FirstService Corporation (FSV) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.73	$1.75	+1.2%	—	$1.4B	—
Q1 26	$0.89	$0.95	+6.7%	—	$1.3B	—
Q4 25	$1.32	$1.37	+3.8%	—	$1.4B	—
Q3 25	$1.73	$1.76	+1.7%	—	$1.4B	—
Q2 25	$1.46	$1.71	+17.1%	—	$1.4B	—
Q1 25	$0.83	$0.92	+10.8%	—	$1.3B	—
Q4 24	$1.38	$1.34	-2.9%	—	$1.4B	—
Q3 24	$1.42	$1.63	+14.8%	—	$1.4B	—
Q2 24	$1.3	$1.36	+4.6%	—	$1.3B	—
Q1 24	$0.74	$0.67	-9.5%	—	$1.2B	—
Q4 23	$1.13	$1.11	-1.8%	—	$1.1B	—
Q3 23	$1.27	$1.25	-1.6%	—	$1.1B	—
Q2 23	$1.32	$1.46	+10.6%	—	$1.1B	—
Q1 23	$0.81	$0.85	+4.9%	—	$1B	—
Q4 22	$1.19	$1.22	+2.5%	—	$1B	—
Q3 22	$1.19	$1.17	-1.7%	—	$960.5M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.19	—	—	$5.5B	—
FY24	—	$2.98	—	—	$5.2B	—
FY23	—	$2.25	—	—	$4.3B	—
FY22	—	$2.74	—	—	$3.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.5B	$1.7B	$1.9B	$2.4B	$2.8B	$3.2B	$3.7B	$4.3B	$5.2B	$5.5B
YoY change	+17.3%	+16.6%	+11.7%	+24.6%	+15.2%	+17.2%	+15.3%	+15.7%	+20.4%	+5.38%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.5B	1.7B	1.9B	2.4B	2.8B	3.2B	3.7B	4.3B	5.2B	5.5B
Cost of revenue	1.1B	1.2B	1.3B	1.6B	1.9B	2.2B	2.6B	2.9B	3.5B	3.7B
Gross profit	432.8M	540.2M	611.2M	773.3M	900.6M	1B	1.2B	1.4B	1.7B	1.8B
Gross margin	29.2%	31.2%	31.6%	32.1%	32.5%	32.2%	31.5%	32%	32.9%	33.6%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	305.2M	385M	426.4M	546.3M	628.5M	733.6M	846.4M	993.2M	1.2B	1.3B
Operating expenses	305.2M	385M	426.4M	860.6M	628.5M	733.6M	846.4M	993.2M	1.2B	1.3B
Operating income	90.6M	113.1M	132.1M	-166.9M	173.7M	213.7M	223.5M	266.4M	323.1M	350.2M
Operating margin	6.11%	6.54%	6.84%	-6.93%	6.27%	6.58%	5.97%	6.15%	6.19%	6.37%
Non-operating income, net	171K	-6.6M	-4.3M	-1.5M	-3.9M	11.4M	-4.4M	-15.7M	17.6M	-10M
Pretax income	81.6M	96.6M	115.2M	-200.5M	145.5M	209M	194M	203.3M	257.9M	266.5M
Income tax	27.4M	21.6M	24.9M	27.1M	35.9M	52.9M	49M	56.3M	70.1M	75.8M
Net income	54.2M	75M	90.3M	-227.6M	109.6M	156.1M	145M	147M	187.8M	190.7M
Net margin	3.66%	4.34%	4.67%	-9.46%	3.95%	4.81%	3.87%	3.39%	3.6%	3.47%
EBITDA	127.8M	156.7M	185.1M	-87.4M	272.5M	316.2M	333.8M	395.8M	491.6M	537.5M
EPS	0.93	1.48	1.83	-6.58	2.04	3.08	2.74	2.25	2.98	3.19
Diluted EPS	0.92	1.45	1.8	-6.58	2.02	3.05	2.72	2.24	2.97	3.17

