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APi Group

APG NYSE Construction & Engineering Financials FY2020–FY2025

APi Group's revenue rose 12.7% to $7.9 billion in fiscal 2025. Its operating margin was 7.0%, up from 6.9% a year earlier. Free cash flow was $663 million, up 23.7%. It paid out $75 million in dividends and buybacks, 11% of free cash flow. The diluted share count rose 3.5%.

Last close · Oct 23, 2026

$39.45

1.7%
Value it Compare
Revenue Total sales reported in the income statement.
$7.9B
12.7% vs prior year
Operating margin Operating income as a share of revenue.
7.0%
0.1 pts
Net income Profit after all expenses, interest and tax.
$302M
20.8%
Free cash flow Cash from operations minus capital spending.
$663M
23.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
7.7%
0.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$17.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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About these figures. APi Group listed through a merger in October 2019, so its 2019 figures cover only the three months after it (US$985 million of revenue) and 2018 is the earlier company; the full years shown start in 2020. Share counts and per-share figures for earlier years are restated for a stock split (1.5-for-1), so every year is on today's share basis.

What APi Group does

No business description yet.

Legal name
APi Group Corporation
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001628280-26-011620
0001796209

Revenue and margins

APi Group had $7.9B of revenue in fiscal 2025, up 12.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $663M in fiscal 2025, 8.4% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

APi Group returned $75.0M to shareholders in fiscal 2025, 11% of free cash flow. The diluted share count rose 3.5%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value APi Group yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$1.9B and divides by 415.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably APi Group can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.2B$605M$479M$499M$912M
Debt incl. finance leases $1.8B$2.8B$2.3B$2.8B$2.8B
Net debt / EBITDA 1.7x4.7x2.8x2.9x2.1x
Debt / equity 0.8x1.3x1.1x0.9x0.8x
Interest coverage 2.3x1.3x2.5x3.2x4.1x
Current ratio 3.0x1.4x1.4x1.4x1.5x
Quick ratio 3.0x1.3x1.4x1.3x1.4x
Total assets $5.2B$8.1B$7.6B$8.2B$8.9B
Total liabilities $2.8B$5.2B$4.7B$5.2B$5.5B
Shareholders' equity $2.3B$2.1B$2.1B$3.0B$3.4B
Net debt (− = net cash) $583M$2.2B$1.9B$2.3B$1.9B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$306M

4 insiders

Of sales under plans

32%

$98.7M

DateInsiderTradeSharesPriceValueFiling
Aug 4, 2026 Ian G H AshkenDirector Sold plan 85,072 $40.36 $3.4M Form 4
Aug 3, 2026 Ian G H AshkenDirector Sold plan 214,928 $39.91 $8.6M Form 4
Aug 3, 2026 James E LillieDirector Sold plan 360,000 $39.84 $14.3M Form 4
Jun 17, 2026 Anthony E MalkinDirector Sold 7,000 $42.47 $0.3M Form 4
Jun 11, 2026 Martin E FranklinDirector, 10% owner Sold 2,000,000 $42.08 $84.2M Form 4
May 5, 2026 Ian G H AshkenDirector Sold plan 65,534 $45.49 $3.0M Form 4
May 5, 2026 James E LillieDirector Sold plan 75,109 $45.50 $3.4M Form 4
May 4, 2026 Ian G H AshkenDirector Sold plan 1,018,466 $44.73 $45.6M Form 4
May 4, 2026 James E LillieDirector Sold plan 284,891 $44.87 $12.8M Form 4
Mar 19, 2026 Martin E FranklinDirector, 10% owner Sold 3,000,000 $40.88 $123M Form 4
Mar 4, 2026 Ian G H AshkenDirector Sold plan 72,546 $42.94 $3.1M Form 4
Mar 4, 2026 James E LillieDirector Sold plan 105,638 $42.94 $4.5M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✓ ✕ ✕
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✕ ✓ ✓
F-score 8 / 96 / 98 / 9
Accruals ratio −4.6%−4.7%−5.4%
Altman Z'' 1.441.702.04

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
APi Group APG $17.2B 12.7% 7.0% 8.4% 7.7% — 8
Comfort Systems USA FIX $40.9B 29.5% 14.4% 11.3% 73.3% 25.1x 7 Compare →
Dycom Industries DY $6.8B 18.0% — 7.2% 10.9% 20.5x 6 Compare →
Tetra Tech TTEK $9.6B 4.7% 7.5% 8.1% 11.2% 22.3x 6 Compare →
Jacobs Solutions J $17.2B 4.6% 7.2% 5.1% 10.1% 50.9x 7 Compare →

