A Business at a Glance
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ITEMS 1 and 2.BUSINESS AND PROPERTIES APA Corporation (APA or the Company) is an independent energy company that owns subsidiaries that explore for, develop, and produce crude oil, natural gas, and NGLs. The Company’s business has oil and gas operations in three geographic areas: the U.S., Egypt, and offshore the U.K. in the North Sea (North Sea). APA also has active development, exploration, and appraisal operations ongoing in Suriname, as well as exploration interests in Uruguay, Alaska, and other international locations that may, over time, result in reportable discoveries and development opportunities. As a holding company, APA Corporation’s primary assets are its ownership interests in its consolidated subsidiaries. The Company makes available, free of charge on its website at www.apacorp.
| 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 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|
| 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% | 2.5% |
| 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 | 9.9 |
| P/FCF | 3.4 | 2.6 | 2.7 | 3.2 | 2.0 | 1.9 | 3.1 |
| EV/EBIT | N/A | 6.2 | 3.0 | 3.8 | 4.4 | 4.9 | 5.8 |
| Price/Book | N/A | N/A | 31.6 | 3.8 | 1.4 | 1.4 | 2.3 |
| Price/Sales | 1.1 | 0.9 | 0.9 | 1.0 | 1.0 | 0.8 | 1.5 |
| FCF Yield | 29.8% | 38.2% | 37.0% | 30.9% | 49.2% | 52.8% | 32.0% |
| Market Cap | 4.7B | 9.2B | 13.4B | 10.1B | 7.4B | 8.6B | 14.2B |
| Avg. Price | 12.77 | 18.26 | 34.56 | 34.73 | 26.43 | 20.51 | 39.49 |
| Year-End Price | 12.33 | 24.39 | 40.10 | 32.84 | 20.78 | 23.95 | 39.49 |
APA Corp passes 5 of 9 quality checks, suggesting mixed fundamentals.
APA Corp trades at 9.9x 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 3.1x 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 2.5%. At current prices, the estimated annualized return to fair value is +1.6%.
APA Corp (APA) has a current P/E ratio of 9.9, 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 $14.2B. It is classified as a large-cap stock.
Yes, APA Corp (APA) pays a dividend with a trailing twelve-month yield of 2.54%.
Based on historical P/E analysis, APA Corp (APA) appears expensive. The current P/E of 9.9 is 65% above its historical median of 6.0. The estimated fair value CAGR (P/E method) is -15.3%.
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 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.
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