FirstService (TSX:FSV) Beneish M-Score: -2.91 (As of Jun. 27, 2026)

What is FirstService Beneish M-Score?

FirstService TSX:FSV +3.43% 82 Beneish M-Score is -2.91 as of Jun. 27, 2026. GuruFocus rates TSX:FSV with a GF Score™ of 82/100 and a GF Value™ of C$275.41 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 1,682 Real Estate companies, FirstService ranks better than 81.75% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.91 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSX:FSV' s Beneish M-Score Range Over the Past 10 Years
Min: -2.91 Med: -2.58 Max: -2.09
Current: -2.91

During the past 13 years, the highest Beneish M-Score of FirstService was -2.09. The lowest was -2.91. And the median was -2.58.

FirstService Beneish M-Score Related Terms

FirstService Beneish M-Score Historical Data

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The historical data trend for FirstService's Beneish M-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.

FirstService Beneish M-Score Chart

FirstService Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.27

-2.24

-2.45

-2.49

-2.82

FirstService Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.52	-2.64	-2.69	-2.82	-2.91

TSX:FSV vs CBRE, BEKE: Beneish M-Score Comparison

For the Real Estate Services subindustry, FirstService's Beneish M-Score, along with its competitors' market caps and Beneish M-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 Beneish M-Score vs Real Estate Industry

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

* The bar in red indicates where FirstService's Beneish M-Score falls into.

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82GF Score

FirstService Corp TSX:FSV

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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FirstService Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of FirstService for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.8681

0.528 * 0.9862

0.404 * 1.014

0.892 * 1.0328

0.115 * 0.979

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0154

4.679 * -0.077568

0.327 * 0.9125

-2.91

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was C$1,231 Mil.
Revenue was 1807.043 + 1908.367 + 2002.561 + 1935.024 = C$7,653 Mil.
Gross Profit was 590.857 + 647.377 + 673.916 + 656.609 = C$2,569 Mil.
Total Current Assets was C$2,071 Mil.
Total Assets was C$5,889 Mil.
Property, Plant and Equipment(Net PPE) was C$780 Mil.
Depreciation, Depletion and Amortization(DDA) was C$260 Mil.
Selling, General, & Admin. Expense(SGA) was C$1,831 Mil.
Total Current Liabilities was C$1,189 Mil.
Long-Term Debt & Capital Lease Obligation was C$1,775 Mil.
Net Income was 27.425 + 53.77 + 79.086 + 63.007 = C$223 Mil.
Non Operating Income was -0.709 + 4.952 + 7.246 + -9.111 = C$2 Mil.
Cash Flow from Operations was 121.038 + 159.325 + 174.809 + 222.562 = C$678 Mil.

Total Receivables was C$1,373 Mil.
Revenue was 1795.686 + 1945.213 + 1891.077 + 1778.168 = C$7,410 Mil.
Gross Profit was 587.674 + 646.797 + 622.395 + 596.162 = C$2,453 Mil.
Total Current Assets was C$2,242 Mil.
Total Assets was C$6,079 Mil.
Property, Plant and Equipment(Net PPE) was C$744 Mil.
Depreciation, Depletion and Amortization(DDA) was C$241 Mil.
Selling, General, & Admin. Expense(SGA) was C$1,746 Mil.
Total Current Liabilities was C$1,157 Mil.
Long-Term Debt & Capital Lease Obligation was C$2,196 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(1231.345 / 7652.995)	/	(1373.482 / 7410.144)
	=	0.160897	/	0.185352
	=	0.8681

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(2453.028 / 7410.144)	/	(2568.759 / 7652.995)
	=	0.331036	/	0.335654
	=	0.9862

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (2071.317 + 779.89) / 5889.325)	/	(1 - (2242.129 + 744.498) / 6079.406)
	=	0.515869	/	0.50873
	=	1.014

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	7652.995	/	7410.144
	=	1.0328

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(241.411 / (241.411 + 744.498))	/	(260.105 / (260.105 + 779.89))
	=	0.244861	/	0.250102
	=	0.979

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(1831.412 / 7652.995)	/	(1746.45 / 7410.144)
	=	0.239307	/	0.235684
	=	1.0154

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((1774.642 + 1189.025) / 5889.325)	/	((2195.858 + 1156.673) / 6079.406)
	=	0.503227	/	0.551457
	=	0.9125

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(223.288 - 2.378	-	677.734)	/	5889.325
	=	-0.077568

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

FirstService has a M-score of -2.91 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.91 mean?

FirstService (TSX:FSV) has a Beneish M-Score of -2.91 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on FirstService and its competitors. According to the industry distribution chart, FirstService ranks #307 out of 1682 companies in the Real Estate industry, placing it in the top 18.3%.

Is FirstService's Beneish M-Score too high?

FirstService's current Beneish M-Score is -2.91. Based on the distribution chart, FirstService ranks #307 out of 1682 companies in the Real Estate industry, which is in the top quartile — a strong position relative to peers. Overall, FirstService has a GF Score™ of 82/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does FirstService's Beneish M-Score compare to CBRE and BEKE?

According to the Real Estate industry distribution chart, FirstService ranks #307 out of 1682 companies for Beneish M-Score. This places FirstService in the top 18% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a Real Estate company?

A good Beneish M-Score depends on the Real Estate industry context. However, Beneish M-Score 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 Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on FirstService and its competitors. FirstService's current Beneish M-Score is -2.91. 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$275.41, compared to a current price of C$199.77 — trading 27.5% below its estimated fair value. The current Beneish M-Score is -2.91. FirstService's overall GF Score™ is 82/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For FirstService (TSX:FSV), the current Beneish M-Score is -2.91 as of Jun. 27, 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$199.77 is trading 27.5% below its estimated GF Value™ of C$275.41. GuruFocus considers FirstService to be Modestly Undervalued.

Key valuation signals for TSX:FSV:

Beneish M-Score: -2.91
GF Value™: C$275.41 vs. price of C$199.77 (27.5% below fair value)
GF Score™: 82/100 with 3 warning signs

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 Business Description

Industry Real Estate Real Estate

Comparable Companies TSX:CIGI TSX:SVI TSX:MEQ TSX:AIF TSX:REAL TSX:MPC TSXV:HMT TSX:BRE TSXV:PKT TSX:IVQ.U STC:VIC CBRE ISX:DCII XMAD:CLNX TSE:8830 XTER:VNA XTAE:AZRG BEKE HKSE:01972 ADX:MODON

Other Exchanges FSV:USA 1GIA:Germany

Address 1255 Bay Street, Suite 600, Toronto, ON, CAN, M5R 2A9

Website https://www.firstservice.com

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.

82GF Score

Get the complete analysis for TSX:FSV

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

C$199.77

Price

C$275.41

GF Value

View TSX:FSV Analysis

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