APi Group (APG) Financials

$42.09 +0.95 (+2.31%)

Closing price 03:59 PM Eastern

Extended Trading

$42.22 +0.12 (+0.29%)

As of 07:55 PM Eastern

Annual Income Statements for APi Group

This table shows APi Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	136	-153	-375	-137	29	-161	-224	-288
Consolidated Net Income / (Loss)	136	-153	-153	47	73	153	250	302
Net Income / (Loss) Continuing Operations	136	-153	-153	47	73	153	250	302
Total Pre-Tax Income	146	-151	-184	79	93	232	330	413
Total Operating Income	162	-161	-166	136	162	359	484	554
Total Gross Profit	787	198	756	939	1,714	1,940	2,178	2,487
Total Revenue	3,728	985	3,587	3,940	6,558	6,928	7,018	7,911
Operating Revenue	3,728	985	3,587	3,940	6,558	6,928	7,018	7,911
Total Cost of Revenue	2,941	787	2,831	3,001	4,844	4,988	4,840	5,424
Operating Cost of Revenue	2,941	787	2,831	3,001	4,844	4,988	4,840	5,424
Total Operating Expenses	625	359	922	803	1,552	1,581	1,694	1,933
Selling, General & Admin Expense	625	359	725	803	1,552	1,581	1,694	1,933
Total Other Income / (Expense), net	-16	10	-18	-57	-69	-127	-154	-141
Interest & Investment Income	-	-	34	12	-125	-127	-154	-141
Income Tax Expense	10	2.00	-31	32	20	79	80	111
Preferred Stock Dividends Declared	0.00	0.00	222	184	44	314	474	590
Basic Earnings per Share	$0.00	($1.15)	($2.21)	($0.67)	$0.10	($0.46)	($0.56)	($0.69)
Weighted Average Basic Shares Outstanding	0.00	133M	169M	206M	233.20M	352.71M	401.51M	415.71M
Diluted Earnings per Share	$0.00	($1.15)	($2.21)	($0.67)	$0.10	($0.46)	($0.56)	($0.69)
Weighted Average Diluted Shares Outstanding	0.00	133M	169M	206M	266.08M	352.71M	401.51M	415.71M
Weighted Average Basic & Diluted Shares Outstanding	-	-	200.65M	232.58M	234.54M	244.15M	277.56M	431.46M

This table shows APi Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	43	-256	-334	69	69	-28	31	69	84	-472	51
Consolidated Net Income / (Loss)	54	25	45	69	69	67	35	77	93	97	57
Net Income / (Loss) Continuing Operations	54	25	45	69	69	67	35	77	93	97	57
Total Pre-Tax Income	74	45	63	89	100	78	46	108	130	129	71
Total Operating Income	104	75	100	126	142	116	84	143	163	164	103
Total Gross Profit	511	508	492	544	567	575	542	615	652	678	620
Total Revenue	1,784	1,759	1,601	1,730	1,826	1,861	1,719	1,990	2,085	2,117	1,982
Operating Revenue	1,784	1,759	1,601	1,730	1,826	1,861	1,719	1,990	2,085	2,117	1,982
Total Cost of Revenue	1,273	1,251	1,109	1,186	1,259	1,286	1,177	1,375	1,433	1,439	1,362
Operating Cost of Revenue	1,273	1,251	1,109	1,186	1,259	1,286	1,177	1,375	1,433	1,439	1,362
Total Operating Expenses	407	433	392	418	425	459	458	472	489	514	517
Selling, General & Admin Expense	407	433	392	418	425	459	458	472	489	514	517
Total Other Income / (Expense), net	-30	-30	-37	-37	-42	-38	-38	-35	-33	-35	-32
Interest Expense	0.00	-33	-	-	-	-33	38	-	-	-	30
Interest & Investment Income	-37	-	-34	-37	-42	-	0.00	-35	-33	-35	-2.00
Income Tax Expense	20	20	18	20	31	11	11	31	37	32	14
Preferred Stock Dividends Declared	11	281	379	0.00	0.00	95	4.00	8.00	9.00	569	6.00
Basic Earnings per Share	$0.15	($1.00)	($1.34)	$0.15	$0.15	$0.04	$0.07	$0.17	$0.20	($1.14)	$0.12
Weighted Average Basic Shares Outstanding	235.42M	235.14M	249.74M	407.31M	411.96M	267.68M	415.85M	415.27M	415.81M	415.71M	431.49M
Diluted Earnings per Share	$0.15	($1.00)	($1.34)	$0.15	$0.15	$0.05	$0.07	$0.16	$0.20	($1.14)	$0.12
Weighted Average Diluted Shares Outstanding	270.04M	235.14M	249.74M	413.59M	413.88M	267.68M	417.42M	427.65M	429.47M	415.71M	435.08M
Weighted Average Basic & Diluted Shares Outstanding	235.56M	244.15M	274.29M	274.70M	274.78M	277.56M	276.84M	415.89M	415.91M	431.46M	433.23M

This table details how cash moves in and out of APi Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	13	-181	259	976	-884	-127	21	412
Net Cash From Operating Activities	112	150	496	182	270	514	620	759
Net Cash From Continuing Operating Activities	112	150	496	182	270	514	620	759
Net Income / (Loss) Continuing Operations	136	-153	-153	47	73	153	250	302
Consolidated Net Income / (Loss)	136	-153	-153	47	73	153	250	302
Depreciation Expense	60	18	81	75	77	79	80	85
Amortization Expense	49	51	182	127	227	224	222	242
Non-Cash Adjustments To Reconcile Net Income	-43	270	364	20	53	217	130	266
Changes in Operating Assets and Liabilities, net	-90	-36	22	-87	-160	-159	-62	-136
Net Cash From Investing Activities	-300	-1,728	-340	-121	-2,901	-115	-829	-254
Net Cash From Continuing Investing Activities	-300	-1,728	-340	-121	-2,901	-115	-829	-254
Purchase of Property, Plant & Equipment	-74	-11	-38	-55	-79	-86	-84	-96
Acquisitions	-234	-2,565	-319	-86	-2,839	-83	-778	-186
Sale of Property, Plant & Equipment	5.00	5.00	17	20	17	54	33	28
Net Cash From Financing Activities	203	1,398	99	917	1,756	-532	245	-121
Net Cash From Continuing Financing Activities	203	1,398	99	917	1,756	-532	245	-121
Repayment of Debt	-13	-24	-29	-332	-93	-484	-442	-7.00
Repurchase of Preferred Equity	-	-	-	-	0.00	0.00	-600	0.00
Repurchase of Common Equity	0.00	0.00	-30	0.00	-44	-41	0.00	-75
Issuance of Debt	315	1,214	250	650	1,104	0.00	850	0.00
Issuance of Common Equity	0.00	-	3.00	676	797	0.00	458	0.00
Other Financing Activities, net	-25	208	-95	-77	-8.00	-7.00	-21	-39
Effect of Exchange Rate Changes	-2.00	-1.00	4.00	-2.00	-9.00	6.00	-15	28
Cash Interest Paid	24	14	47	41	120	150	152	136
Cash Income Taxes Paid	9.00	3.00	29	66	43	95	101	111

This table details how cash moves in and out of APi Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	92	18	-232	78	163	12	-40	-28	123	357	-268
Net Cash From Operating Activities	144	297	7.00	110	220	283	62	83	232	382	85
Net Cash From Continuing Operating Activities	144	297	7.00	110	220	283	62	83	232	382	85
Net Income / (Loss) Continuing Operations	54	25	45	69	69	67	35	77	93	97	57
Consolidated Net Income / (Loss)	54	25	45	69	69	67	35	77	93	97	57
Depreciation Expense	21	20	19	20	21	20	20	22	21	22	21
Amortization Expense	56	57	50	55	56	61	60	59	60	63	63
Non-Cash Adjustments To Reconcile Net Income	19	145	-3.00	15	-5.00	123	17	8.00	9.00	232	4.00
Changes in Operating Assets and Liabilities, net	-6.00	50	-104	-49	79	12	-70	-83	49	-32	-60
Net Cash From Investing Activities	-26	-7.00	-22	-601	-57	-149	-14	-126	-91	-23	-305
Net Cash From Continuing Investing Activities	-26	-7.00	-22	-601	-57	-149	-14	-126	-91	-23	-305
Purchase of Property, Plant & Equipment	-18	-22	-22	-22	-22	-18	-12	-27	-31	-26	-18
Acquisitions	-12	-26	-23	-583	-41	-131	-6.00	-105	-63	-12	-289
Sale of Property, Plant & Equipment	4.00	41	23	4.00	6.00	-	4.00	6.00	3.00	15	2.00
Net Cash From Financing Activities	-21	-279	-213	570	-9.00	-103	-98	-3.00	-15	-5.00	-42
Net Cash From Continuing Financing Activities	-21	-279	-213	570	-9.00	-103	-98	-3.00	-15	-5.00	-42
Repayment of Debt	-2.00	-278	-2.00	-336	-3.00	-101	-2.00	-2.00	-1.00	-2.00	-1.00
Repurchase of Common Equity	-18	-	0.00	-	-	-	-75	-	-	-	0.00
Other Financing Activities, net	-1.00	-1.00	-11	-	-6.00	-2.00	-21	-1.00	-14	-3.00	-41
Effect of Exchange Rate Changes	-5.00	7.00	-4.00	-1.00	9.00	-19	10	18	-3.00	3.00	-6.00
Cash Interest Paid	40	31	36	40	38	38	35	35	35	31	30
Cash Income Taxes Paid	22	25	35	17	14	35	23	40	29	19	13

This table presents APi Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	4,011	4,065	5,159	8,091	7,590	8,152	8,936
Total Current Assets	1,342	1,437	2,626	2,652	2,582	2,658	3,229
Cash & Equivalents	256	515	1,188	605	479	499	912
Accounts Receivable	730	639	767	1,313	1,395	1,444	1,563
Inventories, net	58	64	69	163	150	143	145
Prepaid Expenses	33	77	83	112	122	119	125
Other Current Assets	265	142	217	459	436	453	484
Plant, Property, & Equipment, net	402	355	326	0.00	0.00	0.00	0.00
Total Noncurrent Assets	2,267	2,273	2,207	5,439	5,008	5,494	5,707
Goodwill	980	1,082	1,106	2,382	2,471	2,894	3,167
Intangible Assets	1,121	965	882	1,784	1,620	1,660	1,584
Noncurrent Deferred & Refundable Income Taxes	0.00	89	73	108	113	57	40
Employee Benefit Assets	-	-	0.00	392	111	120	129
Other Noncurrent Operating Assets	166	137	146	773	693	763	787
Total Liabilities & Shareholders' Equity	4,011	4,065	5,159	8,091	7,590	8,152	8,936
Total Liabilities	2,254	2,507	2,836	5,167	4,722	5,199	5,528
Total Current Liabilities	823	841	867	1,921	1,807	1,885	2,150
Short-Term Debt	19	18	1.00	206	5.00	4.00	5.00
Accounts Payable	156	150	236	490	472	497	526
Accrued Expenses	306	315	338	662	707	684	767
Current Deferred Revenue	193	219	243	463	526	590	694
Other Current Liabilities	76	72	49	100	97	110	158
Total Noncurrent Liabilities	1,431	1,666	1,969	3,246	2,915	3,314	3,378
Long-Term Debt	1,171	1,397	1,766	2,583	2,322	2,749	2,754
Noncurrent Deferred & Payable Income Tax Liabilities	23	45	43	340	233	198	205
Noncurrent Employee Benefit Liabilities	-	-	0.00	40	50	48	50
Other Noncurrent Operating Liabilities	159	224	160	283	310	319	369
Commitments & Contingencies	-	-	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,757	1,558	2,323	2,127	2,071	2,953	3,408
Total Preferred & Common Equity	1,757	1,558	2,323	2,127	2,071	2,953	3,408
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,757	1,558	2,323	2,127	2,071	2,953	3,408
Common Stock	1,885	1,856	2,560	2,558	2,572	3,305	3,296
Retained Earnings	-131	-284	-237	-164	-11	215	517
Accumulated Other Comprehensive Income / (Loss)	3.00	-14	0.00	-267	-490	-567	-405