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.1B	1.1B	1.2B	1.3B	1.4B	1.4B	1.3B	1.4B	1.4B	1.4B	1.3B	1.4B
Cost of revenue	756.6M	735.9M	788.6M	862.5M	936.6M	911.4M	841.5M	935.3M	960.4M	914.1M	886.4M	968.6M
Gross profit	360.5M	343.3M	369.5M	435M	459.5M	454M	409.4M	480.4M	487.1M	469.3M	430.7M	480.7M
Gross margin	32.3%	31.8%	31.9%	33.5%	32.9%	33.3%	32.7%	33.9%	33.7%	33.9%	32.7%	33.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	252.6M	244.9M	293M	309.5M	305.2M	321.8M	313.7M	329.8M	329M	338.3M	334.4M	326.6M
Operating expenses	252.6M	244.9M	293M	309.5M	305.2M	321.8M	313.7M	329.8M	329M	338.3M	334.4M	326.6M
Operating income	74.8M	64.5M	39.7M	86.2M	112.9M	84.3M	51.5M	104.9M	111.5M	82.2M	48.2M	103.6M
Operating margin	6.7%	5.98%	3.42%	6.65%	8.08%	6.18%	4.12%	7.41%	7.7%	5.94%	3.66%	7.15%
Non-operating income, net	-572K	-15.9M	280K	-2.2M	13.4M	6.1M	-12.1M	-6.7M	5.2M	3.6M	-517K	-4.5M
Pretax income	62.3M	35.8M	20.9M	63.5M	104.1M	69.3M	20.1M	79.1M	98.6M	68.7M	32.4M	83.5M
Income tax	16.4M	12.1M	6M	18.6M	26.4M	19.2M	6M	23.7M	27.7M	18.4M	8.7M	22.6M
Net income	45.9M	23.8M	14.9M	44.9M	77.8M	50.2M	14.1M	55.4M	70.9M	50.3M	23.6M	60.9M
Net margin	4.11%	2.2%	1.29%	3.46%	5.57%	3.68%	1.13%	3.92%	4.9%	3.64%	1.79%	4.2%
EBITDA	108.7M	99M	78.3M	125.6M	154.7M	133M	95.8M	151.6M	159.3M	130.9M	97.2M	153.5M
EPS	0.73	0.14	0.14	0.78	1.34	0.72	0.06	1.01	1.25	0.85	0.44	1
Diluted EPS	0.73	0.14	0.14	0.78	1.34	0.71	0.06	1.01	1.24	0.85	0.44	1

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.7B	2.5B	2.5B	3.6B	—	8.6B	5.4B	7.2B	8.1B	7.1B	5.6B
Enterprise value	1.9B	2.7B	2.7B	4.3B	—	9.3B	6.2B	8.5B	9.5B	8.3B	7.5B
Shares outstanding	36M	35.9M	36M	38.2M	42.8M	43.8M	44.2M	44.6M	45M	45.5M	45.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	31.5	33.5	27.3	—	—	55.2	37.3	49.1	43.4	37.1	36.2
P/S	1.15	1.45	1.27	1.48	—	2.65	1.45	1.67	1.56	1.29	0.99
P/B	6.03	8.1	6.35	5.92	—	8.45	4.75	5.32	4.98	3.8	4.62
EV/EBITDA	15	17.4	14.7	-49.7	—	29.3	18.7	21.4	19.3	15.5	14
EV/Sales	1.29	1.57	1.41	1.8	—	2.85	1.66	1.95	1.82	1.51	1.35
Earnings yield	3.18%	2.99%	3.67%	—	—	1.81%	2.68%	2.04%	2.3%	2.69%	2.76%
FCF yield	4.68%	3.16%	2.39%	1.72%	—	1.27%	0.52%	2.6%	2.12%	4.49%	5.68%
PEG	—	—	—	—	—	—	—	—	—	—	-36.6

