APi (APG)
Market Price (4/28/2026): $50.0 | Market Cap: $20.8 BilSector: Industrials | Industry: Construction & Engineering
APi (APG)
Market Price (4/28/2026): $50.0Market Cap: $20.8 BilSector: IndustrialsIndustry: Construction & Engineering
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Building & Infrastructure Services. Themes include Fire Protection & Safety Systems, HVAC & Mechanical Services, and Security Systems & Integration. | Trading close to highsDist 52W High is -4.6%, Dist 3Y High is -4.6% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 37x, P/EPrice/Earnings or Price/(Net Income) is 67x Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.4% Key risksAPG key risks include [1] the economic sensitivity of its Specialty Services segment to downturns and project funding and [2] challenges successfully integrating acquired businesses without diluting margins. |
| Megatrend and thematic driversMegatrends include Building & Infrastructure Services. Themes include Fire Protection & Safety Systems, HVAC & Mechanical Services, and Security Systems & Integration. |
| Trading close to highsDist 52W High is -4.6%, Dist 3Y High is -4.6% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 37x, P/EPrice/Earnings or Price/(Net Income) is 67x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.4% |
| Key risksAPG key risks include [1] the economic sensitivity of its Specialty Services segment to downturns and project funding and [2] challenges successfully integrating acquired businesses without diluting margins. |
Qualitative Assessment
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APi (APG) stock has gained about 25% since 12/31/2025 because of the following key factors:
1. Exceptional Q4 2025 Financial Performance.
APi Group reported record fourth quarter and full-year 2025 financial results, with Q4 net revenues reaching $2.1 billion, representing a 14% year-over-year growth and an 11% organic growth. The company's adjusted EBITDA for Q4 increased by 22% year-over-year to $295 million, with an adjusted EBITDA margin expansion of 90 basis points to 13.9%. Furthermore, APi Group reported adjusted diluted EPS of $0.44, beating analysts' consensus estimates of $0.40 by $0.04. This strong performance also contributed to a record full-year adjusted free cash flow of $836 million, with 80% free cash flow conversion.
2. Robust 2026 Financial Guidance.
Following its strong 2025 results, APi Group provided optimistic initial guidance for full-year 2026. The company anticipates net revenues between $8.4 billion and $8.6 billion and adjusted EBITDA ranging from $1.14 billion to $1.20 billion. Management cited positive momentum and strong demand across its global platform, supported by a substantial backlog exceeding $4 billion. The company also highlighted that data centers are projected to account for approximately 10% of total revenue in 2026, contributing significantly to growth and margin expansion.
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1. Exceptional Q4 2025 Financial Performance.
APi Group reported record fourth quarter and full-year 2025 financial results, with Q4 net revenues reaching $2.1 billion, representing a 14% year-over-year growth and an 11% organic growth. The company's adjusted EBITDA for Q4 increased by 22% year-over-year to $295 million, with an adjusted EBITDA margin expansion of 90 basis points to 13.9%. Furthermore, APi Group reported adjusted diluted EPS of $0.44, beating analysts' consensus estimates of $0.40 by $0.04. This strong performance also contributed to a record full-year adjusted free cash flow of $836 million, with 80% free cash flow conversion.
2. Robust 2026 Financial Guidance.
Following its strong 2025 results, APi Group provided optimistic initial guidance for full-year 2026. The company anticipates net revenues between $8.4 billion and $8.6 billion and adjusted EBITDA ranging from $1.14 billion to $1.20 billion. Management cited positive momentum and strong demand across its global platform, supported by a substantial backlog exceeding $4 billion. The company also highlighted that data centers are projected to account for approximately 10% of total revenue in 2026, contributing significantly to growth and margin expansion.
