Api Group Corp Financials

APG

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Api Group Corp (APG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 42/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Api Group Corp has an operating margin of 6.9%, meaning the company retains $7 of operating profit per $100 of revenue. This results in a moderate score of 35/100, indicating healthy but not exceptional operating efficiency. This is up from 5.2% the prior year.

Growth

Api Group Corp's revenue grew a modest 1.3% year-over-year to $7.0B. This slow but positive growth earns a score of 32/100.

Leverage

Api Group Corp carries a low D/E ratio of 0.93, meaning only $0.93 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 77/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Api Group Corp's current ratio of 1.41 indicates adequate short-term liquidity, earning a score of 36/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Api Group Corp has a free cash flow margin of 7.6%, earning a moderate score of 38/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Api Group Corp's ROE of 8.5% shows moderate profitability relative to equity, earning a score of 34/100. This is up from 7.4% the prior year.

Altman Z-Score Safe

3.40

Api Group Corp scores 3.40, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($19.0B) relative to total liabilities ($5.2B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral

5/9

Api Group Corp passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

2.48x

For every $1 of reported earnings, Api Group Corp generates $2.48 in operating cash flow ($620.0M OCF vs $250.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

Export CSV

Revenue

$7.0B

YoY+1.3%

5Y CAGR+48.1%

Api Group Corp generated $7.0B in revenue in fiscal year 2024. This represents an increase of 1.3% from the prior year.

EBITDA

$792.0M

YoY+18.6%

Api Group Corp's EBITDA was $792.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 18.6% from the prior year.

Free Cash Flow

$536.0M

YoY+25.2%

5Y CAGR+31.0%

Api Group Corp generated $536.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 25.2% from the prior year.

Net Income

$250.0M

YoY+63.4%

Api Group Corp reported $250.0M in net income in fiscal year 2024. This represents an increase of 63.4% from the prior year.

EPS (Diluted)

$-0.84

YoY-23.5%

Api Group Corp earned $-0.84 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 23.5% from the prior year.

Cash & Debt

$499.0M

YoY+4.2%

5Y CAGR+14.3%

Api Group Corp held $499.0M in cash against $2.7B in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

31.0%

YoY+3.0pp

5Y CAGR+10.9pp

Api Group Corp's gross margin was 31.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 3.0 percentage points from the prior year.

Operating Margin

6.9%

YoY+1.7pp

5Y CAGR+23.3pp

Api Group Corp's operating margin was 6.9% in fiscal year 2024, reflecting core business profitability. This is up 1.7 percentage points from the prior year.

Net Margin

3.6%

YoY+1.3pp

5Y CAGR+19.1pp

Api Group Corp's net profit margin was 3.6% in fiscal year 2024, showing the share of revenue converted to profit. This is up 1.3 percentage points from the prior year.

Return on Equity

8.5%

YoY+1.1pp

Api Group Corp's ROE was 8.5% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 1.1 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

YoY-100.0%

Api Group Corp spent $0 on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.

Capital Expenditures

$84.0M

YoY-2.3%

5Y CAGR+50.2%

Api Group Corp invested $84.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 2.3% from the prior year.

APG Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$7.0B+1.3%	$6.9B+5.6%	$6.6B+66.4%	$3.9B+9.8%	$3.6B+264.2%	$985.0M
Cost of Revenue	$4.8B-3.0%	$5.0B+3.0%	$4.8B+61.4%	$3.0B+6.0%	$2.8B+259.7%	$787.0M
Gross Profit	$2.2B+12.3%	$1.9B+13.2%	$1.7B+82.5%	$939.0M+24.2%	$756.0M+281.8%	$198.0M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$1.7B+7.1%	$1.6B+1.9%	$1.6B+93.3%	$803.0M+10.8%	$725.0M+101.9%	$359.0M
Operating Income	$484.0M+34.8%	$359.0M+121.6%	$162.0M+19.1%	$136.0M+181.9%	-$166.0M-3.1%	-$161.0M
Interest Expense	N/A	$145.0M+16.0%	$125.0M+108.3%	$60.0M+15.4%	$52.0M+246.7%	$15.0M
Income Tax	$80.0M+1.3%	$79.0M+295.0%	$20.0M-37.5%	$32.0M+203.2%	-$31.0M-1650.0%	$2.0M
Net Income	$250.0M+63.4%	$153.0M+109.6%	$73.0M+55.3%	$47.0M+130.7%	-$153.0M0.0%	-$153.0M
EPS (Diluted)	$-0.84-23.5%	$-0.68-780.0%	$0.10+114.9%	$-0.67+69.7%	$-2.21-92.2%	$-1.15

