FirstService - Public Comps and Valuation Multiples

FirstService Overview

About FirstService

FirstService Corp operates in two business divisions: FirstService Residential and FirstService Brands. FirstService Residential has service contracts to manage thousands of residential communities, including high-, medium-, and low-rise condominiums and co-operatives. FirstService Brands generates the majority of the company's revenue and provides property services to residential and commercial customers through the following brands: California Closets; Paul Davis Restoration; CertPro Painters; Pillar to Post; Floor Coverings International; College Pro Painters; and Service America. The company earns the majority of its revenue in the United States, with the remaining revenue generated in Canada.

Founded

2015

HQ

Employees

30K+

Website

firstservice.com

Sectors

Real Estate Services
Service Providers

Financials

LTM Revenue $5.3B

LTM EBITDA $528M

EV

$8.7B

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FirstService Financials

FirstService has a last 12-month revenue of $5.3B and a last 12-month EBITDA of $528M.

In the most recent fiscal year, FirstService achieved revenue of $3.6B and an EBITDA of $354M.

FirstService expects next 12-month revenue of XXX and NTM EBITDA of XXX

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FirstService P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$3.0B	$3.6B	XXX	XXX	XXX
Gross Profit	$825M	$971M	XXX	XXX	XXX
Gross Margin	27%	27%	XXX	XXX	XXX
EBITDA	$265M	$354M	XXX	XXX	XXX
EBITDA Margin	9%	10%	XXX	XXX	XXX
Net Profit	$84.7M	$70.2M	XXX	XXX	XXX
Net Margin	3%	2%	XXX	XXX	XXX
Net Debt	$418M	$696M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

FirstService Stock Performance

As of April 15, 2025, FirstService's stock price is CAD 234 (or $164).

FirstService has current market cap of CAD 10.6B (or $7.4B), and EV of CAD 12.5B (or $8.7B).

See FirstService trading valuation data

FirstService Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$8.7B	$7.4B	XXX	XXX	XXX	XXX	$5.18

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FirstService Valuation Multiples

As of April 15, 2025, FirstService has market cap of $7.4B and EV of $8.7B.

FirstService's trades at 1.6x LTM EV/Revenue multiple, and 16.6x LTM EBITDA.

Analysts estimate FirstService's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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FirstService Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$8.7B	XXX	XXX	XXX
EV/Revenue	2.4x	XXX	XXX	XXX
EV/EBITDA	24.7x	XXX	XXX	XXX
P/E	79.1x	XXX	XXX	XXX
P/E/Growth	1.4x	XXX	XXX	XXX
EV/FCF	72.2x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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FirstService Valuation Multiples

FirstService's NTM/LTM revenue growth is 7%

FirstService's revenue per employee for the last fiscal year averaged $0.1M, while opex per employee averaged $33K for the same period.

Over next 12 months, FirstService's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate FirstService's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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FirstService Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	20%	XXX	XXX	XXX	XXX
EBITDA Margin	10%	XXX	XXX	XXX	XXX
EBITDA Growth	34%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	17%	XXX	XXX	XXX	XXX
Revenue per Employee	$0.1M	XXX	XXX	XXX	XXX
Opex per Employee	$33K	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
Opex to Revenue	27%	XXX	XXX	XXX	XXX

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