This table presents APi Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	7,766	7,974	7,949	7,192	7,961	8,245	8,098	8,539	8,721	8,966
Total Current Assets	2,364	2,532	2,652	2,232	2,454	2,691	2,586	2,798	3,006	3,024
Cash & Equivalents	363	368	461	247	324	487	460	432	555	645
Accounts Receivable	1,221	1,318	1,280	1,256	1,314	1,344	1,356	1,510	1,562	1,545
Inventories, net	163	170	155	148	155	155	150	154	148	156
Prepaid Expenses	127	167	226	123	152	152	135	160	164	140
Other Current Assets	490	509	530	458	509	553	485	542	577	538
Plant, Property, & Equipment, net	412	418	377	375	383	387	372	0.00	0.00	401
Total Noncurrent Assets	4,990	5,024	4,920	4,585	5,124	5,167	5,140	5,741	5,715	5,541
Goodwill	2,405	2,444	2,404	2,471	2,825	2,931	2,940	3,126	3,150	3,326
Intangible Assets	1,734	1,703	1,624	1,549	1,773	1,732	1,635	1,672	1,636	1,623
Noncurrent Deferred & Refundable Income Taxes	111	106	107	115	50	68	64	75	52	20
Employee Benefit Assets	404	420	407	106	103	103	119	122	115	123
Other Noncurrent Operating Assets	336	351	378	344	373	333	382	746	762	449
Total Liabilities & Shareholders' Equity	7,766	7,974	7,949	7,192	7,961	8,245	8,098	8,539	8,721	8,966
Total Liabilities	4,804	4,930	4,920	4,891	5,126	5,278	5,116	5,368	5,445	5,480
Total Current Liabilities	1,549	1,651	1,899	1,654	1,662	1,781	1,762	1,933	2,031	2,107
Short-Term Debt	6.00	6.00	256	105	4.00	5.00	4.00	5.00	5.00	5.00
Accounts Payable	442	473	431	382	424	454	450	524	537	506
Accrued Expenses	528	591	648	529	584	643	567	640	694	640
Other Current Liabilities	104	90	90	96	650	109	741	120	123	956
Total Noncurrent Liabilities	3,255	3,279	3,021	3,237	3,464	3,497	3,354	3,435	3,414	3,373
Long-Term Debt	2,588	2,590	2,342	2,624	2,844	2,847	2,750	2,751	2,753	2,755
Noncurrent Deferred & Payable Income Tax Liabilities	344	351	340	236	236	248	207	218	218	200
Noncurrent Employee Benefit Liabilities	38	38	37	48	50	52	50	53	53	49
Other Noncurrent Operating Liabilities	285	300	302	329	334	350	347	413	390	369
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,165	2,247	2,232	2,301	2,835	2,967	2,982	3,171	3,276	3,486
Total Preferred & Common Equity	2,165	2,247	2,232	2,301	2,835	2,967	2,982	3,171	3,276	3,486
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,165	2,247	2,232	2,301	2,835	2,967	2,982	3,171	3,276	3,486
Common Stock	2,569	2,565	2,562	2,814	3,280	3,300	3,252	3,262	3,284	3,309
Retained Earnings	-138	-90	-36	10	79	148	250	327	420	574
Accumulated Other Comprehensive Income / (Loss)	-266	-228	-294	-523	-524	-481	-520	-418	-428	-397

