APi Group Corporation

Security & Protection Services

APGStrained7 of 10 basics passed

$40.32

+0.85%

Market cap $17.4B

$40.32

+0.85%

Market cap $17.4B

APi Group Corp operates in two segments: Safety Services segment includes providing safety services in North America, Asia Pacific, and Europe, focusing on end-to-end integrated occupancy systems (fire protection solutions, Heating, Ventilation, and Air Conditioning and entry systems), including design,…

It is a $17.4B industrial company. Revenue grew 14.1% over the last year, it keeps 4¢ of every dollar of sales as profit, and its net debt equals ~2.7 years of free cash flow. It trades at 50.8× earnings — in the cheapest third of its own history.

Website: apigroupinc.com
Location: New Brighton, MN
Employees: 29 000
Sector: Industrials

Share price · 3 years

$17.73 → $40.32+127.5%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $8.44B
Profit: keeps 4¢ of every $1 sold; $346M
Free cash flow: cash left after running the business; $676M
Net debt: debt minus cash on hand; $1.85B
P/E: years of profit in the price; 50.8
EPS: earnings per share, TTM; $0.83
Shares: up 146% since 2020 — dilution; 415.7M
Volatility: beta vs the market — under 1 swings less; 1.62

Revenue, last 6 years

52-week range

Low $33.64$40.32High $49.40

Today's price is 42% of the way from the year's low to its high.

P/E vs its history5y

52.8×median 59.2×

Higher than 27% of past days — in the cheapest third of its own history.

Valuation vs own history

P/E

52.8×

72%

P/S

2.1×

19%

EV/EBITDA

30.2×

73%

P/B

5.0×

19%

FCF yield

3.9%

45%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Insider activity · 90 days

-$26.4Mnet selling

Purchases$0

Sales$26.4M

Insiders trading, last 14d0 buy · 0 sell

Standing in Industrials

Size$17.4Btop 55%
Revenue growth+6%top 35%
Net margin4%top 84%
Return on equity10%top 81%
P/E50.8×top 90%

Ranked against 130 Industrials companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong quality; Profitability, Health and Moat lag behind.

Valuation64

P/E vs own history27th pct · 20/25
FCF yield3.9% · 12/25
P/S2.1x · 20/25
EV/EBITDA24.2x · 12/25

Growth70

Revenue CAGR19.0% · 20/25
Net income CAGR59.2% · 25/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growth117.6% · 25/25

Profitability28

ROIC5.7% · 5/25
ROE10.1% · 12/25
Net margin4.1% · 6/25
Operating margin7.2% · 5/25

Health34

Altman Zn/a · 0/25
Current ratio1.39 · 12/25
Interest coverage3.9x · 10/25
Net cash / debtD/A 21% · 12/25

Quality95

Piotroski F8/9 · 25/25
Beneish M-2.54 · 25/25
FCF conversion195% · 25/25
Margin stabilityσ 7.3% · 20/25

Moat36

ROIC >12% years0/6 yrs · 0/25
Median gross margin27.1% · 6/25
FCF-positive years6/6 yrs · 25/25
Worst-year net marginworst -4.3% · 5/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2025Financial
Best year on record
$302M net income
FY2021Financial
Turned profitable
$47.0M net income after a loss year
FY2020Financial
Revenue already above $1B
$3.59B in first reported year
FY2020Financial
Positive free cash flow every year since
6-year streak

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$29 147 today — price return only

$7.9B revenue in FY2025

Revenue up 14.1% year over year

Profitable 5 years in a row

Positive free cash flow 6 years in a row

29 000 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Revenue growing 14.1% year over year
Piotroski F-Score 8/9 — fundamentally strong checklist

Watch-outs

Loss-making in 1 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

7 of 10 checks passed

Revenue growing — the company sells more than a year ago+14.1% YoY
Profitable — makes more than it spends$346M TTM
Profit growing — earnings are higher than last year+38.3% YoY
Generates cash — cash left after running and investing$676M TTM
Debt under control — could handle its obligations~2.7y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$17.4B market cap
Not printing shares — share count not ballooning — you keep your slice+146.0% shares over ~5y
Proven track record — years of profitability behind it5/6 profitable years
Financially stable — balance sheet not near distresshealth score 22/100
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 50.8

Peer comparisonAPi Group Corporation vs 6 largest industrials peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
APG this company	$17.4B	50.8	+14.1%	4.1%	Strained
LRCX Lam Research Corp	$399.2B	54.9	+26.0%	31.3%	Strong
CAT Caterpillar Inc.	$368.0B	33.9	+18.4%	14.5%	Solid
RTX RTX Corporation	$251.3B	32.4	+11.8%	8.3%	Strained
DE Deere & Company	$167.7B	34.4	+8.3%	10.2%	Solid
ETN Eaton Corporation, plc	$167.2B	43.6	+15.5%	12.8%	Mixed
UNP Union Pacific Corp.	$166.8B	22.6	+4.2%	28.8%	Strained

Head-to-head: APG vs LRCX · APG vs CAT · APG vs RTX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 6Buy 8Hold 1

Appendix · Financial records

The full statements behind this CV, FY2020–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $8.44B · net income $346M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$8.44B

YoY 14.1%

Net income (TTM)

$346M

Margin 4.1%

Gross margin

31.4%

Operating margin

7.2%

P/E ratio

50.8

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	3.6	3.9	6.6	6.9	7.0	7.9
Gross profit	0.8	0.9	1.7	1.9	2.2	2.5
Operating income (EBIT)	-0.2	0.1	0.3	0.4	0.5	0.6
Net income	-0.2	0.0	0.1	0.2	0.3	0.3
EPS (diluted)	-0.91	0.23	0.27	0.65	0.93	0.73

Cash flowFree cash flow $676M · operating cash flow $782M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$676M

Margin 8.0%

Operating cash flow (TTM)

$782M

FCF margin

8.0%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.5	0.2	0.3	0.5	0.6	0.8
Capital expenditure	-0.0	-0.1	-0.1	-0.1	-0.1	-0.1
Free cash flow	0.5	0.1	0.2	0.4	0.5	0.7
FCF margin	12.8%	3.2%	2.9%	6.2%	7.6%	8.4%

Balance sheetAssets $8.94B · net debt $1.85B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $8.94B of assets is financed

62%

38%

Liabilities $5.53B — borrowed moneyEquity $3.41B — owners' stake

Cash vs debt

Total debt $2.76B − cash $912M = net debt $1.85B

Cash on hand covers 33% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

3.9x

EBIT ÷ interest expense

ROE

10.1%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.5	1.2	0.6	0.5	0.5	0.9
Total assets	4.1	5.2	8.1	7.6	8.2	8.9
Total liabilities	2.5	2.8	5.2	4.7	5.2	5.5
Total debt	1.4	1.8	2.8	2.3	2.8	2.8
Equity	1.6	2.3	2.1	2.1	3.0	3.4
Net debt	0.9	0.6	2.2	1.8	2.3	1.8

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of APG on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $40.32 · market cap $17.4B.