Detailed financial statements for APi Group Corporation (APG): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
APi Group Corporation operates as a global enterprise offering vital safety, specialized infrastructure, and industrial services across North America, Europe, Australia, and the Asia-Pacific region. Its business activities are segmented into three primary divisions: Safety Services, Specialty Services, and Industrial Services. The Safety Services division delivers comprehensive safety solutions, with a particular focus on integrated occupancy systems.
Analysis Summary
APi Group Corporation reported revenue of $7.91B in the most recent fiscal year, growing at a 5-year CAGR of 17.1%.
Trailing-twelve-month margins: gross margin 29.7%, operating margin 6.9%, net margin 4.1%. Free cash flow grew at 7.7% CAGR over 5 years.
At $45.02 (closing price, October 29, 2026), APG has negative trailing earnings (P/E not meaningful) and an ROE of 10.11%. Market capitalisation stands at $19.5B, placing it among large-cap names.
Balance sheet quality for APG: current ratio of 1.5, net debt of $2.16B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $663.0M represents 220% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.05B | $3.73B | $985.0M | $3.59B | $3.94B | $6.56B | $6.93B | $7.02B | $7.91B |
| Cost of Revenue | $2.38B | $2.94B | $787.0M | $2.83B | $3.00B | $4.84B | $4.99B | $4.84B | $5.42B |
| Gross Profit | $664.0M | $787.0M | $198.0M | $756.0M | $939.0M | $1.71B | $1.94B | $2.18B | $2.49B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $511.0M | $625.0M | $359.0M | $725.0M | $803.0M | $1.55B | $1.58B | $1.69B | $1.93B |
| Operating Expenses | $511.0M | $625.0M | $359.0M | $922.0M | $803.0M | $1.55B | $1.58B | $1.69B | $1.93B |
| Operating Income | $123.0M | $162.0M | -$161.0M | -$166.0M | $136.0M | $162.0M | $359.0M | $484.0M | $554.0M |
| EBITDA | $67.1M | $277.0M | -$67.0M | $131.0M | $341.0M | $522.0M | $680.0M | $778.0M | $982.0M |
| Interest Expense | $8.0M | $22.0M | $15.0M | $52.0M | $60.0M | $125.0M | $145.0M | $146.0M | $141.0M |
| Pre-tax Income | $120.0M | $146.0M | -$151.0M | -$184.0M | $79.0M | $93.0M | $232.0M | $330.0M | $413.0M |
| Income Tax | $8.0M | $10.0M | $2.0M | -$31.0M | $32.0M | $20.0M | $79.0M | $80.0M | $111.0M |
| Net Income | $112.0M | $136.0M | -$153.0M | -$153.0M | $47.0M | $73.0M | $153.0M | $250.0M | $302.0M |
| EPS | $0.07 | $0.78 | $-1.01 | $-1.48 | $-0.44 | $0.08 | $-0.46 | $-0.56 | $-0.69 |
| EPS (Diluted) | $0.07 | $0.78 | $-0.59 | $-1.48 | $-0.44 | $0.07 | $-0.46 | $-0.56 | $-0.69 |
| Shares Outstanding (Diluted) | 121.0 M | 175.2 M | 260.9 M | 254.2 M | 308.6 M | 399.1 M | 352.7 M | 401.5 M | 416.0 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $2.08B | $2.12B | $1.98B | $2.25B |
| Gross Profit | $592.0M | $618.0M | $557.0M | $703.0M |
| Operating Income | $161.0M | $92.0M | $149.0M | $175.0M |
| EBITDA | $231.0M | $217.0M | $185.0M | $265.0M |
| Net Income | $93.0M | $97.0M | $57.0M | $99.0M |
| EPS | $0.20 | $-1.19 | $0.12 | $0.20 |