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Stock Movement Drivers
Fundamental Drivers
The 27.3% change in APG stock from 12/31/2025 to 4/28/2026 was primarily driven by a 14.7% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 4282026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.26 | 48.71 | 27.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,655 | 7,911 | 3.3% |
| Net Income Margin (%) | 3.6% | 3.8% | 7.4% |
| P/E Multiple | 58.5 | 67.1 | 14.7% |
| Shares Outstanding (Mil) | 416 | 416 | 0.0% |
| Cumulative Contribution | 27.3% |
Market Drivers
12/31/2025 to 4/28/2026| Return | Correlation | |
|---|---|---|
| APG | 27.3% | |
| Market (SPY) | 5.2% | 67.3% |
| Sector (XLI) | 10.5% | 76.5% |
Fundamental Drivers
The 41.7% change in APG stock from 9/30/2025 to 4/28/2026 was primarily driven by a 16.6% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 4282026 | Change |
|---|---|---|---|
| Stock Price ($) | 34.37 | 48.71 | 41.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,396 | 7,911 | 7.0% |
| Net Income Margin (%) | 3.4% | 3.8% | 13.8% |
| P/E Multiple | 57.6 | 67.1 | 16.6% |
| Shares Outstanding (Mil) | 415 | 416 | -0.2% |
| Cumulative Contribution | 41.7% |
Market Drivers
9/30/2025 to 4/28/2026| Return | Correlation | |
|---|---|---|
| APG | 41.7% | |
| Market (SPY) | 8.0% | 64.5% |
| Sector (XLI) | 11.6% | 74.4% |
Fundamental Drivers
The 104.3% change in APG stock from 3/31/2025 to 4/28/2026 was primarily driven by a 70.7% change in the company's P/E Multiple.| (LTM values as of) | 3312025 | 4282026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.84 | 48.71 | 104.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,018 | 7,911 | 12.7% |
| Net Income Margin (%) | 3.6% | 3.8% | 7.2% |
| P/E Multiple | 39.3 | 67.1 | 70.7% |
| Shares Outstanding (Mil) | 412 | 416 | -0.9% |
| Cumulative Contribution | 104.3% |
Market Drivers
3/31/2025 to 4/28/2026| Return | Correlation | |
|---|---|---|
| APG | 104.3% | |
| Market (SPY) | 29.3% | 34.8% |
| Sector (XLI) | 32.2% | 36.0% |
Fundamental Drivers
The 225.0% change in APG stock from 3/31/2023 to 4/28/2026 was primarily driven by a 242.9% change in the company's Net Income Margin (%).| (LTM values as of) | 3312023 | 4282026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.99 | 48.71 | 225.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,558 | 7,911 | 20.6% |
| Net Income Margin (%) | 1.1% | 3.8% | 242.9% |
| P/E Multiple | 72.0 | 67.1 | -6.9% |
| Shares Outstanding (Mil) | 351 | 416 | -15.7% |
| Cumulative Contribution | 225.0% |
Market Drivers
3/31/2023 to 4/28/2026| Return | Correlation | |
|---|---|---|
| APG | 225.0% | |
| Market (SPY) | 81.5% | 42.6% |
| Sector (XLI) | 76.7% | 45.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| APG Return | 42% | -27% | 84% | 4% | 60% | 29% | 308% |
| Peers Return | 60% | 6% | 32% | 77% | 61% | 57% | 902% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 5% | 91% |
Monthly Win Rates [3] | |||||||
| APG Win Rate | 67% | 25% | 58% | 50% | 58% | 75% | |
| Peers Win Rate | 70% | 47% | 63% | 68% | 65% | 80% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| APG Max Drawdown | -7% | -49% | -2% | -12% | -10% | 0% | |
| Peers Max Drawdown | -3% | -27% | -16% | -9% | -22% | -2% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: JCI, EME, FIX, PWR, MTZ.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/28/2026 (YTD)
How Low Can It Go
| Event | APG | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -49.6% | -25.4% |
| % Gain to Breakeven | 98.5% | 34.1% |
| Time to Breakeven | 271 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -62.2% | -33.9% |
| % Gain to Breakeven | 164.5% | 51.3% |
| Time to Breakeven | 82 days | 148 days |
Compare to JCI, EME, FIX, PWR, MTZ
In The Past
APi's stock fell -49.6% during the 2022 Inflation Shock from a high on 1/4/2022. A -49.6% loss requires a 98.5% gain to breakeven.
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About APi (APG)
APi Group Corporation provides safety, specialty, and industrial services in North America, Europe, Australia, and the Asian-Pacific. It operates through three segments: Safety Services, Specialty Services, and Industrial Services. The Safety Services segment offers safety solutions focusing on end-to-end integrated occupancy systems, such as fire protection solutions; heating, ventilation, and air conditioning solutions; and entry systems, which include the design, installation, inspection, monitoring, and service of these integrated systems. The Specialty Services segment provides infrastructure and specialized industrial plant services, including maintenance and repair of underground electric, gas, water, sewer, and telecommunications infrastructure. This segment also offers engineering and design, fabrication, installation, and retrofitting and upgrading services. The Industrial Services segment provides various services and solutions comprising pipeline infrastructure, access and road construction, supporting facilities, and integrity management and maintenance to the energy industry focused on transmission and distribution. It serves customers in the public and private sectors, including commercial, industrial, fulfillment centers, distribution, manufacturing, education, healthcare, telecom, transmission, utilities, high tech, entertainment, retail, financial services, and governmental markets. The company was formerly known as J2 Acquisition Limited and changed its name to APi Group Corporation in October 2019. APi Group Corporation was founded in 1926 and is headquartered in New Brighton, Minnesota.
