FirstService Corporation (FSV) 10-Year Financial Performance & Capital Metrics

FSV • • REIT / Real Estate

Real EstateReal Estate ServicesProperty Management & Facilities ServicesIntegrated Property Services

AboutFirstService Corporation, together with its subsidiaries, provides residential property management and other essential property services to residential and commercial customers in the United States and Canada. The company operates in two segments, FirstService Residential and FirstService Brands. The FirstService Residential segment offers property management services for private residential communities, such as condominiums, co-operatives, homeowner associations, master-planned communities, active adult and lifestyle communities, and various other residential developments. This segment also provides a range of ancillary services, including on-site staffing for building engineering and maintenance, full-service swimming pool and amenity management, and security and concierge/front desk; and financial services comprising cash management, other banking transaction-related, and specialized property insurance brokerage. In addition, this segment offers energy management solutions and advisory services, and resale processing services. The FirstService Brands segment operates and provides essential property services to residential and commercial customers, through five franchise networks; and company-owned locations, including 20 California Closets, 12 Paul Davis Restoration, and 1 CertaPro Painters locations. It provides residential and commercial restoration, painting, and floor coverings design and installation services; custom-designed and installed closet, and home storage solutions; home inspection services; and fire protection and related services. This segment offers its services primarily under the Paul Davis Restoration, First Onsite Restoration, Century Fire Protection, CertaPro Painters, California Closets, Pillar to Post Home Inspectors, and Floor Coverings International brand names. FirstService Corporation was founded in 1989 and is headquartered in Toronto, Canada.Show more

Revenue $5.22B +20.4%
FFO $300M +31.2%
FFO/Share 6.62 +29.8%
FFO Payout 14.63% -14.5%
FFO per Share 6.62 +29.8%
NOI Margin 32.93% +2.9%
FFO Margin 5.74% +9.0%
ROE 8.98% +11.7%
ROA 3.44% +9.5%
Debt/Assets 37.34% -4.5%
Net Debt/EBITDA 2.66 -19.3%
Book Value/Share 36.15 +19.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓FFO growing 24.4% TTM
✓Sustainable FFO payout ratio of 14.6%

✗Weaknesses

✗Low NOI margin of 32.9%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y16.51%

5Y16.73%

3Y17.1%

TTM11.13%

Profit (Net Income) CAGR

10Y26.34%

5Y-

3Y-0.21%

TTM28.09%

EPS CAGR

10Y23.49%

5Y-

3Y-0.88%

TTM25.47%

ROCE

10Y Avg10.62%

5Y Avg10.68%

3Y Avg10.52%

Latest10.89%

Peer Comparison

Integrated Property Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
FSVFirstService Corporation	7.46B	163.13	54.93	20.36%	2.53%	7.65%	2.32%	0.96
RMRThe RMR Group Inc.	264.37M	16.46	15.98	-21.98%	2.59%	4.77%	27.27%	0.51

