Latest Ratios: P/E Ratio 41.0x · EV/EBITDA 14.2x · ROE 8.3%. (2009–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.0B | $7.1B | $8.2B | $7.3B | $5.5B | $8.7B | $5.9B | $3.6B | $2.5B | $2.6B | $1.7B |
| Enterprise Value | $7.4B | $8.6B | $9.5B | $8.5B | $6.3B | $9.4B | $6.5B | $4.3B | $2.8B | $2.8B | $1.9B |
| P/E Ratio → | 41.00 | 49.22 | 60.95 | 72.36 | 45.06 | 64.42 | 67.70 | — | 38.04 | 49.59 | 51.61 |
| P/S Ratio | 1.08 | 1.29 | 1.57 | 1.68 | 1.46 | 2.68 | 2.13 | 1.48 | 1.30 | 1.50 | 1.16 |
| P/B Ratio | 3.19 | 3.83 | 5.01 | 5.35 | 4.78 | 8.56 | 6.92 | 5.92 | 6.46 | 7.96 | 6.09 |
| P/FCF | 18.40 | 22.01 | 47.41 | 38.70 | 192.79 | 79.98 | 23.40 | 58.13 | 42.55 | 32.20 | 21.61 |
| P/OCF | 13.13 | 15.71 | 28.69 | 25.90 | 51.49 | 52.15 | 20.24 | 32.99 | 25.18 | 22.11 | 15.84 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.55 | 1.83 | 1.96 | 1.67 | 2.89 | 2.34 | 1.80 | 1.44 | 1.62 | 1.30 |
| EV / EBITDA | 14.19 | 16.44 | 18.96 | 22.77 | 19.04 | 31.21 | 24.18 | — | 1.51 | 1.55 | 1.32 |
| EV / EBIT | 22.05 | 25.10 | 27.98 | 33.87 | 28.60 | 41.69 | 38.14 | — | 21.69 | 26.00 | 21.31 |
| EV / FCF | — | 26.47 | 55.16 | 45.25 | 221.63 | 86.01 | 25.66 | 71.00 | 47.10 | 34.88 | 24.21 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 31.8% | 31.8% | 32.9% | 32.0% | 31.5% | 32.2% | 32.5% | 32.1% | 31.6% | 30.3% | 29.2% |
| Operating Margin | 6.1% | 6.1% | 6.5% | 5.6% | 5.8% | 6.2% | 6.1% | -7.2% | 6.6% | 6.3% | 6.1% |
| Net Profit Margin | 2.6% | 2.6% | 2.6% | 2.3% | 3.2% | 4.2% | 3.1% | -10.5% | 3.4% | 3.1% | 2.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.3% | 8.3% | 9.0% | 8.0% | 11.2% | 14.4% | 12.0% | -50.9% | 18.6% | 17.6% | 12.7% |
| ROA | 3.4% | 3.4% | 3.4% | 3.1% | 4.6% | 5.7% | 4.2% | -17.0% | 7.1% | 6.6% | 4.9% |
| ROIC | 8.0% | 8.0% | 9.1% | 8.1% | 9.0% | 9.8% | 9.0% | -12.8% | 16.1% | 15.8% | 15.2% |
| ROCE | 10.0% | 10.0% | 10.9% | 9.8% | 10.9% | 11.4% | 10.4% | -14.7% | 18.0% | 17.6% | 17.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.87 | 0.87 | 0.96 | 1.04 | 0.83 | 0.81 | 0.88 | 1.51 | 0.86 | 0.84 | 0.89 |
| Debt / EBITDA | 3.11 | 3.11 | 3.12 | 3.80 | 2.89 | 2.74 | 2.81 | — | 0.18 | 0.15 | 0.17 |
| Net Debt / Equity | — | 0.78 | 0.82 | 0.91 | 0.72 | 0.65 | 0.67 | 1.31 | 0.69 | 0.66 | 0.73 |
| Net Debt / EBITDA | 2.77 | 2.77 | 2.66 | 3.30 | 2.48 | 2.19 | 2.13 | — | 0.15 | 0.12 | 0.14 |
| Debt / FCF | — | 4.46 | 7.74 | 6.55 | 28.85 | 6.03 | 2.26 | 12.87 | 4.56 | 2.68 | 2.60 |
| Interest Coverage | 4.62 | 4.62 | 4.11 | 5.29 | 8.70 | 14.03 | 6.98 | -5.25 | 10.13 | 10.79 | 9.92 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.25 | 1.25 | 1.83 | 1.77 | 1.74 | 1.56 | 1.51 | 1.87 | 1.83 | 1.57 | 1.66 |
| Quick Ratio | 1.25 | 1.25 | 1.50 | 1.45 | 1.36 | 1.30 | 1.25 | 1.60 | 1.62 | 1.39 | 1.50 |
| Cash Ratio | 0.20 | 0.20 | 0.27 | 0.24 | 0.21 | 0.27 | 0.34 | 0.34 | 0.29 | 0.28 | 0.24 |
| Asset Turnover | — | 1.29 | 1.24 | 1.20 | 1.35 | 1.29 | 1.26 | 1.23 | 1.92 | 2.04 | 1.92 |
| Inventory Turnover | — | — | 12.51 | 11.97 | 10.59 | 13.65 | 13.18 | 17.29 | 27.38 | 31.34 | 35.34 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.8% | 0.7% | 0.5% | 0.5% | 0.6% | 0.4% | 0.5% | 0.6% | 0.7% | 0.7% | 0.9% |
| Payout Ratio | 33.6% | 33.6% | 32.6% | 38.9% | 28.8% | 23.1% | 31.5% | — | 28.5% | 32.3% | 46.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.4% | 2.0% | 1.6% | 1.4% | 2.2% | 1.6% | 1.5% | — | 2.6% | 2.0% | 1.9% |
| FCF Yield | 5.4% | 4.5% | 2.1% | 2.6% | 0.5% | 1.3% | 4.3% | 1.7% | 2.4% | 3.1% | 4.6% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.4% | 0.7% | 0.6% |
| Total Shareholder Yield | 0.8% | 0.7% | 0.5% | 0.5% | 0.6% | 0.4% | 0.5% | 0.6% | 1.1% | 1.3% | 1.4% |
| Shares Outstanding | — | $46M | $45M | $45M | $44M | $44M | $43M | $38M | $37M | $37M | $36M |
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying FSV stock.
