APi Group Corporation
- Open
- 41.52
- Day high
- 41.88
- Day low
- 41.03
- Prev close
- 42.35
- Volume
- 521K
- Mkt cap
- $17.6B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 5.1
- P/S
- 2.2
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$149.2M over the last 3 months (0 open-market buys, 15 sales)
- 🏛Institutions accumulating (13F)
APi Group Corporation (APG) is a Industrials company listed on NYSE. The stock is up 21% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 15 sales (SEC Form 4).
APi Group Corporation (APG) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
APG earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $0.30 | $0.32 | +6.7% | $2.0B | +3.1% |
| Feb 25, 2026 | $0.40 | $0.44 | +10.0% | $2.1B | +10.8% |
| Oct 30, 2025 | $0.39 | $0.41 | +5.1% | $2.1B | -0.4% |
| Jul 31, 2025 | $0.37 | $0.39 | +5.4% | $2.0B | +0.2% |
| May 1, 2025 | $0.23 | $0.25 | +8.7% | $1.7B | -7.4% |
| Feb 26, 2025 | $0.52 | $0.51 | -1.9% | $1.9B | +1.0% |
| Oct 31, 2024 | $0.51 | $0.51 | +0.0% | $1.8B | -0.9% |
| Aug 1, 2024 | $0.47 | $0.49 | +4.3% | $1.7B | -3.3% |
| May 2, 2024 | $0.32 | $0.34 | +6.3% | $1.6B | +0.2% |
| Feb 28, 2024 | $0.43 | $0.44 | +2.3% | $1.8B | -0.2% |
| Nov 2, 2023 | $0.45 | $0.48 | +6.7% | $1.8B | +1.0% |
| Aug 3, 2023 | $0.40 | $0.41 | +2.5% | $1.8B | +0.1% |
APG insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 23, 2026 | MALKIN ANTHONY Edirector | Sell | 7,000 | $42.47 |
| Jun 12, 2026 | FRANKLIN MARTIN Edirector, 10 percent owner: | Sell | 2,000,000 | $42.08 |
| May 19, 2026 | WHEELER CARRIEdirector | Grant | 6,590 | — |
| May 19, 2026 | MALKIN ANTHONY Edirector | Option | 7,844 | — |
| May 19, 2026 | Thomas V Milroydirector | Tax | 2,538 | $43.25 |
| May 19, 2026 | MALKIN ANTHONY Edirector | Grant | 6,590 | — |
| May 19, 2026 | Thomas V Milroydirector | Grant | 4,047 | — |
| May 19, 2026 | LILLIE JAMES Edirector | Option | 4,740 | — |
| May 19, 2026 | Loop Pauladirector | Option | 4,740 | — |
| May 19, 2026 | ASHKEN IAN G Hdirector | Grant | 4,047 | — |
| May 19, 2026 | ASHKEN IAN G Hdirector | Option | 4,740 | — |
| May 19, 2026 | Walker Cyrus D.director | Option | 4,740 | — |
| May 19, 2026 | LILLIE JAMES Edirector | Grant | 4,047 | — |
| May 19, 2026 | Loop Pauladirector | Grant | 4,047 | — |
| May 19, 2026 | Thomas V Milroydirector | Option | 4,740 | — |
Source: APG SEC Form 4 filings, latest Jun 23, 2026. For informational purposes only — not investment advice.
See the full APG insider & 13F page →APi Group Corporation company profile
Overview
APi Group Corporation (NYSE:APG) is a diversified industrial services company that provides safety, specialty, and industrial solutions across North America, Europe, Australia, and the Asia-Pacific region. Founded in 1926 and headquartered in New Brighton, Minnesota, the company went public in April 2020 following a reverse merger. APi Group has grown significantly through strategic acquisitions, most notably the 2022 acquisition of Chubb Fire & Security from Carrier Global, which more than doubled its size and transformed it into a leading provider of fire protection and security services.
Business
APi Group operates in the industrial services sector, providing critical safety and infrastructure solutions to commercial, industrial, and government customers. The company operates through three main business segments that collectively generate approximately $7 billion in annual revenue. The Safety Services segment represents the largest portion of the business, accounting for roughly 75% of total revenues at approximately $5.25 billion annually. This segment focuses on fire protection systems, which include the design, installation, inspection, monitoring, and maintenance of fire suppression systems, fire alarms, and sprinkler systems in buildings. The segment also provides heating, ventilation, and air conditioning (HVAC) solutions and security and entry systems. These are integrated occupancy systems that ensure buildings meet safety codes and operate efficiently. The fire protection industry is heavily regulated, requiring regular inspections and maintenance, which creates a substantial recurring revenue base. The Specialty Services segment generates approximately 20% of revenues at around $1.4 billion annually. This segment provides infrastructure services including maintenance and repair of underground utilities such as electric, gas, water, sewer, and telecommunications infrastructure. The segment also offers engineering, design, fabrication, and installation services for specialized industrial facilities. This work is essential for maintaining the backbone infrastructure that supports modern commerce and residential life. The Industrial Services segment accounts for the remaining 5% of revenues. This segment focuses on pipeline infrastructure, access road construction, and integrity management services primarily for the energy industry, particularly in transmission and distribution operations. These services support the oil, gas, and utility sectors in maintaining and expanding their infrastructure networks.
