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Api Group Corp (APG) stock

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NYSE: APG NYSE Construction & Engineering Next results ~January 28, 2027

C+ Fundamentals grade

Api Group Corp is a US-listed company in the construction & engineering industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$34

Cash-flow model

Base case. Range ~$24–$47 across our lower- and higher-growth cases (7.7%–17.7% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 33% above our base value.

Price used: $45.30, November 2, 2026

Api Group Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Api Group files

10-Q filed October 29: Api

Model value +1.1%

Api Group Corp's revenue reached $8.91bn in the twelve months to September 2026, a 16.4% rise on the prior year and an acceleration from the 14.1% growth recorded a quarter earlier. Free-cash-flow margin was unchanged at 7.6%. Meanwhile, the diluted share count fell 6.2% year-on-year, boosting the value attributable to each remaining share. These shifts nudge the fundamentals grade up from C to C+, and our model value climbs from $29.61 to $29.95 a share. Against a share price of $44.08, that leaves the rating at Sell. At current levels, the market appears to be pricing in cash-flow growth of about 16.6% a year over five years, not far off the 17.7% annual revenue growth the company has actually delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Api stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $8.44bn, up 14.1% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin held at 8.0%. The diluted share count is down 5.5% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 6 financial-health checks. Our cash-flow model value is $31.04 a share, against a share price of $39.93. At that price, our model says the market is pricing in about 14.7% a year of cash-flow growth for five years, close to the 16.5% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

Api Group Corp's trailing-twelve-month revenue grew 16.4% year on year, with a free-cash-flow margin of 7.6%. Where it stands out: change in share count of -6.2% ranks 3 of 40 construction & engineering companies we cover. Where it lags: long-term debt as % of assets of 31.3% ranks 30 of 35 construction & engineering companies we cover.

Our discounted-cash-flow model values the business at ~$34 per share in the base case (~$24–$47 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 17.7% while net income grew 34.9%: a 17pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 16.4% over the last 12 months, against a median of 21.2% for construction & engineering companies we cover.
  • Shrinking share count. Diluted shares fell 6.2% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $45.30 is 25% above our value per share of $34.
  • High earnings multiple. The shares trade at 52 times the last 12 months' earnings, so expectations are demanding.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 31.3% ranks 30 of 35 construction & engineering companies we cover (median 16.2%).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$0.50 against an average estimate of $0.47: beat by 6.3%
Revenue
$2.55bn, up 22.5% on a year earlier
Share reaction
+7.3% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
net revenues $9,200m to $9,250m (full-year 2026); adjusted EBITDA $1,235m to $1,255m (full-year 2026)
Next report
October 29, 2026; average EPS estimate $0.50

Api Group's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.2%
  • 1 week+12.5%
  • 1 month+11.9%
  • This year+18.4%
  • 1 year+23.0%
  • 5 years+198.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$8.9B
Operating margin
7.2%
Net margin
4.1%
EPS (TTM, diluted)
$0.87

Growth

Revenue growth
+16.4%
Change in growth rate
+2.3 pts
Share count change
−6.2%

Cash

Free cash flow (TTM)
$673M
FCF margin
7.6%
Stock pay % of revenue
0.7%

Earnings

Last results
October 29, 2026
Next results (est.)
January 28, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Results
  4. Product
  5. Announcement
  6. Insider trade
  7. Insider trade
  8. Insider trade
  9. Results
  10. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Api Group Corp valuation models and calculator

What the price is pricing in

The share price implies about 16.5% a year of cash-flow growth for five years.That is close to the 17.7% a year revenue growth Api Group has delivered.

  • Priced in16.5%
  • Last 12 months16.4%
  • 3 years a year9.0%
  • 5 years a year17.7%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($46.29, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$34
Price used
$46.29close November 3, 2026
Implied change
▼ 26%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Api Group Corp's free cash flow after stock-based pay with after-tax interest added back ($620M, FY2026 Q3 TTM), growing 10.6% and 11.1% in the next two years (forecasts, guidance and its record), then back to 12.7% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$24–~$47 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Api Group Corp's free cash flow after stock-based pay ( $620M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Api Group Corp as an operating company, with every model that fits that kind of business. Cost of equity 10.3%: the 10-year Treasury yield (4.9%) plus a beta of 1.18 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$34 ~$24–$47 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$28 ~$25–$38 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$0.2 ~$0.0–$0.6 Left out: out of range vs price (0.00x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$32 ~$28–$34 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Api Group Corp with Construction & Engineering in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −28%
  • Revenue growth 5 points higher ▲ +36%
  • Free-cash-flow margin 1 point lower ▼ −15%
  • Last year's free-cash-flow margin change, if it persists ▲ +1%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $13$21$30$43$60$82
8.5% $8$14$21$30$42$57
10% $5$10$15$22$31$43

Valuation multiples over time Market data may be delayed

At fiscal year end 202020212022202320242025Now
Share price$12.10$17.18$12.54$23.07$23.98$38.26$45.30
Market value$3.1bn$5.3bn$5.0bn$8.1bn$9.6bn$15.9bn$19.2bn
+ Net debt (− = net cash)$928m$603m$2.2bn$1.9bn$2.3bn$1.9bn$3.2bn
Enterprise value$4.0bn$5.9bn$7.2bn$10.0bn$11.9bn$17.8bn$22.4bn
Multiples
Price / sales 0.9x1.3x0.8x1.2x1.4x2.0x2.2x
Price / earnings —112.9x68.6x53.2x38.5x52.7x52.2x
Price / free cash flow 6.7x41.8x26.2x19.0x18.0x24.0x28.5x
EV / EBITDA —28.0x30.3x22.9x21.1x27.8x30.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

33 /100

Weak moat

How hard Api Group's competitive advantage looks for rivals to wear away, judged from 7 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 3 / 20

    Cash operating profit has been a median 4.2% of total assets over 6 years.

  • Pricing power 9 / 20

    Gross margin has been a median 27.6%, moving by 2.9 percentage points (standard deviation) across 7 years.

  • Durability 0 / 20

    Operating margin has been a median 4.8%; its worst year was -70.0%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 7 of 7 years, at a median 7.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.91 +232% $9.2bn +17%
Next $2.03 +15% $10.0bn +8%

Next year's EPS estimate has moved +2.5% in 90 days, across 12 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −6.6% on 90 days ago. In the last 30 days, 1 analyst raised Api Group Corp's forecast and 1 cut it.

Consensus EPS forecast Api Group Corp, last 90 days
$0.50 $1.00 $1.50 $2.00 $2.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.98 Current fiscal year, 60 days ago: $0.97 Current fiscal year, 30 days ago: $0.97 Current fiscal year, 7 days ago: $0.97 Current fiscal year, Now: $0.91 $0.91 Next fiscal year, 90 days ago: $1.98 Next fiscal year, 60 days ago: $1.99 Next fiscal year, 30 days ago: $1.99 Next fiscal year, 7 days ago: $2.00 Next fiscal year, Now: $2.03 $2.03

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.98$1.98
60 days ago $0.97$1.99
30 days ago $0.97$1.99
7 days ago $0.97$2.00
Now $0.91$2.03

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.47 $0.50 +6.3%
Jun 2026 $0.43 $0.44 +1.3%
Mar 2026 $0.30 $0.32 +5.3%
Dec 2025 $0.41 $0.44 +6.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • Net revenues full-year 2026 $9,200m to $9,250m Raised
    “Net revenues of $9,200 to $9,250 million, up from the guidance provided on July 30, 2026 of $8,875 to $9,025 million” source
  • Adjusted EBITDA full-year 2026 $1,235m to $1,255m Non-GAAP Raised
    “Adjusted EBITDA of $1,235 to $1,255 million, up from the guidance provided on July 30, 2026 of $1,205 to $1,245 million” source
  • Adjusted free cash flow conversion full-year 2026 about 110% Non-GAAP Lowered vs about 115
    “Adjusted free cash flow conversion of 110%, based on adjusted net income” source

How earlier guidance turned out

  • Net Revenues, third quarter of 2026 guided $2,375m to $2,425m Above range: $2,554m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Api Group Corp's revenue by +10.6% next year and +11.1% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+9.9%, weight 37%) , management guidance (+9.8%, weight 37%) and the company's own record (+12.7%, weight 25%) . How the weights are set.

