APi Group Corporation (APG) 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

-74.8%

$11.47

vs $45.53 price

Levered DCF

$11.55

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.91

Grey zone

Rating

B-

Overall 2 / 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	-55.45×	-42.82×	-50.15×	151.27×	-39.05×	-8.18×	-6.86×	8.88×
P/B	4.67×	3.26×	2.84×	2.06×	2.28×	1.97×	0.6×	1.92×
P/S	2.01×	1.37×	1.17×	0.67×	1.35×	0.86×	1.06×	0.33×
EV / EBITDA	18.41×	15.64×	15.05×	13.05×	17.56×	31.32×	-31.39×	6.35×
Gross margin	31.4%	31.0%	28.0%	26.1%	23.8%	21.1%	20.1%	21.1%
Operating margin	7.0%	6.9%	5.2%	2.5%	3.5%	-4.6%	-16.3%	4.3%
Net margin	3.8%	3.6%	2.2%	1.1%	1.2%	-4.3%	-15.5%	3.6%
Current ratio	1.5×	1.41×	1.43×	1.38×	3.03×	1.71×	1.63×	1.14×
Debt / equity	0.9×	1.03×	0.9×	1.42×	0.81×	0.99×	0.75×	0.95×
Interest coverage	3.93×	3.32×	2.48×	1.3×	2.27×	-3.19×	-10.73×	7.36×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	6.1%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	54.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.9%	8.5%	5.3%	3.4%	2.0%	-9.8%	-8.7%	21.5%
Return on invested capital	5.9%	5.8%	4.0%	2.0%	1.9%	-4.2%	-5.0%	11.3%
Return on assets	3.4%	3.1%	2.0%	0.9%	0.9%	-3.8%	-3.8%	6.7%
Free cash flow yield	4.2%	5.6%	5.3%	4.4%	2.4%	14.9%	13.3%	3.1%
Earnings yield	1.9%	2.6%	1.9%	1.7%	0.9%	-5.0%	-14.6%	11.2%
Enterprise value	$18.1B	$12.2B	$10.2B	$6.8B	$6B	$4.1B	$2.1B	$1.8B
Net debt / EBITDA	2.2×	3.26×	3.08×	4.64×	2.01×	7.84×	-15.76×	1.97×
Cash conversion cycle (days)	69	72	73	74	71	68	316	84