Colliers International Group Inc. CIGI
FirstService is a North American leader in the rapidly growing service sector, providing services to commercial, residential and institutional customers in the
following areas: Residential Property Management, Integrated Security Services, Consumer Services and Business Services. Each service line provides essential or near-essential services,
generates a high percentage of recurring revenues, has strong cash flows, generates
returns on invested capital and can be leveraged through margin enhancement, cross-selling or consolidation.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.56B | $4.82B | $4.34B | $4.46B | $4.09B | $2.79B | $3.05B | $2.83B | $2.44B | $1.90B |
| SG&A | $1.57B | $1.34B | $1.19B | $1.10B | $1.02B | $709.7M | $744.9M | $705.8M | $614.0M | $522.3M |
| Operating income | $371.0M | $389.2M | $300.9M | $332.5M | -$131.5M | $164.6M | $218.2M | $201.4M | $167.4M | $146.2M |
| Interest expense | — | — | $94.1M | $48.6M | $31.8M | $30.9M | $29.5M | $20.8M | $11.9M | $9.2M |
| Pre-tax income | $304.7M | $311.1M | $212.8M | $289.6M | -$152.0M | $136.5M | $190.6M | $181.8M | $156.0M | $139.4M |
| Income tax | $80.2M | $74.2M | $68.1M | $95.0M | $85.5M | $42.0M | $53.0M | $53.3M | $61.9M | $47.8M |
| Net income | $224.6M | $236.9M | $144.7M | $194.5M | -$237.6M | $94.5M | $137.6M | $128.6M | $94.1M | $68.0M |
| EPS, basic | 2.03 | 3.24 | 1.43 | 1.07 | -9.09 | 1.23 | 2.60 | 2.49 | 1.32 | 1.76 |
| EPS, diluted | 2.02 | 3.22 | 1.41 | 1.05 | -9.09 | 1.22 | 2.57 | 2.45 | 1.31 | 1.75 |
| Shares, diluted (wtd. avg.) | $51.1M | $50.2M | $308.0K | $43.9M | $42.9M | $40.2M | $40.0M | $39.8M | $39.3M | $38.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $207.9M | $176.3M | $181.1M | $173.7M | $396.7M | $156.6M | $115.0M | $127.0M | $108.5M | $113.1M |
| Short-term investments | $21.7M | $17.8M | $19.2M | $17.0M | $8.5M | $10.1M | — | — | — | — |
| Receivables | $829.3M | $735.5M | $643.4M | $577.9M | $502.4M | $372.1M | $393.9M | $455.2M | $382.5M | $311.0M |
| Total current assets | $1.82B | $1.60B | $1.47B | $1.21B | $1.57B | $1.04B | $718.1M | $757.3M | $664.4M | $506.3M |
| Property, plant and equipment | — | $227.3M | $202.8M | $164.5M | $144.8M | $129.2M | $107.2M | $93.5M | $83.9M | $65.3M |
| Goodwill | $2.63B | $2.30B | $2.04B | $1.99B | $1.09B | $1.09B | $949.2M | $887.9M | $455.1M | $348.0M |
| Other intangibles | $1.23B | $1.18B | $1.08B | $1.16B | $561.8M | $610.3M | $477.5M | $497.9M | $183.0M | $139.6M |
| Total assets | $6.79B | $6.10B | $5.48B | $5.10B | $3.87B | $3.29B | $2.89B | $2.36B | $1.51B | $1.19B |
| Accounts payable | $510.6M | $494.6M | $535.8M | $503.2M | $391.2M | $297.8M | $261.9M | $251.4M | $227.1M | $83.6M |
| Total current liabilities | $1.65B | $1.51B | $1.44B | $1.34B | $1.54B | $1.11B | $924.3M | $798.7M | $724.6M | $510.2M |
| Long-term debt | $1.63B | $1.51B | $1.50B | $1.44B | $531.1M | $479.9M | — | — | — | $262.5M |
| Retained earnings | -$98.5M | -$186.3M | -$332.9M | -$384.2M | -$279.7M | $119.4M | $77.2M | -$21.8M | -$115.5M | -$174.3M |
| Total equity | $1.53B | $1.32B | $850.5M | $493.4M | $585.3M | $586.1M | $517.3M | $392.0M | $303.0M | $223.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $330.1M | $326.0M | $165.7M | $67.0M | $289.0M | $166.5M | $310.8M | $257.5M | $212.8M | $156.3M |
| Depreciation and amortisation | $256.0M | $221.6M | $202.5M | $177.4M | $145.1M | $125.9M | $94.7M | $78.7M | $53.0M | $44.9M |
| Stock-based compensation | $55.6M | $46.0M | $27.1M | $21.9M | $14.3M | $9.6M | $7.8M | $6.4M | $4.4M | $3.3M |
| Capital expenditure | $78.7M | $65.1M | $84.5M | $67.7M | $58.0M | $40.4M | $44.2M | $35.6M | $39.5M | $25.0M |
| Investing cash flow | -$334.6M | -$783.1M | -$134.0M | -$872.8M | -$49.4M | -$113.5M | -$218.3M | -$628.1M | -$141.2M | -$133.7M |
| Financing cash flow | $74.1M | $452.2M | -$7.8M | $612.9M | $18.6M | $1.0M | -$101.0M | $395.2M | -$83.9M | -$14.9M |
| Dividends paid | $15.2M | $14.7M | $13.5M | $13.1M | $4.2M | $4.0M | $3.9M | $3.9M | $3.9M | $3.5M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001171843-26-000984.
Others in SIC 6500
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| CBRE | CBRE GROUP, INC. | $42.81B | 38.4x | 13.4% |
| TRNO | Terreno Realty Corp | $7.15B | 16.8x | 24.5% |
| MRP | Millrose Properties, Inc. | $5.32B | 13.1x | — |
| CWK | Cushman & Wakefield Ltd. | $3.21B | 35.9x | 8.9% |
| CURB | Curbline Properties Corp. | $3.11B | 79.6x | 51.3% |
| UE | Urban Edge Properties | $2.64B | 28.4x | 6.1% |
| GTY | GETTY REALTY CORP /MD/ | $2.01B | 24.1x | 9.0% |
| EFC | Ellington Financial Inc. | $1.74B | 11.3x | — |