NASDAQ : FSV
FirstService Corporation — Financial statements
Real Estate · Real Estate Services · Canada
Last price 144.5 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 6.35B
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Financial statements
FirstService Corporation (FSV) reported revenue of 5.68B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 5.68B | 5.50B | 5.22B | 4.33B | 3.75B | 3.25B |
| Cost of Revenue | 3.80B | 3.65B | 3.50B | 2.95B | 2.57B | 2.20B |
| Gross Profit | 1.88B | 1.85B | 1.72B | 1.39B | 1.18B | 1.05B |
| Selling, General & Admin | 1.33B | 1.31B | 1.23B | 993.20M | 846.43M | 733.60M |
| Amortization of Goodwill & Intangibles | 83.08M | 77.24M | 72.40M | 54.24M | 48.73M | 43.89M |
| Operating Expenses | 1.53B | 1.50B | 1.39B | 1.12B | 956.57M | 832.57M |
| Operating Income | 345.60M | 350.20M | 323.11M | 266.41M | 223.55M | 213.66M |
| Interest Expense | -66.74M | -73.70M | -82.85M | -47.36M | -25.19M | -16.04M |
| Other Non Operating Income (Expenses) | 152.00K | 2.14M | -1.16M | 1.46M | 146.00K | 3.59M |
| EBT Excluding Unusual Items | 279.01M | 278.63M | 239.10M | 220.50M | 198.50M | 201.22M |
| Merger & Restructuring Charges | -5.98M | -12.12M | 14.40M | -21.52M | -4.52M | -12.02M |
| Gain (Loss) on Sale of Assets | 4.40M | 4.35M | 19.81M | |||
| Pretax Income | 273.03M | 266.51M | 257.90M | 203.34M | 193.98M | 209.00M |
| Income Tax Expense | 73.58M | 75.77M | 70.12M | 56.32M | 48.97M | 52.88M |
| Earnings From Continuing Operations | 199.45M | 190.75M | 187.77M | 147.02M | 145.01M | 156.13M |
| Minority Interest in Earnings | -52.28M | -45.70M | -53.40M | -46.63M | -23.93M | -20.92M |
| Net Income | 147.17M | 145.05M | 134.38M | 100.39M | 121.07M | 135.21M |
| Net Income to Common | 147.17M | 145.05M | 134.38M | 100.39M | 121.07M | 135.21M |
| Shares Outstanding (Basic) | 45.06M | 45.53M | 45.02M | 44.56M | 44.18M | 43.84M |
| Shares Outstanding (Diluted) | 45.08M | 45.75M | 45.28M | 44.79M | 44.49M | 44.40M |
| EPS (Basic) | 3.27 | 3.19 | 2.98 | 2.25 | 2.74 | 3.08 |
| EPS (Diluted) | 3.26 | 3.17 | 2.97 | 2.24 | 2.72 | 3.05 |
| Free Cash Flow | 298.44M | 318.24M | 172.88M | 187.63M | 28.28M | 109.06M |
| Free Cash Flow Per Share | 6.62 | 6.96 | 3.82 | 4.19 | 0.64 | 2.46 |
| Dividend Per Share | 1.19 | 1.10 | 1.00 | 0.90 | 0.81 | 0.73 |
| Gross Margin | 33.05% | 33.58% | 32.93% | 32.01% | 31.50% | 32.20% |
| Operating Margin | 6.08% | 6.37% | 6.19% | 6.15% | 5.97% | 6.58% |
| Profit Margin | 2.59% | 2.64% | 2.58% | 2.32% | 3.23% | 4.16% |
| Free Cash Flow Margin | 5.25% | 5.79% | 3.31% | 4.33% | 0.76% | 3.36% |
| EBITDA | 543.92M | 535.41M | 488.38M | 394.34M | 333.69M | 312.63M |
| EBITDA Margin | 9.57% | 9.74% | 9.36% | 9.10% | 8.91% | 9.62% |
| D&A For EBITDA | 198.32M | 185.21M | 165.27M | 127.93M | 110.14M | 98.97M |
| EBIT | 345.60M | 350.20M | 323.11M | 266.41M | 223.55M | 213.66M |
| EBIT Margin | 6.08% | 6.37% | 6.19% | 6.15% | 5.97% | 6.58% |
