Share count
46Mpeak FY2025
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FSV, FirstService Corporation
FirstService is the North American leader in residential property management and other essential property services to residential and commercial customers.
We began independent operations on June 1, 2015 following the completion of the Spin-off, which included, among other things, the transfer to us of the FirstService Residential and FirstService Brands divisions of Old FSV, and the assets and liabilities referable thereto, as operated by Old FSV prior to June 1, 2015.
Hennick established Old FSV with a Toronto-based swimming pool management company Old FSV acquired College Pro Painters franchise system and established FirstService Brands 1994 D.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$5.5B
+5.4% YoY · 15% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $5.5B 5-yr avg $4.4B
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is FirstService Brands (58%) and FirstService Residential (42%).
- What moves the needle
- Operating margin has run about 6.1% through the cycle, a thin margin, where volume, cost discipline and the price it gets all bear on the result. The operating margin has swung widely — from −7.2% to 6.6% over the years — so the through-cycle figure carries more than any single year, and the worst year more than the best. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →The largest slice of sales is FirstService Brands at 58%, but the profit engine is Corporate: 0% of revenue and 47% of segment operating profit.
Revenue by reportable segment, FY2025
Operating profit same segments
- FirstService Brands58%$3.2B30% of profit
- FirstService Residential42%$2.3B24% of profit
- Corporate0%$047% of profit
By geographyUnited States90%Canada10%
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2016–2025
realized figures from each filing · older years to the left| 2016’16 | 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||
| $1.5B | $1.7B | $1.9B | $2.4B | $2.8B | $3.2B | $3.7B | $4.3B | $5.2B | $5.5B | $5.5B | RevenueRevenue |
| $54M | $75M | $90M | ($228M) | $110M | $156M | $145M | $147M | $188M | $191M | $191M | Net incomeNet inc. |
| Cash flow & returns | |||||||||||
| $91M | $117M | $143M | ($148M) | $208M | $255M | $255M | $275M | $353M | $376M | $376M | Funds from operationsFFO |
| Balance sheet | |||||||||||
| 17% | 15% | 13% | — | 13% | 12% | 14% | 14% | 12% | 13% | 13% | Dividend payout (FFO)Payout |
| $771M | $848M | $1.0B | $2.0B | $2.2B | $2.5B | $2.8B | $3.6B | $4.2B | $4.3B | $4.3B | Total assetsAssets |
| 33% | 32% | 33% | 39% | — | — | — | — | — | — | 18% | Debt / assetsDebt/assets |
| $251M | $270M | $335M | $767M | — | — | — | — | — | — | $767M | Total debtDebt |
| $208M | $212M | $268M | $645M | — | — | — | — | — | — | $612M | Net debt / (cash)Net debt |
| Per share | |||||||||||
| 36.4M | 36.6M | 36.6M | 38.7M | 43.2M | 44.4M | 44.5M | 44.8M | 45.3M | 45.8M | 45.7M | Shares out (diluted)Shares |
| $2.51 | $3.20 | $3.91 | $-3.83 | $4.82 | $5.75 | $5.73 | $6.14 | $7.80 | $8.22 | $8.22 | FFO / shareFFO/sh |
| $0.43 | $0.47 | $0.51 | $0.57 | $0.64 | $0.70 | $0.78 | $0.87 | $0.97 | $1.07 | $1.07 | Dividends / shareDiv/sh |
Per-share growththe realized rate an owner's share compounded
| 9-yr | 5-yr | |
|---|---|---|
| Revenue / share | +12.8%/yr | +13.4%/yr |
| Owner earnings / share | +13.7%/yr | +3.5%/yr |
| EPS | +12.1%/yr | +10.4%/yr |
| Dividends / share | +10.8%/yr | +10.9%/yr |
| Capital spending / share | +14.9%/yr | +25.1%/yr |
The record, charted
FY2016–2025Each measure over its full record; the current point and the worst year marked.
Net debt ÷ owner earnings
10.5×peak FY2019
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 40-F · source on SEC EDGAR →
Will it survive?
- Interest expense not tagged in the data
What this means
No usable interest-expense line was tagged in the filing data, but the balance sheet carries real net debt — so the interest burden here is unknown, not absent. Read the debt on the net-debt check below.
- How heavy is the debt, net of cash? $612M · 1.8× operating profitModest net debtCash $154M − debt $767M
What this means
Netting $154M of cash and short-term investments against $767M of debt leaves $612M owed, about 1.8× a year's operating profit (2.3× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Not enough dataIndustry peers: median 4%
What this means
The filing data didn't include the inputs for this check.
- Thin through the cycle10-yr median margin, range 1%–9%; latest $318M = operating cash $446M − maintenance capex $128MIndustry peers: median -1%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 6% of revenue this year, a 3% median across 10 years.
- Cash-backedCash from ops $446M ÷ net income $191M
In the filing’s words The filing leans on adjusted, non-GAAP earnings, but the GAAP profit is itself cash-backed — the adjustments are not papering over a cash shortfall here.
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Reinvests most of itDividends + buybacks $49M ÷ Owner Earnings $318M
What this means
Of $318M Owner Earnings, $49M (15%) went back to shareholders, $49M dividends, $0 buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
- Investing or harvesting? 0.69×HarvestingCapex $128M ÷ depreciation $185M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 3 of 6 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size PassRevenue ≥ $2B · $5.5B
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity NearCurrent ratio ≥ 2× · 1.70×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt NearDebt ≤ working capital · $767M vs $622M WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Earnings stability NearA profit every year (10-yr record) · 1 loss year
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record PassUninterrupted dividends · paid every year (10)
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
- Earnings growth PassEarnings +33% over the record · +139%
What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $3.83/share (latest year $4.17), the averaged base the calculator's gate runs on. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2016–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 9 of 10
What this means
Lost money in 1 year(s), look at what happened there before trusting the average.
- Operating margin 6% → 6% (3-yr avg ends)
What this means
Through the cycle the operating margin held roughly steady — about 6% early, 6% lately, median 6%.
- Owner earnings growth +13%/yr
What this means
Owner earnings grew about 13% a year over the record.
- Worst year 2019 · −7.2% op. margin
What this means
Operations went underwater in 2019, understand why before trusting the good years.
- Share count +2.6%/yr
What this means
The share count is rising, dilution works against you on a per-share basis.
- Dividend record rising
What this means
Paid and raised the dividend across the record, the continuity Graham prized.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$1.5B
- Cash & short-term investments$154M
- Receivables$922M
- Inventory$274M
- Other current assets$153M
Current liabilities$882M
- Accounts payable$159M
- Other current liabilities$724M
Current ratio1.70×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.39×stricter: inventory excluded
Cash ratio0.18×strictest: cash alone against what's due
Working capital$622Mthe cushion left after near-term bills
Deeper floors
Debt incl. operating leases$826M$59M of it operating leases
Deferred revenue$209Mcustomer cash collected before delivery; operating float
From the company's latest filing.
Acquisitions & goodwill
from the balance sheet & the 10-year cash-flow recordGoodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.
Goodwill & intangibles$2.2B51% of all assets; the premium carried on the balance sheet for businesses acquired
Against book equity—goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital
Cash spent acquiring$0over 10 years buying other businesses, against $661M of capital spent building
None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.
Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Acquisitions, Stock compensation as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Real Estate Development & Services
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| CWKCushman & Wakefield Ltd. | $10.3B | — | 2.2% | 4% | 1% |
| COMPCompass Inc. | $7.0B | — | -7.3% | -95% | -1% |
| FSVFirstService Corporation | $5.5B | — | 6.1% | — | 4% |
| VACMarriott Vacations Worldwide Corporation | $5.0B | 68% | 10.4% | 6% | 6% |
| AGNTAGNT Inc. | $4.8B | 11% | -0.4% | -14% | 5% |
| OPENOpendoor Technologies Inc | $4.4B | 8% | -6.4% | -20% | -1% |
| NMRKNewmark Group Inc. | $3.3B | — | 10.4% | 14% | -2% |
| FORForestar Group Inc Common Stock | $1.7B | 21% | 14.3% | 7% | -11% |
| Group median | — | — | 4.1% | — | -0% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. FirstService Corporation's US listing is the ordinary share itself. The record tables elsewhere on this page remain as filed.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what FirstService Corporation has delivered.
FirstService Corporation’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.
$
Through the cycle, FirstService Corporation earns about $211M on its 3.8% median owner-earnings margin. This year’s 5.8% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · ’21→’25+38%/yr
Owner-earnings growth · ’16→’25+13%/yr
Owner-earnings growth · ’16→’25+13%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings $318M on 46M shares outstanding, per the 40-F cover, as of 2025-12-31; net debt $612M. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "FirstService Corporation (FSV), the owner's record," https://ownerscorecard.com/c/FSV, data as of 2026-07-09.
Manual order: ← FSM its page in the Manual FTS →
Industry order: ← FRPH the Real Estate Development & Services chapter GTY →