# Colliers International Group Inc Bats (CIGI.US)

Canonical: https://gigainvestors.com/s/CIGI

Analysis as of: 2026-10-16T07:27:26.594Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $90.58 per share; close as of 2026-10-15.

Estimated value: low $37.16 per share, central $42.03 per share, high $48.52 per share. Buy at or below the central value $42.03 per share. Valuation as of 2026-10-16T07:27:26.594Z; scenarios are not confidence intervals.

Expected annual return: 6.1% at the stated quote. About 6.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 0.51×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.08×

- FY2017: 0.07×

- FY2018: 0.07×

- FY2019: 0.07×

- FY2020: 0.06×

- FY2021: -0.03×

- FY2022: 0.07×

- FY2023: 0.07×

- FY2024: 0.08×

- FY2025: 0.07×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- Recent gross margin fell 6.8pp below the typical margin (limit 4pp)

- ROIC, median of available years: 31.0%

- ROIC, second-lowest year: 19.8%

- Typical minus recent gross margin: 6.8 pp

- Typical gross margin (annual median): 37.7%

- Recent gross margin (lower of latest and 3-year median): 30.8%

- Years with nonpositive capital: 1

- Capital spending / revenue: 1.4%

- ROIC including acquisitions, ten-year median: 8.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: 19.8%

- FY2018: >100%

- FY2019: 45.5%

- FY2020: 19.9%

- FY2021: -28.2%

- FY2022: 56.3%

- FY2023: 27.6%

- FY2024: 34.5%

- FY2025: 22.3%

### economics: pass

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $346M

- Net income, five-year total: -$12M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 2.1 pp

- Working capital / revenue, final three-year average: 12.6%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$303M

- FY2022: $72M

- FY2023: $119M

- FY2024: $269M

- FY2025: $189M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 318.2% vs 27.6%

- Per-share earnings: 1.25 to 2.05 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.1%

- Ordinary dilution, 5-year annual growth: 4.9%

- Market cap gain: $6.1B

- Cumulative retained earnings: $76M

- Diluted shares, 10-year annual growth: 3.1%

- Diluted shares, 5-year annual growth: 4.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 6.4%

- Per-share value change: $0.80

- Per-share value, starting three-year median: $1.25

- Per-share value, ending three-year median: $2.05

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 1.3%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- Acquisition spending: $3.5B

- Cumulative net income, 10 years: $355M

- ROIC, first three-year median: >100%

- ROIC, last three-year median: 27.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.75

- FY2017: $1.25

- FY2018: $2.45

- FY2019: $2.57

- FY2020: $1.22

- FY2021: -$9.09

- FY2022: $1.05

- FY2023: $1.42

- FY2024: $3.22

- FY2025: $2.05

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -3.1%

- Receivables to sales index (DSRI): 0.96×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 17.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.98×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 2.51×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.4%

- FY2017: -11.3%

- FY2018: -6.8%

- FY2019: -7.2%

- FY2020: -3.6%

- FY2021: -17.5%

- FY2022: -0.4%

- FY2023: -1.8%

- FY2024: -2.7%

- FY2025: -3.1%

## Holders

- [Prem Watsa](https://gigainvestors.com/FFH): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [C.T. Fitzpatrick](https://gigainvestors.com/VVP): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 45% since Aug 2025 · sales +17.3%

Story as of 2026-10-16T09:58:30.503Z; price observation 2026-10-15.

Price needs cash profits to grow 10.9% a year for ten years

- 2025-07-31: Colliers Books Q2 Earnings and Revs Beat; Updating and Increasing Outlook for 2025 ([finance.yahoo.com](https://finance.yahoo.com/news/colliers-books-q2-earnings-revs-123746217.html))

### Sales · FY2024–2025

sales +17.3%; source https://www.sec.gov/Archives/edgar/data/913353/000117184326000984/cigi20251231_40f.htm; observed 2026-02-20.

- FY2016: $1.9B 

- FY2017: $2.3B 

- FY2018: $2.8B 

- FY2019: $3.0B 

- FY2020: $2.8B 

- FY2021: $4.1B 

- FY2022: $4.5B 

- FY2023: $4.3B 

- FY2024: $4.8B 

- FY2025: $5.7B 

### Gross margin · FY2025

gross margin 30.8%; source https://www.sec.gov/Archives/edgar/data/913353/000117184326000984/cigi20251231_40f.htm; observed 2026-02-20.

