FirstService (FSV)
Market Price (11/6/2026): $153.5 | Market Cap: $6.4 BilSector: Real Estate | Industry: Real Estate Services
FirstService (FSV)
Market Price (11/6/2026): $153.5Market Cap: $6.4 BilSector: Real EstateIndustry: Real Estate Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Low stock price volatilityVol 12M is 31% Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include IoT for Buildings, Building Management Systems, Show more. | Weak multi-year price returns2Y Excs Rtn is -51%, 3Y Excs Rtn is -72% | 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 -2.5% Key risksFSV key risks include [1] the sensitivity of its property management and home service brands to real estate cycles, Show more. |
| Low stock price volatilityVol 12M is 31% |
| Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include IoT for Buildings, Building Management Systems, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -51%, 3Y Excs Rtn is -72% |
| 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 -2.5% |
| Key risksFSV key risks include [1] the sensitivity of its property management and home service brands to real estate cycles, Show more. |
Qualitative Assessment
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FirstService (FSV) stock has gained about 10% since 7/31/2026 because of the following key factors:
1. Robust Fiscal Q3 2026 Financial Performance Exceeding Expectations.
FirstService reported strong financial results for fiscal Q3 2026, which ended on September 30, 2026, on October 22, 2026. The company posted consolidated revenues of $1.53 billion, a 6% increase year-over-year with 4% organic growth. Adjusted Earnings Per Share (EPS) rose by 7% year-over-year to $1.89, surpassing the consensus estimate of $1.84 by $0.05. This strong performance, particularly the EPS beat, demonstrated the company's resilience amidst varied market conditions.
2. Strategic Segment Growth and Targeted Acquisitions.
Specific segments within FirstService demonstrated significant growth, contributing to the overall positive trend. Restoration Brands (Paul Davis and First OnSite) achieved a 10% year-over-year revenue increase. Century Fire Protection also showed robust growth, with revenues up over 10%, including high single-digit organic growth, further bolstered by the acquisition of A&A Fire Protection announced on October 20, 2026. The FirstService Residential division consistently expanded its EBITDA by 7%, coupled with margin improvement during fiscal Q3 2026.
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FirstService (FSV) stock has gained about 10% since 7/31/2026 because of the following key factors:
1. Robust Fiscal Q3 2026 Financial Performance Exceeding Expectations.
FirstService reported strong financial results for fiscal Q3 2026, which ended on September 30, 2026, on October 22, 2026. The company posted consolidated revenues of $1.53 billion, a 6% increase year-over-year with 4% organic growth. Adjusted Earnings Per Share (EPS) rose by 7% year-over-year to $1.89, surpassing the consensus estimate of $1.84 by $0.05. This strong performance, particularly the EPS beat, demonstrated the company's resilience amidst varied market conditions.
2. Strategic Segment Growth and Targeted Acquisitions.
Specific segments within FirstService demonstrated significant growth, contributing to the overall positive trend. Restoration Brands (Paul Davis and First OnSite) achieved a 10% year-over-year revenue increase. Century Fire Protection also showed robust growth, with revenues up over 10%, including high single-digit organic growth, further bolstered by the acquisition of A&A Fire Protection announced on October 20, 2026. The FirstService Residential division consistently expanded its EBITDA by 7%, coupled with margin improvement during fiscal Q3 2026.
3. Shareholder Value Enhancement Through Significant Share Repurchases.
FirstService actively enhanced shareholder value by executing its Normal Course Issuer Bid. In fiscal Q3 2026, the company repurchased 2.2 million shares for over $300 million. This substantial share repurchase program signaled management's confidence in the company's valuation and future prospects, directly contributing to the adjusted EPS growth.
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Stock Movement Drivers
Fundamental Drivers
The 9.3% change in FSV stock from 7/31/2026 to 11/5/2026 was primarily driven by a 14.6% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 140.56 | 153.62 | 9.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,597 | 5,681 | 1.5% |
| Net Income Margin (%) | 2.9% | 2.6% | -10.2% |
| P/E Multiple | 39.5 | 45.2 | 14.6% |
| Shares Outstanding (Mil) | 45 | 43 | 4.6% |
| Cumulative Contribution | 9.3% |
Market Drivers
7/31/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| FSV | 9.3% | |
| Market (SPY) | -1.9% | 13.7% |
| Sector (XLRE) | -1.7% | 64.1% |
Fundamental Drivers
The 15.3% change in FSV stock from 4/30/2026 to 11/5/2026 was primarily driven by a 7.7% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 133.21 | 153.62 | 15.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,498 | 5,681 | 3.3% |
| Net Income Margin (%) | 2.6% | 2.6% | -1.8% |
| P/E Multiple | 42.0 | 45.2 | 7.7% |
| Shares Outstanding (Mil) | 46 | 43 | 5.5% |
| Cumulative Contribution | 15.3% |
Market Drivers
4/30/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| FSV | 15.3% | |
| Market (SPY) | 2.3% | 16.9% |
| Sector (XLRE) | 0.6% | 53.5% |
Fundamental Drivers
The -2.8% change in FSV stock from 10/31/2025 to 11/5/2026 was primarily driven by a -13.0% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 158.06 | 153.62 | -2.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,479 | 5,681 | 3.7% |
| Net Income Margin (%) | 2.5% | 2.6% | 2.4% |
| P/E Multiple | 52.0 | 45.2 | -13.0% |
| Shares Outstanding (Mil) | 46 | 43 | 5.2% |
| Cumulative Contribution | -2.8% |
Market Drivers
10/31/2025 to 11/5/2026| Return | Correlation | |
|---|---|---|
| FSV | -2.8% | |
| Market (SPY) | 8.4% | 25.5% |
| Sector (XLRE) | 11.2% | 47.2% |
Fundamental Drivers
The 10.8% change in FSV stock from 10/31/2023 to 11/5/2026 was primarily driven by a 37.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312023 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 138.60 | 153.62 | 10.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,119 | 5,681 | 37.9% |
| Net Income Margin (%) | 3.3% | 2.6% | -20.3% |
| P/E Multiple | 46.1 | 45.2 | -2.0% |
| Shares Outstanding (Mil) | 45 | 43 | 2.9% |
| Cumulative Contribution | 10.8% |
Market Drivers
10/31/2023 to 11/5/2026| Return | Correlation | |
|---|---|---|
| FSV | 10.8% | |
| Market (SPY) | 81.3% | 36.7% |
| Sector (XLRE) | 47.1% | 46.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FSV Return | 44% | -37% | 33% | 12% | -14% | -1% | 16% |
| Peers Return | 22% | -49% | 68% | 3% | 57% | -30% | 20% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| FSV Win Rate | 75% | 42% | 58% | 75% | 33% | 45% | |
| Peers Win Rate | 53% | 30% | 55% | 52% | 38% | 36% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| FSV Max Drawdown | -11% | -43% | -14% | -17% | -28% | -24% | |
| Peers Max Drawdown | -44% | -61% | -37% | -31% | -40% | -46% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: OPEN, GBR, GYRO, CBRE, JLL.
[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] 2026 data is for the year up to 11/5/2026 (YTD)
How Low Can It Go
| Event | FSV | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -12.6% | -9.5% |
| % Gain to Breakeven | 14.4% | 10.5% |
| Time to Breakeven | 29 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -41.6% | -24.5% |
| % Gain to Breakeven | 71.2% | 32.4% |
| Time to Breakeven | 866 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.5% | -33.7% |
| % Gain to Breakeven | 86.9% | 50.9% |
| Time to Breakeven | 122 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.8% | -19.2% |
| % Gain to Breakeven | 26.2% | 23.8% |
| Time to Breakeven | 47 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -16.8% | -3.7% |
| % Gain to Breakeven | 20.1% | 3.9% |
| Time to Breakeven | 55 days | 6 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -11.1% | -6.8% |
| % Gain to Breakeven | 12.5% | 7.3% |
| Time to Breakeven | 13 days | 15 days |
In The Past
FirstService's stock fell -8.6% during the 2025 US Tariff Shock. Such a loss loss requires a 9.4% gain to breakeven.
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| Event | FSV | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -41.6% | -24.5% |
| % Gain to Breakeven | 71.2% | 32.4% |
| Time to Breakeven | 866 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.5% | -33.7% |
| % Gain to Breakeven | 86.9% | 50.9% |
| Time to Breakeven | 122 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.8% | -19.2% |
| % Gain to Breakeven | 26.2% | 23.8% |
| Time to Breakeven | 47 days | 105 days |
In The Past
FirstService's stock fell -8.6% during the 2025 US Tariff Shock. Such a loss loss requires a 9.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About FirstService (FSV)
FirstService Corporation (FSV) is a leading property services company that provides a broad range of essential services to both residential and commercial customers across the United States and Canada. The company operates through two primary segments: FirstService Residential and FirstService Brands. Essentially, FirstService helps manage communities and homes, and offers various specialized property-related services to maintain, restore, or improve them.
The FirstService Residential segment focuses on comprehensive property management for private residential communities. This includes services for condominiums, co-operatives, homeowner associations, and master-planned communities. Beyond core management, this segment also provides crucial ancillary services like on-site staffing for engineering and maintenance, pool management, security, and concierge services. Additionally, it offers financial services such as cash management, banking transactions, specialized property insurance brokerage, and energy management solutions to these communities.
The FirstService Brands segment delivers a diverse portfolio of essential property services, primarily through a network of franchise operations and some company-owned locations. Key services include residential and commercial restoration under brands like Paul Davis Restoration and First Onsite Restoration, custom closet and home storage solutions through California Closets, and painting services via CertaPro Painters. This segment also provides floor coverings design and installation (Floor Coverings International), home inspection services (Pillar to Post Home Inspectors), and fire protection services (Century Fire Protection), serving a wide array of residential and commercial property owners.
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Here are 1-2 brief analogies for FirstService (FSV):
- It's like ServiceMaster, but expanded to also provide comprehensive, full-service management for entire residential communities and their amenities.
- Imagine a CBRE or JLL specifically focused on managing residential communities, combined with owning a portfolio of popular home and property service franchises like CertaPro Painters and California Closets.
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- Residential Property Management: Provides comprehensive management services for various private residential communities, including condominiums, co-operatives, and homeowner associations.
- Ancillary Property Management Services: Offers on-site staffing for engineering and maintenance, swimming pool and amenity management, and security and concierge services for residential properties.
- Financial Services for Residential Communities: Includes cash management, banking transaction services, and specialized property insurance brokerage for residential associations.
- Property Restoration Services: Delivers residential and commercial restoration services for properties affected by damage.
- Painting Services: Provides interior and exterior painting services for residential and commercial customers.
- Custom Closet & Home Storage Solutions: Designs and installs custom closet and home storage systems.
- Floor Coverings Design & Installation: Offers design and installation services for various types of floor coverings.
- Home Inspection Services: Provides professional inspection services for residential properties.
- Fire Protection Services: Installs and maintains fire protection and related safety systems.
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Major Customers of FirstService (FSV)
FirstService (FSV) serves a diverse base of customers, encompassing both organizational clients and individual consumers across its two primary segments. Its major customer categories include:
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Residential Community Associations and Management Bodies
This category comprises the direct customers of the FirstService Residential segment. These are organizations responsible for managing private residential communities, such as condominiums, co-operatives, homeowner associations (HOAs), master-planned communities, active adult and lifestyle communities, and various other residential developments. FirstService provides property management and ancillary services directly to these entities, rather than to individual residents. These are typically local, non-public entities.
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Individual Homeowners
A significant portion of the FirstService Brands segment serves individual homeowners. This includes services such as custom-designed and installed closet and home storage solutions (e.g., California Closets), home inspection services (e.g., Pillar to Post Home Inspectors), and residential painting, flooring design/installation, and restoration services (e.g., CertaPro Painters, Floor Coverings International, Paul Davis Restoration).
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Commercial Businesses and Property Managers
The FirstService Brands segment also provides essential property services to a wide range of commercial customers. This category includes businesses, commercial property owners, and property managers who require services such as commercial restoration (e.g., Paul Davis Restoration, First Onsite Restoration), fire protection (e.g., Century Fire Protection), commercial painting (e.g., CertaPro Painters), and commercial floor coverings design and installation (e.g., Floor Coverings International).
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D. Scott Patterson, Chief Executive Officer
Scott Patterson became the CEO of FirstService Corporation in 2015, having previously served as Chief Operating Officer from 2003 to 2015. He joined FirstService in 1995 as Vice President Corporate Development and held the position of Chief Financial Officer from July 1995 until September 2003. Before joining FirstService, Mr. Patterson worked as an investment banker at Bankers Trust. He is a Chartered Accountant, having qualified in 1985, and began his career at PricewaterhouseCoopers. He holds a Bachelor of Arts degree in Business Administration from the University of Western Ontario.
