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The figures below come from Colliers International Group Inc.’s fiscal 2025 reporting and its Annual Information Form dated February 20, 2026. They are dated disclosures, not a valuation, price target or buy/sell recommendation.
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What Colliers does—and why the business mix matters
Colliers is an Ontario-incorporated professional-services company with three reportable platforms. That diversification can reduce dependence on one fee stream, but it does not remove exposure to economic conditions, real-estate investment, client budgets or the availability of institutional capital.
| Platform | Activities disclosed by Colliers | Main risk channel |
|---|---|---|
| Commercial Real Estate | Transaction advisory, Capital Markets, Leasing, valuation, debt finance, property management, loan servicing and outsourcing | Transactions, financing and leasing are cyclical; property-management and outsourcing work is more recurring but still depends on client demand, property conditions and service execution. |
| Engineering | Multidisciplinary consulting and project management | Revenue depends on project awards, execution, public and private built-environment spending, staffing and the timing of work. |
| Investment Management | Asset-management operations conducted through Harrison Street Asset Management | Fees depend on assets under management, fee-paying assets, fundraising, client commitments, market values and investment performance. |
Commercial Real Estate is therefore not a single business either. Capital Markets and Leasing can react quickly to interest rates, credit availability and investor confidence, while property management, loan servicing and outsourcing may provide steadier contracts. Engineering and Investment Management add different revenue drivers, but both require skilled employees, successful execution and continued client or investor activity.
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Management’s descriptions of diversification or resilience should be treated as operating claims, not as protection from the risks in the company’s regulatory filings.
Is Colliers stock exposed to a commercial real-estate downturn?
Yes. The most direct exposure runs through transaction volume, but the effects can spread through property values, vacancy, financing, leasing, client budgets and the value of assets managed for investors.
Interest rates and credit availability
Colliers identifies rising interest rates, economic, fiscal or political uncertainty, market volatility and disruptions in global capital or credit markets as factors that can hurt operations. Higher borrowing costs can make acquisitions and development projects uneconomic, reduce the number of buyers able to bid, and delay refinancing or asset sales. Tighter credit can reduce demand for Capital Markets services and lower the number of transactions on which advisory fees are earned.
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Property values, capitalization rates and liquidity
Commercial property values can fall when capitalization rates rise, rents weaken or investors demand a larger risk premium. Lower values can reduce transaction consideration and therefore fee pools. They can also make owners reluctant to sell, producing fewer assignments even if potential buyers are interested.
Illiquidity creates a separate problem: a property may have a theoretical value but no willing buyer at that value. Longer marketing periods, wider bid-ask spreads and renegotiated contracts can delay closings or reduce fees. Colliers’ results disclosures specifically identify commercial real-estate and real-asset values, vacancy, liquidity, pricing and capitalization-rate changes as risks.
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Leasing and occupancy
Economic uncertainty can reduce leasing volumes, lengthen decision cycles and change lease terms. Tenants may shrink their footprints, delay relocations or negotiate more concessions. Landlords facing vacancies may defer capital projects or seek lower-cost service arrangements. These conditions can affect Leasing revenue and the demand for related advisory, valuation and property services.
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Property management, loan servicing, outsourcing and some advisory mandates can be contract-based, but their economics still depend on client solvency, property activity and renewal decisions. A client under financial pressure may rebid a service contract, reduce its scope or delay payment. Engineering projects can be postponed when developers or public agencies cut capital spending. Investment-management fees can change when asset values or mandates decline.
- Ask whether revenue is tied to completed transactions, signed contracts, assets under management or reimbursable project work.
- Check whether a downturn could reduce volumes, prices, margins or all three at once.
- Look for changes in backlog, cancellations, client concentration and days sales outstanding in later filings.
- Separate a temporary delay in closing from a permanently lost assignment.
How much of Colliers’ growth is organic?
