financial Leverage: Colliers International faces a key downside risk due to its unfavorable credit profile, evidenced by a high debt-to-EBITDA ratio. As of December 31, 2024, the company reported total debt of $1.21 billion, with a debt-to-equity ratio of approximately 1.24. This significant financial leverage can lead to increased interest costs, which analysts predict could surge by 55% in fiscal year 2023, and may limit the company's flexibility to reinvest or manage challenging economic conditions.
- Exposure to Cyclical Real Estate Markets and Transaction-Based Revenue: Despite efforts to diversify, a substantial portion of Colliers' revenue remains tied to transaction-based services, such as capital markets and leasing, which are inherently cyclical. These segments are highly susceptible to market downturns, higher interest rates, and reduced availability of debt, leading to potential declines in revenue and earnings. In 2023, market-driven revenue declines in transaction services, caused by higher interest rates and debt availability, partially offset growth in other segments.
- Intense Competition: The commercial real estate services sector is highly competitive. Colliers operates in an environment with numerous large, global players and smaller, regional firms, leading to intense competition that can exert pressure on fees and margins, thereby impacting overall profitability.
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The increasing maturation and adoption of digital platforms and artificial intelligence (AI)-driven PropTech solutions pose a clear emerging threat. These platforms aim to streamline and automate various aspects of commercial real estate services, including property listing, transaction facilitation, valuation, and property management. By providing more direct access to data, automating tasks, and potentially reducing the need for traditional intermediaries, these technologies could lead to disintermediation of Colliers' core brokerage and advisory services and exert downward pressure on commission fees and service margins. Companies leveraging advanced analytics, machine learning for predictive insights, and online transaction capabilities are actively reshaping the competitive landscape, challenging traditional models of service delivery and client engagement.
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Colliers International (CIGI) operates across three primary platforms: Real Estate Services, Engineering, and Investment Management. Below are the addressable market sizes for their main products and services where data is available:
-
Real Estate Services
- Property Management: The global property management market was valued at approximately USD 26.49 billion in 2024 and is projected to reach USD 42.78 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 8.3% from 2024 to 2030. Another estimate indicates the global property management market size was USD 26.49 billion in 2024 and is projected to reach USD 50.87 billion by 2032, with a CAGR of 8.50% during the forecast period of 2025 to 2032.
- Real Estate Valuation and Advisory Services: The global real estate valuation service market size was valued at approximately USD 9.2 billion in 2024 and is expected to reach USD 13.1 billion by 2033, growing at a CAGR of about 4% from 2025 to 2033. Specifically for commercial real estate, the global Commercial Real Estate (CRE) Valuation Services market is estimated at USD 5 billion in 2025.
- Commercial Real Estate Brokerage and Consulting Services: Null
-
Investment Management
- Real Estate Investment Management: The global real estate investment management industry represents several trillion dollars in assets under management (AUM). Managers listed in a May 2025 report were responsible for more than US$5.1 trillion of real estate AUM globally. Another survey in 2023 indicated that respondents held nearly USD 6 trillion in real estate AUM.
- Engineering Services: Null
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Colliers International (CIGI) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market trends:
- Expansion of the Engineering Segment: The Engineering segment is a significant driver of revenue growth, fueled by both strategic acquisitions and increasing demand for infrastructure and transportation projects. Colliers has seen strong growth in this segment and anticipates doubling this business within the next two to three years.
- Growth in Investment Management and Assets Under Management (AUM): Colliers is focused on expanding its Investment Management segment. The company has observed an increase in assets under management, with plans for increased fundraising velocity and the pursuit of new strategies, particularly under its rebranded Harrison Street Asset Management division. Colliers also possesses a substantial amount of "dry powder" ready for deployment on behalf of investors.
- Resilience and Recovery in Real Estate Services (Leasing and Capital Markets): The Real Estate Services segment, specifically leasing and capital markets, has demonstrated robust performance in key markets such as the U.S., U.K., Japan, and Canada, despite broader market challenges. The company anticipates improved macroeconomic conditions and transactional activity to further bolster this segment in the latter half of 2025 and beyond.