- FY2016: 37.8% 

- FY2017: 37.3% 

- FY2018: 35.7% 

- FY2019: 35.7% 

- FY2020: 37.5% 

- FY2021: 38.4% 

- FY2022: 38.3% 

- FY2023: 40.1% 

- FY2024: 39.9% 

- FY2025: 30.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in real estate services; annual sales are USD 5.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/913353/000117184326000984/cigi20251231_40f.htm (filed 2026-02-20); FY2025: revenue 5655765843; grossProfit 1744056377; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CIGI.US: Colliers International Group Inc. provides commercial real estate, engineering, and investment management solutions in the United States, Canada, Europe, Australia, the United Kingdom, Poland, China, India, and internationally. The company offers capital markets services for property sales, debt finance, mortgage investment banking, and landlord and tenant representation services; and outsourcing services, such as building operations and maintenance, facilities management, lease administration, property accounting and financial reporting, contract and construction management, valuation and appraisal review and management, portfolio or single asset valuation, financial reporting advisory, arbitration consulting, research, highest and best use studies, property tax reviews, appeals and litigation support, and occupier services, as well as loan servicing. It also engages in the planning, designing, and project management of assets, including bridges and structure, highway and traffic engineering, construction engineering and inspection, water, traffic planning, and rail; and provision of air quality assessments, brownfield redevelopment, environmental impact assessments, ground water resource development, site remediation, noise studies, land development and monitoring, and other services, as well as water, storm, and wastewater management services. In addition, the company offers project management services, which include bid document review, construction monitoring and delivery management, contract administration and integrated cost control, development management, facility and engineering functionality, milestone and performance monitoring, quality assurance, risk management and strategic project consulting; and perpetual funds, long-dated funds, and separately managed accounts. Colliers International Group Inc. was founded in 1972 and is headquartered in Toronto, Canada.

### Why customers stay

Margins ranged from 30.8% to 40.1% during 2023–25; it earns 31% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2023: grossProfit / revenue = 40.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2024: grossProfit / revenue = 39.9%.

- Source: https://www.sec.gov/Archives/edgar/data/913353/000117184326000984/cigi20251231_40f.htm (filed 2026-02-20); FY2025: grossProfit / revenue = 30.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); 10-year return on capital observations [[2016,13.573670047406209],[2017,0.19771638253259186],[2018,3.1822930954951056],[2019,0.45455952760904766],[2020,0.19882785106433468],[2021,-0.2820515472874279],[2022,0.5626371482416751],[2023,0.2758290915272337],[2024,0.3446345007422538],[2025,0.22341947738760307]]; median 0.3102317961347438. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 38% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/913353/000117184326000984/cigi20251231_40f.htm (filed 2026-02-20); Gross margin observations: [[2021,0.38376461099662057],[2022,0.383452625828935],[2023,0.4009830360765659]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2016: growth capex 0; upkeep 25046000; owner earnings 87843000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2017: growth capex 0; upkeep 39472000; owner earnings 62833000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2018: growth capex 0; upkeep 35579000; owner earnings 140809000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2019: growth capex 0; upkeep 44197000; owner earnings 153370000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2020: growth capex 0; upkeep 40353000; owner earnings 134627000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2022: growth capex 0; upkeep 67681000; owner earnings 72343777.51048607. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2023: growth capex 0; upkeep 84524000; owner earnings 119000786.01295173. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2024: growth capex 0; upkeep 65085000; owner earnings 268558540.80848837. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/913353/000117184326000984/cigi20251231_40f.htm (filed 2026-02-20); FY2025: growth capex 0; upkeep 80079719; owner earnings 189190528.55765542. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Dividend observations: [[2016,3471000],[2017,3875000],[2018,3906000],[2019,3940000],[2020,3992000],[2021,4209000],[2022,13100000],[2023,13517000],[2024,14674000],[2025,15478294]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 11.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CIGI.US SharesStats.PercentInsiders = 11.067 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 10.9% yearly over ten years; actual growth was 13.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Ten-year compound average after fade. Initial solved rate 0.14342714869626916. Price 90.58; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.0497455013672152 → FY2025 3.70356056169178. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $34.80 per share