Analyst recommendations

11 analysts, Oct 2026
Buy11100%
Hold00%
Sell00%

Monthly trend

  1. Oct 20263811
  2. Sep 20263811
  3. Aug 20263811
  4. Jul 20263710

Counts of recommendations published by analysts covering Api Group Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.9%
of tradable shares
Days to cover
3.25
at average volume
Short interest, 1 month
−3%
to October 15, 2026
Held by institutions
87%
of shares
Held by insiders
12.0%
of shares
Employees
29,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +23.0%

$36.82 on October 31, 2025 to $45.30

ThenNowEffect
Revenue (last 12 months) $7.4bn $8.4bn +14.1%
Net margin 3.4% 4.1% +22.3%
P/E multiple 66.4x 55.3x −16.7%
Share count 447m 422m +5.8%

Biggest factor: net margin.

Last 3 years +145.8%

$18.43 on November 3, 2023 to $45.30

ThenNowEffect
Revenue (last 12 months) $6.8bn $8.4bn +23.7%
Net margin 1.8% 4.1% +125.6%
P/E multiple 61.5x 55.3x −10.0%
Share count 414m 422m −2.1%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
APG+42%−27%+84%+4%+60%+18%
Industry peers (median)+38%−8%+43%+48%+25%−11%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
APG67%25%58%50%67%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
APG−15%−50%−16%−20%−21%−26%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since April 29, 2020: 50% from January 4, 2022 to September 30, 2022. Getting back needed a 99% gain, reached on June 28, 2023, 271 days after the low.

Price behaviour

52-week range
$35.43 – $49.40
From 52-week high
−8.3%
vs 50-day average
+14.1%
vs 200-day average
+8.0%
Volatility (1 year)
31%
Beta vs S&P 500
1.25