Reported growth includes a substantial acquisition contribution. For the fiscal year ended December 31, 2025, Colliers reported revenue of $5.56 billion, up 15% year over year. Its management discussion and analysis attributed 10 percentage points of local-currency revenue growth to acquisitions and reported 5% internally generated revenue growth.
| Fiscal 2025 measure | Reported result | Comparison or explanation |
|---|---|---|
| Revenue | $5.56 billion | 15% year-over-year growth; management said acquisitions contributed 10 percentage points of local-currency growth. |
| Internally generated revenue growth | 5% | Management’s local-currency measure of growth generated by the existing business, separate from the stated acquisition contribution. |
| GAAP diluted EPS | $2.02 | Down from $3.22 in 2024. |
| Adjusted EPS | $6.58 | Up from $5.75 in 2024; this is a non-GAAP measure. |
Those figures do not mean that 10% of revenue itself came from acquisitions, nor that 5% organic growth will recur. They describe management’s attribution of local-currency growth. Investors should reconcile the acquired businesses’ revenue, operating profit, cash conversion and financing costs with the figures for the pre-existing operations.
Acquisition accounting can widen the gap between GAAP and adjusted results
Colliers said higher amortization associated with acquired intangible assets and higher interest on acquisition financing weighed on GAAP earnings in 2025. The prior-year comparison also benefited from a reversal of contingent acquisition consideration. These items help explain why GAAP diluted EPS fell to $2.02 while Adjusted EPS rose to $6.58.
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Adjusted EBITDA and Adjusted EPS can be useful for comparing operating trends, but they are company-defined non-GAAP measures. They are not interchangeable with net income, GAAP EPS or cash flow. Before relying on an adjusted result, review the reconciliation for amortization, acquisition costs, integration expenses, restructuring, contingent consideration and other exclusions. Then compare the adjusted figure with cash generated after capital expenditures, working-capital needs, interest and taxes.
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Ayesa and the risk of scaling through acquisitions
In February 2026, Colliers disclosed an agreement to acquire Ayesa Engineering for approximately $700 million, subject to customary closing conditions. The company expected a second-quarter 2026 closing and included the anticipated contribution in its February outlook. That filing does not establish that the transaction ultimately closed or that its integration met expectations.
A transaction of that size creates several tests:
- Purchase price: the acquired earnings must justify the consideration after financing costs and required investment.
- Funding: cash and revolver borrowings increase the cost and risk of the transaction if earnings weaken or interest rates rise.
- Integration: systems, reporting, contracts, cultures and cross-selling plans must be combined without losing clients or key employees.
- Accounting: acquired customer relationships, technology and other intangibles may create amortization; goodwill may require an impairment charge if expected performance deteriorates.
- Working capital and liabilities: acquired debt, claims, guarantees, pension obligations or working-capital needs can consume cash beyond the headline purchase price.
- Returns: revenue growth is not enough if margins, cash conversion or retention fall short of the assumptions used to approve the deal.
Recent acquisitions also expanded Engineering, Canadian outsourcing and Investment Management. A shareholder should therefore track growth by segment and by acquisition cohort rather than treating all consolidated revenue growth as internally generated.
How much debt does Colliers have?
As of December 31, 2025, Colliers reported $1.43 billion of net indebtedness. Net debt to pro forma Adjusted EBITDA was 2.0 times, compared with a 3.5-times maximum covenant ratio. The company reported $1.16 billion of unused revolving credit, said it was complying with its covenants and amended the revolving facility to a new five-year term maturing February 19, 2031.
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| Measure | Company-reported figure | How to interpret it |
|---|---|---|
| Net indebtedness | $1.43 billion | Point-in-time debt less cash at December 31, 2025; it can change with acquisitions, cash generation, distributions and foreign exchange. |
| Net debt / pro forma Adjusted EBITDA | 2.0x | Company-defined covenant leverage measure at December 31, 2025. |
| Maximum covenant ratio | 3.5x | Contractual ceiling under the applicable debt agreement, not a target or guarantee of economic safety. |
| Unused revolving credit | $1.16 billion | Reported availability at that date, subject to borrowing conditions, lender commitments and future draws. |
| Revolver maturity | February 19, 2031 | Term of the amended five-year facility disclosed by the company. |
Covenant headroom is not the same as financial flexibility
A 2.0-times covenant ratio below a 3.5-times limit indicates reported compliance at the measurement date. It does not guarantee that the company can fund every acquisition, dividend, buyback or investment plan while maintaining that cushion. EBITDA can decline, debt can rise and foreign-currency movements can change both sides of the ratio.
