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what it is
Colliers helps big property owners buy, lease, run, value, and finance buildings, then charges fees across the process.
how it gets paid
Last year Colliers Intl made $5.6B in revenue. Outsourcing & property management was the main engine at $2.00B, or 36% of sales.
why it's growing
Revenue grew 15.3% last year. The cleanest contrast is full-year EPS: $3.22 in 2024 versus $1.41 in 2023.
what just happened
Fiscal 2024 earnings recovered hard, with Q4 EPS at $1.47 versus $1.42 a year earlier and full-year EPS at $3.22 versus $1.41.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
25/100 earnings predictability — expect surprises
69.3x trailing p/e — you're paying up for this one
0.3% dividend yield — cash in your pocket every quarter
7.2% return on capital — nothing to write home about
xvary composite: 65/100 — average
What they do
Colliers helps big property owners buy, lease, run, value, and finance buildings, then charges fees across the process.
Colliers wins because clients hand over multiple property jobs to one firm. If your office lease, valuation, engineering, and property management sit with one vendor, switching gets annoying fast. That scale shows up in 22,940 employees serving corporate and institutional clients, with fiscal 2024 revenue estimated at $5.0 billion and trailing 12-month revenue at $5.6 billion.
How they make money
$5.6B
annual revenue · their business grew +15.3% last year
Outsourcing & property management
$2.00B
+18.0%
Sales brokerage
$1.20B
+9.0%
Lease brokerage
$1.00B
+11.0%
Engineering design services
$0.90B
+24.0%
Valuation & advisory
$0.50B
+7.0%
The products that matter
commercial real estate advisory
Commercial Real Estate Services
$5.6B company revenue
This sits inside the full $5.6B business and reflects the core reason clients hire Colliers: advice tied to real property decisions that move with the cycle.
core
institutional client work
Institutional Advisory
12.1% operating margin
Institutional clients matter because margins decide whether growth is worth anything, and the latest company-wide operating margin was 12.1%.
margin driver
transaction-driven brokerage
Sales Brokerage Services
25/100 predictability
Brokerage can be lucrative when deal activity is alive, but a 25/100 earnings predictability score tells you the ride is not smooth.
cycle exposed
Key numbers
69.3x
trailing p/e
You are paying 69.3 times trailing earnings for a company with a 12.1% operating margin. That is growth-stock pricing on a property-services business.
$5.6B
ttm revenue
Scale matters in service businesses. $5.6 billion of trailing revenue gives Colliers room to bundle more services into one client relationship.
7.2%
return on capital
Return on capital → profit produced from invested money → so what: 7.2% says this is a decent operator, not a machine.
12.1%
operating margin
Operating margin → profit after running the business → so what: 12.1% leaves less cushion than the stock's 69.3x multiple suggests.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 2 — safer than 80% of stocks
- price stability 60 / 100
- long-term debt $1.5B (21% of capital)
B++ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for CIGI right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Fiscal 2024 earnings recovered hard, with Q4 EPS at $1.47 versus $1.42 a year earlier and full-year EPS at $3.22 versus $1.41.
The cleanest contrast is full-year EPS: $3.22 in 2024 versus $1.41 in 2023, based on the quarterly history provided. Revenue also hit $5.6 billion over the trailing 12 months, up 15.3% vs. prior year.
$5.6B
revenue
$1.47
q4 eps
12.1%
operating margin
the number that mattered
The number that mattered was full-year EPS of $3.22. That is more than double 2023's $1.41, which tells you the business is recovering faster than the old earnings base implied.
source: company filings and quarterly EPS history, 2024
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What could go wrong
the #1 risk here is commercial real estate transaction slowdown. When deals freeze, service revenue tied to property activity can cool faster than investors want to admit.
med
transaction activity rolls over
Colliers lives in commercial real estate. If leasing, sales, and corporate property decisions slow, parts of that $5.6B revenue base can lose momentum quickly.
Colliers lives in commercial real estate. If leasing, sales, and corporate property decisions slow, parts of that $5.6B revenue base can lose momentum quickly.
med
the multiple stops being generous
A 69.3x trailing p/e leaves little room for an ordinary quarter. You do not need a collapse for the stock to rerate — just softer profit delivery.
A 69.3x trailing p/e leaves little room for an ordinary quarter. You do not need a collapse for the stock to rerate — just softer profit delivery.
med
growth without better economics
Revenue grew 15.3%, but return on capital was 7.2%. If that gap persists, the market may decide it has been paying software-type multiples for a more cyclical services business.
Revenue grew 15.3%, but return on capital was 7.2%. If that gap persists, the market may decide it has been paying software-type multiples for a more cyclical services business.
med
balance sheet flexibility narrows in a downturn
$1.5B of long-term debt and 21% debt-to-capital is manageable now. It matters more if the property cycle weakens and cash generation gets less forgiving.
$1.5B of long-term debt and 21% debt-to-capital is manageable now. It matters more if the property cycle weakens and cash generation gets less forgiving.
The balance sheet is decent, but a 69.3x P/E leaves very little room for a bad property cycle.
source: institutional data · regulatory filings · risk analysis
Pay attention to
valuation
69.3x p/e against 7.2% return on capital
This is the entire tension in the stock. If returns improve, the premium multiple can survive. If they do not, the market may lose patience.
trend
whether 15.3% revenue growth sticks
One good growth year helps. A repeat matters more. In a cyclical services business, durability is the real test.
next filing
fresh segment detail
The current snapshot gives you company-wide revenue but not a full segment breakout. Better detail would tell you where the quality of growth is actually coming from.
warning label
25/100 earnings predictability
That score is not subtle. If you own this stock, expect cleaner long-term narratives than quarter-to-quarter numbers.
Analyst rankings
earnings predictability
25 / 100
Earnings can be hard to model here. In human-speak: expect more variability than you would from a classic compounder.
risk rank
2
This screens as safer than roughly 80% of stocks. You are taking business-cycle risk more than balance-sheet-distress risk.
balance sheet
B++
Good enough to be reassuring, not strong enough to be the thesis.
source: institutional data
Institutional activity
institutional ownership data for CIGI is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$147
current price
n/a
target midpoint · n/a from current
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