Quality Investor
About 

APi Group Corporation

Rank #278Op. Leverage

APG · NYSE · Industrials

APi Group Corporation (APG) — Rank #278 by gross profitability (GP/assets 0.25) · ROE 8.6% · Piotroski F-Score 8 / 9.

As-of 2026-09-15 · CIK 0001796209 · all metrics point-in-time as of the filing date.

About

APi Group Corporation provides fire and life safety, security, elevator and escalator, and specialty services worldwide.

Show more

It operates in two segments, Safety Services and Specialty Services. The company offers fire protection solutions; electronic security systems; and elevators and escalators, including the design, installation, inspection, service, and monitoring of life safety systems to high tech services, advanced manufacturing, healthcare, fulfillment and distribution centers, and critical infrastructure end markets. It also provides various specialty contracting, fabrication and distribution, and infrastructure and utility services to critical infrastructure, high tech services, and healthcare end 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.

Industry
Engineering & Construction
Sector
Industrials
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
December 31

Price History

APG+142.7% · +19.4% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

$15.93B

P/E (annual)

—

P/S (annual)

2.0

P/B

4.5

P/OCF (annual)

21.0

Shareholder Yield

-3.5%

Employees

29,000

Industry

Engineering & Construction

Exchange

NYSE

Signal Flags

5 green1 yellow
Revenue growth acceleratingGrowth rate increasing year over year
Operating leverage expandingOperating income growing faster than revenue
Deferred revenue growingRevenue and deferred revenue both growing — retention signal
RPO outpacing revenueRemaining performance obligations growing faster than recognized revenue — forward demand building
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 1-quarter streak
Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation

Quality Profile

Profitability

1/1 pass
GP / assets
0.25
Return on equity
8.6%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.83
Current ratio
1.39×
Net cash
-$2.67B

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
0.6%

Growth

1/2 pass
Revenue growth
12.7%
Piotroski F-Score
8 / 9
Share dilution
3.5%

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

9.7%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 3.5% — per-share value needs a total required return of 13.2% once share-count change is priced in.

vs. own 6-year median revenue growth: 11.3%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

5.3%

r = 10% (base)

9.7%

r = 12%

13.5%

Net debt / market cap: 17.4%

Base FCF: $663M3Y mean FCF: $542.3M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / S

Price / revenue per share

2.4xExpensive
0.6xmed 0.8x2.4x

P / B

Price / book value per share

5.5xExpensive
1.0xmed 2.0x5.5x

P / GP

Price / gross profit per share

7.5xExpensive
2.4xmed 3.0x8.5x

P / FCF

Price / free cash flow per share

28.1xExpensive
4.6xmed 13.3x28.1x

Operating margin expansion and free cash flow are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.25

Primary signal (Novy-Marx).

19th pctl of 98 SIC 73 peers

Return on equity

8.6%

Gross margin

31.4%

11th pctl of 97 SIC 73 peers

Revenue growth (YoY)

12.7%

RPO growth (YoY)

18.6%

Remaining performance obligations growth — RPO > revenue = forward demand building.

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

6.5%

Revenue CAGR (5Y)

17.1%

Earnings CAGR (3Y)

60.5%

FCF CAGR (3Y)

51.4%

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.83

2nd pctl of 87 SIC 73 peers (best = lowest)

Current ratio

1.39×

25th pctl of 97 SIC 73 peers

Quick ratio

1.01×

Net cash

-$2.67B

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$663.00M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

1.20

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

0.6%

Stock-based comp intensity.

Piotroski F-Score

F-Score

8 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20202025
Hypergrowth
Value
Capital Return
Op. Leverage
View full financial statements →