APi (APG)
Market Price (10/30/2026): $44.8 | Market Cap: $19.4 BilSector: Industrials | Industry: Construction & Engineering
APi (APG)
Market Price (10/30/2026): $44.8Market Cap: $19.4 BilSector: IndustrialsIndustry: Construction & Engineering
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Low stock price volatilityVol 12M is 31% Megatrend and thematic driversMegatrends include Building & Infrastructure Services. Themes include Fire Protection & Safety Systems, HVAC & Mechanical Services, and Security Systems & Integration. | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 56x 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 -3.7% 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. |
| Low stock price volatilityVol 12M is 31% |
| Megatrend and thematic driversMegatrends include Building & Infrastructure Services. Themes include Fire Protection & Safety Systems, HVAC & Mechanical Services, and Security Systems & Integration. |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 56x |
| 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 -3.7% |
| 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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Updated on 10/29/2026
APi (APG) stock has gained about 5% since 6/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat and Raised Full-Year Guidance.
APi Group (APG) reported robust financial results for fiscal Q2 2026 (ended June 30, 2026), exceeding analyst expectations with adjusted earnings of $0.44 per share against a consensus estimate of $0.43, and revenue of $2.25 billion, surpassing the $2.20 billion estimate. This represented a 13.3% year-over-year increase in revenue. The positive performance led management to increase its full-year 2026 outlook.
2. Exceptional Fiscal Q3 2026 Earnings Beat and Further Raised Full-Year Outlook.
For fiscal Q3 2026 (ended September 30, 2026), APi Group again significantly outperformed estimates, posting adjusted diluted earnings of $0.50 per share, above the $0.47 consensus, and revenue of $2.55 billion, exceeding the $2.40 billion estimate. This marks a 22.5% year-over-year revenue increase, including 15.7% organic growth, and a 24.6% rise in adjusted EBITDA. Following these results, the company raised its full-year 2026 revenue guidance to $9.20 billion – $9.25 billion and adjusted EBITDA guidance to $1.235 billion – $1.255 billion, marking the third guidance raise in 2026.
Show more
APi (APG) stock has gained about 5% since 6/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat and Raised Full-Year Guidance.
APi Group (APG) reported robust financial results for fiscal Q2 2026 (ended June 30, 2026), exceeding analyst expectations with adjusted earnings of $0.44 per share against a consensus estimate of $0.43, and revenue of $2.25 billion, surpassing the $2.20 billion estimate. This represented a 13.3% year-over-year increase in revenue. The positive performance led management to increase its full-year 2026 outlook.
2. Exceptional Fiscal Q3 2026 Earnings Beat and Further Raised Full-Year Outlook.
For fiscal Q3 2026 (ended September 30, 2026), APi Group again significantly outperformed estimates, posting adjusted diluted earnings of $0.50 per share, above the $0.47 consensus, and revenue of $2.55 billion, exceeding the $2.40 billion estimate. This marks a 22.5% year-over-year revenue increase, including 15.7% organic growth, and a 24.6% rise in adjusted EBITDA. Following these results, the company raised its full-year 2026 revenue guidance to $9.20 billion – $9.25 billion and adjusted EBITDA guidance to $1.235 billion – $1.255 billion, marking the third guidance raise in 2026.
Show more
Updated on 10/29/2026
APi (APG) stock has gained about 5% since 6/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat and Raised Full-Year Guidance.
APi Group (APG) reported robust financial results for fiscal Q2 2026 (ended June 30, 2026), exceeding analyst expectations with adjusted earnings of $0.44 per share against a consensus estimate of $0.43, and revenue of $2.25 billion, surpassing the $2.20 billion estimate. This represented a 13.3% year-over-year increase in revenue. The positive performance led management to increase its full-year 2026 outlook.
2. Exceptional Fiscal Q3 2026 Earnings Beat and Further Raised Full-Year Outlook.
For fiscal Q3 2026 (ended September 30, 2026), APi Group again significantly outperformed estimates, posting adjusted diluted earnings of $0.50 per share, above the $0.47 consensus, and revenue of $2.55 billion, exceeding the $2.40 billion estimate. This marks a 22.5% year-over-year revenue increase, including 15.7% organic growth, and a 24.6% rise in adjusted EBITDA. Following these results, the company raised its full-year 2026 revenue guidance to $9.20 billion – $9.25 billion and adjusted EBITDA guidance to $1.235 billion – $1.255 billion, marking the third guidance raise in 2026.
3. Record Backlog and Robust Demand in Key End Markets.
APi Group achieved a record backlog exceeding $5 billion, which provides substantial revenue visibility into fiscal 2027. This backlog is diversified across its Safety Services and Specialty Services segments and is driven by strong demand in critical infrastructure sectors such as data centers, semiconductors, healthcare, and advanced manufacturing, supporting ongoing project activity and recurring service revenue.
