A Business at a Glance
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APi Group Corp
APG
$16.5B
Mkt Cap
$39.57
+0.03%
APi Group Corp (APG) has a 5-year average return on invested capital (ROIC) of 4.7%. This is below average and may indicate limited pricing power.
APi Group Corp (APG) has a market capitalization of $17.1B. It is classified as a large-cap stock.
APi Group Corp (APG) does not currently pay a regular dividend.
APi Group Corp (APG) operates in the Services-To Dwellings & Other Buildings industry, within the Industrials sector.
APi Group Corp (APG) reported annual revenue of $7.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
APi Group Corp (APG) has a net profit margin of -3.6%. The company is currently unprofitable.
APi Group Corp (APG) generated $663 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
APi Group is a global, market-leading business services provider operating over 500 locations worldwide, delivering fire and life safety, security, elevator and escalator, and specialty services to a strong base of long-standing customers across diverse industries. The company operates through two reportable segments: Safety Services, which provides design, installation, inspection, service, and monitoring of fire protection, electronic security, and elevator/escalator systems across North America, Europe, and Asia-Pacific; and Specialty Services, which delivers specialty contracting, fabrication, distribution, and infrastructure services primarily in North America. The business model is built on a substantial recurring revenue base from statutorily mandated and contracted services, with approximately 54% of revenue derived from inspection, service, and monitoring work that generates predictable cash flows, while project work provides growth opportunities. APi employs a decentralized operating model designed to empower local business leaders while maintaining centralized support and best-practice sharing, and has completed 140 acquisitions since 2005 as part of a disciplined strategy to expand service offerings and geographic capabilities. The company's competitive strengths include scale advantages in a fragmented market, an inspection-first go-to-market strategy, long-standing customer relationships, strong safety track record, and the ability to leverage technology and procurement systems across its platform to drive operational efficiencies and margin expansion.
【Margin expansion and organic growth】 Management expects continued margin expansion in 2026 and beyond, driven by consistent organic growth, improved inspection, service, and monitoring revenue mix, disciplined customer and project selection, pricing actions, branch and field optimization, procurement systems and scale, accretive M&A, and selective business pruning. The company targets mid-to-upper single-digit organic growth in service revenues and low-to-mid single-digit growth in project revenues across Safety Services, with mid-single-digit organic growth expected in Specialty Services. Management anticipates robust backlog conversion throughout 2026, with particular strength in data center and infrastructure-related projects, and expects to maintain strong free cash flow generation while pursuing value-enhancing capital deployment opportunities including strategic M&A and opportunistic share repurchases.
| Metric | Target | Period |
|---|---|---|
| Net revenues | $8.475 billion–$8.675 billion | FY2026 |
| Adjusted EBITDA | $1.15 billion–$1.21 billion | FY2026 |
| Adjusted EBITDA margin | 13.8% at midpoint | FY2026 |
| Organic revenue growth | 5%–7% | FY2026 |
| Interest expense | $130 million | FY2026 |
| Depreciation | $90 million | FY2026 |
| Capital expenditures | $105 million | FY2026 |
| Adjusted effective tax rate | 23% | FY2026 |
| Adjusted EBITDA margin | 16%+ | FY2028 |
Net revenues (FY2026): “We expect increased full year net revenues of $8.475 billion-$8.675 billion, up from $8.4 billion-$8.6 billion, representing organic growth in net revenues of 5%-7% for the year.”
Adjusted EBITDA (FY2026): “We expect increased full year Adjusted EBITDA of $1.15 billion-$1.21 billion, up from $1.14 billion-$1.2 billion, representing an Adjusted EBITDA margin of 13.8% at the midpoint and Adjusted EBITDA growth of 11%-16% for the year.”
