FirstService Corporation
- Open
- 147.41
- Day high
- 148.92
- Day low
- 145.23
- Prev close
- 148.46
- Volume
- 137K
- Mkt cap
- $6.7B
- P/E (TTM)
- 41.3
- EPS (TTM)
- $3.55
- P/B
- 4.7
- P/S
- 1.2
- Yield
- 0.79%
- Per share
- $1.16
FirstService Corporation (FSV) is a Real Estate company listed on NASDAQ. The stock is down 18% over the past year.
FirstService Corporation (FSV) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FSV earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $0.90 | $0.95 | +5.6% | $1.3B | +0.7% |
| Feb 4, 2026 | $1.32 | $1.37 | +3.8% | $1.4B | +6.5% |
| Oct 23, 2025 | $1.75 | $1.76 | +0.6% | $1.4B | +6.4% |
| Jul 24, 2025 | $1.45 | $1.71 | +17.9% | $1.4B | -2.2% |
| Apr 24, 2025 | $0.84 | $0.92 | +9.5% | $1.3B | -2.4% |
| Feb 5, 2025 | $1.37 | $1.34 | -2.2% | $1.4B | +5.0% |
| Oct 24, 2024 | $1.42 | $1.63 | +14.8% | $1.4B | +8.1% |
| Jul 25, 2024 | $1.26 | $1.36 | +7.9% | $1.3B | +1.5% |
| Feb 6, 2024 | $1.14 | $1.11 | -2.6% | $1.1B | +3.5% |
| Oct 26, 2023 | $1.29 | $1.25 | -3.1% | $1.1B | +3.7% |
| Jul 27, 2023 | $1.33 | $1.46 | +9.8% | $1.1B | +2.7% |
| Feb 7, 2023 | $1.20 | $1.22 | +1.7% | $1.0B | +4.3% |
FirstService Corporation company profile
Overview
FirstService Corporation (NASDAQ:FSV) is a Toronto-based property services company founded in 1989 that has grown into one of North America's largest providers of residential property management and essential property services. The company went public on NASDAQ in 2015 and operates across the United States and Canada through two primary business segments. FirstService has built its business through a combination of organic growth and strategic acquisitions, positioning itself as a consolidator in the fragmented property services industry.
Business
FirstService operates in the property services industry, which encompasses the management, maintenance, and improvement of residential and commercial real estate properties. The company's business is divided into two main segments that together generated over $5.2 billion in revenue in 2024. FirstService Residential (approximately 40% of total revenue) provides comprehensive property management services for private residential communities including condominiums, cooperatives, homeowner associations, master-planned communities, and active adult lifestyle developments. This segment offers a full suite of services including day-to-day property management, on-site staffing for building engineering and maintenance, swimming pool and amenity management, security and concierge services, financial services such as cash management and specialized property insurance brokerage, energy management solutions, and resale processing services. The residential management business operates on long-term contracts with property owners and boards, providing predictable recurring revenue streams. FirstService Brands (approximately 60% of total revenue) operates essential property services through both franchise networks and company-owned locations across five main brand categories. The restoration segment includes Paul Davis Restoration and First Onsite Restoration, which provide emergency restoration services for water, fire, and storm damage to residential and commercial properties. The roofing segment, anchored by Roofing Corp of America (acquired in 2023), provides commercial and residential roofing services. Home improvement brands include California Closets for custom storage solutions, CertaPro Painters for residential and commercial painting, and Floor Coverings International for flooring design and installation. Century Fire Protection provides fire protection systems and services, while Pillar to Post offers home inspection services.
Competitive moat
FirstService's competitive moat is moderately strong, built primarily on scale advantages and market fragmentation in the property services industry. In residential property management, the company benefits from economies of scale in back-office operations, technology investments, and purchasing power for insurance and supplies. The long-term contractual nature of property management relationships creates switching costs for customers, as changing management companies involves significant disruption and board approval processes. The company's multi-brand platform strategy in the Brands segment provides cross-selling opportunities and operational synergies, though these are still being developed. The restoration business benefits from insurance company relationships and the urgent nature of emergency services, which reduces price sensitivity. However, the franchise model, while providing asset-light growth, offers limited control over service quality and customer relationships. The moat faces several challenges. The property services industry remains highly fragmented with low barriers to entry in many segments. Digital disruption poses a long-term threat, particularly in residential management where technology platforms could potentially disintermediate traditional management companies. Labor-intensive operations make the business vulnerable to wage inflation and labor shortages. Competition from both local independent operators and other consolidators like FirstService's peers in property management and national players in restoration and home improvement creates ongoing margin pressure. The franchise model also faces competition from direct-service providers and other franchise systems.
Risks & safety
FirstService presents a moderate margin of safety profile with manageable financial risks but elevated valuation metrics. • Debt and Solvency: Net debt-to-EBITDA ratio of approximately 2.0x provides reasonable leverage. Current ratio of 1.83x indicates adequate short-term liquidity. Strong free cash flow generation of $173 million in 2024 supports debt service capabilities. • Cash Position: $228 million in cash and short-term investments provides operational flexibility. Access to over $800 million in total liquidity including credit facilities. • Valuation Metrics: Trading at elevated multiples with P/E ratio of 61x and EV/EBITDA of 18.8x, indicating limited valuation-based margin of safety. Price-to-book ratio of 6.9x suggests premium valuation relative to tangible assets. • Other Considerations: Recurring revenue base in residential management provides stability. Exposure to cyclical restoration and home improvement markets creates earnings volatility. Geographic diversification across North America reduces regional concentration risk.
Recent development
Over the past few years, FirstService has pursued an aggressive growth strategy centered on strategic acquisitions and operational improvements. The most significant development was the 2023 acquisition of Roofing Corp of America, a $400 million revenue business that established FirstService as a major player in the commercial roofing market. This acquisition has performed in line with expectations and management anticipates high single-digit to 10% organic growth potential in the roofing segment. The company has focused on margin improvement initiatives across both segments, implementing digital tools and artificial intelligence to streamline operations. In the restoration business, FirstService has invested heavily in a technology platform that is approximately two-thirds complete, with expected margin benefits materializing in 2024 and beyond. The residential segment has faced challenges from rising costs and budgetary pressures, particularly in Florida where new legislation requires property boards to fund cash reserves, but management expects normalization through 2025. Weather-related revenue opportunities have provided significant growth, with hurricanes Helene and Milton generating approximately $60 million in storm-related revenue in Q4 2024. However, the conversion of hurricane-related work to longer-term reconstruction projects has been slower than expected due to insurance and permitting challenges. The company has maintained a disciplined approach to mergers and acquisitions despite competitive market conditions and high valuations, focusing particularly on tuck-under acquisitions in the roofing sector in priority markets including Texas, Mid-Atlantic, and California.
FSV company profile · for informational purposes only — not investment advice.
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