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Api Group Corp key statistics and ratios

In fiscal 2025, Api Group Corp had return on equity of 9.5%, an operating margin of 7.0%, debt equal to 81.5% of equity and a current ratio of 1.50. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Gross margin21.1%20.1%21.1%23.8%26.1%28.0%31.0%31.4%31.1%
Operating margin4.3%−16.3%−4.6%3.5%2.5%5.2%6.9%7.0%7.2%
Net margin3.6%−15.5%−4.3%1.2%1.1%2.2%3.6%3.8%4.1%
Free-cash-flow margin1.0%14.1%12.8%3.2%2.9%6.2%7.6%8.4%7.6%
Return on equity21.5%−12.8%−9.2%2.4%3.3%7.3%10.0%9.5%10.6%
Return on assets—−3.8%−3.8%1.0%1.1%2.0%3.2%3.5%3.8%
Asset turnover—0.250.890.850.990.880.890.930.93
Current ratio—1.631.713.031.381.431.411.501.18
Debt to equity0.0%69.1%92.6%77.1%133.1%113.8%94.0%81.5%103.2%
Interest cover (operating income ÷ interest)7.4xn/mn/m2.3x1.3x2.5x———
Effective tax rate6.8%——40.5%21.5%34.1%24.2%26.9%25.6%
SG&A as % of revenue16.8%36.4%20.2%20.4%23.7%22.8%24.1%24.4%23.9%
Capital spending as % of revenue2.0%1.1%1.1%1.4%1.2%1.2%1.2%1.2%1.1%
Free cash flow ÷ net income27.9%——270.2%261.6%279.7%214.4%219.5%183.4%
Dividends and buybacks ÷ free cash flow——6.6%0.0%23.0%9.6%0.0%11.3%37.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: APG vs KBRAPG vs FERAPG vs PRIM

More: Construction & Engineering stocks compared, Industrials sector, rankings of US companies

Figures from Api Group Corp's SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Api Group Corp.