olivLaw · US equity research
FirstService Corporation FSV
Real Estate · SIC 6500 · Vertical: Real Estate (SIC 6500)
FirstService Corporation is a Canadian company listed on NASDAQ and the Toronto Stock Exchange, whose 2025 annual report filed with the SEC describes a group that integrated nine acquisitions in fiscal 2025. The filing states management considers internal control effective, yet excludes these entities from that assessment, so their integration remains a point to watch. Information here is limited to the Form 40-F and includes no revenue or segment figures.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, FirstService Corporation (FSV) stock was 155.25 USD (+4.26% on the day), with market capitalisation 7.1 bn USD, P/E 49.0 on diluted EPS of 3.17 USD over the last 12 months, dividend yield 0.69%, beta 0.58, 52-week range 125.66–165.10 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 69.1
- strong (55–70)
- Bollinger (20, 2)
- 123.96 – 154.93
- above the upper band · %B 1.01 · band width 22.2%
- SMA 50 / 200
- 136.19 / 141.94
- mixed trend
- MACD (12, 26, 9)
- 4.61 / 2.95
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +21.0% | −1.1% | +22.1 pp | — |
| 3 months | +7.3% | −0.5% | +7.8 pp | — |
| 6 months | +17.1% | +4.4% | +12.8 pp | — |
| Year to date | −0.2% | +12.3% | −12.5 pp | — |
| 1 year | −0.3% | +13.5% | −13.8 pp | −12.2% |
| 3 years | +5.7% | +76.4% | −70.7 pp | −5.4% |
| 5 years | −20.8% | +63.7% | −84.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 22 percentile of its own 9-quarter history (min 38.0, median 51.6, max 72.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.9 bn | 2.4 bn | 2.8 bn | 3.2 bn | 3.7 bn | 4.3 bn | 5.2 bn | 5.5 bn |
| Revenue YoY | +13.3% | +24.6% | +15.2% | +17.2% | +15.3% | +15.7% | +20.4% | +5.4% |
| Net income | 90.3 m | -227.6 m | 109.6 m | 156.1 m | 145.0 m | 147.0 m | 187.8 m | 190.7 m |
| Net income YoY | +70.1% | −352.1% | unavailable | +42.5% | −7.1% | +1.4% | +27.7% | +1.6% |
| Diluted EPS | 1.80 | -6.58 | 2.02 | 3.05 | 2.72 | 2.24 | 2.97 | 3.17 |
| Diluted EPS YoY | +27.7% | −465.6% | unavailable | +51.0% | −10.8% | −17.6% | +32.6% | +6.7% |
| net % | 4.7% | -9.5% | 4.0% | 4.8% | 3.9% | 3.4% | 3.6% | 3.5% |
| Free cash flow | 58.9 m | 61.2 m | 252.4 m | 109.1 m | 28.3 m | 187.6 m | 172.9 m | 318.2 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 154.4 m USD
- Financial debt
- 13.6 m USD
- Net debt
- -140.8 m USD
- Equity
- 1.4 bn USD
- Total assets
- 4.3 bn USD
- Debt / equity
- 0.01x
- Current ratio
- 1.70x
- ROE
- 14.9%
- ROA
- 4.5%
- FCF margin
- 5.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.8 bn | 3.2 bn | 3.7 bn | 4.3 bn | 5.2 bn | 5.5 bn | SEC (XBRL)· 20 Feb 2026verified |
| Cost of revenue | 1.9 bn | 2.2 bn | 2.6 bn | 2.9 bn | 3.5 bn | 3.7 bn | SEC (XBRL)· 20 Feb 2026verified |
| Gross profit | 900.6 m ≈ | 1.0 bn ≈ | 1.2 bn ≈ | 1.4 bn ≈ | 1.7 bn ≈ | 1.8 bn ≈ | SEC (XBRL)· 20 Feb 2026derived |
| SG&A | 628.5 m | 733.6 m | 846.4 m | 993.2 m | 1.2 bn | 1.3 bn | SEC (XBRL)· 20 Feb 2026verified |
| Operating income | 169.4 m | 201.6 m | 219.0 m | 244.9 m | 337.5 m | 338.1 m | SEC (XBRL)· 20 Feb 2026verified |
| Depreciation & amortisation | 98.4 m | 99.0 m | 110.1 m | 127.9 m | 165.3 m | 185.2 m | SEC (XBRL)· 20 Feb 2026verified |
| EBITDA | 267.8 m ≈ | 300.6 m ≈ | 329.2 m ≈ | 372.8 m ≈ | 502.8 m ≈ | 523.3 m ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Pre-tax income | 145.5 m | 209.0 m | 194.0 m | 203.3 m | 257.9 m | 266.5 m | SEC (XBRL)· 20 Feb 2026verified |
| Income tax | 35.9 m | 52.9 m | 49.0 m | 56.3 m | 70.1 m | 75.8 m | SEC (XBRL)· 20 Feb 2026verified |
| Net income | 109.6 m | 156.1 m | 145.0 m | 147.0 m | 187.8 m | 190.7 m | SEC (XBRL)· 20 Feb 2026verified |
| Diluted EPS | 2.02 | 3.05 | 2.72 | 2.24 | 2.97 | 3.17 | SEC (XBRL)· 20 Feb 2026verified |
| Weighted average diluted shares | 43.2 m | 44.4 m | 44.5 m | 44.8 m | 45.3 m | 45.8 m | SEC (XBRL)· 20 Feb 2026verified |
| Dividend per share | 0.63 | 0.71 | 0.79 | 0.87 | 0.97 | 1.07 | SEC (XBRL)· 20 Feb 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 184.3 m | 165.7 m | 136.2 m | 187.6 m | 227.6 m | 154.4 m | SEC (XBRL)· 20 Feb 2026verified |
| Receivables | 418.9 m | 551.6 m | 635.9 m | 842.2 m | 947.5 m | 922.1 m | SEC (XBRL)· 20 Feb 2026verified |
| Inventories | 142.0 m | 161.4 m | 242.3 m | 246.2 m | 279.6 m | 274.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Current assets | 819.3 m | 964.7 m | 1.1 bn | 1.4 bn | 1.6 bn | 1.5 bn | SEC (XBRL)· 20 Feb 2026verified |
| Property, plant & equipment, net | 126.6 m | 138.1 m | 167.0 m | 204.2 m | 254.0 m | 289.7 m | SEC (XBRL)· 20 Feb 2026verified |
| Goodwill | 703.7 m | 843.4 m | 886.1 m | 1.2 bn | 1.4 bn | 1.5 bn | SEC (XBRL)· 20 Feb 2026verified |
| Intangibles (excl. goodwill) | 378.8 m | 382.1 m | 368.5 m | 628.0 m | 715.5 m | 684.7 m | SEC (XBRL)· 20 Feb 2026verified |
| Total assets | 2.2 bn | 2.5 bn | 2.8 bn | 3.6 bn | 4.2 bn | 4.3 bn | SEC (XBRL)· 20 Feb 2026verified |
| Accounts payable | 98.5 m | 100.1 m | 116.0 m | 143.3 m | 174.1 m | 158.5 m | SEC (XBRL)· 20 Feb 2026verified |
| Short-term debt | 56.5 m | 57.4 m | 35.7 m | 37.1 m | 41.6 m | 13.6 m | SEC (XBRL)· 20 Feb 2026verified |
| Current liabilities | 543.8 m | 618.5 m | 637.0 m | 770.8 m | 850.8 m | 882.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Equity | 660.4 m | 799.7 m | 907.5 m | 1.0 bn | 1.2 bn | 1.4 bn | SEC (XBRL)· 20 Feb 2026verified |
| Shares outstanding at year end | 43.6 m | 44.0 m | 44.2 m | 44.7 m | 45.3 m | 45.7 m | SEC (XBRL)· 20 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 291.8 m | 167.3 m | 105.9 m | 280.4 m | 285.7 m | 445.9 m | SEC (XBRL)· 20 Feb 2026verified |
| Capex | 39.4 m | 58.2 m | 77.6 m | 92.7 m | 112.8 m | 127.7 m | SEC (XBRL)· 20 Feb 2026verified |
| Free cash flow | 252.4 m ≈ | 109.1 m ≈ | 28.3 m ≈ | 187.6 m ≈ | 172.9 m ≈ | 318.2 m ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Investing cash flow | -142.3 m | -206.3 m | -160.8 m | -646.3 m | -323.7 m | -245.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Financing cash flow | -75.2 m | 24.4 m | 18.8 m | 413.9 m | 74.4 m | -263.3 m | SEC (XBRL)· 20 Feb 2026verified |
| Dividends paid | 27.4 m | 31.2 m | 34.9 m | 39.1 m | 43.8 m | 48.9 m | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Market and valuation
9 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 50 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 7.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation19
- Returns44
- Quality38
- Balance sheet100
- Growth100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 14.05 – 49.02 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Net asset value (NAV)unavailable · input data missing
- Dividend discount (DDM)14.05 – 18.90 (Mid 16.12)