4. Strategic Acquisition Contributing to European Expansion.
Effective July 1, 2026, APi Group completed the acquisition of WTech Fire Group, a provider of fire sprinkler, suppression, and detection solutions across Europe. This acquisition expanded APi's footprint and enhanced its offerings in the European market, contributing to overall revenue growth and strategic market positioning.
Show less
APi (APG) stock has gained about 5% since 6/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat and Raised Full-Year Guidance.
APi Group (APG) reported robust financial results for fiscal Q2 2026 (ended June 30, 2026), exceeding analyst expectations with adjusted earnings of $0.44 per share against a consensus estimate of $0.43, and revenue of $2.25 billion, surpassing the $2.20 billion estimate. This represented a 13.3% year-over-year increase in revenue. The positive performance led management to increase its full-year 2026 outlook.
2. Exceptional Fiscal Q3 2026 Earnings Beat and Further Raised Full-Year Outlook.
For fiscal Q3 2026 (ended September 30, 2026), APi Group again significantly outperformed estimates, posting adjusted diluted earnings of $0.50 per share, above the $0.47 consensus, and revenue of $2.55 billion, exceeding the $2.40 billion estimate. This marks a 22.5% year-over-year revenue increase, including 15.7% organic growth, and a 24.6% rise in adjusted EBITDA. Following these results, the company raised its full-year 2026 revenue guidance to $9.20 billion – $9.25 billion and adjusted EBITDA guidance to $1.235 billion – $1.255 billion, marking the third guidance raise in 2026.
3. Record Backlog and Robust Demand in Key End Markets.
APi Group achieved a record backlog exceeding $5 billion, which provides substantial revenue visibility into fiscal 2027. This backlog is diversified across its Safety Services and Specialty Services segments and is driven by strong demand in critical infrastructure sectors such as data centers, semiconductors, healthcare, and advanced manufacturing, supporting ongoing project activity and recurring service revenue.
4. Strategic Acquisition Contributing to European Expansion.
Effective July 1, 2026, APi Group completed the acquisition of WTech Fire Group, a provider of fire sprinkler, suppression, and detection solutions across Europe. This acquisition expanded APi's footprint and enhanced its offerings in the European market, contributing to overall revenue growth and strategic market positioning.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 6.3% change in APG stock from 6/30/2026 to 10/29/2026 was primarily driven by a 3.4% change in the company's Net Income Margin (%).| (LTM values as of) | 6302026 | 10292026 | Change |
|---|---|---|---|
| Stock Price ($) | 42.35 | 45.02 | 6.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,174 | 8,438 | 3.2% |
| Net Income Margin (%) | 4.0% | 4.1% | 3.4% |
| P/E Multiple | 56.4 | 56.3 | -0.1% |
| Shares Outstanding (Mil) | 431 | 433 | -0.3% |
| Cumulative Contribution | 6.3% |
Market Drivers
6/30/2026 to 10/29/2026| Return | Correlation | |
|---|---|---|
| APG | 6.3% | |
| Market (SPY) | 3.0% | 38.8% |
| Sector (XLI) | -8.2% | 68.7% |
Fundamental Drivers
The 11.1% change in APG stock from 3/31/2026 to 10/29/2026 was primarily driven by a 7.4% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 10292026 | Change |
|---|---|---|---|
| Stock Price ($) | 40.52 | 45.02 | 11.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,911 | 8,438 | 6.7% |
| Net Income Margin (%) | 3.8% | 4.1% | 7.4% |
| P/E Multiple | 55.8 | 56.3 | 1.0% |
| Shares Outstanding (Mil) | 416 | 433 | -3.9% |
| Cumulative Contribution | 11.1% |
Market Drivers
3/31/2026 to 10/29/2026| Return | Correlation | |
|---|---|---|
| APG | 11.1% | |
| Market (SPY) | 18.6% | 40.3% |
| Sector (XLI) | 5.5% | 61.7% |
Fundamental Drivers
The 31.0% change in APG stock from 9/30/2025 to 10/29/2026 was primarily driven by a 22.3% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10292026 | Change |
|---|---|---|---|
| Stock Price ($) | 34.37 | 45.02 | 31.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,396 | 8,438 | 14.1% |
| Net Income Margin (%) | 3.4% | 4.1% | 22.3% |
| P/E Multiple | 57.5 | 56.3 | -2.0% |
| Shares Outstanding (Mil) | 415 | 433 | -4.2% |
| Cumulative Contribution | 31.0% |
Market Drivers
9/30/2025 to 10/29/2026| Return | Correlation | |
|---|---|---|
| APG | 31.0% | |
| Market (SPY) | 16.4% | 51.7% |
| Sector (XLI) | 11.3% | 67.0% |
Fundamental Drivers
The 160.4% change in APG stock from 9/30/2023 to 10/29/2026 was primarily driven by a 125.6% change in the company's Net Income Margin (%).| (LTM values as of) | 9302023 | 10292026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.29 | 45.02 | 160.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,823 | 8,438 | 23.7% |