Jeremy Rakusin, Chief Financial Officer
Jeremy Rakusin assumed the role of Chief Financial Officer of FirstService Corporation in June 2015. He joined the company in September 2012 as Vice President, Strategy & Corporate Development, where he was responsible for identifying and executing the company's acquisition strategy and leading other strategic initiatives. Prior to FirstService, Mr. Rakusin was the Mergers & Acquisitions Head at Raymond James Ltd., where he led the firm's domestic and cross-border M&A practice. His extensive investment banking and corporate finance experience includes over 10 years at Bank of America Merrill Lynch and TD Securities. Additionally, he worked as a portfolio manager at a Toronto-based discretionary investment firm and as a securities and corporate lawyer at Goodmans LLP. Mr. Rakusin earned his joint MBA and Law degrees from the University of Toronto and a Bachelor of Arts from the University of Western Ontario.
Jay S. Hennick, Founder & Chairman of the Board
Jay S. Hennick co-founded FirstService in 1988 and served as its Chief Executive Officer from 1988 to 2015. He currently holds the position of Founder and Chairman of the Board of FirstService Corporation. Mr. Hennick is also the Global Chairman, CEO, and controlling shareholder of Colliers International, which was spun off from FirstService in 2015. Furthermore, he is the Co-Founder and Chairman of Hennick & Company, a private family investment firm, and maintains a significant equity stake in FirstService through this entity. He has received numerous accolades for his leadership, including Canada's Entrepreneur of the Year in 1998 and Canada's CEO of the Year in 2001, and was inducted into the Canadian Business Hall of Fame in 2024.
Angela Bai, Senior Vice President, Strategy & Corporate Development
Angela Bai serves as the Head of Strategy & Corporate Development at FirstService Corporation. In this capacity, she is responsible for driving acquisition growth across all of FirstService's business platforms and is actively involved in the formulation and execution of the company's corporate strategy and growth initiatives.
Steve Lahey, Senior Vice President, Technology & Information Services
Steve Lahey was appointed Senior Vice President, Technology & Information Services in 2022. He joined the FirstService family of companies in 2015 as Chief Information Officer for California Closets and later as CIO/CTO for the FirstService Brands division. Prior to FirstService, Mr. Lahey was responsible for hosted operations at a global contact center company, providing secure hosted services to numerous Fortune 500 companies. He also held multiple IT leadership positions over a ten-year period at a North American residential and commercial services company. His background includes studies in Business Administration and service in the United States Army.
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FirstService Corporation (FSV) faces several key risks inherent to its residential property management and property services franchise operations.
- Macroeconomic and Real Estate Market Sensitivity: FirstService's business is significantly influenced by overall economic conditions and the health of the real estate market. An economic downturn, higher interest rates, or a slowdown in housing activity can reduce demand for its property management services, new community developments, and various home-related services offered by its brands. For example, the success of property management businesses is closely tied to local housing market strength and rental activity, with weak markets potentially hurting performance due to fewer renters, high vacancies, or falling property values. Similarly, demand for services like custom closets, painting, and floor coverings can be impacted by reduced consumer spending on home improvements. While residential management contracts tend to be durable, a tough housing and interest rate environment can still create pressure.
- Labor Availability and Costs: Both the FirstService Residential and FirstService Brands segments are service-intensive and rely heavily on a skilled and unskilled workforce. Labor is noted as the largest cost in property services, and wage inflation can compress margins if the company cannot adjust contract pricing accordingly. Challenges such as vendor shortages, particularly in skilled trades like HVAC, electrical, and plumbing, can disrupt maintenance execution and increase operating costs. High employee turnover rates can also indicate deeper operational issues for property management companies.
- Intense Competition and Regulatory/Legal Risks: FirstService operates in highly competitive and often fragmented markets across both its residential property management and various property services segments. This competition can lead to pricing pressure and make it challenging to maintain market share. Additionally, property management and related property services are subject to numerous local, state, and provincial regulations and legal requirements, which can be complex and time-consuming. Failure to comply with these regulations can result in costly penalties, fines, lawsuits, and reputational damage, particularly concerning fair housing practices, safety codes, and environmental regulations.
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FirstService Corporation (FSV) operates in several distinct markets across North America.
FirstService Residential Segment
- Residential Property Management: The North America property management services market was estimated at USD 140.9 billion in 2025 and is projected to reach USD 214.5 billion by 2033, growing at a compound annual growth rate (CAGR) of 5.5% from 2026 to 2033. Specifically, the U.S. property management services market was estimated at USD 122.02 billion in 2025 and is projected to reach USD 184.25 billion by 2033, with a CAGR of 5.4% from 2026 to 2033. The Canadian property management market was valued at USD 1.624 billion in 2024 and is projected to reach USD 2.7136 billion by 2029, representing a CAGR of 8.9%.
