# FirstService (FSV.TO)

Canonical: https://gigainvestors.com/s/FSV.TO

Analysis as of: 2026-10-16T07:37:09.266Z. Financial observations: FY2009–FY2025.

Listing currency: CAD. 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: CAD 191.44 per share; close as of 2026-10-15.

Estimated value: low CAD 40.62 per share, central CAD 45.94 per share, high CAD 53.01 per share. Buy at or below the central value CAD 45.94 per share. Valuation as of 2026-10-16T07:37:09.266Z; scenarios are not confidence intervals.

Expected annual return: 4.6% at the stated quote. About 4.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CA 10-year bond 3.8% + 4 points).

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 1

- Operating margin variation: 0.81×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.06×

- FY2018: 0.07×

- FY2019: -0.07×

- FY2020: 0.06×

- FY2021: 0.06×

- FY2022: 0.06×

- FY2023: 0.06×

- FY2024: 0.06×

- FY2025: 0.06×

### moat: fail

- Recent gross margin fell 5.0pp below the typical margin (limit 4pp)

- ROIC, median of available years: 24.0%

- ROIC, second-lowest year: 16.6%

- Typical minus recent gross margin: 5.0 pp

- Typical gross margin (annual median): 31.8%

- Recent gross margin (lower of latest and 3-year median): 26.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.1%

- ROIC including acquisitions, ten-year median: 5.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 49.2%

- FY2017: 67.2%

- FY2018: 59.1%

- FY2019: -23.2%

- FY2020: 24.3%

- FY2021: 24.5%

- FY2022: 19.6%

- FY2023: 16.6%

- FY2024: 21.7%

- FY2025: 23.7%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.61×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $392M

- Net income, five-year total: $639M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 1.2 pp

- Working capital / revenue, change between three-year averages: 8.8 pp

- Working capital / revenue, final three-year average: 20.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.44×

- FY2022: -0.24×

- FY2023: 0.85×

- FY2024: 0.99×

- FY2025: 0.97×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 59.1% vs 21.7%

- Per-share earnings: 0.93 to 2.97 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.3%

- Ordinary dilution, 5-year annual growth: 0.8%

- Market cap gain: $5.3B

- Cumulative retained earnings: $79M

- Diluted shares, 10-year annual growth: 2.3%

- Diluted shares, 5-year annual growth: 0.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 15.7%

- Per-share value change: $2.04

- Per-share value, starting three-year median: $0.93

- Per-share value, ending three-year median: $2.97

- Buybacks concentrated in cheaper years (correlation): 0.30

- Average buyback yield: 0.4%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: $1.9B

- Cumulative net income, 10 years: $651M

- ROIC, first three-year median: 59.1%

- ROIC, last three-year median: 21.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.93

- FY2017: $1.45

- FY2018: $1.80

- FY2019: -$5.67

- FY2020: $1.98

- FY2021: $3.03

- FY2022: $2.72

- FY2023: $2.24

- FY2024: $2.97

- FY2025: $3.22

### accounting: pass

- Sloan accruals: -7.2%

- Receivables to sales index (DSRI): 0.92×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 6.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.07×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.59×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -9.8%

- FY2017: -7.5%

- FY2018: -3.3%

- FY2019: -17.2%

- FY2020: -9.3%

- FY2021: -1.3%

- FY2022: 0.5%

- FY2023: -5.1%

- FY2024: -3.6%

- FY2025: -7.2%

## Holders

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

## Price story

Down 31% since Aug 2025 · "FirstService Corp. (FSV) Endures Tough Q2 as Roofing and Closet Segments Stay Soft" (finance.yahoo.com, Sep 2026) · sales +7.2%

Story as of 2026-10-16T10:00:08.726Z; price observation 2026-10-15.

Price needs cash profits to grow 19.5% a year for ten years

### Sales · FY2024–2025

sales +7.2%; source https://www.sec.gov/Archives/edgar/data/1637810/000117184326000985/fsv20251231_40f.htm; observed 2026-02-20.

- FY2016: $1.5B 

- FY2017: $1.7B 

- FY2018: $1.9B 

- FY2019: $2.4B 

- FY2020: $2.8B 

- FY2021: $3.2B 

- FY2022: $3.7B 

- FY2023: $4.3B 

- FY2024: $5.2B 

- FY2025: $5.6B 

### Gross margin · FY2025

gross margin 26.8%; source https://www.sec.gov/Archives/edgar/data/1637810/000117184326000985/fsv20251231_40f.htm; observed 2026-02-20.

- FY2016: 29.2% 

- FY2017: 30.3% 

- FY2018: 31.6% 

- FY2019: 32.1% 

- FY2020: 32.5% 

- FY2021: 32.2% 

- FY2022: 31.5% 

- FY2023: 32.0% 

- FY2024: 32.9% 

- FY2025: 26.8% 

## Owner memo

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

### How it makes money

Operates in real estate services; annual sales are USD 5.6 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1637810/000117184326000985/fsv20251231_40f.htm (filed 2026-02-20); FY2025: revenue 5593736670; grossProfit 1501602106; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FSV.TO: FirstService Corporation, together with its subsidiaries, provides residential property management and other essential property services to residential and commercial customers in the United States and Canada. It operates through two segments: FirstService Residential and FirstService Brands. The FirstService Residential segment operates as a full-service property manager and provides a range of ancillary services, including on-site staffing for building engineering and maintenance, full-service amenity management, security, concierge and front desk personnel; proprietary banking and insurance products; and energy conservation and management solutions. This segment serves condominiums, co-operatives, homeowner associations, master-planned communities, active adult and lifestyle communities, and other residential developments governed by common interest or multi-unit residential community associations. Its FirstService Brands segment offers property services to residential and commercial customers in North America through company-owned operations and franchise systems under the First Onsite Property Restoration, Paul Davis Restoration, Roofing Corp of America, Century Fire Protection, California Closets, CertaPro Painters, Floor Coverings International, and Pillar to Post Home Inspectors brands. This segment also provides light restoration services, including full-service water, fire and mold cleanup, construction rebuild, and restoration services; painting services; custom-designed and installed closet and home storage solutions; home inspection services; and floor covering design and installation services. FirstService Corporation was incorporated in 1988 and is headquartered in Toronto, Canada.

### Why customers stay

Margins ranged from 26.8% to 32.9% during 2023–25; it earns 24% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2023: grossProfit / revenue = 32%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2024: grossProfit / revenue = 32.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1637810/000117184326000985/fsv20251231_40f.htm (filed 2026-02-20); FY2025: grossProfit / revenue = 26.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); 10-year return on capital observations [[2016,0.4916398412255432],[2017,0.6716657540777586],[2018,0.5906556152675956],[2019,-0.23196782173862554],[2020,0.24262588185821626],[2021,0.24537203991297243],[2022,0.19553786495151354],[2023,0.16573137365390722],[2024,0.21727467315642027],[2025,0.2368711592666825]]; median 0.23974852056244939. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 32% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1637810/000117184326000985/fsv20251231_40f.htm (filed 2026-02-20); Gross margin observations: [[2021,0.3220094845543589],[2022,0.31504724580767707],[2023,0.32011180865917277]]; 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 29122000; owner earnings 77139000. 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 36257000; owner earnings 75246000. 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 40597000; owner earnings 53097000. 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 39415000; owner earnings 207900400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2021: growth capex 0; upkeep 58204000; owner earnings 59233200. 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 92734000; owner earnings 84957077.85670075. 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 112798000; owner earnings 133633187.36885831. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1637810/000117184326000985/fsv20251231_40f.htm (filed 2026-02-20); FY2025: growth capex 0; upkeep 129940546; owner earnings 142513378. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Dividend observations: [[2016,15471000],[2017,17141000],[2018,18780000],[2019,22556489],[2020,28897986],[2021,30932410],[2022,33501802],[2023,39055000],[2024,43828000],[2025,48886000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 9.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FSV.TO SharesStats.PercentInsiders = 9.422 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 19.5% yearly over ten years; actual growth was 14%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Ten-year compound average after fade. Initial solved rate 0.2710592893622549. Price 191.44; FX 1.4190435646374344; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.8403856160819434 → FY2025 3.1096089461051712. Closing-price date 2026-10-15.