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$2.1B+4.8%	$2.0B+15.8%	$1.7B-7.6%	$1.9B+7.6%	$1.7B+8.1%	$1.6B-9.0%	$1.8B-1.4%	$1.8B
Cost of Revenue	$1.4B+4.2%	$1.4B+16.8%	$1.2B-8.5%	$1.3B+8.4%	$1.2B+6.9%	$1.1B-11.4%	$1.3B-1.7%	$1.3B
Gross Profit	$652.0M+6.0%	$615.0M+13.5%	$542.0M-5.7%	$575.0M+5.7%	$544.0M+10.6%	$492.0M-3.1%	$508.0M-0.6%	$511.0M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$489.0M+3.6%	$472.0M+3.1%	$458.0M-0.2%	$459.0M+9.8%	$418.0M+6.6%	$392.0M-9.5%	$433.0M+6.4%	$407.0M
Operating Income	$163.0M+14.0%	$143.0M+70.2%	$84.0M-27.6%	$116.0M-7.9%	$126.0M+26.0%	$100.0M+33.3%	$75.0M-27.9%	$104.0M
Interest Expense	N/A	N/A	N/A	N/A	N/A	$34.0M+3.0%	$33.0M-10.8%	$37.0M
Income Tax	$37.0M+19.4%	$31.0M+181.8%	$11.0M0.0%	$11.0M-45.0%	$20.0M+11.1%	$18.0M-10.0%	$20.0M0.0%	$20.0M
Net Income	$93.0M+20.8%	$77.0M+120.0%	$35.0M-47.8%	$67.0M-2.9%	$69.0M+53.3%	$45.0M+80.0%	$25.0M-53.7%	$54.0M
EPS (Diluted)	$0.20+25.0%	$0.16+45.5%	$0.11-45.0%	$0.20+33.3%	$0.15+111.2%	$-1.34-34.0%	$-1.00-766.7%	$0.15

APG Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$8.2B+7.4%	$7.6B-6.2%	$8.1B+56.8%	$5.2B+26.9%	$4.1B+1.3%	$4.0B
Current Assets	$2.7B+2.9%	$2.6B-2.6%	$2.7B+1.0%	$2.6B+82.7%	$1.4B+7.1%	$1.3B
Cash & Equivalents	$499.0M+4.2%	$479.0M-20.8%	$605.0M-49.1%	$1.2B+130.7%	$515.0M+101.2%	$256.0M
Inventory	$143.0M-4.7%	$150.0M-8.0%	$163.0M+136.2%	$69.0M+7.8%	$64.0M+10.3%	$58.0M
Accounts Receivable	$1.4B+3.5%	$1.4B+6.2%	$1.3B+71.2%	$767.0M+20.0%	$639.0M-12.5%	$730.0M
Goodwill	$2.9B+17.1%	$2.5B+3.7%	$2.4B+115.4%	$1.1B+2.2%	$1.1B+10.4%	$980.0M
Total Liabilities	$5.2B+10.1%	$4.7B-8.6%	$5.2B+82.2%	$2.8B+13.1%	$2.5B+11.2%	$2.3B
Current Liabilities	$1.9B+4.3%	$1.8B-5.9%	$1.9B+121.6%	$867.0M+3.1%	$841.0M+2.2%	$823.0M
Long-Term Debt	$2.7B+18.4%	$2.3B-10.1%	$2.6B+46.3%	$1.8B+26.4%	$1.4B+19.3%	$1.2B
Total Equity	$3.0B+42.6%	$2.1B-2.6%	$2.1B-8.4%	$2.3B+49.1%	$1.6B-11.3%	$1.8B
Retained Earnings	$215.0M+2054.5%	-$11.0M+93.3%	-$164.0M+30.8%	-$237.0M+16.5%	-$284.0M-116.8%	-$131.0M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$8.7B+2.1%	$8.5B+5.4%	$8.1B-0.7%	$8.2B+2.4%	$8.0B+10.7%	$7.2B-5.2%	$7.6B-4.5%	$7.9B
Current Assets	$3.0B+7.4%	$2.8B+8.2%	$2.6B-2.7%	$2.7B+8.3%	$2.5B+9.9%	$2.2B-13.6%	$2.6B-2.6%	$2.7B
Cash & Equivalents	$555.0M+28.5%	$432.0M-6.1%	$460.0M-7.8%	$499.0M+54.0%	$324.0M+31.2%	$247.0M-48.4%	$479.0M+3.9%	$461.0M
Inventory	$148.0M-3.9%	$154.0M+2.7%	$150.0M+4.9%	$143.0M-7.7%	$155.0M+4.7%	$148.0M-1.3%	$150.0M-3.2%	$155.0M
Accounts Receivable	$1.6B+3.4%	$1.5B+11.4%	$1.4B-6.1%	$1.4B+9.9%	$1.3B+4.6%	$1.3B-10.0%	$1.4B+9.0%	$1.3B
Goodwill	$3.1B+0.8%	$3.1B+6.3%	$2.9B+1.6%	$2.9B+2.4%	$2.8B+14.3%	$2.5B0.0%	$2.5B+2.8%	$2.4B
Total Liabilities	$5.4B+1.4%	$5.4B+4.9%	$5.1B-1.6%	$5.2B+1.4%	$5.1B+4.8%	$4.9B+3.6%	$4.7B-4.0%	$4.9B
Current Liabilities	$2.0B+5.1%	$1.9B+9.7%	$1.8B-6.5%	$1.9B+13.4%	$1.7B+0.5%	$1.7B-8.5%	$1.8B-4.8%	$1.9B
Long-Term Debt	$2.8B+0.1%	$2.8B0.0%	$2.8B0.0%	$2.7B-3.3%	$2.8B+8.4%	$2.6B+13.0%	$2.3B-0.9%	$2.3B
Total Equity	$3.3B+3.3%	$3.2B+6.3%	$3.0B+1.0%	$3.0B+4.2%	$2.8B+23.2%	$2.3B+11.1%	$2.1B-7.2%	$2.2B
Retained Earnings	$420.0M+28.4%	$327.0M+30.8%	$250.0M+16.3%	$215.0M+172.2%	$79.0M+690.0%	$10.0M+190.9%	-$11.0M+69.4%	-$36.0M