FirstService Brands Segment
- Residential and Commercial Restoration (Disaster Restoration Services): The North America disaster restoration services market was valued at USD 20.09 billion in 2025 and is estimated to grow to USD 26.23 billion by 2031, at a CAGR of 4.65% during the forecast period (2026-2031). Within this, the United States disaster restoration services market is expected to grow from USD 17.91 billion in 2025 to USD 23.28 billion by 2031, at a 4.57% CAGR over 2026-2031.
- Painting Services: The U.S. painting contractors industry revenue reached USD 44.3 billion in 2023 and is expected to grow at a 2.1% CAGR through 2028. The Canadian painting industry revenue was CAD 6.8 billion in 2023. The global painting services market was valued at USD 69.1 billion in 2025 and is projected to reach USD 110.5 billion by 2034, expanding at a CAGR of 5.2%. Residential painting services commanded the largest share, at 48.3% of the global market in 2025.
- Custom Closets and Home Storage Solutions: The global custom closets market was valued at approximately USD 31.4 billion in 2024 and is projected to reach USD 55.2 billion by 2032, expanding at a CAGR of 7.2%. North America accounted for the largest share in the global custom closets market, contributing about 38% in 2024 and approximately 42% in 2026. The United States home organizers and storage market is valued at USD 12.05 billion in 2025 and is forecast to reach USD 15.21 billion by 2030, expanding at a 4.78% CAGR.
- Fire Protection and Related Services: The North America fire & life safety protection services market generated USD 23.6 billion in 2025 and is projected to reach USD 36.8 billion by 2035. The United States segment alone generated USD 22.0 billion in 2025 and is projected to reach USD 33.5 billion by 2035. The broader North America fire protection systems market (which includes equipment and services) was calculated to be USD 28.33 billion in 2025 and is anticipated to reach USD 38.74 billion by 2034, registering a CAGR of 3.54% from 2026 to 2034.
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- Organic Growth in Residential Property Management: FirstService Residential anticipates revenue growth by securing new management contracts for residential communities and expanding its "sited labor services," which include on-site staffing for engineering, maintenance, security, and concierge roles.
- Strength in Restoration and Fire Protection Services: Within the FirstService Brands segment, the Paul Davis and First Onsite restoration services, along with Century Fire Protection, are expected to continue exhibiting strong revenue growth. This growth is supported by broad-based activity and geographic diversification, and has demonstrated the ability to offset softer demand in other areas.
- Strategic Acquisitions: FirstService has a long-standing strategy of pursuing acquisition growth, including "in-market tuck-unders" and expanding into new geographies and complementary service lines to enhance its market presence and service offerings.
- Expansion of Ancillary Services: FirstService Residential plans to continue expanding its range of ancillary services. These services encompass various offerings such as full-service swimming pool and amenity management (though non-core aquatics were exited for margin improvement), security, concierge/front desk services, financial services, and energy management solutions.
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Share Repurchases
- FirstService announced a new normal course issuer bid (NCIB) on August 20, 2026, authorizing the repurchase of up to 3,930,112 common shares, representing 10% of its public float as of August 12, 2026, between August 26, 2026, and August 25, 2027.
- Under the previous NCIB, which expired on August 25, 2026, FirstService repurchased 2,311,991 common shares at a weighted average price of US$136.87, totaling approximately US$316 million.
- The company repurchases shares when it believes the market price does not adequately reflect its value and to mitigate the dilutive effect of stock options.
Share Issuance
- The diluted weighted average common shares outstanding for FirstService have shown a slight increase over the last few years, from 44,401 thousand in 2021 to 45,754 thousand in 2025. This increase is generally attributed to share-based compensation, such as the exercise of stock options.
Outbound Investments
- FirstService annually allocates more than $100 million towards strategic tuck-under acquisitions to expand its geographic footprint and add ancillary service lines.
- In September 2021, FirstService Residential acquired the Association Management Division of Atlantic | Pacific Companies.
- FirstService's subsidiary, Century Fire Protection, acquired fire sprinkler services provider A&A Fire Protection in October 2026.
