APi Group vs Tetra Tech
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KIRA’s take AI analyst
I put APi Group and Tetra Tech side by side, using each one’s latest annual report. Here is what stands out:
- APi Group is the larger business, with $7.9B of revenue in fiscal 2025 against $5.4B for Tetra Tech.
- APi Group grew revenue faster (12.7%, against 4.7%).
- Tetra Tech kept more of each dollar of sales as operating profit (7.5% operating margin, against 7.0%).
- Tetra Tech earned a higher return on the capital invested in it (11.2%, against 7.7%).
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
APi Group
APG
5/11
Revenue growth5-year growthGross marginFCF marginPiotroski F-score
Tetra Tech
TTEK
6/11
Operating marginNet marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | APG FY25 | TTEK FY25 |
|---|---|---|
| Size | ||
| Market cap | $17.6B | $9.6B |
| Revenue | $7.9B | $5.4B |
| Free cash flow | $663M | $439M |
| Net income | $302M | $248M |
| Growth | ||
| Revenue growth | 12.7% | 4.7% |
| 5-year growth | 17.1% | 12.7% |
| Share count change | 3.5% | −1.1% |
| Profitability | ||
| Gross margin | 31.4% | 17.7% |
| Operating margin | 7.0% | 7.5% |
| Net margin | 3.8% | 4.6% |
| FCF margin | 8.4% | 8.1% |
| Return on capital | 7.7% | 11.2% |
| Return on equity | 9.5% | 13.7% |
| Balance sheet | ||
| Net debt | $1.9B | $596M |
| Net debt / EBITDA | 2.1x | 1.3x |
| Dividends and buybacks | $75.0M | $315M |
| Valuation & quality | ||
| P/E | — | 22.4x |
| Piotroski F-score | 8 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.