FirstService’s third-quarter adjusted EPS came in slightly above the supplied estimate. But growth varied across its property-services businesses: Residential improved, while weaker roofing activity weighed on Brands’ profitability.
FirstService Corporation (TSX: FSV) reported results for the quarter ended September 30, 2026. Adjusted EPS was US$1.89, compared with the supplied estimate of US$1.87, a 1.1% beat. Revenue rose 6% from a year earlier to US$1.53 billion. The company said organic growth improved from the previous quarter and reaffirmed its full-year performance targets. For Canadian investors, the beat was modest, and the differences in segment growth and margins matter.
Recent earnings trend
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FirstService Corp
FSV.TO
FSV.TO
FirstService Corp
WealthAwesomeMarket cap
$9.00B
P/E
48.9x
52W high
$230.86
52W low
$168.84
1W change
+7.64%
Beta
0.91
Analyst Price Targets
Based on analyst covering FSV · as of Oct 23, 2026
Wall Street analysts forecast FSV stock price to rise 60.9% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$236.81
+60.9% Upside
Previously C$237.66 on Oct 21, 2026
Current Price
C$147.22
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on FSV's historical volatility
30-Day Vol
33.9%
Annualized
90-Day Vol
32.7%
Annualized
Trend (90d)
+17.7%
Annualized drift
90d Mean
C$219.51
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$210.45 | C$187.25 – C$236.53 |
| 60 trading days | C$214.93 | C$182.21 – C$253.54 |
| 90 trading days | C$219.51 | C$179.30 – C$268.74 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
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Analyst coverage: 8 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 4 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-09-30 | 2026-10-22 | 1.8900 | 1.8700 | +1.1% |
| 2026-06-30 | 2026-07-23 | 1.7500 | 1.7300 | +1.2% |
| 2026-03-31 | 2026-04-23 | 0.9500 | 0.8900 | +6.7% |
| 2025-12-31 | 2026-02-04 | 1.3700 | 1.3200 | +3.8% |
| 2025-09-30 | 2025-10-23 | 1.7600 | 1.7300 | +1.7% |
| 2025-06-30 | 2025-07-24 | 1.7100 | 1.4600 | +17.1% |
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Investor takeaway: Revenue grew steadily and adjusted EPS narrowly beat estimates, but results were mixed. Residential delivered organic growth and higher margins. FirstService Brands faced weaker roofing activity and lower operating earnings. Investors will want to see whether organic growth continues and Brands’ profitability improves.
US$1.89 adjusted EPS, versus US$1.87 estimated
Adjusted EPS was 1.1% above the supplied estimate and up 7% from a year earlier. Revenue reached US$1.53 billion, up 6%, while adjusted EBITDA rose 3% to US$169.7 million. The EPS beat was modest, and EBITDA grew more slowly than revenue. The contrasting results across segments are worth watching.
Bull case
FirstService Residential’s revenue rose 5%, all from organic growth, as the company won new contracts and expanded on-site labour services. Adjusted EBITDA increased 7%, and margins improved slightly as the company managed labour costs and found efficiencies. Across the company, revenue grew 6% and adjusted EPS rose 7% from a year earlier. Management reaffirmed its full-year targets, and FSV.TO beat the supplied EPS estimates in each of its four most recent comparable quarters.
Bear case
The EPS beat was narrow, and consolidated adjusted EBITDA grew 3%, slower than revenue. FirstService Brands’ revenue rose 7%, but organic growth was 3% and adjusted EBITDA was nearly unchanged. Operating earnings fell to US$60.0 million from US$73.7 million. Lower roofing revenue, tougher competition and a benefit from contingent consideration in the prior-year quarter contributed to the decline. GAAP diluted EPS also fell to US$0.99 from US$1.24. Valuation is another concern: the supplied P/E is about 49, while the reported profit margin is 2.88%.
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