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	29.2%	31.2%	31.6%	32.1%	32.5%	32.2%	31.5%	32%	32.9%	33.6%	33.2%
Operating margin	6.11%	6.54%	6.84%	-6.93%	6.27%	6.58%	5.97%	6.15%	6.19%	6.37%	7.15%
Net margin	3.66%	4.34%	4.67%	-9.46%	3.95%	4.81%	3.87%	3.39%	3.6%	3.47%	2.88%
ROE	19.1%	24.2%	23.3%	-37.9%	12.8%	15.3%	12.7%	10.8%	11.5%	10.2%	12%
ROA	7.04%	8.85%	8.96%	-11.6%	4.99%	6.22%	5.23%	4.05%	4.48%	4.45%	4.95%
ROIC	12.3%	16.8%	15.8%	-12%	9.2%	9.52%	8.54%	7.45%	7.91%	8.11%	8.07%
Return on tangible assets	-1.5K%	-2.3K%	228.2%	341.4%	347.5%	268.8%	54.6%	1.5K%	-698.6%	-215.1%	-212.2%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.73	1.53	1.83	1.87	1.51	1.56	1.74	1.77	1.83	1.7	1.67
Quick ratio	1.57	1.35	1.62	1.6	1.25	1.3	1.36	1.45	1.5	1.39	1.34
Debt / equity	0.89	0.87	0.86	1.51	0.88	0.81	0.83	1.04	0.96	0.74	0.9
Debt / assets	0.33	0.32	0.33	0.46	0.34	0.33	0.34	0.39	0.37	0.32	0.36
Net debt / EBITDA	1.62	1.36	1.45	-9.01	2.09	2.08	2.44	3.11	2.72	2.29	2.56
Interest coverage	9.92	10.8	10.1	-5.25	6.98	14	8.7	5.29	4.11	4.62	5.29
Effective tax rate	33.6%	22.3%	21.6%	0%	24.7%	25.3%	25.2%	27.7%	27.2%	28.4%	27.3%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	41.2	48.2	53.7	63	64.8	74.1	84.8	97.3	115.9	120.8	122.7
EPS (basic)	0.93	1.48	1.83	-6.58	2.04	3.08	2.74	2.25	2.98	3.19	3.19
EPS (diluted)	0.92	1.45	1.8	-6.58	2.02	3.05	2.72	2.24	2.97	3.17	3.52
Book value per share	7.88	8.63	10.8	15.7	20	23.2	25.8	30.5	36.4	40.9	27.6
FCF per share	2.22	2.21	1.64	1.6	5.9	2.49	0.64	4.21	3.84	6.99	7.4
Cash per share	1.21	1.59	1.85	3.17	4.31	3.78	3.08	4.21	5.06	3.39	3.95
Capex per share	0.81	1.01	1.13	1.22	0.92	1.33	1.76	1.92	2.51	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.96%	2.1%	2.1%	1.94%	1.42%	1.79%	2.07%	1.97%	2.16%	—	—
Capex / operating cash flow	33.8%	34.8%	41.3%	48.1%	18.2%	30.9%	60.5%	33.8%	38.6%	—	—
Payout ratio	28.5%	22.8%	20.8%	-9.68%	25%	20%	24.1%	26.6%	23.3%	25.6%	32.9%
Dividend yield	0.91%	0.68%	0.76%	0.62%	—	0.36%	0.64%	0.54%	0.54%	0.69%	0.95%

Yield

0.95%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.305

ex-dividend Sep 30, 2026

Payout ratio

33%

of earnings

Dividend growth

10 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 30, 2026upcoming	$0.305
Jun 30, 2026	$0.305
Mar 31, 2026	$0.305
Dec 31, 2025	$0.275
Sep 30, 2025	$0.275
Jun 30, 2025

