Latest Ratios: P/E Ratio 45.9x · EV/EBITDA 15.5x · ROE 8.3%. (2009–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.7B | $7.1B | $8.2B | $7.3B | $5.5B | $8.7B | $5.9B | $3.6B | $2.5B | $2.6B | $1.7B |
| Enterprise Value | $8.1B | $8.6B | $9.5B | $8.5B | $6.3B | $9.4B | $6.5B | $4.3B | $2.8B | $2.8B | $1.9B |
| P/E Ratio → | 45.86 | 49.22 | 60.95 | 72.36 | 45.06 | 64.42 | 67.70 | — | 38.04 | 49.59 | 51.61 |
| P/S Ratio | 1.21 | 1.29 | 1.57 | 1.68 | 1.46 | 2.68 | 2.13 | 1.48 | 1.30 | 1.50 | 1.16 |
| P/B Ratio | 3.57 | 3.83 | 5.01 | 5.35 | 4.78 | 8.56 | 6.92 | 5.92 | 6.46 | 7.96 | 6.09 |
| P/FCF | 20.58 | 22.01 | 47.41 | 38.70 | 192.79 | 79.98 | 23.40 | 58.13 | 42.55 | 32.20 | 21.61 |
| P/OCF | 14.69 | 15.71 | 28.69 | 25.90 | 51.49 | 52.15 | 20.24 | 32.99 | 25.18 | 22.11 | 15.84 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.55 | 1.83 | 1.96 | 1.67 | 2.89 | 2.34 | 1.80 | 1.44 | 1.62 | 1.30 |
| EV / EBITDA | 15.55 | 16.44 | 18.96 | 22.77 | 19.04 | 31.21 | 24.18 | — | 1.51 | 1.55 | 1.32 |
| EV / EBIT | 24.15 | 25.10 | 27.98 | 33.87 | 28.60 | 41.69 | 38.14 | — | 21.69 | 26.00 | 21.31 |
| EV / FCF | — | 26.47 | 55.16 | 45.25 | 221.63 | 86.01 | 25.66 | 71.00 | 47.10 | 34.88 | 24.21 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 31.8% | 31.8% | 32.9% | 32.0% | 31.5% | 32.2% | 32.5% | 32.1% | 31.6% | 30.3% | 29.2% |
| Operating Margin | 6.1% | 6.1% | 6.5% | 5.6% | 5.8% | 6.2% | 6.1% | -7.2% | 6.6% | 6.3% | 6.1% |
| Net Profit Margin | 2.6% | 2.6% | 2.6% | 2.3% | 3.2% | 4.2% | 3.1% | -10.5% | 3.4% | 3.1% | 2.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.3% | 8.3% | 9.0% | 8.0% | 11.2% | 14.4% | 12.0% | -50.9% | 18.6% | 17.6% | 12.7% |
| ROA | 3.4% | 3.4% | 3.4% | 3.1% | 4.6% | 5.7% | 4.2% | -17.0% | 7.1% | 6.6% | 4.9% |
| ROIC | 8.0% | 8.0% | 9.1% | 8.1% | 9.0% | 9.8% | 9.0% | -12.8% | 16.1% | 15.8% | 15.2% |
| ROCE | 10.0% | 10.0% | 10.9% | 9.8% | 10.9% | 11.4% | 10.4% | -14.7% | 18.0% | 17.6% | 17.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.87 | 0.87 | 0.96 | 1.04 | 0.83 | 0.81 | 0.88 | 1.51 | 0.86 | 0.84 | 0.89 |
| Debt / EBITDA | 3.11 | 3.11 | 3.12 | 3.80 | 2.89 | 2.74 | 2.81 | — | 0.18 | 0.15 | 0.17 |
| Net Debt / Equity | — | 0.78 | 0.82 | 0.91 | 0.72 | 0.65 | 0.67 | 1.31 | 0.69 | 0.66 | 0.73 |
| Net Debt / EBITDA | 2.77 | 2.77 | 2.66 | 3.30 | 2.48 | 2.19 | 2.13 | — | 0.15 | 0.12 | 0.14 |
| Debt / FCF | — | 4.46 | 7.74 | 6.55 | 28.85 | 6.03 | 2.26 | 12.87 | 4.56 | 2.68 | 2.60 |
| Interest Coverage | 4.62 | 4.62 | 4.11 | 5.29 | 8.70 | 14.03 | 6.98 | -5.25 | 10.13 | 10.79 | 9.92 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.25 | 1.25 | 1.83 | 1.77 | 1.74 | 1.56 | 1.51 | 1.87 | 1.83 | 1.57 | 1.66 |
| Quick Ratio | 1.25 | 1.25 | 1.50 | 1.45 | 1.36 | 1.30 | 1.25 | 1.60 | 1.62 | 1.39 | 1.50 |
| Cash Ratio | 0.20 | 0.20 | 0.27 | 0.24 | 0.21 | 0.27 | 0.34 | 0.34 | 0.29 | 0.28 | 0.24 |
| Asset Turnover | — | 1.29 | 1.24 | 1.20 | 1.35 | 1.29 | 1.26 | 1.23 | 1.92 | 2.04 | 1.92 |
| Inventory Turnover | — | — | 12.51 | 11.97 | 10.59 | 13.65 | 13.18 | 17.29 | 27.38 | 31.34 | 35.34 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.7% | 0.7% | 0.5% | 0.5% | 0.6% | 0.4% | 0.5% | 0.6% | 0.7% | 0.7% | 0.9% |
| Payout Ratio | 33.6% | 33.6% | 32.6% | 38.9% | 28.8% | 23.1% | 31.5% | — | 28.5% | 32.3% | 46.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.2% | 2.0% | 1.6% | 1.4% | 2.2% | 1.6% | 1.5% | — | 2.6% | 2.0% | 1.9% |
| FCF Yield | 4.9% | 4.5% | 2.1% | 2.6% | 0.5% | 1.3% | 4.3% | 1.7% | 2.4% | 3.1% | 4.6% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.2% | 0.0% | 0.0% | 0.4% | 0.7% | 0.6% |
| Total Shareholder Yield | 0.7% | 0.7% | 0.5% | 0.5% | 0.9% | 0.6% | 0.5% | 0.6% | 1.1% | 1.3% | 1.4% |
| Shares Outstanding | — | $46M | $45M | $45M | $44M | $44M | $43M | $38M | $37M | $37M | $36M |
Labor cost margin compression
Based on current market data, FirstService trades at a 44.57x TTM P/E, which appears elevated relative to its 4.76 PEG ratio, suggesting that investors are pricing in significant future growth that may be increasingly difficult to achieve given the recent deceleration in top-line expansion.
The forward P/E of 23.78 indicates that the market expects a normalization of earnings, yet this valuation remains rich compared to broader real estate service peers. Investors should monitor whether the company can justify this premium through margin expansion, as the current multiple leaves little room for error if organic growth continues to soften.
According to quarterly financial reports, FirstService's ROIC has remained consistently low, fluctuating between 1.0% and 3.3% over the last ten quarters, which indicates that the company's aggressive acquisition strategy is struggling to generate returns that exceed the cost of capital.
The persistent gap between invested capital and returns suggests that the integration of acquired businesses is not yet yielding the expected synergies. This trend warrants further investigation into whether the company's decentralized model is effectively allocating capital or if it is simply inflating the asset base without commensurate earnings growth.
As reported in recent filings, the company's cash conversion cycle has shown significant instability, ranging from 70 to 84 days over the past ten quarters, reflecting the inherent difficulty in managing working capital across diverse residential and restoration service segments.
The fluctuation in DSO and DPO suggests that FirstService lacks consistent leverage over its suppliers and customers, which may be impacting its ability to optimize cash flow. Investors should monitor these metrics closely, as any further extension in the cash conversion cycle could signal deteriorating operational efficiency.
Based on the provided financial statements, the interest coverage ratio has trended downward from 6.42 in 2025Q3 to 3.12 in 2026Q1, indicating that the company's ability to service its debt obligations is becoming less comfortable as leverage remains elevated.
With a debt-to-EBITDA ratio that has frequently exceeded 10x, the company's balance sheet appears vulnerable to interest rate volatility or operational downturns. This level of leverage suggests that management has limited flexibility to pursue further debt-funded acquisitions without potentially compromising its financial stability.
The P/E ratio is frequently misapplied to FirstService because it fails to account for the significant non-controlling interests and acquisition-related amortization that distort reported net income, making the metric an unreliable indicator of the company's true underlying earning power.
Analysts should instead focus on EV/EBITDA or free cash flow metrics to better capture the cash-generative nature of the HOA management business. Relying on P/E likely obscures the impact of the company's decentralized acquisition strategy, which often leaves substantial equity stakes in the hands of local operators.
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying FSV stock.
FirstService Corporation's current P/E ratio is 45.9x. The historical average is 56.7x. This places it at the 20th percentile of its historical range.
FirstService Corporation's current EV/EBITDA is 15.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.3x.
FirstService Corporation's return on equity (ROE) is 8.3%. The historical average is 4.7%.
Based on historical data, FirstService Corporation is trading at a P/E of 45.9x. This is at the 20th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
FirstService Corporation's current dividend yield is 0.74% with a payout ratio of 33.6%.
FirstService Corporation has 31.8% gross margin and 6.1% operating margin.
FirstService Corporation's Debt/EBITDA ratio is 3.1x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.