APi Group vs Dycom Industries
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KIRA’s take AI analyst
I put APi Group and Dycom Industries 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 $5.5B 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%).
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
APi Group
APG
4/9
5-year growthFCF marginPiotroski F-scoreNet debt / EBITDA
Dycom Industries
DY
5/9
Revenue growthNet marginReturn on capitalReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | APG FY25 | DY FY26 |
|---|---|---|
| Size | ||
| Market cap | $17.6B | $6.9B |
| 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 | — | 20.9x |
| 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.