Firstservice Corp Financials
Firstservice Corp (FSV) reported $5.5B in revenue for fiscal year 2025, up 5.4% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
FirstService’s growth engine is increasingly a cash generator, with working capital releasing funds faster than margins expand.
From FY2024 to FY2025, revenue added$281M while accounts receivable fell by$25M , which is the opposite of what growth usually does to working capital. Inventory also edged down, and that working-capital release helped operating cash flow rise from$286M to$446M even as operating margin eased, making cash conversion the real FY2025 improvement rather than a step-up in reported profitability.
The balance sheet became less debt-heavy in FY2025: long-term debt fell to
The business still carries a thick overhead layer: gross margin reached
Financial Health Signals
Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Firstservice Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Firstservice Corp passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Firstservice Corp generates $2.34 in operating cash flow ($445.9M OCF vs $190.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Firstservice Corp earns $4.59 in operating income for every $1 of interest expense ($338.1M vs $73.7M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Firstservice Corp generated $5.5B in revenue in fiscal year 2025. This represents an increase of 5.4% from the prior year.
Firstservice Corp's EBITDA was $523.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 4.1% from the prior year.
Firstservice Corp reported $190.7M in net income in fiscal year 2025. This represents an increase of 1.6% from the prior year.
Firstservice Corp earned $3.17 per diluted share (EPS) in fiscal year 2025. This represents an increase of 6.7% from the prior year.
Cash & Balance Sheet
Firstservice Corp generated $318.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 84.1% from the prior year.
Firstservice Corp held $154.4M in cash against $1.1B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Firstservice Corp's gross margin was 33.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.7 percentage points from the prior year.
Firstservice Corp's operating margin was 6.2% in fiscal year 2025, reflecting core business profitability. This is down 0.3 percentage points from the prior year.
Firstservice Corp's net profit margin was 3.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.1 percentage points from the prior year.
Firstservice Corp's ROE was 13.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.9 percentage points from the prior year.
Capital Allocation
Firstservice Corp invested $127.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 13.2% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
FSV Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.5B+5.4% | $5.2B+20.4% | $4.3B+15.7% | $3.7B+15.3% | $3.2B+17.2% | $2.8B+15.2% | $2.4B+24.6% | $1.9B+13.3% | $1.7B+15.0% | $1.5B+17.3% | $1.3B+11.7% | $1.1B+9.0% | $1.0B |
| Cost of Revenue | $3.7B+4.4% | $3.5B+18.7% | $2.9B+14.9% | $2.6B+16.5% | $2.2B+17.7% | $1.9B+14.5% | $1.6B+23.8% | $1.3B | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | $1.8B+7.5% | $1.7B+23.8% | $1.4B+17.6% | $1.2B+12.8% | $1.0B+16.2% | $900.6M+16.5% | $773.3M+26.5% | $611.2M | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $1.3B+6.6% | $1.2B+23.8% | $993.2M+17.3% | $846.4M+15.4% | $733.6M+16.7% | $628.5M+15.1% | $546.3M+28.1% | $426.4M+10.7% | $385.0M+26.1% | $305.2M+9.3% | $279.2M+7.9% | $258.7M+12.6% | $229.8M |
| Operating Income | $338.1M+0.2% | $337.5M+37.8% | $244.9M+11.8% | $219.0M+8.6% | $201.6M+19.0% | $169.4M+197.1% | -$174.4M-236.7% | $127.6M+21.5% | $105.0M+15.9% | $90.5M+28.0% | $70.7M+55.1% | $45.6M+23.0% | $37.1M |
| Interest Expense | -$73.7M+11.0% | -$82.9M-74.9% | -$47.4M-88.0% | -$25.2M-57.1% | -$16.0M+34.1% | -$24.3M+24.2% | -$32.1M-154.2% | -$12.6M-27.9% | -$9.9M-7.8% | -$9.2M-0.8% | -$9.1M-30.9% | -$6.9M+46.0% | -$12.8M |
| Income Tax | $75.8M+8.0% | $70.1M+24.5% | $56.3M+15.0% | $49.0M-7.4% | $52.9M+47.4% | $35.9M+32.1% | $27.1M+8.9% | $24.9M+15.6% | $21.6M-21.2% | $27.4M+17.0% | $23.4M+91.2% | $12.2M+111.6% | $5.8M |
| Net Income | $190.7M+1.6% | $187.8M+27.7% | $147.0M+1.4% | $145.0M-7.1% | $156.1M+42.5% | $109.6M+148.1% | -$227.6M-352.1% | $90.3M+70.1% | $53.1M+58.0% | $33.6M+57.0% | $21.4M+65.0% | $13.0M+305.9% | $3.2M |
| EPS (Diluted) | $3.17+6.7% | $2.97+32.6% | $2.24-17.6% | $2.72-10.8% | $3.05+51.0% | $2.02 | -$6.58-465.6% | $1.80+27.7% | $1.41+53.3% | $0.92+55.9% | $0.59+63.9% | $0.36+300.0% | $0.09 |
Not reported in any period shown, so not listed: R&D Expenses.
