FirstService Corporation

TSX:FSV Stock Report

Market Cap: CA$8.9b

FirstService Future Growth

Future criteria checks 3/6

FirstService is forecast to grow earnings and revenue by 14.9% and 5.6% per annum respectively. EPS is expected to grow by 14.9% per annum. Return on equity is forecast to be 14.6% in 3 years.

Key information

14.9%

Earnings growth rate

14.91%

EPS growth rate

Real Estate earnings growth33.4%
Revenue growth rate5.6%
Future return on equity14.55%
Analyst coverage

Good

Last updated03 Jun 2026

Recent future growth updates

Recent updates

Narrative Update • Jun 03

FSV: Expanded Property Services Footprint Should Support Future Premium P/E

Analysts have adjusted their CA$ price targets on FirstService in a tight CA$3 range, citing modest tweaks to discount rate assumptions, slightly different expectations for revenue growth and profit margin, and a similar forward P/E outlook. Analyst Commentary Bullish Takeaways Bullish analysts see room for upside in the CA$ price target range, pointing to what they view as reasonable assumptions on discount rates and a consistent forward P/E framework.
Narrative Update • May 08

FSV: Refined Assumptions Suggest Future Premium P/E Will Remain Justified

Analysts have reset their CA$ price target on FirstService to reflect updated views on fair value, trimming it by about CA$15 as they factor in revised discount rates, revenue expectations, profit margins, and a lower assumed future P/E multiple. Analyst Commentary Bullish Takeaways Bullish analysts see room for upside to their CA$ price targets when they revise assumptions around revenue and profitability.
Narrative Update • Apr 22

FSV: Higher Discount Rate Assumptions Will Still Support Premium Future P E

Analysts have reduced their CA$ price target on FirstService by CA$16, reflecting updated views on its required discount rate, long term growth assumptions, and future P/E expectations. Analyst Commentary Bullish Takeaways Bullish analysts previously raised their CA$ price target, indicating confidence that FirstService's earnings profile could support a higher P/E than they had earlier assumed.
Narrative Update • Apr 08

FSV: Refreshed Discount Rate Assumptions Will Support Higher Profit Margin Delivery

Analysts have raised their CA$ price target on FirstService by CA$6, citing updated assumptions around discount rates, profit margins and a slightly lower future P/E outlook as the key drivers of the revised view. Analyst Commentary Bullish Takeaways Bullish analysts view the CA$6 increase in the price target as consistent with refreshed discount rate work, suggesting the revised target better aligns with their updated risk assumptions.
Narrative Update • Mar 25

FSV: Refreshed Discount Rate Assumptions Will Support Higher Future P/E

Analysts have adjusted their CA$ price targets on FirstService, with recent research, including a CA$6 increase cited at TD Securities, reflecting updated assumptions around discount rates, long term revenue growth, profit margins and future P/E expectations. Analyst Commentary Bullish Takeaways Bullish analysts view the higher CA$ price targets as consistent with refreshed assumptions on discount rates, suggesting that the risk profile used in their models supports a stronger valuation than before.
Narrative Update • Mar 10

FSV: Refined Assumptions And Higher Future P/E Will Support Upside

Analysts have lifted their CA$ price target for FirstService by CA$6, reflecting updated views on the company that include a refreshed discount rate, fine tuned revenue growth and profit margin assumptions, and a slightly higher future P/E estimate. Analyst Commentary Bullish Takeaways Bullish analysts see the CA$6 uplift in the price target as consistent with their refreshed discount rate work, suggesting the shares still line up with their view of fair value under current assumptions.
Narrative Update • Feb 24

FSV: Lower Discount Rate And Higher P/E Assumptions Will Support Upside

Analysts have nudged their CA$ price target on FirstService higher by CA$6, pointing to updated assumptions around a slightly lower discount rate, fine tuned long term growth and margins, and a modestly higher future P/E multiple. Analyst Commentary Recent research points to a more constructive view on FirstService, with price targets adjusted to reflect updated assumptions around discount rates, long term growth, margins, and the future P/E multiple.
Narrative Update • Feb 09

FSV: Dividend Hike And Trimmed Assumptions Will Support Stronger 2026 Rebound

Analysts have trimmed their fair value estimate for FirstService from about $264.61 to roughly $258.30, reflecting slightly different views on discount rates, revenue growth, profit margins and future P/E, while also factoring in recent Street research that included a US$6 price target increase. Analyst Commentary Bullish Takeaways Bullish analysts view the recent US$6 price target adjustment as consistent with their view that the prior fair value range already captured many key execution risks.
Narrative Update • Jan 24

FSV: Modest Guidance Trim Will Set Up Stronger 2026 Rebound

Analysts have trimmed their price target on FirstService to $211 from $213, reflecting slightly softer Q3 results and a modest 2025 guidance revision, while still pointing to expectations for stronger growth in 2026 as support for the longer term outlook. Analyst Commentary Bullish Takeaways Bullish analysts see the small trim in the price target to $211 from $213 as a fine tuning of valuation, not a shift in the fundamental view on FirstService.
Narrative Update • Jan 10

FSV: Post-Earnings Pullback Will Likely Set Up Roofing Recovery In 2026

Analysts have trimmed their blended price targets on FirstService by a few dollars to reflect slightly higher discount rates and modestly lower near term expectations after softer Q3 results and roofing headwinds, while still pointing to what they see as attractive valuation following the post earnings selloff. Analyst Commentary Street research after the Q3 release has focused on slightly lower price targets and revised estimates, but also on what many see as a more appealing entry point after the share pullback.
Analysis Article • Dec 30

FirstService (TSE:FSV) Seems To Use Debt Quite Sensibly

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...
Narrative Update • Dec 26

FSV: Post-Earnings Selloff Will Likely Precede Roofing Recovery And 2026 Reacceleration

Analysts have modestly reduced their price targets on FirstService by low single digit dollar amounts, to a range of roughly $205 to $216, as they factor in softer near term roofing and macro headwinds. They also note that the recent post earnings selloff makes the stock's valuation increasingly attractive ahead of an anticipated growth reacceleration in 2026.
Narrative Update • Dec 11

FSV: Post-Earnings Selloff Will Create Opportunity As Roofing Headwinds Eventually Ease

Analysts have trimmed their FirstService price targets by a few dollars per share, to a range of roughly $205 to $216, citing near term softness in roofing and macro driven headwinds that they expect will give way to stronger growth beyond 2025. Analyst Commentary Bullish analysts see the recent pullback as an opportunity, arguing that the modest reset in expectations has brought FirstService’s valuation to more compelling levels while leaving the longer term growth thesis intact.
Analysis Article • Dec 09

FirstService Corporation's (TSE:FSV) Price In Tune With Earnings

With a price-to-earnings (or "P/E") ratio of 50.4x FirstService Corporation ( TSE:FSV ) may be sending very bearish...
Narrative Update • Nov 27

FSV: Post-Earnings Selloff Will Set Up Opportunity As Headwinds Ease

Analysts have modestly reduced their price targets for FirstService following softer-than-expected quarterly results. They have lowered expectations by a range of $2 to $15 per share as they factor in external headwinds and near-term challenges in the company's key segments.
Analysis Article • Nov 27

We Ran A Stock Scan For Earnings Growth And FirstService (TSE:FSV) Passed With Ease

It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...
Narrative Update • Nov 11

FSV: Post-Earnings Share Weakness Will Create An Attractive Entry Point

FirstService's analyst price targets have been slightly reduced, with several firms lowering their estimates by $2 to $11 per share. Analysts cite near-term challenges in organic growth and the roofing segment, though they remain optimistic about the company's longer-term prospects.
Narrative Update • Oct 27

Recent Market Shifts Will Create New Opportunities Amid Sector Challenges

Analysts have lowered their price target for FirstService from approximately $305.06 to $264.65, citing softer organic growth, macro-driven roofing challenges, and a recent post-earnings share selloff. They note that the current valuation appears increasingly attractive.
Analysis Article • Oct 03

Is FirstService Corporation (TSE:FSV) Worth CA$262 Based On Its Intrinsic Value?