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
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 8.2B | 7.9B | 7.0B | 6.9B | 6.6B | 3.9B |
| Net Income | -268M | -288M | -224M | -161M | 29M | -137M |
| EPS | $-0.65 | $-0.69 | $-0.56 | $-0.46 | $0.10 | $-0.67 |
| Free Cash Flow | 680M | 663M | 536M | 428M | 191M | 127M |
| ROIC | 8.1% | 7.5% | 7.8% | 4.2% | 2.1% | 1.9% |
| Gross Margin | 31.4% | 31.4% | 31.0% | 28.0% | 26.1% | 23.8% |
| Debt/Equity | 0.79 | 0.90 | 1.02 | 1.24 | 2.75 | 1.58 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 573M | 554M | 484M | 359M | 162M | 136M |
| Operating Margin | 7.0% | 7.0% | 6.9% | 5.2% | 2.5% | 3.5% |
| ROE | -7.7% | -9.1% | -8.9% | -7.7% | 1.3% | -7.1% |
| Shares Outstanding | 433M | 417M | 400M | 350M | 290M | 204M |
| Metric | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||
| Revenue | 3.7B | 985M | 3.6B | 3.9B | 6.6B | 6.9B | 7.0B | 7.9B | 8.2B |
| Gross Margin | 21.1% | 20.1% | 21.1% | 23.8% | 26.1% | 28.0% | 31.0% | 31.4% | 31.4% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 625M | 359M | 725M | 803M | 1.6B | 1.6B | 1.7B | 1.9B | 2.0B |
| EBIT | 162M | -161M | -166M | 136M | 162M | 359M | 484M | 554M | 573M |
| Op. Margin | 4.3% | -16.3% | -4.6% | 3.5% | 2.5% | 5.2% | 6.9% | 7.0% | 7.0% |
| Net Income | 136M | -153M | -375M | -137M | 29M | -161M | -224M | -288M | -268M |
| Net Margin | 3.6% | -15.5% | -10.5% | -3.5% | 0.4% | -2.3% | -3.2% | -3.6% | -3.3% |
| Non-Recurring | 0 | 0 | 197M | 0 | 22M | 41M | 13M | 14M | 11M |
| Returns on Capital | |||||||||
| ROIC | N/A | -7.6% | -4.5% | 1.9% | 2.1% | 4.2% | 7.8% | 7.5% | 8.1% |
| ROE | N/A | -12.8% | -22.6% | -7.1% | 1.3% | -7.7% | -8.9% | -9.1% | -7.7% |
| ROA | N/A | -7.5% | -9.3% | -3.0% | 0.4% | -2.1% | -2.8% | -3.4% | -3.0% |
| Cash Flow | |||||||||
| Op. Cash Flow | 112M | 150M | 496M | 182M | 270M | 514M | 620M | 759M | 782M |
| Free Cash Flow | 38M | 139M | 458M | 127M | 191M | 428M | 536M | 663M | 680M |
| Owner Earnings | 0 | -24M | 397M | 15M | 34M | 182M | 286M | 388M | 344M |
| CapEx | 74M | 11M | 38M | 55M | 79M | 86M | 84M | 96M | 102M |
| Maint. CapEx | 109M | 18M | 94M | 155M | 218M | 303M | 302M | 327M | 393M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 109M | 18M | 94M | 155M | 218M | 303M | 302M | 327M | 393M |
| CapEx/OCF | N/A | N/A | 7.7% | 30.2% | 29.3% | 16.7% | 13.5% | 12.6% | 13.0% |
| Capital Allocation | |||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 30M | 0 | 44M | 41M | 0 | 75M | 0 |
| Buyback Yield | N/A | N/A | 1.0% | N/A | 0.8% | 0.5% | N/A | 0.5% | 0.0% |
| Stock-Based Comp | 3.0M | 156M | 5.0M | 12M | 18M | 29M | 32M | 44M | 45M |
| Debt Repayment | 12M | 0 | 21M | 321M | 34M | 484M | 437M | 7.0M | 7.0M |
| Balance Sheet | |||||||||
| Net Debt | 273M | 138M | 2.4B | 2.5B | 5.2B | 2.1B | 2.5B | 2.2B | 2.1B |
| Cash & Equiv. | 54M | 256M | 515M | 1.2B | 605M | 479M | 499M | 912M | 645M |
| Long-Term Debt | 12M | 1.2B | 1.4B | 1.8B | 2.6B | 2.3B | 2.7B | 2.8B | 2.8B |
| Debt/Equity | N/A | 0.69 | 1.90 | 1.58 | 2.75 | 1.24 | 1.02 | 0.90 | 0.79 |
| Interest Coverage | 7.4 | -10.7 | -3.2 | 2.3 | 1.3 | 2.5 | 21.0 | 32.6 | 22.9 |
| Equity | N/A | 1.8B | 1.6B | 2.3B | 2.1B | 2.1B | 3.0B | 3.4B | 3.5B |
| Total Assets | N/A | 4.0B | 4.1B | 5.2B | 8.1B | 7.6B | 8.2B | 8.9B | 9.0B |
| Total Liabilities | 13M | 2.3B | 2.5B | 2.8B | 5.2B | 4.7B | 5.2B | 5.5B | 5.5B |
| Intangibles | N/A | 1.1B | 965M | 882M | 1.8B | 1.6B | 1.7B | 1.6B | 1.6B |
| Retained Earnings | N/A | -131M | -284M | -237M | -164M | -11M | 215M | 517M | 574M |
| Working Capital | N/A | 519M | 596M | 1.8B | 731M | 775M | 773M | 1.1B | 917M |
| Current Assets | N/A | 1.3B | 1.4B | 2.6B | 2.7B | 2.6B | 2.7B | 3.2B | 3.0B |
| Current Liabilities | N/A | 823M | 841M | 867M | 1.9B | 1.8B | 1.9B | 2.1B | 2.1B |
| Per Share Data | |||||||||
