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FirstService (FRA:1GIA) Piotroski F-Score : 7 (As of Mar. 15, 2025)


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What is FirstService Piotroski F-Score?

Good Sign:

Piotroski F-Score is 7, indicates a very healthy situation.

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

FirstService has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for FirstService's Piotroski F-Score or its related term are showing as below:

FRA:1GIA' s Piotroski F-Score Range Over the Past 10 Years
Min: 5   Med: 6   Max: 7
Current: 7

During the past 13 years, the highest Piotroski F-Score of FirstService was 7. The lowest was 5. And the median was 6.


FirstService Piotroski F-Score Historical Data

The historical data trend for FirstService's Piotroski F-Score 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.

* Premium members only.

FirstService Piotroski F-Score Chart

FirstService Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 6.00 6.00 5.00 6.00 7.00

FirstService Quarterly Data
Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24
Piotroski F-Score 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 5.00 4.00 4.00 7.00

Competitive Comparison of FirstService's Piotroski F-Score

For the Real Estate Services subindustry, FirstService's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score 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's Piotroski F-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, FirstService's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where FirstService's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* 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.

This Year (Dec24) TTM:Last Year (Dec23) TTM:
Net Income was 5.803 + 32.569 + 54.54 + 31.015 = €124 Mil.
Cash Flow from Operations was -8.096 + 121.461 + 69.387 + 82.817 = €266 Mil.
Revenue was 1065.401 + 1205.339 + 1257.833 + 1303.908 = €4,832 Mil.
Gross Profit was 339.911 + 404.111 + 413.981 + 433.559 = €1,592 Mil.
Average Total Assets from the begining of this year (Dec23)
to the end of this year (Dec24) was
(3324.806 + 3352.627 + 3758.906 + 3709.925 + 4006.084) / 5 = €3630.4696 Mil.
Total Assets at the begining of this year (Dec23) was €3,325 Mil.
Long-Term Debt & Capital Lease Obligation was €1,405 Mil.
Total Current Assets was €1,489 Mil.
Total Current Liabilities was €812 Mil.
Net Income was 15.054 + 41.867 + 30.594 + 5.742 = €93 Mil.

Revenue was 951.228 + 1033.514 + 1046.731 + 989.681 = €4,021 Mil.
Gross Profit was 297.181 + 337.33 + 337.833 + 314.843 = €1,287 Mil.
Average Total Assets from the begining of last year (Dec22)
to the end of last year (Dec23) was
(2619.141 + 2761.668 + 2818.793 + 2858.525 + 3324.806) / 5 = €2876.5866 Mil.
Total Assets at the begining of last year (Dec22) was €2,619 Mil.
Long-Term Debt & Capital Lease Obligation was €1,219 Mil.
Total Current Assets was €1,248 Mil.
Total Current Liabilities was €707 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

FirstService's current Net Income (TTM) was 124. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

FirstService's current Cash Flow from Operations (TTM) was 266. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Dec23)
=123.927/3324.806
=0.03727345

ROA (Last Year)=Net Income/Total Assets (Dec22)
=93.257/2619.141
=0.03560595

FirstService's return on assets of this year was 0.03727345. FirstService's return on assets of last year was 0.03560595. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

FirstService's current Net Income (TTM) was 124. FirstService's current Cash Flow from Operations (TTM) was 266. ==> 266 > 124 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Dec24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec23 to Dec24
=1405.346/3630.4696
=0.38709758

Gearing (Last Year: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=1218.599/2876.5866
=0.42362674

FirstService's gearing of this year was 0.38709758. FirstService's gearing of last year was 0.42362674. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Dec24)=Total Current Assets/Total Current Liabilities
=1489.182/812.482
=1.83287999

Current Ratio (Last Year: Dec23)=Total Current Assets/Total Current Liabilities
=1248.039/706.8
=1.76575976

FirstService's current ratio of this year was 1.83287999. FirstService's current ratio of last year was 1.76575976. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

FirstService's number of shares in issue this year was 45.631. FirstService's number of shares in issue last year was 44.864. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=1591.562/4832.481
=0.32934677

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1287.187/4021.154
=0.32010388

FirstService's gross margin of this year was 0.32934677. FirstService's gross margin of last year was 0.32010388. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec23)
=4832.481/3324.806
=1.45346255

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec22)
=4021.154/2619.141
=1.53529497

FirstService's asset turnover of this year was 1.45346255. FirstService's asset turnover of last year was 1.53529497. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+1+1+1+0+1+0
=7

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

FirstService has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

FirstService  (FRA:1GIA) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


FirstService Piotroski F-Score Related Terms

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FirstService Business Description

Traded in Other Exchanges
Address
1255 Bay Street, Suite 600, Toronto, ON, CAN, M5R 2A9
FirstService Corp operates in two business divisions: FirstService Residential and FirstService Brands. FirstService Residential has service contracts to manage thousands of residential communities, including high-, medium-, and low-rise condominiums and co-operatives. FirstService Brands generates most of the company's revenue and provides property services to residential and commercial customers through the following brands: California Closets; Paul Davis Restoration; CertPro Painters; Pillar to Post; Floor Coverings International; College Pro Painters; and Service America. The company earns the majority of its revenue in the United States, with the remaining revenue generated in Canada.

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