APA CorporationAPA
NasdaqGS•Energy•Oil & Gas E&P
APA Corporation, an independent energy company, explores for, develops, and produces natural gas, crude oil, and natural gas liquids. The company has oil and gas operations in the United States, Egypt, and North Sea. It also has exploration and appraisal activities in Suriname, as well as holds interests in projects located in Uruguay and internationally. APA Corporation was incorporated in 1954 and is headquartered in Houston, Texas.
APA Corporation (APA) reported trailing twelve months revenue of $8.82B as of March 2026, a 15.5% decline year-over-year. Quarterly revenue reached $2.21B, reflecting a contraction in sales.
APA Corporation generated $1.88B in TTM net income, with quarterly EBITDA of $1.61B. The operating margin expanded from 33.1% to 47.6%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (47.6%) and net margin (20.1%) indicates significant non-operating expenses or interest burden. Net margin has improved from 0.0% a year ago, signaling stronger bottom-line efficiency.
APA trades at a P/E of 8.2x (below the broader market average) and a P/S of 1.8x. The price-to-book ratio of 2.4x reflects a moderate premium to book value.
The company generated $12.00M in free cash flow over the trailing twelve months, a 96.2% decrease year-over-year, indicating cash generation ability. The balance sheet shows $18.08B in total assets with $4.28B in long-term debt against $6.46B in stockholders equity for a debt-to-equity ratio of 0.7. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 31.2%. The business may lack pricing power or face rising costs.'
ROE averages 19.1% but has fluctuated — the competitive advantage may be cyclical or emerging.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF covers net income by 1.2x on average — earnings are well-supported by cash generation.
D/E ratio is 0.7 — conservative capital structure with low financial risk.
Revenue has softened, declining in 4 quarters. Monitor for further erosion.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 4.6% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation