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FSV

FirstService Corporation

FSV

FirstService Corporation • NASDAQ
$156.85 ▲ 2.03% (+3.12)
Market Cap $7.12 B
52w High $209.66
52w Low $149.13
Dividend Yield 1.07%
P/E 51.77
Volume 185.23K
Outstanding Shares 45.40M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.448B ▲ $371.517M ▼ $57.168M ▲ 3.949% ▲ $1.24 ▲ $163.401M ▲
Q2-2025 $1.416B ▲ $383.121M ▲ $46.098M ▲ 3.256% ▲ $1.01 ▲ $150.572M ▲
Q1-2025 $1.251B ▼ $370.1M ▲ $2.803M ▼ 0.224% ▼ $0.062 ▼ $83.52M ▼
Q4-2024 $1.365B ▼ $364.373M ▲ $32.476M ▼ 2.379% ▼ $0.72 ▼ $138.306M ▼
Q3-2024 $1.396B $333.566M $60.533M 4.336% $1.34 $167.692M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $219.916M ▲ $4.385B ▲ $2.574B ▼ $1.339B ▲
Q2-2025 $201.806M ▼ $4.369B ▲ $2.656B ▲ $1.252B ▲
Q1-2025 $217.2M ▼ $4.235B ▲ $2.576B ▲ $1.206B ▲
Q4-2024 $227.598M ▲ $4.195B ▲ $2.558B ▲ $1.188B ▲
Q3-2024 $217.679M $4.118B $2.542B $1.149B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $56.534M ▲ $123.996M ▼ $-82.446M ▲ $-21.825M ▲ $19.901M ▲ $91.004M ▼
Q2-2025 $46.858M ▲ $163.974M ▲ $-92.429M ▼ $-86.391M ▼ $-14.919M ▼ $131.155M ▲
Q1-2025 $2.795M ▼ $41.125M ▼ $-59.56M ▲ $15.052M ▲ $-3.251M ▼ $11.652M ▼
Q4-2024 $31.559M ▼ $89.038M ▲ $-89.679M ▼ $8.535M ▲ $7.866M ▲ $56.085M ▲
Q3-2024 $77.761M $77.011M $-26.861M $-45.46M $4.539M $50.451M

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily year after year, showing that demand for FirstService’s property and franchise services is expanding at a healthy pace. Profitability at the operating level has also improved, suggesting better scale and efficiency in the core business. However, net earnings have not grown as quickly as sales, with some bumpiness along the way, which hints at pressure from items like interest, taxes, or acquisition-related costs. Overall, the business appears strong and growing, but the translation from sales growth to bottom-line profit is more modest than the top-line story suggests.

Balance Sheet

Balance Sheet The balance sheet shows a company that has grown substantially over the last several years, adding assets as it expands its footprint and services. Debt has increased meaningfully, indicating that growth and acquisitions are at least partly financed with borrowing, while equity has risen as retained earnings accumulate. Cash levels are steady but not large relative to the size of the business, which means the company likely depends on ongoing cash generation and credit access to support its strategy. In short, the balance sheet supports growth but carries a moderate reliance on leverage that investors should keep in mind.

Cash Flow

Cash Flow FirstService consistently generates positive cash from its operations, which is a strong point and helps support both reinvestment and debt service. Free cash flow has been positive each year but somewhat uneven, reflecting the timing of working capital swings and acquisitions, as well as a gradual step-up in capital spending. Investment in the business is rising but still measured, indicating a focus on controlled expansion rather than heavy, asset-intensive build-outs. The cash flow profile looks generally sound, though not overly abundant relative to the pace of growth and rising debt.

Competitive Edge

Competitive Edge The company operates from a position of strength as one of the largest residential property managers in North America, with meaningful advantages from size, purchasing power, and brand recognition. Its mix of recurring community management contracts and broad service brands (from restoration to home improvement) creates a diversified and resilient business model that is harder for smaller rivals to replicate. The franchise structure in the Brands segment allows for capital-light expansion and local-market expertise, while long-term contracts in Residential add stability. Key risks include exposure to housing and property cycles, ongoing competition in fragmented service markets, and the challenge of integrating many small acquisitions over time.

Innovation and R&D

Innovation and R&D FirstService does not emphasize formal research and development spending, but it innovates through technology and process improvements embedded in its operations. The Residential Connect platform is a good example: it strengthens communication, payments, and service requests for communities, which can deepen customer relationships and increase switching costs. In the Brands segment, innovation is more about standardized systems, tools, and support that help franchisees run more efficient, tech-enabled local businesses. Looking forward, the main opportunity is to keep layering digital tools—such as better data analytics, mobile experiences, and potentially smart-property integrations—on top of its large, recurring customer base, rather than pursuing flashy, high-risk R&D projects.

Summary

Overall, FirstService looks like a steadily expanding service platform built on recurring property management contracts and well-known local service brands. The company has delivered strong revenue growth and improving operating performance, supported by a deliberate acquisition strategy and a clear competitive edge in scale and brand strength. At the same time, net earnings and free cash flow have grown more slowly than sales, while debt levels have climbed, which introduces some financial and execution risk if growth slows or integration challenges emerge. The long-term story rests on its ability to keep integrating acquisitions smoothly, deepen its technology advantage in managing communities and franchises, and maintain disciplined use of leverage as the business scales further.

NEWS

October 28, 2025 · 9:00 AM UTC

FirstService Residential Welcomes Quincy Towers to its New England Portfolio

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October 23, 2025 · 7:30 AM UTC

FirstService Reports Third Quarter 2025 Results

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October 22, 2025 · 9:00 AM UTC

FirstService Residential Welcomes Elkins Park House to its Pennsylvania Portfolio

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October 21, 2025 · 2:10 PM UTC

Luxe Re-engages FirstService Residential as its Property Management Partner

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October 20, 2025 · 8:00 AM UTC

Marc Kotler appointed president of FirstService Residential New York

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