| Effective Tax Rate | 26.95% | 28.43% | 27.19% | 27.70% | 25.25% | 25.30% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 160.76M | 154.43M | 227.60M | 187.62M | 136.22M | 165.66M |
| Cash & Short-Term Investments | 160.76M | 154.43M | 227.60M | 187.62M | 136.22M | 165.66M |
| Accounts Receivable | 947.28M | 922.11M | 947.52M | 842.24M | 635.94M | 551.56M |
| Other Receivables | 22.11M | 9.43M | 8.81M | 20.89M | 6.84M | |
| Receivables | 947.28M | 944.22M | 956.95M | 851.04M | 656.84M | 558.41M |
| Inventory | 274.24M | 279.63M | 246.19M | 242.34M | 161.39M | |
| Prepaid Expenses | 460.32M | 105.23M | 79.09M | 56.89M | 50.35M | 50.60M |
| Restricted Cash | 25.05M | 25.66M | 16.09M | 19.26M | 23.13M | 28.61M |
| Total Current Assets | 1.59B | 1.50B | 1.56B | 1.36B | 1.11B | 964.66M |
| Property, Plant & Equipment | 568.02M | 559.29M | 494.51M | 422.49M | 372.56M | 297.80M |
| Goodwill | 1.50B | 1.40B | 1.18B | 886.09M | 843.36M | |
| Other Intangible Assets | 2.25B | 684.74M | 715.48M | 628.01M | 368.45M | 382.11M |
| Long-Term Deferred Tax Assets | 5.18M | 4.98M | 2.11M | 1.75M | 1.70M | 1.76M |
| Other Long-Term Assets | 29.84M | 29.47M | 28.01M | 32.67M | 36.85M | 19.34M |
| Total Assets | 4.45B | 4.28B | 4.19B | 3.63B | 2.77B | 2.51B |
| Accounts Payable | 623.54M | 158.51M | 174.07M | 143.35M | 115.99M | 100.12M |
| Accrued Expenses | 378.19M | 360.70M | 320.59M | 275.93M | 280.91M | |
| Current Portion of Long-Term Debt | 13.34M | 41.57M | 37.13M | 35.66M | 57.44M | |
| Current Portion of Leases | 60.84M | 72.76M | 53.12M | 50.90M | 49.15M | 48.05M |
| Current Income Taxes Payable | 12.72M | 8.38M | 1.47M | 2.79M | 2.55M | |
| Current Unearned Revenue | 227.15M | 209.23M | 190.88M | 178.59M | 125.54M | 116.42M |
| Other Current Liabilities | 16.03M | 50.74M | 22.05M | 38.75M | 31.93M | 12.98M |
| Total Current Liabilities | 940.89M | 882.15M | 850.77M | 770.77M | 636.99M | 618.47M |
| Long-Term Debt | 1.54B | 1.04B | 1.23B | 1.12B | 698.80M | 595.37M |
| Long-Term Leases | 246.68M | 266.83M | 243.01M | 203.97M | 168.56M | 122.34M |
| Long-Term Unearned Revenue | 25.52M | 23.27M | 21.38M | 17.86M | 15.08M | |
| Long-Term Deferred Tax Liabilities | 119.30M | 102.99M | 84.89M | 53.02M | 51.10M | 42.07M |
| Other Long-Term Liabilities | 122.94M | 99.24M | 127.27M | 94.56M | 60.31M | 96.84M |
| Total Liabilities | 2.97B | 2.42B | 2.56B | 2.27B | 1.63B | 1.49B |
| Common Stock | 936.83M | 1.01B | 929.91M | 855.82M | 813.03M | 797.43M |
| Additional Paid-In Capital | 117.57M | 104.79M | 95.22M | 83.01M | 68.25M | |
| Retained Earnings | 260.40M | 165.47M | 77.48M | 17.35M | -67.92M | |
| Comprehensive Income & Other | -8.52M | -12.43M | -4.37M | -5.92M | 1.97M | |
| Total Common Equity | 936.83M | 1.38B | 1.19B | 1.02B | 907.47M | 799.72M |
| Minority Interest | 542.33M | 486.19M | 449.34M | 332.96M | 233.43M | 219.13M |
| Shareholders' Equity | 1.48B | 1.86B | 1.64B | 1.36B | 1.14B | 1.02B |
| Total Liabilities & Equity | 4.45B | 4.28B | 4.19B | 3.63B | 2.77B | 2.51B |
| Total Debt | 1.86B | 1.38B | 1.57B | 1.42B | 952.16M | 823.19M |
