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Real estate services · Real Estate · Fiscal year ends Dec 31
FirstService reported revenue of $5.5B in the fiscal year ended Dec 2025, up 5.4% from the year before. Operating income was $338M, an operating margin of 6.1%, and net income was $191M. Operating cash flow of $446M less capital expenditure of $128M left free cash flow of $318M. Net debt was $915M.
Ranks among the 16 real estate services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 3,249 | 3,746 | 4,335 | 5,217 | 5,498 |
| Cost of revenue | 2,203 | 2,566 | 2,947 | 3,499 | 3,651 |
| Gross profit | 1,046 | 1,180 | 1,388 | 1,718 | 1,846 |
| Selling, general & admin | 734 | 846 | 993 | 1,230 | 1,311 |
| Operating income | 202 | 219 | 245 | 338 | 338 |
| Net interest incomeBanks | −16.0 | −25.2 | −47.4 | −82.9 | −73.7 |
| Pre-tax income | 209 | 194 | 203 | 258 | 267 |
| Income tax | 52.9 | 49.0 | 56.3 | 70.1 | 75.8 |
| Net income | 156 | 145 | 147 | 188 | 191 |
| Diluted EPS | 3.05 | 2.72 | 2.24 | 2.97 | 3.17 |
| Diluted shares | 44.4 | 44.5 | 44.8 | 45.3 | 45.8 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 166 | 136 | 188 | 228 | 154 |
| Receivables | 552 | 636 | 842 | 948 | 922 |
| Inventory | 161 | 242 | 246 | 280 | 274 |
| Current assets | 965 | 1,109 | 1,361 | 1,559 | 1,504 |
| Net PP&E | 138 | 167 | 204 | 254 | 290 |
| Goodwill | 843 | 886 | 1,180 | 1,395 | 1,501 |
| Total assets | 2,509 | 2,775 | 3,626 | 4,195 | 4,284 |
| Payables | 100 | 116 | 143 | 174 | 159 |
| Deferred revenue | 116 | 126 | 179 | 191 | 209 |
| Current liabilities | 618 | 637 | 771 | 851 | 882 |
| Long-term debt | 595 | 699 | 1,145 | 1,257 | 1,069 |
| Total liabilities | 1,709 | 1,867 | 2,602 | 3,007 | 2,908 |
| Shareholders' equity | 800 | 907 | 1,024 | 1,188 | 1,376 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 167 | 106 | 280 | 286 | 446 |
| Capital expenditure | 58.2 | 77.6 | 92.7 | 113 | 128 |
| Free cash flow | 109 | 28.3 | 188 | 173 | 318 |
| Depreciation & amortisation | 99.0 | 110 | 128 | 165 | 185 |
| Stock-based compensation | – | – | 21.4 | 25.3 | 27.4 |
| Acquisitions | 163 | 52.0 | 547 | 212 | 107 |
| Dividends paid | 31.2 | 34.9 | 39.1 | 43.8 | 48.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 15.3% | 15.7% | 20.4% | 5.4% |
| Operating income growth (YoY) | – | 8.6% | 11.8% | 37.8% | 0.2% |
| EPS growth (YoY) | – | −10.8% | −17.6% | 32.6% | 6.7% |
| Gross margin | 32.2% | 31.5% | 32.0% | 32.9% | 33.6% |
| Operating margin | 6.2% | 5.8% | 5.6% | 6.5% | 6.1% |
| Net margin | 4.8% | 3.9% | 3.4% | 3.6% | 3.5% |
| Return on equityBlank when equity is negative | 19.5% | 16.0% | 14.4% | 15.8% | 13.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 10.7% | 10.2% | 8.6% | 10.1% | 9.9% |
| Free cash flow margin | 3.4% | 0.8% | 4.3% | 3.3% | 5.8% |
| Cash conversion (CFO ÷ net income) | 1.07x | 0.73x | 1.91x | 1.52x | 2.34x |
| Receivable days | 62 | 62 | 71 | 66 | 61 |
| Inventory days | 27 | 34 | 30 | 29 | 27 |
| Payable days | 17 | 17 | 18 | 18 | 16 |
| Debt ÷ equity | 0.74x | 0.77x | 1.12x | 1.06x | 0.78x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 430 | 563 | 957 | 1,030 | 915 |
| Current ratio | 1.56x | 1.74x | 1.77x | 1.83x | 1.70x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.