6 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY20FY21FY22FY23FY24FY25
Income statement
Revenue $3.6B $3.9B $6.6B $6.9B $7.0B $7.9B
Gross profit $756M $939M $1.7B $1.9B $2.2B $2.5B
Operating income −$166M $136M $162M $359M $484M $554M
Interest expense $52.0M $60.0M $125M $145M $152M $136M
Pretax income −$184M $79.0M $93.0M $232M $330M $413M
Income tax −$31.0M $32.0M $20.0M $79.0M $80.0M $111M
Net income −$153M $47.0M $73.0M $153M $250M $302M
Diluted EPS −$1.47 −$0.45 $0.07 −$0.46 −$0.56 −$0.69
Diluted shares 0.25B 0.31B 0.40B 0.35B 0.40B 0.42B
Cash flow
Cash from operations $496M $182M $270M $514M $620M $759M
Capital expenditure $38.0M $55.0M $79.0M $86.0M $84.0M $96.0M
Free cash flow $458M $127M $191M $428M $536M $663M
Depreciation and amortization $263M $202M $304M $303M $302M $327M
Stock-based compensation $5.0M $12.0M $18.0M $29.0M $32.0M $44.0M
Acquisitions $319M $86.0M $2.8B $83.0M $778M $186M
Share buybacks $30.0M $0.0M $44.0M $41.0M $0.0M $75.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $30.0M $0.0M $44.0M $41.0M $0.0M $75.0M
Balance sheet
Cash and short-term investments $515M $1.2B $605M $479M $499M $912M
Total debt $1.4B $1.8B $2.8B $2.3B $2.8B $2.8B
Finance lease liabilities $21.0M $5.0M $18.0M $14.0M $11.0M $9.0M
Current assets $1.4B $2.6B $2.7B $2.6B $2.7B $3.2B
Current liabilities $841M $867M $1.9B $1.8B $1.9B $2.2B
Inventory $64.0M $69.0M $163M $150M $143M $145M
Property and equipment, net $355M $326M $407M $385M $379M $397M
Total assets $4.1B $5.2B $8.1B $7.6B $8.2B $8.9B
Total liabilities $2.5B $2.8B $5.2B $4.7B $5.2B $5.5B
Shareholders' equity $1.6B $2.3B $2.1B $2.1B $3.0B $3.4B
Margins
Gross margin 21.1% 23.8% 26.1% 28.0% 31.0% 31.4%
Operating margin −4.6% 3.5% 2.5% 5.2% 6.9% 7.0%
EBITDA margin 2.7% 8.6% 7.1% 9.6% 11.2% 11.1%
Net margin −4.3% 1.2% 1.1% 2.2% 3.6% 3.8%
FCF margin 12.8% 3.2% 2.9% 6.2% 7.6% 8.4%
Returns
Return on capital — 3.0% 3.5% 5.7% 8.0% 7.7%
Return on capital employed — 3.6% 3.1% 6.0% 8.0% 8.5%
Return on equity — 2.4% 3.3% 7.3% 10.0% 9.5%
Return on assets — 1.0% 1.1% 2.0% 3.2% 3.5%
Growth
Revenue growth — 9.8% 66.5% 5.6% 1.3% 12.7%
Net income growth — — 55.3% 109.6% 63.4% 20.8%
EPS growth — — — −790.0% — —
FCF growth — −72.3% 50.4% 124.1% 25.2% 23.7%
Share count change — 21.9% 29.2% −11.6% 13.8% 3.5%
Financial health
Net debt / EBITDA 9.3x 1.7x 4.7x 2.8x 2.9x 2.1x
Debt / equity 0.9x 0.8x 1.3x 1.1x 0.9x 0.8x
Interest coverage −3.2x 2.3x 1.3x 2.5x 3.2x 4.1x
Current ratio 1.7x 3.0x 1.4x 1.4x 1.4x 1.5x
Quick ratio 1.6x 3.0x 1.3x 1.4x 1.3x 1.4x
Capital allocation
Capex / revenue 1.1% 1.4% 1.2% 1.2% 1.2% 1.2%
Stock comp / revenue 0.1% 0.3% 0.3% 0.4% 0.5% 0.6%
Payouts / FCF 6.6% 0.0% 23.0% 9.6% 0.0% 11.3%
Quality scores
Piotroski F-score — — 6.0 8.0 6.0 8.0
Altman Z'' 1.1 3.1 1.1 1.4 1.7 2.0
Accruals ratio — −2.9% −3.0% −4.6% −4.7% −5.4%

Source: SEC EDGAR XBRL filings (CIK 0001796209). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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