| Net Cash (Debt) | -1.70B | -1.23B | -1.34B | -1.23B | -815.95M | -657.52M |
| Net Cash Per Share | -37.73 | -26.88 | -29.56 | -27.44 | -18.34 | -14.81 |
| Filing Date Shares Outstanding | 43.33M | 45.98M | 45.44M | 44.97M | 44.55M | 44.19M |
| Total Common Shares Outstanding | 43.33M | 45.72M | 45.27M | 44.68M | 44.23M | 44.01M |
| Working Capital | 652.51M | 621.63M | 708.59M | 590.23M | 471.88M | 346.19M |
| Book Value Per Share | 21.62 | 30.09 | 26.24 | 22.92 | 20.52 | 18.17 |
| Tangible Book Value | -1.32B | -810.19M | -923.12M | -783.69M | -347.07M | -425.75M |
| Tangible Book Value Per Share | -30.39 | -17.72 | -20.39 | -17.54 | -7.85 | -9.67 |
| Land | 25.00K | 24.00K | 26.00K | 1.28M | 1.28M | |
| Buildings | 4.55M | 4.57M | 4.55M | 9.28M | 4.72M | |
| Machinery | 695.97M | 609.13M | 543.05M | 464.73M | 382.80M | |
| Leasehold Improvements | 90.36M | 83.29M | 65.83M | 50.62M | 48.65M | |
| Order Backlog | 1.03B | 924.80M | 838.34M | 631.66M | 464.13M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 147.17M | 145.05M | 134.38M | 100.39M | 121.07M | 135.21M |
| Depreciation & Amortization | 198.32M | 185.21M | 165.27M | 127.93M | 110.14M | 98.97M |
| Loss (Gain) From Sale of Assets | -4.35M | -19.81M | ||||
| Stock-Based Compensation | 27.39M | 27.39M | 25.31M | 21.39M | 18.96M | 15.76M |
| Other Operating Activities | 29.82M | 33.97M | 552.00K | 44.96M | 30.77M | 28.54M |
| Change in Accounts Receivable | 24.41M | 59.59M | -42.31M | -93.82M | -69.67M | -86.94M |
| Change in Inventory | 18.13M | 18.13M | -19.41M | 22.24M | -71.52M | -15.51M |
| Change in Accounts Payable | 51.84M | -32.40M | 14.22M | -17.06M | 11.54M | -10.36M |
| Change in Unearned Revenue | 12.39M | 12.39M | -9.13M | 39.96M | 3.82M | 18.07M |
| Change in Income Taxes | -8.34M | -8.34M | 6.29M | 10.81M | -13.82M | -4.78M |
| Change in Other Net Operating Assets | -83.47M | 4.96M | 10.51M | 27.91M | -35.42M | 8.13M |
| Operating Cash Flow | 417.64M | 445.94M | 285.67M | 280.36M | 105.89M | 167.27M |
| Capital Expenditures | -119.20M | -127.70M | -112.80M | -92.73M | -77.61M | -58.20M |
| Sale of Property, Plant & Equipment | 7.35M | |||||
| Cash Acquisitions | -83.97M | -107.16M | -212.25M | -547.18M | -51.99M | -163.22M |
| Divestitures | 15.78M | |||||
| Other Investing Activities | 2.31M | -10.33M | 1.34M | -13.76M | -31.20M | -675.00K |
| Investing Cash Flow | -200.85M | -245.20M | -323.70M | -646.33M | -160.80M | -206.32M |
| Long-Term Debt Issued | 135.96M | 367.00M | 587.85M | 150.16M | 130.48M | |
| Long-Term Debt Repaid | -350.69M | -263.42M | -141.00M | -70.00M | -68.42M | |
| Net Debt Issued (Repaid) | 349.11M | -214.73M | 103.58M | 446.85M | 80.16M | 62.06M |
| Issuance of Common Stock | 62.03M | 62.03M | 58.35M | 33.62M | 12.30M | 21.58M |
| Repurchase of Common Stock | -560.01M | |||||
| Common Dividends Paid | -52.64M | -48.89M | -43.83M | -39.05M | -34.88M | -31.21M |
| Other Financing Activities | -75.14M | -61.75M | -43.70M | -27.46M | -38.79M | -28.00M |
| Financing Cash Flow | -276.64M | -263.33M | 74.41M | 413.94M | 18.78M | 24.43M |
