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. In the quarter to June 2026, revenue grew 13.3%, EPS grew 23.5%, free cash flow fell 12.9% and total debt rose 27.8%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.
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APi Group Corporation (APG) Altman Z-score
APi Group Corporation's Altman Z-score for fiscal 2025 is 3.04, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.04 | 0.72 |
| FY2024 | 2.32 | 0.25 |
| FY2023 | 2.07 | 0.68 |
| FY2022 | 1.40 | (0.92) |
| FY2021 | 2.32 | 0.76 |
| FY2020 | 1.56 | 0.96 |
| FY2019 | 0.60 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.12 | — | 0.14 | |
| Retained earnings / total assets | 0.06 | — | 0.08 | |
| EBIT / total assets | 0.06 | — | 0.20 | |
| Market value of equity / total liabilities | 2.88 | — | 1.73 | |
| Sales / total assets | 0.89 | — | 0.89 | |
| Altman Z-score | Safe zone | 3.04 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.04 | ||
Z and Z″ put APi Group Corporation in different zones: safe zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| IESC IES Holdings, Inc. compare | 10.6× |
| EME EMCOR Group, Inc. compare | 6.4× |
| STRL Sterling Infrastructure, Inc. compare | 5.6× |
| TTEK Tetra Tech, Inc. compare | 4.4× |
| MTZ MasTec, Inc. compare | 3.7× |
| DY Dycom Industries, Inc. compare | 3.4× |
| J Jacobs Solutions Inc. compare | 3.1× |
| APG APi Group Corporation | 3.0× |
| FER Ferrovial N.V. compare | 1.9× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets