APA Corporation (APA) 10-Year Financial Performance & Capital Metrics

APA •

EnergyOil & Gas E&PLarge diversified global upstream producers

AboutAPA Corporation, through its subsidiaries, explores for, develops, and produces oil and gas properties. It has operations in the United States, Egypt, and the United Kingdom, as well as has exploration activities offshore Suriname. The company also operates gathering, processing, and transmission assets in West Texas, as well as holds ownership in four Permian-to-Gulf Coast pipelines. APA Corporation was founded in 1954 and is based in Houston, Texas.Show more

Revenue $8.92B -8.4%
EBITDA $5.28B -3.4%
Net Income $1.43B +78.4%
EPS (Diluted) 3.99 +75.0%
Gross Margin 37.32% -15.5%
EBITDA Margin 59.2% +5.5%
Operating Margin 30.83% -6.2%
Net Margin 16.08% +94.7%
ROE 15.59% -2.5%
ROIC 14.89% -35.4%
Debt/Equity 0.36 -63.3%
Interest Coverage 24.34 +188.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 48.3%
✓FCF machine: 19.9% free cash flow margin
✓Momentum leader: RS Rating 84 (top 16%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 15.0%
✓Healthy 5Y average net margin of 21.2%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.4%

5Y15%

3Y-6.96%

TTM-8.39%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-26.92%

TTM78.36%

EPS CAGR

10Y-

5Y-

3Y-28.73%

TTM76.11%

ROCE

10Y Avg15.63%

5Y Avg27.9%

3Y Avg22.75%

Latest17.27%

Peer Comparison

Large diversified global upstream producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
OXYOccidental Petroleum Corporation	52.29B	53.08	32.97	-20.32%	9.19%	6.27%	7.85%	0.05
COPConocoPhillips	139.01B	113.46	17.90	9.26%	13.29%	12.3%	12.07%	0.36
WDSWoodside Energy Group Ltd	38.93B	20.48	14.42	-1.48%	24.06%	15.79%		0.34
CTRACoterra Energy Inc.	23.21B	30.59	13.60	-49.62%	62.41%	10%	17.33%	0.01
APAAPA Corporation	10.77B	30.37	7.61	-8.39%	16.08%	11.92%	16.52%	0.36

