A Business at a Glance
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APA Corp
APA
$13.0B
Mkt Cap
$36.15
-0.74%
APA Corp (APA) has a current P/E ratio of 9.1, compared to its historical median P/E of 6.0. The stock is currently considered Expensive based on its historical valuation range.
APA Corp (APA) has a 5-year average return on invested capital (ROIC) of 57.5%. This indicates strong capital allocation and a potential competitive advantage.
APA Corp (APA) has a market capitalization of $13.0B. It is classified as a large-cap stock.
Yes, APA Corp (APA) pays a dividend with a trailing twelve-month yield of 2.77%.
Based on historical P/E analysis, APA Corp (APA) appears expensive. The current P/E of 9.1 is 51% above its historical median of 6.0. The estimated fair value CAGR (P/E method) is -14.3%.
APA Corp (APA) operates in the Crude Petroleum & Natural Gas industry, within the Energy sector.
APA Corp (APA) reported annual revenue of $9.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
APA Corporation is an independent oil and gas exploration and production company with operations across three primary geographic regions: the U.S. Permian Basin, Egypt's Western Desert, and the U.K. North Sea, complemented by development and exploration activities in Suriname and other international locations. The company's business model centers on conventional and unconventional upstream operations, generating revenue through the sale of crude oil, natural gas, and natural gas liquids under production-sharing contracts and market-based pricing arrangements. In the U.S., APA operates approximately 4,000 gross oil and gas wells across 2.6 million gross acres, with particular focus on the Permian Basin's Midland and Delaware sub-basins where it targets shale plays including Spraberry, Bone Spring, and Wolfcamp formations; the company has achieved significant cost reductions through operational efficiencies and economies of scale following the 2024 Callon acquisition. Egypt represents a substantial conventional onshore asset base under a merged concession agreement providing a 40% cost recovery limit and 30% profit-sharing rate, with operations increasingly weighted toward gas development following recent discoveries and infrastructure optimization. The company maintains a diversified portfolio strategy with capital allocation flexibility to respond to commodity price volatility, supported by a profitable oil and gas trading business that generates meaningful pre-tax cash flow contributions. APA's competitive positioning derives from its scale in the Permian, decades of operational experience in Egypt with significant undeveloped acreage, disciplined capital allocation focused on returns-based development, and a durable production foundation designed to sustain free cash flow generation across commodity cycles.
【Sustained free cash flow generation】 Management expects continued strong operational execution across the Permian and Egypt to underpin robust free cash flow generation through 2026 and beyond, with the Permian positioned to sustain oil production volumes and Egypt's gas development program expected to drive growth in gross volumes and price realizations. The company is advancing toward its $3 billion net debt target through disciplined capital allocation and ongoing cost reduction initiatives, with expectations to achieve an additional $200 million in run-rate savings by year-end 2026, bringing total controllable spend reductions to $450 million. Suriname's GranMorgu development remains on track for mid-2028 first oil, representing a significant organic growth engine for long-term free cash flow expansion. APA remains committed to returning 60% of free cash flow to shareholders through dividends and share repurchases while maintaining balance sheet strength and financial flexibility to manage decommissioning liabilities and pursue strategic opportunities.
| Metric | Target | Period |
|---|---|---|
| U.S. Oil Production | 122,000 barrels per day | FY2026 |
| Upstream Capital Expenditure | $2.1 billion | FY2026 |
| Egypt Gas Production | 540 to 550 million cubic feet per day | FY2026 |
| Oil and Gas Trading Pre-tax Cash Flow | approximately $1.1 billion | FY2026 |
| Free Cash Flow | approximately $2.2 billion | FY2026 |
| Decommissioning and Asset Retirement Obligations Gross Spend | approximately $280 million | FY2026 |
| Decommissioning and Asset Retirement Obligations Net Spend | approximately $225 million | FY2026 |