Key Insights FirstService's estimated fair value is CA$200 based on 2 Stage Free Cash Flow to Equity FirstService is...
Analysis Article • Sep 08

Is Now An Opportune Moment To Examine FirstService Corporation (TSE:FSV)?

FirstService Corporation ( TSE:FSV ), might not be a large cap stock, but it saw a decent share price growth of 19% on...
Analysis Article • Aug 17

We Think FirstService (TSE:FSV) Can Stay On Top Of Its Debt

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
Analysis Article • Jul 07

FirstService Corporation (TSE:FSV) Not Lagging Market On Growth Or Pricing

When close to half the companies in Canada have price-to-earnings ratios (or "P/E's") below 15x, you may consider...
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New Narrative • Feb 09

Integration Of Roofing Corp Of America And Acquisitions Will Strengthen Operations In 2025

Strategic acquisitions and integration efforts are expected to drive significant revenue and earnings growth, enhancing operating margins and earnings per share.

Earnings and Revenue Growth Forecasts

TSX:FSV - Analysts future estimates and past financials data (USD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/20286,409243373N/A2
12/31/20276,1932173144249
12/31/20265,8201853084349
3/31/20265,564162366493N/A
12/31/20255,498145318446N/A
9/30/20255,479139289417N/A
6/30/20255,428142246368N/A
3/31/20255,310131218336N/A
12/31/20245,217134173286N/A
9/30/20244,931108203309N/A
6/30/20244,65280214316N/A
3/31/20244,47491176272N/A
12/31/20234,335100188280N/A
9/30/20234,275132134224N/A
6/30/20234,11913443129N/A
3/31/20233,93012322104N/A
12/31/20223,74612128106N/A
9/30/20223,5831141384N/A
6/30/20223,47212558124N/A
3/31/20223,37312781142N/A
12/31/20213,249135109167N/A
9/30/20213,167126181232N/A
6/30/20213,060113199245N/A
3/31/20212,850104241279N/A
12/31/20202,77287252292N/A
9/30/20202,67370195238N/A
6/30/20202,60358170216N/A
3/31/20202,556-24971122N/A
12/31/20192,407-252N/A108N/A
9/30/20192,235-246N/A83N/A
6/30/20192,069-240N/A96N/A
3/31/20191,99162N/A117N/A
12/31/20181,93166N/A99N/A
9/30/20181,87269N/A121N/A
6/30/20181,82958N/A114N/A
3/31/20181,77553N/A116N/A
12/31/20171,72951N/A116N/A
9/30/20171,66744N/A96N/A
6/30/20171,61245N/A118N/A
3/31/20171,55640N/A115N/A
12/31/20161,48334N/A109N/A
9/30/20161,41830N/A100N/A
6/30/20161,35828N/A86N/A
3/31/20161,29923N/A70N/A
12/31/20151,26421N/A87N/A
9/30/20151,23015N/A76N/A
6/30/20151,1939N/A66N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: FSV's forecast earnings growth (14.9% per year) is above the savings rate (3%).

Earnings vs Market: FSV's earnings (14.9% per year) are forecast to grow faster than the Canadian market (10.9% per year).

High Growth Earnings: FSV's earnings are forecast to grow, but not significantly.

Revenue vs Market: FSV's revenue (5.6% per year) is forecast to grow faster than the Canadian market (4.9% per year).

High Growth Revenue: FSV's revenue (5.6% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: FSV's Return on Equity is forecast to be low in 3 years time (14.6%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/05 19:27
End of Day Share Price 2026/06/05 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

FirstService Corporation is covered by 15 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Will ChienAccountability Research Corporation
Stephen MacLeodBMO Capital Markets Equity Research
Erin KyleCIBC Capital Markets