Latest Ratios: P/E Ratio 7.2x · EV/EBITDA 3.1x · ROE 21.5%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $15.8B | $8.8B | $8.2B | $11.1B | $15.5B | $10.1B | $5.4B | $9.6B | $10.1B | $16.2B | $24.1B |
| Enterprise Value | $20.1B | $13.1B | $13.7B | $16.3B | $20.9B | $17.4B | $14.0B | $18.1B | $17.6B | $23.0B | $31.2B |
| P/E Ratio → | 7.20 | 6.13 | 10.13 | 3.88 | 4.24 | 10.38 | — | — | 262.50 | 12.38 | — |
| P/S Ratio | 1.67 | 0.98 | 0.84 | 1.34 | 1.40 | 1.26 | 1.21 | 1.49 | 1.37 | 2.75 | 4.48 |
| P/B Ratio | 2.29 | 1.25 | 1.28 | 3.00 | 11.56 | — | — | 2.16 | 1.14 | 1.84 | 3.13 |
| P/FCF | 7.55 | 4.94 | 10.60 | 14.36 | 6.11 | 4.23 | 47.05 | — | — | — | 50.01 |
| P/OCF | 3.47 | 1.93 | 2.25 | 3.54 | 3.14 | 2.88 | 3.86 | 3.36 | 2.67 | 6.66 | 9.90 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.47 | 1.41 | 1.97 | 1.89 | 2.18 | 3.15 | 2.79 | 2.39 | 3.90 | 5.82 |
| EV / EBITDA | 3.15 | 2.48 | 2.50 | 3.33 | 3.31 | 4.29 | 6.18 | 4.64 | 3.64 | 6.47 | 10.47 |
| EV / EBIT | 7.30 | 4.50 | 7.17 | 5.08 | 3.45 | 7.56 | — | — | 12.97 | 17.24 | — |
| EV / FCF | — | 7.35 | 17.80 | 21.12 | 8.22 | 7.29 | 122.72 | — | — | — | 64.91 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 37.3% | 37.3% | 44.2% | 51.1% | 56.5% | 44.3% | 20.4% | 29.5% | 43.0% | 34.4% | 19.7% |
| Operating Margin | 30.8% | 30.8% | 32.9% | 40.6% | 45.9% | 33.7% | 3.9% | 6.9% | 26.8% | 12.1% | -2.7% |
| Net Profit Margin | 16.1% | 16.1% | 8.3% | 34.5% | 33.2% | 14.2% | -107.9% | -54.2% | 0.5% | 22.2% | -26.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 21.5% | 21.5% | 16.0% | 113.4% | 1170.1% | — | -250.5% | -52.9% | 0.5% | 15.8% | -16.4% |
| ROA | 7.5% | 7.5% | 4.6% | 20.1% | 27.8% | 8.7% | -31.0% | -17.7% | 0.2% | 5.9% | -5.9% |
| ROIC | 17.8% | 17.8% | 23.1% | 32.2% | 57.3% | 27.7% | 1.2% | 2.3% | 9.3% | 3.5% | -0.7% |
| ROCE | 16.7% | 16.7% | 21.9% | 29.1% | 47.5% | 23.8% | 1.2% | 2.5% | 10.2% | 3.6% | -0.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.69 | 0.69 | 0.97 | 1.44 | 4.18 | — | — | 1.96 | 0.93 | 0.97 | 1.11 |
| Debt / EBITDA | 0.91 | 0.91 | 1.13 | 1.08 | 0.89 | 1.88 | 3.92 | 2.24 | 1.70 | 2.39 | 2.86 |
| Net Debt / Equity | — | 0.61 | 0.87 | 1.41 | 4.00 | — | — | 1.90 | 0.85 | 0.78 | 0.93 |
| Net Debt / EBITDA | 0.81 | 0.81 | 1.01 | 1.07 | 0.85 | 1.80 | 3.81 | 2.17 | 1.55 | 1.92 | 2.40 |
| Debt / FCF | — | 2.41 | 7.20 | 6.76 | 2.11 | 3.06 | 75.67 | — | — | — | 14.90 |
| Interest Coverage | 10.45 | 10.45 | 5.03 | 9.70 | 18.81 | 5.50 | -10.17 | -6.54 | 3.34 | 3.21 | -2.97 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.82 | 0.82 | 1.15 | 1.02 | 0.93 | 1.12 | 1.41 | 1.06 | 1.22 | 1.45 | 1.76 |
| Quick Ratio | 0.69 | 0.69 | 1.01 | 0.84 | 0.78 | 0.90 | 1.04 | 0.79 | 1.04 | 1.31 | 1.50 |
| Cash Ratio | 0.20 | 0.20 | 0.21 | 0.04 | 0.08 | 0.14 | 0.20 | 0.13 | 0.32 | 0.65 | 0.75 |
| Asset Turnover | — | 0.47 | 0.50 | 0.54 | 0.84 | 0.60 | 0.35 | 0.36 | 0.34 | 0.27 | 0.24 |
| Inventory Turnover | 15.93 | 15.93 | 12.79 | 8.94 | 11.29 | 9.40 | 7.17 | 9.11 | 10.45 | 10.49 | 9.06 |
| Days Sales Outstanding | — | 43.46 | 73.43 | 70.98 | 48.32 | 63.72 | 74.73 | 59.72 | 59.31 | 83.39 | 76.71 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.2% | 4.1% | 4.3% | 2.8% | 1.3% | 0.5% | 2.3% | 3.9% | 3.8% | 2.4% | 1.6% |
| Payout Ratio | 25.1% | 25.1% | 43.9% | 10.8% | 5.6% | 4.6% | — | — | 955.0% | 29.1% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 13.9% | 16.3% | 9.9% | 25.8% | 23.6% | 9.6% | — | — | 0.4% | 8.1% | — |
| FCF Yield | 13.2% | 20.3% | 9.4% | 7.0% | 16.4% | 23.7% | 2.1% | — | — | — | 2.0% |
| Buyback Yield | 1.8% | 3.2% | 3.0% | 3.0% | 9.2% | 8.4% | 0.0% | 0.0% | 3.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.0% | 7.3% | 7.3% | 5.7% | 10.5% | 8.9% | 2.3% | 3.9% | 6.8% | 2.4% | 1.6% |
| Shares Outstanding | — | $359M | $353M | $309M | $333M | $375M | $378M | $377M | $384M | $383M | $379M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying APA stock.