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.1B	$1.1B	$1.2B	$1.3B	$1.4B	$1.4B	$1.3B	$1.4B	$1.4B	$1.4B	$1.3B	$1.4B
YoY change	+16.3%	+5.8%	+13.7%	+15.9%	+25%	+26.5%	+8.01%	+9.12%	+3.69%	+1.32%	+5.3%	+2.37%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	43.4M	57.2M	66.3M	121.2M	184.3M	165.7M	136.2M	187.6M	227.6M	154.4M
Receivables	164.1M	185.8M	239.9M	393.7M	418.9M	551.6M	635.9M	842.2M	947.5M	922.1M
Inventory	29.7M	38M	48.2M	94.5M	142M	161.4M	242.3M	246.2M	279.6M	274.2M
Total current assets	303.8M	326.4M	415.1M	668.1M	819.3M	964.7M	1.1B	1.4B	1.6B	1.5B
Property, plant & equipment	62.7M	75M	87.5M	253.8M	273.6M	293.1M	363.3M	417.9M	489.9M	554.7M
Goodwill & intangibles	774.6M	851.5M	967.9M	2B	2.2B	2.5B	2.5B	3.6B	4.2B	4.4B
Total assets	771M	848.3M	1B	2B	2.2B	2.5B	2.8B	3.6B	4.2B	4.3B
Accounts payable	32.4M	41.1M	41.7M	76.2M	98.5M	100.1M	116M	143.3M	174.1M	158.5M
Short-term debt	1M	2.8M	3.9M	36.2M	91.8M	105.5M	84.8M	88M	94.7M	72.8M
Total current liabilities	175.1M	213.7M	226.9M	358.2M	543.8M	618.5M	637M	770.8M	850.8M	882.1M
Long-term debt	249.9M	266.9M	330.6M	872.3M	661.9M	717.7M	867.4M	1.3B	1.5B	1.3B
Total liabilities	487.6M	538.3M	619.7M	1.4B	1.3B	1.5B	1.6B	2.3B	2.6B	2.4B
Shareholders' equity	283.4M	310M	387.8M	600.5M	853.4M	1B	1.1B	1.4B	1.6B	1.9B
Total debt	250.9M	269.6M	334.5M	908.5M	753.7M	823.2M	952.2M	1.4B	1.6B	1.4B
Net debt	207.5M	212.4M	268.2M	787.3M	569.4M	657.5M	815.9M	1.2B	1.3B	1.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	150M	187.6M	164.8M	210.9M	217.7M	227.6M	217.2M	201.8M	219.9M	154.4M	191.4M	173.4M
Receivables	737.8M	842.2M	829.4M	895.2M	913.5M	947.5M	946.4M	983M	958.6M	922.1M	879.6M	903.3M
Inventory	264.6M	246.2M	243.9M	259.8M	—	279.6M	269M	291.2M	291.4M	274.2M	291.8M	302M
Total current assets	1.3B	1.4B	1.3B	1.5B	1.5B	1.6B	1.6B	1.6B	1.6B	1.5B	1.5B	1.5B
Property, plant & equipment	392.1M	417.9M	429.8M	465M	495.8M	489.9M	518.6M	548.2M	561.8M	554.7M	568.4M	570.9M
Goodwill & intangibles	2.8B	3.6B	3.7B	4.1B	2.1B	4.2B	4.3B	4.3B	4.4B	4.4B	4.4B	4.5B
Total assets	3.1B	3.6B	3.6B	4B	4.1B	4.2B	4.2B	4.4B	4.4B	4.3B	4.3B	4.4B
Accounts payable	104.9M	143.3M	133.5M	155.9M	—	174.1M	161.9M	180.4M	172M	158.5M	174.2M	184.5M
Short-term debt	87.3M	88M	88.9M	92.3M	94.3M	94.7M	66.2M	70.2M	71.8M	72.8M	72.8M	73.6M
Total current liabilities	683.6M	770.8M	728.4M	849.7M	840.9M	850.8M	805.7M	932M	907.9M	882.1M	866.6M	914.1M
Long-term debt	929.4M	1.3B	1.4B	1.5B	1.5B	1.5B	1.5B	1.5B	1.4B	1.3B	1.3B	1.5B
