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APG

APi Group Corporation

APG

APi Group Corporation • NYSE
$39.56 ▲ 0.84% (+0.33)
Market Cap $16.45 B
52w High $39.65
52w Low $20.50
Dividend Yield 0%
P/E 109.89
Volume 836.20K
Outstanding Shares 415.91M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.085B ▲ $489M ▲ $84M ▲ 4.029% ▲ $0.2 ▲ $245M ▲
Q2-2025 $1.99B ▲ $472M ▲ $77M ▲ 3.869% ▲ $0.17 ▲ $226M ▲
Q1-2025 $1.719B ▼ $458M ▼ $35M ▼ 2.036% ▼ $0.075 ▲ $150M ▼
Q4-2024 $1.861B ▲ $459M ▲ $67M ▼ 3.6% ▼ $-0.068 ▼ $195M ▼
Q3-2024 $1.826B $425M $69M 3.779% $0.17 $218M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $555M ▲ $8.721B ▲ $5.445B ▲ $3.276B ▲
Q2-2025 $432M ▼ $8.539B ▲ $5.368B ▲ $3.171B ▲
Q1-2025 $460M ▼ $8.098B ▼ $5.116B ▼ $2.982B ▲
Q4-2024 $499M ▲ $8.152B ▼ $5.199B ▼ $2.953B ▼
Q3-2024 $487M $8.245B $5.278B $2.967B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $93M ▲ $232M ▲ $-91M ▲ $-15M ▼ $123M ▲ $201M ▲
Q2-2025 $77M ▲ $83M ▲ $-126M ▼ $-3M ▲ $-28M ▲ $56M ▲
Q1-2025 $35M ▼ $62M ▼ $-14M ▲ $-98M ▲ $-40M ▼ $50M ▼
Q4-2024 $67M ▼ $283M ▲ $-149M ▼ $-103M ▼ $12M ▼ $265M ▲
Q3-2024 $69M $220M $-57M $-9M $163M $198M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Infrastructure Utility
Infrastructure Utility
 $260.00M ▲$180.00M ▼$260.00M ▲$290.00M ▲
Life Safety
Life Safety
 $1.27Bn ▲$1.27Bn ▲$1.36Bn ▲$1.40Bn ▲
Specialty Contracting
Specialty Contracting
 $130.00M ▲$200.00M ▲$270.00M ▲$290.00M ▲
Fabrication
Fabrication
 $70.00M ▲$0 ▼$0 ▲$0 ▲
Heating Ventilation And Air Conditioning
Heating Ventilation And Air Conditioning
 $130.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement APi has grown steadily over the past few years, roughly doubling its revenue since 2020 while also becoming consistently profitable. Margins have improved as the business has scaled, with operating and EBITDA earnings moving from loss-making to clearly positive territory. The mix of recurring, service-focused work seems to be helping profitability inch higher over time. There are some quirks in the per‑share figures that likely reflect accounting items and capital structure changes, but the broad trend is one of healthier, more stable earnings and better operating leverage each year.

Balance Sheet

Balance Sheet The balance sheet shows a company that has expanded meaningfully, likely through acquisitions, with total assets and equity both rising. Debt has also increased, but not wildly out of line with the growth in the business, suggesting a manageable, though not trivial, leverage profile. Cash on hand is steady but not oversized, so APi leans more on ongoing cash generation than on a large cash cushion. Overall, the financial structure looks typical for an acquisitive industrial services group: stronger than a highly leveraged roll‑up, but still dependent on disciplined capital management and continued earnings progress.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has improved over time and comfortably covers the company’s relatively light investment needs. Free cash flow has been positive in every reported year and has generally grown alongside earnings, which indicates that profits are largely backed by real cash, not just accounting gains. Low capital spending relative to revenue fits with an asset‑light, service-heavy model. This gives APi some flexibility to reduce debt, pursue acquisitions, or reinvest selectively, as long as it maintains this cash discipline.

Competitive Edge

Competitive Edge APi operates in essential safety and specialty services where much of the work is required by regulation, like fire safety inspections and maintenance. That creates a recurring, need‑to‑have demand that tends to hold up even when the broader economy weakens. The company’s service‑first approach, broad portfolio of offerings, and ability to cross‑sell across customers add to its stickiness. In a very fragmented market, APi’s scale, acquisition track record, and decentralized, entrepreneurial structure give it an edge in winning and integrating local players. The flip side is ongoing integration complexity and continued competition from nimble regional firms.

Innovation and R&D

Innovation and R&D APi is not a traditional R&D-heavy technology company, but it is using practical technology to sharpen its operations. Investments in modern ERP systems, data analytics, and AI tools are aimed at better scheduling, route planning, invoicing, and workforce management across its many acquired businesses. The main innovation is in how it standardizes back‑office processes and shares best practices while keeping local brands empowered. This kind of behind‑the‑scenes digital and process innovation can steadily lift margins and service quality if executed well, though benefits tend to show up gradually rather than through headline‑grabbing breakthroughs.

Summary

APi looks like a scaled, steadily improving services business built around legally required, recurring work in safety and infrastructure. Over the last several years it has grown substantially, shifted from losses to consistent profits, and strengthened cash generation, while taking on a moderate level of debt to support acquisitions. Its competitive strengths come from recurring revenue, a service‑centric model, a disciplined roll‑up strategy in a fragmented market, and a decentralized culture that encourages local agility. Key opportunities include continued margin expansion, further consolidation of small operators, and growth in areas like data centers and other critical infrastructure. Key risks revolve around acquisition integration, maintaining service quality and culture at scale, managing leverage through cycles, and delivering on ambitious long‑term growth and profitability targets. Overall, the financial and strategic picture is one of a resilient, cash‑generative industrial services platform with meaningful execution demands ahead.

NEWS

November 25, 2025 · 7:30 AM UTC

-APi Group Announces Participation in the UBS Global Industrials and Transportation Conference-

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November 10, 2025 · 7:10 AM UTC

Apogee Therapeutics Provides Pipeline Progress and Reports Third Quarter 2025 Financial Results

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November 10, 2025 · 7:00 AM UTC

Apogee Therapeutics Announces Positive Interim Phase 1 Results from Healthy Volunteer Trial of APG333, its Novel Half-Life Extended TSLP Antibody

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October 30, 2025 · 7:30 AM UTC

APi Group Reports Record Third Quarter 2025 Financial Results and Raises Full-Year 2025 Outlook

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October 16, 2025 · 7:30 AM UTC

APi Group Confirms Date of Third Quarter 2025 Earnings Release

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