# FirstService Corporation (FSV.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Real Estate / Real Estate Management & Development. Price C$199.56, market value C$8.7 billion.

## Valuation
- **P/E (trailing): 40.8×** (5-yr avg 77.8×, 3-yr avg 82.2×). FirstService Corporation trades at 40.8× trailing earnings, well below its own five-year average of 77.8×: cheap by its own standards. The Real Estate median in the September 2026 study was 25.2×. Forward P/E is 21.5×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 2.46**. A PEG of 2.46 means the P/E is high relative to expected earnings growth; the price already assumes a lot.
- **Price / sales: 1.1×**. Each dollar of revenue is priced at 1.1×.
- **Price / book: 5.2×**. The shares trade at 5.2× book value; most of the value is in earnings power and intangibles rather than the balance sheet.
- **EV / EBITDA: 13.9×**. Enterprise value is 13.9× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 5.3%** (5-yr avg 1.6%). Free cash flow equals 5.3% of the market value, above its five-year average of 1.6%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.
- **Earnings yield: 2.5%**. The inverse of the P/E: 2.5% of the price is earned each year.

## Profitability
- **Gross margin: 26.2%**. FirstService Corporation keeps 26.2% of revenue after the direct cost of what it sells.
- **Operating margin: 6.3%**. 6.3% of revenue is left after running the business.
- **Net margin: 2.6%**. 2.6% of each dollar of sales reaches the bottom line.
- **Return on equity: 10.7%**. 10.7% on shareholders' equity is solid.
- **Return on invested capital: 9.9%**. Return on all capital, debt included, is 9.9%.
- **Return on assets: 3.8%**. Each dollar of assets produces 3.8% of profit.

## Growth
- **Revenue growth (1 yr): 7.2%** (3-yr 14.3%/yr, 5-yr 15.1%/yr). Revenue grew 7.2% over the last year, against 15.1% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): 8.8%** (3-yr 7.4%/yr, 5-yr 8.7%/yr). Earnings per share rose 8.8%, roughly in step with revenue.
- **Free-cash-flow growth (3 yr): 125.4%/yr**. Free cash flow has compounded at 125.4% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Debt to equity: 1.01**. Debt is 1.01 times equity, a leveraged balance sheet, which is normal for real estate.
- **Net debt / EBITDA: 2.2×**. It would take 2.2 years of operating earnings to repay net borrowings, within the comfortable range.
- **Interest coverage: 5.3×**. Operating profit covers interest 5.3× over, a safe margin.
- **Current ratio: 15.15** (quick 11.37). Current assets cover the next year's liabilities 15.15 times.
- **Altman Z-score: 4.48**. A Z-score of 4.48 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 7/9**. 7 of 9 fundamental checks pass: strong and improving financials.

## Dividends
- **Dividend yield: 0.87%** (C$1.73 per share, trailing). FirstService Corporation yields 0.87%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 33%** (15% of free cash flow). 33% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 11**. 11 straight years of increases, a record that survived at least one recession.
- **Dividend growth (5 yr): 11.4%/yr** (1-yr 11.0%). The dividend has compounded at 11.4% a year over five years, doubling roughly every 6 years at that pace.
- **Shareholder yield: 4.8%**. Dividends plus net buybacks return 4.8% of the market value a year.

## Price and momentum
- **Total return (1 yr): -27.9%** (YTD -6.1%, 3-mo 1.9%). The shares are down 27.9% over twelve months including dividends.
- **From 52-week high: -31.3%** (17.7% above the low). Trading 31% below its 52-week high, deep in a drawdown.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 53**. An RSI of 53 is neutral.
- **Beta (1 yr): 0.69** (volatility 29%). Beta of 0.69 against the S&P/TSX Composite: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=FSV.TO · Page: https://foliofundamentals.com/stocks/fsv.to

Not investment advice.