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	5.37B	5.89B	7.35B	6.49B	4.43B	7.99B	11.07B	8.28B	9.74B	8.92B
Revenue Growth %	-15.92%	9.69%	24.82%	-11.66%	-31.67%	80.05%	38.7%	-25.25%	17.61%	-8.39%
Cost of Goods Sold+	4.31B	3.86B	4.19B	4.58B	3.53B	4.45B	4.82B	4.05B	5.43B	5.59B
COGS % of Revenue	80.34%	65.55%	57.05%	70.48%	79.59%	55.67%	43.52%	48.94%	55.82%	62.68%
Gross Profit+	1.05B	2.03B	3.16B	1.92B	905M	3.54B	6.25B	4.23B	4.3B	3.33B
Gross Margin %	19.66%	34.45%	42.95%	29.52%	20.41%	44.33%	56.48%	51.06%	44.18%	37.32%
Gross Profit Growth %	155.58%	92.23%	55.62%	-39.29%	-52.77%	291.16%	76.69%	-32.42%	1.77%	-22.62%
Operating Expenses+	1.2B	1.32B	1.19B	1.47B	732M	848M	1.17B	869M	1.1B	579M
OpEx % of Revenue	22.34%	22.35%	16.15%	22.66%	16.51%	10.62%	10.59%	10.5%	11.33%	6.49%
Selling, General & Admin	410M	395M	431M	406M	290M	376M	483M	351M	372M	350M
SG&A % of Revenue	7.64%	6.71%	5.87%	6.25%	6.54%	4.71%	4.36%	4.24%	3.82%	3.92%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	789M	921M	756M	1.06B	442M	472M	690M	518M	731M	229M
Operating Income+	-144M	712M	1.97B	445M	173M	2.69B	5.08B	3.36B	3.2B	2.75B
Operating Margin %	-2.68%	12.09%	26.8%	6.86%	3.9%	33.71%	45.89%	40.56%	32.85%	30.83%
Operating Income Growth %	93.83%	594.44%	176.54%	-77.4%	-61.12%	1456.07%	88.78%	-33.92%	-4.74%	-14.04%
EBITDA+	2.98B	3.55B	4.37B	3.13B	1.95B	4.05B	6.64B	4.9B	5.46B	5.28B
EBITDA Margin %	55.58%	60.32%	59.53%	48.14%	43.86%	50.75%	59.95%	59.16%	56.13%	59.2%
EBITDA Growth %	-19.49%	19.04%	23.18%	-28.56%	-37.76%	108.33%	63.84%	-26.22%	11.58%	-3.37%
D&A (Non-Cash Add-back)	3.13B	2.84B	2.4B	2.68B	1.77B	1.36B	1.56B	1.54B	2.27B	2.53B
EBIT	-1.26B	1.33B	1.35B	-2.62B	-4.41B	2.3B	6.06B	3.21B	1.91B	2.75B
Net Interest Income+	-416M	-396M	-384M	-387M	-427M	-410M	-312M	-321M	-367M	-113M
Interest Income	8M	19M	22M	13M	7M	8M	10M	10M	12M	0
Interest Expense	424M	415M	406M	400M	434M	418M	322M	331M	379M	113M
Other Income/Expense	-1.54B	206M	-1.01B	-3.45B	-5.01B	-801M	652M	-475M	-1.66B	41M
Pretax Income+	-1.68B	918M	958M	-3.01B	-4.84B	1.89B	5.73B	2.88B	1.53B	2.79B
Pretax Margin %	-31.34%	15.59%	13.04%	-46.34%	-109.13%	23.68%	51.77%	34.82%	15.76%	31.29%
Income Tax+	-442M	-585M	672M	674M	64M	578M	1.65B	-324M	417M	1.1B
Effective Tax Rate %	83.53%	142.05%	4.18%	116.86%	98.84%	60.02%	64.07%	99.03%	52.38%	51.38%
Net Income+	-1.41B	1.3B	40M	-3.52B	-4.78B	1.14B	3.67B	2.85B	804M	1.43B
Net Margin %	-26.18%	22.15%	0.54%	-54.15%	-107.87%	14.21%	33.17%	34.48%	8.26%	16.08%
Net Income Growth %	86.43%	192.81%	-96.93%	-8887.5%	-36.1%	123.72%	223.7%	-22.29%	-71.84%	78.36%
Net Income (Continuing)	-1.24B	1.5B	286M	-3.68B	-4.9B	1.31B	4.08B	3.21B	1.12B	1.69B
Discontinued Operations	-33M	0	0	0	0	0	0	0	0	0
Minority Interest	1.44B	1.38B	1.68B	1.21B	994M	878M	922M	1.04B	1.08B	910M
EPS (Diluted)+	-3.71	3.41	0.10	-9.43	-12.86	2.59	11.02	9.25	2.28	3.99
EPS Growth %	93.94%	191.91%	-97.07%	-9530%	-36.37%	120.14%	325.48%	-16.06%	-75.35%	75%
EPS (Basic)	-3.71	3.42	0.10	-9.43	-12.86	2.60	11.07	9.27	2.28	3.99
Diluted Shares Outstanding	379M	383M	384M	377M	378M	375M	333M	309M	353M	359M
Basic Shares Outstanding	379M	381M	382M	377M	378M	374M	332M	308M	353M	359M
Dividend Payout Ratio	-	29.14%	955%	-	-	4.58%	5.63%	10.79%	43.91%	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	3.24B	3.73B	2.69B	1.96B	1.85B	2.38B	2.71B	2.46B	3.4B	516M
Cash & Short-Term Investments	1.38B	1.67B	714M	247M	262M	302M	245M	87M	625M	516M
