FirstService FSV
CanadaReal Estate · Real Estate ServicesUSD
173.88 USD (+37.0%)
8 analysts
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FirstService Corporation is a North American real estate services provider, specializing in residential community management (condominiums and homeowners' associations) and maintenance, restoration, and painting services for residential and commercial properties.
Key points
from its scores- ✓Very solid balance sheet8.1
- ✕Poor share-price trend1.8
- ✕Little or no dividend2.6
- ✕Weak growth4.4
AI analysis
bottom line, main risk, context and newsBusiness quality is good but growth and valuation offer no margin of safety in the current rising-rate environment.
FirstService shows solid financial health (score 8.28) with moderate debt (Net Debt/EBITDA 2.57) and an ROIC of 14.48%, but its growth is weak (revenue +2.4%, earnings -1.1%) and its valuation is demanding (P/B 4.60), which, along with very negative momentum (-24.3% over 12 months), limits current appeal.
The main risk is the real estate business's sensitivity to a prolonged high-interest-rate environment, which could compress demand for services and property values, affecting both growth and valuation.
Context and risks
FirstService operates in the Canadian and U.S. real estate sector, with a moderate debt position (Net Debt/EBITDA of 2.57). The rise in long-term U.S. interest rates and ECB tightening pressure demand for real estate services and financing costs, although its recurring services model (community management and maintenance) is less rate-sensitive than pure property development. Canadian governance is solid, with moderate regulatory risk.
Is FirstService stock cheap or expensive?
at the analysis dateOn P/E and Price / book, it trades 144% above the Real Estate median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 36.0 | 21.6 | +67% |
| EV / EBITDA | 13.8 | 18.5 | −25% |
| Price / book | 4.6 | 1.4 | +222% |
| Price / sales | 1.0 | 6.3 | −84% |
Sector: median of the 100 Real Estate companies analysed. In bold, the multiples used for the comparison.
Valuation score: 4.6 out of 10 (median for Real Estate: 4.9).
Average analyst target: 173.88 USD, +37.0% versus the price.
A premium can be justified if the company is of higher quality or grows faster than its sector: Quality / Moat 6.0 (sector 5.2), Growth 4.4 (sector 5.7).
Classic formulas with standard assumptions (10.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Real Estate medianValuation
- P/E
- 36.0
- Forward P/E
- 19.0
- EV / EBITDA
- 13.8
- Price / book
- 4.6
- Price / sales
- 1.0
- Market cap
- 5.5B USD
- Enterprise value
- 7.5B USD
Profitability
- ROE
- 12.0%
- ROA
- 4.9%
- ROIC (approx.)
- 14.5%
- Gross margin
- 33.4%
- Operating margin
- 7.1%
- Net margin
- 2.9%
- Free cash flow
- 319.8M USD
- FCF yield
- 5.8%
- Cash conversion
- 59%
Solvency
- Total debt
- 1.6B USD
- Net debt
- 1.4B USD
- Cash
- 173.4M USD
- EBITDA
- 539.5M USD
- Net debt / EBITDA
- 2.57
- Debt / equity
- 90.37
- Current ratio
- 1.67
- Quick ratio
- 1.20
Growth
- Revenue growth
- +2.4%
- Earnings growth
- −1.1%
- EPS (TTM)
- 3.52 USD
- EPS (forward)
- 6.69 USD
Dividend
- Dividend yield
- 1.0%
- Payout
- 33.0%
Risk and market
- Beta
- 0.91
- Analyst consensus
- Buy (8)
- Target price
- 173.88 USD
- 52-week range
- 119.41 – 189.05
Recent news
All FSV news →Compare it with its sector
All 100 in Real Estate →Frequently asked questions about FirstService
Is FirstService stock cheap or expensive?
On P/E and Price / book, it trades 144% above the Real Estate median on average. Valuation score: 4.6 out of 10 (median for Real Estate: 4.9). Average analyst target: 173.88 USD, +37.0% versus the price. This is not investment advice.
What score does FirstService get on MeridIAn Screener?
It scores 5.2 out of 10, rank 1,589 of 2,130 (better than 24% of the companies analysed). Its strongest category is Financial health (8.1) and its weakest, Momentum (1.8). Analysis of 08/10/2026.
What is FirstService's P/E ratio?
Its P/E is 36.0: the share price equals 36.0 times earnings per share over the last 12 months. The Real Estate median is 21.6. Based on the earnings analysts expect, the forward P/E is 19.0.
How much is FirstService worth on the stock market?
Its market capitalisation is 5.5B USD.
Does FirstService pay a dividend?
Yes: its dividend yield is 0.96% and it pays out 33% of its earnings.
How has FirstService stock performed over the last year?
It has fallen 30.1% over the last year, excluding dividends. Over the last 52 weeks it has traded between 119.41 and 189.05 USD. Past performance does not guarantee future results.
What do analysts think of FirstService?
8 analysts cover it; their average recommendation is “Buy” and their average target is 173.88 USD (+37.0% versus the price). It is an estimate, not market data.