| Oil and Gas Trading Pre-tax Income | approximately $650 million | FY2026 |
| Interest Expense | approximately $150 million lower on a run rate basis | FY2026 |
| Permian Base Capital Projects | approximately $100 million |
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Oil and gas | $7.99B | $11.07B | $8.28B | $9.74B | $8.92B | 41% |
Oil, natural gas, and natural gas liquids production revenues | — | — | $7.38B | $8.20B | $7.23B | 33% |
Operating Segments | $4.76B | $5.99B | $3.91B | $5.86B | $3.82B | 18% |
Purchased oil and gas costs | $1.49B | $1.85B | $894M | $1.54B | $1.69B | 8% |
Oil and gas, excluding purchased | $6.50B | $9.22B | $7.38B | $8.20B | — | — |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 9.2B | 9.2B | 9.7B | 8.2B | 12.1B | 7.9B |
| Net Income | 1.4B | 1.4B | 804M | 2.9B | 3.7B | 973M |
| EPS | $3.99 | $3.99 | $2.27 | $9.25 | $11.02 | $2.59 |
| Free Cash Flow | 4.5B | 4.5B | 3.6B | 3.1B | 4.9B | 3.5B |
| ROIC | 20.6% | 25.8% | 17.8% | 33.9% | 121.7% | 88.1% |
| Gross Margin | 37.3% | 37.3% | 28.9% | 48.8% | 49.9% | 40.8% |
| Debt/Equity | 0.71 | 0.71 | 0.79 | 1.49 | 8.13 | -2.71 |
| Dividends/Share | $1.00 | $1.00 | $1.00 | $1.00 | $0.75 | $0.24 |
| Operating Income | 3.1B | 3.1B | 2.4B | 3.6B | 5.6B | 2.9B |
| Operating Margin | 33.5% | 33.5% | 25.1% | 44.5% | 45.9% | 36.1% |
| ROE | 23.5% | 25.2% | 15.2% | 107.5% | 868.6% | -61.0% |
| Shares Outstanding | 359M | 359M | 354M | 309M | 333M | 376M |
| Metric | 2020 | ||||||
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 4.3B | 7.9B | 12.1B | 8.2B | 9.7B | 9.2B | 9.2B |
| Gross Margin | -92.3% | 40.8% | 49.9% | 48.8% | 28.9% | 37.3% | 37.3% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 290M | 376M | 483M | 351M | 372M | 350M | 350M |
| EBIT | -4.3B | 2.9B | 5.6B | 3.6B | 2.4B | 3.1B | 3.1B |
| Op. Margin | -99.0% | 36.1% | 45.9% | 44.5% | 25.1% | 33.5% | 33.5% |
| Net Income | -4.9B | 973M | 3.7B | 2.9B | 804M | 1.4B | 1.4B |
| Net Margin | -112.8% | 12.3% | 30.3% | 34.9% | 8.3% | 15.6% | 15.6% |
| Non-Recurring | 86M | 89M | 1.2B | 84M | 1.6B | 447M | 447M |
| Returns on Capital | |||||||
| ROIC | N/M | 88.1% | 121.7% | 33.9% | 17.8% | 25.8% | 20.6% |
| ROE | 296.5% | -61.0% | 868.6% | 107.5% | 15.2% | 25.2% | 23.5% |
| ROA | -38.1% | 7.3% | 27.9% | 18.7% | 4.1% | 7.7% | 8.1% |
| Cash Flow | |||||||
| Op. Cash Flow | 1.4B | 3.5B | 4.9B | 3.1B | 3.6B | 4.5B | 4.5B |
| Free Cash Flow | 1.4B | 3.5B | 4.9B | 3.1B | 3.6B | 4.5B | 4.5B |
| Owner Earnings | -384M | 2.0B | 3.4B | 1.5B | 1.3B | 2.1B | 2.1B |
| CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 1.8B | 1.4B | 1.2B | 1.5B | 2.3B | 2.3B | 2.3B |
| Growth CapEx | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| D&A | 1.8B | 1.4B | 1.2B | 1.5B | 2.3B | 2.3B | 2.3B |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||
| Dividends Paid | 123M | 52M | 207M | 308M | 353M | 360M | 360M |
| Dividend Yield | 2.5% | 0.8% | 1.8% | 2.9% | 3.8% | 4.9% | 2.8% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | N/A | 175M | 348M | 84M | 49M | 107M | 107M |
| Debt Repayment | 0 | 0 | 0 | 0 | 472M | 0 | 0 |
| Balance Sheet | |||||||
| Net Debt | 2.2B | 3.7B | 2.9B | 3.8B | 2.9B | 3.3B | 3.8B |
| Cash & Equiv. | 262M | 302M | 245M | 87M | 625M | 516M | 516M |
| Long-Term Debt | 2.7B | 3.9B | 3.4B | 4.0B | 4.1B | 3.9B | 3.9B |
| Debt/Equity | -1.65 | -2.71 | 8.13 | 1.49 | 0.79 | 0.71 | 0.71 |
| Interest Coverage | -10.2 | 6.5 | 17.3 | 11.1 | 6.6 | 11.0 | 11.0 |
| Equity | -1.6B | -1.6B | 423M | 2.7B | 5.3B | 6.1B | 6.1B |
| Total Assets | 12.7B | 13.3B | 13.1B | 15.2B | 19.4B | 17.8B | 17.8B |
| Total Liabilities | 15.0B | 15.6B | 11.4B | 8.9B | 7.7B | 4.7B | 4.7B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | -10.5B | -9.5B | -5.8B | -3.0B | -2.2B | -721M | -721M |
| Working Capital | 538M | 263M | -208M | 58M | 449M | -450M | -450M |
| Current Assets | 1.8B | 2.4B | 2.7B | 2.5B | 3.4B | 2.1B | 2.1B |
| Current Liabilities | 1.3B | 2.1B | 2.9B | 2.4B | 3.0B | 2.6B | 2.6B |
| Per Share Data | |||||||
| EPS | -12.86 | 2.59 | 11.02 | 9.25 | 2.27 | 3.99 | 3.99 |
| Owner EPS | -1.02 | 5.22 | 10.08 | 4.88 | 3.68 | 5.94 | 5.94 |
| Book Value | -4.34 | -4.25 | 1.27 | 8.60 | 14.91 | 16.95 | 16.95 |
| Cash Flow/Share | 3.67 | 9.31 | 14.83 | 10.14 | 10.22 | 12.65 | 10.40 |
| Dividends/Share | 0.33 | 0.24 | 0.75 | 1.00 | 1.00 | 1.00 | 1.00 |
| Shares Out. | 377.9M | 375.7M | 333.4M | 308.6M | 354.2M | 359.4M | 359.4M |
| Valuation | |||||||
