APA Corporation (APA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+75.1%

$85.97

vs $49.10 price

Levered DCF

$93.26

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.23

Grey zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	6.13×	10.13×	3.87×	4.22×	10.34×	-1.1×	-2.71×	262.5×
P/B	1.44×	1.54×	4.16×	36.64×	-6.31×	-3.27×	2.96×	1.41×
P/S	0.98×	0.84×	1.33×	1.4×	1.26×	1.21×	1.49×	1.36×
EV / EBITDA	2.41×	3.28×	3.42×	2.86×	4.74×	-6.02×	21.39×	4.15×
Gross margin	37.3%	44.2%	51.1%	56.5%	44.3%	20.4%	29.5%	43.0%
Operating margin	30.8%	32.9%	40.6%	45.9%	33.7%	3.9%	6.9%	26.8%
Net margin	16.1%	8.3%	34.5%	33.2%	14.2%	-107.9%	-54.2%	0.5%
Current ratio	0.82×	1.15×	1.02×	0.93×	1.12×	1.41×	1.06×	1.22×
Debt / equity	0.79×	1.17×	2×	13.29×	-4.77×	-5.42×	2.68×	1.15×
Interest coverage	9.89×	8.44×	10.15×	15.78×	6.44×	0.4×	1.11×	4.85×
Dividend yield	4.1%	4.3%	2.8%	1.3%	0.5%	2.7%	3.9%	3.8%
Payout ratio	25.1%	43.9%	10.8%	5.6%	4.6%	-3.1%	-10.7%	955.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	23.5%	15.2%	107.5%	868.6%	-71.2%	291.9%	-108.0%	0.6%
Return on invested capital	10.0%	14.0%	25.9%	34.8%	16.3%	1.5%	2.7%	3.0%
Return on assets	7.5%	4.1%	18.7%	27.9%	8.5%	-37.5%	-19.4%	0.2%
Free cash flow yield	20.3%	9.4%	7.0%	16.4%	23.7%	2.1%	-1.0%	-1.3%
Earnings yield	16.3%	9.9%	25.8%	23.7%	11.3%	-89.2%	-36.4%	0.4%
Enterprise value	$13.1B	$13.7B	$16.3B	$20.9B	$17.4B	$14B	$18.1B	$17.5B
Net debt / EBITDA	0.79×	1.33×	1.1×	0.74×	2×	-3.71×	10.01×	1.78×
Cash conversion cycle (days)	10	20	53	22	43	80	44	32