Capital Expenditures
- FirstService's capital expenditures were approximately $127.7 million for the trailing twelve months ending fiscal year 2026 and $127.71 million in 2025. Other capital expenditures include $112.8 million in 2024, $92.73 million in 2023, $77.61 million in 2022, and $58.2 million in 2021.
- In 2025, the company invested in growth-oriented capital expenditures, including advancing the roll-out of an enterprise-wide tech platform for its Restoration brands and implementing Project OneRoof, a finance, accounting, and job costing platform for its Roofing brands. These initiatives are expected to continue in 2026.
- The increase in depreciation and amortization expense in Q3 2026 was primarily due to recently acquired operations in the FirstService Brands segment and investments in information technology systems within the FirstService Residential segment.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Time To Buy FirstService Stock? | 05/16/2025 | |
| FirstService (FSV) Valuation Ratios Comparison | 05/15/2025 | |
| FirstService Total Shareholder Return (TSR): 13.0% in 2024 and -1.5% 3-yr compounded annual returns (above peer average) | 03/07/2025 | |
| FirstService (FSV) Operating Cash Flow Comparison | 02/17/2025 | |
| FirstService (FSV) Net Income Comparison | 02/15/2025 | |
| FirstService (FSV) Operating Income Comparison | 02/14/2025 | |
| FirstService (FSV) Revenue Comparison | 02/13/2025 | |
| Fundamental Metrics: ... | 06/19/2024 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 70.23 |
| Mkt Cap | 4.2 |
| Rev LTM | 4,468 |
| Op Inc LTM | 173 |
| FCF LTM | 149 |
| FCF 3Y Avg | 156 |
| CFO LTM | 209 |
| CFO 3Y Avg | 215 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.8% |
| Rev Chg 3Y Avg | 6.1% |
| Rev Chg Q | 4.2% |
| QoQ Delta Rev Chg LTM | 1.1% |
| Op Inc Chg LTM | -9.3% |
| Op Inc Chg 3Y Avg | -2.4% |
| Op Mgn LTM | -6.6% |
| Op Mgn 3Y Avg | -2.9% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | -5.5% |
| CFO/Rev 3Y Avg | 3.8% |
| FCF/Rev LTM | -6.2% |
| FCF/Rev 3Y Avg | 2.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| FirstService Brands | 3,211 | 3,082 | 2,338 | 1,974 | 1,664 |
| FirstService Residential | 2,287 | 2,134 | 1,997 | 1,772 | 1,585 |
| Corporate | 0 | 0 | 0 | 0 | 0 |
| Total | 5,498 | 5,217 | 4,335 | 3,746 | 3,249 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| FirstService Brands | 214 | 230 | 126 | 112 | 107 |
| FirstService Residential | 170 | 159 | 155 | 139 | 127 |
| Corporate | -46 | -52 | -37 | -31 | -32 |
| Total | 338 | 338 | 245 | 219 | 202 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| FirstService Brands | 3,259 | 3,125 | 2,680 | 1,932 | 1,698 |
| FirstService Residential | 1,015 | 1,065 | 940 | 837 | 805 |
| Corporate | 10 | 6 | 6 | 6 | 5 |
| Total | 4,284 | 4,195 | 3,626 | 2,775 | 2,509 |
Price Behavior
| Market Price | $153.62 | |
| Market Cap ($ Bil) | 6.7 | |
| First Trading Date | 06/02/2015 | |
| Distance from 52W High | -6.3% | |
| 50 Days | 200 Days | |
| DMA Price | $136.25 | $141.36 |
| DMA Trend | down | down |
| Distance from DMA | 12.8% | 8.7% |
| 3M | 1YR | |
| Volatility | 33.2% | 31.3% |
| Downside Capture | 18.16 | 88.36 |
| Upside Capture | 67.65 | 75.72 |
| Correlation (S&P 500) | 12.1% | 26.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.89 | 0.33 | 0.25 | 0.43 | 0.62 | 0.61 |
| Up Beta | -3.01 | 1.58 | 0.32 | 0.16 | 0.36 | 0.58 |
| Down Beta | -1.15 | -1.54 | -1.19 | -0.02 | 0.28 | 0.50 |