This table displays calculated financial ratios and metrics derived from APi Group's official financial filings.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	-73.58%	264.16%	9.84%	66.45%	5.64%	1.30%	12.72%
EBITDA Growth	0.00%	-124.19%	244.78%	248.45%	52.96%	32.88%	13.39%	12.09%
EBIT Growth	0.00%	-180.95%	-22.06%	181.93%	56.62%	80.28%	24.22%	14.46%
NOPAT Growth	0.00%	-174.68%	-3.11%	169.63%	57.16%	86.18%	54.87%	10.48%
Net Income Growth	0.00%	-212.50%	0.00%	130.72%	55.32%	109.59%	63.40%	20.80%
EPS Growth	0.00%	0.00%	-92.17%	69.68%	114.93%	-780.00%	-23.53%	-23.21%
Operating Cash Flow Growth	0.00%	33.93%	230.67%	-63.31%	48.35%	90.37%	20.62%	22.42%
Free Cash Flow Firm Growth	0.00%	0.00%	104.17%	-152.30%	-3,797.35%	126.41%	-119.77%	387.22%
Invested Capital Growth	0.00%	0.00%	-8.66%	5.78%	96.46%	-7.67%	10.41%	0.92%
Revenue Q/Q Growth	0.00%	0.00%	515.27%	6.20%	0.00%	0.81%	1.47%	3.34%
EBITDA Q/Q Growth	0.00%	0.00%	151.87%	10.46%	0.00%	3.15%	6.86%	6.27%
EBIT Q/Q Growth	0.00%	0.00%	55.62%	60.00%	0.00%	6.37%	10.67%	9.49%
NOPAT Q/Q Growth	0.00%	0.00%	59.31%	248.54%	0.00%	0.96%	18.18%	6.55%
Net Income Q/Q Growth	0.00%	0.00%	58.65%	370.00%	0.00%	2.00%	20.19%	11.03%
EPS Q/Q Growth	0.00%	0.00%	-11.06%	45.97%	0.00%	-278.95%	55.56%	-281.58%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	48.50%	-22.55%	0.00%	26.91%	-2.21%	15.00%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	80.22%	-190.22%	112.75%	-186.19%	53.13%
Invested Capital Q/Q Growth	0.00%	0.00%	6.55%	-1.48%	0.00%	-8.71%	-2.34%	-4.09%
Profitability Metrics	-	-	-	-	-	-	-	-
Gross Margin	21.11%	20.10%	21.08%	23.83%	26.14%	28.00%	31.03%	31.44%
EBITDA Margin	7.43%	-6.80%	2.70%	8.58%	7.88%	9.92%	11.10%	11.14%
Operating Margin	4.35%	-16.35%	-4.63%	3.45%	2.47%	5.18%	6.90%	7.00%
EBIT Margin	4.51%	-13.81%	-4.63%	3.45%	3.25%	5.54%	6.80%	7.00%
Profit (Net Income) Margin	3.65%	-15.53%	-4.27%	1.19%	1.11%	2.21%	3.56%	3.82%
Tax Burden Percent	93.15%	101.32%	83.15%	59.49%	78.49%	65.95%	75.76%	73.12%
Interest Burden Percent	86.90%	111.03%	110.84%	58.09%	43.66%	60.42%	69.18%	74.55%
Effective Tax Rate	6.85%	0.00%	0.00%	40.51%	21.51%	34.05%	24.24%	26.88%
Return on Invested Capital (ROIC)	0.00%	-8.38%	-4.51%	3.20%	3.30%	4.82%	7.39%	7.74%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-17.01%	-8.53%	-2.56%	-1.10%	0.67%	1.70%	2.72%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-9.04%	-4.72%	-0.78%	-0.52%	0.46%	1.20%	1.75%
Return on Equity (ROE)	0.00%	-17.42%	-9.23%	2.42%	2.78%	5.28%	8.59%	9.50%
Cash Return on Invested Capital (CROIC)	0.00%	-208.38%	4.54%	-2.42%	-61.78%	12.80%	-2.51%	6.83%
Operating Return on Assets (OROA)	0.00%	-3.39%	-4.11%	2.95%	3.22%	4.90%	6.06%	6.48%
Return on Assets (ROA)	0.00%	-3.81%	-3.79%	1.02%	1.10%	1.95%	3.18%	3.53%
Return on Common Equity (ROCE)	0.00%	-17.42%	-9.23%	2.42%	2.36%	3.83%	7.41%	9.50%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-8.71%	-9.82%	2.02%	3.43%	7.39%	8.47%	0.00%
Net Operating Profit after Tax (NOPAT)	151	-113	-116	81	127	237	367	405
NOPAT Margin	4.05%	-11.44%	-3.24%	2.05%	1.94%	3.42%	5.22%	5.12%
Net Nonoperating Expense Percent (NNEP)	0.00%	8.63%	4.01%	5.76%	4.40%	4.15%	5.69%	5.03%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	2.59%	5.38%	6.43%	6.57%
Cost of Revenue to Revenue	78.89%	79.90%	78.92%	76.17%	73.86%	72.00%	68.97%	68.56%
SG&A Expenses to Revenue	16.77%	36.45%	20.21%	20.38%	23.67%	22.82%	24.14%	24.43%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	16.77%	36.45%	25.70%	20.38%	23.67%	22.82%	24.14%	24.43%
Earnings before Interest and Taxes (EBIT)	168	-136	-166	136	213	384	477	554
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	277	-67	97	338	517	687	779	881
Valuation Ratios	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	1.98	2.49	2.07	3.94	3.35	4.67
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	17.28	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	0.00	0.86	1.47	0.67	1.18	1.41	2.01
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	151.63	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.66%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	1.62	2.33	1.44	2.29	2.33	3.38
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	1.11	1.54	1.13	1.56	1.73	2.24
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	41.05	17.95	14.27	15.71	15.58	20.16
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	44.60	34.64	28.11	25.45	32.06
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	74.97	58.02	45.60	33.10	43.84
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	8.03	33.33	27.33	21.00	19.58	23.40
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	34.09	0.00	0.00	17.17	0.00	49.73
Leverage & Solvency	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.68	0.91	0.76	0.95	0.81	0.93	0.81
Long-Term Debt to Equity	0.00	0.67	0.90	0.76	0.88	0.81	0.93	0.81
Financial Leverage	0.00	0.53	0.55	0.30	0.47	0.70	0.70	0.64
Leverage Ratio	0.00	2.28	2.44	2.38	2.53	2.71	2.70	2.69
Compound Leverage Factor	0.00	2.53	2.70	1.38	1.10	1.64	1.87	2.00
