APi Group vs Dycom Industries
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The short version
- APi Group is the larger business, with $7.9B of revenue in fiscal 2025 against $5.5B for Dycom Industries.
- Dycom Industries grew revenue faster (18.0%, against 12.7%).
- APi Group turned more of its sales into free cash flow (8.4% FCF margin, against 7.2%).
- Dycom Industries earned a higher return on the capital invested in it (10.9%, against 7.7%).
| Latest fiscal year | APG · FY25 | DY · FY26 |
|---|---|---|
| Size | ||
| Market cap | $17.2B | $6.8B |
| Revenue | $7.9B | $5.5B |
| Free cash flow | $663M | $402M |
| Net income | $302M | $281M |
| Growth | ||
| Revenue growth | 12.7% | 18.0% |
| 5-year growth | 17.1% | 11.6% |
| Share count change | 3.5% | −0.2% |
| Profitability | ||
| Gross margin | 31.4% | — |
| Operating margin | 7.0% | — |
| Net margin | 3.8% | 5.1% |
| FCF margin | 8.4% | 7.2% |
| Return on capital | 7.7% | 10.9% |
| Return on equity | 9.5% | 18.2% |
| Balance sheet | ||
| Net debt | $1.9B | $2.1B |
| Net debt / EBITDA | 2.1x | 3.0x |
| Dividends and buybacks | $75.0M | $30.2M |
| Valuation & quality | ||
| P/E | — | 20.5x |
| Piotroski F-score | 8 | 6 |
Revenue
FY16
APG —
DY $2.7B
FY17
APG —
DY $3.1B
FY19
APG —
DY $3.1B
FY20
APG $3.6B
DY $3.3B
FY21
APG $3.9B
DY $3.2B
FY22
APG $6.6B
DY $3.1B
FY23
APG $6.9B
DY $3.8B
FY24
APG $7.0B
DY $4.2B
FY25
APG $7.9B
DY $4.7B
FY26
APG —
DY $5.5B
APG
DY
Operating margin
FY16
APG —
DY —
FY17
APG —
DY —
FY19
APG —
DY —
FY20
APG −4.6%
DY —
FY21
APG 3.5%
DY —
FY22
APG 2.5%
DY —
FY23
APG 5.2%
DY —
FY24
APG 6.9%
DY —
FY25
APG 7.0%
DY —
FY26
APG —
DY —
APG
DY
Free cash flow
FY16
APG —
DY $89.7M
FY17
APG —
DY $55.3M
FY19
APG —
DY −$40.5M
FY20
APG $458M
DY −$62.6M
FY21
APG $127M
DY $324M
FY22
APG $191M
DY $152M
FY23
APG $428M
DY −$36.2M
FY24
APG $536M
DY $40.5M
FY25
APG $663M
DY $98.6M
FY26
APG —
DY $402M
APG
DY
Return on capital
FY16
APG —
DY 12.3%
FY17
APG —
DY 12.7%
FY19
APG —
DY —
FY20
APG —
DY 4.8%
FY21
APG 3.0%
DY 3.0%
FY22
APG 3.5%
DY 5.2%
FY23
APG 5.7%
DY 12.5%
FY24
APG 8.0%
DY 15.9%
FY25
APG 7.7%
DY 14.4%
FY26
APG —
DY 10.9%
APG
DY
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.