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FirstService Valuation Multiples

Discover revenue and EBITDA valuation multiples for FirstService and similar public comparables like IEP Invest, New Amsterdam Invest, and Inclusio.

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

Canada
Employees

30K+

Financials

LTM Revenue $5.5B

LTM EBITDA $545M

EV

$9.3B

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FirstService Financials

FirstService has a last 12-month revenue (LTM) of $5.5B and a last 12-month EBITDA of $545M.

In the most recent fiscal year, FirstService achieved revenue of $3.8B and an EBITDA of $365M.

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

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FirstService P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $5.5B XXX $3.8B XXX XXX XXX
Gross Profit $1.8B XXX $1.2B XXX XXX XXX
Gross Margin 33% XXX 33% XXX XXX XXX
EBITDA $545M XXX $365M XXX XXX XXX
EBITDA Margin 10% XXX 10% XXX XXX XXX
EBIT $378M XXX $233M XXX XXX XXX
EBIT Margin 7% XXX 6% XXX XXX XXX
Net Profit $155M XXX $97.0M XXX XXX XXX
Net Margin 3% XXX 3% XXX XXX XXX
Net Debt XXX XXX $773M XXX XXX XXX

Financial data powered by Morningstar, Inc.

FirstService Stock Performance

As of May 30, 2025, FirstService's stock price is CAD 241 (or $174).

FirstService has current market cap of CAD 10.9B (or $7.9B), and EV of CAD 12.8B (or $9.3B).

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FirstService Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$9.3B $7.9B XXX XXX XXX XXX $5.37

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FirstService Valuation Multiples

As of May 30, 2025, FirstService has market cap of $7.9B and EV of $9.3B.

FirstService's trades at 2.5x EV/Revenue multiple, and 25.4x EV/EBITDA.

Equity research analysts estimate FirstService's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

FirstService has a P/E ratio of 51.0x.

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FirstService Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $7.9B XXX $7.9B XXX XXX XXX
EV (current) $9.3B XXX $9.3B XXX XXX XXX
EV/Revenue 1.7x XXX 2.5x XXX XXX XXX
EV/EBITDA 17.0x XXX 25.4x XXX XXX XXX
EV/EBIT 24.5x XXX 39.7x XXX XXX XXX
EV/Gross Profit 5.1x XXX n/a XXX XXX XXX
P/E 51.0x XXX 81.4x XXX XXX XXX
EV/FCF 42.7x XXX 74.3x XXX XXX XXX

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FirstService Margins & Growth Rates

FirstService's last 12 month revenue growth is 5%

FirstService's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $34K for the same period.

FirstService's rule of 40 is 14% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

FirstService's rule of X is 23% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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FirstService Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 5% XXX 26% XXX XXX XXX
EBITDA Margin 10% XXX 10% XXX XXX XXX
EBITDA Growth 7% XXX 44% XXX XXX XXX
Rule of 40 14% XXX 15% XXX XXX XXX
Bessemer Rule of X XXX XXX 23% XXX XXX XXX
Revenue per Employee XXX XXX $0.1M XXX XXX XXX
Opex per Employee XXX XXX $34K XXX XXX XXX
S&M Expenses to Revenue XXX XXX n/a XXX XXX XXX
G&A Expenses to Revenue XXX XXX n/a XXX XXX XXX
R&D Expenses to Revenue XXX XXX n/a XXX XXX XXX
Opex to Revenue XXX XXX 27% XXX XXX XXX

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FirstService Public Comps

See public comps and valuation multiples for Real Estate Services comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
New Amsterdam Invest XXX XXX XXX XXX XXX XXX
IEP Invest XXX XXX XXX XXX XXX XXX
Immobel XXX XXX XXX XXX XXX XXX
Inclusio XXX XXX XXX XXX XXX XXX
Compagnie Financiere XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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FirstService M&A and Investment Activity

FirstService acquired  XXX companies to date.

Last acquisition by FirstService was  XXXXXXXX, XXXXX XXXXX XXXXXX . FirstService acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by FirstService

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About FirstService

When was FirstService founded? FirstService was founded in 2015.
Where is FirstService headquartered? FirstService is headquartered in Canada.
How many employees does FirstService have? As of today, FirstService has 30K+ employees.
Who is the CEO of FirstService? FirstService's CEO is Mr. D. Scott Patterson.
Is FirstService publicy listed? Yes, FirstService is a public company listed on TSE.
What is the stock symbol of FirstService? FirstService trades under FSV ticker.
When did FirstService go public? FirstService went public in 1993.
Who are competitors of FirstService? Similar companies to FirstService include e.g. New Amsterdam Invest, IEP Invest, Immobel, Inclusio.
What is the current market cap of FirstService? FirstService's current market cap is $7.9B
What is the current revenue of FirstService? FirstService's last 12 months revenue is $5.5B.
What is the current revenue growth of FirstService? FirstService revenue growth (NTM/LTM) is 5%.
What is the current EV/Revenue multiple of FirstService? Current revenue multiple of FirstService is 1.7x.
Is FirstService profitable? Yes, FirstService is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of FirstService? FirstService's last 12 months EBITDA is $545M.
What is FirstService's EBITDA margin? FirstService's last 12 months EBITDA margin is 10%.
What is the current EV/EBITDA multiple of FirstService? Current EBITDA multiple of FirstService is 17.0x.
What is the current FCF of FirstService? FirstService's last 12 months FCF is $217M.
What is FirstService's FCF margin? FirstService's last 12 months FCF margin is 4%.
What is the current EV/FCF multiple of FirstService? Current FCF multiple of FirstService is 42.7x.

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