Cash Only	1.38B	1.67B	714M	247M	262M	302M	245M	87M	625M	516M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	1.13B	1.34B	1.19B	1.06B	908M	1.39B	1.47B	1.61B	1.96B	0
Days Sales Outstanding	76.71	83.39	59.31	59.72	74.73	63.72	48.32	70.98	73.43	-
Inventory	476M	368M	401M	502M	492M	473M	427M	453M	425M	0
Days Inventory Outstanding	40.29	34.81	34.92	40.05	50.87	38.84	32.34	40.81	28.54	-
Other Current Assets	0	0	0	0	0	156M	481M	224M	211M	0
Total Non-Current Assets+	19.28B	18.2B	18.89B	16.15B	10.9B	10.92B	10.44B	12.78B	15.99B	12.75B
Property, Plant & Equipment	18.87B	17.76B	18.42B	14.16B	8.82B	8.34B	9.01B	10.04B	12.65B	12.75B
Fixed Asset Turnover	0.28x	0.33x	0.40x	0.46x	0.50x	0.96x	1.23x	0.82x	0.77x	0.70x
Goodwill	87M	0	0	87M	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	121M	1.26B	1.55B	1.36B	624M	437M	0	0
Other Non-Current Assets	324M	438M	353M	643M	526M	1.22B	764M	549M	637M	0
Total Assets+	22.52B	21.92B	21.58B	18.11B	12.75B	13.3B	13.15B	15.24B	19.39B	17.76B
Asset Turnover	0.24x	0.27x	0.34x	0.36x	0.35x	0.60x	0.84x	0.54x	0.50x	0.50x
Asset Growth %	-11.69%	-2.65%	-1.55%	-16.1%	-29.61%	4.37%	-1.17%	15.95%	27.2%	-8.4%
Total Current Liabilities+	1.84B	2.56B	2.2B	1.85B	1.31B	2.12B	2.92B	2.4B	2.96B	2.36B
Accounts Payable	585M	641M	709M	695M	444M	731M	771M	658M	1.22B	0
Days Payables Outstanding	49.52	60.63	61.73	55.45	45.91	60.03	58.38	59.27	82.2	-
Short-Term Debt	0	550M	150M	11M	2M	215M	2M	2M	53M	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	317M	239M	214M	154M	323M	601M	1.31B	864M	582M	2.36B
Current Ratio	1.76x	1.45x	1.22x	1.06x	1.41x	1.12x	0.93x	1.02x	1.15x	0.22x
Quick Ratio	1.50x	1.31x	1.04x	0.79x	1.04x	0.90x	0.78x	0.84x	1.01x	0.22x
Cash Conversion Cycle	67.49	57.57	32.49	44.32	79.69	42.54	22.27	52.51	19.78	-
Total Non-Current Liabilities+	13B	10.57B	10.57B	11.79B	12.08B	11.9B	8.89B	9.15B	10.07B	3.37B
Long-Term Debt	8.54B	7.93B	8.05B	8.55B	8.77B	7.29B	5.45B	5.19B	5.99B	4.28B
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	1.71B	545M	391M	346M	215M	148M	314M	371M	14M	0
Other Non-Current Liabilities	2.74B	2.09B	2.12B	2.89B	3.1B	4.46B	3.12B	3.59B	4.07B	-910M
Total Liabilities	14.84B	13.13B	12.77B	13.64B	13.39B	14.02B	11.8B	11.55B	13.03B	5.73B
Total Debt+	8.54B	8.48B	8.2B	8.73B	8.89B	7.61B	5.62B	5.3B	6.16B	4.28B
Net Debt	7.17B	6.82B	7.49B	8.49B	8.63B	7.31B	5.38B	5.22B	5.54B	3.76B
Debt / Equity	1.11x	0.97x	0.93x	1.96x	-	-	4.18x	1.44x	0.97x	0.36x
Debt / EBITDA	2.86x	2.39x	1.88x	2.80x	4.57x	1.88x	0.85x	1.08x	1.13x	0.81x
Net Debt / EBITDA	2.40x	1.92x	1.71x	2.72x	4.43x	1.80x	0.81x	1.07x	1.01x	0.71x
Interest Coverage	-0.34x	1.72x	4.85x	1.11x	0.40x	6.44x	15.78x	10.15x	8.44x	24.34x
Total Equity+	7.68B	8.79B	8.81B	4.46B	-645M	-717M	1.34B	3.69B	6.36B	12.03B
Equity Growth %	-19.08%	14.48%	0.24%	-49.33%	-114.45%	-11.16%	287.59%	174.42%	72.37%	89.14%
Book Value per Share	20.26	22.95	22.95	11.84	-1.71	-1.91	4.04	11.94	18.02	33.52
Total Shareholders' Equity	6.24B	7.42B	7.13B	3.25B	-1.64B	-1.59B	423M	2.65B	5.28B	11.12B
Common Stock	258M	259M	260M	261M	262M	262M	262M	263M	307M	353M
Retained Earnings	-3.38B	-2.09B	-2.05B	-5.6B	-10.46B	-9.49B	-5.81B	-2.96B	-2.15B	0
Treasury Stock	-2.89B	-2.89B	-3.19B	-3.19B	-3.19B	-4.04B	-5.46B	-5.79B	-6.04B	0
Accumulated OCI	-112M	4M	4M	16M	14M	22M	14M	15M	12M	0
Minority Interest	1.44B	1.38B	1.68B	1.21B	994M	878M	922M	1.04B	1.08B	910M

