NYSE : APG
APi Group Corporation — Financial statements
Industrials · Engineering & Construction · United States
Last price 44.34 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 18.86B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
APi Group Corporation (APG) reported revenue of 8.91B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 8.91B | 7.91B | 7.02B | 6.93B | 6.56B | 3.94B |
| Revenue | 8.91B | 7.91B | 7.02B | 6.93B | 6.56B | 3.94B |
| Cost of Revenue | 6.14B | 5.42B | 4.84B | 4.99B | 4.84B | 3.00B |
| Gross Profit | 2.77B | 2.49B | 2.18B | 1.94B | 1.71B | 939.00M |
| Selling, General & Admin | 1.71B | 1.60B | 1.48B | 1.35B | 1.19B | 803.00M |
| Amortization of Goodwill & Intangibles | 268.00M | 228.00M | 216.00M | 197.00M | 197.00M | |
| Operating Expenses | 1.98B | 1.83B | 1.70B | 1.55B | 1.39B | 803.00M |
| Operating Income | 791.00M | 655.00M | 482.00M | 390.00M | 325.00M | 136.00M |
| Interest Expense | -143.00M | -141.00M | -146.00M | -145.00M | -125.00M | -60.00M |
| Interest & Investment Income | 6.00M | 8.00M | 8.00M | 8.00M | 12.00M | |
| Earnings From Equity Investments | 10.00M | 13.00M | 8.00M | 7.00M | 3.00M | 3.00M |
| Currency Exchange Gain (Loss) | -3.00M | -2.00M | -2.00M | 1.00M | -2.00M | -3.00M |
| EBT Excluding Unusual Items | 661.00M | 533.00M | 350.00M | 253.00M | 209.00M | 88.00M |
| Merger & Restructuring Charges | -168.00M | -120.00M | -20.00M | -7.00M | -121.00M | |
| Gain (Loss) on Sale of Investments | -2.00M | |||||
| Asset Writedown | -12.00M | |||||
| Other Unusual Items | 5.00M | -9.00M | ||||
| Pretax Income | 493.00M | 413.00M | 330.00M | 232.00M | 93.00M | 79.00M |
| Income Tax Expense | 126.00M | 111.00M | 80.00M | 79.00M | 20.00M | 32.00M |
| Net Income | 367.00M | 302.00M | 250.00M | 153.00M | 73.00M | 47.00M |
| Preferred Dividends & Other Adjustments | 597.00M | 590.00M | 474.00M | 314.00M | 50.00M | 184.00M |
| Net Income to Common | -230.00M | -288.00M | -224.00M | -161.00M | 23.00M | -137.00M |
| Shares Outstanding (Basic) | 427.75M | 415.71M | 401.51M | 352.71M | 349.80M | 308.64M |
| Shares Outstanding (Diluted) | 427.75M | 415.71M | 401.51M | 352.71M | 399.12M | 308.64M |
| EPS (Basic) | -0.54 | -0.69 | -0.56 | -0.46 | 0.07 | -0.44 |
| EPS (Diluted) | -0.54 | -0.69 | -0.56 | -0.46 | 0.07 | -0.44 |
| Free Cash Flow | 673.00M | 663.00M | 536.00M | 428.00M | 191.00M | 127.00M |
| Free Cash Flow Per Share | 1.57 | 1.59 | 1.33 | 1.21 | 0.48 | 0.41 |
| Gross Margin | 31.11% | 31.44% | 31.03% | 28.00% | 26.14% | 23.83% |
| Operating Margin | 8.88% | 8.28% | 6.87% | 5.63% | 4.96% | 3.45% |
| Profit Margin | -2.58% | -3.64% | -3.19% | -2.32% | 0.35% | -3.48% |
| Free Cash Flow Margin | 7.56% | 8.38% | 7.64% | 6.18% | 2.91% | 3.22% |
| EBITDA | 1.15B | 982.00M | 784.00M | 693.00M | 629.00M | 338.00M |
| EBITDA Margin | 12.95% | 12.41% | 11.17% | 10.00% | 9.59% | 8.58% |
| D&A For EBITDA | 362.00M | 327.00M | 302.00M | 303.00M | 304.00M | 202.00M |
