FirstService dividend: history and coverage
MyStockButler's October 2026 analysis: FirstService's current USD 1.22 annualized dividend rose from USD 0.73 in 2021 to USD 1.10 in 2025. Its 2025 conventional free cash flow was US$318,236 thousand after capital spending, covering the dividend before other claims on cash.
How much does FirstService pay per share?
Dividends rise with earnings but remain conservative. Base dividends per share increase from USD 1.31 to USD 1.584. The bear freezes the rate at USD 1.22, while the bull reaches USD 1.674. The base follows roughly 10% annual increases, consistent with the long record of increases from USD 0.73 in 2021 to USD 1.10 in 2025 and the current USD 1.22 annualized rate. The bear assumes leverage and acquisition spending prevent another increase; the bull assumes stronger cash earnings support 12% growth.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| EPS, diluted | 3.17 | 2.97 | 2.24 | 2.72 | 3.05 |
| − Dividends paid, per share | 1.07 | 0.97 | 0.87 | 0.78 | 0.70 |
| Stock pay per share | 0.60 | 0.56 | 0.48 | 0.41 | 0.33 |
What this means. Stock pay per share is not cash paid to employees; it is the value of shares given to them, which can make each existing share represent a smaller piece of the company.
Is FirstService's dividend covered by its cash?
Operating cash flow was US$445,941 thousand in 2025, up from US$285,674 thousand in 2024. After capital spending, conventional free cash flow was US$318,236 thousand. After treating stock compensation as an economic cost, it was US$290,849 thousand.
Operating cash is not automatically distributable cash. In 2025, US$445.941 million of operating cash flow fell to US$318.236 million after fixed-asset purchases, before acquisition spending and other claims. Acquisitions used another US$107.162 million. The small dividend yield therefore reinforces the main point: the investment case rests mainly on future earnings and cash generation.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| − Dividends paid | 48,886 | 43,828 | 39,055 | 34,884 | 31,207 |
| − Share buybacks | 0 | 0 | 0 | 0 | 0 |
| − Acquisitions | 107,162 | 212,246 | 547,182 | 51,994 | 163,221 |
| Paid to shareholders | 48,886 | 43,828 | 39,055 | 34,884 | 31,207 |
What this means. Net debt is not money the company spent; it is what it owes minus the cash it has, so a lower number usually means less debt risk.
What could change FirstService's dividend?
The forecast would move toward the bear case if roofing pressure and weather-sensitive restoration weaken Brands through October 2027–October 2028, or if acquired revenue continues to conceal poor organic growth through 2029. Higher debt after repurchases would reinforce that shift by limiting acquisitions and compressing the multiple.
What is FirstService's dividend yield today against its price?
At C$206.06 on October 23, 2026, the shares trade at 44.8 times last-twelve-month earnings. The price-to-earnings ratio, or P/E, says how much investors pay for each dollar of annual profit attributable to a share. A high P/E can be justified by growth, but only if that growth eventually reaches shareholders.
| Today (Oct 23, 2026) | |
|---|---|
| Share price | 206.06 |
| P/E, last 12 months (calculated) | 44.8x |
| Dividend yield (calculated) | 0.8% |
What this means. The market value uses the number of shares counted on August 12, while the share price is from October 23, so it may not exactly show what the company is worth today.