APi Group Corp APG
We are a global, market-leading business services provider of fire and life safety, security, elevator and escalator, and specialty services with a substantial recurring revenue base and over 500 locations worldwide. We provide statutorily mandated and other contracted services to a strong base of long-standing customers across industries. We have a winning leadership culture driven by entrepreneurial business leaders that deliver innovative solutions to our customers.
We believe that our core strategies of driving sustainable organic growth, growing through accretive acquisitions, promoting the sharing of best practices across all of our businesses, and leveraging our scale and service offerings place us in a unique position to capitalize on opportunities in the industries we serve and advance our position in each of our markets. We believe that our revenue diversification across customers, end markets, geographies, and projects, combined with our inspection-first go-to-market strategy, decentralized operating model, enduring commitment to leadership development, long-standing customer relationships, and strong safety track record differentiates us from our competitors.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.91B | $7.02B | $6.93B | $6.56B | $3.94B | $3.59B | $985.0M | $3.73B | — |
| Cost of revenue | $5.42B | $4.84B | $4.99B | $4.84B | $3.00B | $2.83B | $787.0M | $2.94B | — |
| Gross profit | $2.49B | $2.18B | $1.94B | $1.71B | $939.0M | $756.0M | $198.0M | $787.0M | — |
| SG&A | $1.93B | $1.69B | $1.58B | $1.55B | $803.0M | $725.0M | $359.0M | $625.0M | — |
| Operating income | $554.0M | $484.0M | $359.0M | $162.0M | $136.0M | -$166.0M | -$161.0M | $162.0M | — |
| Interest expense | — | — | $145.0M | $125.0M | $60.0M | $52.0M | $15.0M | $22.0M | — |
| Pre-tax income | $413.0M | $330.0M | $232.0M | $93.0M | $79.0M | -$184.0M | -$151.0M | $146.0M | — |
| Income tax | $111.0M | $80.0M | $79.0M | $20.0M | $32.0M | $31.0M | $2.0M | $10.0M | — |
| Net income | $302.0M | $250.0M | $153.0M | $73.0M | $47.0M | -$153.0M | -$153.0M | $136.0M | — |
| EPS, basic | -0.69 | -0.56 | -0.46 | 0.10 | -0.67 | -2.21 | -1.15 | — | — |
| EPS, diluted | -0.69 | -0.56 | -0.46 | 0.10 | -0.67 | -2.21 | -1.15 | — | — |
| Shares, diluted (wtd. avg.) | $415.7M | $401.5M | $352.7M | $266.1M | $206.0M | $169.0M | $133.0M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $912.0M | $499.0M | $480.0M | $607.0M | $1.49B | $515.0M | $256.0M | $54.0M | $41.0M |
| Receivables | $1.56B | $1.44B | $1.40B | $1.31B | $767.0M | $639.0M | $730.0M | $765.0M | — |
| Inventory | $145.0M | $143.0M | $150.0M | $163.0M | $69.0M | $64.0M | $58.0M | — | — |
| Total current assets | $3.23B | $2.66B | $2.58B | $2.65B | $2.63B | $1.44B | $1.34B | — | — |
| Property, plant and equipment | — | — | — | $407.0M | $326.0M | $355.0M | $402.0M | — | — |
| Goodwill | $3.17B | $2.89B | $2.47B | $2.38B | $1.11B | $1.08B | $980.0M | $320.0M | — |
| Other intangibles | $1.58B | $1.66B | $1.62B | $1.78B | $882.0M | $965.0M | $1.12B | — | — |
| Total assets | $8.94B | $8.15B | $7.59B | $8.09B | $5.16B | $4.07B | $4.01B | — | — |
| Accounts payable | $526.0M | $497.0M | $472.0M | $490.0M | $236.0M | $150.0M | $156.0M | — | — |
| Short-term debt | $5.0M | $4.0M | $5.0M | $206.0M | $1.0M | $18.0M | $19.0M | — | — |
| Total current liabilities | $2.15B | $1.89B | $1.81B | $1.92B | $867.0M | $841.0M | $823.0M | — | — |
| Long-term debt | $2.75B | $2.75B | $2.32B | $2.58B | $1.77B | $1.40B | $1.17B | — | — |
| Total liabilities | $5.53B | $5.20B | $4.72B | $5.17B | $2.84B | $2.51B | $2.25B | — | — |
| Retained earnings | $517.0M | $215.0M | -$11.0M | -$164.0M | -$237.0M | -$284.0M | -$131.0M | — | — |
| Total equity | $3.41B | $2.95B | $2.07B | $2.13B | $2.32B | $1.56B | $1.76B | $633.0M | $582.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $759.0M | $620.0M | $514.0M | $270.0M | $182.0M | $496.0M | $150.0M | $112.0M | — |
| Depreciation and amortisation | $85.0M | $80.0M | $79.0M | $77.0M | $75.0M | $81.0M | $18.0M | $60.0M | — |
| Stock-based compensation | $44.0M | $32.0M | $29.0M | $18.0M | $12.0M | $5.0M | $156.0M | $3.0M | — |
| Capital expenditure | $96.0M | $84.0M | $86.0M | $79.0M | $55.0M | $38.0M | $11.0M | $74.0M | — |
| Investing cash flow | -$254.0M | -$829.0M | -$115.0M | -$2.90B | -$121.0M | -$340.0M | -$1.73B | -$300.0M | — |
| Financing cash flow | -$121.0M | $245.0M | -$532.0M | $1.76B | $917.0M | $99.0M | $1.40B | $203.0M | — |
| Buybacks | $75.0M | $0 | $41.0M | $44.0M | $0 | $30.0M | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-011620.
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