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	2.43B	2.43B	3.78B	2.87B	1.39B	3.5B	4.94B	3.13B	3.62B	4.54B
Operating CF Margin %	45.28%	41.24%	51.4%	44.17%	31.3%	43.78%	44.63%	37.79%	37.18%	50.95%
Operating CF Growth %	-8.89%	-0.08%	55.56%	-24.09%	-51.59%	151.87%	41.39%	-36.7%	15.69%	25.55%
Net Income	-1.24B	1.5B	286M	-3.68B	-4.9B	1.31B	4.08B	3.21B	1.12B	1.43B
Depreciation & Amortization	0	0	0	0	0	1.36B	1.23B	1.54B	2.27B	0
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	-833M	-1.18B	-222M	14M	-112M	-74M	145M	-1.66B	-736M	0
Other Non-Cash Items	4.35B	2.42B	3.47B	6.54B	6.59B	860M	-638M	461M	1.51B	3.11B
Working Capital Changes	153M	-320M	245M	-3M	-186M	37M	121M	-417M	-535M	0
Change in Receivables	126M	-270M	150M	133M	149M	-386M	-93M	-157M	-104M	0
Change in Inventory	-27M	32M	-6M	-41M	19M	-9M	-1M	13M	-11M	0
Change in Payables	-63M	63M	77M	-5M	-167M	245M	-4M	-84M	81M	0
Cash from Investing+	-1.66B	-1.42B	-3.94B	-3.45B	-1.47B	-833M	-1.51B	-2.14B	-924M	-2.15B
Capital Expenditures	-1.95B	-2.76B	-3.9B	-2.96B	-1.27B	-1.11B	-2.4B	-2.36B	-2.91B	0
CapEx % of Revenue	36.31%	46.88%	53.13%	45.62%	28.73%	13.9%	21.65%	28.47%	29.9%	31.01%
Acquisitions	0	0	-91M	-1.17B	-327M	0	-143M	5M	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	289M	1.34B	51M	687M	135M	277M	806M	-14M	1.99B	-2.15B
Cash from Financing+	-860M	-721M	-787M	112M	93M	-2.62B	-3.49B	-1.15B	-2.16B	-2.5B
Debt Issued (Net)	-181M	-70M	-378M	235M	373M	-1.4B	-1.47B	-259M	-1.25B	0
Equity Issued (Net)	0	0	-1000K	1000K	1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-379M	-380M	-382M	-376M	-146M	-52M	-207M	-308M	-353M	0
Share Repurchases	0	0	-305M	0	0	-847M	-1.42B	-329M	-246M	0
Other Financing	-300M	-271M	278M	251M	-135M	-321M	-390M	-253M	-306M	-2.22B
Net Change in Cash	-90M	291M	-954M	-467M	15M	40M	-57M	-158M	538M	-109M
Free Cash Flow+	481M	-332M	-127M	-94M	114M	2.39B	2.54B	772M	769M	1.78B
FCF Margin %	8.96%	-5.64%	-1.73%	-1.45%	2.57%	29.88%	22.98%	9.32%	7.9%	19.94%
FCF Growth %	122.47%	-169.02%	61.75%	25.98%	221.28%	1992.98%	6.66%	-69.67%	-0.39%	131.34%
FCF per Share	1.27	-0.87	-0.33	-0.25	0.30	6.36	7.64	2.50	2.18	4.96
FCF Conversion (FCF/Net Income)	-1.73x	1.86x	94.43x	-0.82x	-0.29x	3.08x	1.35x	1.10x	4.50x	3.17x
Interest Paid	413M	405M	402M	394M	419M	442M	322M	322M	372M	0
Taxes Paid	305M	516M	867M	649M	212M	633M	1.43B	1.27B	1.1B	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-16.37%	15.83%	0.45%	-52.95%	-250.47%	-	1170.06%	113.38%	16%	15.59%
Return on Invested Capital (ROIC)	-0.68%	3.51%	9.26%	2.28%	1.24%	27.71%	57.27%	32.23%	23.06%	14.89%
Gross Margin	19.66%	34.45%	42.95%	29.52%	20.41%	44.33%	56.48%	51.06%	44.18%	37.32%
Net Margin	-26.18%	22.15%	0.54%	-54.15%	-107.87%	14.21%	33.17%	34.48%	8.26%	16.08%
Debt / Equity	1.11x	0.97x	0.93x	1.96x	-	-	4.18x	1.44x	0.97x	0.36x
Interest Coverage	-0.34x	1.72x	4.85x	1.11x	0.40x	6.44x	15.78x	10.15x	8.44x	24.34x
FCF Conversion	-1.73x	1.86x	94.43x	-0.82x	-0.29x	3.08x	1.35x	1.10x	4.50x	3.17x
Revenue Growth	-15.92%	9.69%	24.82%	-11.66%	-31.67%	80.05%	38.7%	-25.25%	17.61%	-8.39%

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APA Corporation (APA) 10-Year Financial Performance & Capital Metrics

APA •

EnergyOil & Gas E&PLarge diversified global upstream producers

Revenue $8.92B -8.4%
EBITDA $5.28B -3.4%
Net Income $1.43B +78.4%
EPS (Diluted) 3.99 +75.0%
Gross Margin 37.32% -15.5%
EBITDA Margin 59.2% +5.5%
Operating Margin 30.83% -6.2%
Net Margin 16.08% +94.7%
ROE 15.59% -2.5%
ROIC 14.89% -35.4%
Debt/Equity 0.36 -63.3%
Interest Coverage 24.34 +188.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 48.3%
✓FCF machine: 19.9% free cash flow margin
✓Momentum leader: RS Rating 84 (top 16%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 15.0%
✓Healthy 5Y average net margin of 21.2%

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y3.4%

5Y15%

3Y-6.96%

TTM-8.39%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-26.92%

TTM78.36%

EPS CAGR

10Y-

5Y-

3Y-28.73%

TTM76.11%

ROCE

10Y Avg15.63%

5Y Avg27.9%

3Y Avg22.75%

Latest17.27%

Peer Comparison

Large diversified global upstream producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
OXYOccidental Petroleum Corporation	52.29B	53.08	32.97	-20.32%	9.19%	6.27%	7.85%	0.05
COPConocoPhillips	139.01B	113.46	17.90	9.26%	13.29%	12.3%	12.07%	0.36
WDSWoodside Energy Group Ltd	38.93B	20.48	14.42	-1.48%	24.06%	15.79%		0.34
CTRACoterra Energy Inc.	23.21B	30.59	13.60	-49.62%	62.41%	10%	17.33%	0.01
APAAPA Corporation	10.77B	30.37	7.61	-8.39%	16.08%	11.92%	16.52%	0.36