- Strategic Acquisitions and Diversification: A core component of Colliers' growth strategy involves augmenting internal growth with targeted acquisitions that enhance scale, expand expertise, and diversify service offerings. Recent examples include the acquisition of Englobe, creating a new growth platform in Canada, and Ethos Urban in Australia.
- Focus on Recurring Revenue Streams and Alternative Asset Classes: Colliers is strategically shifting towards more recurring and stable revenue streams by expanding its presence in alternative asset classes and outsourcing. This includes growing high-quality fee streams from investment management and professional advisory services, which analysts view as key to future margin and earnings resilience.
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Share Repurchases
- Colliers International authorized a new share repurchase program, effective from May 9, 2025, to May 8, 2026, allowing for the buyback of up to 4,300,000 Subordinate Voting Shares, representing approximately 10% of the public float as of April 30, 2025.
- A previous share repurchase program expired in July 2024, under which no shares were purchased.
Share Issuance
- Colliers International completed a public offering on February 28, 2024, issuing 2,479,500 subordinate voting shares for gross proceeds of US$300.0 million. The net proceeds from this offering were intended to repay credit facility balances and create additional capacity for future acquisition opportunities and growth initiatives.
Outbound Investments
- In 2022, Colliers deployed a record $1.0 billion of capital on acquisitions to support internal growth, increase market share, expand services, and extend its geographic reach.
- For the first nine months of 2025, acquisition spending reached $307.2 million.
- During 2023, Colliers completed three significant additions to its Engineering and Project Management businesses in the U.S. and Asia Pacific.
Capital Expenditures
- Capital expenditures for the first nine months of 2025 totaled $47.9 million, a slight increase from $45.5 million spent in the same period of 2024.
- Annual capital expenditures were $65 million in 2024 and $85 million in 2023.
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Research & Analysis
Invest in Strategies
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Peer Comparisons for Colliers International
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 87.84 |
| Mkt Cap | 5.7 |
| Rev LTM | 7,729 |
| Op Inc LTM | 425 |
| FCF LTM | 193 |
| FCF 3Y Avg | 191 |
| CFO LTM | 244 |
| CFO 3Y Avg | 248 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 17.2% |
| Rev Chg 3Y Avg | 4.6% |
| Rev Chg Q | 14.3% |
| QoQ Delta Rev Chg LTM | 3.4% |
| Op Mgn LTM | 4.4% |
| Op Mgn 3Y Avg | 3.6% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 4.3% |
| CFO/Rev 3Y Avg | 3.1% |
| FCF/Rev LTM | 3.5% |
| FCF/Rev 3Y Avg | 2.1% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Investment Management | 2,857 | ||||
| Real Estate Services | 990 | ||||
| Engineering | 487 | ||||
| Unallocated revenue | 0 | ||||
| Capital Markets | 1,084 | 1,236 | 701 | 776 | |
| Engineering and design (E&D) and Project management | 791 | 565 | |||
| Investment Management (IM) - Advisory and other | 349 | 218 | 168 | 155 | |
| Investment Management (IM) - Incentive Fees | 30 | 35 | 4 | 19 | |
| Leasing | 1,124 | 1,001 | 686 | 946 | |
| Other | 105 | 89 | 53 | 38 | |
| Property management | 499 | 498 | |||
| Valuation and advisory | 478 | 447 | 339 | 346 | |
| Property services | 835 | 765 | |||
| Total | 4,335 | 4,459 | 4,089 | 2,787 | 3,046 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Investment Management | 292 | ||||
| Engineering | 214 | ||||