Debt to Total Capital	0.00%	40.38%	47.60%	43.20%	48.82%	44.79%	48.25%	44.74%
Short-Term Debt to Total Capital	0.00%	0.64%	0.61%	0.02%	3.61%	0.10%	0.07%	0.08%
Long-Term Debt to Total Capital	0.00%	39.74%	46.99%	43.18%	45.21%	44.70%	48.18%	44.66%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	13.95%	15.34%	0.00%	0.00%
Common Equity to Total Capital	0.00%	59.62%	52.41%	56.80%	37.23%	39.87%	51.75%	55.26%
Debt to EBITDA	0.00	-17.76	14.59	5.23	5.39	3.39	3.53	3.13
Net Debt to EBITDA	0.00	-13.94	9.28	0.82	4.22	2.69	2.89	2.10
Long-Term Debt to EBITDA	0.00	-17.48	14.40	5.22	5.00	3.38	3.53	3.13
Debt to NOPAT	0.00	-10.56	-12.18	21.84	21.93	9.83	7.51	6.81
Net Debt to NOPAT	0.00	-8.29	-7.75	3.42	17.18	7.81	6.15	4.56
Long-Term Debt to NOPAT	0.00	-10.39	-12.02	21.83	20.31	9.81	7.50	6.80
Altman Z-Score	0.00	0.00	1.56	2.42	1.49	2.24	2.35	3.04
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	15.19%	27.52%	13.69%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-
Current Ratio	0.00	1.63	1.71	3.03	1.38	1.43	1.41	1.50
Quick Ratio	0.00	1.20	1.37	2.25	1.00	1.04	1.03	1.15
Cash Flow Metrics	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-2,804	117	-61	-2,381	629	-124	357
Operating Cash Flow to CapEx	162.32%	2,500.00%	2,361.90%	520.00%	435.48%	1,606.25%	1,215.69%	1,116.18%
Free Cash Flow to Firm to Interest Expense	0.00	-186.91	2.25	-0.89	0.00	89.82	-124.33	0.00
Operating Cash Flow to Interest Expense	5.09	10.00	9.54	2.64	0.00	73.43	620.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	1.95	9.60	9.13	2.13	0.00	68.86	569.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.25	0.89	0.85	0.99	0.88	0.89	0.93
Accounts Receivable Turnover	0.00	1.35	5.24	5.60	6.31	5.12	4.94	5.26
Inventory Turnover	0.00	13.57	46.41	45.13	41.76	31.87	33.04	37.67
Fixed Asset Turnover	0.00	2.45	9.48	11.57	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	5.04	18.50	15.55	13.34	10.37	9.99	10.60
Days Sales Outstanding (DSO)	0.00	270.51	69.65	65.13	57.88	71.34	73.83	69.37
Days Inventory Outstanding (DIO)	0.00	26.90	7.86	8.09	8.74	11.45	11.05	9.69
Days Payable Outstanding (DPO)	0.00	72.35	19.73	23.47	27.35	35.20	36.54	34.42
Cash Conversion Cycle (CCC)	0.00	225.06	57.79	49.74	39.27	47.59	48.34	44.64
Capital & Investment Metrics	-	-	-	-	-	-	-	-
Invested Capital	0.00	2,691	2,458	2,600	5,108	4,716	5,207	5,255
Invested Capital Turnover	0.00	0.73	1.39	1.56	1.70	1.41	1.41	1.51
Increase / (Decrease) in Invested Capital	0.00	2,691	-233	142	2,508	-392	491	48
Enterprise Value (EV)	0.00	0.00	3,982	6,066	7,378	10,795	12,138	17,760
Market Capitalization	0.00	0.00	3,082	5,789	4,397	8,150	9,884	15,913
Book Value per Share	$0.00	$13.21	$9.18	$11.28	$9.12	$8.79	$10.75	$8.19
Tangible Book Value per Share	$0.00	($2.59)	($2.88)	$1.63	($8.74)	($8.58)	($5.83)	($3.23)
Total Capital	0.00	2,947	2,973	4,090	5,713	5,195	5,706	6,167
Total Debt	0.00	1,190	1,415	1,767	2,789	2,327	2,753	2,759
Total Long-Term Debt	0.00	1,171	1,397	1,766	2,583	2,322	2,749	2,754
Net Debt	0.00	934	900	277	2,184	1,848	2,254	1,847
Capital Expenditures (CapEx)	69	6.00	21	35	62	32	51	68
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	282	99	270	332	301	278	172
Debt-free Net Working Capital (DFNWC)	0.00	538	614	1,760	937	780	777	1,084
Net Working Capital (NWC)	0.00	519	596	1,759	731	775	773	1,079
Net Nonoperating Expense (NNE)	15	40	37	34	54	84	117	103
Net Nonoperating Obligations (NNO)	0.00	934	900	277	2,184	1,848	2,254	1,847
Total Depreciation and Amortization (D&A)	109	69	263	202	304	303	302	327
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	28.63%	2.76%	6.85%	5.06%	4.34%	3.96%	2.17%
Debt-free Net Working Capital to Revenue	0.00%	54.62%	17.12%	44.67%	14.29%	11.26%	11.07%	13.70%
Net Working Capital to Revenue	0.00%	52.69%	16.62%	44.64%	11.15%	11.19%	11.01%	13.64%
Earnings Adjustments	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($2.21)	($0.67)	$0.10	($0.68)	($0.84)	($0.69)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	169M	206M	233.20M	235.14M	267.68M	415.71M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($2.21)	($0.67)	$0.10	($0.68)	($0.84)	($0.69)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	169M	206M	266.08M	235.14M	267.68M	415.71M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	200.65M	232.58M	234.54M	244.15M	277.56M	431.46M
Normalized Net Operating Profit after Tax (NOPAT)	151	-113	22	81	127	237	367	405
Normalized NOPAT Margin	4.05%	-11.44%	0.61%	2.05%	1.94%	3.42%	5.22%	5.12%
Pre Tax Income Margin	3.92%	-15.33%	-5.13%	2.01%	1.42%	3.35%	4.70%	5.22%
Debt Service Ratios	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.64	-9.07	-3.19	1.97	0.00	54.86	477.00	0.00
NOPAT to Interest Expense	6.86	-7.51	-2.23	1.17	0.00	33.82	366.67	0.00
EBIT Less CapEx to Interest Expense	4.50	-9.47	-3.60	1.46	0.00	50.29	426.00	0.00
NOPAT Less CapEx to Interest Expense	3.72	-7.91	-2.64	0.67	0.00	29.25	315.67	0.00
Payout Ratios	-	-	-	-	-	-	-	-
Dividend Payout Ratio	54.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	54.41%	0.00%	-19.61%	0.00%	60.27%	26.80%	0.00%	24.83%