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	5.37B	5.89B	7.35B	6.49B	4.43B	7.99B	11.07B	8.28B	9.74B	8.92B
Revenue Growth %	-15.92%	9.69%	24.82%	-11.66%	-31.67%	80.05%	38.7%	-25.25%	17.61%	-8.39%
Cost of Goods Sold+	4.31B	3.86B	4.19B	4.58B	3.53B	4.45B	4.82B	4.05B	5.43B	5.59B
COGS % of Revenue	80.34%	65.55%	57.05%	70.48%	79.59%	55.67%	43.52%	48.94%	55.82%	62.68%
Gross Profit+	1.05B	2.03B	3.16B	1.92B	905M	3.54B	6.25B	4.23B	4.3B	3.33B
Gross Margin %	19.66%	34.45%	42.95%	29.52%	20.41%	44.33%	56.48%	51.06%	44.18%	37.32%
Gross Profit Growth %	155.58%	92.23%	55.62%	-39.29%	-52.77%	291.16%	76.69%	-32.42%	1.77%	-22.62%
Operating Expenses+	1.2B	1.32B	1.19B	1.47B	732M	848M	1.17B	869M	1.1B	579M
OpEx % of Revenue	22.34%	22.35%	16.15%	22.66%	16.51%	10.62%	10.59%	10.5%	11.33%	6.49%
Selling, General & Admin	410M	395M	431M	406M	290M	376M	483M	351M	372M	350M
SG&A % of Revenue	7.64%	6.71%	5.87%	6.25%	6.54%	4.71%	4.36%	4.24%	3.82%	3.92%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	789M	921M	756M	1.06B	442M	472M	690M	518M	731M	229M
Operating Income+	-144M	712M	1.97B	445M	173M	2.69B	5.08B	3.36B	3.2B	2.75B
Operating Margin %	-2.68%	12.09%	26.8%	6.86%	3.9%	33.71%	45.89%	40.56%	32.85%	30.83%
Operating Income Growth %	93.83%	594.44%	176.54%	-77.4%	-61.12%	1456.07%	88.78%	-33.92%	-4.74%	-14.04%
EBITDA+	2.98B	3.55B	4.37B	3.13B	1.95B	4.05B	6.64B	4.9B	5.46B	5.28B
EBITDA Margin %	55.58%	60.32%	59.53%	48.14%	43.86%	50.75%	59.95%	59.16%	56.13%	59.2%
EBITDA Growth %	-19.49%	19.04%	23.18%	-28.56%	-37.76%	108.33%	63.84%	-26.22%	11.58%	-3.37%
D&A (Non-Cash Add-back)	3.13B	2.84B	2.4B	2.68B	1.77B	1.36B	1.56B	1.54B	2.27B	2.53B
EBIT	-1.26B	1.33B	1.35B	-2.62B	-4.41B	2.3B	6.06B	3.21B	1.91B	2.75B
Net Interest Income+	-416M	-396M	-384M	-387M	-427M	-410M	-312M	-321M	-367M	-113M
Interest Income	8M	19M	22M	13M	7M	8M	10M	10M	12M	0
Interest Expense	424M	415M	406M	400M	434M	418M	322M	331M	379M	113M
Other Income/Expense	-1.54B	206M	-1.01B	-3.45B	-5.01B	-801M	652M	-475M	-1.66B	41M
Pretax Income+	-1.68B	918M	958M	-3.01B	-4.84B	1.89B	5.73B	2.88B	1.53B	2.79B
Pretax Margin %	-31.34%	15.59%	13.04%	-46.34%	-109.13%	23.68%	51.77%	34.82%	15.76%	31.29%
Income Tax+	-442M	-585M	672M	674M	64M	578M	1.65B	-324M	417M	1.1B
Effective Tax Rate %	83.53%	142.05%	4.18%	116.86%	98.84%	60.02%	64.07%	99.03%	52.38%	51.38%
Net Income+	-1.41B	1.3B	40M	-3.52B	-4.78B	1.14B	3.67B	2.85B	804M	1.43B
Net Margin %	-26.18%	22.15%	0.54%	-54.15%	-107.87%	14.21%	33.17%	34.48%	8.26%	16.08%
Net Income Growth %	86.43%	192.81%	-96.93%	-8887.5%	-36.1%	123.72%	223.7%	-22.29%	-71.84%	78.36%
Net Income (Continuing)	-1.24B	1.5B	286M	-3.68B	-4.9B	1.31B	4.08B	3.21B	1.12B	1.69B
Discontinued Operations	-33M	0	0	0	0	0	0	0	0	0
Minority Interest	1.44B	1.38B	1.68B	1.21B	994M	878M	922M	1.04B	1.08B	910M
EPS (Diluted)+	-3.71	3.41	0.10	-9.43	-12.86	2.59	11.02	9.25	2.28	3.99
EPS Growth %	93.94%	191.91%	-97.07%	-9530%	-36.37%	120.14%	325.48%	-16.06%	-75.35%	75%
EPS (Basic)	-3.71	3.42	0.10	-9.43	-12.86	2.60	11.07	9.27	2.28	3.99
Diluted Shares Outstanding	379M	383M	384M	377M	378M	375M	333M	309M	353M	359M
Basic Shares Outstanding	379M	381M	382M	377M	378M	374M	332M	308M	353M	359M
Dividend Payout Ratio	-	29.14%	955%	-	-	4.58%	5.63%	10.79%	43.91%	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	3.24B	3.73B	2.69B	1.96B	1.85B	2.38B	2.71B	2.46B	3.4B	516M
Cash & Short-Term Investments	1.38B	1.67B	714M	247M	262M	302M	245M	87M	625M	516M
