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Friday 6 November 2026
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APi Group Corporation
APG Industrials Engineering & Construction
APi Group Corporation’s revenue for fiscal 2025 (year ended December 2025) was $7.9 billion, up 12.7% from fiscal 2024.
- Revenue
- +22.5%
- EPS
- +32.3%
- Free cash flow
- −0.98%
- Total debt
- +29.6%
Quarter to September 2026, against a year earlier
40.59
3.44
−7.81%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | 3,728 | 985 | 3,587 | 3,940 | 6,558 | 6,928 | 7,018 | 7,911 | 8,907 | +11.3% | 9,233 | 10,018 | 10,703 | +10.6% | |
| Gross margin, % | — | — | 21.11 | 20.10 | 21.08 | 23.83 | 26.14 | 28.00 | 31.03 | 31.44 | 31.11 | +10.3 pt | ||||||
| EBT | — | — | 146 | (151) | (184) | 79 | 93 | 232 | 330 | 413 | 493 | +16.0% | ||||||
| EBT margin, % | — | — | 3.92 | (15.33) | (5.13) | 2.01 | 1.42 | 3.35 | 4.70 | 5.22 | 5.53 | +1.3 pt | ||||||
| Net income | — | 0 | 136 | (153) | (153) | 47 | 73 | 153 | 250 | 302 | 367 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | 31.86 | 4.94 | 14.15 | 12.75 | 18.76 | 19.63 | 17.46 | 19.02 | 20.67 | (7.1%) | |||||
| Earnings | — | — | — | (0.77) | (1.47) | (0.45) | 0.07 | (0.45) | (0.56) | (0.69) | (0.60) | (1.7%) | ||||||
| Cash flow | — | — | 0.96 | 0.75 | 1.96 | 0.59 | 0.77 | 1.46 | 1.54 | 1.82 | 1.80 | +9.7% | ||||||
| Capex | — | — | (0.59) | (0.03) | (0.08) | (0.11) | (0.18) | (0.09) | (0.13) | (0.16) | (0.18) | (16.7%) | ||||||
| Free cash flow | — | — | 0.37 | 0.72 | 1.87 | 0.48 | 0.60 | 1.37 | 1.42 | 1.66 | 1.61 | +24.0% | ||||||
| Book value | — | — | 0.00 | 8.81 | 6.15 | 7.52 | 6.09 | 5.87 | 7.35 | 8.19 | 8.09 | n/m | ||||||
| Shares, m | — | — | 117 | 200 | 254 | 309 | 350 | 353 | 402 | 416 | 428 | +19.9% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 233.15 | 0.00 | 0.00 | 0.00 | 0.00 | 29.1 | |||||
| P/S | — | — | 0.00 | 0.00 | 0.86 | 1.35 | 0.66 | 1.12 | 1.37 | 2.01 | 1.96 | 0.9 | ||||||
| P/B | — | — | 0.00 | 0.00 | 1.97 | 2.29 | 2.05 | 3.74 | 3.26 | 4.67 | 5.02 | 2.2 | ||||||
| EV/Sales | — | — | 0.00 | 0.95 | 1.11 | 1.42 | 1.00 | 1.38 | 1.69 | 2.25 | 2.32 | 1.2 | ||||||
| EV/FCF | — | — | 0.00 | 6.49 | 8.35 | 38.00 | 31.42 | 19.89 | 20.90 | 25.71 | 29.73 | 18.8 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | 112 | 150 | 496 | 182 | 270 | 514 | 620 | 759 | 775 | +31.4% | |||||
| Capex | — | — | (69) | (6) | (21) | (35) | (62) | (32) | (51) | (68) | (79) | (0.2%) | ||||||
| Free cash flow | — | — | 43 | 144 | 475 | 147 | 208 | 482 | 569 | 691 | 696 | +48.7% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | 1,242 | 519 | 596 | 1,759 | 731 | 775 | 773 | 1,079 | 529 | (2.0%) | |||||
| Net debt | — | — | (1,242) | 934 | 900 | 277 | 2,184 | 1,848 | 2,254 | 1,847 | 3,201 | n/m | ||||||
| Shareholders’ equity | — | — | — | 1,757 | 1,558 | 2,323 | 2,127 | 2,071 | 2,953 | 3,408 | 3,488 | +11.7% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | 0.00 | (7.63) | (9.29) | (2.97) | 0.44 | (2.05) | (2.85) | (3.37) | (2.42) | (3.4) pt | |||||
| ROIC | — | — | 0.00 | (3.74) | (4.22) | 3.27 | 2.35 | 5.73 | 5.81 | 6.59 | 6.02 | +6.6 pt | ||||||
| ROE | — | — | 9.20 | (10.34) | (22.62) | (7.06) | 1.30 | (7.67) | (8.92) | (9.06) | (6.80) | (18.3) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | 13,000 | 13,300 | 26,000 | 29,000 | 29,000 | 29,000 | — | +17.4% | |||||
| Revenue/emp, $m | — | — | 0.00 | 0.00 | 0.28 | 0.30 | 0.25 | 0.24 | 0.24 | 0.27 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Safety Services | 5,456 | 68.97% |
|---|---|---|
| Specialty Services | 2,460 | 31.10% |
| Gross margin | 31.44% | |
| Operating margin | 7.00% | |
| Pre-tax margin | 5.22% |
APi Group Corporation vs peers in Engineering & Construction (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| FER Ferrovial N.V. | $42.7B | — | — | — | — | — | — | — | Compare |
| FIX Comfort Systems USA, Inc. | $33.8B | 20.8× | 24.3× | +53.67% (above 0%: growing) | +68.64% (above 0%: growing) | +55.22% (above 0%: growing) | 24.81% | 16.58% | Compare |
| EME EMCOR Group, Inc. | $26.1B | 17.2× | 19.7× | +28.83% (above 0%: growing) | +37.55% (above 0%: growing) | +68.93% (above 0%: growing) | 20.00% | 9.85% | Compare |
| APG APi Group Corporation | $17.3B | — (loss-making) | 48.5× | +22.49% (above 0%: growing) | +32.25% (above 0%: growing) | −0.98% (below 0%: shrinking) | 30.15% | 7.91% | |
| J Jacobs Solutions Inc. | $17.3B | 51.3× | 40.6× | +34.46% (above 0%: growing) | −25.16% (below 0%: shrinking) | +59.31% (above 0%: growing) | 19.89% | 7.03% | Compare |
| MTZ MasTec, Inc. | $12.8B | 25.1× | 32.3× | +29.88% (above 0%: growing) | +2.46% (above 0%: growing) | +473.20% (above 0%: growing) | 12.83% | 5.35% | Compare |
| TTEK Tetra Tech, Inc. | $10.4B | 24.2× | 23.8× | −4.47% (below 0%: shrinking) | −2.33% (below 0%: shrinking) | −34.95% (below 0%: shrinking) | 18.59% | 12.07% | Compare |
| ACM AECOM | $8.6B | 30.2× | 24.2× | −14.18% (below 0%: shrinking) | n/m | −78.95% (below 0%: shrinking) | (0.95%) | (2.12%) | Compare |
| STRL Sterling Infrastructure, Inc. | $7.5B | 13.2× | 19.7× | +126.98% (above 0%: growing) | +148.46% (above 0%: growing) | −16.84% (below 0%: shrinking) | 24.12% | 19.62% | Compare |
| Median of peers | $15.0B | 24.2× | 24.2× | +29.88% | +20.01% | +55.22% | 19.89% | 9.85% |
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
84.91%
Held by the ten largest
43.79%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 37.12m | 8.59% | +1.96m |
| BlackRock | 36.19m | 8.37% | +1.83m |
| Jupiter Topco | 23.58m | 5.46% | +23.58m |
| T. Rowe Price | 23.02m | 5.33% | −6.86m |
| Fidelity (FMR) | 17.50m | 4.05% | +12.45m |
| Durable Capital Partners LP | 12.13m | 2.81% | −2.64m |
| State Street | 11.84m | 2.74% | +592.04k |
| Pictet Asset Management | 10.30m | 2.38% | +4.91m |
| Capital Group | 9.06m | 2.10% | +2.60m |
| Geode Capital Management | 8.50m | 1.97% | +290.61k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 3 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 10.45m | 21.24m | 316.00 |
| 2024 | 8.84m | 9.89m | 198.00 |
| 2023 | 10.20m | 21.08m | 191.00 |
| 2022 | 8.70m | 4.39m | 104.00 |
| 2021 | 8.03m | 11.51m | 142.00 |
Ownership
Directors and executive officers, together
18.70%
Sir Martin E. Franklin
11.80%
BlackRock, Inc.
7.20%
The Vanguard Group
7.10%
Janus Henderson Group plc
5.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
APi Group Corporation (APG) Latest News
29 Oct
22 Oct
21 Oct
29 Sep
22 Sep
31 Jul
30 Jul
APG metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
APi Group provides services that help customers install, inspect and maintain building safety systems and infrastructure. Its work includes fire protection, electronic security, elevators and escalators, as well as specialty contracting and utility services. Customers include businesses and public organizations operating facilities such as factories, hospitals, distribution centers and infrastructure sites.
The company’s Safety Services business designs and installs systems and then inspects, services and monitors them. Fire protection work, for example, can involve systems that detect or suppress a fire. Many facilities must have their life safety systems inspected regularly under legal or insurance requirements. APi seeks to begin customer relationships with inspections and then win related repair, maintenance and project work.