This table displays calculated financial ratios and metrics derived from APi Group's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	431,456,087.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	431,456,087.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.12
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.82%	3.29%	-0.81%	-2.32%	2.35%	5.80%	7.37%	15.03%	14.18%	13.76%	15.30%
EBITDA Growth	30.56%	8.16%	9.21%	5.85%	15.96%	23.27%	-1.20%	11.44%	11.42%	26.40%	14.02%
EBIT Growth	56.34%	20.59%	24.36%	9.73%	27.03%	40.24%	-13.40%	13.49%	14.79%	41.38%	22.62%
NOPAT Growth	104.39%	0.49%	43.01%	42.65%	29.10%	139.14%	-10.52%	4.37%	19.01%	23.76%	29.38%
Net Income Growth	92.86%	13.64%	73.08%	43.75%	27.78%	168.00%	-22.22%	11.59%	34.78%	44.78%	62.86%
EPS Growth	150.00%	-1,766.67%	-2,780.00%	83.33%	53.33%	105.00%	108.21%	11.59%	33.33%	-1,528.57%	71.43%
Operating Cash Flow Growth	-1.37%	57.98%	800.00%	48.65%	52.78%	-4.71%	785.71%	-24.55%	5.45%	34.98%	37.10%
Free Cash Flow Firm Growth	-290.20%	117.58%	12.50%	-95.42%	98.66%	-190.24%	-189.13%	-418.62%	55.32%	119.25%	43.53%
Invested Capital Growth	0.00%	-7.67%	-7.90%	1.65%	3.21%	10.41%	10.31%	2.54%	2.76%	0.92%	6.16%
Revenue Q/Q Growth	0.73%	-1.40%	-8.98%	8.06%	5.55%	1.92%	-7.63%	15.77%	4.77%	1.53%	-6.38%
EBITDA Q/Q Growth	0.00%	-15.43%	10.67%	19.88%	9.55%	-10.09%	-16.33%	36.59%	8.93%	2.05%	-24.90%
EBIT Q/Q Growth	-1.77%	-26.13%	32.88%	27.84%	13.71%	-18.44%	-26.96%	70.24%	13.99%	0.61%	-37.20%
NOPAT Q/Q Growth	10.82%	-45.10%	71.43%	36.76%	0.30%	1.70%	-35.86%	59.52%	14.37%	5.75%	-32.95%
Net Income Q/Q Growth	12.50%	-53.70%	80.00%	53.33%	0.00%	-2.90%	-47.76%	120.00%	20.78%	4.30%	-41.24%
EPS Q/Q Growth	25.00%	-766.67%	-34.00%	116.42%	4.55%	-78.26%	120.00%	120.00%	25.00%	-670.00%	110.53%
Operating Cash Flow Q/Q Growth	94.59%	106.25%	-97.64%	1,471.43%	100.00%	28.64%	-78.09%	33.87%	179.52%	64.66%	-77.75%
Free Cash Flow Firm Q/Q Growth	-2,280.10%	108.52%	11.01%	-97.78%	-736.57%	-475.36%	-9.64%	92.07%	10.73%	347.82%	-421.72%
Invested Capital Q/Q Growth	-2.01%	-8.71%	1.42%	12.04%	-0.50%	-2.34%	1.33%	4.15%	-0.29%	-4.09%	6.58%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	28.64%	28.88%	30.73%	31.45%	31.05%	30.90%	31.53%	30.90%	31.27%	32.03%	31.28%
EBITDA Margin	10.54%	9.04%	10.37%	11.50%	11.94%	10.53%	9.54%	11.26%	11.70%	11.76%	9.43%
Operating Margin	5.83%	4.26%	6.25%	7.28%	7.78%	6.23%	4.89%	7.19%	7.82%	7.75%	5.20%
EBIT Margin	6.22%	4.66%	6.06%	7.17%	7.72%	6.18%	4.89%	7.19%	7.82%	7.75%	5.20%
Profit (Net Income) Margin	3.03%	1.42%	2.81%	3.99%	3.78%	3.60%	2.04%	3.87%	4.46%	4.58%	2.88%
Tax Burden Percent	72.97%	55.56%	71.43%	77.53%	69.00%	85.90%	76.09%	71.30%	71.54%	75.19%	80.28%
Interest Burden Percent	66.67%	54.88%	64.95%	71.77%	70.92%	67.83%	54.76%	75.52%	79.75%	78.66%	68.93%
Effective Tax Rate	27.03%	44.44%	28.57%	22.47%	31.00%	14.10%	23.91%	28.70%	28.46%	24.81%	19.72%
Return on Invested Capital (ROIC)	11.32%	3.34%	6.19%	7.30%	7.07%	7.57%	5.28%	6.98%	7.92%	8.81%	6.27%
ROIC Less NNEP Spread (ROIC-NNEP)	9.27%	2.51%	5.06%	6.09%	5.78%	5.98%	4.06%	5.95%	6.89%	7.53%	5.11%
Return on Net Nonoperating Assets (RNNOA)	6.54%	1.75%	4.53%	4.93%	4.34%	4.22%	3.67%	4.81%	5.04%	4.85%	3.48%
Return on Equity (ROE)	17.86%	5.09%	10.72%	12.23%	11.41%	11.79%	8.95%	11.79%	12.96%	13.66%	9.75%
Cash Return on Invested Capital (CROIC)	-190.92%	12.80%	13.40%	3.79%	2.75%	-2.51%	-2.67%	4.17%	4.31%	6.83%	1.82%
Operating Return on Assets (OROA)	10.76%	4.12%	5.60%	6.18%	6.60%	5.51%	4.56%	6.44%	7.05%	7.17%	4.98%
Return on Assets (ROA)	5.23%	1.26%	2.60%	3.44%	3.23%	3.21%	1.90%	3.47%	4.03%	4.24%	2.76%
Return on Common Equity (ROCE)	13.16%	3.69%	9.10%	10.57%	9.89%	10.17%	8.95%	11.79%	12.96%	13.66%	9.75%
Return on Equity Simple (ROE_SIMPLE)	6.72%	0.00%	7.48%	6.81%	7.01%	0.00%	8.05%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	76	42	71	98	98	100	64	102	117	123	83
NOPAT Margin	4.25%	2.37%	4.46%	5.65%	5.37%	5.35%	3.72%	5.12%	5.59%	5.83%	4.17%
Net Nonoperating Expense Percent (NNEP)	2.05%	0.83%	1.12%	1.21%	1.29%	1.59%	1.21%	1.03%	1.03%	1.28%	1.17%
Return On Investment Capital (ROIC_SIMPLE)	-	0.95%	-	-	-	1.75%	1.11%	1.72%	1.93%	2.00%	1.32%
Cost of Revenue to Revenue	71.36%	71.12%	69.27%	68.55%	68.95%	69.10%	68.47%	69.10%	68.73%	67.97%	68.72%
SG&A Expenses to Revenue	22.81%	24.62%	24.48%	24.16%	23.27%	24.66%	26.64%	23.72%	23.45%	24.28%	26.08%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	22.81%	24.62%	24.48%	24.16%	23.27%	24.66%	26.64%	23.72%	23.45%	24.28%	26.08%
Earnings before Interest and Taxes (EBIT)	111	82	97	124	141	115	84	143	163	164	103
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	188	159	166	199	218	196	164	224	244	249	187
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.74	3.94	4.17	3.64	3.06	3.35	3.33	4.46	4.36	4.67	5.02
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.89	1.18	1.39	1.50	1.31	1.41	1.39	1.91	1.87	2.01	2.14
Price to Earnings (P/E)	57.68	0.00	0.00	0.00	0.00	0.00	70.39	100.23	91.63	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.73%	0.00%	0.00%	0.00%	0.00%	0.00%	1.42%	1.00%	1.09%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.75	2.29	2.52	2.40	2.14	2.33	2.32	2.99	3.01	3.38	3.50
Enterprise Value to Revenue (EV/Rev)	1.32	1.56	1.75	1.87	1.65	1.73	1.71	2.23	2.16	2.24	2.40
Enterprise Value to EBITDA (EV/EBITDA)	13.59	15.71	17.54	18.38	15.69	15.58	15.73	20.47	19.90	20.16	21.68
Enterprise Value to EBIT (EV/EBIT)	25.06	28.11	30.95	32.03	26.53	25.45	26.34	33.93	32.60	32.06	34.20
Enterprise Value to NOPAT (EV/NOPAT)	38.58	45.60	46.72	44.54	36.86	33.10	34.05	45.42	43.39	43.84	46.24
Enterprise Value to Operating Cash Flow (EV/OCF)	22.34	21.00	23.12	23.02	18.04	19.58	18.10	25.40	25.00	23.40	25.06
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	17.17	18.06	63.77	79.28	0.00	0.00	72.72	70.74	49.73	198.23
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.86	0.81	1.19	1.00	0.96	0.93	0.92	0.87	0.84	0.81	0.79
Long-Term Debt to Equity	0.77	0.81	1.14	1.00	0.96	0.93	0.92	0.87	0.84	0.81	0.79
Financial Leverage	0.71	0.70	0.90	0.81	0.75	0.70	0.90	0.81	0.73	0.64	0.68
Leverage Ratio	2.62	2.71	2.84	2.71	2.70	2.70	2.89	2.75	2.72	2.69	2.64
Compound Leverage Factor	1.75	1.49	1.85	1.95	1.92	1.83	1.58	2.07	2.17	2.11	1.82
