CIGI

Colliers is a global commercial real estate services and investment-management firm, and FY2025 showed the franchise re-accelerating: revenue grew 15.3% to $5.56B, the fastest growth in the visible history (up from $4.09B in FY2021), as transactional brokerage recovered and the higher-margin, recurring investment-management and outsourcing/advisory businesses scaled. Operating income was $371M and the company generated $330M of operating cash flow with a healthy 14.6% return on equity. Net income was roughly flat at $225M (-5.2%).

The headline valuation is misleading. Diluted EPS of $2.02 (down 37.3% even as net income barely fell) and the resulting 45.2x P/E are distorted by Colliers' structure: heavy acquisition-driven amortization and depreciation ($256M, +15.5%), substantial non-controlling interests, and convertible/long-term-incentive arrangements all weigh on GAAP per-share earnings. The 0.5x price/sales and the strong cash flow are more telling — Colliers is conventionally valued on adjusted EBITDA, and on that basis the business is far from the 45x the GAAP P/E implies. (Note: the filing narrative attached to this data is from a stale 2003 report describing the predecessor company and is not relevant to today's Colliers; this analysis relies solely on the FY2025 figures.)