| EBIT | 791.00M | 655.00M | 482.00M | 390.00M | 325.00M | 136.00M |
| EBIT Margin | 8.88% | 8.28% | 6.87% | 5.63% | 4.96% | 3.45% |
| Effective Tax Rate | 25.56% | 26.88% | 24.24% | 34.05% | 21.50% | 40.51% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 373.00M | 912.00M | 499.00M | 479.00M | 605.00M | 1.19B |
| Cash & Short-Term Investments | 373.00M | 912.00M | 499.00M | 479.00M | 605.00M | 1.19B |
| Accounts Receivable | 2.64B | 2.05B | 1.90B | 1.83B | 1.77B | 984.00M |
| Receivables | 2.64B | 2.05B | 1.90B | 1.83B | 1.77B | 984.00M |
| Inventory | 182.00M | 145.00M | 143.00M | 150.00M | 163.00M | 69.00M |
| Prepaid Expenses | 205.00M | 125.00M | 119.00M | 122.00M | 112.00M | 83.00M |
| Restricted Cash | 302.00M | |||||
| Total Current Assets | 3.40B | 3.23B | 2.66B | 2.58B | 2.65B | 2.63B |
| Property, Plant & Equipment | 748.00M | 698.00M | 647.00M | 618.00M | 629.00M | 427.00M |
| Long-Term Investments | 36.00M | 7.00M | 11.00M | 18.00M | 4.00M | |
| Goodwill | 3.90B | 3.17B | 2.89B | 2.47B | 2.38B | 1.11B |
| Other Intangible Assets | 1.94B | 1.58B | 1.66B | 1.62B | 1.78B | 882.00M |
| Long-Term Deferred Tax Assets | 16.00M | 40.00M | 57.00M | 113.00M | 108.00M | 73.00M |
| Other Long-Term Assets | 246.00M | 211.00M | 236.00M | 175.00M | 518.00M | 41.00M |
| Total Assets | 10.28B | 8.94B | 8.15B | 7.59B | 8.09B | 5.16B |
| Accounts Payable | 635.00M | 526.00M | 497.00M | 472.00M | 490.00M | 236.00M |
| Accrued Expenses | 786.00M | 754.00M | 684.00M | 707.00M | 662.00M | 338.00M |
| Short-Term Debt | 5.00M | 5.00M | 4.00M | 5.00M | 206.00M | 1.00M |
| Current Portion of Leases | 101.00M | 98.00M | 90.00M | 75.00M | 73.00M | 27.00M |
| Current Unearned Revenue | 902.00M | 694.00M | 590.00M | 526.00M | 463.00M | 243.00M |
| Other Current Liabilities | 89.00M | 73.00M | 20.00M | 22.00M | 27.00M | 22.00M |
| Total Current Liabilities | 2.87B | 2.15B | 1.89B | 1.81B | 1.92B | 867.00M |
| Long-Term Debt | 3.21B | 2.75B | 2.75B | 2.32B | 2.58B | 1.78B |
| Long-Term Leases | 218.00M | 215.00M | 192.00M | 172.00M | 166.00M | 79.00M |
| Pension & Post-Retirement Benefits | 48.00M | 93.00M | 90.00M | 98.00M | 76.00M | |
| Long-Term Deferred Tax Liabilities | 296.00M | 205.00M | 198.00M | 233.00M | 340.00M | 43.00M |
| Other Long-Term Liabilities | 144.00M | 111.00M | 85.00M | 90.00M | 81.00M | 70.00M |
| Total Liabilities | 6.79B | 5.53B | 5.20B | 4.72B | 5.17B | 2.84B |
| Additional Paid-In Capital | 3.10B | 3.30B | 3.31B | 2.57B | 2.56B | 2.56B |
| Retained Earnings | 787.00M | 517.00M | 215.00M | -11.00M | -164.00M | -237.00M |
| Comprehensive Income & Other | -396.00M | -405.00M | -567.00M | -490.00M | -267.00M | |
| Total Common Equity | 3.49B | 3.41B | 2.95B | 2.07B | 2.13B | 2.32B |
| Shareholders' Equity | 3.49B | 3.41B | 2.95B | 2.87B | 2.92B | 2.32B |
| Total Liabilities & Equity | 10.28B | 8.94B | 8.15B | 7.59B | 8.09B | 5.16B |
