FSVFirstService Corporation
Is it safe?
Nothing alarming, nothing pristine: comfortable debt (A) and typical volatility.
Investment-grade balance sheet. A rule of thumb on leverage, not a credit rating.
Moderate price swings, typical volatility. Worst drawdown -47% · now 34% below its 52-week high.
Where this answer is blind. Altman sits structurally low for utilities and pipelines; Beneish runs high for fast growers, since sales growth alone lifts it; banks and REITs are excluded.
Can FSV take a bad year?
FirstService Corporation carries $928M of net debt at 1.77× EBITDA: a load its earnings can carry.
Net debt · as at FY2025 · under two and a half years of EBITDA, comfortable
- Net debt / EBITDA
- 1.77×
Net debt / EBITDA · 2.13× a year ago · the load is coming down
- Debt / equity
- 0.79×
Debt / equity
- Annualised volatility
- 26%
Annualised volatility · about as steady as the market itself
Details›
- Total debtFY2025
- $1.08B
- Cash and short-term investments
- $154M
- Net debt
- $928M
- EBITDA, trailing twelve months
- $523M
- Operating profit, trailing twelve months
- $338M
- Debt / equity
- 0.79×
- Total debt / EBITDA
- 2.07×
- Annualised volatilitytwo years of daily moves
- 26%
- Worst drawdown on file
- −47%
- Below its 52-week high
- 34%
Balance sheet from SEC filings; drawdown and volatility from end-of-day closes; Altman Z from the filed statements.
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