Colliers said it used cash and borrowing for 2025 acquisitions and expected to use cash and revolver borrowings for future acquisitions, including Ayesa. Each draw increases interest expense and leaves less capacity for a downturn. A lender’s contractual availability may also differ from the amount management considers prudent to borrow.
Questions to ask about debt service
- How much of interest expense is fixed versus floating, and how quickly would higher rates flow through?
- What portion of available cash is required for payroll, claims, technology, capital expenditures and working capital?
- Would a lower EBITDA denominator cause leverage to rise even without additional borrowing?
- Are acquisitions being funded before their earnings are fully integrated?
- What covenant definitions exclude or adjust items that a shareholder would still regard as cash costs?
What could go wrong in Investment Management?
For 2025, Colliers reported Investment Management revenue of $532.3 million and Adjusted EBITDA of $214.8 million, down 1%. Year-end total assets under management were $108.2 billion, including $54.2 billion of fee-paying AUM.
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| Investment Management measure | 2025 figure | Why the distinction matters |
|---|---|---|
| Revenue | $532.3 million | Reported segment revenue for 2025. |
| Adjusted EBITDA | $214.8 million | Company-defined non-GAAP measure; down 1% in 2025. |
| Total AUM | $108.2 billion | Headline assets managed; not all assets necessarily generate fees for Colliers. |
| Fee-paying AUM | $54.2 billion | The more relevant base for recurring management fees, subject to fee schedules and mandates. |
Total AUM should not be treated as revenue-producing capital. Fee-paying AUM is less than half of the reported total in the figures above, and fee rates can differ by product. Perpetual funds may have fees that move with market values. A market decline can therefore reduce fee revenue even if clients do not redeem.
Fundraising and performance are linked
Colliers’ Annual Information Form says capital raising and fee structures depend on satisfactory investment performance. Weak returns can make it harder to raise new funds, retain mandates or negotiate attractive fees. Fundraising can also be lumpy: a delayed institutional commitment may affect a period’s revenue without indicating a permanent loss of franchise value.
Performance risk extends beyond market direction. Concentration in a strategy, asset class or investor type can magnify the effect of a weak sector. Private-market valuations may adjust less frequently than public prices, which can make reported AUM appear stable before economic stress is reflected in marks, realizations or fundraising.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Who controls Colliers?
Colliers has two share classes with different voting rights. Its Annual Information Form states that Multiple Voting Shares carry 20 votes per share, while Subordinate Voting Shares carry one vote per share. The filing states that Jay S. Hennick controlled all Multiple Voting Shares from 1990 through the filing date.
This structure can limit the influence of subordinate shareholders on director elections, major transactions, amendments to corporate documents and other matters requiring shareholder approval. Economic ownership and voting power can therefore differ. The control position does not by itself establish misconduct, but it is a governance risk that investors should price into their tolerance for minority influence and board accountability.
The company has committed to eliminate the dual-class structure no later than September 1, 2028. That is a stated timetable, not evidence that the conversion has already occurred. Investors should read subsequent proxy statements and filings for the exact mechanism, conditions, transfer restrictions and any changes to the timeline.
Talent, technology, regulatory and international risks
Professional-services businesses depend heavily on people. Colliers identifies compensation as its largest expense in its inflation discussion. If wages rise faster than fees can be reset—especially on multi-year contracts—margins may narrow. Recruiting and retaining brokers, engineers, fund managers, project leaders and technology specialists is therefore a financial issue, not merely a human-resources issue.
The company’s disclosures also identify risks involving:
- Artificial intelligence and machine learning: new tools may improve productivity but can alter service models, create errors or require significant technology investment.
- Cybersecurity and privacy: a breach, ransomware event or service interruption could create remediation costs, liability, regulatory action and reputational damage.
- Insurance and professional liability: claims, coverage limits, exclusions or higher premiums can affect results, particularly where advice, valuation or engineering work is disputed.
- Foreign exchange: the Canadian dollar, euro, Australian dollar and pound sterling affect reported results because Colliers operates across multiple currencies.
- Licensing and regulation: real-estate brokerage, engineering, investment-management and lending-related activities require compliance with different local rules.