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APi is like **Johnson Controls** for buildings, but also for entire communities' utility and energy infrastructure.
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- Fire Protection Services: Comprehensive solutions including the design, installation, inspection, monitoring, and service of fire safety systems.
- HVAC Services: End-to-end solutions for heating, ventilation, and air conditioning systems, encompassing design, installation, and maintenance.
- Entry Systems Services: Provides design, installation, inspection, monitoring, and service for various entry systems.
- Infrastructure Maintenance & Repair: Specializes in the maintenance and repair of underground utilities such as electric, gas, water, sewer, and telecommunications infrastructure.
- Specialized Industrial Plant Services: Offers engineering, design, fabrication, installation, retrofitting, and upgrading services for industrial plants.
- Pipeline Infrastructure & Energy Services: Provides pipeline infrastructure services, access and road construction, and integrity management for the energy industry.
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APi Group Corporation (APG) primarily sells its services to other companies and organizations rather than to individuals. Based on the provided company description, its major customers can be categorized as follows:
- Commercial and Industrial Businesses: This broad category encompasses a diverse range of clients, including those in commercial, industrial, fulfillment centers, distribution, manufacturing, high-tech, entertainment, retail, and financial services markets.
- Public Sector and Institutional Clients: APi serves various governmental markets, as well as institutional clients in the education and healthcare sectors.
- Utility and Infrastructure Companies: The company provides services to customers in the telecom, transmission, and general utility industries.
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```htmlRuss Becker, Chief Executive Officer and President
- Russ Becker joined the APi Group family of companies in 1995 at The Jamar Company, where he started as Manager of Construction and became President in 1998.
- He joined APi Group as President in 2002 and was named CEO in 2004.
- Under his leadership, APi Group has completed over 150 acquisitions, including the transformative acquisition of Chubb Fire & Security in 2021.
- Prior to joining APi, Mr. Becker's career included roles as a field engineer with Cherne Contracting and a project manager for Ryan Companies.
G. David Jackola, Executive Vice President and Chief Financial Officer
- David Jackola was appointed Executive Vice President and Chief Financial Officer of APi Group, effective March 28, 2025, after serving as Interim CFO since December 2024.
- He joined APi Group in October 2021 and has over 20 years of global finance experience.
- His previous roles within APi include CFO and Vice President of Transformation at APi International, and Vice President, Controller, and Chief Accounting Officer.
- Before joining APi, Mr. Jackola held senior finance positions at James Hardie Building Products, where he was head of finance for North America, and Ecolab, where he served as Vice President of Finance, Europe.
Kristina Morton, Senior Vice President, Chief People Officer
- Kristina Morton serves as the Senior Vice President and Chief People Officer for APi Group.
Louis Lambert, Senior Vice President, General Counsel and Secretary
- Louis Lambert is the Senior Vice President, General Counsel and Secretary for APi Group.
- He began his legal career as an associate at Faegre & Benson (now Faegre Drinker) in its corporate finance group.
- Mr. Lambert serves on the Board of Directors of Wilderness Inquiry.
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The key risks to APi Group Corporation (APG) include its elevated leverage, the challenges associated with its acquisition strategy, and operational cost pressures.
- Elevated Leverage and Sensitivity to Interest Rates: APi Group carries a significant amount of debt, with a net debt to EBITDA ratio that is higher than the market average. This elevated leverage makes the company more vulnerable to fluctuations in interest rates and poses challenges for refinancing existing debt. An increase in interest rates would directly raise borrowing costs, thereby reducing cash flow available for other corporate purposes and potentially limiting the company's ability to refinance existing indebtedness.
- Acquisition Strategy and Integration Challenges: A core part of APi Group's growth strategy involves disciplined and strategic acquisitions. While this approach has contributed to market expansion, it also introduces substantial integration risks. These risks include potential challenges in combining businesses and cultures, the possibility of cost surprises, slower-than-anticipated synergy gains, and the potential loss of key employees from acquired entities. Unsuccessful acquisitions or a failure to achieve expected synergies could dilute returns and adversely affect the company's financial performance.
- Operational Cost Pressures and Margin Sensitivity: As a provider of labor-heavy services, APi Group faces risks associated with shortages of skilled workers and increases in labor costs. This is exacerbated by the company's operating margin, which has historically been below the market average, making it challenging for APi to absorb rising costs without impacting profitability. Inflationary pressures on wages and subcontractors can further contribute to margin deterioration.
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APi Group Corporation (APG) operates within several substantial addressable markets across its Safety Services, Specialty Services, and Industrial Services segments.
Safety Services Segment:
- Fire Protection Solutions: The global fire protection system market was valued at approximately USD 95 billion in 2025 and is projected to increase to USD 171.73 billion by 2034. North America leads this market, holding a 34% share in 2024. Another estimate indicates the global market was valued at USD 74.27 billion in 2025 and is expected to reach USD 135.54 billion by 2035. The fire and life safety protection services market globally was valued at USD 148.5 billion in 2024 and is projected to reach USD 232.5 billion by 2034.
- Electronic Security: This service is part of a global electronic security market estimated at USD 90 billion.
- Heating, Ventilation, and Air Conditioning (HVAC) Solutions: The global HVAC system market size was valued at USD 174.58 billion in 2025 and is projected to grow to USD 290.08 billion by 2034. North America held a significant 35.1% share in 2024. Another source estimates the global HVAC market value at USD 328.6 billion in 2025, projected to reach USD 577.5 billion by 2035.
- Entry Systems (including Keyless Entry and Door Entry Systems): The global keyless entry system market was valued at USD 3.38 billion in 2024 and is expected to reach nearly USD 8.19 billion by 2032. The global Door Entry Systems Market is anticipated to rise from USD 12.17 billion in 2026 to USD 26 billion by 2035. North America holds the largest share of the global door entry systems market.
- Elevator and Escalator Services: This market in the U.S. is estimated at USD 10 billion.
Specialty Services Segment:
- Infrastructure and Specialized Industrial Plant Services (including underground electric, gas, water, sewer, and telecommunications infrastructure): The global utility system construction market was valued at approximately USD 876.68 billion in 2025 and is expected to reach USD 1.28 trillion by 2032. Over 50% of this activity is concentrated in North America and Europe. The global utilities services market is expected to be worth around USD 539.3 billion by 2033, with North America dominating with a 30.5% market share in 2023, representing USD 64.22 billion in revenue. The global underground utility mapping market size was estimated at approximately USD 1.22 billion in 2026 and is projected to reach USD 1.59 billion by 2035, with North America expected to dominate.
- Engineering and Design Services: The global engineering services market size was valued at USD 3.66 trillion in 2025 and is expected to reach approximately USD 5.74 trillion by 2035. North America was the largest region in 2024, accounting for 33.23% or USD 366.89 billion of the total. The engineering design service market was valued at USD 90.63 billion in 2024 and is projected to reach USD 148.62 billion by 2032.
- Retrofitting and Upgrading Services: The global retrofitting services market size was valued at USD 133.55 billion in 2024 and is anticipated to reach USD 243.92 billion by 2032. North America accounted for a 34% market share, and Europe held a 30% market share in 2024.
Industrial Services Segment:
- Pipeline Infrastructure: The global pipeline construction market size was valued at USD 52.49 billion in 2024 and is poised to grow to USD 84.26 billion by 2033, with North America continuing to dominate this market. The global gas pipeline infrastructure market size was estimated at USD 2,800.53 billion in 2024 and is projected to reach USD 4,372.16 billion by 2030. North America dominated this market with over a 54.0% revenue share in 2024. The global pipeline transportation market was valued at USD 22.59 billion in 2025 and is projected to grow to USD 34.04 billion by 2034. North America dominated the global market with a 42.93% share in 2025.
- Integrity Management and Maintenance to the Energy Industry: The global oil and gas asset integrity management services market size was valued at USD 23.87 billion in 2024 and is projected to grow to USD 47.32 billion by 2033. North America accounted for the largest market share. The global asset integrity management market size is expected to be valued at USD 25.93 billion in 2025 and is predicted to increase to USD 42.08 billion by 2035. North America led the global market with the highest market share of 34% in 2025. The oilfield integrity management market was valued at USD 17.65 billion in 2025 and is expected to grow to USD 25.74 billion in 2030. North America was the largest region in 2025.
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APi Group Corporation (APG) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic initiatives and favorable market conditions. Here are 5 expected drivers of future revenue growth for APi Group:- Increased Focus on Inspection, Service, and Monitoring (Recurring Revenue): APi Group is strategically shifting towards an "Inspection First strategy" to increase its recurring revenue streams. The company aims for inspection, service, and monitoring activities to constitute over 60% of its total revenue by 2028, up from 54% in 2025. This focus creates a more stable and predictable revenue base.
- Strategic Acquisitions (M&A): A robust mergers and acquisitions (M&A) pipeline is a key driver for APi Group's continued expansion. The company actively pursues strategic acquisitions to enhance its market position and access new customer bases, having completed 14 acquisitions in 2025 and 33 acquisitions totaling $580 million between 2023 and 2025.
- Organic Growth from Project Revenues and Strong Backlog: Despite the emphasis on recurring services, organic growth in project revenues remains a significant contributor. APi Group benefits from a healthy and record backlog of projects in both its Safety Services and Specialty Services segments, providing a solid foundation for future revenue generation.
- Expansion in High-Growth End Markets (e.g., Data Centers and Infrastructure): APi Group is capitalizing on strong demand in specific high-growth end markets. Data centers, for example, are projected to represent 10% of total revenue in 2026 due to strong growth potential and favorable margins. Additionally, the Infrastructure Investment and Jobs Act, with substantial authorized spending through 2026, presents considerable opportunities for APi's maintenance, repair, and retrofit services across the U.S. infrastructure system.
- Pricing Improvements and Disciplined Project Selection: APi Group consistently implements pricing improvements and maintains disciplined customer and project selection. These strategies contribute to organic growth and are crucial for expanding adjusted gross margins and overall revenue, as evidenced by positive impacts in recent quarters.
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APi Group Corporation (APG) has made several capital allocation decisions over the last 3-5 years, focusing on share repurchases, share issuances, outbound investments, and capital expenditures.Share Repurchases
- In February 2024, APi Group authorized a new $1 billion share repurchase program.
- In the first quarter of 2025, the company repurchased $75 million, or 2.1 million shares, of its common stock.
- Previously, in March 2022, APi Group announced a stock repurchase program to acquire up to $250 million of its common stock, which was set to expire in February 2024.
Share Issuance
- APi Group reported $458 million in proceeds from the issuance of common shares for the full year 2025.
- In February 2026, the company announced a stock dividend of 15,212,810 shares related to its Series A preferred shares.
- The company also reached an agreement in February 2024 to retire all outstanding Series B Preferred Stock from Blackstone and Viking, which simplified its capital structure and reduced its adjusted diluted share count.
Outbound Investments
- From 2023 to 2025, APi Group completed 33 acquisitions, totaling $580 million.
- Key acquisitions include India-based Startelevator in May 2025, a manufacturer of elevator components, and Endeavor Fire Protection in November 2024.
- In February 2026, APi Group completed the acquisition of CertaSite, which is expected to expand its inspection footprint in the Midwest.
Capital Expenditures
- APi Group's long-term capital allocation priorities include investments in systems and technology.
- The Specialty Services segment is expected to see capital expenditure opportunities, particularly driven by data center projects.