APA Corporation's current P/E ratio is 7.2x. The historical average is 13.4x. This places it at the 14th percentile of its historical range.
APA Corporation's current EV/EBITDA is 3.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.1x.
APA Corporation's return on equity (ROE) is 21.5%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -0.1%.
Based on historical data, APA Corporation is trading at a P/E of 7.2x. This is at the 14th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
APA Corporation's current dividend yield is 2.25% with a payout ratio of 25.1%.
APA Corporation has 37.3% gross margin and 30.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
APA Corporation's Debt/EBITDA ratio is 0.9x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Leverage amid revenue contraction
Metrics are mathematically derived from official filings.
Deep Discount Pricing Reflects Skepticism
Based on reported figures, APA trades at 11.19x trailing P/E and 3.80x EV/EBITDA, well below the peer average of roughly 14.9x P/E and 6.2x EV/EBITDA, suggesting the market applies a meaningful discount to its earnings base.
The forward P/E of 6.61x implies that investors expect earnings to fall sharply or be viewed as non-recurring, a view consistent with the reported 8.4% revenue decline. Relative to own history and peers, the discount may reflect the complexity of Egyptian PSC and North Sea exposures rather than purely domestic Permian economics. Investors should monitor whether the discount narrows as the Suriname exploration program advances, since the current multiple appears to price limited upside from the offshore portfolio.
Margin Volatility Obscures Earning Power
As reported in quarterly statements, APA's operating margin held near 30 to 32% through most of 2024 and 2025 before swinging to -45.7% in 2026Q2, a dispersion that makes any single-period margin an unreliable indicator of earning power.
The gross margin range from roughly 1% to 77% appears driven more by COGS classification and timing than by pricing power alone. Net margin swings, including a loss in 2024Q3 and a 31.1% margin in 2026Q2, suggest non-recurring items and tax effects are material. A trailing average operating margin across the full ten quarters is likely a more defensible measure of normalized earning power than any single quarter.
ROIC Compressed Despite Equity Rebuild
According to the reported ratios, ROIC has ranged from roughly 4% to 6% in most quarters with a negative print in 2026Q2, while ROE recovered to 8.7% in 2026Q3, indicating that equity-driven returns are improving faster than invested-capital returns.
The gap between ROE and ROIC in recent quarters appears to reflect the rebuilt equity base and debt reduction rather than improved operating efficiency. Compared with peers such as DVN at 12.6% ROIC and CTRA at 10.9%, APA's return on invested capital lags materially, suggesting capital-intensive international assets and North Sea decommissioning obligations weigh on capital efficiency. Sustained ROIC recovery above 8% would be needed to close this gap.
Deleveraging Progress Remains Incomplete
Based on APA's reported figures, debt-to-equity fell from 1.05 in 2024Q2 to 0.41 in 2026Q3, while interest coverage has risen to 22.05x, indicating debt service has become more comfortable on a quarterly basis.
The improvement reflects both reduced total debt and a rebuilt equity base, though the D/EBITDA trend from 4.62x to 1.89x points to substantially faster EBITDA-relative deleveraging. Given the -8.4% revenue contraction, the sustainability of coverage depends on whether commodity prices hold. Investors should monitor refinancing timing and whether interest coverage remains above 15x if revenue weakness persists.
Thin Cash Buffer Against Current Obligations
As reported in financial statements, APA's current ratio of 0.85 and quick ratio of 0.72 in 2026Q3 indicate current liabilities exceed current assets, with cash of roughly $75M small relative to $9.8B in total liabilities.
The position appears to rely on operating cash flow and receivables collection rather than on balance-sheet cash reserves. Relative to the 2024 quarters where current ratios exceeded 1.0, liquidity has tightened, which may reflect reduced cash accumulation following buybacks and debt repayment. Under a severe revenue shock, the reliance on continued cash generation would warrant close scrutiny.
Deleveraging Narrative May Overstate Strength
Based on reported figures, the improving debt-to-equity trend could mask a revenue decline of roughly 8.4% and a thin cash position of about $75M, which together may pressure financial flexibility if commodity prices weaken.
The most commonly misapplied metric for APA is the headline debt-to-equity ratio, since a book-equity denominator that was rebuilt from a prior deficit can make leverage look structurally lower than cash-based obligations suggest. Net debt to operating cash flow or interest coverage on a trailing basis, adjusted for ARO and PSC cost-recovery timing, would better capture repayment capacity. Investors should monitor whether the 0.41 ratio holds once current liabilities and decommissioning obligations are weighed against the thin liquidity buffer.