- Peers: P/B14.95 – 49.02 (Mid 25.53)19 companies used · median multiple 0.8x · quartiles 0.5x – 1.6xAEI, AHRT, AIRE, BEEP, CHCI, CIGI, CMTG, CURB, CWK, FOR, FRPH, GTY, HPP, IIPR, LPA, OPI, TRC, TRNO, UE
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 50/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 14.9% | 90 (vs peers) | 8% |
| EBITDA margin · Quality | 9.5% | 0 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 13.6% | 100 (on a fixed band) | 10% |
| Net debt / EBITDA · Balance sheet | -0.3x | 100 (vs peers) | 18% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| P/B · Valuation | 5.2x | 12 (vs peers) | 23% |
| P/E (TTM) · Valuation | 49.0x | 33 (vs peers) | 10% |
| Dividend yield · Returns | 0.7% | 29 (vs peers) | 18% |
| Payout ratio (EPS) · Returns | 33.7% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth100/100 · 1/1 factors with a value
- Quality38/100 · 2/2 factors with a value
- Returns44/100 · 2/2 factors with a value
- Valuation19/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
FirstService Corporation (FSV). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 5.5 bn USD in 2025; YoY growth 5.4%; net margin 3.5%; ROE 14.9%; net debt/EBITDA -0.3x.
The estimated value range is 14.50–33.96 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 20.83 USD, the price of 155.25 USD leaves a potential of -86.6% (value / price − 1) and a margin of safety of -645.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 50/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROE: 14.9%
- Revenue CAGR 3Y: 13.6%
- Net debt / EBITDA: -0.3x
- Payout ratio (EPS): 33.7%
What contradicts it
- EBITDA margin: 9.5%
- P/B: 5.2x
- Dividend yield: 0.7%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Interest coverage.
Versus the vertical median
Real Estate (SIC 6500) · same industry (4-digit SIC) · compared with 31 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CBRECbre Group, Inc. | 40.7 bn | 30.2 | 16.1% | 3.1% | +13.4% | −13% / +79% |
| VTMXVesta Real Estate Corporation, S.A.B. de C.V. | 32.7 bn | 131.8 | 9.1% | 85.4% | +12.2% | +19% / −2% |
| TRNOTerreno Realty Corporation | 7.5 bn | 20.3 | 8.3% | 68.1% | +24.5% | +8% / +19% |
| FSVFirstService Corporation | 7.1 bn | 49.0 | 14.9% | 3.5% | +5.4% | −0% / +6% |
| CIGIColliers International Group Inc. | 4.0 bn | 48.8 | 15.7% | 4.0% | +15.3% | −32% / −5% |
| CURBCurbline Properties Corp. | 3.7 bn | 125.4 | 1.3% | 11.2% | +51.3% | +26% / unavailable |
| CWKCushman & Wakefield Ltd. | 3.5 bn | 50.5 | 3.4% | 0.6% | +8.9% | −11% / +82% |
| UEUrban Edge Properties | 2.7 bn | 24.6 | 7.9% | 22.2% | +6.1% | +10% / +26% |
| GTYGetty Realty Corp. | 1.9 bn | 17.4 | 8.9% | 42.4% | +9.0% | +1% / −2% |
| IIPRInnovative Industrial Properties, Inc. | 1.6 bn | 12.5 | 7.6% | 53.2% | −13.8% | +14% / −31% |
| FORForestar Group Inc. | 1.3 bn | 7.5 | 9.6% | 9.9% | +10.1% | −2% / −18% |
| HPPHudson Pacific Properties, Inc. | 572.8 m | — | -19.8% | -69.1% | −1.3% | −24% / −74% |
| DUOFangdd Network Group Ltd. | 548.5 m | — | -17.9% | -23.9% | +9.2% | −68% / −96% |
| AHRTAh Realty Trust, Inc. | 500.6 m | — | -6.7% | -18.2% | +4.1% | +3% / −38% |
| TRCTejon Ranch Co. | 439.9 m | 71.3 | 1.3% | 10.6% | +18.4% | +0% / +3% |
| FRPHFrp Holdings, Inc. | 360.7 m | 2,041,655.0 | 0.0% | 0.2% | +2.6% | −19% / −32% |
| MLPMaui Land & Pineapple Co Inc | 289.5 m | — | -16.1% | -28.6% | +68.2% | −8% / −2% |
| OPIOffice Properties Income Trust | 285.6 m | — | -40.5% | -73.0% | −11.8% | unavailable / unavailable |