Cash Only	1.38B	1.67B	714M	247M	262M	302M	245M	87M	625M	516M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	1.13B	1.34B	1.19B	1.06B	908M	1.39B	1.47B	1.61B	1.96B	0
Days Sales Outstanding	76.71	83.39	59.31	59.72	74.73	63.72	48.32	70.98	73.43	-
Inventory	476M	368M	401M	502M	492M	473M	427M	453M	425M	0
Days Inventory Outstanding	40.29	34.81	34.92	40.05	50.87	38.84	32.34	40.81	28.54	-
Other Current Assets	0	0	0	0	0	156M	481M	224M	211M	0
Total Non-Current Assets+	19.28B	18.2B	18.89B	16.15B	10.9B	10.92B	10.44B	12.78B	15.99B	12.75B
Property, Plant & Equipment	18.87B	17.76B	18.42B	14.16B	8.82B	8.34B	9.01B	10.04B	12.65B	12.75B
Fixed Asset Turnover	0.28x	0.33x	0.40x	0.46x	0.50x	0.96x	1.23x	0.82x	0.77x	0.70x
Goodwill	87M	0	0	87M	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	121M	1.26B	1.55B	1.36B	624M	437M	0	0
Other Non-Current Assets	324M	438M	353M	643M	526M	1.22B	764M	549M	637M	0
Total Assets+	22.52B	21.92B	21.58B	18.11B	12.75B	13.3B	13.15B	15.24B	19.39B	17.76B
Asset Turnover	0.24x	0.27x	0.34x	0.36x	0.35x	0.60x	0.84x	0.54x	0.50x	0.50x
Asset Growth %	-11.69%	-2.65%	-1.55%	-16.1%	-29.61%	4.37%	-1.17%	15.95%	27.2%	-8.4%
Total Current Liabilities+	1.84B	2.56B	2.2B	1.85B	1.31B	2.12B	2.92B	2.4B	2.96B	2.36B
Accounts Payable	585M	641M	709M	695M	444M	731M	771M	658M	1.22B	0
Days Payables Outstanding	49.52	60.63	61.73	55.45	45.91	60.03	58.38	59.27	82.2	-
Short-Term Debt	0	550M	150M	11M	2M	215M	2M	2M	53M	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	317M	239M	214M	154M	323M	601M	1.31B	864M	582M	2.36B
Current Ratio	1.76x	1.45x	1.22x	1.06x	1.41x	1.12x	0.93x	1.02x	1.15x	0.22x
Quick Ratio	1.50x	1.31x	1.04x	0.79x	1.04x	0.90x	0.78x	0.84x	1.01x	0.22x
Cash Conversion Cycle	67.49	57.57	32.49	44.32	79.69	42.54	22.27	52.51	19.78	-
Total Non-Current Liabilities+	13B	10.57B	10.57B	11.79B	12.08B	11.9B	8.89B	9.15B	10.07B	3.37B
Long-Term Debt	8.54B	7.93B	8.05B	8.55B	8.77B	7.29B	5.45B	5.19B	5.99B	4.28B
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	1.71B	545M	391M	346M	215M	148M	314M	371M	14M	0
Other Non-Current Liabilities	2.74B	2.09B	2.12B	2.89B	3.1B	4.46B	3.12B	3.59B	4.07B	-910M
Total Liabilities	14.84B	13.13B	12.77B	13.64B	13.39B	14.02B	11.8B	11.55B	13.03B	5.73B
Total Debt+	8.54B	8.48B	8.2B	8.73B	8.89B	7.61B	5.62B	5.3B	6.16B	4.28B
Net Debt	7.17B	6.82B	7.49B	8.49B	8.63B	7.31B	5.38B	5.22B	5.54B	3.76B
Debt / Equity	1.11x	0.97x	0.93x	1.96x	-	-	4.18x	1.44x	0.97x	0.36x
Debt / EBITDA	2.86x	2.39x	1.88x	2.80x	4.57x	1.88x	0.85x	1.08x	1.13x	0.81x
Net Debt / EBITDA	2.40x	1.92x	1.71x	2.72x	4.43x	1.80x	0.81x	1.07x	1.01x	0.71x
Interest Coverage	-0.34x	1.72x	4.85x	1.11x	0.40x	6.44x	15.78x	10.15x	8.44x	24.34x
Total Equity+	7.68B	8.79B	8.81B	4.46B	-645M	-717M	1.34B	3.69B	6.36B	12.03B
Equity Growth %	-19.08%	14.48%	0.24%	-49.33%	-114.45%	-11.16%	287.59%	174.42%	72.37%	89.14%
Book Value per Share	20.26	22.95	22.95	11.84	-1.71	-1.91	4.04	11.94	18.02	33.52
Total Shareholders' Equity	6.24B	7.42B	7.13B	3.25B	-1.64B	-1.59B	423M	2.65B	5.28B	11.12B
Common Stock	258M	259M	260M	261M	262M	262M	262M	263M	307M	353M
Retained Earnings	-3.38B	-2.09B	-2.05B	-5.6B	-10.46B	-9.49B	-5.81B	-2.96B	-2.15B	0
Treasury Stock	-2.89B	-2.89B	-3.19B	-3.19B	-3.19B	-4.04B	-5.46B	-5.79B	-6.04B	0
Accumulated OCI	-112M	4M	4M	16M	14M	22M	14M	15M	12M	0
Minority Interest	1.44B	1.38B	1.68B	1.21B	994M	878M	922M	1.04B	1.08B	910M

