One-glance verdict
Within fair range
$44.81 our estimate vs market $92.23
Wall Street consensus: $139.22 (210.7% higher than our fair-value estimate)
106% above our estimate
Fundamentals snapshot
Colliers International Group Inc.
CIGI · NMS · Real Estate · Real Estate Services
Current price
$92.23
52-week range
$87.86 - $171.51
Market cap
$4.71B
Balance sheet
Stretched
4.87x Stretched
Net debt $2.98B. 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 7.8% 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 8.1% over 3 years.
What this company does
Colliers International Group Inc.
Colliers International is a global company that helps other businesses with commercial real estate, offering services from property sales and building management to engineering and investment advice. It makes most of its money from fees for these ongoing management and advisory services rather than just one-time sales commissions. This matters because it creates a stream of recurring revenue (income that comes in on a regular, predictable basis), which can help make the business more stable even when the property market has its ups and downs.
How the company got here
Colliers' roots trace back to a Canadian property management firm founded in 1898 and a separate Australian real estate company started in 1976. Through a series of mergers and acquisitions, these firms expanded globally, eventually operating under the unified Colliers brand. A key turning point was in 2015 when it separated from its former parent company, FirstService Corporation, to become a standalone publicly traded company focused on commercial real estate. Since then, Colliers has strategically acquired other companies to add new services like engineering and design, and to significantly grow its investment management business.
What it actually does
Think of Colliers as a one-stop shop for big buildings and properties that businesses use, like office towers, shopping centers, and warehouses. They help companies and investors buy, sell, lease, and manage these properties. For example, they might help a retail chain find the best locations for new stores, or manage the day-to-day operations of an office building for its owner. They also offer design and engineering services for new construction or renovations and manage real estate investment funds for large investors.
Commercial Real Estate Services
This is the company's largest and original line of business, making up the majority of its revenue. It's where Colliers helps clients with the nuts and bolts of property ownership and leasing. This includes Capital Markets services (helping clients buy and sell entire buildings or secure loans for them) and Leasing services for both landlords who own the buildings and tenants who use them. They also provide property management (handling the daily operations of a building) and valuation services (determining what a property is worth).
Investment Management
This part of the business acts like a professional money manager, but specifically for real estate. Colliers manages large pools of money for big investors, like pension funds, and uses that cash to buy properties. The goal is to generate returns (profits) for those investors through the properties' performance. Colliers earns fees for managing these investments, which provides a steady and recurring stream of revenue. This segment has grown significantly, partly through the major acquisition of a company called Harrison Street.
Engineering & Design
A newer but fast-growing part of the company, this segment offers a wide range of technical services for properties and infrastructure projects. This includes things like engineering design for buildings and bridges, project management for construction, and environmental consulting to make sure projects meet regulations. By offering these services, Colliers can be involved in the entire lifecycle of a property, from the initial design and construction to its ongoing management and eventual sale. This segment was established through key acquisitions, notably of Maser Consulting and Englobe Corporation.
What management is betting on now
Management's strategy focuses on growing the company both internally and by acquiring other firms that add new skills or expand their reach. A key priority is to increase the amount of revenue that is 'recurring'—meaning it comes from long-term contracts like property and investment management, which are more predictable than one-time sales commissions. They are also focused on expanding their higher-growth and complementary businesses, like engineering and investment management, to provide a wider range of essential services to clients throughout a property's entire life. The company also has a stated commitment to sustainability, aiming to reduce its environmental impact and promote responsible business practices.
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 $44.81 vs current price $92.23
Wall Street consensus is the average analyst price target: $139.22 (210.7% higher than our fair-value estimate).
Our most-likely fair value is $44.81 a share — about 51.4% away from today's price of $92.23, so the stock currently looks fairly priced.
Is it drowning in debt?
Stretched
Net debt $3.0B. Interest coverage 4.9x.
Net debt
$2.98B
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 $3.31B Interest coverage 4.87x This is the baseline the peer rows are being compared against.
Total debt $10.81B 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 $3.03B Interest coverage 2.12x -56% vs CIGI Carries about 2.3x less debt cushion than CIGI.
Total debt $2.27B Interest coverage 7.20x +48% vs CIGI Carries about 1.5x more debt cushion than CIGI.
Total debt $1.56B 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 7.8% 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 8.1% 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)
43.30x
Forward P/E
10.82x
P/B
3.05x
P/S
0.79x
EV/EBITDA
12.98x
PEG ratio
1.22x
Profitability
How much profit each dollar creates
Gross margin
40.0%
Operating margin
8.1%
Net margin
1.8%
ROE
7.8%
ROA
3.7%
Health
Liquidity and balance-sheet strength
Debt / equity
1.16x
Current ratio
1.19x
Quick ratio
1.01x
Total debt
$3.31B
Total cash
$335.22M
Growth
How the business has been compounding
Revenue TTM
$19.18B
Revenue 5Y CAGR
18.8%
EPS TTM
2.13
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
14.2%
Last ex-div date
2026-06-30