| Net Income Margin (%) | 1.8% | 4.1% | 125.6% |
| P/E Multiple | 49.2 | 56.3 | 14.6% |
| Shares Outstanding (Mil) | 353 | 433 | -18.5% |
| Cumulative Contribution | 160.4% |
Market Drivers
9/30/2023 to 10/29/2026| Return | Correlation | |
|---|---|---|
| APG | 160.4% | |
| Market (SPY) | 86.2% | 41.2% |
| Sector (XLI) | 74.5% | 44.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| APG Return | 42% | -27% | 84% | 4% | 60% | 8% | 242% |
| Peers Return | 60% | 6% | 32% | 77% | 61% | 23% | 685% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| APG Win Rate | 67% | 25% | 58% | 50% | 58% | 50% | |
| Peers Win Rate | 70% | 47% | 63% | 68% | 65% | 54% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| APG Max Drawdown | -15% | -50% | -16% | -20% | -35% | -26% | |
| Peers Max Drawdown | -18% | -30% | -30% | -15% | -34% | -36% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[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 10/29/2026 (YTD)
How Low Can It Go
| Event | APG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.2% | -18.8% |
| % Gain to Breakeven | 25.4% | 23.1% |
| Time to Breakeven | 24 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -12.7% | -7.8% |
| % Gain to Breakeven | 14.5% | 8.5% |
| Time to Breakeven | 91 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -11.0% | -9.5% |
| % Gain to Breakeven | 12.3% | 10.5% |
| Time to Breakeven | 20 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -48.5% | -24.5% |
| % Gain to Breakeven | 94.0% | 32.4% |
| Time to Breakeven | 264 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -62.2% | -33.7% |
| % Gain to Breakeven | 164.5% | 50.9% |
| Time to Breakeven | 82 days | 140 days |
In The Past
APi's stock fell -20.2% during the 2025 US Tariff Shock. Such a loss loss requires a 25.4% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | APG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.2% | -18.8% |
| % Gain to Breakeven | 25.4% | 23.1% |
| Time to Breakeven | 24 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -48.5% | -24.5% |
| % Gain to Breakeven | 94.0% | 32.4% |
| Time to Breakeven | 264 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -62.2% | -33.7% |
| % Gain to Breakeven | 164.5% | 50.9% |
| Time to Breakeven | 82 days | 140 days |
In The Past
APi's stock fell -20.2% during the 2025 US Tariff Shock. Such a loss loss requires a 25.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About APi (APG)
APi Group Corporation (APG) is a diversified global service provider that delivers critical safety, specialty, and industrial solutions across North America, Europe, Australia, and the Asian-Pacific region. The company primarily focuses on maintaining and enhancing essential infrastructure and systems for a broad range of clients in both public and private sectors.
APi's operations are divided into three main segments. The Safety Services segment provides comprehensive solutions for integrated occupancy systems, including the design, installation, inspection, monitoring, and service of fire protection, heating, ventilation, air conditioning (HVAC), and entry systems. The Specialty Services segment focuses on infrastructure maintenance and repair, covering underground electric, gas, water, sewer, and telecommunications infrastructure, alongside engineering, fabrication, and upgrading services for specialized industrial plants. Lastly, the Industrial Services segment offers a range of services tailored to the energy industry, such as pipeline infrastructure, access and road construction, and integrity management for transmission and distribution networks.
The company serves a very diverse customer base, including commercial, industrial, and manufacturing facilities, educational and healthcare institutions, telecommunications companies, utility providers, and governmental entities. Its services are critical for ensuring safety, operational efficiency, and structural integrity across various essential industries and public infrastructure.
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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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Russ 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.
Peer Outperformance in Construction & Engineering
APG has outperformed 68% of its 28 Construction & Engineering peers over 5Y. Construction & Engineering ranks 2nd of 23 industries in Industrials by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Construction & Engineering constituents that APG has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
91%
of 33 industry peers · 30.6% return
3Y
63%
of 30 industry peers · 162.6% return
5Y
68%
of 28 industry peers · 210.1% return
No Construction & Engineering peer with a comparable growth profile has beaten APG by more than 20pp over 5Y.
Median price return by industry across the Industrials sector, ranked by 5Y. Construction & Engineering is APG's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Marine Transportation | 5 | 62.2% | 61.7% | 164.2% | MATX 190% · KEX 179% |
| Construction & Engineering ← | 29 | -9.1% | 124.5% | 157.5% | STRL 1454% · FIX 1380% · AGX 842% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 6.7% | 60.8% | 105.7% | ALSN 255% · CAT 244% · WAB 224% |
| Aerospace & Defense | 52 | -9.5% | 68.1% | 70.7% | ATI 987% · FTAI 953% · HWM 604% |
| Trading Companies & Distributors | 19 | 18.7% | 47.0% | 61.3% | DXPE 435% · URI 228% · AIT 224% |
| Diversified Support Services | 34 | 19.8% | 45.3% | 38.9% | CXW 261% · OPLN 164% · CACI 134% |
| Industrial Machinery & Supplies & Components | 72 | 3.4% | 55.2% | 37.8% | CRS 919% · MLI 353% · SYM 274% |
| Electrical Components & Equipment | 37 | -8.1% | 92.5% | 36.3% | POWL 2017% · VRT 862% · BE 611% |
| Rail Transportation | 7 | 36.3% | 58.3% | 29.7% | CSX 55% · UNP 40% · NSC 30% |
| Building Products | 32 | -4.3% | 20.3% | 23.7% | GFF 371% · TT 154% · JCI 138% |
| Cargo Ground Transportation | 16 | 31.9% | 6.8% | 9.3% | R 273% · XPO 250% · ARCB 44% |
| Industrial Conglomerates | 17 | 13.6% | 8.5% | 2.0% | CSW 114% · DD 85% · CSL 76% |
| Security & Alarm Services | 9 | -51.0% | 25.8% | -14.8% | BCO 57% |
| Data Processing & Outsourced Services | 6 | -20.9% | 0.4% | -17.2% | EXLS 68% · BR 9% · G -15% |
| Agricultural & Farm Machinery | 16 | 5.1% | -5.6% | -19.6% | DE 106% · TTC 22% · AGCO 3% |
| Environmental & Facilities Services | 29 | -28.8% | 31.1% | -22.4% | GEO 249% · CLH 175% · RSG 87% |
| Office Services & Supplies | 9 | 21.5% | 17.4% | -22.5% | PBI 189% · TILE 161% · HNI 52% |
| Research & Consulting Services | 13 | 7.4% | -14.4% | -27.2% | HURN 285% · FCN 26% · BAH 7% |
| Passenger Airlines | 11 | 0.7% | 45.8% | -31.5% | LTM 2966% · UAL 128% · SKYW 124% |
| Passenger Ground Transportation | 3 | -22.2% | 53.8% | -34.3% | UBER 50% · CAR -34% · LYFT -64% |
| Air Freight & Logistics | 12 | -24.3% | -8.2% | -39.8% | FDX 80% · EXPD 71% · CHRW 48% |
| Human Resource & Employment Services | 22 | 17.5% | -7.3% | -42.9% | ADP 42% · FA 25% · PAYX 3% |
| Airport Services | 4 | -53.6% | -57.2% | -85.9% | JOBY -41% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Why IESC, ROAD May Be Better Than APi Stock | 05/20/2026 | |
| APi Earnings Notes | 12/29/2026 | |
| 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 | ||
| Better Value & Growth: IESC Leads APi Stock | 05/20/2026 | |
| Why MTZ, EME Could Outperform APi Stock | 12/11/2025 | |
| APG Dropped 31% In A Month. It Has Fallen Further Before. | 07/29/2025 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 399.64 |
| Mkt Cap | 37.5 |
| Rev LTM | 17,353 |
| Op Inc LTM | 1,900 |
| FCF LTM | 1,415 |
| FCF 3Y Avg | 1,225 |
| CFO LTM | 1,661 |
| CFO 3Y Avg | 1,405 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 21.2% |
| Rev Chg 3Y Avg | 15.3% |
| Rev Chg Q | 21.6% |
| QoQ Delta Rev Chg LTM | 5.1% |
| Op Inc Chg LTM | 31.5% |
| Op Inc Chg 3Y Avg | 35.6% |
| Op Mgn LTM | 8.4% |
| Op Mgn 3Y Avg | 7.8% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 8.7% |
| CFO/Rev 3Y Avg | 8.8% |
| FCF/Rev LTM | 7.0% |
| FCF/Rev 3Y Avg | 7.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 37.5 |
| P/S | 2.6 |
| P/Op Inc | 24.1 |
| P/EBIT | 26.9 |
| P/E | 27.4 |
| P/CFO | 24.0 |
| Total Yield | 3.6% |
| Dividend Yield | 0.1% |
| FCF Yield 3Y Avg | 3.9% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Safety Services | 5,456 | 4,797 | 4,425 | 4,575 | 2,080 |
| Specialty Services | 2,460 | 2,229 | 2,518 | 2,030 | 1,907 |
| Elimination of intersegment revenues | -5 | -8 | -15 | -47 | -47 |