| P/E Ratio | N/A | 9.4 | 3.6 | 3.5 | 9.2 | 6.0 | 9.1 |
| P/FCF | 3.4 | 2.6 | 2.7 | 3.2 | 2.0 | 1.9 | 2.9 |
| EV/EBIT | N/A | 6.2 | 3.0 | 3.8 | 4.4 | 4.9 | 5.4 |
| Price/Book | N/A | N/A | 31.6 | 3.8 | 1.4 | 1.4 | 2.1 |
| Price/Sales | 1.1 | 0.9 | 0.9 | 1.0 | 1.0 | 0.8 | 1.4 |
| FCF Yield | 29.8% | 38.2% | 37.0% | 30.9% | 49.2% | 52.8% | 35.0% |
| Market Cap | 4.7B | 9.2B | 13.4B | 10.1B | 7.4B | 8.6B | 13.0B |
| Avg. Price | 12.77 | 18.26 | 34.56 | 34.73 | 26.43 | 20.51 | 36.15 |
| Year-End Price | 12.33 | 24.39 | 40.10 | 32.84 | 20.78 | 23.95 | 36.15 |
APA Corp passes 5 of 9 quality checks, suggesting mixed fundamentals.
APA Corp trades at 9.1x trailing earnings, compared to its 15-year median P/E of 6.0x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 2.9x vs a median of 2.7x. The company's 5-year average ROIC is 57.5% with a gross margin of 41.1%. Total shareholder yield (dividends) is 2.8%. At current prices, the estimated annualized return to fair value is +1.5%.
APA Corp (APA) has a net profit margin of 15.6%. This is a healthy margin.
APA Corp (APA) generated $4.5 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
APA Corp (APA) has a debt-to-equity ratio of 0.71. This indicates moderate leverage.
APA Corp (APA) reported earnings per share (EPS) of $3.99 in its most recent fiscal year.
APA Corp (APA) has a return on equity (ROE) of 25.2%. This indicates the company generates strong returns for shareholders.
APA Corp (APA) has a 5-year average gross margin of 41.1%. This indicates decent pricing power.
The Ledger Terminal provides 6 years of financial data for APA Corp (APA), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
APA Corp (APA) has a book value per share of $16.95, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued strong operational execution across the Permian and Egypt to underpin robust free cash flow generation through 2026 and beyond, with the Permian positioned to sustain oil production volumes and Egypt's gas development program expected to drive growth in gross volumes and price realizations. The company is advancing toward its $3 billion net debt target through disciplined capital allocation and ongoing cost reduction initiatives, with expectations to achieve an additional $200 million in run-rate savings by year-end 2026, bringing total controllable spend reductions to $450 million. Suriname's GranMorgu development remains on track for mid-2028 first oil, representing a significant organic growth engine for long-term free cash flow expansion. APA remains committed to returning 60% of free cash flow to shareholders through dividends and share repurchases while maintaining balance sheet strength and financial flexibility to manage decommissioning liabilities and pursue strategic opportunities.
Based on recent SEC filings and earnings calls, APA Corp (APA) has provided the following forward guidance: U.S. Oil Production: 122,000 barrels per day (FY2026); Upstream Capital Expenditure: $2.1 billion (FY2026); Egypt Gas Production: 540 to 550 million cubic feet per day (FY2026); Oil and Gas Trading Pre-tax Cash Flow: approximately $1.1 billion (FY2026); Free Cash Flow: approximately $2.2 billion (FY2026), plus 5 additional metrics.
| FY2026 |
U.S. Oil Production (FY2026): “In the U.S., we are raising our full year oil production outlook to 122,000 barrels per day, reflecting our confidence in continued strong performance.”
Upstream Capital Expenditure (FY2026): “our full year upstream capital guidance remains unchanged at $2.1 billion”
Egypt Gas Production (FY2026): “we expect to deliver approximately 540 to 550 million cubic feet per day this year”
Oil and Gas Trading Pre-tax Cash Flow (FY2026): “based on current strip pricing, we expect these activities to generate approximately $1.1 billion of pre-tax cash flow in 2026”
Free Cash Flow (FY2026): “Currently, as outlined on slide nine of our supplement, we expect to generate approximately $2.2 billion of free cash flow for the full year.”
Decommissioning and Asset Retirement Obligations Gross Spend (FY2026): “we expect combined gross spend to increase to approximately $280 million in 2026”
Decommissioning and Asset Retirement Obligations Net Spend (FY2026): “After incorporating these tax impacts, we expect net spend for 2026 to be approximately $225 million.”
Oil and Gas Trading Pre-tax Income (FY2026): “Based on current strip pricing, we expect these activities to generate approximately $650 million of pre-tax income in 2026.”
No recent press releases.