One-glance verdict
Within fair range
$54.66 our estimate vs market $94.81
Wall Street consensus: $135.00 (147.0% higher than our fair-value estimate)
73% above our estimate
Fundamentals snapshot
Colliers International Group Inc.
CIGI · NMS · Real Estate · Real Estate Services
Current price
$94.81
52-week range
$83.21 - $153.87
Market cap
$4.85B
Balance sheet
Stretched
4.87x Stretched
Net debt $2.91B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Revenue grew 15.3% last year.
- Reward Returns 7.0% on equity, ahead of 16% of its peers.
- Risk Net debt grew 6.7% over 3 years.
- Risk Operating margin compressed from 9.8% to 7.5% over 3 years.
What this company does
Colliers International Group Inc.
Colliers International helps businesses and investors buy, sell, and manage commercial properties and related services like engineering and project management. Their main income comes from these deals and ongoing service contracts, which is important because it shows how much money is left after paying for the business to run.
How the company got here
Colliers International Group Inc. traces its roots back to 1972, evolving from a smaller real estate firm into a global powerhouse. A key turning point was its strategic expansion beyond traditional brokerage services to encompass a wider array of real estate solutions. This growth was fueled by both organic development and acquisitions, allowing Colliers to build a comprehensive service offering. The company's journey reflects a deliberate strategy to become a full-service partner for clients navigating the complexities of the commercial real estate world.
What it actually does
Colliers acts as a professional services firm focused on the commercial real estate sector. Think of them as expert advisors and service providers for businesses that own, lease, or invest in properties like office buildings, shopping centers, and industrial warehouses. They help clients buy, sell, manage, and finance these properties, offering a wide range of expertise to make real estate transactions and operations smoother and more profitable. Their services are crucial for companies looking to optimize their real estate portfolios and make informed decisions.
Capital Markets & Investment Services
This part of Colliers is like a high-end real estate matchmaking service for big deals. They help clients buy and sell large commercial properties, acting as intermediaries to connect sellers with buyers. They also assist in securing debt financing (loans) for these properties, essentially helping clients borrow money to purchase or develop real estate. Landlord and tenant representation means they help property owners find tenants and help businesses find suitable spaces to lease. This segment is a significant revenue generator, focusing on the financial and transactional aspects of commercial real estate.
Real Estate Management Services
This segment focuses on the day-to-day operations and long-term management of commercial properties. Colliers provides services like building operations and maintenance, ensuring properties are well-kept and functional. They also handle lease administration (keeping track of tenant agreements), property accounting, and financial reporting for owners. Essentially, they act as the property manager for large real estate portfolios, aiming to maximize the value and efficiency of the assets for their clients. This is a recurring revenue business, as management contracts are typically long-term.
Engineering and Design Services
Colliers offers specialized engineering and design expertise for various assets, including bridges, highways, and water systems. This involves the planning, designing, and project management of construction projects, ensuring they are built to specifications and meet regulatory requirements. They also provide environmental consulting services, such as assessing air and water quality and managing site remediation. This segment caters to clients undertaking complex infrastructure and development projects, requiring technical and environmental know-how.
What management is betting on now
Colliers is strategically focusing on expanding its service offerings and geographic reach to capture more of the global commercial real estate market. They are investing in technology and data analytics to provide clients with more sophisticated insights and solutions. A key priority is growing their recurring revenue streams, such as property management and investment management, which offer more predictable income compared to transactional brokerage. Management believes that by offering a comprehensive suite of services and leveraging data, they can become the go-to partner for clients worldwide.
Price history
How the share price has moved
—
Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$260.92M
FY2025 Q4
$251.44M
Revenue
$5.56B
Net income
—
Diluted EPS
2.02
Operating cash flow
$330.14M
Free cash flow
$251.44M
Fetching…
Sources
Revenue
$4.82B
Net income
—
Diluted EPS
3.22
Operating cash flow
$326.01M
Free cash flow
$260.92M
Fetching…
Sources
Is it cheap or expensive?
Fair value $54.66 vs current price $94.81
Wall Street consensus is the average analyst price target: $135.00 (147.0% higher than our fair-value estimate).
Our most-likely fair value is $54.66 a share — about 42.3% away from today's price of $94.81, so the stock currently looks fairly priced.
Is it drowning in debt?
Stretched
Net debt $2.9B. Interest coverage 4.9x.
Net debt
$2.91B
Interest coverage
4.87x
Colliers International Group Inc.'s profit covers its interest bill about 4.9 times over. which is stronger than most peers shown here.
Stretched
Worse cushion
Baseline
Better cushion
CIGI
BASELINE
Colliers International Group Inc.
Total debt $3.15B Interest coverage 4.87x This is the baseline the peer rows are being compared against.
Total debt $10.68B Interest coverage 25.70x +427% vs CIGI Carries about 5.3x more debt cushion than CIGI.
Total debt $3.22B Interest coverage 10.93x +124% vs CIGI Carries about 2.2x more debt cushion than CIGI.
Total debt $2.98B Interest coverage 2.12x -56% vs CIGI Carries about 2.3x less debt cushion than CIGI.
Total debt $2.61B Interest coverage 7.20x +48% vs CIGI Carries about 1.5x more debt cushion than CIGI.
Total debt $1.86B Interest coverage 4.75x -3% vs CIGI Has roughly the same debt cushion as CIGI.
What you should know
The case for and against CIGI
3 Rewards
2 Risks
Rewards
-
Revenue grew 15.3% last year.
-
Returns 7.0% on equity, ahead of 16% of its peers.
-
Free cash flow was positive in 9/10 years.
Risks
-
Net debt grew 6.7% over 3 years.
-
Operating margin compressed from 9.8% to 7.5% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
66.77x
Forward P/E
11.67x
P/B
3.11x
P/S
0.79x
EV/EBITDA
12.51x
PEG ratio
1.22x
Profitability
How much profit each dollar creates
Gross margin
39.9%
Operating margin
7.5%
Net margin
1.2%
ROE
7.0%
ROA
3.7%
Health
Liquidity and balance-sheet strength
Debt / equity
1.09x
Current ratio
1.18x
Quick ratio
0.80x
Total debt
$3.15B
Total cash
$239.26M
Growth
How the business has been compounding
Revenue TTM
$19.18B
Revenue 5Y CAGR
18.8%
EPS TTM
1.42
EPS 5Y CAGR
24.4%
Cash flow
How much cash the business throws off
Operating CF TTM
$888.84M
Free CF TTM
$251.44M
FCF margin
1.3%
Dividend
Shareholder payout
Yield
0.3%
Payout ratio
21.1%
Last ex-div date
2026-06-30