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±5.5%
After a week
7 up, 4 down
typical move ±7.2%
After a month
6 up, 5 down
typical move ±9.6%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +7.3% −2.1% — —
July 30, 2026 +3.2% +2.4% +7.3% +3.2%
April 30, 2026 −5.6% +1.3% −8.3% −16.6%
February 25, 2026 +0.3% +0.3% −4.1% −9.4%
February 17, 2026 −0.6% +0.7% +1.3% −7.5%
October 30, 2025 +6.8% −0.8% +4.7% +13.1%
July 31, 2025 +1.9% −2.0% +0.9% +3.7%
May 1, 2025 +11.9% +2.2% +16.1% +23.8%
February 26, 2025 −3.5% −1.5% −7.5% −8.5%
February 19, 2025 +9.1% −0.2% +6.8% +0.3%
October 31, 2024 +6.4% −1.5% +10.7% +13.4%
August 1, 2024 −9.4% −3.3% −11.1% −6.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Api Group Corp’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Api Group Corp in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Api Group Corp
$6B $7B $8B $9B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $6.9B Revenue (TTM), FY24 Q1: $6.9B Revenue (TTM), FY24 Q2: $6.9B Revenue (TTM), FY24 Q3: $6.9B Revenue (TTM), FY24 Q4: $7B Revenue (TTM), FY25 Q1: $7.1B Revenue (TTM), FY25 Q2: $7.4B Revenue (TTM), FY25 Q3: $7.7B Revenue (TTM), FY25 Q4: $7.9B Revenue (TTM), FY26 Q1: $8.2B Revenue (TTM), FY26 Q2: $8.4B Revenue (TTM), FY26 Q3: $8.9B $8.9B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $6.9B
FY24 Q1 $6.9B
FY24 Q2 $6.9B
FY24 Q3 $6.9B
FY24 Q4 $7B
FY25 Q1 $7.1B
FY25 Q2 $7.4B
FY25 Q3 $7.7B
FY25 Q4 $7.9B
FY26 Q1 $8.2B
FY26 Q2 $8.4B
FY26 Q3 $8.9B
Revenue growth, TTM YoY Api Group Corp
0% 5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 5.6% Revenue growth, TTM YoY, FY24 Q1: 3.2% Revenue growth, TTM YoY, FY24 Q2: 0.7% Revenue growth, TTM YoY, FY24 Q3: 0.6% Revenue growth, TTM YoY, FY24 Q4: 1.3% Revenue growth, TTM YoY, FY25 Q1: 3.2% Revenue growth, TTM YoY, FY25 Q2: 7.6% Revenue growth, TTM YoY, FY25 Q3: 10.7% Revenue growth, TTM YoY, FY25 Q4: 12.7% Revenue growth, TTM YoY, FY26 Q1: 14.5% Revenue growth, TTM YoY, FY26 Q2: 14.1% Revenue growth, TTM YoY, FY26 Q3: 16.4% 16.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 5.6%
FY24 Q1 3.2%
FY24 Q2 0.7%
FY24 Q3 0.6%
FY24 Q4 1.3%
FY25 Q1 3.2%
FY25 Q2 7.6%
FY25 Q3 10.7%
FY25 Q4 12.7%
FY26 Q1 14.5%
FY26 Q2 14.1%
FY26 Q3 16.4%
Operating margin (TTM) Api Group Corp
5% 6% 7% 8% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 5.2% Operating margin (TTM), FY24 Q1: 5.6% Operating margin (TTM), FY24 Q2: 5.9% Operating margin (TTM), FY24 Q3: 6.4% Operating margin (TTM), FY24 Q4: 6.9% Operating margin (TTM), FY25 Q1: 6.6% Operating margin (TTM), FY25 Q2: 6.6% Operating margin (TTM), FY25 Q3: 6.6% Operating margin (TTM), FY25 Q4: 7.0% Operating margin (TTM), FY26 Q1: 7.0% Operating margin (TTM), FY26 Q2: 7.2% Operating margin (TTM), FY26 Q3: 7.2% 7.2%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 5.2%
FY24 Q1 5.6%
FY24 Q2 5.9%
FY24 Q3 6.4%
FY24 Q4 6.9%
FY25 Q1 6.6%
FY25 Q2 6.6%
FY25 Q3 6.6%
FY25 Q4 7.0%
FY26 Q1 7.0%
FY26 Q2 7.2%
FY26 Q3 7.2%
FCF margin (TTM) Api Group Corp
6% 7% 8% 9% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 6.2% FCF margin (TTM), FY24 Q1: 6.3% FCF margin (TTM), FY24 Q2: 6.9% FCF margin (TTM), FY24 Q3: 7.9% FCF margin (TTM), FY24 Q4: 7.6% FCF margin (TTM), FY25 Q1: 8.4% FCF margin (TTM), FY25 Q2: 7.7% FCF margin (TTM), FY25 Q3: 7.5% FCF margin (TTM), FY25 Q4: 8.4% FCF margin (TTM), FY26 Q1: 8.3% FCF margin (TTM), FY26 Q2: 8.0% FCF margin (TTM), FY26 Q3: 7.6% 7.6%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 6.2%
FY24 Q1 6.3%
FY24 Q2 6.9%
FY24 Q3 7.9%
FY24 Q4 7.6%
FY25 Q1 8.4%
FY25 Q2 7.7%
FY25 Q3 7.5%
FY25 Q4 8.4%
FY26 Q1 8.3%
FY26 Q2 8.0%
FY26 Q3 7.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Api Group took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $7.9B
  2. Cost of revenue $5.4B · 68.6%
  3. Gross profit $2.5B · 31.4%
  4. Selling, general and admin $1.9B · 24.4%
  5. Operating income $554M · 7.0%
  6. Income tax $111M · 1.4%
  7. Interest and other $141M · 1.8%
  8. Net income $302M · 3.8%

