APi Group
APG · Construction & Engineering
$39.45
1.7%IES
IESC · Construction & Engineering
$213.54
3.3%The short version
- APi Group is the larger business, with $7.9B of revenue in fiscal 2025 against $3.4B for IES, about 2.3 times as much.
- IES grew revenue faster (16.9%, against 12.7%).
- IES kept more of each dollar of sales as operating profit (11.4% operating margin, against 7.0% operating margin).
- APi Group turned more of its sales into free cash flow (8.4% FCF margin, against 6.5% FCF margin).
- IES earned a higher return on the capital invested in it (50.5%, against 7.7%).
| Latest fiscal year | APG · FY25 | IESC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $17.2B | $4.3B |
| Revenue | $7.9B | $3.4B |
| Free cash flow | $663M | $219M |
| Net income | $302M | $306M |
| Growth | ||
| Revenue growth | 12.7% | 16.9% |
| 5-year growth | 17.1% | 23.1% |
| Share count change | 3.5% | −1.1% |
| Profitability | ||
| Gross margin | 31.4% | 25.5% |
| Operating margin | 7.0% | 11.4% |
| Net margin | 3.8% | 9.1% |
| FCF margin | 8.4% | 6.5% |
| Return on capital | 7.7% | 50.5% |
| Return on equity | 9.5% | 40.9% |
| Balance sheet | ||
| Net debt | $1.9B | −$224M |
| Net debt / EBITDA | 2.1x | −0.5x |
| Dividends and buybacks | $75.0M | $41.6M |
| Valuation & quality | ||
| P/E | — | 9.5x |
| Piotroski F-score | 8 | 6 |
FY16
APG —
IESC $696M
FY17
APG —
IESC $811M
FY18
APG —
IESC $877M
FY19
APG —
IESC $1.1B
FY20
APG $3.6B
IESC $1.2B
FY21
APG $3.9B
IESC $1.5B
FY22
APG $6.6B
IESC $2.2B
FY23
APG $6.9B
IESC $2.4B
FY24
APG $7.0B
IESC $2.9B
FY25
APG $7.9B
IESC $3.4B
APG
IESC
FY16
APG —
IESC 3.6%
FY17
APG —
IESC 2.5%
FY18
APG —
IESC 3.0%
FY19
APG —
IESC 3.9%
FY20
APG −4.6%
IESC 4.2%
FY21
APG 3.5%
IESC 5.6%
FY22
APG 2.5%
IESC 2.6%
FY23
APG 5.2%
IESC 6.7%
FY24
APG 6.9%
IESC 10.4%
FY25
APG 7.0%
IESC 11.4%
APG
IESC
FY16
APG —
IESC $21.6M
FY17
APG —
IESC $17.8M
FY18
APG —
IESC $7.7M
FY19
APG —
IESC $32.4M
FY20
APG $458M
IESC $72.0M
FY21
APG $127M
IESC $30.5M
FY22
APG $191M
IESC −$13.0M
FY23
APG $428M
IESC $136M
FY24
APG $536M
IESC $189M
FY25
APG $663M
IESC $219M
APG
IESC
FY16
APG —
IESC 17.6%
FY17
APG —
IESC 6.4%
FY18
APG —
IESC 5.6%
FY19
APG —
IESC 15.5%
FY20
APG —
IESC 18.0%
FY21
APG 3.0%
IESC 23.2%
FY22
APG 3.5%
IESC 10.7%
FY23
APG 5.7%
IESC 29.6%
FY24
APG 8.0%
IESC 52.7%
FY25
APG 7.7%
IESC 50.5%
APG
IESC
Add another company
Compare up to four at once.
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.