| Up Capture | 43% | 92% | 66% | 71% | 65% | 30% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 13 | 24 | 34 | 69 | 127 | 377 |
| Down Capture | -159% | 51% | 56% | 63% | 96% | 92% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 9 | 19 | 30 | 57 | 124 | 375 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FSV | |
|---|---|---|---|---|
| FSV | -0.5% | 31.3% | -0.00 | - |
| Sector ETF (XLRE) | 11.1% | 14.6% | 0.49 | 47.3% |
| Equity (SPY) | 9.5% | 13.6% | 0.41 | 25.4% |
| Gold (GLD) | 3.6% | 28.7% | 0.11 | 20.3% |
| Commodities (DBC) | 37.7% | 21.2% | 1.40 | -29.9% |
| Real Estate (VNQ) | 12.0% | 14.2% | 0.55 | 51.2% |
| Bitcoin (BTCUSD) | -20.8% | 43.3% | -0.42 | 7.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FSV | |
|---|---|---|---|---|
| FSV | -4.7% | 26.9% | -0.19 | - |
| Sector ETF (XLRE) | 1.5% | 19.2% | -0.03 | 52.0% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 53.3% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 13.1% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | -1.0% |
| Real Estate (VNQ) | 1.2% | 18.9% | -0.05 | 54.2% |
| Bitcoin (BTCUSD) | 5.9% | 51.5% | 0.29 | 23.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FSV | |
|---|---|---|---|---|
| FSV | 14.5% | 27.7% | 0.52 | - |
| Sector ETF (XLRE) | 7.1% | 20.4% | 0.30 | 50.2% |
| Equity (SPY) | 14.9% | 18.0% | 0.70 | 51.5% |
| Gold (GLD) | 12.0% | 16.5% | 0.59 | 11.4% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | 11.1% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.23 | 52.1% |
| Bitcoin (BTCUSD) | 61.3% | 66.2% | 1.01 | 15.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/22/2026 | 6-K |
| 06/30/2026 | 07/31/2026 | 6-K |
| 03/31/2026 | 05/01/2026 | 6-K |
| 12/31/2025 | 02/20/2026 | 40-F |
| 09/30/2025 | 10/31/2025 | 6-K |
| 06/30/2025 | 08/01/2025 | 6-K |
| 03/31/2025 | 05/02/2025 | 6-K |
| 12/31/2024 | 02/21/2025 | 40-F |
| 09/30/2024 | 10/24/2024 | 6-K |
| 06/30/2024 | 08/01/2024 | 6-K |
| 03/31/2024 | 05/02/2024 | 6-K |
| 12/31/2023 | 02/22/2024 | 40-F |
| 09/30/2023 | 11/02/2023 | 6-K |
| 06/30/2023 | 08/03/2023 | 6-K |
| 03/31/2023 | 05/04/2023 | 6-K |
| 12/31/2022 | 02/23/2023 | 40-F |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/22/2026 | 6-K |
| 06/30/2026 | 07/31/2026 | 6-K |
| 03/31/2026 | 05/01/2026 | 6-K |
| 12/31/2025 | 02/20/2026 | 40-F |
| 09/30/2025 | 10/31/2025 | 6-K |
| 06/30/2025 | 08/01/2025 | 6-K |
| 03/31/2025 | 05/02/2025 | 6-K |
| 12/31/2024 | 02/21/2025 | 40-F |
| 09/30/2024 | 10/24/2024 | 6-K |
| 06/30/2024 | 08/01/2024 | 6-K |
| 03/31/2024 | 05/02/2024 | 6-K |
| 12/31/2023 | 02/22/2024 | 40-F |
| 09/30/2023 | 11/02/2023 | 6-K |
| 06/30/2023 | 08/03/2023 | 6-K |
| 03/31/2023 | 05/04/2023 | 6-K |
| 12/31/2022 | 02/23/2023 | 40-F |
| 09/30/2022 | 11/03/2022 | 6-K |
| 06/30/2022 | 08/05/2022 | 6-K |
| 03/31/2022 | 04/27/2022 | 6-K |
| 12/31/2021 | 03/03/2022 | 40-F |
| 09/30/2021 | 11/04/2021 | 6-K |
| 06/30/2021 | 08/06/2021 | 6-K |
| 03/31/2021 | 05/06/2021 | 6-K |
| 12/31/2020 | 02/25/2021 | 40-F |
| 09/30/2020 | 11/05/2020 | 6-K |
| 06/30/2020 | 08/06/2020 | 6-K |
| 03/31/2020 | 05/07/2020 | 6-K |
| 12/31/2019 | 02/20/2020 | 40-F |
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Real Estate Services Resources |
| CBRE Research |
| JLL Trends & Insights |
| Cushman & Wakefield Insights |
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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