| Total | 7,911 | 7,018 | 6,928 | 6,558 | 3,940 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Safety Services | 916 | 765 | 625 | 256 | 207 |
| Specialty Services | 264 | 253 | 278 | 97 | 78 |
| Other | -1 | ||||
| Contingent consideration and compensation | -2 | ||||
| Business process transformation expenses | -4 | -52 | |||
| Restructuring program related costs | -14 | -32 | |||
| Non-service pension cost | -19 | -22 | |||
| Acquisition and divestiture related expenses | -24 | ||||
| Depreciation | -85 | -80 | |||
| Systems and business enablement | -96 | ||||
| Corporate/other profit/(loss) | -139 | -125 | |||
| Amortization | -242 | -222 | |||
| Elimination of intersegment revenues | -191 | -149 | |||
| Total | 554 | 485 | 903 | 162 | 136 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Safety Services | 6,861 | 6,266 | 5,586 | 6,029 | 2,170 |
| Specialty Services | 1,374 | 1,368 | 1,423 | 1,281 | 1,299 |
| Property and equipment, net | 397 | ||||
| Operating lease right-of-use assets | 301 | ||||
| Elimination of intersegment revenues | 1,690 | ||||
| Total | 8,933 | 7,634 | 7,009 | 7,310 | 5,159 |
Price Behavior
Price Behavior
| Market Price | $45.02 | |
| Market Cap ($ Bil) | 19.5 | |
| First Trading Date | 05/29/2019 | |
| Distance from 52W High | -8.9% | |
| 50 Days | 200 Days | |
| DMA Price | $39.57 | $41.93 |
| DMA Trend | down | indeterminate |
| Distance from DMA | 13.8% | 7.4% |
| 3M | 1YR | |
| Volatility | 32.3% | 31.1% |
| Downside Capture | 138.08 | 133.36 |
| Upside Capture | 135.49 | 137.34 |
| Correlation (S&P 500) | 42.5% | 52.5% |
APG Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.07 | 1.24 | 1.09 | 1.07 | 1.25 | 1.25 |
| Up Beta | -0.70 | 1.05 | 1.20 | 1.12 | 1.16 | 1.23 |
| Down Beta | 1.93 | 2.48 | 0.99 | 1.13 | 1.05 | 0.94 |
| Up Capture | 110% | 101% | 81% | 76% | 152% | 328% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 13 | 24 | 35 | 68 | 136 | 416 |
| Down Capture | 137% | 146% | 144% | 131% | 124% | 108% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 9 | 18 | 29 | 57 | 114 | 329 |
[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 | 31.4% | 31.1% | 0.89 | - |
| Sector ETF (XLI) | 11.0% | 17.2% | 0.43 | 66.0% |
| Equity (SPY) | 13.0% | 12.7% | 0.67 | 51.0% |
| Gold (GLD) | 1.2% | 28.4% | 0.03 | 24.3% |
| Commodities (DBC) | 49.5% | 20.6% | 1.83 | -18.3% |
| Real Estate (VNQ) | 7.2% | 14.0% | 0.25 | 25.3% |
| Bitcoin (BTCUSD) | -29.5% | 43.4% | -0.69 | 14.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with APG | |
|---|---|---|---|---|
| APG | 24.9% | 42.1% | 0.64 | - |
| Sector ETF (XLI) | 11.9% | 17.6% | 0.51 | 53.7% |
| Equity (SPY) | 12.6% | 17.1% | 0.55 | 51.5% |
| Gold (GLD) | 17.2% | 18.9% | 0.73 | 4.9% |
| Commodities (DBC) | 9.4% | 19.5% | 0.36 | 1.5% |
| Real Estate (VNQ) | 1.0% | 18.9% | -0.06 | 37.8% |
| Bitcoin (BTCUSD) | 5.1% | 51.6% | 0.28 | 21.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with APG | |
|---|---|---|---|---|
| APG | 15.7% | 43.3% | 0.63 | - |
| Sector ETF (XLI) | 13.4% | 20.1% | 0.58 | 54.8% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 51.9% |
| Gold (GLD) | 11.8% | 16.4% | 0.58 | 7.0% |
| Commodities (DBC) | 8.1% | 18.1% | 0.36 | 11.3% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 43.6% |
| Bitcoin (BTCUSD) | 62.3% | 66.2% | 1.02 | 18.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/29/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | 2.0% | 8.7% | 7.3% |
| 4/30/2026 | -6.0% | -4.8% | -15.7% |
| 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% |
| 2/26/2025 | -0.3% | -8.3% | -8.4% |
| 10/31/2024 | 2.8% | 11.4% | 13.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 12 | 14 |