Debt to Total Capital	46.17%	44.79%	54.25%	50.11%	49.01%	48.25%	48.01%	46.50%	45.71%	44.74%	44.19%
Short-Term Debt to Total Capital	4.55%	0.10%	2.09%	0.07%	0.09%	0.07%	0.07%	0.08%	0.08%	0.08%	0.08%
Long-Term Debt to Total Capital	41.62%	44.70%	52.17%	50.04%	48.93%	48.18%	47.94%	46.41%	45.62%	44.66%	44.11%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	14.16%	15.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	39.67%	39.87%	45.75%	49.89%	50.99%	51.75%	51.99%	53.50%	54.29%	55.26%	55.81%
Debt to EBITDA	3.90	3.39	3.97	4.07	3.91	3.53	3.54	3.43	3.33	3.13	3.05
Net Debt to EBITDA	3.21	2.69	3.61	3.61	3.24	2.89	2.95	2.89	2.66	2.10	2.34
Long-Term Debt to EBITDA	3.52	3.38	3.81	4.07	3.91	3.53	3.54	3.42	3.32	3.13	3.05
Debt to NOPAT	11.08	9.83	10.56	9.87	9.19	7.51	7.67	7.61	7.25	6.81	6.51
Net Debt to NOPAT	9.11	7.81	9.61	8.75	7.62	6.15	6.39	6.41	5.79	4.56	4.99
Long-Term Debt to NOPAT	9.99	9.81	10.16	9.86	9.18	7.50	7.66	7.59	7.24	6.80	6.50
Altman Z-Score	1.76	2.10	2.28	2.26	2.08	2.20	2.24	2.68	2.72	2.90	3.08
Noncontrolling Interest Sharing Ratio	26.31%	27.52%	15.14%	13.56%	13.29%	13.69%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.40	1.43	1.35	1.48	1.51	1.41	1.47	1.45	1.48	1.50	1.44
Quick Ratio	0.92	1.04	0.91	0.99	1.03	1.03	1.03	1.00	1.04	1.15	1.04
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-5,090	434	481	11	-68	-391	-429	-34	-30	75	-242
Operating Cash Flow to CapEx	1,028.57%	0.00%	0.00%	611.11%	1,375.00%	1,572.22%	775.00%	395.24%	828.57%	3,472.73%	531.25%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	14.16	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-8.08
Operating Cash Flow to Interest Expense	0.00	0.00	0.21	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.83
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.24	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.30
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.73	0.88	0.92	0.86	0.85	0.89	0.93	0.90	0.90	0.93	0.96
Accounts Receivable Turnover	0.00	5.12	5.58	5.22	5.27	4.94	5.46	5.24	5.27	5.26	5.64
Inventory Turnover	0.00	31.87	31.56	29.66	31.00	33.04	32.94	32.99	34.79	37.67	36.66
Fixed Asset Turnover	0.00	0.00	17.57	17.16	18.10	0.00	19.11	0.00	0.00	0.00	21.15
Accounts Payable Turnover	0.00	10.37	11.91	10.74	10.86	9.99	11.80	10.75	10.64	10.60	11.73
Days Sales Outstanding (DSO)	0.00	71.34	65.37	69.88	69.24	73.83	66.80	69.68	69.28	69.37	64.77
Days Inventory Outstanding (DIO)	0.00	11.45	11.56	12.31	11.77	11.05	11.08	11.06	10.49	9.69	9.96
Days Payable Outstanding (DPO)	0.00	35.20	30.64	33.97	33.61	36.54	30.94	33.94	34.31	34.42	31.11
Cash Conversion Cycle (CCC)	0.00	47.59	46.30	48.22	47.40	48.34	46.94	46.80	45.46	44.64	43.62
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,166	4,716	4,783	5,359	5,332	5,207	5,276	5,495	5,479	5,255	5,601
Invested Capital Turnover	2.66	1.41	1.39	1.29	1.32	1.41	1.42	1.36	1.42	1.51	1.50
Increase / (Decrease) in Invested Capital	5,166	-392	-410	87	166	491	493	136	147	48	325
Enterprise Value (EV)	9,048	10,795	12,070	12,845	11,435	12,138	12,219	16,457	16,497	17,760	19,598
Market Capitalization	6,114	8,150	9,588	10,321	9,070	9,884	9,925	14,133	14,294	15,913	17,483
Book Value per Share	$9.47	$8.79	$9.42	$10.34	$10.80	$10.75	$10.74	$11.45	$7.88	$8.19	$8.08
Tangible Book Value per Share	($7.62)	($8.58)	($7.04)	($6.43)	($6.17)	($5.83)	($5.74)	($5.88)	($3.63)	($3.23)	($3.39)
Total Capital	5,627	5,195	5,030	5,683	5,819	5,706	5,736	5,927	6,034	6,167	6,246
Total Debt	2,598	2,327	2,729	2,848	2,852	2,753	2,754	2,756	2,758	2,759	2,760
Total Long-Term Debt	2,342	2,322	2,624	2,844	2,847	2,749	2,750	2,751	2,753	2,754	2,755
Net Debt	2,137	1,848	2,482	2,524	2,365	2,254	2,294	2,324	2,203	1,847	2,115
Capital Expenditures (CapEx)	14	-19	-1.00	18	16	18	8.00	21	28	11	16
Debt-free, Cash-free Net Working Capital (DFCFNWC)	548	301	436	472	428	278	368	438	425	172	277
Debt-free Net Working Capital (DFNWC)	1,009	780	683	796	915	777	828	870	980	1,084	922
Net Working Capital (NWC)	753	775	578	792	910	773	824	865	975	1,079	917
Net Nonoperating Expense (NNE)	22	17	26	29	29	33	29	25	24	26	26
Net Nonoperating Obligations (NNO)	2,137	1,848	2,482	2,524	2,365	2,254	2,294	2,324	2,203	1,847	2,115
Total Depreciation and Amortization (D&A)	77	77	69	75	77	81	80	81	81	85	84
Debt-free, Cash-free Net Working Capital to Revenue	7.97%	4.34%	6.31%	6.87%	6.19%	3.96%	5.16%	5.92%	5.55%	2.17%	3.39%
Debt-free Net Working Capital to Revenue	14.68%	11.26%	9.88%	11.58%	13.23%	11.07%	11.60%	11.76%	12.80%	13.70%	11.28%
Net Working Capital to Revenue	10.96%	11.19%	8.36%	11.52%	13.16%	11.01%	11.55%	11.70%	12.74%	13.64%	11.22%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.15	($1.00)	($1.34)	$0.23	$0.23	$0.04	$0.11	$0.17	$0.20	($1.14)	$0.12
Adjusted Weighted Average Basic Shares Outstanding	235.42M	235.14M	249.74M	271.54M	274.64M	267.68M	277.23M	415.27M	415.81M	415.71M	431.49M
Adjusted Diluted Earnings per Share	$0.15	($1.00)	($1.34)	$0.22	$0.23	$0.05	$0.11	$0.16	$0.20	($1.14)	$0.12
Adjusted Weighted Average Diluted Shares Outstanding	270.04M	235.14M	249.74M	275.73M	275.92M	267.68M	278.28M	427.65M	429.47M	415.71M	435.08M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	($1.14)	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	235.56M	244.15M	274.29M	274.70M	274.78M	277.56M	276.84M	415.89M	415.91M	431.46M	433.23M
Normalized Net Operating Profit after Tax (NOPAT)	76	42	71	98	98	100	64	102	117	123	83
Normalized NOPAT Margin	4.25%	2.37%	4.46%	5.65%	5.37%	5.35%	3.72%	5.12%	5.59%	5.83%	4.17%
Pre Tax Income Margin	4.15%	2.56%	3.94%	5.14%	5.48%	4.19%	2.68%	5.43%	6.24%	6.09%	3.58%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	2.85	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.43
NOPAT to Interest Expense	0.00	0.00	2.10	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.76
EBIT Less CapEx to Interest Expense	0.00	0.00	2.88	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.90
NOPAT Less CapEx to Interest Expense	0.00	0.00	2.13	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.22
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	34.67%	26.80%	16.86%	9.33%	0.00%	0.00%	31.25%	30.24%	27.57%	24.83%	0.00%