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

- 2016-10: CAD 54.35 per share

- 2016-11: CAD 58.33 per share

- 2016-12: CAD 63.74 per share

- 2017-01: CAD 64.95 per share

- 2017-02: CAD 76.51 per share

- 2017-03: CAD 80.41 per share

- 2017-04: CAD 84.95 per share

- 2017-05: CAD 84.51 per share

- 2017-06: CAD 83.21 per share

- 2017-07: CAD 80.35 per share

- 2017-08: CAD 86.99 per share

- 2017-09: CAD 81.99 per share

- 2017-10: CAD 89.81 per share

- 2017-11: CAD 87.87 per share

- 2017-12: CAD 87.93 per share

- 2018-01: CAD 81.92 per share

- 2018-02: CAD 89.31 per share

- 2018-03: CAD 94.41 per share

- 2018-04: CAD 90.00 per share

- 2018-05: CAD 91.24 per share

- 2018-06: CAD 99.99 per share

- 2018-07: CAD 107.93 per share

- 2018-08: CAD 111.65 per share

- 2018-09: CAD 109.13 per share

- 2018-10: CAD 96.58 per share

- 2018-11: CAD 100.79 per share

- 2018-12: CAD 93.69 per share

- 2019-01: CAD 106.75 per share

- 2019-02: CAD 114.25 per share

- 2019-03: CAD 119.05 per share

- 2019-04: CAD 116.58 per share

- 2019-05: CAD 122.49 per share

- 2019-06: CAD 126.00 per share

- 2019-07: CAD 138.50 per share

- 2019-08: CAD 138.30 per share

- 2019-09: CAD 135.83 per share

- 2019-10: CAD 114.96 per share

- 2019-11: CAD 127.08 per share

- 2019-12: CAD 120.89 per share

- 2020-01: CAD 130.21 per share

- 2020-02: CAD 133.18 per share

- 2020-03: CAD 108.52 per share

- 2020-04: CAD 120.35 per share

- 2020-05: CAD 127.99 per share

- 2020-06: CAD 136.75 per share

- 2020-07: CAD 160.20 per share

- 2020-08: CAD 163.21 per share

- 2020-09: CAD 175.72 per share

- 2020-10: CAD 178.65 per share

- 2020-11: CAD 177.12 per share

- 2020-12: CAD 174.22 per share

- 2021-01: CAD 174.68 per share

- 2021-02: CAD 193.09 per share

- 2021-03: CAD 186.54 per share

- 2021-04: CAD 199.66 per share

- 2021-05: CAD 195.99 per share

- 2021-06: CAD 212.61 per share

- 2021-07: CAD 232.38 per share

- 2021-08: CAD 234.32 per share

- 2021-09: CAD 229.00 per share

- 2021-10: CAD 246.84 per share

- 2021-11: CAD 245.54 per share

- 2021-12: CAD 248.60 per share

- 2022-01: CAD 202.69 per share

- 2022-02: CAD 180.44 per share

- 2022-03: CAD 180.83 per share

- 2022-04: CAD 160.18 per share

- 2022-05: CAD 161.97 per share

- 2022-06: CAD 156.14 per share

- 2022-07: CAD 171.31 per share

- 2022-08: CAD 164.29 per share

- 2022-09: CAD 164.43 per share

- 2022-10: CAD 170.31 per share

- 2022-11: CAD 174.27 per share

- 2022-12: CAD 165.81 per share

- 2023-01: CAD 190.15 per share

- 2023-02: CAD 187.06 per share

- 2023-03: CAD 190.43 per share

- 2023-04: CAD 203.80 per share

- 2023-05: CAD 197.20 per share

- 2023-06: CAD 204.02 per share

- 2023-07: CAD 206.52 per share

- 2023-08: CAD 204.33 per share

- 2023-09: CAD 197.56 per share

- 2023-10: CAD 196.23 per share

- 2023-11: CAD 212.94 per share

- 2023-12: CAD 214.65 per share

- 2024-01: CAD 225.02 per share

- 2024-02: CAD 223.34 per share

- 2024-03: CAD 224.25 per share

- 2024-04: CAD 202.20 per share

- 2024-05: CAD 200.10 per share

- 2024-06: CAD 208.20 per share

- 2024-07: CAD 240.73 per share

- 2024-08: CAD 242.93 per share

- 2024-09: CAD 247.11 per share

- 2024-10: CAD 257.80 per share

- 2024-11: CAD 273.12 per share

- 2024-12: CAD 260.39 per share

- 2025-01: CAD 264.31 per share

- 2025-02: CAD 255.06 per share

- 2025-03: CAD 238.62 per share

- 2025-04: CAD 241.96 per share

- 2025-05: CAD 240.55 per share

- 2025-06: CAD 237.63 per share

- 2025-07: CAD 273.12 per share

- 2025-08: CAD 276.49 per share

- 2025-09: CAD 265.16 per share

- 2025-10: CAD 223.26 per share

- 2025-11: CAD 219.74 per share

- 2025-12: CAD 213.45 per share

- 2026-01: CAD 210.96 per share

- 2026-02: CAD 214.94 per share

- 2026-03: CAD 193.52 per share

- 2026-04: CAD 182.01 per share

- 2026-05: CAD 184.82 per share

- 2026-06: CAD 201.67 per share

- 2026-07: CAD 197.47 per share

- 2026-08: CAD 192.87 per share

- 2026-09: CAD 182.21 per share

- 2026-10: CAD 186.15 per share

## Annual estimated value (CAD per share)

- FY2016: low CAD 10.05 per share, central CAD 11.37 per share, high CAD 13.11 per share

- FY2017: low CAD 18.45 per share, central CAD 20.87 per share, high CAD 24.09 per share

- FY2018: low CAD 23.58 per share, central CAD 26.69 per share, high CAD 30.82 per share

- FY2019: low CAD 28.15 per share, central CAD 31.68 per share, high CAD 36.37 per share

- FY2020: low CAD 47.18 per share, central CAD 53.11 per share, high CAD 61.01 per share

- FY2021: low CAD 34.28 per share, central CAD 38.57 per share, high CAD 44.27 per share

- FY2022: low CAD 25.44 per share, central CAD 28.72 per share, high CAD 33.09 per share

- FY2023: low CAD 29.49 per share, central CAD 33.26 per share, high CAD 38.27 per share

- FY2024: low CAD 37.79 per share, central CAD 42.62 per share, high CAD 49.05 per share

- FY2025: low CAD 38.66 per share, central CAD 43.77 per share, high CAD 50.58 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

Prior published observations retained from 2026-10-15T06:42:52.414Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 40-F filing](https://www.sec.gov/Archives/edgar/data/1637810/000117184326000985/fsv20251231_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.