| # Negative | 15 | 13 | 11 |
| Median Positive | 3.8% | 6.3% | 11.7% |
| Median Negative | -2.0% | -4.1% | -5.7% |
| Max Positive | 7.9% | 14.7% | 23.4% |
| Max Negative | -7.2% | -14.8% | -15.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | 2.0% | 8.7% | 7.3% |
| 4/30/2026 | -6.0% | -4.8% | -15.7% |
| 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% |
| 2/26/2025 | -0.3% | -8.3% | -8.4% |
| 10/31/2024 | 2.8% | 11.4% | 13.8% |
| 8/1/2024 | -4.3% | -14.8% | -7.1% |
| 6/4/2024 | -0.2% | -0.6% | -1.9% |
| 4/15/2024 | 1.9% | -4.1% | -4.5% |
| 2/28/2024 | -2.0% | 6.9% | 10.7% |
| 11/2/2023 | 6.7% | 4.4% | 20.5% |
| 8/3/2023 | -1.5% | -2.2% | -2.6% |
| 5/4/2023 | -2.2% | 0.4% | 5.4% |
| 2/21/2023 | 2.4% | 4.8% | -5.7% |
| 11/3/2022 | 7.9% | 11.0% | 23.0% |
| 8/4/2022 | -7.2% | -3.9% | -15.6% |
| 5/4/2022 | -1.5% | -13.1% | -4.2% |
| 3/1/2022 | -4.6% | -12.7% | 2.7% |
| 11/10/2021 | 7.0% | 11.4% | 5.7% |
| 8/11/2021 | -4.9% | -1.6% | -2.0% |
| 5/12/2021 | -5.7% | -9.1% | 6.1% |
| 3/24/2021 | -1.7% | 3.9% | 12.7% |
| 11/10/2020 | -0.1% | -2.2% | 13.0% |
| SUMMARY STATS | |||
| # Positive | 10 | 12 | 14 |
| # Negative | 15 | 13 | 11 |
| Median Positive | 3.8% | 6.3% | 11.7% |
| Median Negative | -2.0% | -4.1% | -5.7% |
| Max Positive | 7.9% | 14.7% | 23.4% |
| Max Negative | -7.2% | -14.8% | -15.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 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 |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 11/10/2021 | 10-Q |
| 06/30/2021 | 08/11/2021 | 10-Q |
| 03/31/2021 | 05/12/2021 | 10-Q |
| 12/31/2020 | 03/24/2021 | 10-K |
| 09/30/2020 | 11/12/2020 | 10-Q |
| 06/30/2020 | 08/12/2020 | 10-Q |
| 03/31/2020 | 06/02/2020 | 10-Q |
Recent Forward Guidance
Updated 10/29/2026Latest: Q3 2026 Earnings Reported 10/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Revenues | Reported | 9.20 Bil | 9.22 Bil | 9.25 Bil | 3.1% | Raised | Guidance: 8.95 Bil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 1.24 Bil | 1.25 Bil | 1.25 Bil | 1.6% | Raised | Guidance: 1.23 Bil for 2026 | |
| 2026 Adjusted Free Cash Flow Conversion | Reported | 1.1 | -5.0% | Lowered | Guidance: 1.15 for 2026 | |||
Prior: Q2 2026 Earnings Reported 7/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Net Revenues | Reported | 2.38 Bil | 2.40 Bil | 2.42 Bil | ||||
| Q3 2026 Adjusted EBITDA | Reported | 325.00 Mil | 330.00 Mil | 335.00 Mil | ||||
| 2026 Net Revenues | Reported | 8.88 Bil | 8.95 Bil | 9.03 Bil | Raised | Guidance: 8.57 Bil for 2026 | ||
| 2026 Adjusted EBITDA | Reported | 1.21 Bil | 1.23 Bil | 1.25 Bil | Raised | Guidance: 1.18 Bil for 2026 | ||
| 2026 Adjusted Free Cash Flow Conversion | Reported | 1.15 | 0 | Affirmed | Guidance: 1.15 for 2026 | |||
Q1 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Net Revenues | Reported | 2.17 Bil | 2.20 Bil | 2.23 Bil | ||||
| Q2 2026 Adjusted EBITDA | Reported | 300.00 Mil | 305.00 Mil | 310.00 Mil | ||||
| 2026 Net Revenues | Reported | 8.47 Bil | 8.57 Bil | 8.68 Bil | 0.9% | Raised | Guidance: 8.50 Bil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 1.15 Bil | 1.18 Bil | 1.21 Bil | 0.9% | Raised | Guidance: 1.17 Bil for 2026 | |
| 2026 Adjusted Free Cash Flow Conversion | Reported | 1.15 | 0.0% | Affirmed | Guidance: 1.15 for 2026 | |||
Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Net Revenues | Reported | 1.88 Bil | 1.93 Bil | 1.98 Bil | ||||
| Q1 2026 Adjusted EBITDA | Reported | 225.00 Mil | 230.00 Mil | 235.00 Mil | ||||
| 2026 Net Revenues | Reported | 8.40 Bil | 8.50 Bil | 8.60 Bil | 7.9% | Higher New | Actual: 7.88 Bil for 2025 | |
| 2026 Adjusted EBITDA | Reported | 1.14 Bil | 1.17 Bil | 1.20 Bil | 13.6% | Higher New | Actual: 1.03 Bil for 2025 | |