Shares of revenue. Source: Api Group's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 3,728 985 3,587 3,940 6,558 6,928 7,018 7,911 8,907
Gross profit 787 198 756 939 1,714 1,940 2,178 2,487 2,771
EBITDA 222 −143 −85 211 239 438 564 639 729
Operating income 162 −161 −166 136 162 359 484 554 644
Net income 136 −153 −153 47 73 153 250 302 367
Diluted EPS — −$0.77 −$1.47 −$0.45 $0.07 −$0.46 −$0.56 −$0.69 $0.87
Growth (year on year)
Revenue — −73.6% +264.2% +9.8% +66.4% +5.6% +1.3% +12.7% +16.4%
EBITDA — −164.4% — — +13.3% +83.3% +28.8% +13.3% +23.8%
Operating income — −199.4% — — +19.1% +121.6% +34.8% +14.5% +27.3%
Net income — −212.5% — — — — +63.4% +20.8% +34.9%
Diluted EPS — — — — — — — — +43.8%
Margins
Gross margin 21.1% 20.1% 21.1% 23.8% 26.1% 28.0% 31.0% 31.4% 31.1%
EBITDA margin 6.0% −14.5% −2.4% 5.4% 3.6% 6.3% 8.0% 8.1% 8.2%
Operating margin 4.3% −16.3% −4.6% 3.5% 2.5% 5.2% 6.9% 7.0% 7.2%
Net margin 3.6% −15.5% −4.3% 1.2% 1.1% 2.2% 3.6% 3.8% 4.1%
Free-cash-flow margin 1.0% 14.1% 12.8% 3.2% 2.9% 6.2% 7.6% 8.4% 7.6%
Cash flow
Cash from operations 112 150 496 182 270 514 620 759 775
Capital spending 74 11 38 55 79 86 84 96 102
Free cash flow 38 139 458 127 191 428 536 663 673
Stock-based pay 3 156 5 12 18 29 32 44 64
Free cash flow after stock pay 35 −17 453 115 173 399 504 619 609
Balance sheet
Cash 54 256 515 1,188 605 479 499 912 373
Total debt 0 1,214 1,443 1,791 2,832 2,356 2,776 2,776 3,601
Net debt (negative = net cash) −54 958 928 603 2,227 1,877 2,277 1,864 3,228
Diluted shares — 200m 254m 309m 399m 353m 402m 416m 423m
Returned to shareholders
Buybacks — — 30 0 44 41 0 75 252
Total returned — — 30 0 44 41 0 75 252