Revenue model
APi Group generates revenue through multiple complementary business models that create both project-based and recurring income streams. The company's revenue mix is strategically shifting toward higher-margin recurring services, with management targeting 60% of revenues from inspection, service, and monitoring activities by 2025. Project-based revenue comes from the design and installation of new fire protection systems, HVAC systems, security systems, and infrastructure projects. These are typically larger, one-time contracts that can range from hundreds of thousands to millions of dollars. Customers include commercial real estate developers, industrial manufacturers, healthcare systems, educational institutions, and government entities who need new facilities equipped with safety systems. Recurring service revenue represents the company's most profitable and predictable income stream. This includes mandatory fire system inspections required by building codes, ongoing monitoring services for fire and security systems, preventive maintenance contracts, and repair services. These services generate steady monthly or annual fees and have high customer retention rates since switching providers involves significant regulatory and operational complexity. Monitoring and subscription revenue comes from 24/7 monitoring of fire alarm and security systems, where APi Group operates central monitoring stations that alert emergency services when systems are triggered. This creates predictable monthly recurring revenue similar to a software-as-a-service model. The company's margins are influenced by several key factors. Positive margin drivers include the increasing mix of higher-margin inspection and service work, pricing power due to regulatory requirements and switching costs, operational scale advantages in procurement, and the ability to cross-sell multiple services to existing customers. Margin pressures can come from labor cost inflation in skilled trades, material cost volatility, competitive bidding on large projects, and economic downturns that may delay capital projects. However, the recurring nature of much of the business provides stability even during economic uncertainty.
Competitive moat
APi Group possesses a moderate to strong economic moat built primarily around regulatory requirements, switching costs, and operational scale advantages. The fire protection and safety services industry benefits from significant barriers to entry and customer stickiness. The company's strongest moat comes from regulatory compliance requirements. Fire protection systems must be inspected and maintained by certified technicians according to strict building codes and insurance requirements. Once APi Group installs a system, customers face substantial switching costs including re-certification processes, liability concerns, and the need to retrain staff on new systems. This creates high customer retention rates, with the company reporting contract loss rates of less than 0.4% compared to 1.5% in 2019. Technical expertise and certification requirements create additional barriers. The company employs thousands of certified technicians who must maintain specialized licenses and training. New competitors would need years to build similar technical capabilities and customer trust. APi Group's scale also provides advantages in recruiting and training skilled technicians, procurement of specialized equipment, and geographic coverage that allows for efficient service delivery. The company's local market presence through hundreds of branch locations creates geographic moats. Emergency repairs and inspections require rapid response times, making local presence essential. This branch network also enables cross-selling opportunities across multiple service lines. However, the moat faces some challenges. Competitive threats include regional competitors who may offer lower prices on project work, technology disruption in monitoring services, and potential customer consolidation that could increase bargaining power. The skilled labor shortage in trades also creates ongoing cost pressures. Additionally, while the inspection and monitoring business is sticky, the project installation work is more commoditized and price-competitive.
Risks & safety
APi Group demonstrates a moderate margin of safety with solid financial fundamentals but elevated valuation metrics that require careful consideration. **Liquidity and Solvency:** 1. Strong cash position of $460 million provides operational flexibility 2. Current ratio of 1.47 indicates adequate short-term liquidity coverage 3. Debt-to-equity ratio of 1.02 reflects moderate leverage following the Chubb acquisition 4. Net leverage ratio of 2.2x EBITDA is within management's target range of 2-2.5x 5. Positive free cash flow generation of $50 million in Q1 2025, with full-year 2024 free cash flow of $536 million **Valuation Concerns:** 1. Price-to-earnings ratio of 70.8x appears elevated relative to industrial services peers 2. EV/EBITDA of 19.0x suggests premium valuation that may limit downside protection 3. Price-to-book ratio of 3.3x indicates market expectations for continued growth and margin expansion **Other Considerations:** 1. Variable cost structure (approximately 70%) provides operational flexibility during downturns 2. Recurring revenue base (54% from inspection/service/monitoring) offers earnings stability 3. Management's track record of margin expansion and integration execution supports premium valuation 4. Strong free cash flow conversion supports capital allocation flexibility including share repurchases and acquisitions
Recent development
Over the past several years, APi Group has undergone significant strategic transformation focused on margin expansion and recurring revenue growth. The most pivotal development was the acquisition of Chubb Fire & Security from Carrier Global in January 2022, which more than doubled the company's size and established it as a leading fire protection services provider. The company has successfully integrated this acquisition, realizing over $90 million of the targeted $125 million in value capture opportunities. Strategic repositioning toward higher-margin services has been a key focus, with management implementing an "inspection-first" business model that prioritizes recurring revenue streams. The company has increased its inspection, service, and monitoring revenue mix from 52% to 54% of total revenues, targeting 60% by 2025. This shift involves disciplined customer and project selection, pruning unprofitable branches, and improving pricing discipline. Operational excellence initiatives have driven significant margin expansion, with adjusted EBITDA margins improving from approximately 8% in 2022 to 12.7% in 2024, targeting 13% by 2025. The company has invested in business process transformation, technology enablement programs, and procurement optimization to achieve these improvements. Geographic and service expansion has included entering the elevator and escalator services market through the acquisition of Elevated Facility Services, representing a new growth vector with significant cross-selling potential. The company continues its bolt-on acquisition strategy, completing 10 acquisitions in 2024 and targeting $250 million in annual M&A spending focused on fire safety, security, and elevator services. Capital allocation discipline has improved with the company reducing net leverage from over 3x to 2.2x EBITDA while simultaneously returning capital to shareholders through a new $1 billion share repurchase program, having repurchased $75 million in shares during Q1 2025.
APG company profile · for informational purposes only — not investment advice.
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