Latest Ratios: P/E Ratio 48.1x · EV/EBITDA 20.3x · ROE 9.5%. (2017–2025 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $17.7B | $15.9B | $9.6B | $8.1B | $5.0B | $5.3B | $3.1B | — | — | — |
| Enterprise Value | $19.9B | $18.1B | $12.2B | $10.2B | $7.4B | $6.0B | $4.1B | — | — | — |
| P/E Ratio → | 48.11 | — | — | — | 172.49 | — | — | — | — | — |
| P/S Ratio | 1.99 | 2.01 | 1.37 | 1.17 | 0.76 | 1.35 | 0.86 | — | — | — |
| P/B Ratio | 4.99 | 4.67 | 3.26 | 2.84 | 2.35 | 2.28 | 1.97 | — | — | — |
| P/FCF | 26.31 | 24.01 | 17.96 | 19.01 | 26.20 | 41.75 | 6.72 | — | — | — |
| P/OCF | 23.33 | 20.97 | 15.53 | 15.83 | 18.54 | 29.13 | 6.20 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.28 | 1.73 | 1.48 | 1.13 | 1.52 | 1.14 | — | — | — |
| EV / EBITDA | 20.27 | 20.52 | 15.48 | 15.46 | 15.94 | 17.71 | 42.30 | — | — | — |
| EV / EBIT | 35.86 | 27.60 | 25.56 | 27.14 | 34.07 | 43.07 | — | — | — | — |
| EV / FCF | — | 27.26 | 22.69 | 23.91 | 38.89 | 47.14 | 8.96 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 31.4% | 31.4% | 31.0% | 28.0% | 26.1% | 23.8% | 21.1% | 20.1% | 21.1% | 21.8% |
| Operating Margin | 7.0% | 7.0% | 6.9% | 5.2% | 2.5% | 3.5% | -4.6% | -16.3% | 4.3% | 4.0% |
| Net Profit Margin | 3.8% | 3.8% | 3.6% | 2.2% | 1.1% | 1.2% | -4.3% | -15.5% | 3.6% | 3.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.5% | 9.5% | 8.6% | 6.1% | 3.3% | 2.4% | -14.0% | -12.8% | 14.6% | 9.1% |
| ROA | 3.5% | 3.5% | 3.2% | 2.0% | 1.1% | 1.0% | -5.0% | -5.1% | 8.3% | 9.1% |
| ROIC | 7.5% | 7.5% | 6.9% | 5.7% | 3.2% | 3.6% | -6.6% | -6.0% | 10.2% | 7.6% |
| ROCE | 8.5% | 8.5% | 8.0% | 6.0% | 3.1% | 3.6% | -7.8% | -7.6% | 14.3% | 10.0% |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.90 | 0.90 | 1.03 | 0.90 | 1.42 | 0.81 | 0.99 | 0.75 | 0.95 | — |
| Debt / EBITDA | 3.49 | 3.49 | 3.86 | 3.89 | 6.50 | 5.54 | 15.90 | — | 2.21 | — |
| Net Debt / Equity | — | 0.63 | 0.86 | 0.73 | 1.14 | 0.29 | 0.66 | 0.60 | 0.86 | -0.02 |
| Net Debt / EBITDA | 2.45 | 2.45 | 3.23 | 3.16 | 5.20 | 2.03 | 10.59 | — | 2.01 | -0.10 |
| Debt / FCF | — | 3.26 | 4.73 | 4.89 | 12.69 | 5.39 | 2.24 | 7.60 | 14.37 | -0.24 |
| Interest Coverage | 4.65 | 4.65 | 3.26 | 2.60 | 1.74 | 2.32 | -2.54 | -9.07 | 7.64 | -0.23 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.50 | 1.50 | 1.41 | 1.43 | 1.38 | 3.03 | 1.71 | 1.63 | 1.14 | 76856.56 |
| Quick Ratio | 1.43 | 1.43 | 1.33 | 1.35 | 1.30 | 2.95 | 1.63 | 1.56 | 1.09 | 76856.56 |
| Cash Ratio | 0.42 | 0.42 | 0.26 | 0.27 | 0.31 | 1.37 | 0.61 | 0.31 | 0.05 | 76856.00 |
| Asset Turnover | — | 0.89 | 0.86 | 0.91 | 0.81 | 0.76 | 0.88 | 0.25 | 1.83 | 2.48 |
| Inventory Turnover | 37.41 | 37.41 | 33.85 | 33.25 | 29.72 | 43.49 | 44.23 | 13.57 | 52.52 | — |
| Days Sales Outstanding | — | 94.45 | 98.66 | 96.47 | 98.62 | 91.16 | 79.47 | 361.29 | 98.40 | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | 54.4% | 99.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.1% | — | — | — | 0.6% | — | — | — | — | — |
| FCF Yield | 3.8% | 4.2% | 5.6% | 5.3% | 3.8% | 2.4% | 14.9% | — | — | — |
| Buyback Yield | 0.4% | 0.5% | 6.2% | 0.5% | 0.9% | 0.0% | 1.0% | — | — | — |
| Total Shareholder Yield | 0.4% | 0.5% | 6.2% | 0.5% | 0.9% | 0.0% | 1.0% | — | — | — |
| Shares Outstanding | — | $416M | $402M | $353M | $399M | $309M | $254M | $261M | $175M | $121M |
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying APG stock.
APi Group Corporation's current P/E ratio is 48.1x. The historical average is 172.5x.
APi Group Corporation's current EV/EBITDA is 20.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.2x.
APi Group Corporation's return on equity (ROE) is 9.5%. The historical average is 3.0%.
Based on historical data, APi Group Corporation is trading at a P/E of 48.1x. Compare with industry peers and growth rates for a complete picture.
APi Group Corporation has 31.4% gross margin and 7.0% operating margin.
APi Group Corporation's Debt/EBITDA ratio is 3.5x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Acquisition-driven leverage and margin compression
Metrics are mathematically derived from official filings.
Forward Multiples Imply Recovery Priced In
Based on reported figures, APG trades at 22.99 forward P/E and 13.39 forward EV/EBITDA against a trailing EV/EBITDA of 22.28, suggesting the market is pricing a meaningful earnings recovery rather than the current depressed TTM earnings base.
The negative trailing P/E of -58.45 reflects GAAP losses distorted by one-time and acquisition-related charges, so it carries little information on its own. The compression from 22.28x trailing to 13.39x forward EV/EBITDA implies consensus expects EBITDA to rise sharply, a gap that investors should monitor closely against H2 margin delivery. Compared with peers such as Comfort Systems at 23.21x and Quanta at 33.18x EV/EBITDA, APG screens at a discount, which may reflect its lower operating margins of roughly 7 to 8 percent rather than an outright mispricing.
Gross Margin Stable, Operating Margin Thin
As reported in the quarterly income statements, APG's gross margin held between 28.1% and 31.4% over ten quarters while its operating margin reached only 7.9% in 2026Q3, indicating stable pricing but limited operating leverage.
The stability of gross margin near 30 percent suggests the service mix and pricing power have been consistent through the acquisition cycle. However, the gap between gross and operating margin absorbs roughly 21 percent of revenue in SG&A, which limits the translation of top-line growth into earnings. The 2025Q4 operating margin drop to 4.3% alongside net margin of 4.6% warrants investigation into whether integration costs or one-time items are being excluded from the adjusted figures.
Debt Rising Faster Than Coverage Improves
According to reported balance sheet figures, APG's total debt rose from $3.1B to $3.9B between 2024Q2 and 2026Q3, while interest coverage moved from 3.54x to 4.44x, a combination that suggests debt service is comfortable but not strengthening materially.
The debt-to-equity ratio of 1.12 in 2026Q3 sits above the 0.88 low of 2026Q1, indicating that the recent deleveraging was partially reversed as acquisition debt was added. The debt-to-EBITDA ratio of 12.72x is elevated on a trailing basis and, while it has improved from 15.41x a year earlier in some quarters, it remains high enough to warrant monitoring of refinancing and covenant headroom. Coverage has improved, which suggests the company can currently service its obligations, but the sustainability depends on EBITDA recovering as forward estimates imply.
Current Ratio Eroding From Year-Earlier Levels
Based on reported figures, APG's current ratio fell from 1.51 in 2024Q3 to 1.18 in 2026Q3 and quick ratio moved to 1.12, suggesting the liquidity cushion has thinned as cash was deployed into acquisitions.
Cash of $373M in 2026Q3 versus $851M in the prior quarter indicates a substantial drawdown, consistent with the acquisition spending visible in the cash flow data. A quick ratio of 1.12 remains above 1.0, which suggests near-term obligations are covered without relying on inventory, and this matters because inventory days are low at around 9. Under severe stress, the thinner buffer would leave less room to absorb a sharp working-capital reversal, so investors should watch whether cash rebuilds in the next two quarters.
Misapplied Ratio: Return on Equity
As reported in the financial statements, APG's ROE of 3.3% in 2026Q3 appears low, but ROE is frequently misapplied to this business because goodwill-heavy equity distorts the denominator and obscures underlying returns on operating capital.
Because goodwill and intangibles from acquisitions represent a large share of total assets, ROE and ROIC both understate the return generated on the operating business while overstating equity dependence on accounting values. A more informative approach is to evaluate return on tangible capital or cash return on invested capital, which strips out acquisition premium. The 1.9% to 2.2% ROIC range suggests returns on total capital are modest, though this interpretation depends on how much acquired goodwill is included in the base.