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Australia's largest natural-gas pipeline owner and operator, also expanding into electricity transmission and renewables.
Australia's largest natural-gas pipeline owner and operator, also expanding into electricity transmission and renewables.
Most pipeline revenue comes from shippers paying for reserved capacity under long contracts, often linked to inflation, so income depends less on how much gas actually flows. Units trade as a stapled security covering two entities, a structure designed to pass most cash on to holders as distributions.
In one line: Australia's Kinder Morgan.
Moat: wide (regulatory licence, scale, installed base). Owns most of Australia's major interstate gas pipeline network — largely irreplaceable infrastructure.
Headquarters: Sydney, Australia · Founded: 2000 · Employees: 2,000
Size APA (APA.AX) is an Australia Utilities company (Gas Distributors) with a market value of $10.4B, the 33rd largest of 316 Australia companies the cockpit tracks. Shares closed at A$11.24 on 6 Nov 2026.
Performance Over six months the shares gained 6.8%, against +1.4% for the median peer and +4.1% for the Australia market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue fell 6.3% over the last twelve months (peer median +3.1%); the operating margin is 37.6% (peer median 19.7%).
Valuation It trades at 49.3× forward earnings against a peer median of 16.6× (most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 13% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is +9 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.9 points below its cost of capital (6.1% WACC).
Credit APA has 14 bonds outstanding ($7.37B), rated BBB by the agencies and trading like A- at a weighted spread of 106 bp.
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$2.98B | A$2.99B | A$3.14B | A$3.02B | A$2.83B |
| Revenue growth | — | -5% | +4% | +6% | — |
| Gross profit | A$1.12B | A$1.13B | A$1.00B | A$900M | A$947M |
| EBITDA | A$2.16B | A$2.18B | A$1.99B | A$1.83B | A$1.62B |
| Net income | A$207M | A$207M | A$99.0M | A$978M | A$263M |
| Free cash flow | A$428M | A$428M | A$366M | A$103M | A$40.0M |
| Capital expenditure | A$845M | A$845M | A$964M | A$1.10B | A$1.18B |
| Total debt | n/a | A$14.2B | A$14.0B | A$13.0B | A$11.6B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | APA.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.1% | +5.4% | 11th highest of 21 |
| 6-month return | +6.8% | +1.4% | 5th highest of 21 |
| Distance from 52-week high | -3.3% | -10.8% | 4th highest of 21 |
| Revenue growth (TTM) | -6.3% | +3.1% | 3rd lowest of 21 |
| Operating margin | 37.6% | 19.7% | 3rd highest of 20 |
| Forward P/E | 49.3× | 16.6× | most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 12.5% | 4.0% | 3rd most demanding of 12 |
| Growth delivered (Del g) | +3.1% | +8.3% | 4th lowest of 12 |
| Hurdle (Req g minus delivered) | +9.4 pp | -4.3 pp | 3rd most demanding of 12 |
| ROIC minus cost of capital | -0.9 pp | -0.6 pp | 9th lowest of 20 |
| EV / EBITDA | 12.7× | 11.9× | 7th most expensive of 18 |
| Net debt / EBITDA | 5.8× | 5.1× | 4th most indebted of 18 |
| Bond spread | 106 bp | 81 bp | widest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| APA APA.AX | Australia | $10.4B | +7% | -6% | 38% | 49.3× | 12.5% | +3.1% |
| Italgas IG.MI | Italy | $10.4B | -12% | +9% | 49% | 12.3× | 2.4% | +11.3% |
| Canadian Utilities CU.TO | Canada | $10.1B | +9% | +1% | 16% | 18.9× | 20.1% | +2.7% |
| ENN Natural Gas 600803.SS | China | $9.83B | +5% | -1% | n/a | 11.8× | -6.1% | +8.4% |
| Centrica CNA.L | United Kingdom | $9.23B | -25% | 0% | 23% | 13.1× | n/a | n/a |
| AltaGas ALA.TO | Canada | $11.8B | +4% | +18% | 9% | 22.5× | n/a | n/a |
| KunLun Energy 0135.HK | Hong Kong | $8.35B | +1% | +6% | 5% | 9.5× | -13.0% | +11.4% |
| Tokyo Gas 9531.T | Japan | $13.1B | -7% | +4% | 7% | 16.3× | -1.8% | +9.9% |
| Osaka Gas 9532.T | Japan | $13.3B | -2% | +1% | 7% | 14.6× | 4.0% | +8.3% |
| DCC Energy DCC.L | United Kingdom | $7.41B | +13% | -14% | 3% | 12.7× | 7.1% | +2.9% |
| Enn Energy 2688.HK | Hong Kong | $7.02B | -17% | +6% | 7% | 7.6× | -3.4% | +8.6% |
| Southwest Gas SWX | United States | $6.62B | +2% | -57% | 29% | 18.9× | n/a | n/a |
| Black Hills BKH | United States | $6.47B | +13% | +3% | 24% | 18.2× | n/a | n/a |
| HK & China Gas 0003.HK | Hong Kong | $17.6B | +3% | +2% | 14% | 21.6× | 8.7% | +5.8% |
| New Jersey Resources NJR | United States | $5.51B | -2% | +7% | 24% | 16.6× | n/a | n/a |
| Spire SR | United States | $5.25B | +4% | +4% | 20% | 17.9× | n/a | n/a |
| Enagas ENG.MC | Spain | $5.22B | +7% | -2% | 21% | 19.4× | 15.0% | -2.2% |
| NiSource NI | United States | $21.2B | -6% | +10% | 27% | 20.3× | n/a | n/a |
| ONE Gas OGS | United States | $5.09B | -5% | -2% | 21% | 16.6× | n/a | n/a |
| Beijing Enterprises 0392.HK | Hong Kong | $4.93B | -3% | +5% | 4% | 6.3× | 7.7% | +6.7% |
| Brookfield Infrastructure BIPC.TO | Canada | $4.91B | +5% | +6% | 60% | 22.0× | n/a | n/a |
APA has 14 bonds outstanding with $7.37B face value. The agencies rate it BBB; its bonds trade like A-. Weighted yield 5.20%, a spread of 106 bp over government bonds.