- Climate, pandemics and political events: these can disrupt properties, projects, capital flows, staffing and client operations.
- Trade and immigration policy: changes can affect construction costs, cross-border staffing, project timing and economic activity.
- Information-technology adaptation: outdated systems or a poorly executed rollout can impair service quality and raise costs.
These risks are difficult to isolate in quarterly results. A margin decline may reflect wage inflation, integration spending, foreign exchange or weaker demand—or several at once.
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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchHow reliable is Colliers’ 2026 outlook?
In its February 20, 2026 management discussion and analysis, Colliers forecast mid-teens 2026 growth in revenue, Adjusted EBITDA and Adjusted EPS. The outlook included an expected contribution from Ayesa, subject to closing conditions, and the company warned that the outlook could change.
This is a conditional, dated forecast. It should not be presented as a current guarantee, especially without confirming later quarterly filings, the Ayesa closing and any revised guidance. The company’s Annual Information Form cautions: These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements.
A practical way to test the outlook
- Confirm the date: identify whether a later earnings release or MD&A replaced the February forecast.
- Remove acquisition assumptions: calculate what growth would look like without Ayesa and other newly acquired businesses.
- Check the earnings bridge: compare revenue growth with Adjusted EBITDA margin, GAAP operating income, interest expense and cash flow.
- Test transaction volume: examine Capital Markets and Leasing activity for evidence that the commercial real-estate cycle is improving or deteriorating.
- Review Investment Management: compare total AUM, fee-paying AUM, fundraising, realizations, performance and segment margins.
- Recalculate leverage: update debt, cash and EBITDA after acquisitions, distributions and foreign-exchange movements.
- Track integration: look for retention, cross-selling, restructuring costs, goodwill or intangible-asset changes and any impairment indicators.
- Compare GAAP with adjusted results: determine whether the forecast depends on exclusions that do not disappear from cash expenses.
A CIGI risk checklist before buying
Use the following checklist with the latest annual report, quarterly MD&A, results releases, debt disclosures and proxy materials:
- Business mix: map revenue and profit by Commercial Real Estate, Engineering and Investment Management. Identify which activities require a transaction, a project award, a capital commitment or an ongoing contract.
- Cycle sensitivity: monitor interest rates, lending standards, transaction volume, capitalization rates, vacancy, leasing demand and property liquidity rather than relying on a single market indicator.
- Organic growth: separate internally generated growth from acquisition contributions and check whether acquired revenue carries comparable margins and cash conversion.
- Acquisition returns: compare purchase consideration, financing, integration costs, amortization and post-close operating results with the assumptions disclosed at signing.
- Debt capacity: review net debt, covenant leverage, maturity dates, interest-rate exposure, unused commitments and cash requirements after planned deals.
- Investment Management: distinguish total AUM from fee-paying AUM and assess fundraising, fee rates, performance, client concentration and redemption or realization risk.
- Governance: calculate how many votes subordinate shareholders can actually cast and review progress toward the September 1, 2028 dual-class sunset.
- People and systems: check compensation trends, retention, cybersecurity incidents, technology spending, insurance claims and regulatory matters.
- Forecast discipline: label every outlook by its publication date and conditions. Compare guidance with subsequent results instead of treating it as a standing promise.
- Downside capacity: model a scenario with lower transaction volume, weaker property values, slower fundraising, higher interest expense and no immediate benefit from acquisitions. The company’s filings do not assign a probability or dollar loss to each risk, so the investor must decide what level of uncertainty is acceptable.
What the disclosed figures do—and do not—tell you
The December 31, 2025 leverage and liquidity figures show the company’s reported position on that date; they do not guarantee future borrowing capacity. The 2025 revenue and earnings figures show one completed fiscal year; they do not prove that acquisition-led growth will continue or that GAAP earnings will converge with adjusted measures. The February 2026 forecast describes management’s expectations under stated conditions; it is not evidence of subsequent Ayesa closing, current operating performance or a future share-price outcome.
A disciplined decision therefore treats CIGI as a diversified professional-services company with meaningful commercial-real-estate cyclicality, acquisition and integration risk, investment-management fundraising risk, debt exposure and concentrated voting control. The appropriate next step is to update each item from the latest filings before making an investment decision.
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