| 2026 Adjusted Free Cash Flow Conversion | Reported | 1.15 | 40.0% | Higher New | Actual: 0.75 for 2025 | |||
Insider Activity
Updated 8/5/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ashken, Ian G H | by Nancy and Ian Ashken Investment Trust LLLP | Sell | 8052026 | 40.36 | 85,072 | 3,433,104 | 370,351,845 | Form | |
| 2 | Lillie, James E | Direct | Sell | 8052026 | 39.84 | 75,000 | 2,988,157 | 48,000,114 | Form | |
| 3 | Lillie, James E | JTOO LLC | Sell | 8052026 | 39.84 | 285,000 | 11,354,995 | 356,680,317 | Form | |
| 4 | Ashken, Ian G H | by Nancy and Ian Ashken Investment Trust LLLP | Sell | 8052026 | 39.91 | 214,928 | 8,577,776 | 369,660,628 | Form | |
| 5 | Malkin, Anthony E | WH Four Winds LLC | Sell | 6222026 | 42.47 | 7,000 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ashken, Ian G H | by Nancy and Ian Ashken Investment Trust LLLP | Sell | 8052026 | 40.36 | 85,072 | 3,433,104 | 370,351,845 | Form | |
| 2 | Lillie, James E | Direct | Sell | 8052026 | 39.84 | 75,000 | 2,988,157 | 48,000,114 | Form | |
| 3 | Lillie, James E | JTOO LLC | Sell | 8052026 | 39.84 | 285,000 | 11,354,995 | 356,680,317 | Form | |
| 4 | Ashken, Ian G H | by Nancy and Ian Ashken Investment Trust LLLP | Sell | 8052026 | 39.91 | 214,928 | 8,577,776 | 369,660,628 | Form | |
| 5 | Malkin, Anthony E | WH Four Winds LLC | Sell | 6222026 | 42.47 | 7,000 | Form | |||
| 6 | Franklin, Martin E | MEF Holdings, LLLP | Sell | 6122026 | 42.08 | 2,000,000 | 84,160,000 | 809,637,126 | Form | |
| 7 | Ashken, Ian G H | by Nancy and Ian Ashken Investment Trust LLLP | Sell | 5062026 | 45.49 | 65,534 | 2,981,085 | 431,113,444 | Form | |
| 8 | Lillie, James E | JTOO LLC | Sell | 5062026 | 45.50 | 59,461 | 2,705,348 | 420,279,608 | Form | |
| 9 | Lillie, James E | Direct | Sell | 5062026 | 45.50 | 15,648 | 711,950 | 58,010,634 | Form | |
| 10 | Ashken, Ian G H | by Nancy and Ian Ashken Investment Trust LLLP | Sell | 5062026 | 44.73 | 1,018,466 | 45,555,819 | 426,848,700 | Form | |
| 11 | Lillie, James E | JTOO LLC | Sell | 5062026 | 44.87 | 225,539 | 10,120,581 | 417,174,538 | Form | |
| 12 | Lillie, James E | Direct | Sell | 5062026 | 44.87 | 59,352 | 2,663,294 | 57,915,930 | Form | |
| 13 | Franklin, Martin E | MEF Holdings, LLLP | Sell | 3192026 | 40.88 | 3,000,000 | 122,640,000 | 868,308,615 | Form | |
| 14 | Jackola, Glenn David | EVP & Chief Financial Officer | Direct | Sell | 3032026 | 44.23 | 18,000 | 796,140 | 443,848 | Form |
| 15 | Lambert, Louis | SVP, Gen Counsel & Secretary | Direct | Sell | 2262026 | 44.71 | 22,000 | 983,620 | 721,977 | Form |
| 16 | Malkin, Anthony E | WH Four Winds LLC | Buy | 1092026 | 39.58 | 3,000 | 118,740 | 277,060 | Form | |
| 17 | Malkin, Anthony E | WH Four Winds LLC | Buy | 1092026 | 39.03 | 2,000 | 78,060 | 156,120 | Form | |
| 18 | Malkin, Anthony E | WH Four Winds LLC | Buy | 1092026 | 39.46 | 2,000 | 78,920 | 78,920 | Form | |
| 19 | Franklin, Martin E | MEF Holdings, LLLP | Sell | 11052025 | 36.09 | 340,000 | 12,271,103 | 684,611,675 | Form | |
| 20 | Franklin, Martin E | MEF Holdings, LLLP | Sell | 11052025 | 35.44 | 260,000 | 9,214,400 | 684,303,518 | Form | |
| 21 | Franklin, Martin E | MEF Holdings, LLLP | Sell | 11052025 | 36.19 | 300,000 | 10,857,199 | 708,207,519 | Form | |
| 22 | Franklin, Martin E | MEF Holdings, LLLP | Sell | 9042025 | 34.64 | 1,200,000 | 41,568,000 | 688,254,886 | Form | |
| 23 | Lillie, James E | Direct | Sell | 8132025 | 35.23 | 25,000 | 880,750 | 50,203,419 | Form | |
| 24 | Lillie, James E | JTOO LLC | Sell | 8132025 | 35.23 | 95,000 | 3,346,850 | 258,873,598 | Form | |
| 25 | Ashken, Ian G H | by Nancy and Ian Ashken Investment Trust LLLP | Sell | 8132025 | 35.24 | 205,550 | 7,243,582 | 280,798,205 | Form | |