| EPS (Diluted) | $0.20 | $-1.19 | $0.12 | $0.20 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $19.0M | $54.0M | $256.0M | $515.0M | $1.19B | $605.0M | $479.0M | $499.0M | $912.0M |
| Short-term Investments | $1.21B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | $1.00B | $975.0M | $781.0M | $984.0M | $1.77B | $1.83B | $1.90B | $2.05B |
| Inventory | 0 | $56.0M | $58.0M | $64.0M | $69.0M | $163.0M | $150.0M | $143.0M | $145.0M |
| Total Current Assets | $1.23B | $1.14B | $1.34B | $1.44B | $2.63B | $2.65B | $2.58B | $2.66B | $3.23B |
| Property, Plant & Equipment | 0 | $328.0M | $507.0M | $462.0M | $427.0M | $629.0M | $618.0M | $647.0M | $698.0M |
| Goodwill | 0 | $320.0M | $980.0M | $1.08B | $1.11B | $2.38B | $2.47B | $2.89B | $3.17B |
| Intangible Assets | 0 | $204.0M | $1.12B | $965.0M | $882.0M | $1.78B | $1.62B | $1.66B | $1.58B |
| Total Assets | $1.23B | $2.04B | $4.01B | $4.07B | $5.16B | $8.09B | $7.59B | $8.15B | $8.94B |
| Accounts Payable | 0 | $174.0M | $156.0M | $150.0M | $236.0M | $490.0M | $472.0M | $497.0M | $526.0M |
| Short-term Debt | 0 | $295.0M | $19.0M | $18.0M | $1.0M | $206.0M | $5.0M | $4.0M | $5.0M |
| Total Current Liabilities | $16,000 | $999.0M | $823.0M | $841.0M | $867.0M | $1.92B | $1.81B | $1.89B | $2.15B |
| Long-term Debt | 0 | $305.0M | $1.17B | $1.40B | $1.77B | $2.58B | $2.32B | $2.75B | $2.75B |
| Total Liabilities | $16,000 | $1.41B | $2.25B | $2.51B | $2.84B | $5.96B | $4.72B | $5.20B | $5.53B |
| Retained Earnings | $2.1M | $663.0M | -$128.0M | -$284.0M | -$237.0M | -$164.0M | -$11.0M | $215.0M | $517.0M |
| Total Equity | $1.23B | $633.0M | $1.76B | $1.56B | $2.32B | $2.13B | $2.87B | $2.95B | $3.41B |
| Total Debt | 0 | $600.0M | $1.31B | $1.54B | $1.87B | $3.03B | $2.57B | $3.04B | $3.07B |
| Net Debt | -$1.23B | $546.0M | $1.06B | $1.03B | $685.0M | $2.42B | $2.10B | $2.54B | $2.16B |
| Working Capital | $1.23B | $143.0M | $519.0M | $596.0M | $1.76B | $731.0M | $775.0M | $773.0M | $1.08B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $555.0M | $912.0M | $645.0M | $851.0M |
| Total Assets | $8.72B | $8.94B | $8.97B | $9.95B |
| Total Liabilities | $5.45B | $5.53B | $5.48B | $6.43B |
| Total Equity | $3.28B | $3.41B | $3.49B | $3.52B |
| Total Debt | $3.05B | $3.07B | $3.07B | $3.84B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Net Income | $112.0M | $136.0M | -$153.0M | -$153.0M | $47.0M | $73.0M | $153.0M | $250.0M | $302.0M |
| Depreciation & Amortization | $69.0M | $109.0M | $69.0M | $263.0M | $202.0M | $304.0M | $303.0M | $302.0M | $327.0M |
| Stock-based Compensation | $10.0M | $3.0M | $156.0M | $5.0M | $12.0M | $18.0M | $29.0M | $32.0M | $44.0M |
| Change in Working Capital | -$99.0M | -$135.0M | $82.0M | $214.0M | -$147.0M | -$111.0M | -$50.0M | -$41.0M | -$83.0M |
| Operating Cash Flow | $118.0M | $112.0M | $150.0M | $496.0M | $182.0M | $270.0M | $514.0M | $620.0M | $759.0M |
| Capital Expenditure | -$39.0M | -$74.0M | -$11.0M | -$38.0M | -$55.0M | -$79.0M | -$86.0M | -$84.0M | -$96.0M |
