First Service Holding (HKSE:02107) EBIT: HK$-32 Mil (TTM As of Dec. 2025)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

HKSE:02107 First Service Holding Ltd HKSE:02107
61 GF Score
Price HK$0.44
GF Value HK$0.40
Valuation Fairly Valued
! 8 Warning Signs
View Full Analysis

What is First Service Holding EBIT?

First Service Holding HKSE:02107 +4.82% 61 EBIT is HK$-32 Mil as of Dec. 2025. GuruFocus rates HKSE:02107 with a GF Score™ of 61/100 and a GF Value™ of HK$0.40 (Fairly Valued). The stock has 8 warning signs investors should review.

First Service Holding's earnings before interest and taxes (EBIT) for the six months ended in Dec. 2025 was HK$-85 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Dec. 2025 was HK$-32 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. First Service Holding's annualized ROC % for the quarter that ended in Dec. 2025 was 17.59%. First Service Holding's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was -437.03%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. First Service Holding's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 13.27%.


First Service Holding  (HKSE:02107) EBIT Explanation

1. EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

First Service Holding's annualized ROC % for the quarter that ended in Dec. 2025 is calculated as:

ROC % (Q: Dec. 2025 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Jun. 2025 ) + Invested Capital (Q: Dec. 2025 ))/ count )
=172.428 * ( 1 - 0% )/( (1006.381 + 954.021)/ 2 )
=172.428/980.201
=17.59 %

where

Invested Capital(Q: Jun. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=1848.116 - 515.72 - ( 741.078 - max(0, 1109.379 - 1435.394+741.078))
=1006.381

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=1743.109 - 437.333 - ( 778.43 - max(0, 1073.981 - 1425.736+778.43))
=954.021

Note: The Operating Income data used here is two times the semi-annual (Dec. 2025) data.

2. Joel Greenblatt's definition of Return on Capital:

First Service Holding's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 is calculated as:

ROC (Joel Greenblatt) %(Q: Dec. 2025 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Jun. 2025  Q: Dec. 2025
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=-170.296/( ( (41.621 + max(-530.97, 0)) + (36.312 + max(-545.126, 0)) )/ 2 )
=-170.296/( ( 41.621 + 36.312 )/ 2 )
=-170.296/38.9665
=-437.03 %

where Working Capital is:

Working Capital(Q: Jun. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(479.199 + 1.433 + 97.248) - (515.72 + 0 + 593.13)
=-530.97

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(434.793 + 1.343 + 91.778) - (437.333 + 0 + 635.707)
=-545.126

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Dec. 2025) EBIT data.

3. It is also linked to Joel Greenblatt's definition of Earnings Yield:

First Service Holding's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %=EBIT (TTM)/Enterprise Value (Q: Dec. 2025 )
=-32.439/-244.376
=13.27 %

* 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.


First Service Holding EBIT Related Terms


First Service Holding EBIT Historical Data

* Premium members only.

The historical data trend for First Service Holding's EBIT 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.

First Service Holding EBIT Chart

First Service Holding Annual Data
Trend Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
EBIT
Get a 7-Day Free Trial Premium Member Only 48.67 71.34 97.09 -11.71 -31.88

First Service Holding Semi-Annual Data
Dec17 Dec18 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
EBIT Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 36.44 65.73 -76.90 52.71 -85.15

HKSE:02107 vs CBRE, BEKE, JLL: EBIT Comparison

For the Real Estate Services subindustry, First Service Holding's EV-to-EBIT, along with its competitors' market caps and EV-to-EBIT 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.


First Service Holding EV-to-EBIT vs Real Estate Industry

For the Real Estate industry and Real Estate sector, First Service Holding's EV-to-EBIT distribution charts can be found below:

* The bar in red indicates where First Service Holding's EV-to-EBIT falls into.


HKSE:02107
61GF Score
First Service Holding Ltd HKSE:02107
EBIT is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

First Service Holding EBIT Calculation

EBIT, sometimes also called Earnings Before Interest and Taxes, is a measure of a firm's profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses. When a firm does not have non-operating income, then Operating Income is sometimes used as a synonym for EBIT and operating profit.

EBIT for the trailing twelve months (TTM) ended in Dec. 2025 adds up the semi-annually data reported by the company within the most recent 12 months, which was HK$-32 Mil.

* 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.

Frequently Asked Questions Learn more about EBIT →
What does a EBIT of HK$-32 Mil mean?
First Service Holding (HKSE:02107) has a EBIT of HK$-32 Mil as of Dec. 2025. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on First Service Holding.
Is First Service Holding's EBIT too high?
First Service Holding's current EBIT is HK$-32 Mil. Overall, First Service Holding has a GF Score™ of 61/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does First Service Holding's EBIT compare to CBRE and BEKE?
First Service Holding's EBIT of HK$-32 Mil can be compared against companies in the Real Estate industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good EBIT for a Real Estate company?
A good EBIT depends on the Real Estate industry context. However, EBIT should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high EBIT mean?
A high EBIT can signal that a stock is expensive relative to its fundamentals. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on First Service Holding. First Service Holding's current EBIT is HK$-32 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is First Service Holding stock overvalued right now?
Based on GuruFocus' analysis, First Service Holding (HKSE:02107) is currently considered Fairly Valued. The stock's GF Value™ is HK$0.40, compared to a current price of HK$0.44 — trading 8.8% above its estimated fair value. The current EBIT is HK$-32 Mil. First Service Holding's overall GF Score™ is 61/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EBIT calculated?
EBIT is calculated from a company's financial statements. For First Service Holding (HKSE:02107), the current EBIT is HK$-32 Mil as of Dec. 2025. 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 First Service Holding (HKSE:02107) Overvalued in 2026?

Based on GuruFocus' analysis, First Service Holding stock appears to be overvalued. The current stock price of HK$0.44 is trading 8.8% above its estimated GF Value™ of HK$0.40. GuruFocus considers First Service Holding to be Fairly Valued.

Key valuation signals for HKSE:02107:

  • EBIT: HK$-32 Mil
  • GF Value™: HK$0.40 vs. price of HK$0.44 (8.8% above fair value)
  • GF Score™: 61/100 with 8 warning signs

No single metric tells the full story. See the HKSE:02107 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


First Service Holding Business Description

Address No. 1 Xiangheyuan Road, Dongzhimenwai, 3rd Floor, Building 10, Wanguocheng MOMA, Dongcheng District, Beijing, CHN, 100028
First Service Holding Ltd is a provider of property management services and green living solutions that cover the full property life cycle. The company's service portfolio is segregated into two segments: First Property management services comprising of property management services, energy operation services under the service line of green living solutions and value-added services; and First Living segment provides green technology consulting service, system installation services, sale of goods, and energy operation services under the service line of green living solutions. It derives maximum revenue from First Property Management.
61GF Score

Get the complete analysis for HKSE:02107

EBIT is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

HK$0.44
Price
HK$0.40
GF Value