| 26 | Lillie, James E | Direct | Sell | 8132025 | 34.88 | 50,000 | 1,744,000 | 50,576,663 | Form | |
| 27 | Lillie, James E | JTOO LLC | Sell | 8132025 | 34.88 | 190,000 | 6,627,200 | 259,615,363 | Form | |
| 28 | Ashken, Ian G H | by Nancy and Ian Ashken Investment Trust LLLP | Sell | 8132025 | 35.01 | 19,450 | 680,944 | 294,038,592 | Form | |
| 29 | Arseniadis, James | VP & Chief Accounting Officer | Direct | Sell | 8052025 | 35.38 | 4,843 | 171,345 | 428,664 | Form |
Investor Activity (13F)
Updated Oct 30, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Lionstone Capital Management LLC | $100.3 Mil | 24.3% | 12 | Hold | 13F |
| Progeny 3, Inc. | $143.5 Mil | 7.7% | 32 | Hold | 13F |
| Gladstone Capital Management LLP | $74.8 Mil | 7.5% | 32 | TRIM -15.4% | 13F |
| Durable Capital Partners LP | $598.7 Mil | 6.2% | 37 | Hold | 13F |
| M.D. Sass, LLC | $56.1 Mil | 4.3% | 36 | TRIM -31.0% | 13F |
| Third Point LLC | $82.3 Mil | 3.9% | 33 | TRIM -32.3% | 13F |
| Spyglass Capital Management LLC | $51.5 Mil | 3.6% | 25 | TRIM -44.5% | 13F |
| One Madison Group LLC | $30.4 Mil | 3.5% | 28 | TRIM -6.3% | 13F |
| 2Xideas AG | $6.2 Mil | 2.4% | 47 | TRIM -19.5% | 13F |
| Gates Capital Management, Inc. | $64.8 Mil | 2.2% | 31 | TRIM -12.7% | 13F |
| Oribel Capital Management, LP | $10.2 Mil | 1.5% | 41 | New | 13F |
| Southernsun Asset Management, LLC | $10.3 Mil | 1.5% | 31 | Hold | 13F |
| Lingotto Investment Management LLP | $12.4 Mil | 0.2% | 34 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| D1 Capital Partners L.P. | $84.3 Mil | 0.8% | 42 | Exited | Dec 31, 2025 | 13F |
| Permian Investment Partners, LP | $57.4 Mil | 6.5% | 11 | Exited | Dec 31, 2025 | 13F |
| TOMS Capital Investment Management LP | $13.5 Mil | 0.9% | 13 | Exited | Dec 31, 2025 | 13F |
| Spyglass Capital Management LLC | $51.5 Mil | 3.6% | 25 | TRIM -44.5% | Mar 31, 2026 | 13F |
| Third Point LLC | $82.3 Mil | 3.9% | 33 | TRIM -32.3% | Mar 31, 2026 | 13F |
| M.D. Sass, LLC | $56.1 Mil | 4.3% | 36 | TRIM -31.0% | Mar 31, 2026 | 13F |
| 2Xideas AG | $6.2 Mil | 2.4% | 47 | TRIM -19.5% | Mar 31, 2026 | 13F |
| Gladstone Capital Management LLP | $74.8 Mil | 7.5% | 32 | TRIM -15.4% | Mar 31, 2026 | 13F |
| Gates Capital Management, Inc. | $64.8 Mil | 2.2% | 31 | TRIM -12.7% | Mar 31, 2026 | 13F |
| One Madison Group LLC | $30.4 Mil | 3.5% | 28 | TRIM -6.3% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Durable Capital Partners LP | $598.7 Mil | 6.2% | 37 | Hold | 13F |
| Progeny 3, Inc. | $143.5 Mil | 7.7% | 32 | Hold | 13F |
| Lionstone Capital Management LLC | $100.3 Mil | 24.3% | 12 | Hold | 13F |
| Third Point LLC | $82.3 Mil | 3.9% | 33 | TRIM -32.3% | 13F |
| Gladstone Capital Management LLP | $74.8 Mil | 7.5% | 32 | TRIM -15.4% | 13F |
| Gates Capital Management, Inc. | $64.8 Mil | 2.2% | 31 | TRIM -12.7% | 13F |
| M.D. Sass, LLC | $56.1 Mil | 4.3% | 36 | TRIM -31.0% | 13F |
| Spyglass Capital Management LLC | $51.5 Mil | 3.6% | 25 | TRIM -44.5% | 13F |
| One Madison Group LLC | $30.4 Mil | 3.5% | 28 | TRIM -6.3% | 13F |
| Lingotto Investment Management LLP | $12.4 Mil | 0.2% | 34 | Hold | 13F |
| Southernsun Asset Management, LLC | $10.3 Mil | 1.5% | 31 | Hold | 13F |
| Oribel Capital Management, LP | $10.2 Mil | 1.5% | 41 | New | 13F |
| 2Xideas AG | $6.2 Mil | 2.4% | 47 | TRIM -19.5% | 13F |
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Construction & Engineering Resources |
| Engineering News-Record (ENR) |
| Construction Dive |
| Civil Engineering Magazine |
External Quote Links
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| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 10/29/2026