| CMTGClaros Mortgage Trust, Inc. | 261.0 m | — | -36.5% | -391.9% | −24.4% | −44% / −85% |
| CHCIComstock Holding Companies, Inc. | 165.7 m | 6.7 | 36.4% | 32.2% | +22.6% | +46% / +352% |
| BEEPMobile Infrastructure Corporation | 100.4 m | — | -16.1% | -67.2% | −5.2% | −22% / −54% |
| LPALogistic Properties of the Americas | 78.1 m | 7.5 | 4.3% | 20.9% | +14.3% | −27% / unavailable |
| OZBelpointe PREP, LLC | 47.6 m | — | — | -212.1% | +243.4% | −41% / −50% |
| AEIAlset Inc. | 21.1 m | — | -43.4% | -951.4% | −78.8% | −80% / −54% |
| CWDCalibercos Inc. | 4.7 m | — | — | -117.3% | −60.7% | −80% / −98% |
1- and 3-year price returns: for FSV from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 131.86 Total return -14% · Per year -14% | 232.19 Total return 51% · Per year 51% | 348.45 Total return 126% · Per year 126% |
| 3 years | 152.57 Total return 1% · Per year 0% | 299.86 Total return 97% · Per year 25% | 490.48 Total return 220% · Per year 47% |
| 5 years | 176.54 Total return 18% · Per year 3% | 387.25 Total return 156% · Per year 21% | 690.40 Total return 354% · Per year 35% |
- Exit P/E± 74.96
- Net margin± 52.48
- Annual revenue growth± 39.60
- Annual dilution± 4.41
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 20 Feb 2026; since then the company filed 6-K (30 Oct 2026), 6-K (22 Oct 2026), 6-K (17 Sept 2026), 6-K (20 Aug 2026), 6-K (31 Jul 2026), 6-K (23 Jul 2026).
In brief
FirstService Corporation is a Canadian company listed on NASDAQ and the Toronto Stock Exchange, whose 2025 annual report filed with the SEC describes a group that integrated nine acquisitions in fiscal 2025. The filing states management considers internal control effective, yet excludes these entities from that assessment, so their integration remains a point to watch. Information here is limited to the Form 40-F and includes no revenue or segment figures.
SWOT
Strengths
- Internal control over financial reporting is reported as effective by management and audited by PricewaterhouseCoopers LLP.
- The company is listed on two major exchanges, NASDAQ and Toronto, giving it access to a broad investor base.
- The audit committee includes a designated financial expert, supporting oversight of the financial statements.
Weaknesses
- Entities acquired in 2025 are excluded from the internal control assessment, leaving a verification gap.
- The supplied filing contains no revenue figures by segment, which limits analysis of the business mix.
- Following home country practices in place of certain NASDAQ rules may reduce comparability with U.S. issuers.
Opportunities
- Successful integration of recent acquisitions could strengthen the company's position over the medium term.
- The dual listing could ease access to capital across more than one market.
- Growth through acquisitions could add new assets if the entities are integrated effectively.
Threats
- Difficulties integrating acquired entities could affect internal control in coming years.
- Changes to accounting standards or SEC requirements could raise compliance costs.
- Regulatory differences between Canada and the United States could create compliance risks.
Risks
- Internal control over acquired entitieshigh
Excluding new entities from the internal control assessment could hide weaknesses that surface later.
- Acquisition integrationmedium
If integration runs late, expected synergies could be delayed or reduced.
