Start here if you're new
what it is
FirstService runs condo communities and home-service brands across North America, so your building gets managed and your roof gets fixed.
how it gets paid
Last year Firstservice did on the order of ~$5.4B in revenue (roughly 4× a ~$1.38B Q4 print)—the -$74M line was a feed sign error, not operations.
why growth slowed
Use segment Q4 for the story: Brands -3% to $820M; Residential +8% to $563M. Ignore the bogus -11% FY drop tied to the bad revenue sign.
what just happened
Q4 EPS came in at $1.37, a hair above the $1.36 consensus, while Residential offset a weak Brands quarter.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
30/100 earnings predictability — expect surprises
26.7x trailing p/e — priced about right
0.8% dividend yield — cash in your pocket every quarter
15.0% return on capital — respectable for roll-up property services
xvary composite: 57/100 — below average
What they do
FirstService runs condo communities and home-service brands across North America, so your building gets managed and your roof gets fixed.
Its edge is repetition. People keep paying management fees and repair bills because buildings still need to run. FirstService Residential was 42% of 2025 revenue and grew 8% in Q4, while officers and directors still own 9.2% of the stock as of 3/25. That alignment matters when your company buys businesses every year and asks you to trust the playbook.
How they make money
~$5.4B
annual revenue · order-of-magnitude FY (see Q4 segment totals); verify vs. prior year in the 10-K
total revenue
~$5.4B
see filing
The products that matter
property service franchise networks
brands segment
$820M last quarter · down 3%
it is still the bigger disclosed segment at $820M, but the 3% decline shows how quickly restoration and project activity can soften in a quieter period.
largest segment
residential property management
residential segment
$563M last quarter · up 8%
this $563M segment grew 8% vs. prior year on new contract wins and steadier geography-by-geography performance. right now, it is doing the carrying.
growth engine
weather-linked restoration work
restoration services
demand moves with catastrophe volume
this page gives no standalone revenue figure, and that is part of the issue. what you do know is that quieter weather helped push the larger brands segment down 3% to $820M.
volatile demand
Key numbers
26.7x
trailing p/e
P/E → price-to-earnings → how much you pay for each dollar of profit. At 26.7x, you are paying up for consistency.
15.0%
return on capital
Return on capital → profit on money invested → whether management turns dollars into more dollars. 15.0% says this is a solid operator.
$1.1B
long-term debt
Long-term debt → borrowed money due later → balance-sheet pressure. At 13% of capital, debt looks manageable rather than scary.
0.8%
dividend yield
Dividend yield → cash paid to shareholders each year → what you get while waiting. 0.8% means this is still a growth-and-roll-up story, not an income stock.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 2 — safer than 80% of stocks
- price stability 90 / 100
- long-term debt $1.1B (13% of capital)
- net profit margin 5.3% — keeps 5 cents of every dollar in revenue
- return on equity 19% — $0.19 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in FSV 3 years ago → it's now worth $10,580.
The index would have given you $13,880.
source: institutional data · total return
What just happened
beat estimates
Q4 EPS came in at $1.37, a hair above the $1.36 consensus, while Residential offset a weak Brands quarter.
Management said Q4 results were within expectations. The split was the real story: Brands revenue fell 3% to $820M, while Residential rose 8% to $563M.
$1.38B
Q4 revenue (co.)
$1.37
eps
33.58%
gross margin
the number that mattered
Residential revenue grew 8% to $563M in Q4. That matters because it covered for the larger Brands segment slipping 3% to $820M.
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firstservice corp. generated fourth-quarter results that were well within our expectations.
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top- and bottom-line figures advanced modestly against the prior-year comparisons.the period was a relatively quiet one for catastrophic weather events, which caused low demand for restoration services.
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that is why the brands segment generated weak results (revenues down 3% vs. prior year, to $820 million).
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nonetheless, the residential segment (revenue of $563 million, up 8% over the same span) allowed for net top-line growth, driven by new contract wins and steady performance across most geographical markets.
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meanwhile, lower corporate costs helped maintain margin performance.
source: company earnings report, 2026
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What could go wrong
the #1 risk is quiet catastrophe seasons dragging restoration demand inside the brands segment.
med
restoration volume is weather-dependent
management already showed you the pattern: quieter catastrophe activity meant weaker restoration demand, and the brands segment fell 3% to $820M.
when storms do not show up, that revenue does not either. this risk is already visible in the latest quarter.
med
residential is doing more of the growth work
residential revenue rose 8% to $563M and offset weakness elsewhere. if contract wins slow, the segment carrying the narrative stops carrying it.
right now, the difference between +8% residential growth and -3% brands growth is the whole near-term story.
med
thin margins leave limited room for mistakes
a 4.9% net profit margin means firstservice keeps about 5 cents on the dollar. labor, procurement, or execution drift shows up quickly in earnings.
this is not a software margin structure. small cost changes matter more than the headline revenue line suggests.
med
the dataset itself needs a sanity check
this page reports -$74M in annual revenue while also showing $1.38B across two operating segments in the latest quarter. that is a data-translation problem you cannot just wave away.
when the top-line field is wrong, valuation work gets noisier. you need to lean harder on segment and earnings data.
with only a 4.9% net margin and visible reliance on $563M residential growth to offset softness in an $820M brands segment, the buffer is thinner than the share-price stability suggests.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
whether residential can stay near the current 8% growth pace
that $563M segment is doing the heavy lifting right now. if it slows, the whole quarter looks different.
metric
a return to positive growth in the brands segment
brands fell 3% to $820M. you want to see whether that was weather noise or something stickier.
risk
catastrophe activity and restoration demand
quiet weather hurts restoration work. active weather helps it. this business has more storm sensitivity than the stability score implies.
trend
margin discipline in a 4.9% net margin model
lower corporate costs helped this quarter. you want to know whether that is repeatable or just a nice quarter.
Analyst rankings
short-term outlook
below average
momentum score 4 — in human-speak, analysts think there are better short-term setups elsewhere.
risk profile
above average
stability score 2 — safer than roughly 80% of stocks, even if the fundamentals are less tidy than the chart.
chart momentum
average
technical score 3 — no screaming trend here. the stock is behaving more calmly than the underlying snapshot does.
earnings predictability
30 / 100
earnings are harder to model than the stability score suggests. that is the tradeoff.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 153 buyers vs. 146 sellers in 3q2025. total institutional holdings: 31.4M shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$138
$256
$154
current price
$197
target midpoint · +28% from current · 3-5yr high: $350 (+130% · 23% ann'l return)
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