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	1.26B	1.48B	1.71B	1.93B	2.41B	2.77B	3.25B	3.75B	4.33B	5.22B
Revenue Growth %	0.12%	0.17%	0.15%	0.13%	0.25%	0.15%	0.17%	0.15%	0.16%	0.2%
Property Operating Expenses	883.96M	1.05B	1.19B	1.32B	1.63B	1.87B	2.2B	2.57B	2.95B	3.5B
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	308.22M	342.19M	400.29M	479.15M	947.73M	731.21M	844.59M	961.09M	1.14B	1.38B
G&A Expenses	279.24M	305.22M	358.24M	426.38M	546.26M	628.52M	733.6M	846.43M	993.2M	1.23B
EBITDA+	99.73M	1.47B	1.78B	1.84B	-94.86M	267.79M	300.61M	329.17M	372.83M	502.78M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	28.98M	1.38B	1.67B	1.71B	79.56M	98.38M	98.97M	110.14M	127.93M	165.27M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	70.75M	90.55M	107.63M	127.57M	-174.42M	169.41M	201.64M	219.03M	244.89M	337.51M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	9.08M	9.15M	9.87M	12.62M	32.08M	24.32M	16.04M	25.19M	47.36M	82.85M
Interest Coverage	7.79x	9.89x	10.91x	10.11x	-5.44x	6.97x	12.57x	8.69x	5.17x	4.07x
Non-Operating Income	60K	-232K	-1.52M	-254K	-6.01M	-361K	-23.4M	-146K	-5.81M	-3.24M
Pretax Income+	61.61M	81.63M	99.28M	115.2M	-200.48M	145.46M	209M	193.98M	203.34M	257.9M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	23.41M	27.39M	22.61M	24.92M	27.15M	35.87M	52.88M	48.97M	56.32M	70.12M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	21.39M	33.6M	53.08M	65.86M	-251.61M	87.26M	135.21M	121.07M	100.39M	134.38M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.65%	0.57%	0.58%	0.24%	-4.82%	1.35%	0.55%	-0.1%	-0.17%	0.34%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.28%	26.97%	0.23%	0.03%	-1.1%	2.08%	0.26%	-0.01%	-0.01%	0.31%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	0.59	0.92	1.41	1.80	-5.95	2.02	3.05	2.72	2.24	2.97
EPS Growth %	0.64%	0.56%	0.53%	0.28%	-4.31%	1.34%	0.51%	-0.11%	-0.18%	0.33%
EPS (Basic)	0.59	0.93	1.43	1.83	-5.95	2.04	3.08	2.74	2.25	2.98
Diluted Shares Outstanding	36.43M	36.37M	36.56M	36.57M	38.23M	43.18M	44.4M	44.49M	44.79M	45.28M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	600.48M	770.96M	837.73M	1.01B	1.95B	2.2B	2.51B	2.77B	3.63B	4.19B
Asset Growth %	-0.02%	0.28%	0.09%	0.2%	0.94%	0.12%	0.14%	0.11%	0.31%	0.16%
Real Estate & Other Assets+	6.01M	5.12M	4.92M	10.35M	10.41M	14.97M	21.1M	36.85M	32.67M	28.01M
PP&E (Net)	57.58M	73.08M	85.06M	98.1M	264.44M	279.75M	297.8M	372.56M	422.49M	494.51M