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	2.43B	2.43B	3.78B	2.87B	1.39B	3.5B	4.94B	3.13B	3.62B	4.54B
Operating CF Margin %	45.28%	41.24%	51.4%	44.17%	31.3%	43.78%	44.63%	37.79%	37.18%	50.95%
Operating CF Growth %	-8.89%	-0.08%	55.56%	-24.09%	-51.59%	151.87%	41.39%	-36.7%	15.69%	25.55%
Net Income	-1.24B	1.5B	286M	-3.68B	-4.9B	1.31B	4.08B	3.21B	1.12B	1.43B
Depreciation & Amortization	0	0	0	0	0	1.36B	1.23B	1.54B	2.27B	0
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	-833M	-1.18B	-222M	14M	-112M	-74M	145M	-1.66B	-736M	0
Other Non-Cash Items	4.35B	2.42B	3.47B	6.54B	6.59B	860M	-638M	461M	1.51B	3.11B
Working Capital Changes	153M	-320M	245M	-3M	-186M	37M	121M	-417M	-535M	0
Change in Receivables	126M	-270M	150M	133M	149M	-386M	-93M	-157M	-104M	0
Change in Inventory	-27M	32M	-6M	-41M	19M	-9M	-1M	13M	-11M	0
Change in Payables	-63M	63M	77M	-5M	-167M	245M	-4M	-84M	81M	0
Cash from Investing+	-1.66B	-1.42B	-3.94B	-3.45B	-1.47B	-833M	-1.51B	-2.14B	-924M	-2.15B
Capital Expenditures	-1.95B	-2.76B	-3.9B	-2.96B	-1.27B	-1.11B	-2.4B	-2.36B	-2.91B	0
CapEx % of Revenue	36.31%	46.88%	53.13%	45.62%	28.73%	13.9%	21.65%	28.47%	29.9%	31.01%
Acquisitions	0	0	-91M	-1.17B	-327M	0	-143M	5M	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	289M	1.34B	51M	687M	135M	277M	806M	-14M	1.99B	-2.15B
Cash from Financing+	-860M	-721M	-787M	112M	93M	-2.62B	-3.49B	-1.15B	-2.16B	-2.5B
Debt Issued (Net)	-181M	-70M	-378M	235M	373M	-1.4B	-1.47B	-259M	-1.25B	0
Equity Issued (Net)	0	0	-1000K	1000K	1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-379M	-380M	-382M	-376M	-146M	-52M	-207M	-308M	-353M	0
Share Repurchases	0	0	-305M	0	0	-847M	-1.42B	-329M	-246M	0
Other Financing	-300M	-271M	278M	251M	-135M	-321M	-390M	-253M	-306M	-2.22B
Net Change in Cash	-90M	291M	-954M	-467M	15M	40M	-57M	-158M	538M	-109M
Free Cash Flow+	481M	-332M	-127M	-94M	114M	2.39B	2.54B	772M	769M	1.78B
FCF Margin %	8.96%	-5.64%	-1.73%	-1.45%	2.57%	29.88%	22.98%	9.32%	7.9%	19.94%
FCF Growth %	122.47%	-169.02%	61.75%	25.98%	221.28%	1992.98%	6.66%	-69.67%	-0.39%	131.34%
FCF per Share	1.27	-0.87	-0.33	-0.25	0.30	6.36	7.64	2.50	2.18	4.96
FCF Conversion (FCF/Net Income)	-1.73x	1.86x	94.43x	-0.82x	-0.29x	3.08x	1.35x	1.10x	4.50x	3.17x
Interest Paid	413M	405M	402M	394M	419M	442M	322M	322M	372M	0
Taxes Paid	305M	516M	867M	649M	212M	633M	1.43B	1.27B	1.1B	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-16.37%	15.83%	0.45%	-52.95%	-250.47%	-	1170.06%	113.38%	16%	15.59%
Return on Invested Capital (ROIC)	-0.68%	3.51%	9.26%	2.28%	1.24%	27.71%	57.27%	32.23%	23.06%	14.89%
Gross Margin	19.66%	34.45%	42.95%	29.52%	20.41%	44.33%	56.48%	51.06%	44.18%	37.32%
Net Margin	-26.18%	22.15%	0.54%	-54.15%	-107.87%	14.21%	33.17%	34.48%	8.26%	16.08%
Debt / Equity	1.11x	0.97x	0.93x	1.96x	-	-	4.18x	1.44x	0.97x	0.36x
Interest Coverage	-0.34x	1.72x	4.85x	1.11x	0.40x	6.44x	15.78x	10.15x	8.44x	24.34x
FCF Conversion	-1.73x	1.86x	94.43x	-0.82x	-0.29x	3.08x	1.35x	1.10x	4.50x	3.17x
Revenue Growth	-15.92%	9.69%	24.82%	-11.66%	-31.67%	80.05%	38.7%	-25.25%	17.61%	-8.39%

APA Corporation (APA) 10-Year Financial Performance & Capital Metrics

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APA Corporation (APA) 10-Year Financial Performance & Capital Metrics

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✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

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Peer Comparison

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