| Total Debt | 3.89B | 3.07B | 3.04B | 2.57B | 3.03B | 1.88B |
| Net Cash (Debt) | -3.52B | -2.16B | -2.54B | -2.10B | -2.42B | -696.00M |
| Net Cash Per Share | -8.23 | -5.20 | -6.32 | -5.94 | -6.07 | -2.26 |
| Filing Date Shares Outstanding | 425.26M | 431.46M | 416.34M | 366.23M | 351.81M | 348.87M |
| Total Common Shares Outstanding | 427.42M | 415.92M | 412.17M | 353.36M | 350.11M | 336.94M |
| Working Capital | 529.00M | 1.08B | 773.00M | 775.00M | 731.00M | 1.76B |
| Book Value Per Share | 8.16 | 8.19 | 7.16 | 5.86 | 6.08 | 6.89 |
| Tangible Book Value | -2.34B | -1.34B | -1.60B | -2.02B | -2.04B | 335.00M |
| Tangible Book Value Per Share | -5.48 | -3.23 | -3.88 | -5.72 | -5.82 | 0.99 |
| Land | 21.00M | 20.00M | 21.00M | 27.00M | 30.00M | 26.00M |
| Buildings | 96.00M | 86.00M | 100.00M | 105.00M | 98.00M | 77.00M |
| Machinery | 636.00M | 567.00M | 485.00M | 465.00M | 464.00M | 360.00M |
| Leasehold Improvements | 73.00M | 65.00M | 47.00M | 35.00M | 33.00M | 18.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 367.00M | 302.00M | 250.00M | 153.00M | 73.00M | 47.00M |
| Depreciation & Amortization | 362.00M | 327.00M | 302.00M | 303.00M | 304.00M | 202.00M |
| Asset Writedown & Restructuring Costs | -5.00M | -6.00M | -16.00M | 9.00M | 22.00M | |
| Stock-Based Compensation | 49.00M | 44.00M | 32.00M | 29.00M | 18.00M | 12.00M |
| Other Operating Activities | 179.00M | 175.00M | 93.00M | 70.00M | -36.00M | 68.00M |
| Change in Accounts Receivable | -349.00M | -74.00M | -11.00M | -43.00M | -217.00M | -172.00M |
| Change in Inventory | -6.00M | 6.00M | 9.00M | 13.00M | -30.00M | -2.00M |
| Change in Accounts Payable | 52.00M | 5.00M | 16.00M | -14.00M | 71.00M | 78.00M |
| Change in Unearned Revenue | 220.00M | 85.00M | 46.00M | 51.00M | 71.00M | 19.00M |
| Change in Other Net Operating Assets | -94.00M | -105.00M | -101.00M | -57.00M | -6.00M | -70.00M |
| Operating Cash Flow | 775.00M | 759.00M | 620.00M | 514.00M | 270.00M | 182.00M |
| Capital Expenditures | -102.00M | -96.00M | -84.00M | -86.00M | -79.00M | -55.00M |
| Sale of Property, Plant & Equipment | 23.00M | 28.00M | 33.00M | 54.00M | 17.00M | 20.00M |
| Cash Acquisitions | -1.37B | -186.00M | -778.00M | -83.00M | -2.84B | -86.00M |
| Investing Cash Flow | -1.45B | -254.00M | -829.00M | -115.00M | -2.90B | -121.00M |
| Long-Term Debt Issued | 850.00M | 1.10B | 650.00M | |||
| Total Debt Issued | 1.13B | 850.00M | 1.10B | 650.00M | ||
| Long-Term Debt Repaid | -7.00M | -437.00M | -484.00M | -64.00M | -321.00M | |
| Total Debt Repaid | -312.00M | -7.00M | -437.00M | -484.00M | -64.00M | -321.00M |
| Net Debt Issued (Repaid) | 818.00M | -7.00M | 413.00M | -484.00M | 1.04B | 329.00M |
| Issuance of Common Stock | 458.00M | 797.00M | 676.00M | |||
| Repurchase of Common Stock | -291.00M | -96.00M | -13.00M | -44.00M | -47.00M | -3.00M |
| Other Financing Activities | -32.00M | -18.00M | -13.00M | -4.00M | -34.00M | -85.00M |