- 2016-11: $35.30 per share

- 2016-12: $36.75 per share

- 2017-01: $36.65 per share

- 2017-02: $50.45 per share

- 2017-03: $47.20 per share

- 2017-04: $48.85 per share

- 2017-05: $53.60 per share

- 2017-06: $56.45 per share

- 2017-07: $53.85 per share

- 2017-08: $52.00 per share

- 2017-09: $49.70 per share

- 2017-10: $58.60 per share

- 2017-11: $61.00 per share

- 2017-12: $60.35 per share

- 2018-01: $60.55 per share

- 2018-02: $62.85 per share

- 2018-03: $69.45 per share

- 2018-04: $68.05 per share

- 2018-05: $72.10 per share

- 2018-06: $75.70 per share

- 2018-07: $82.00 per share

- 2018-08: $81.55 per share

- 2018-09: $77.55 per share

- 2018-10: $67.85 per share

- 2018-11: $65.80 per share

- 2018-12: $55.03 per share

- 2019-01: $63.99 per share

- 2019-02: $68.28 per share

- 2019-03: $66.76 per share

- 2019-04: $64.38 per share

- 2019-05: $61.56 per share

- 2019-06: $71.62 per share

- 2019-07: $72.56 per share

- 2019-08: $67.50 per share

- 2019-09: $75.05 per share

- 2019-10: $66.95 per share

- 2019-11: $72.21 per share

- 2019-12: $77.97 per share

- 2020-01: $81.03 per share

- 2020-02: $80.86 per share

- 2020-03: $48.01 per share

- 2020-04: $55.00 per share

- 2020-05: $51.40 per share

- 2020-06: $57.31 per share

- 2020-07: $54.01 per share

- 2020-08: $63.34 per share

- 2020-09: $66.69 per share

- 2020-10: $70.88 per share

- 2020-11: $89.19 per share

- 2020-12: $89.13 per share

- 2021-01: $88.36 per share

- 2021-02: $103.52 per share

- 2021-03: $98.24 per share

- 2021-04: $107.88 per share

- 2021-05: $110.99 per share

- 2021-06: $111.98 per share

- 2021-07: $128.59 per share

- 2021-08: $139.75 per share

- 2021-09: $127.71 per share

- 2021-10: $145.37 per share

- 2021-11: $135.35 per share

- 2021-12: $148.65 per share

- 2022-01: $146.16 per share

- 2022-02: $137.34 per share

- 2022-03: $130.40 per share

- 2022-04: $110.25 per share

- 2022-05: $121.75 per share

- 2022-06: $109.71 per share

- 2022-07: $124.97 per share

- 2022-08: $116.80 per share

- 2022-09: $91.66 per share

- 2022-10: $93.94 per share

- 2022-11: $94.67 per share

- 2022-12: $92.04 per share

- 2023-01: $107.26 per share

- 2023-02: $115.82 per share

- 2023-03: $105.55 per share

- 2023-04: $106.50 per share

- 2023-05: $93.00 per share

- 2023-06: $98.19 per share

- 2023-07: $101.28 per share

- 2023-08: $115.46 per share

- 2023-09: $95.25 per share

- 2023-10: $90.73 per share

- 2023-11: $104.07 per share

- 2023-12: $126.52 per share

- 2024-01: $117.44 per share

- 2024-02: $116.23 per share

- 2024-03: $122.23 per share

- 2024-04: $104.04 per share

- 2024-05: $112.16 per share

- 2024-06: $111.65 per share

- 2024-07: $134.67 per share

- 2024-08: $144.26 per share

- 2024-09: $151.81 per share

- 2024-10: $152.64 per share

- 2024-11: $153.63 per share

- 2024-12: $135.97 per share

- 2025-01: $142.35 per share

- 2025-02: $128.22 per share

- 2025-03: $121.30 per share

- 2025-04: $119.37 per share

- 2025-05: $120.48 per share

- 2025-06: $130.54 per share

- 2025-07: $150.71 per share

- 2025-08: $165.35 per share

- 2025-09: $156.21 per share

- 2025-10: $159.53 per share

- 2025-11: $143.99 per share

- 2025-12: $147.01 per share

- 2026-01: $136.70 per share

- 2026-02: $118.73 per share

- 2026-03: $106.89 per share

- 2026-04: $104.58 per share

- 2026-05: $94.36 per share

- 2026-06: $93.79 per share

- 2026-07: $98.55 per share

- 2026-08: $100.66 per share

- 2026-09: $89.80 per share

- 2026-10: $86.60 per share

## Annual estimated value (USD per share)

- FY2016: low $12.41 per share, central $13.86 per share, high $15.78 per share

- FY2017: low $16.10 per share, central $18.10 per share, high $20.76 per share

- FY2018: low $23.20 per share, central $26.16 per share, high $30.09 per share

- FY2019: low $40.23 per share, central $45.55 per share, high $52.63 per share

- FY2020: low $39.54 per share, central $44.59 per share, high $51.32 per share

- FY2021: low $58.16 per share, central $65.10 per share, high $74.33 per share

- FY2022: low $54.22 per share, central $61.62 per share, high $71.46 per share

- FY2023: low $29.26 per share, central $33.14 per share, high $38.30 per share

- FY2024: low $30.58 per share, central $34.55 per share, high $39.84 per share

- FY2025: low $34.53 per share, central $39.11 per share, high $45.21 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 40-F filing](https://www.sec.gov/Archives/edgar/data/913353/000117184326000984/cigi20251231_40f.htm); period 2025-12-31, filed 2026-02-20.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.