FSV Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $4.3B+2.1% | $4.2B+15.7% | $3.6B+30.7% | $2.8B+10.6% | $2.5B+14.2% | $2.2B+12.3% | $2.0B+94.1% | $1.0B+18.8% | $848.3M+10.0% | $771.0M+28.4% | $600.5M-2.4% | $615.5M+0.9% | $610.3M |
| Current Assets | $1.5B-3.6% | $1.6B+14.6% | $1.4B+22.7% | $1.1B+14.9% | $964.7M+17.7% | $819.3M+22.6% | $668.1M+61.0% | $415.1M+27.2% | $326.4M+7.4% | $303.8M+32.0% | $230.2M-8.2% | $250.7M | N/A |
| Cash & Equivalents | $154.4M-32.2% | $227.6M+21.3% | $187.6M+37.7% | $136.2M-17.8% | $165.7M-10.1% | $184.3M+52.1% | $121.2M+82.7% | $66.3M+16.0% | $57.2M+31.8% | $43.4M-4.8% | $45.6M-31.8% | $66.8M-22.7% | $86.4M |
| Inventory | $274.2M-1.9% | $279.6M+13.6% | $246.2M+1.6% | $242.3M+50.2% | $161.4M+13.7% | $142.0M+50.2% | $94.5M+96.0% | $48.2M+27.1% | $38.0M+27.7% | $29.7M+83.9% | $16.2M+70.2% | $9.5M | N/A |
| Accounts Receivable | $922.1M-2.7% | $947.5M+12.5% | $842.2M+32.4% | $635.9M+15.3% | $551.6M+31.7% | $418.9M+6.4% | $393.7M+64.1% | $239.9M+29.2% | $185.8M+13.2% | $164.1M+43.3% | $114.5M-0.5% | $115.1M | N/A |
| Goodwill | $1.5B+7.6% | $1.4B+18.3% | $1.2B+33.2% | $886.1M+5.1% | $843.4M+19.8% | $703.7M+9.1% | $644.8M+92.4% | $335.2M+14.8% | $291.9M+9.7% | $266.2M+20.6% | $220.6M+1.5% | $217.4M | N/A |
| Total Liabilities | $2.9B-3.3% | $3.0B+15.6% | $2.6B+39.3% | $1.9B+9.2% | $1.7B+11.3% | $1.5B+0.4% | $1.5B+98.3% | $771.2M+17.6% | $656.0M+9.5% | $599.3M+38.3% | $433.5M-5.1% | $456.8M+3.4% | $441.6M |
| Current Liabilities | $882.1M+3.7% | $850.8M+10.4% | $770.8M+21.0% | $637.0M+3.0% | $618.5M+13.7% | $543.8M+51.8% | $358.2M+57.8% | $226.9M+6.2% | $213.7M+22.0% | $175.1M+34.6% | $130.1M+3.2% | $126.1M | N/A |
| Long-Term Debt | $1.1B-15.0% | $1.3B+9.8% | $1.1B+63.8% | $698.8M+17.4% | $595.4M+11.7% | $533.1M-30.0% | $761.1M+130.2% | $330.6M+23.9% | $266.9M+6.8% | $249.9M+26.7% | $197.2M-11.0% | $221.6M | N/A |
| Total Equity | $1.4B+15.8% | $1.2B+16.0% | $1.0B+12.9% | $907.5M+13.5% | $799.7M+21.1% | $660.4M+55.1% | $425.9M+80.3% | $236.2M+22.9% | $192.3M+12.0% | $171.7M+2.8% | $167.0M+5.2% | $158.7M-5.9% | $168.7M |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $45.5M+503.5% | $7.5M | N/A | N/A | N/A | N/A |
FSV Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $445.9M+56.1% | $285.7M+1.9% | $280.4M+164.8% | $105.9M-36.7% | $167.3M-42.7% | $291.8M+170.6% | $107.8M+8.4% | $99.5M-14.0% | $115.6M+6.1% | $109.0M+25.2% | $87.1M+92.8% | $45.2M+31.2% | $34.4M |
| Capital Expenditures | $127.7M+13.2% | $112.8M+21.6% | $92.7M+19.5% | $77.6M+33.3% | $58.2M+47.7% | $39.4M-15.5% | $46.6M+14.9% | $40.6M+12.0% | $36.3M+24.5% | $29.1M+47.9% | $19.7M-12.2% | $22.4M+34.0% | $16.7M |
| Free Cash Flow | $318.2M+84.1% | $172.9M-7.9% | $187.6M+563.4% | $28.3M-74.1% | $109.1M-56.8% | $252.3M+312.5% | $61.2M+3.9% | $58.9M-25.8% | $79.4M-0.6% | $79.9M+18.5% | $67.4M+196.4% | $22.7M+28.6% | $17.7M |
| Investing Cash Flow | -$245.2M+24.3% | -$323.7M+49.9% | -$646.3M-301.9% | -$160.8M+22.1% | -$206.3M-45.0% | -$142.3M+76.9% | -$615.0M-479.1% | -$106.2M-33.3% | -$79.7M+39.1% | -$130.8M-305.4% | -$32.3M+19.1% | -$39.9M-62.5% | -$24.6M |
| Financing Cash Flow | -$263.3M-453.9% | $74.4M-82.0% | $413.9M+2103.9% | $18.8M-23.1% | $24.4M+132.5% | -$75.2M-113.4% | $561.1M+2645.0% | $20.4M+177.6% | -$26.3M-235.0% | $19.5M+126.0% | -$75.1M-205.1% | -$24.6M-231.0% | -$7.4M |
| Dividends Paid | $48.9M+11.5% | $43.8M+12.2% | $39.1M+12.0% | $34.9M+11.8% | $31.2M+13.7% | $27.4M+24.5% | $22.0M+17.4% | $18.8M+9.6% | $17.1M+10.8% | $15.5M+115.0% | $7.2M | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $9.0M-47.3% | $17.1M+79.6% | $9.5M-51.1% | $19.5M | N/A | N/A |
FSV Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 33.6%+0.7pp | 32.9%+0.9pp | 32.0%+0.5pp | 31.5%-0.7pp | 32.2%-0.3pp | 32.5%+0.4pp | 32.1%+0.5pp | 31.6% | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 6.2%-0.3pp | 6.5%+0.8pp | 5.7%-0.2pp | 5.9%-0.4pp | 6.2%+0.1pp | 6.1%+13.4pp | -7.2%-13.9pp | 6.6%+0.5pp | 6.2%0.0pp | 6.1%+0.5pp | 5.6%+1.6pp | 4.0%+0.5pp | 3.6% |
| Net Margin | 3.5%-0.1pp | 3.6%+0.2pp | 3.4%-0.5pp | 3.9%-0.9pp | 4.8%+0.9pp | 4.0%+13.4pp | -9.5%-14.1pp | 4.7%+1.6pp | 3.1%+0.8pp | 2.3%+0.6pp | 1.7%+0.5pp | 1.1%+0.8pp | 0.3% |
| Return on Equity | 13.9%-1.9pp | 15.8%+1.4pp | 14.4%-1.6pp | 16.0%-3.5pp | 19.5%+2.9pp | 16.6%+70.0pp | -53.4%-91.7pp | 38.2%+10.6pp | 27.6%+8.0pp | 19.6%+6.8pp | 12.8%+4.6pp | 8.2%+6.3pp | 1.9% |
| Return on Assets | 4.5%0.0pp | 4.5%+0.4pp | 4.0%-1.2pp | 5.2%-1.0pp | 6.2%+1.2pp | 5.0%+16.6pp | -11.6%-20.6pp | 9.0%+2.7pp | 6.3%+1.9pp | 4.4%+0.8pp | 3.6%+1.4pp | 2.1%+1.6pp | 0.5% |
| Current Ratio | 1.70-0.1x | 1.83+0.1x | 1.770.0x | 1.74+0.2x | 1.56+0.1x | 1.51-0.4x | 1.870.0x | 1.83+0.3x | 1.53-0.2x | 1.730.0x | 1.77-0.2x | 1.99 | N/A |
| Debt-to-Equity | 0.78-0.3x | 1.06-0.1x | 1.12+0.3x | 0.770.0x | 0.74-0.1x | 0.81-1.0x | 1.79+0.4x | 1.400.0x | 1.39-0.1x | 1.46+0.3x | 1.18-0.2x | 1.40-1.2x | 2.62 |
| FCF Margin | 5.8%+2.5pp | 3.3%-1.0pp | 4.3%+3.6pp | 0.8%-2.6pp | 3.4%-5.7pp | 9.1%+6.6pp | 2.5%-0.5pp | 3.0%-1.6pp | 4.7%-0.7pp | 5.4%+0.1pp | 5.3%+3.3pp | 2.0%+0.3pp | 1.7% |
Similar Companies
Where Firstservice Corp Ranks
Frequently Asked Questions
What is Firstservice Corp's annual revenue?
Firstservice Corp (FSV) reported $5.5B in total revenue for fiscal year 2025. This represents a 5.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Firstservice Corp's revenue growing?
Firstservice Corp (FSV) revenue grew by 5.4% year-over-year, from $5.2B to $5.5B in fiscal year 2025.
Is Firstservice Corp profitable?
Yes, Firstservice Corp (FSV) reported a net income of $190.7M in fiscal year 2025, with a net profit margin of 3.5%.
What is Firstservice Corp's EBITDA?
Firstservice Corp (FSV) had EBITDA of $523.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Firstservice Corp have?
As of fiscal year 2025, Firstservice Corp (FSV) had $154.4M in cash and equivalents against $1.1B in long-term debt.
What is Firstservice Corp's gross margin?
Firstservice Corp (FSV) had a gross margin of 33.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Firstservice Corp's operating margin?
Firstservice Corp (FSV) had an operating margin of 6.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Firstservice Corp's net profit margin?
Firstservice Corp (FSV) had a net profit margin of 3.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Firstservice Corp's return on equity (ROE)?
Firstservice Corp (FSV) has a return on equity of 13.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Firstservice Corp's free cash flow?
Firstservice Corp (FSV) generated $318.2M in free cash flow during fiscal year 2025. This represents a 84.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Firstservice Corp's operating cash flow?
Firstservice Corp (FSV) generated $445.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Firstservice Corp's total assets?
Firstservice Corp (FSV) had $4.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Firstservice Corp's capital expenditures?
Firstservice Corp (FSV) invested $127.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Firstservice Corp's current ratio?
Firstservice Corp (FSV) had a current ratio of 1.70 as of fiscal year 2025, which is generally considered healthy.
What is Firstservice Corp's debt-to-equity ratio?
Firstservice Corp (FSV) had a debt-to-equity ratio of 0.78 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Firstservice Corp's return on assets (ROA)?
Firstservice Corp (FSV) had a return on assets of 4.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Firstservice Corp's Piotroski F-Score?
Firstservice Corp (FSV) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Firstservice Corp's earnings high quality?
Firstservice Corp (FSV) has an earnings quality ratio of 2.34x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Firstservice Corp cover its interest payments?
Firstservice Corp (FSV) has an interest coverage ratio of 4.59x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Firstservice Corp?
Firstservice Corp (FSV) scores 64 out of 100 on our Financial Health Score, indicating moderate standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.