Investment Securities	0	0	0	-1000K	-1000K	-1000K	-1000K	0	0	0
Total Current Assets+	230.22M	303.79M	321.32M	415.07M	668.14M	819.32M	964.66M	1.11B	1.36B	1.56B
Cash & Equivalents	45.56M	43.38M	57.19M	66.34M	121.2M	184.29M	165.66M	136.22M	187.62M	227.6M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	32.24M	40.77M	14.11M	22.84M	17.24M	32.04M	35.45M	73.48M	76.15M	95.18M
Intangible Assets	79.48M	121.11M	133.84M	148.8M	366.22M	378.76M	382.11M	368.45M	628.01M	715.48M
Total Liabilities	433.46M	589.94M	634.5M	771.25M	1.35B	1.34B	1.49B	1.63B	2.27B	2.56B
Total Debt+	201.2M	250.91M	269.63M	334.52M	908.49M	753.71M	823.19M	952.16M	1.42B	1.57B
Net Debt	155.64M	207.53M	212.44M	268.18M	787.29M	569.42M	657.52M	815.95M	1.23B	1.34B
Long-Term Debt	197.16M	249.87M	266.87M	330.61M	761.08M	533.13M	595.37M	698.8M	1.14B	1.26B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	0	0	0	141.87M	164.11M	170.38M	217.7M	234.82M	267.54M
Total Current Liabilities+	130.1M	182.82M	204.03M	226.95M	358.21M	543.75M	618.47M	636.99M	770.77M	850.77M
Accounts Payable	24.14M	27.24M	41.1M	41.71M	76.23M	98.5M	100.13M	115.99M	143.35M	174.07M
Deferred Revenue	18.72M	29.37M	35.83M	38.11M	75.55M	92.86M	121.91M	131.94M	185.74M	197.63M
Other Liabilities	-62.89M	54.9M	163.6M	193.66M	53.56M	82.15M	96.84M	60.31M	94.56M	127.27M
Total Equity+	244.59M	283.38M	320.94M	387.81M	600.55M	853.43M	1.02B	1.14B	1.36B	1.64B
Equity Growth %	0.02%	0.16%	0.13%	0.21%	0.55%	0.42%	0.19%	0.12%	0.19%	0.21%
Shareholders Equity	167.03M	181.03M	203.23M	236.23M	425.89M	660.4M	799.72M	907.47M	1.02B	1.19B
Minority Interest	77.56M	102.35M	117.71M	151.59M	174.66M	193.03M	219.13M	233.43M	332.96M	449.34M
Common Stock	136.07M	0	143.77M	148.71M	605.43M	770.03M	797.43M	813.03M	855.82M	929.91M
Additional Paid-in Capital	43.98M	46.23M	41.46M	45.1M	50.79M	59.3M	68.25M	83.01M	95.22M	104.79M
Retained Earnings	-10.15M	181.03M	192.29M	45.54M	-229.87M	-171.09M	-67.92M	17.35M	77.48M	165.47M
Preferred Stock	0	0	7.54M	45.54M	0	0	0	0	0	0
Return on Assets (ROA)	0.04%	0.05%	0.07%	0.07%	-0.17%	0.04%	0.06%	0.05%	0.03%	0.03%
Return on Equity (ROE)	0.09%	0.13%	0.18%	0.19%	-0.51%	0.12%	0.14%	0.11%	0.08%	0.09%
Debt / Assets	0.34%	0.33%	0.32%	0.33%	0.46%	0.34%	0.33%	0.34%	0.39%	0.37%
Debt / Equity	0.82x	0.89x	0.84x	0.86x	1.51x	0.88x	0.81x	0.83x	1.04x	0.96x
Net Debt / EBITDA	1.56x	0.14x	0.12x	0.15x	-	2.13x	2.19x	2.48x	3.30x	2.66x
Book Value per Share	6.71	7.79	8.78	10.60	15.71	19.76	22.95	25.64	30.30	36.15