- Different governance practiceslow
Following home country rules could limit comparability with U.S. issuers.
- Reliance on one external auditorlow
Concentrating the audit with a single external firm could create vulnerabilities if the relationship changes.
- Incomplete data in the extractmedium
The absence of revenue and segment figures in the supplied source limits conclusions about performance.
Investment thesis
What would need to be true (bull case)
- If the 2025 acquisitions integrate quickly, the company could show a stronger operating base.
- Internal control reported as effective and audited externally could support confidence in reporting quality.
- The dual listing on two North American exchanges could support access to capital and liquidity.
What would break the thesis
- If acquired entities remain outside internal control review, operational risks could be understated.
- Integration slower than planned could dilute the return on the acquisitions.
- Governance differences from U.S. issuers could make comparisons harder for investors.
What to watch
- Integration and revenue contribution of the nine acquired entities2026
- Changes to the audit committee and the auditor relationship2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 20 Feb 2026; since then the company filed 6-K (30 Oct 2026), 6-K (22 Oct 2026), 6-K (17 Sept 2026), 6-K (20 Aug 2026), 6-K (31 Jul 2026), 6-K (23 Jul 2026).
The business
The Form 40-F for the year ended December 31, 2025 shows that FirstService Corporation is a foreign private issuer whose common shares are listed on the Toronto Stock Exchange and the NASDAQ Global Select Market 1. The company completed nine acquisitions through business combinations in fiscal 2025 1. The annual report includes audited financial statements and management's discussion, but the supplied text does not detail operating activities or revenue by business line 1.
The governance structure includes an independent audit committee led by a director designated as an audit committee financial expert, with home country practices followed in place of certain NASDAQ rules 1. The external auditor is PricewaterhouseCoopers LLP, which also audited internal control over financial reporting 1. Audit and permitted non-audit services are pre-approved by the audit committee 1.
The extract reports no off-balance sheet arrangements with a current or future material effect on financial performance 1. The full operating picture sits in Exhibits 1 and 3 (the annual information form and management's discussion), which are not included in the supplied text 1.
Segments
Market context
The dual listing and the company's status as a foreign private issuer shape how it reports to U.S. regulators, while the Canadian base influences its governance practices 1. Market positioning cannot be assessed from this extract alone.
Trends
- Integration of acquisitionsmixed
Nine acquisitions in 2025 could add growth, but integration could slow reporting if entities stay outside internal control review.
- Accounting standards and reportingmixed
Compliance with US GAAP and SEC requirements for foreign issuers supports transparency but adds compliance costs.
- Internal controltailwind
An internal control framework reported as effective at December 31, 2025 supports investor confidence, if the exclusions prove temporary.
- Cross-border governance requirementsheadwind
Following home country practices in place of certain NASDAQ rules could create transparency differences versus U.S. issuers.
Competitive position
The Form 40-F supplied does not identify competitors or describe the company's competitive position. Competitive analysis would need to come from the management discussion or the annual information form, which are not in this extract 1.
Without market share or segment data, comparison with other sector participants remains inconclusive based on this source 1.
- Competitors not named in the source
The supplied source names no direct competitors, so they cannot be established from this document.
- Other North American sector issuers
The source contains no list of comparable companies; any comparison requires additional documents.
- Comparable professional services firms
Their identification depends on the management discussion, which is not included in the text.
- Real estate service providers
The relationship with the company cannot be confirmed from the Form 40-F supplied.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- FirstService Corp. (FSV) Endures Tough Q2 as Roofing and Closet Segments Stay SoftYahoo Finance — News · 23 Sept 2026 · EN
The latest news item in our archive is from 23 Sept 2026; the newest SEC filing is from 30 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)30 Oct 2026
- Current report (foreign issuer)22 Oct 2026
- Current report (foreign issuer)17 Sept 2026
- Current report (foreign issuer)20 Aug 2026
- Current report (foreign issuer)31 Jul 2026
- Current report (foreign issuer)23 Jul 2026
- Current report (foreign issuer)02 Jun 2026
- Current report (foreign issuer)06 May 2026
- Current report (foreign issuer)01 May 2026
- Current report (foreign issuer)23 Apr 2026
Sources
- [1] Form 40-F, fiscal year ended 2025-12-31 · SEC / FirstService Corporation · 20 Feb 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.