| Foreign Exchange Rate Adjustments | 154.00K | -1.01M | 429.00K | -447.00K | 1.20M | -47.00K |
| Net Cash Flow | -59.70M | -63.60M | 36.81M | 47.53M | -34.92M | -14.67M |
| Free Cash Flow | 298.44M | 318.24M | 172.88M | 187.63M | 28.28M | 109.06M |
| Free Cash Flow Margin | 5.25% | 5.79% | 3.31% | 4.33% | 0.76% | 3.36% |
| Free Cash Flow Per Share | 6.62 | 6.96 | 3.82 | 4.19 | 0.64 | 2.46 |
| Levered Free Cash Flow | 263.57M | 293.41M | 142.91M | 123.32M | 40.08M | 76.08M |
| Unlevered Free Cash Flow | 305.28M | 339.47M | 194.70M | 152.92M | 55.83M | 86.10M |
| Cash Interest Paid | 73.31M | 73.31M | 77.39M | 49.72M | 23.69M | 14.63M |
| Cash Income Tax Paid | 82.39M | 82.39M | 82.31M | 64.65M | 55.11M | 60.09M |
| Change in Working Capital | 14.95M | 54.33M | -39.83M | -9.96M | -175.06M | -91.39M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 6.44B | 7.12B | 8.19B | 7.25B | 5.42B | 8.63B |
| Enterprise Value | 8.72B | 8.91B | 9.86B | 8.41B | 6.38B | 9.43B |
| Last Close Price | 144.98 | 154.48 | 178.64 | 159.01 | 119.50 | 190.34 |
| PE Ratio | 46.36 | 49.06 | 60.96 | 72.26 | 44.74 | 63.82 |
| PS Ratio | 1.07 | 1.29 | 1.57 | 1.67 | 1.45 | 2.66 |
| PB Ratio | 4.11 | 3.82 | 5.00 | 5.34 | 4.75 | 8.47 |
| P/FCF Ratio | 20.36 | 22.36 | 47.38 | 38.66 | 191.51 | 79.12 |
| P/OCF Ratio | 14.55 | 15.96 | 28.67 | 25.88 | 51.15 | 51.59 |
| EV/Sales Ratio | 1.47 | 1.62 | 1.89 | 1.94 | 1.70 | 2.90 |
| EV/EBITDA Ratio | 15.37 | 16.64 | 20.19 | 21.34 | 19.11 | 30.18 |
| EV/EBIT Ratio | 24.19 | 25.44 | 30.52 | 31.59 | 28.53 | 44.16 |
| EV/FCF Ratio | 28.01 | 27.99 | 57.04 | 44.85 | 225.46 | 86.50 |
| Debt / Equity Ratio | 1.26 | 0.74 | 0.96 | 1.04 | 0.83 | 0.81 |
| Debt / EBITDA Ratio | 3.01 | 2.27 | 2.83 | 3.16 | 2.48 | 2.31 |
| Debt / FCF Ratio | 6.24 | 4.35 | 9.06 | 7.55 | 33.66 | 7.55 |
| Net Debt / Equity Ratio | 1.15 | 0.66 | 0.82 | 0.91 | 0.71 | 0.65 |
| Net Debt / EBITDA Ratio | 3.13 | 2.30 | 2.74 | 3.12 | 2.44 | 2.10 |
| Net Debt / FCF Ratio | 5.70 | 3.87 | 7.74 | 6.55 | 28.85 | 6.03 |
| Asset Turnover | 1.29 | 1.30 | 1.33 | 1.35 | 1.42 | 1.38 |
| Inventory Turnover | 13.19 | 13.31 | 12.06 | 12.71 | 14.52 | |
| Quick Ratio | 1.18 | 1.25 | 1.39 | 1.35 | 1.25 | 1.17 |
| Current Ratio | 1.69 | 1.71 | 1.83 | 1.77 | 1.74 | 1.56 |
| Return on Equity (ROE) | 12.12% | 10.90% | 12.54% | 11.77% | 13.43% | 16.68% |
| Return on Assets (ROA) | 4.89% | 5.16% | 5.16% | 5.20% | 5.29% | 5.68% |
| Return on Invested Capital (ROIC) | 8.03% | 8.26% | 8.46% | 8.48% | 9.20% | 10.30% |
| Return on Capital Employed (ROCE) | 9.80% | 10.30% | 9.70% | 9.30% | 10.50% | 11.30% |
| Earnings Yield | 2.16% | 2.04% | 1.64% | 1.38% | 2.23% | 1.57% |
| FCF Yield | 4.91% | 4.47% | 2.11% | 2.59% | 0.52% | 1.26% |
| Dividend Yield | 0.79% | 0.71% | 0.55% | 0.55% | 0.66% | 0.37% |
| Payout Ratio | 36.82% | 33.70% | 32.62% | 38.90% | 28.81% | 23.08% |
| Buyback Yield / Dilution | 1.36% | -1.05% | -1.08% | -0.68% | -0.21% | -2.82% |
| Total Shareholder Return | 2.17% | -0.34% | -0.53% | -0.12% | 0.45% | -2.45% |