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	87.09M	109M	115.64M	99.46M	107.81M	291.76M	167.27M	105.89M	280.36M	285.67M
Operating CF Growth %	0.93%	0.25%	0.06%	-0.14%	0.08%	1.71%	-0.43%	-0.37%	1.65%	0.02%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	38.2M	54.24M	76.67M	90.28M	-227.63M	109.59M	156.13M	145.01M	102.23M	187.77M
Depreciation & Amortization	28.98M	36.97M	42.05M	52.77M	79.56M	98.38M	98.97M	110.14M	127.93M	165.27M
Stock-Based Compensation	2.16M	2.74M	4.13M	5.77M	0	11.63M	15.76M	18.96M	21.39M	25.31M
Other Non-Cash Items	-8.72M	737K	5.66M	5.84M	252.8M	679K	-22.85M	-594K	53.59M	-40.77M
Working Capital Changes	32.16M	15.75M	-7.79M	-51.42M	12.07M	89.54M	-78.12M	-175.06M	-5.73M	-37.92M
Cash from Investing+	-32.28M	-130.84M	-75.92M	-106.2M	-614.97M	-142.26M	-206.32M	-160.8M	-646.33M	-323.7M
Acquisitions (Net)	-12.34M	-90.85M	-39.57M	-59.44M	-566.83M	-98.56M	-147.44M	-51.99M	-547.18M	-212.25M
Purchase of Investments	-17.44M	-9.56M	0	0	0	0	0	0	0	0
Sale of Investments	0	0	0	0	0	0	0	0	0	0
Other Investing	-244K	-10.87M	-88K	-6.16M	-1.5M	-4.29M	-675K	-31.2M	-6.41M	1.34M
Cash from Financing+	-75.14M	19.5M	-26.33M	20.44M	561.14M	-75.2M	24.43M	18.78M	413.94M	74.41M
Dividends Paid	-7.2M	-15.47M	-17.14M	-18.78M	-22.04M	-27.45M	-31.21M	-34.88M	-39.05M	-43.83M
Common Dividends	-7.2M	-15.47M	-17.14M	-18.78M	-22.04M	-27.45M	-31.21M	-34.88M	-39.05M	-43.83M
Debt Issuance (Net)	-1000K	1000K	1000K	1000K	1000K	-1000K	1000K	1000K	1000K	1000K
Share Repurchases	-19.47M	-9.52M	-17.09M	-9M	0	0	-21.39M	-11.81M	0	0
Other Financing	-10.31M	-4.9M	-9.52M	-14.07M	-38.41M	-18.47M	-27.81M	-38.3M	-28.08M	-40.89M
Net Change in Cash+	-21.23M	-2.18M	13.8M	12.95M	54.45M	74.65M	-14.67M	-34.92M	47.53M	36.81M
Exchange Rate Effect	-905K	162K	414K	-754K	462K	340K	-47K	1000K	-447K	429K
Cash at Beginning	66.79M	45.56M	43.38M	66.89M	79.84M	134.29M	208.94M	194.27M	159.35M	206.88M
Cash at End	45.56M	43.38M	57.19M	79.84M	134.29M	208.94M	194.27M	159.35M	206.88M	243.69M
Free Cash Flow+	67.4M	79.88M	79.38M	58.86M	61.18M	252.35M	109.06M	28.28M	187.63M	172.88M
FCF Growth %	1.96%	0.19%	-0.01%	-0.26%	0.04%	3.12%	-0.57%	-0.74%	5.63%	-0.08%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	1.38	38.75	47.24	48.49	-4.5	4.3	5.27	5.2	5.1	6.62
FFO Payout Ratio	14.28%	1.1%	0.99%	1.06%	-12.81%	14.79%	13.33%	15.09%	17.11%	14.63%
NOI Margin	30.07%	29.19%	30.26%	31.65%	32.12%	32.48%	32.2%	31.5%	32.01%	32.93%
Net Debt / EBITDA	1.56x	0.14x	0.12x	0.15x	-	2.13x	2.19x	2.48x	3.30x	2.66x
Debt / Assets	33.51%	32.54%	32.19%	33.2%	46.49%	34.31%	32.81%	34.32%	39.08%	37.34%
Interest Coverage	7.79x	9.89x	10.91x	10.11x	-5.44x	6.97x	12.57x	8.69x	5.17x	4.07x
Book Value / Share	6.71	7.79	8.78	10.6	15.71	19.76	22.95	25.64	30.3	36.15
Revenue Growth	11.67%	17.31%	15.01%	13.25%	24.64%	15.16%	17.19%	15.29%	15.72%	20.36%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2024
FirstService Brands	-	370.07M	531.12M	3.39M	4.46M	4.01M	4.38M	1.97B	3.08B
FirstService Brands Growth	-	-	43.52%	-99.36%	31.54%	-10.09%	9.12%	44979.42%	56.18%
FirstService Residential	-	1.11B	1.17B	1.25B	1.41B	1.42B	1.59B	1.77B	2.13B
FirstService Residential Growth	-	-	5.53%	6.86%	12.52%	0.22%	12.04%	11.78%	20.44%
Corporate	-	-	-	-	-	-	-	-	-
Corporate Growth	-	-	-	-	-	-	-	-	-
First Service Residential	1.02B	-	-	-	-	-	-	-	-
First Service Residential Growth	-	-	-	-	-	-	-	-	-
First Service Brands	246.57M	-	-	-	-	-	-	-	-
First Service Brands Growth	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2024
UNITED STATES	1.18B	1.39B	1.61B	1.82B	2.18B	2.44B	2.86B	3.28B	4.57B
UNITED STATES Growth	-	17.99%	15.50%	13.21%	19.87%	11.73%	17.34%	14.49%	39.23%
CANADA	82.64M	88.94M	95.39M	108.78M	222.62M	331.39M	384.71M	466.3M	650.76M
CANADA Growth	-	7.62%	7.25%	14.04%	104.64%	48.86%	16.09%	21.21%	39.56%

Frequently Asked Questions

Valuation & Price

FirstService Corporation (FSV) has a price-to-earnings (P/E) ratio of 54.9x. This suggests investors expect higher future growth.

Growth & Financials

FirstService Corporation (FSV) reported $5.48B in revenue for fiscal year 2024. This represents a 146% increase from $2.22B in 2011.

FirstService Corporation (FSV) grew revenue by 20.4% over the past year. This is strong growth.

Yes, FirstService Corporation (FSV) is profitable, generating $138.5M in net income for fiscal year 2024 (2.6% net margin).

Dividend & Returns

Yes, FirstService Corporation (FSV) pays a dividend with a yield of 0.59%. This makes it attractive for income-focused investors.

FirstService Corporation (FSV) has a return on equity (ROE) of 9.0%. This is below average, suggesting room for improvement.

Industry Metrics

FirstService Corporation (FSV) generated Funds From Operations (FFO) of $322.7M in the trailing twelve months. FFO is the primary profitability metric for REITs.

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