Total liabilities	1.8B	2.3B	2.3B	2.5B	2.5B	2.6B	2.6B	2.7B	2.6B	2.4B	2.4B	2.6B
Shareholders' equity	1.3B	1.4B	1.4B	1.5B	1.6B	1.6B	1.7B	1.7B	1.8B	1.9B	1.9B	1.7B
Total debt	1B	1.4B	1.5B	1.6B	1.6B	1.6B	1.6B	1.5B	1.5B	1.4B	1.4B	1.6B
Net debt	866.7M	1.2B	1.3B	1.4B	1.4B	1.3B	1.4B	1.3B	1.3B	1.2B	1.2B	1.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	54.2M	75M	90.3M	-227.6M	109.6M	156.1M	145M	147M	187.8M	190.7M
Depreciation & amortization	37M	42M	52.8M	79.6M	98.4M	99M	110.1M	127.9M	165.3M	185.2M
Stock-based compensation	—	—	—	—	—	15.8M	19M	22.4M	25.3M	27.4M
Change in working capital	-8.6M	-11.2M	-51.2M	1.2M	14.2M	-77.1M	-152.7M	-37.5M	-33.2M	79.6M
Operating cash flow	86.1M	104.3M	98.3M	97M	216.5M	188.1M	128.3M	252.8M	292.3M	445.9M
Capital expenditure	-29.1M	-36.3M	-40.6M	-46.6M	-39.4M	-58.2M	-77.6M	-85.4M	-112.8M	—
Investing cash flow	-130.8M	-79.7M	-106.2M	-615M	-142.3M	-206.3M	-160.8M	-646.3M	-323.7M	-117.5M
Dividends paid	-15.5M	-17.1M	-18.8M	-22M	-27.4M	-31.2M	-34.9M	-39.1M	-43.8M	-48.9M
Share repurchases	-9.5M	-17.1M	-9M	0	—	—	—	—	—	—
Financing cash flow	17.6M	-30.8M	16.8M	550.1M	-86.7M	2.8M	6.5M	380.3M	16.1M	-325.4M
Net change in cash	-27.1M	-6.3M	8.9M	32.1M	-12.5M	-15.3M	-26M	-13.2M	-15.3M	3.1M
Free cash flow	79.9M	79.4M	58.9M	61.2M	252.3M	109.1M	28.3M	187.6M	172.9M	318.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	45.9M	23.8M	14.9M	44.9M	77.8M	50.2M	14.1M	55.4M	70.9M	50.3M	23.6M	60.9M
Depreciation & amortization	33.1M	33.9M	36.8M	39.2M	41.4M	47.8M	44.2M	45.6M	46.6M	48.8M	48.1M	50.5M
Stock-based compensation	4M	5.9M	6.3M	7M	5.7M	5.7M	7.6M	6.6M	6.6M	6.6M	9.5M	7.6M
Change in working capital	16.9M	19.5M	28.4M	-1.8M	-63.4M	12.4M	51.5M	13.5M	16.9M	50M	25.2M	-10.6M
Operating cash flow	101M	77.2M	64.8M	88.2M	46.4M	82.5M	127.1M	125M	126.4M	115.5M	88.2M	129.8M
Capital expenditure	-23.5M	-17.7M	-25M	-29.3M	-26.6M	-31.9M	-29.6M	-33.4M	—	—	—	—
Investing cash flow	-44.3M	-465.6M	-57.3M	-152.6M	-26.9M	-86.9M	-45.2M	-78.3M	-45.8M	-11.1M	-5.6M	-39.3M
Dividends paid	-10M	-10M	-10.1M	-11.2M	-11.3M	-11.3M	-11.3M	-12.5M	-12.5M	-12.6M	-12.6M	-14M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	-248.4M
Financing cash flow	-45.8M	380.4M	18.2M	65.2M	-8.7M	-54.4M	-19.5M	-101M	-62.8M	-142.1M	-61.2M	-71.9M
Net change in cash	10.9M	-8M	25.6M	742K	10.8M	-58.8M	62.4M	-54.3M	17.7M	-37.7M	21.4M	18.5M
Free cash flow	60.5M	85.4M	-33.8M	101.4M	50.5M	54.8M	11.7M	129.5M	92.7M	84.4M	59.8M	98.6M

FirstService Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement