FirstService Corporation (FSV) 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

-34.0%

$101.09

vs $153.15 price

Levered DCF

$185.22

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.04

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	49.06×	60.74×	70.78×	44.73×	63.79×	67.04×	-15.64×	37.42×
P/B	5.17×	6.86×	5.32×	5.97×	10.77×	8.85×	8.35×	10.42×
P/S	1.29×	1.56×	1.26×	1.45×	2.65×	2.11×	1.48×	1.27×
EV / EBITDA	16.24×	18.75×	17.64×	18.92×	28.61×	23.93×	-48.89×	15.12×
Gross margin	31.8%	32.9%	32.0%	31.5%	32.2%	32.5%	32.1%	31.6%
Operating margin	6.1%	6.5%	5.6%	5.8%	6.2%	6.1%	-7.2%	6.6%
Net margin	2.6%	2.6%	2.3%	3.2%	4.2%	3.1%	-10.5%	3.4%
Current ratio	1.25×	1.83×	1.77×	1.74×	1.56×	1.51×	1.87×	1.83×
Debt / equity	1.18×	1.32×	1.38×	1.05×	1.03×	1.14×	2.13×	1.42×
Interest coverage	4.54×	4.07×	5.17×	8.69×	12.57×	6.97×	-5.44×	10.11×
Dividend yield	0.7%	0.5%	0.7%	0.6%	0.4%	0.5%	0.6%	0.8%
Payout ratio	33.6%	32.6%	38.9%	28.8%	23.1%	31.5%	-8.8%	28.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.6%	11.3%	9.8%	13.3%	16.9%	13.2%	-59.1%	27.9%
Return on invested capital	6.9%	7.1%	6.0%	7.4%	7.5%	7.3%	-10.7%	12.7%
Return on assets	3.4%	3.2%	2.8%	4.4%	5.4%	4.0%	-12.9%	6.5%
Free cash flow yield	4.6%	2.1%	3.4%	0.5%	1.3%	4.3%	1.7%	2.4%
Earnings yield	2.0%	1.6%	1.8%	2.2%	1.6%	1.5%	-7.1%	2.7%
Enterprise value	$8.6B	$9.5B	$6.7B	$6.2B	$9.3B	$6.4B	$4.3B	$2.7B
Net debt / EBITDA	2.74×	2.65×	3.25×	2.48×	2.03×	2.12×	-8.86×	1.49×
Cash conversion cycle (days)	8	78	84	82	72	64	64	47