FirstService Corporation (FSV.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-40.6%

CA$126.03

vs CA$212.31 price

Levered DCF

CA$323.29

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.09

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	47.97×	60.72×	54.12×	46.51×	64.23×	63.59×	-15.63×	37.52×
P/B	5.15×	6.86×	5.34×	5.95×	10.77×	8.85×	8.35×	10.45×
P/S	1.27×	1.56×	1.26×	1.44×	2.65×	2.11×	1.48×	1.28×
EV / EBITDA	15.34×	18.74×	17.61×	18.89×	28.62×	23.92×	-48.88×	15.15×
Gross margin	26.8%	32.9%	32.0%	31.5%	32.2%	32.5%	32.1%	31.6%
Operating margin	6.4%	6.5%	5.6%	5.8%	6.2%	6.1%	-6.9%	6.6%
Net margin	2.6%	2.6%	2.3%	3.2%	4.2%	3.1%	-9.5%	3.4%
Current ratio	15.15×	1.83×	1.77×	1.74×	1.56×	1.51×	1.87×	1.83×
Debt / equity	1.01×	1.32×	1.39×	1.05×	1.03×	1.14×	2.13×	1.42×
Interest coverage	4.75×	4.07×	5.17×	8.69×	12.57×	6.97×	-5.2×	10.11×
Dividend yield	0.7%	0.5%	0.7%	0.6%	0.4%	0.5%	0.6%	0.8%
Payout ratio	33.1%	32.6%	38.9%	27.7%	22.9%	33.1%	-9.9%	28.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.7%	11.3%	9.9%	13.3%	16.9%	13.2%	-53.4%	27.9%
Return on invested capital	6.0%	7.1%	6.0%	7.4%	7.5%	7.3%	-10.2%	12.7%
Return on assets	3.5%	3.2%	2.8%	4.4%	5.4%	4.0%	-11.6%	6.5%
Free cash flow yield	4.6%	2.1%	3.4%	0.5%	1.3%	4.3%	1.7%	2.4%
Earnings yield	2.1%	1.6%	1.8%	2.2%	1.6%	1.5%	-6.4%	2.7%
Enterprise value	CA$8.3B	CA$9.5B	CA$6.7B	CA$6.2B	CA$9.3B	CA$6.4B	CA$4.3B	CA$2.7B
Net debt / EBITDA	2.27×	2.65×	3.25×	2.48×	2.03×	2.12×	-8.86×	1.49×
Cash conversion cycle (days)	72	78	84	80	72	64	64	47