APi Group vs Sterling Infrastructure
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The short version
- APi Group is the larger business, with $7.9B of revenue in fiscal 2025 against $2.5B for Sterling Infrastructure, about 3.2 times as much.
- Sterling Infrastructure grew revenue faster (17.7%, against 12.7%).
- Sterling Infrastructure kept more of each dollar of sales as operating profit (16.3% operating margin, against 7.0%).
- Sterling Infrastructure turned more of its sales into free cash flow (14.6% FCF margin, against 8.4%).
- Sterling Infrastructure earned a higher return on the capital invested in it (40.8%, against 7.7%).
| Latest fiscal year | APG · FY25 | STRL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $17.2B | $11.0B |
| Revenue | $7.9B | $2.5B |
| Free cash flow | $663M | $363M |
| Net income | $302M | $290M |
| Growth | ||
| Revenue growth | 12.7% | 17.7% |
| 5-year growth | 17.1% | 15.2% |
| Share count change | 3.5% | −0.6% |
| Profitability | ||
| Gross margin | 31.4% | 23.0% |
| Operating margin | 7.0% | 16.3% |
| Net margin | 3.8% | 11.7% |
| FCF margin | 8.4% | 14.6% |
| Return on capital | 7.7% | 40.8% |
| Return on equity | 9.5% | 30.3% |
| Balance sheet | ||
| Net debt | $1.9B | −$99.3M |
| Net debt / EBITDA | 2.1x | −0.2x |
| Dividends and buybacks | $75.0M | $74.2M |
| Valuation & quality | ||
| P/E | — | 25.6x |
| Piotroski F-score | 8 | 7 |
Revenue
FY16
APG —
STRL $690M
FY17
APG —
STRL $958M
FY18
APG —
STRL $1.0B
FY19
APG —
STRL $1.1B
FY20
APG $3.6B
STRL $1.2B
FY21
APG $3.9B
STRL $1.4B
FY22
APG $6.6B
STRL $1.8B
FY23
APG $6.9B
STRL $2.0B
FY24
APG $7.0B
STRL $2.1B
FY25
APG $7.9B
STRL $2.5B
APG
STRL
Operating margin
FY16
APG —
STRL −0.7%
FY17
APG —
STRL 2.7%
FY18
APG —
STRL 4.1%
FY19
APG —
STRL 3.4%
FY20
APG −4.6%
STRL 7.6%
FY21
APG 3.5%
STRL 7.6%
FY22
APG 2.5%
STRL 9.0%
FY23
APG 5.2%
STRL 10.4%
FY24
APG 6.9%
STRL 12.5%
FY25
APG 7.0%
STRL 16.3%
APG
STRL
Free cash flow
FY16
APG —
STRL $33.4M
FY17
APG —
STRL $15.4M
FY18
APG —
STRL $26.3M
FY19
APG —
STRL $26.7M
FY20
APG $458M
STRL $90.0M
FY21
APG $127M
STRL $112M
FY22
APG $191M
STRL $158M
FY23
APG $428M
STRL $414M
FY24
APG $536M
STRL $416M
FY25
APG $663M
STRL $363M
APG
STRL
Return on capital
FY16
APG —
STRL −4.1%
FY17
APG —
STRL 23.3%
FY18
APG —
STRL 25.8%
FY19
APG —
STRL 9.8%
FY20
APG —
STRL 10.6%
FY21
APG 3.0%
STRL 11.4%
FY22
APG 3.5%
STRL 15.5%
FY23
APG 5.7%
STRL 25.0%
FY24
APG 8.0%
STRL 40.6%
FY25
APG 7.7%
STRL 40.8%
APG
STRL
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.