FirstService Corporation

FSV

Real Estate - Services · Real Estate

Also trades as: FSV.TO

Price

$144.49

+1.04 (+0.72%)

Market Cap

$6.64B

Exchange

NASDAQ

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Strong

Stability

Good

Valuation

Good

Dividends

Good

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Share count rising — dilution

+3.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 44.4M (2021) → 45.8M (2025)

Winston Score History

The full picture

FirstService Corporation is a Canadian company that provides real estate services across North America. It operates through two main divisions: FirstService Residential, which manages homeowner associations (HOAs) and residential communities, and FirstService Brands, a collection of property services franchises including Paul Davis Restoration, California Closets, and CertaPro Painters. Its customers are homeowners, property managers, and commercial building owners.

The company earns money through management fees, franchise royalties, and direct service revenues. It operates primarily in the United States and Canada, with over $4 billion in annual revenues, making it one of the largest residential property managers in North America. Its competitive edge comes from its scale in the fragmented HOA management market and its portfolio of recognizable service brands. The key growth driver is continued expansion through acquisitions in the highly fragmented property services industry, though rising labor costs and an economic slowdown in housing activity represent ongoing risks to margins.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-0.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-4.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

9.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$173M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

FirstService Corporation's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

26.2%

Modest — 26.2% gross margin

Profit after running costs

Operating Margin

7.2%

Modest — 7.2% operating margin

Return on the money invested

ROCE

14.1%

Good — 14.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+2.8%

Nearly flat sales (+2.8% YoY)

Profit growth

EPS YoY

+12.1%

Earnings growing (+12.1% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

288%

Turns 288% of profit into real cash

Spare cash per sale

FCF Margin

6.1%

Modest free cash flow (6.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

1.03

Elevated debt (1.03)

Covers its interest

Interest Cover

5.28x

Adequate interest coverage (5.3x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

41.2x

Pricey — P/E 41.2

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+18.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (41.2 → 22.9)

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Dividends

Dividend

Dividend Yield

0.82%

Small dividend — 0.82% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+10.5%

Dividend growing fast (10.5% YoY)

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