| EPS | N/A | -1.15 | -2.21 | -0.67 | 0.10 | -0.46 | -0.56 | -0.69 | -0.65 |
| Owner EPS | N/A | -0.18 | 2.34 | 0.07 | 0.12 | 0.52 | 0.72 | 0.93 | 0.79 |
| Book Value | N/A | 13.21 | 9.18 | 11.36 | 7.33 | 5.92 | 7.38 | 8.17 | 8.05 |
| Cash Flow/Share | N/A | 1.13 | 2.92 | 0.89 | 0.93 | 1.47 | 1.55 | 1.82 | 0.29 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | N/A | 133.0M | 169.7M | 204.5M | 290.0M | 350.0M | 400.0M | 417.4M | 433.2M |
| Valuation | |||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | 182.5 | N/A | N/A | N/A | -61.0 |
| P/FCF | N/A | N/A | 4.4 | 27.3 | 18.5 | 19.0 | 17.9 | 24.9 | 25.2 |
| EV/EBIT | N/A | N/A | N/A | 33.7 | 43.7 | 26.8 | 23.5 | 31.5 | 33.6 |
| Price/Book | N/A | N/A | 1.9 | 2.2 | 2.5 | 4.0 | 3.3 | 4.8 | 4.9 |
| Price/Sales | N/A | N/A | 0.7 | 1.1 | 0.8 | 0.9 | 1.4 | 1.7 | 2.1 |
| FCF Yield | N/A | N/A | 15.2% | 2.4% | 3.6% | 5.2% | 5.6% | 4.0% | 4.0% |
| Market Cap | N/A | N/A | 3.0B | 5.2B | 5.3B | 8.2B | 9.6B | 16.5B | 17.1B |
| Avg. Price | N/A | N/A | 9.26 | 14.10 | 12.22 | 16.80 | 23.90 | 31.37 | 39.57 |
| Year-End Price | N/A | N/A | 11.85 | 16.93 | 12.17 | 23.19 | 24.00 | 39.57 | 39.57 |
APi Group Corp passes 2 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 25.8x vs a median of 18.7x. The company's 5-year average ROIC is 4.7% with a gross margin of 28.1%. At current prices, the estimated annualized return to fair value is -2.7%.
APi Group Corp (APG) has a debt-to-equity ratio of 0.90. This indicates moderate leverage.
APi Group Corp (APG) reported earnings per share (EPS) of $-0.69 in its most recent fiscal year.
APi Group Corp (APG) has a return on equity (ROE) of -9.1%. A negative ROE may indicate losses or negative equity.
APi Group Corp (APG) has a 5-year average gross margin of 28.1%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 8 years of financial data for APi Group Corp (APG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
APi Group Corp (APG) has a book value per share of $8.16, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued margin expansion in 2026 and beyond, driven by consistent organic growth, improved inspection, service, and monitoring revenue mix, disciplined customer and project selection, pricing actions, branch and field optimization, procurement systems and scale, accretive M&A, and selective business pruning. The company targets mid-to-upper single-digit organic growth in service revenues and low-to-mid single-digit growth in project revenues across Safety Services, with mid-single-digit organic growth expected in Specialty Services. Management anticipates robust backlog conversion throughout 2026, with particular strength in data center and infrastructure-related projects, and expects to maintain strong free cash flow generation while pursuing value-enhancing capital deployment opportunities including strategic M&A and opportunistic share repurchases.
Based on recent SEC filings and earnings calls, APi Group Corp (APG) has provided the following forward guidance: Net revenues: $8.475 billion–$8.675 billion (FY2026); Adjusted EBITDA: $1.15 billion–$1.21 billion (FY2026); Adjusted EBITDA margin: 13.8% at midpoint (FY2026); Organic revenue growth: 5%–7% (FY2026); Interest expense: $130 million (FY2026), plus 4 additional metrics.
Adjusted EBITDA margin (FY2026): “representing an Adjusted EBITDA margin of 13.8% at the midpoint”
Organic revenue growth (FY2026): “representing organic growth in net revenues of 5%-7% for the year”
Interest expense (FY2026): “For 2026, we continue to anticipate interest expense to be $130 million”
Depreciation (FY2026): “depreciation to be $90 million”
Capital expenditures (FY2026): “capital expenditures to be $105 million”
Adjusted effective tax rate (FY2026): “and our adjusted effective tax rate to be 23%”
No recent press releases.