| Real Estate Services | 97 | ||||
| Gains attributable to Mortgage servicing rights (MSRs) | 18 | ||||
| Loss on disposal of business | -2 | ||||
| Equity earnings from non-consolidated investments | -5 | ||||
| Corporate | -7 | ||||
| Stock based compensation | -27 | ||||
| Restructuring costs | -28 | ||||
| Acquisition related costs | -47 | ||||
| Depreciation and amortization | -203 | ||||
| Total | 301 |
Price Behavior
Price Behavior
| Market Price | $147.87 | |
| Market Cap ($ Bil) | 7.5 | |
| First Trading Date | 01/20/1995 | |
| Distance from 52W High | -12.7% | |
| 50 Days | 200 Days | |
| DMA Price | $150.00 | $140.31 |
| DMA Trend | up | down |
| Distance from DMA | -1.4% | 5.4% |
| 3M | 1YR | |
| Volatility | 24.7% | 28.8% |
| Downside Capture | 152.21 | 94.94 |
| Upside Capture | 81.16 | 89.17 |
| Correlation (SPY) | 56.7% | 63.1% |
CIGI Betas & Captures as of 11/30/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.24 | 1.03 | 1.14 | 0.93 | 0.93 | 1.02 |
| Up Beta | 0.37 | 0.93 | 1.20 | 1.12 | 0.95 | 1.00 |
| Down Beta | 0.27 | 1.30 | 1.14 | 1.27 | 0.92 | 0.87 |
| Up Capture | 73% | 53% | 53% | 81% | 74% | 124% |
| Bmk +ve Days | 12 | 25 | 38 | 73 | 141 | 426 |
| Stock +ve Days | 6 | 16 | 25 | 67 | 120 | 378 |
| Down Capture | 205% | 123% | 154% | 65% | 101% | 103% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 13 | 25 | 37 | 56 | 126 | 369 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of CIGI With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| CIGI | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 3.3% | -2.0% | 14.7% | 67.3% | 6.8% | -0.5% | -16.6% |
| Annualized Volatility | 28.9% | 17.4% | 19.7% | 19.3% | 15.2% | 17.6% | 35.4% |
| Sharpe Ratio | 0.11 | -0.27 | 0.57 | 2.54 | 0.23 | -0.18 | -0.25 |
| Correlation With Other Assets | 62.2% | 63.9% | -0.2% | 16.3% | 65.7% | 25.2% | |
ETFs used for asset classes: Sector ETF = XLRE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data
| Comparison of CIGI With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| CIGI | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 11.1% | 5.8% | 15.0% | 18.9% | 11.8% | 5.1% | 35.8% |
| Annualized Volatility | 32.4% | 19.1% | 17.1% | 15.5% | 18.7% | 18.9% | 48.9% |
| Sharpe Ratio | 0.38 | 0.21 | 0.71 | 0.98 | 0.51 | 0.18 | 0.63 |
| Correlation With Other Assets | 53.2% | 55.8% | 7.6% | 11.5% | 56.9% | 20.2% | |
ETFs used for asset classes: Sector ETF = XLRE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of CIGI With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| CIGI | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 13.0% | 6.5% | 14.9% | 14.9% | 6.7% | 5.5% | 69.9% |
| Annualized Volatility | 36.0% | 20.6% | 18.0% | 14.8% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.45 | 0.28 | 0.71 | 0.84 | 0.30 | 0.23 | 0.90 |
| Correlation With Other Assets | 47.5% | 51.5% | 1.0% | 21.3% | 51.6% | 13.4% | |
ETFs used for asset classes: Sector ETF = XLRE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11042025 | 6-K 9/30/2025 |
| 6302025 | 8062025 | 6-K 6/30/2025 |
| 3312025 | 5092025 | 6-K 3/31/2025 |
| 12312024 | 2132025 | 40-F 12/31/2024 |
| 9302024 | 11082024 | 6-K 9/30/2024 |
| 6302024 | 8072024 | 6-K 6/30/2024 |
| 3312024 | 5062024 | 6-K 3/31/2024 |
| 12312023 | 2152024 | 40-F 12/31/2023 |
| 9302023 | 11082023 | 6-K 9/30/2023 |
| 6302023 | 8042023 | 6-K 6/30/2023 |
| 3312023 | 5052023 | 6-K 3/31/2023 |
| 12312022 | 2162023 | 40-F 12/31/2022 |
| 9302022 | 11042022 | 6-K 9/30/2022 |
| 6302022 | 8052022 | 6-K 6/30/2022 |
| 3312022 | 5062022 | 6-K 3/31/2022 |
| 12312021 | 2172022 | 40-F 12/31/2021 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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