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FirstServiceTSX:FSV +1.41%86 Debt-to-EBITDA is 3.57 as of Mar. 2026, which is 38% above its 10-year median of 2.59. GuruFocus rates TSX:FSV with a GF Score™ of 86/100 and a GF Value™ of C$277.19 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 1,271 Real Estate companies, FirstService ranks better than 71.36% on this metric.
Debt-to-EBITDA measures a company's ability to pay off its debt.
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt. According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
The historical rank and industry rank for FirstService's Debt-to-EBITDA or its related term are showing as below:
TSX:FSV'
s Debt-to-EBITDA Range Over the Past 10 Years
Min: -10.23 Med: 2.59 Max: 3.74
Current: 2.53
During the past 13 years, the highest Debt-to-EBITDA Ratio of FirstService was 3.74. The lowest was -10.23. And the median was 2.59.
TSX:FSV's Debt-to-EBITDA is ranked better than 71.36% of 1271
companies
in the Real Estate industry
Industry Median: 5.63
vs TSX:FSV: 2.53
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt.
According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
FirstService Debt-to-EBITDA Related Terms
FirstService Debt-to-EBITDA Historical Data
* Premium members only.
The historical data trend for FirstService's Debt-to-EBITDA can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
TSX:FSV vs CBRE, BEKE, JLL: Debt-to-EBITDA Comparison
For the Real Estate Services subindustry, FirstService's Debt-to-EBITDA, along with its competitors' market caps and Debt-to-EBITDA data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
FirstService Debt-to-EBITDA vs Real Estate Industry
For the Real Estate industry and Real Estate sector, FirstService's Debt-to-EBITDA distribution charts can be found below:
* The bar in red indicates where FirstService's Debt-to-EBITDA falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In the calculation of annual Debt-to-EBITDA, the EBITDA of the last fiscal year is used. In calculating the annualized quarterly data,
the EBITDA data used here is four times the quarterly (Mar. 2026) EBITDA data.
FirstService (TSX:FSV) has a Debt-to-EBITDA of 3.57 as of Mar. 2026. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on FirstService. This is 38% above median its historical median of 2.59. According to the industry distribution chart, FirstService ranks #364 out of 1271 companies in the Real Estate industry, placing it in the top 28.6%.
Is FirstService's Debt-to-EBITDA too high?
FirstService's current Debt-to-EBITDA of 3.57 is 38% above median its 10-year median of 2.59. The Real Estate industry median Debt-to-EBITDA is 5.63. FirstService's value of 3.57 is 36.6% below this industry median. Based on the distribution chart, FirstService ranks #364 out of 1271 companies in the Real Estate industry, which is above the industry midpoint. Overall, FirstService has a GF Score™ of 86/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does FirstService's Debt-to-EBITDA compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, FirstService ranks #364 out of 1271 companies for Debt-to-EBITDA. This puts FirstService in the upper half of its industry. The industry median Debt-to-EBITDA is 5.63. FirstService's value of 3.57 is 36.6% below this benchmark. While the company's 10-year median is 2.59 vs. the industry median of 5.63, FirstService has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-EBITDA for a Real Estate company?
The median Debt-to-EBITDA among Real Estate companies is 5.63, based on 1,271 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. FirstService's current Debt-to-EBITDA of 3.57 is 36.6% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-EBITDA mean?
A high Debt-to-EBITDA can signal that a stock is expensive relative to its fundamentals. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on FirstService. For the Real Estate industry, the median Debt-to-EBITDA is 5.63 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. FirstService's current Debt-to-EBITDA is 3.57, which is 38% above median its own 10-year median of 2.59. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is FirstService stock overvalued right now?
Based on GuruFocus' analysis, FirstService (TSX:FSV) is currently considered Modestly Undervalued. The stock's GF Value™ is C$277.19, compared to a current price of C$206.57 — trading 25.5% below its estimated fair value. The current Debt-to-EBITDA is 3.57, which is 38% above median its 10-year median of 2.59 and 36.6% below the Real Estate industry median of 5.63. FirstService's overall GF Score™ is 86/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-EBITDA calculated?
Debt-to-EBITDA is calculated from a company's financial statements. For FirstService (TSX:FSV), the current Debt-to-EBITDA is 3.57 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is FirstService (TSX:FSV) Overvalued in 2026?
Based on GuruFocus' analysis, FirstService stock appears to be undervalued.
The current stock price of C$206.57 is trading 25.5% below its estimated GF Value™ of C$277.19.
GuruFocus considers FirstService to be Modestly Undervalued.
Key valuation signals for TSX:FSV:
Debt-to-EBITDA: 3.57 (38% above median its 10-year median of 2.59)
GF Value™: C$277.19 vs. price of C$206.57 (25.5% below fair value)
Industry Position: 36.6% below the Real Estate median (#364 of 1271)
No single metric tells the full story. See the TSX:FSV stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
FirstService Corp is engaged in outsourcing property services. The company operates in two business divisions: FirstService Residential and FirstService Brands. FirstService Residential has service contracts to manage thousands of residential communities, including high and low-rise condominiums and co-operatives. FirstService Brands generates the majority of the company's revenue and provides property services to residential and commercial customers through the following brands: California Closets; Paul Davis Restoration; CertaPro Painters, Floor Coverings International, and Pillar to Post Home Inspectors. The company earns the majority of its revenue in the United States, with the remaining revenue generated in Canada.
86GF Score
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Debt-to-EBITDA is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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