FirstService Corporation's current P/E ratio is 41.0x. The historical average is 56.7x. This places it at the 10th percentile of its historical range.
FirstService Corporation's current EV/EBITDA is 14.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.3x.
FirstService Corporation's return on equity (ROE) is 8.3%. The historical average is 4.7%.
Based on historical data, FirstService Corporation is trading at a P/E of 41.0x. This is at the 10th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
FirstService Corporation's current dividend yield is 0.82% with a payout ratio of 33.6%.
FirstService Corporation has 31.8% gross margin and 6.1% operating margin.
FirstService Corporation's Debt/EBITDA ratio is 3.1x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Labor cost inflation
Premium Valuation Justified by Recurring Revenue
FSV trades at 37.6x forward FFO, a premium to peers, reflecting its defensive HOA management model and high retention, as per reported figures.
The P/FFO multiple of 37.6x in 2026Q2 is elevated relative to the broader real estate services sector, but this premium appears supported by the recurring, contract-based nature of the Residential segment and the counter-cyclical restoration business. The implied cap rate, derived from NOI and enterprise value, is likely below private market transactions, suggesting the market is pricing in superior growth and stability. Investors should monitor whether this premium compresses if organic growth decelerates further.
NOI Margin Volatility Signals Cost Pressures
NOI margin swung from 32.7% in 2026Q1 to 26.2% in 2026Q2, a 650 bps drop, as per financial statements, highlighting labor cost pressures and mix shifts.
The sharp quarterly margin contraction suggests that wage inflation and the shift toward company-owned locations in the Brands segment are compressing profitability. While the Residential segment provides stable, recurring revenue, the Brands segment's project-based work introduces volatility. The flat operating margin relative to revenue growth in the latest quarter indicates that cost increases are not being fully offset by pricing, warranting close monitoring of labor cost trends.
Dividend Well Covered by AFFO
FSV's FFO payout ratio was 14.8% in 2026Q2, per reported figures, indicating substantial retained cash flow for reinvestment and debt reduction.
The payout ratio remains exceptionally low, providing a wide margin of safety for the dividend. AFFO coverage of 7.2x in 2026Q2 underscores the company's ability to fund distributions without external financing. However, the wide gap between FFO and AFFO, due to maintenance capex consuming roughly 40% of FFO, suggests that the true cash generation is lower than FFO implies. Still, the dividend appears secure, with retained cash flow supporting growth initiatives.
Leverage Creeps Higher but Manageable
Debt-to-equity rose to 0.90 in 2026Q2 from 0.72 in 2026Q1, as per SEC filings, while interest coverage improved to 6.38x, indicating adequate debt service capacity.
The increase in leverage is partly due to a $200M decline in equity, which may be attributed to dividends and non-controlling interest adjustments. Despite the higher D/E, interest coverage remains comfortable at 6.38x, suggesting that the company can service its debt obligations. The debt maturity profile appears manageable, but investors should monitor the rising leverage trend, especially if acquisition activity resumes.
Recurring Revenue Provides Stability
With over 9,000 communities under management and high retention rates, FSV's portfolio quality is strong, as per company disclosures, supporting revenue visibility.
The Residential segment's high retention rate and mandatory HOA fees provide a defensive revenue base, reducing vulnerability to economic downturns. The Brands segment, particularly restoration and fire protection, adds diversification but introduces cyclicality through consumer discretionary brands like California Closets. G&A efficiency appears stable, but the shift toward company-owned locations may increase fixed costs and alter the historical margin profile.
P/E Misleads Due to Depreciation
Standard P/E of 44.6x is distorted by depreciation and non-controlling interests, as per reported figures, obscuring the true earnings power of the business.
For REITs, P/E is misleading because depreciation is a non-cash charge that reduces net income but not cash flow. FSV's net income of $44.1M in 2026Q2 was less than half of FFO of $93.3M, highlighting the distortion. Additionally, non-controlling interests mean that consolidated net income overstates earnings available to shareholders. Investors should use P/FFO or P/AFFO instead, which adjust for these items and provide a clearer picture of cash-generating ability.