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · September 30, 2026
What it owns · $10.3bn
Short-term assets $3.4bnLonger-term assets $6.9bn
What it owes, and who funded it · $10.3bn
Short-term liabilities $2.9bnLonger-term liabilities $3.9bnShareholders' equity $3.5bn
  • Short-term assets cover short-term liabilities $3.4bn of assets due within a year against $2.9bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $3.4bn short-term assets against $3.9bn of longer-dated liabilities.
  • More cash than debt $373m of cash against $3.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 102% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 123% to 102% over five years.
  • A year's operating cash flow covers at least 20% of debt $775m of operating cash flow against $3.6bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Api Group Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$252M
Returned to shareholders
37%
of free cash flow
Buybacks, last 3 fiscal years
$116M
Diluted share count
−6.2%
year over year
Total shareholder yield
1.3%
dividends 0.0% + buybacks 1.3% of market value
Sales & admin spending
23.9%
of revenue
Days sales outstanding
78 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in construction & engineering
Last 12 months unless stated APG KBR FER PRIM DY TPC Median
Revenue, last 12 months $8.9bn $7.8bn $10.9bn $7.3bn $6.9bn $5.9bn $1.5bn
Revenue growth, last 12 months 16.4% −2.4% 10.0% 5.1% 37.8% 24.7% 21.2%
Revenue growth, 3-year average 9.0% 4.6% — 11.3% 19.4% 16.4% 11.3%
Revenue growth, latest quarter 22.5% 5.0% — −10.7% 45.6% 19.2% 26.9%
Gross margin 31.1% 14.7% — 8.6% 19.5% 11.5% 13.0%
Operating margin 7.2% 9.3% 34.0% 2.9% — 4.5% 4.1%
Operating margin, 3-year average 6.7% 9.2% — 4.4% — 1.6% 5.4%
Net margin 4.1% 5.7% 9.2% 1.9% 4.8% 2.1% 1.9%
Cash from operations / revenue 8.7% 4.9% 20.0% 2.7% 10.4% 13.4% 4.4%
Free-cash-flow margin 7.6% 4.2% 14.9% 1.2% 6.8% 10.4% 2.3%
Free-cash-flow margin, 3-year average 7.6% 5.6% — 3.8% 3.2% 10.1% 5.5%
Stock pay / revenue 0.7% — — 0.3% 0.5% 2.5% 0.7%
Change in share count −6.2% −3.1% −0.8% −0.2% 2.1% 2.2% 0.8%

Median of all 43 companies we cover in construction & engineering. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

43 construction & engineering companies
Measure Company Peer median Rank
Revenue growth Growth 16.4% 21.2% 24 of 43
Change in growth rate Growth +2.3pp +3.2pp 24 of 43
Gross margin Profitability 31.1% 11.8% 5 of 39
Operating margin Profitability 7.2% 4.1% 13 of 39
Net margin Profitability 4.1% 2.1% 16 of 42
Free-cash-flow margin Cash generation 7.6% 2.3% 10 of 43
Stock pay as % of revenue Cash generation 0.7% 0.7% 18 of 33
Long-term debt as % of assets Balance sheet 31.3% 16.2% 30 of 35
Change in share count Balance sheet -6.2% 1.9% 3 of 40
Days sales outstanding Balance sheet 78 days 67 days 19 of 27

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Corporate and Elimination $7.9B 100.0% ▲ 12.7%
Life Safety $5.5B 69.0% ▲ 13.7%
Specialty Contracting $1.1B 13.8% ▲ 16.3%
Infrastructure and Utility $1B 12.9% ▲ 2.6%
Fabrication and Distribution $342M 4.3% ▲ 17.9%
Geography
Region Revenue Share YoY
Americas $5.2B 65.5% ▲ 18.2%
Other Countries $2B 25.8% ▲ 2.1%
France $691M 8.7% ▲ 8.5%

From Api Group Corp's 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$15.5B
Institutions reporting
575
Shares held vs prior quarter
▲ 5.3%
Positions opened / closed
62 / 63

