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Colliers International Group
(TSX:CIGI)
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Rating:60Neutral
Price Target:
C$146.00
▲(0.23% Upside)
Action:Reiterated
Date:07/31/26
The score is held back primarily by pressured financial fundamentals (notably margin compression and higher leverage) and a demanding valuation (high P/E with minimal yield). These are partly offset by a positive earnings-call outlook with reaffirmed guidance, solid segment momentum/backlog and fundraising progress, plus an articulated deleveraging plan. Technicals are mixed, with near-term stability but weaker longer-term trend relative to the 200-day average.
Positive Factors
High recurring revenue mix
A ~70% recurring earnings base materially reduces reliance on transaction-driven commissions and smooths cash flow over cycles. This durable shift improves revenue visibility, supports working-capital planning, and underpins deleveraging and reinvestment even if transaction volumes soften.
Negative Factors
Significant margin compression
A sharp fall in gross margin and a thin net margin reduce operating leverage and buffer against adverse cycles. Lower profitability constrains cash available for deleveraging, investment, or buybacks and raises sensitivity to client pricing pressure or rising input costs over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
High recurring revenue mix
A ~70% recurring earnings base materially reduces reliance on transaction-driven commissions and smooths cash flow over cycles. This durable shift improves revenue visibility, supports working-capital planning, and underpins deleveraging and reinvestment even if transaction volumes soften.
Read all positive factors
Colliers International Group (CIGI) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$6.61B
Dividend Yield0.32%
Average Volume (3M)85.94K
Price to Earnings (P/E)43.2
Beta (1Y)1.22
Revenue Growth14.17%
EPS Growth-4.41%
CountryCA
Employees23,660
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)2.12
Shares Outstanding49,778,126
10 Day Avg. Volume78,424
30 Day Avg. Volume85,943
Financial Highlights & Ratios
PEG Ratio-1.97
Price to Book (P/B)4.87
Price to Sales (P/S)1.32
P/FCF Ratio32.11
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$194.29Price Target Upside33.38% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)10.48
Revenue Forecast (FY)C$8.99B
Colliers International Group Business Overview & Revenue Model
Company Description
Colliers International Group Inc. (CIGI.TO) is a global professional services firm specializing in commercial real estate and investment management. They cater to a diverse clientele of corporate and institutional organizations across the Americas...
How the Company Makes Money
Colliers makes money primarily by earning fees for professional services tied to commercial real estate and real assets, plus management fees from its investment management business. A major revenue stream is transaction-based commissions and fees...
Colliers International Group Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Positive
The call presented strong top-line momentum and improved earnings quality across all three platforms (commercial real estate, engineering, and investment management) with notable fundraising progress, AUM growth, completed strategic acquisition (Ayesa), and a healthy engineering backlog. Near-term challenges include margin pressure in investment management due to platform-building costs, higher interest expense affecting EPS, localized outsourcing timing issues in Europe and Asia, and typical engineering seasonality. Management expects deleveraging through H2, continued fundraising acceleration, and margin recovery in 2027, leading to a positive near-to-medium-term outlook despite some short-term headwinds.Positive Updates
Strong Consolidated Revenue and Net Revenue Growth
Consolidated revenues of $1.6 billion, up 16% year-over-year; net revenues of $1.4 billion, also up 16% (presented in local currency).
Negative Updates
Investment Management Margin Pressure
Investment management net margin was 36.5%, down versus longer-term targets due to planned global platform building and integration costs; management expects margins to stabilize in the low-40% range in 2027, implying continued near-term margin drag.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Consolidated Revenue and Net Revenue Growth
Consolidated revenues of $1.6 billion, up 16% year-over-year; net revenues of $1.4 billion, also up 16% (presented in local currency).
Read all positive updates
Company Guidance
Management reaffirmed Colliers' full-year 2026 outlook and gave specific forward-looking metrics: Q3 leasing is expected up mid-single-digits and capital markets about +15% YoY; investment management margins will be pressured in H2 but are expected to stabilize in the low-40% range in 2027; engineering entered Q3 with a 12-month backlog, year-to-date internal engineering growth of 5% and net revenue up 27% in Q2; Harrison Street AUM is $110 billion with revenues +17% and asset realizations returned $1.9 billion in Q2 ($3.0 billion YTD) while fundraising was $2.2 billion in Q2 (~$3.0 billion 6M) toward a $6–$9 billion 2026 target with acceleration expected in H2; the balance sheet finished Q2 at 2.8x leverage, management expects to delever to ~2.3x by year-end (long‑term target 1.5–2.0x) and may opportunistically repurchase stock (e.g., ~$100M would buy ~2.1% of the float).Colliers International Group Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
58
Neutral
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.92B | 5.66B | 4.82B | 4.34B | 4.46B | 4.09B |
| Gross Profit | 1.96B | 1.74B | 1.92B | 1.74B | 1.71B | 1.57B |
| EBITDA | 658.07M | 654.35M | 618.49M | 509.39M | 515.56M | 24.87M |
| Net Income | 108.43M | 104.90M | 161.72M | 65.54M | 194.54M | -237.56M |
Balance Sheet | ||||||
| Total Assets | 7.94B | 6.78B | 6.10B | 5.48B | 5.10B | 3.87B |
| Cash, Cash Equivalents and Short-Term Investments | 318.42M | 318.12M | 224.83M | 204.66M | 173.66M | 396.75M |
| Total Debt | 3.31B | 2.29B | 2.06B | 2.14B | 2.10B | 1.30B |
| Total Liabilities | 5.09B | 3.96B | 3.62B | 3.56B | 4.60B | 2.75B |
| Stockholders Equity | 1.54B | 1.53B | 1.32B | 847.99M | 493.37M | 581.60M |
Cash Flow | ||||||
| Free Cash Flow | 200.10M | 232.34M | 260.92M | 81.14M | -650.00K | 231.03M |
| Operating Cash Flow | 296.49M | 312.42M | 326.01M | 165.66M | 67.03M | 288.98M |
| Investing Cash Flow | -1.01B | -385.12M | -783.10M | -133.98M | -872.84M | -49.41M |
| Financing Cash Flow | 802.88M | 143.49M | 452.21M | -7.81M | 612.92M | 18.60M |
Colliers International Group Technical Analysis
Negative
145.67
Price Trends
140.37
Negative
137.94
Negative
157.19
Negative
Market Momentum
-3.15
Positive
37.97
Neutral
14.00
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CIGI, the sentiment is Negative. The current price of 145.67 is above the 20-day moving average (MA) of 140.57, above the 50-day MA of 140.37, and below the 200-day MA of 157.19, indicating a bearish trend. The MACD of -3.15 indicates Positive momentum. The RSI at 37.97 is Neutral, neither overbought nor oversold. The STOCH value of 14.00 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:CIGI.
Colliers International Group Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | C$1.54B | 8.87 | 9.49% | 0.17% | 5.14% | -43.08% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
60 Neutral | C$6.61B | 43.22 | 7.23% | 0.32% | 14.17% | -4.41% | |
58 Neutral | C$1.56B | -74.36 | -5.13% | 1.31% | -7.33% | 54.42% | |
58 Neutral | C$1.54B | -101.94 | -16.05% | 0.28% | 10.21% | 50.83% | |
56 Neutral | C$8.73B | 39.37 | 12.00% | 0.85% | 2.20% | 13.07% | |
56 Neutral | C$110.55M | 8.17 | 8.51% | ― | -15.23% | 0.74% |
* Real Estate Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.