Latest Ratios: P/E Ratio 10.9x · EV/EBITDA 3.7x · 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 | $15.4B | $8.8B | $8.2B | $11.1B | $15.5B | $10.1B | $5.4B | $9.6B | $10.1B | $16.2B | $24.1B |
| Enterprise Value | $19.7B | $13.1B | $13.7B | $16.3B | $20.9B | $17.4B | $14.0B | $18.1B | $17.6B | $23.0B | $31.2B |
| P/E Ratio → | 10.95 | 6.13 | 10.13 | 3.88 | 4.24 | 10.38 | — | — | 262.50 | 12.38 | — |
| P/S Ratio | 1.73 | 0.98 | 0.84 | 1.34 | 1.40 | 1.26 | 1.21 | 1.49 | 1.37 | 2.75 | 4.48 |
| P/B Ratio | 2.24 | 1.25 | 1.28 | 3.00 | 11.56 | — | — | 2.16 | 1.14 | 1.84 | 3.13 |
| P/FCF | 8.68 | 4.94 | 10.60 | 14.36 | 6.11 | 4.23 | 47.05 | — | — | — | 50.01 |
| P/OCF | 3.40 | 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 | 3.74 | 2.48 | 2.50 | 3.33 | 3.15 | 4.29 | 7.19 | 5.80 | 4.02 | 6.47 | 10.47 |
| EV / EBIT | 7.18 | 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 | 0.85 | 1.88 | 4.57 | 2.80 | 1.88 | 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 | 0.81 | 1.80 | 4.43 | 2.72 | 1.71 | 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 | 2.3% | 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 | 9.1% | 16.3% | 9.9% | 25.8% | 23.6% | 9.6% | — | — | 0.4% | 8.1% | — |
| FCF Yield | 11.5% | 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 | 4.1% | 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 10.9x. The historical average is 13.4x. This places it at the 45th percentile of its historical range.
APA Corporation's current EV/EBITDA is 3.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.2x.
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 10.9x. This is at the 45th 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 2.30% 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
Elevated leverage and revenue contraction
Metrics are mathematically derived from official filings.
Deep Discount Masks Complexity
APA trades at 3.49x EV/EBITDA and 10.03x P/E, versus peer averages of 6.09x and 14.83x, according to recent market data, implying the market prices in a substantial complexity discount for Egypt and North Sea exposure.
The forward P/E of 7.12x suggests the market expects earnings growth, but the EV/EBITDA discount to peers like DVN (5.16x) and COP (7.28x) may reflect concerns about international geopolitical risk and the UK windfall tax. The P/B of 2.05x is above DVN's 1.80x, indicating the market assigns a premium to book value, possibly due to the Suriname exploration optionality. However, the discount to peers on earnings multiples suggests the market is not fully crediting the cash-generating ability of the Egypt PSC, which may warrant a sum-of-the-parts re-rating if exploration success continues.
Margins Hold Despite Revenue Slide
Operating margin of 30.8% in Q2 2026, though down from 35.7% in Q1, remains above the 29.3% reported a year earlier, based on SEC filings, indicating cost discipline is offsetting softer commodity prices.
The gross margin collapse to 1.1% in Q2 2026 is clearly an impairment artifact, not an operational deterioration, as operating margin excluding the charge would be roughly 30%. Net margin of 31.1% was boosted by non-operating gains, but the underlying profitability appears stable. The 8.4% revenue contraction suggests volume or price weakness, yet the margin resilience implies APA's cost structure is well-controlled, though investors should monitor whether this holds if revenue declines persist.
ROIC Volatility Masks Underlying Efficiency
ROIC swung from 5.4% in Q1 2026 to -7.1% in Q2 2026, reflecting the impairment charge, but the 10-quarter average of 4.8% is below the 10.4% peer average, based on reported figures, suggesting capital efficiency lags the group.
Excluding the impairment, ROIC would be around 5-6%, still below peers like DVN (12.6%) and COP (10.4%), indicating that APA's capital allocation has historically generated lower returns. The improvement in ROE to 9.7% in Q2 2026 from 3.0% in Q3 2025 is partly due to the non-operating gain, but also reflects a leaner equity base after debt reduction. The Suriname FID could be a catalyst to improve ROIC if it transitions to production, but until then, returns remain subpar relative to the peer set.
Working Capital Swings Distort Efficiency
CCC swung from -35 days in Q1 2026 to +37 days in Q2 2026, driven by a DPO drop from 142 to 29 days, according to recent financial statements, indicating volatile payment timing rather than a structural shift.
The DSO of 53 days is within the historical range, but the DPO volatility suggests APA is managing supplier payments opportunistically, possibly to conserve cash. Asset turnover of 0.13x is low, typical for capital-intensive E&Ps, but stable over the period. The negative CCC in Q1 2026 was a temporary benefit from extended payables, which reversed in Q2, highlighting that working capital management is not a reliable source of cash flow.
Deleveraging Progress but Coverage Thin
D/E improved to 0.49 in Q2 2026 from 1.45 in Q1 2024, and interest coverage rose to 19.51x, based on reported figures, indicating a stronger balance sheet, though the current ratio of 0.95 signals tight liquidity.
The debt reduction to $3.9B from $6.8B two years ago is a positive, but the D/EBITDA of 2.88x, while improved from 5.08x, still leaves APA exposed to commodity price downturns. The interest coverage of 19.51x is comfortable, but it is inflated by the non-operating gain in Q2 2026; excluding that, coverage would be lower. The strained balance sheet signal reflects the thin current ratio and the risk that further impairments could erode equity.
Thin Cushion Under Stress
Current ratio of 0.95 and quick ratio of 0.79 in Q2 2026, with cash of $444M, according to recent filings, indicate that current liabilities exceed liquid assets, leaving a narrow buffer against operational shocks.
The liquidity position has deteriorated from a current ratio of 1.15 in Q4 2024, reflecting the drawdown of cash and increased payables. In a severe price downturn, APA may need to rely on credit facilities or asset sales to meet near-term obligations, which could be costly. The negative working capital is common in the industry, but the trend warrants monitoring, especially given the revenue contraction and the need to fund Suriname appraisal costs.
Misapplied EV/EBITDA Discount
The most misapplied ratio for APA is EV/EBITDA, as it fails to capture the cash flow benefits of the Egypt PSC and the decommissioning liabilities in the North Sea, according to analyst interpretation.
EV/EBITDA treats all EBITDA as equal, but APA's Egyptian operations generate cash flow through cost recovery that is not fully reflected in EBITDA, while the North Sea carries significant AROs that will require cash outlays. A more appropriate metric is EV/EBITDAX (excluding exploration costs) or EV/2P NAV, which better captures the value of the PSC and the future decommissioning burden. Investors should adjust for these items to avoid overstating the discount or understating the liabilities.