Top buyers and sellers, Q2 2026: 291 institutions bought and 270 sold ; the biggest buyer was FMR LLC (+12.5M shares) and the biggest seller Viking Global Investors LP (−5.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.5B 36.2M 9.9% ▲ 5.3%
Jupiter Topco LLC $999M 23.6M 6.4% —
Vanguard Capital Management LLC $743M 17.6M 4.8% ▲ 5.6%
FMR LLC $741M 17.5M 4.8% ▲ 246.6%
Vanguard Portfolio Management LLC $702M 16.6M 4.5% ▲ 6.1%
Price T Rowe Associates Inc $631M 14.9M 4.1% ▼ 12.4%
Durable Capital Partners LP $514M 12.1M 3.3% ▼ 17.9%
State Street Corp $501M 11.8M 3.2% ▲ 5.3%
Pictet Asset Management Holding SA $436M 10.3M 2.8% ▲ 91.0%
Geode Capital Management, LLC $360M 8.5M 2.3% ▲ 3.5%
T. Rowe Price Investment Management, Inc. $344M 8.1M 2.2% ▼ 36.9%
Capital Research Global Investors $295M 7.0M 1.9% ▲ 51.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Api Group Corp's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $275,720 3 trades by 1 insider, last 12 months Insider sales History → $361M 47 trades by 6 insiders · 42% under pre-set plans
Net ▼ $361M net selling
Insider Date Trade Shares Price Value
Ashken Ian G H Director August 4, 2026 Sell pre-set plan 5,001 $40.76 $203,841
Ashken Ian G H Director August 4, 2026 Sell pre-set plan 80,071 $40.33 $3.2M
Ashken Ian G H Director August 3, 2026 Sell pre-set plan 214,928 $39.91 $8.6M
Lillie James E Director August 3, 2026 Sell pre-set plan 74,420 $39.84 $3M
Lillie James E Director August 3, 2026 Sell pre-set plan 580 $40.11 $23,264
Lillie James E Director August 3, 2026 Sell pre-set plan 282,796 $39.84 $11.3M
Lillie James E Director August 3, 2026 Sell pre-set plan 2,204 $40.11 $88,402
Malkin Anthony E Director June 17, 2026 Sell 7,000 $42.47 $297,290
Franklin Martin E Director June 11, 2026 Sell 2,000,000 $42.08 $84.2M
Lillie James E Director May 5, 2026 Sell pre-set plan 3,591 $45.86 $164,683
Lillie James E Director May 5, 2026 Sell pre-set plan 13,645 $45.86 $625,760
Lillie James E Director May 5, 2026 Sell pre-set plan 12,057 $45.39 $547,267

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 7 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 0 sales of Api Group Corp shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded August 4, 2026, filed September 10, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded October 15, 2025, filed November 18, 2025
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded October 7, 2025, filed November 18, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • February 25, 2026
  • February 17, 2026
  • October 30, 2025

Recent SEC filings

Data status

When each part of this page on Api Group Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Api Group Corp in brief

What does Api Group Corp do?
Api Group Corp is a US-listed company in the construction & engineering industry. Its financial year ends in December.
What is Api Group Corp's stock ticker?
Api Group Corp trades under the ticker APG on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Api Group Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Api Group Corp reported revenue of $8.9B, 16.4% higher than a year earlier, according to its SEC filings.
What is Api Group Corp's free cash flow?
Api Group Corp's free-cash-flow margin is 7.6% of revenue over the trailing twelve months, ranking 10 of the 43 construction & engineering companies we cover.
What is Api Group Corp's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Api Group Corp's free cash flow after stock-based pay gives ~$34 per share in the base case, and ~$24–$47 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Api Group Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Jupiter Topco LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Api Group Corp buying back stock, and does it pay a dividend?
Api Group Corp spent $252M on share repurchases over the trailing twelve months, and its diluted share count fell 6.2% over the year.
What is Api Group Corp's market cap?
On November 2, 2026, Api Group Corp's market capitalisation was about $19.2B, with a price-to-earnings ratio of 52.2 and net debt of $3.2B. Market figures come from third-party market data and may be delayed.
How much debt does Api Group Corp have?
Api Group Corp's debt-to-equity ratio is 102.5%, from its latest balance sheet (123.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are Api Group Corp's competitors?
In our Construction & Engineering peer group, the companies closest to Api Group Corp are KBR, Inc., Ferrovial N.V., Primoris Services Corp, Dycom Industries Inc and Tutor Perini Corp. The side-by-side comparison below sets their revenue, margins and growth against Api Group Corp's.
Are insiders buying or selling Api Group Corp stock?
Over the last 12 months, Api Group Corp's directors and officers reported 3 open-market purchases and 47 sales on Form 4. The insider trading page charts every trade.
When is Api Group Corp's next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Api Group Corp announces its own schedule.