APi Group CorporationAPG
NYSE•Industrials•Engineering & Construction
APi Group Corporation provides fire and life safety, security, elevator and escalator, and specialty services worldwide. It operates in two segments, Safety Services and Specialty Services. The company offers fire protection solutions; electronic security systems; and elevators and escalators, including the design, installation, inspection, service, and monitoring of life safety systems to high tech services, advanced manufacturing, healthcare, fulfillment and distribution centers, and critical infrastructure end markets. It also provides various specialty contracting, fabrication and distribution, and infrastructure and utility services to critical infrastructure, high tech services, and healthcare end markets. The company was formerly known as J2 Acquisition Limited and changed its name to APi Group Corporation in October 2019. APi Group Corporation was founded in 1926 and is headquartered in New Brighton, Minnesota.
APi Group Corporation (APG) reported trailing twelve months revenue of $8.17B as of March 2026, a 14.5% increase year-over-year. Quarterly revenue reached $1.98B, reflecting continued top-line momentum.
APi Group Corporation generated $324.00M in TTM net income, with quarterly EBITDA of $124.00M. The operating margin expanded from 4.9% to 5.2%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (5.2%) and net margin (2.9%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 2.0% a year ago, signaling stronger bottom-line efficiency.
APG trades at a P/E of 52.1x (a premium multiple) and a P/S of 2.1x. The price-to-book ratio of 4.8x reflects a moderate premium to book value.
The company generated $67.00M in free cash flow over the trailing twelve months, a 34.0% increase year-over-year, indicating cash generation ability. The balance sheet shows $8.97B in total assets with $2.75B in long-term debt against $3.49B in stockholders equity for a debt-to-equity ratio of 0.8. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~6.8% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~8.1% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~18.9% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~7.0% — no sign of cost or pricing stress.
FCF covers net income by 2.2x on average — earnings are well-supported by cash generation.
D/E ratio is 0.8 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding increased 5.8% — significant dilution, likely from stock compensation or capital raises.
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