APG Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$620.0M+20.6%	$514.0M+90.4%	$270.0M+48.4%	$182.0M-63.3%	$496.0M+230.7%	$150.0M
Capital Expenditures	$84.0M-2.3%	$86.0M+8.9%	$79.0M+43.6%	$55.0M+44.7%	$38.0M+245.5%	$11.0M
Free Cash Flow	$536.0M+25.2%	$428.0M+124.1%	$191.0M+50.4%	$127.0M-72.3%	$458.0M+229.5%	$139.0M
Investing Cash Flow	-$829.0M-620.9%	-$115.0M+96.0%	-$2.9B-2297.5%	-$121.0M+64.4%	-$340.0M+80.3%	-$1.7B
Financing Cash Flow	$245.0M+146.1%	-$532.0M-130.3%	$1.8B+91.5%	$917.0M+826.3%	$99.0M-92.9%	$1.4B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$0-100.0%	$41.0M-6.8%	$44.0M	$0-100.0%	$30.0M	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$232.0M+179.5%	$83.0M+33.9%	$62.0M-78.1%	$283.0M+157.3%	$110.0M+1471.4%	$7.0M-97.6%	$297.0M+106.3%	$144.0M
Capital Expenditures	$31.0M+14.8%	$27.0M+125.0%	$12.0M-33.3%	$18.0M-18.2%	$22.0M0.0%	$22.0M0.0%	$22.0M+22.2%	$18.0M
Free Cash Flow	$201.0M+258.9%	$56.0M+12.0%	$50.0M-81.1%	$265.0M+201.1%	$88.0M+686.7%	-$15.0M-105.5%	$275.0M+118.3%	$126.0M
Investing Cash Flow	-$91.0M+27.8%	-$126.0M-800.0%	-$14.0M+90.6%	-$149.0M+75.2%	-$601.0M-2631.8%	-$22.0M-214.3%	-$7.0M+73.1%	-$26.0M
Financing Cash Flow	-$15.0M-400.0%	-$3.0M+96.9%	-$98.0M+4.9%	-$103.0M-118.1%	$570.0M+367.6%	-$213.0M+23.7%	-$279.0M-1228.6%	-$21.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$0	$0-100.0%	$75.0M	$0	$0	$0	$0-100.0%	$18.0M