Financials Breakdown Chart

Key Financial Trends

Here is a concise four-year trend snapshot for APi Group (APG) based on the quarterly statements provided. The bullets highlight the most notable trends for retail investors.

Revenue trend: total revenue has risen from about $1.70B in 2022 to about $2.12B in 2025 Q4, roughly a 24% increase over the period (examples: 2022 Q4 ~$1.70B vs. 2025 Q4 ~$2.12B).
Gross margin expansion: gross margin improved from roughly 27% in 2022 to about 32% in 2025 Q4 (Total Gross Profit of about $678M on $2.12B of revenue in Q4 2025 vs. about $463M on $1.70B in Q4 2022).
Operating margin improvement: operating margin rose from about 3% in 2022 to around 7–8% by 2025 Q4 (Operating Income of $164M on $2.12B revenue in Q4 2025, up from roughly $50M on $1.70B in 2022 Q4).
Strong cash generation from operations: net cash from continuing operating activities has grown over time (e.g., about $188M in 2022 Q4 to about $382M in 2025 Q4; quarterly figures in 2025 show solid, positive cash flow from operations).
Earnings per share to common trend: basic/diluted EPS have trended higher in 2025 year-to-date (Q1–Q3 2025 show EPS around $0.11–$0.20, with Q3 2025 at $0.20), reflecting improving profitability before recent one-off dividends.
Balance sheet depth: cash balance has remained solid (cash and equivalents generally in the hundreds of millions each quarter; e.g., around $460M–$555M range in 2025) and total assets have grown to roughly $8.6B–$8.7B by mid-2025.
Intangible assets and goodwill: substantial noncurrent assets (goodwill around $3.1B in 9/30/2025 and intangibles around $1.6B) indicate a history of acquisitions and transformations that can support scale but also add future impairment risk if business conditions worsen.
Debt and leverage context: long-term debt sits around $2.75B with total liabilities near $5.4–$5.5B as of 9/30/2025, signaling a high but not unusual leverage level for a large system integrator and consolidator.
Quarterly earnings headwind in 2025 Q4: net income attributable to common shareholders was negative in 2025 Q4 (-$472M), driven by a large preferred-dividends charge (about $569M), which masked operating strength.
Leverage sensitivity: sustained high debt and liabilities mean that any slowdown in revenue growth or margin compression could pressure interest coverage and liquidity, especially if financing costs rise or acquisitions slow.

05/20/26 09:25 PM ETAI Generated. May Contain Errors.

APi Group Financials - Frequently Asked Questions

According to the most recent income statement we have on file, APi Group's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

APi Group's net income appears to be on an upward trend, with a most recent value of $302 million in 2025, rising from $136 million in 2018. The previous period was $250 million in 2024. See where experts think APi Group is headed by visiting APi Group's forecast page.

APi Group's total operating income in 2025 was $554 million, based on the following breakdown:

Total Gross Profit: $2.49 billion
Total Operating Expenses: $1.93 billion

Over the last 7 years, APi Group's total revenue changed from $3.73 billion in 2018 to $7.91 billion in 2025, a change of 112.2%.

APi Group's total liabilities were at $5.53 billion at the end of 2025, a 6.3% increase from 2024, and a 145.3% increase since 2019.

In the past 6 years, APi Group's cash and equivalents has ranged from $256 million in 2019 to $1.19 billion in 2021, and is currently $912 million as of their latest financial filing in 2025.

Over the last 7 years, APi Group's book value per share changed from 0.00 in 2018 to 8.19 in 2025, a change of 819.4%.

Related Companies

Financial statements for NYSE:APG last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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APi Group (APG) Financials

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APi Group (APG) Financials

Annual Income Statements for APi Group

Quarterly Income Statements for APi Group

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Quarterly Cash Flow Statements for APi Group

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Quarterly Balance Sheets for APi Group

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Quarterly Metrics And Ratios for APi Group

Financials Breakdown Chart

Key Financial Trends

APi Group Financials - Frequently Asked Questions

When does APi Group's financial year end?

How has APi Group's net income changed over the last 7 years?

What is APi Group's operating income?

How has APi Group's revenue changed over the last 7 years?

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How has APi Group's book value per share changed over the last 7 years?

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