- The company has focused investments on supporting profitable growth and building global capabilities and infrastructure.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| APi Earnings Notes | 12/29/2026 | |
| EME, MTZ Beat APi Stock on Price & Growth | 12/11/2025 | |
| How Low Can APi Stock Really Go? | 10/17/2025 | |
| APi vs GE Aerospace: Which Is A Better Investment? | 08/18/2025 | |
| APi vs Quanta Services: Which Is A Better Investment? | 08/18/2025 | |
| How Does APi Stock Stack Up Against Its Peers? | 08/13/2025 | |
| Better Bet Than APG Stock: Pay Less Than APi To Get More From FIX, GTLS | 08/12/2025 | |
| Better Bet Than APG Stock: Pay Less Than APi To Get More From FIX, IESC | 08/12/2025 | |
| ARTICLES | ||
| Why MTZ, EME Could Outperform APi Stock | 12/11/2025 | |
| APG Dropped 31% In A Month. It Has Fallen Further Before. | 07/29/2025 |
Trade Ideas
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| 03312026 | NSP | Insperity | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03312026 | TNC | Tennant | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03272026 | ADP | Automatic Data Processing | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 1.0% | 1.0% | 0.0% |
| 03272026 | HURN | Huron Consulting | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 4.0% | 4.0% | 0.0% |
| 03272026 | TRU | TransUnion | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 5.2% | 5.2% | 0.0% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 503.00 |
| Mkt Cap | 49.7 |
| Rev LTM | 15,643 |
| Op Inc LTM | 1,578 |
| FCF LTM | 1,244 |
| FCF 3Y Avg | 965 |
| CFO LTM | 1,483 |
| CFO 3Y Avg | 1,091 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 16.4% |
| Rev Chg 3Y Avg | 14.6% |
| Rev Chg Q | 17.7% |
| QoQ Delta Rev Chg LTM | 4.2% |
| Op Inc Chg LTM | 24.0% |
| Op Inc Chg 3Y Avg | 49.4% |
| Op Mgn LTM | 8.1% |
| Op Mgn 3Y Avg | 7.4% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 7.7% |
| CFO/Rev 3Y Avg | 8.4% |
| FCF/Rev LTM | 6.3% |
| FCF/Rev 3Y Avg | 7.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 49.7 |
| P/S | 2.9 |
| P/Op Inc | 37.4 |
| P/EBIT | 37.6 |
| P/E | 58.4 |
| P/CFO | 39.4 |
| Total Yield | 1.8% |
| Dividend Yield | 0.1% |
| FCF Yield 3Y Avg | 3.9% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 18.3% |
| 3M Rtn | 26.9% |
| 6M Rtn | 42.8% |
| 12M Rtn | 114.2% |
| 3Y Rtn | 297.8% |
| 1M Excs Rtn | 6.2% |
| 3M Excs Rtn | 24.6% |
| 6M Excs Rtn | 36.5% |
| 12M Excs Rtn | 86.2% |
| 3Y Excs Rtn | 235.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Safety Services | 4,871 | 4,575 | 2,080 | 1,639 | 435 |
| Specialty Services | 2,079 | 2,030 | 1,907 | 1,401 | 386 |
| Elimination of intersegment revenues | -22 | -47 | -47 | -16 | -3 |
| Industrial Services | 563 | 167 | |||
| Total | 6,928 | 6,558 | 3,940 | 3,587 | 985 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Safety Services | 5,795 | 6,029 | 2,170 | 2,134 | 1,770 |
| Specialty Services | 1,214 | 1,281 | 1,299 | 996 | 1,305 |
| Elimination of intersegment revenues | 781 | 1,690 | 661 | 368 | |
| Industrial Services | 274 | 568 | |||
| Total | 7,009 | 8,091 | 5,159 | 4,065 | 4,011 |
Price Behavior
Price Behavior
| Market Price | $48.70 | |
| Market Cap ($ Bil) | 20.3 | |
| First Trading Date | 05/29/2019 | |
| Distance from 52W High | -4.6% | |
| 50 Days | 200 Days | |
| DMA Price | $43.62 | $38.91 |
| DMA Trend | up | up |
| Distance from DMA | 11.6% | 25.2% |
| 3M | 1YR | |
| Volatility | 31.8% | 66.9% |
| Downside Capture | 0.71 | 0.94 |
| Upside Capture | 158.38 | 195.93 |
| Correlation (SPY) | 67.7% | 29.9% |
APG Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.06 | 1.58 | 1.58 | 1.46 | 1.22 | 1.27 |
| Up Beta | 2.98 | 1.87 | 1.75 | 1.53 | 1.16 | 1.26 |
| Down Beta | 1.64 | 1.44 | 1.29 | 1.02 | 0.76 | 0.94 |
| Up Capture | 267% | 200% | 232% | 236% | 293% | 429% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 9 | 21 | 34 | 68 | 145 | 410 |
| Down Capture | 181% | 128% | 128% | 129% | 128% | 108% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 13 | 21 | 29 | 57 | 105 | 335 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with APG | |
|---|---|---|---|---|
| APG | 91.5% | 66.9% | 1.23 | - |
| Sector ETF (XLI) | 34.5% | 15.1% | 1.75 | 30.3% |
| Equity (SPY) | 31.5% | 12.5% | 1.92 | 30.0% |
| Gold (GLD) | 38.6% | 27.2% | 1.18 | -1.8% |
| Commodities (DBC) | 45.9% | 18.0% | 1.95 | -16.4% |
| Real Estate (VNQ) | 14.4% | 13.4% | 0.75 | 11.2% |
| Bitcoin (BTCUSD) | -19.0% | 42.1% | -0.39 | 11.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with APG | |
|---|---|---|---|---|
| APG | 27.1% | 42.4% | 0.69 | - |
| Sector ETF (XLI) | 12.8% | 17.3% | 0.58 | 52.7% |
| Equity (SPY) | 12.9% | 17.1% | 0.59 | 51.7% |
| Gold (GLD) | 20.2% | 17.8% | 0.92 | 2.8% |
| Commodities (DBC) | 14.8% | 19.1% | 0.63 | 4.2% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.09 | 39.3% |
| Bitcoin (BTCUSD) | 7.3% | 56.2% | 0.35 | 20.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with APG | |
|---|---|---|---|---|
| APG | 16.6% | 44.1% | 0.70 | - |
| Sector ETF (XLI) | 13.7% | 19.9% | 0.61 | 54.6% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 52.4% |
| Gold (GLD) | 13.4% | 15.9% | 0.70 | 5.7% |
| Commodities (DBC) | 9.9% | 17.7% | 0.46 | 13.2% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 44.8% |
| Bitcoin (BTCUSD) | 67.8% | 66.9% | 1.07 | 19.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/25/2026 | -0.5% | -3.8% | -6.3% |
| 10/30/2025 | 1.8% | 5.6% | 13.1% |
| 7/31/2025 | 4.8% | 0.8% | 4.3% |
| 5/1/2025 | 6.6% | 14.7% | 23.4% |
| 2/19/2025 | 7.8% | 7.1% | 0.8% |
| 10/31/2024 | 2.8% | 11.4% | 13.8% |
| 6/4/2024 | -0.2% | -0.6% | -1.9% |
| 2/28/2024 | -2.0% | 6.9% | 10.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 15 | 15 |
| # Negative | 10 | 7 | 7 |
| Median Positive | 3.8% | 4.8% | 10.7% |
| Median Negative | -1.6% | -2.2% | -4.2% |
| Max Positive | 7.9% | 14.7% | 23.4% |
| Max Negative | -5.7% | -13.1% | -6.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 1.88 Bil | 1.93 Bil | 1.98 Bil | Higher New | |||
| Q1 2026 Adjusted EBITDA | 225.00 Mil | 230.00 Mil | 235.00 Mil | Higher New | |||
| 2026 Revenue | 8.40 Bil | 8.50 Bil | 8.60 Bil | 7.9% | Higher New | Guidance: 7.88 Bil for 2025 | |
| 2026 Adjusted EBITDA | 1.14 Bil | 1.17 Bil | 1.20 Bil | 13.6% | Higher New | Guidance: 1.03 Bil for 2025 | |
| 2026 Adjusted Free Cash Flow Conversion | 1.15 | 53.3% | 40.0% | Higher New | Guidance: 0.75 for 2025 | ||
Prior: Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | 7.83 Bil | 7.88 Bil | 7.92 Bil | 1.6% | Raised | Guidance: 7.75 Bil for 2025 | |
| 2025 Adjusted EBITDA | 1.01 Bil | 1.03 Bil | 1.04 Bil | 0.5% | Raised | Guidance: 1.02 Bil for 2025 | |
| 2025 Adjusted Free Cash Flow Conversion | 0.75 | 0 | Affirmed | Guidance: 0.75 for 2025 | |||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Franklin, Martin E | MEF Holdings, LLLP | Sell | 3192026 | 40.88 | 3,000,000 | 122,640,000 | 868,308,615 | Form | |
| 2 | Jackola, Glenn David | EVP & Chief Financial Officer | Direct | Sell | 3032026 | 44.23 | 18,000 | 796,140 | 443,848 | Form |
| 3 | Lambert, Louis | SVP, Gen Counsel & Secretary | Direct | Sell | 2262026 | 44.71 | 22,000 | 983,620 | 721,977 | Form |
| 4 | Malkin, Anthony E | WH Four Winds LLC | Buy | 1092026 | 39.58 | 3,000 | 118,740 | 277,060 | Form | |
| 5 | Malkin, Anthony E | WH Four Winds LLC | Buy | 1092026 | 39.03 | 2,000 | 78,060 | 156,120 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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