| Financing Cash Flow | 495.00M | -121.00M | 245.00M | -532.00M | 1.76B | 917.00M |
| Foreign Exchange Rate Adjustments | -6.00M | 28.00M | -15.00M | 6.00M | -9.00M | -2.00M |
| Net Cash Flow | -183.00M | 412.00M | 21.00M | -127.00M | -884.00M | 976.00M |
| Free Cash Flow | 673.00M | 663.00M | 536.00M | 428.00M | 191.00M | 127.00M |
| Free Cash Flow Margin | 7.56% | 8.38% | 7.64% | 6.18% | 2.91% | 3.22% |
| Free Cash Flow Per Share | 1.57 | 1.59 | 1.33 | 1.21 | 0.48 | 0.41 |
| Levered Free Cash Flow | 615.00M | 694.25M | 468.00M | 428.12M | 562.00M | -262.50M |
| Unlevered Free Cash Flow | 704.38M | 782.38M | 559.25M | 518.75M | 640.12M | -225.00M |
| Cash Income Tax Paid | 98.00M | 111.00M | 101.00M | 95.00M | 43.00M | 66.00M |
| Change in Working Capital | -177.00M | -83.00M | -41.00M | -50.00M | -111.00M | -147.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 19.38B | 15.91B | 9.88B | 8.15B | 4.40B | 5.79B |
| Enterprise Value | 22.90B | 18.41B | 12.53B | 11.33B | 7.81B | 6.24B |
| Last Close Price | 44.34 | 38.26 | 23.98 | 23.07 | 12.54 | 17.18 |
| PE Ratio | 191.29 | |||||
| Forward PE | 23.14 | 23.73 | 17.65 | 19.51 | 13.10 | 22.97 |
| PS Ratio | 2.16 | 2.01 | 1.41 | 1.18 | 0.67 | 1.47 |
| PB Ratio | 5.43 | 4.67 | 3.35 | 2.84 | 1.50 | 2.49 |
| P/TBV Ratio | 17.28 | |||||
| P/FCF Ratio | 28.54 | 24.00 | 18.44 | 19.04 | 23.04 | 45.58 |
| P/OCF Ratio | 24.78 | 20.96 | 15.94 | 15.86 | 16.30 | 31.80 |
| PEG Ratio | 2.25 | 2.37 | 1.31 | 1.46 | 0.88 | 2.30 |
| EV/Sales Ratio | 2.55 | 2.33 | 1.79 | 1.64 | 1.19 | 1.58 |
| EV/EBITDA Ratio | 19.71 | 18.75 | 15.99 | 16.34 | 12.42 | 18.45 |
| EV/EBIT Ratio | 28.73 | 28.11 | 26.01 | 29.04 | 24.04 | 45.87 |
| EV/FCF Ratio | 33.77 | 27.77 | 23.39 | 26.46 | 40.90 | 49.12 |
| Debt / Equity Ratio | 1.12 | 0.90 | 1.03 | 0.90 | 1.04 | 0.81 |
| Debt / EBITDA Ratio | 2.81 | 2.59 | 3.21 | 3.05 | 3.96 | 4.65 |
| Debt / FCF Ratio | 5.79 | 4.63 | 5.66 | 6.01 | 15.85 | 14.84 |
| Net Debt / Equity Ratio | 1.01 | 0.63 | 0.86 | 0.73 | 0.83 | 0.30 |
| Net Debt / EBITDA Ratio | 3.05 | 2.20 | 3.23 | 3.02 | 3.85 | 2.06 |
| Net Debt / FCF Ratio | 5.23 | 3.26 | 4.73 | 4.89 | 12.69 | 5.48 |
| Asset Turnover | 0.94 | 0.93 | 0.89 | 0.88 | 0.99 | 0.85 |
| Inventory Turnover | 37.19 | 37.67 | 33.04 | 31.87 | 41.76 | 45.13 |
| Quick Ratio | 1.05 | 1.38 | 1.27 | 1.28 | 1.24 | 2.50 |
| Current Ratio | 1.18 | 1.50 | 1.41 | 1.43 | 1.38 | 3.03 |
| Return on Equity (ROE) | 10.85% | 9.50% | 8.59% | 5.28% | 2.78% | 2.42% |
| Return on Assets (ROA) | 5.20% | 4.79% | 3.83% | 3.11% | 3.07% | 1.84% |
| Return on Invested Capital (ROIC) | 8.71% | 8.66% | 6.99% | 4.99% | 6.10% | 2.89% |
| Return on Capital Employed (ROCE) | 10.70% | 9.70% | 7.70% | 6.70% | 5.30% | 3.20% |
| Earnings Yield | -1.18% | 1.90% | 2.53% | 1.88% | 1.66% | 0.81% |
| FCF Yield | 3.50% | 4.17% | 5.42% | 5.25% | 4.34% | 2.19% |
| Buyback Yield / Dilution | -1.47% | -3.54% | -13.84% | 11.63% | -29.32% | -21.40% |