| Acquisitions | -$63.0M | -$234.0M | -$2.56B | -$319.0M | -$86.0M | -$2.84B | -$83.0M | -$778.0M | -$186.0M |
| Stock Repurchased | -$1.0M | 0 | 0 | -$30.0M | 0 | -$44.0M | -$41.0M | -$600.0M | -$75.0M |
| Dividends Paid | -$111.0M | -$74.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $79.0M | $38.0M | $139.0M | $458.0M | $127.0M | $191.0M | $428.0M | $536.0M | $663.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $232.0M | $382.0M | $85.0M | $83.0M |
| Capital Expenditure | -$31.0M | -$26.0M | -$18.0M | -$31.0M |
| Free Cash Flow | $201.0M | $356.0M | $67.0M | $52.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $10.0M | $13.0M | $11.0M | $12.0M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +22.4% | -73.6% | +264.2% | +9.8% | +66.4% | +5.6% | +1.3% | +12.7% | |
| Net Income Growth (YoY) | +21.4% | -212.5% | +0.0% | +130.7% | +55.3% | +109.6% | +63.4% | +20.8% | |
| EPS Growth (YoY) | +1,038.7% | -229.5% | -46.5% | +70.3% | +118.8% | -654.9% | -21.7% | -23.2% | |
| Shares Change (YoY) | +44.7% | +48.9% | -2.5% | +21.4% | +29.3% | -11.6% | +13.8% | +3.6% | |
| FCF Growth (YoY) | -51.9% | +265.8% | +229.5% | -72.3% | +50.4% | +124.1% | +25.2% | +23.7% | |
| Gross Margin | 21.8% | 21.1% | 20.1% | 21.1% | 23.8% | 26.1% | 28.0% | 31.0% | 31.4% |
| Operating Margin | 4.0% | 4.3% | -16.3% | -4.6% | 3.5% | 2.5% | 5.2% | 6.9% | 7.0% |
| EBITDA Margin | 2.2% | 7.4% | -6.8% | 3.7% | 8.7% | 8.0% | 9.8% | 11.1% | 12.4% |
| Net Margin | 3.7% | 3.6% | -15.5% | -4.3% | 1.2% | 1.1% | 2.2% | 3.6% | 3.8% |
| FCF Margin | 2.6% | 1.0% | 14.1% | 12.8% | 3.2% | 2.9% | 6.2% | 7.6% | 8.4% |
| Effective Tax Rate | 6.7% | 6.8% | -1.3% | 16.8% | 40.5% | 21.5% | 34.1% | 24.2% | 26.9% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.65 | $0.22 | $0.53 | $1.80 | $0.41 | $0.48 | $1.21 | $1.33 | $1.59 |
| Dividends Per Share | $0.92 | $0.42 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 121.0 M | 175.2 M | 151.1 M | 254.2 M | 308.6 M | 349.8 M | 352.7 M | 401.5 M | 416.0 M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 10.11% |
| Return on Invested Capital | 5.46% |
| Return on Assets | 3.48% |
| Gross Margin | 29.73% |
| Operating Margin | 6.94% |
| Net Margin | 4.12% |
Financial Health
| Debt / Equity | 1.12 |
| Current Ratio | 1.18 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 3.04 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| P/E | 101.17 | 8.88 | -6.86 | -8.18 | -39.05 | 151.27 | -50.15 | -42.82 | -55.45 |
| P/B | 0.68 | 1.92 | 0.60 | 1.97 | 2.28 | 2.06 | 2.84 | 3.26 | 4.67 |
| P/S | 0.28 | 0.33 | 1.06 | 0.86 | 1.35 | 0.67 | 1.17 | 1.37 | 2.01 |
| Gross Margin | 21.8% | 21.1% | 20.1% | 21.1% | 23.8% | 26.1% | 28.0% | 31.0% | 31.4% |
| Operating Margin | 4.0% | 4.3% | -16.3% | -4.6% | 3.5% | 2.5% | 5.2% | 6.9% | 7.0% |
| Net Margin | 3.7% | 3.6% | -15.5% | -4.3% | 1.2% | 1.1% | 2.2% | 3.6% | 3.8% |
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Explore sector: Industrials · Engineering & Construction
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