APG Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	31.0%+3.0pp	28.0%+1.9pp	26.1%+2.3pp	23.8%+2.8pp	21.1%+1.0pp	20.1%
Operating Margin	6.9%+1.7pp	5.2%+2.7pp	2.5%-1.0pp	3.5%+8.1pp	-4.6%+11.7pp	-16.4%
Net Margin	3.6%+1.3pp	2.2%+1.1pp	1.1%-0.1pp	1.2%+5.5pp	-4.3%+11.3pp	-15.5%
Return on Equity	8.5%+1.1pp	7.4%+4.0pp	3.4%+1.4pp	2.0%	N/A	N/A
Return on Assets	3.1%+1.1pp	2.0%+1.1pp	0.9%-0.0pp	0.9%+4.7pp	-3.8%+0.1pp	-3.8%
Current Ratio	1.41-0.0	1.43+0.0	1.38-1.6	3.03+1.3	1.71+0.1	1.63
Debt-to-Equity	0.93-0.2	1.12-0.1	1.21+0.5	0.76-0.1	0.90+0.2	0.67
FCF Margin	7.6%+1.5pp	6.2%+3.3pp	2.9%-0.3pp	3.2%-9.6pp	12.8%-1.3pp	14.1%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	31.3%+0.4pp	30.9%-0.6pp	31.5%+0.6pp	30.9%-0.6pp	31.4%+0.7pp	30.7%+1.9pp	28.9%+0.2pp	28.6%
Operating Margin	7.8%+0.6pp	7.2%+2.3pp	4.9%-1.3pp	6.2%-1.1pp	7.3%+1.0pp	6.3%+2.0pp	4.3%-1.6pp	5.8%
Net Margin	4.5%+0.6pp	3.9%+1.8pp	2.0%-1.6pp	3.6%-0.4pp	4.0%+1.2pp	2.8%+1.4pp	1.4%-1.6pp	3.0%
Return on Equity	2.8%+0.4pp	2.4%+1.3pp	1.2%-1.1pp	2.3%-0.2pp	2.4%+0.5pp	2.0%+0.8pp	1.2%-1.2pp	2.4%
Return on Assets	1.1%+0.2pp	0.9%+0.5pp	0.4%-0.4pp	0.8%-0.0pp	0.9%+0.2pp	0.6%+0.3pp	0.3%-0.3pp	0.7%
Current Ratio	1.48+0.0	1.45-0.0	1.47+0.1	1.41-0.1	1.48+0.1	1.35-0.1	1.43+0.0	1.40
Debt-to-Equity	0.84-0.0	0.87-0.1	0.920.0	0.93-0.1	1.00-0.1	1.14+0.0	1.12+0.1	1.05
FCF Margin	9.6%+6.8pp	2.8%-0.1pp	2.9%-11.3pp	14.2%+9.2pp	5.1%+6.0pp	-0.9%-16.6pp	15.6%+8.6pp	7.1%

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Frequently Asked Questions

What is Api Group Corp's annual revenue?

Api Group Corp (APG) reported $7.0B in total revenue for fiscal year 2024. This represents a 1.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Api Group Corp's revenue growing?

Api Group Corp (APG) revenue grew by 1.3% year-over-year, from $6.9B to $7.0B in fiscal year 2024.

Is Api Group Corp profitable?

Yes, Api Group Corp (APG) reported a net income of $250.0M in fiscal year 2024, with a net profit margin of 3.6%.

What is Api Group Corp's earnings per share (EPS)?

Api Group Corp (APG) reported diluted earnings per share of $-0.84 for fiscal year 2024. This represents a -23.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Api Group Corp's EBITDA?

Api Group Corp (APG) had EBITDA of $792.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Api Group Corp have?

As of fiscal year 2024, Api Group Corp (APG) had $499.0M in cash and equivalents against $2.7B in long-term debt.

What is Api Group Corp's gross margin?

Api Group Corp (APG) had a gross margin of 31.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Api Group Corp's operating margin?

Api Group Corp (APG) had an operating margin of 6.9% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Api Group Corp's net profit margin?

Api Group Corp (APG) had a net profit margin of 3.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Api Group Corp's return on equity (ROE)?

Api Group Corp (APG) has a return on equity of 8.5% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Api Group Corp's free cash flow?

Api Group Corp (APG) generated $536.0M in free cash flow during fiscal year 2024. This represents a 25.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Api Group Corp's operating cash flow?

Api Group Corp (APG) generated $620.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Api Group Corp's total assets?

Api Group Corp (APG) had $8.2B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Api Group Corp's capital expenditures?

Api Group Corp (APG) invested $84.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

What is Api Group Corp's current ratio?

Api Group Corp (APG) had a current ratio of 1.41 as of fiscal year 2024, which is considered adequate.

What is Api Group Corp's debt-to-equity ratio?

Api Group Corp (APG) had a debt-to-equity ratio of 0.93 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Api Group Corp's return on assets (ROA)?

Api Group Corp (APG) had a return on assets of 3.1% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Api Group Corp's Altman Z-Score?

Api Group Corp (APG) has an Altman Z-Score of 3.40, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Api Group Corp's Piotroski F-Score?

Api Group Corp (APG) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Api Group Corp's earnings high quality?

Api Group Corp (APG) has an earnings quality ratio of 2.48x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Api Group Corp?

Api Group Corp (APG) scores 42 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.