FSV (FirstService) Scaled Net Operating Assets: 0.72 (As of Mar. 2026)


FSV FirstService Corp FSV
87 GF Score
Price $135.69
GF Value $193.55
Valuation Significantly Undervalued
! 3 Warning Signs
View Full Analysis

What is FirstService Scaled Net Operating Assets?

FirstService FSV +2.20% 87 Scaled Net Operating Assets is 0.72 as of Mar. 2026. GuruFocus rates FSV with a GF Score™ of 87/100 and a GF Value™ of $193.55 (Significantly Undervalued). The stock has 3 warning signs investors should review.

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

FirstService's operating assets for the quarter that ended in Mar. 2026 was $4,101 Mil. FirstService's operating liabilities for the quarter that ended in Mar. 2026 was $1,020 Mil. FirstService's Total Assets for the quarter that ended in Dec. 2025 was $4,284 Mil. Therefore, FirstService's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was 0.72.

FirstService Scaled Net Operating Assets Historical Data

* Premium members only.

The historical data trend for FirstService's Scaled Net Operating Assets 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 Scaled Net Operating Assets Chart

FirstService Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Scaled Net Operating Assets
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.76 0.78 0.93 0.82 0.74

FirstService Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Scaled Net Operating Assets 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 0.72 0.72 0.71 0.71 0.72

FSV vs CBRE, BEKE: Scaled Net Operating Assets Comparison

For the Real Estate Services subindustry, FirstService's Scaled Net Operating Assets, along with its competitors' market caps and Scaled Net Operating Assets 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 Scaled Net Operating Assets vs Real Estate Industry

For the Real Estate industry and Real Estate sector, FirstService's Scaled Net Operating Assets distribution charts can be found below:

* The bar in red indicates where FirstService's Scaled Net Operating Assets falls into.


FSV
87GF Score
FirstService Corp FSV
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

FirstService Scaled Net Operating Assets Calculation

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

FirstService's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Dec. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Dec. 2025 )
=(Operating Assets (A: Dec. 2025 )-Operating Liabilities (A: Dec. 2025 ))/Total Assets (A: Dec. 2024 )
=(4129.288-1037.141)/4194.852
=0.74

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=4283.713 - 154.425
=4129.288

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=2421.523 - 1311.62 - 72.762
=1037.141

FirstService's Scaled Net Operating Assets (SNOA) for the quarter that ended in Mar. 2026 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Mar. 2026 )
=(Operating Assets (Q: Mar. 2026 )-Operating Liabilities (Q: Mar. 2026 ))/Total Assets (Q: Dec. 2025 )
=(4101.092-1019.634)/4283.713
=0.72

where

Operating Assets(Q: Mar. 2026 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=4292.511 - 191.419
=4101.092

Operating Liabilities(Q: Mar. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=2385.943 - 1293.471 - 72.838
=1019.634

* 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.

What does a Scaled Net Operating Assets of 0.72 mean?
FirstService (FSV) has a Scaled Net Operating Assets of 0.72 as of Mar. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on FirstService and its competitors.
Is FirstService's Scaled Net Operating Assets too high?
FirstService's current Scaled Net Operating Assets is 0.72. Overall, FirstService has a GF Score™ of 87/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does FirstService's Scaled Net Operating Assets compare to CBRE and BEKE?
FirstService's Scaled Net Operating Assets of 0.72 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 Scaled Net Operating Assets for a Real Estate company?
A good Scaled Net Operating Assets depends on the Real Estate industry context. However, Scaled Net Operating Assets 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 Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on FirstService and its competitors. FirstService's current Scaled Net Operating Assets is 0.72. 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 (FSV) is currently considered Significantly Undervalued. The stock's GF Value™ is $193.55, compared to a current price of $135.69 — trading 29.9% below its estimated fair value. The current Scaled Net Operating Assets is 0.72. FirstService's overall GF Score™ is 87/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For FirstService (FSV), the current Scaled Net Operating Assets is 0.72 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 (FSV) Overvalued in 2026?

Based on GuruFocus' analysis, FirstService stock appears to be undervalued. The current stock price of $135.69 is trading 29.9% below its estimated GF Value™ of $193.55. GuruFocus considers FirstService to be Significantly Undervalued.

Key valuation signals for FSV:

  • Scaled Net Operating Assets: 0.72
  • GF Value™: $193.55 vs. price of $135.69 (29.9% below fair value)
  • GF Score™: 87/100 with 3 warning signs

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

FirstService Business Description

Other Exchanges 1GIA:GermanyFSV:Canada
Address 1255 Bay Street, Suite 600, Toronto, ON, CAN, M5R 2A9
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.
87GF Score

Get the complete analysis for FSV

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

$135.69
Price
$193.55
GF Value