Latest Ratios: P/E Ratio 45.3x · EV/EBITDA 15.8x · 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 | $7.0B | $7.1B | $8.2B | $7.3B | $5.5B | $8.7B | $5.9B | $3.6B | $2.5B | $2.6B | $1.7B |
| Enterprise Value | $8.5B | $8.6B | $9.5B | $8.5B | $6.3B | $9.4B | $6.5B | $4.3B | $2.8B | $2.8B | $1.9B |
| P/E Ratio → | 45.25 | 49.22 | 60.95 | 72.36 | 45.06 | 64.42 | 67.70 | — | 38.04 | 49.59 | 51.61 |
| P/S Ratio | 1.24 | 1.29 | 1.57 | 1.68 | 1.46 | 2.68 | 2.13 | 1.48 | 1.30 | 1.50 | 1.16 |
| P/B Ratio | 3.77 | 3.83 | 5.01 | 5.35 | 4.78 | 8.56 | 6.92 | 5.92 | 6.46 | 7.96 | 6.09 |
| P/FCF | 23.41 | 22.01 | 47.41 | 38.70 | 192.79 | 79.98 | 23.40 | 58.13 | 42.55 | 32.20 | 21.61 |
| P/OCF | 15.52 | 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 | 15.78 | 16.46 | 18.96 | 22.77 | 19.04 | 31.21 | 24.18 | — | 15.37 | 18.50 | 15.17 |
| EV / EBIT | 25.28 | 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 | 3.12 | 3.12 | 3.12 | 3.80 | 2.89 | 2.74 | 2.81 | — | 1.85 | 1.80 | 1.97 |
| 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 | — | 1.49 | 1.42 | 1.63 |
| 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 | 0.7% | 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 | 2.2% | 2.0% | 1.6% | 1.4% | 2.2% | 1.6% | 1.5% | — | 2.6% | 2.0% | 1.9% |
| FCF Yield | 4.3% | 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 | 0.7% | 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 45.3x. The historical average is 56.7x. This places it at the 20th percentile of its historical range.
FirstService Corporation's current EV/EBITDA is 15.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.8x.
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 45.3x. This is at the 20th 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 0.70% 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
NOI margin compression from labor costs
Multiple Expansion Without Earnings Support
FirstService's P/FFO multiple has expanded to 48.61x in 2026Q3 from 33.19x ten quarters prior, even as FFO growth turned negative at -11.0%, based on the company's reported figures, a divergence that suggests the re-rating rests on acquisition optionality rather than current earnings momentum.
The 15-turn multiple expansion appears to outpace any fundamental improvement, since trailing FFO per share of $3.03 in 2026Q3 must be annualized against a share price of $143.67 that implies investors are paying materially more for each dollar of distributable earnings than in 2024. At 45.47x earnings and 15.44x EV/EBITDA, the valuation seems to price in sustained organic FFO growth that the recent -11.0% reading does not support, so investors should test whether the premium is justified by the Residential segment's contract retention rather than by acquisition-driven revenue stacking.
Labor Costs Erode Property Margins
FirstService's NOI margin has settled near 25.8% in 2026Q3 versus a 33.5% average through mid-2024, a step-down of roughly 770 basis points, per the company's quarterly disclosures, suggesting the labor-intensive Brands and restoration operations are absorbing wage inflation faster than ancillary-service mix can offset.
The compression appears concentrated in the most recent four quarters, where margins cluster around 26% rather than the 33% range sustained through 2025Q3, implying the structural shift toward company-owned Brands locations may be raising fixed and labor costs faster than revenue scales. Because reported operating margin sits at just 6.08% and ROE at 2.6%, this margin profile leaves limited room for error, and the FFO growth swing from +45.3% in 2026Q1 to -11.0% in 2026Q3 suggests acquisitions rather than same-store productivity have been carrying the top line.
Payout Ratio Signals Retention Priority
The FFO payout ratio held at 14.7% in 2026Q3, near the series low of 11.0%, leaving roughly 85% of FFO retained, as shown in FirstService's reported payout data, a cushion that appears to prioritize bolt-on acquisition funding over shareholder distributions given the 0.3% yield.
Even in the weakest quarter of 2025Q1, when AFFO per share fell to $0.38 and the payout reached 24.2%, coverage was preserved, so the dividend itself does not appear to be the binding constraint on the balance sheet. The more relevant observation is that such a low payout alongside a 0.7% trailing yield suggests management is channeling retained cash flow into the Century Fire Protection and restoration roll-up rather than returning it, meaning the investment case depends on those acquisitions converting into organic NOI rather than on income delivery.
Leverage Peaks as Equity Contracts
Debt-to-equity climbed to 1.26 in 2026Q3, the highest in ten quarters and above the 0.90-1.05 band maintained since 2024, according to FirstService's balance sheet, while interest coverage of 5.69x remains adequate, suggesting the leverage build is not yet pressuring debt service capacity.
The ratio has risen partly through a denominator effect, since equity contracted to $936.8M from roughly $1.4B two quarters earlier even as total debt reached $1.9B, so the deterioration reflects both borrowing and a shrinking book cushion. Coverage has been volatile, ranging from 2.04x in 2025Q1 to 6.42x in 2025Q3, and with cash at a series-low $160.8M, liquidity appears more dependent on operating cash generation than on balance sheet stock; investors should monitor whether the debt maturity profile forces refinancing at rates above the current coverage assumption.
P/E Obscures Service-Earnings Reality
The ratio most commonly misapplied to FirstService is the standard P/E of 45.47x, which is distorted by REIT-mandated depreciation on an asset base where property and equipment nets to only $568.0M of $4.5B total assets, per the company's filings, making P/FFO the appropriate earnings anchor.
Because roughly 87% of assets sit in goodwill, intangibles and other non-physical items, depreciation charges on a modest tangible base mechanically depress GAAP net income, which reached only $42.2M in 2026Q3 against $92.3M of FFO, so the headline P/E overstates the true earnings cost of the share price. The better frame is P/FFO paired with the AFFO conversion rate, which has fluctuated between roughly 48% and 80%, since that spread reveals how much recurring capital expenditure and adjustment noise separates reported FFO from genuinely distributable cash; analysts relying on P/E alone would likely misjudge both valuation and the durability of the earnings stream.