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Fire-safety, security and specialty-services company (acquired Chubb Fire & Security in 2023) serving commercial buildings.
Fire-safety, security and specialty-services company (acquired Chubb Fire & Security in 2023) serving commercial buildings.
Earns from two kinds of work: installing fire-protection, security and electrical systems in new buildings, which follows construction, and inspecting, testing and servicing systems already installed under recurring contracts, which law and insurance often require. The service side is the steadier part, and the company has pushed its mix toward it. It bought Chubb's fire and security business from Carrier.
Moat: narrow (installed base, regulatory licence, scale). Recurring inspection/service contracts and licensing requirements create switching costs.
Headquarters: New Brighton, Minnesota, US · Founded: 1926 · Employees: 29,000
Size APi (APG) is a United States Industrials company (Engineering & Construction) with a market value of $17.5B, the 534th largest of 3,117 United States companies the cockpit tracks. Shares closed at $40.87 on 6 Nov 2026.
Performance Over six months the shares fell 7.2%, against -18.1% for the median peer and -1.1% for the United States market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 16.4% over the last twelve months (peer median +0.8%); the operating margin is 6.7% (peer median 6.3%).
Valuation It trades at 20.7× forward earnings against a peer median of 12.9× (3rd most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 28% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is +11 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 4.7 points below its cost of capital (11.4% WACC).
Backlog Backlog (remaining performance obligations) was $4.86B at 30 Sep 2026, up 35% on a year earlier — 0.5 years of trailing revenue. Backlog detail →
Short interest Short interest is 2.4% of the free float (15 Oct 2026).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $8.91B | $7.91B | $7.02B | $6.93B | $6.56B |
| Revenue growth | — | +13% | +1% | +6% | — |
| Gross profit | $2.50B | $2.26B | $1.96B | $1.74B | $1.52B |
| EBITDA | $955M | $839M | $793M | $662M | $496M |
| Net income | $367M | $302M | $250M | $153M | $73.0M |
| Free cash flow | $673M | $663M | $536M | $428M | $191M |
| Capital expenditure | $102M | $96.0M | $84.0M | $86.0M | $79.0M |
| Total debt | $3.89B | $3.07B | $3.04B | $2.57B | $3.03B |
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.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| APi APG | $17.5B | -7% | +16% | 7% | 20.7× | 27.8% |
| Johnson Controls JCI | $81.8B | -3% | +9% | 16% | 21.3× | 17.8% |
| Honeywell Technologies HON | $69.8B | -1% | -17% | 18% | 23.2× | 4.1% |
| Securitas SECU-B.ST | $9.22B | +4% | -5% | 7% | 12.3× | -4.9% |
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 | APG | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.2% | +2.6% | 10th lowest of 21 |
| 6-month return | -7.2% | -18.1% | 6th highest of 21 |
| Distance from 52-week high | -18.2% | -29.7% | 5th highest of 21 |
| Revenue growth (TTM) | +16.4% | +0.8% | 3rd highest of 21 |
| Operating margin | 6.7% | 6.3% | 10th highest of 20 |
| Forward P/E | 20.7× | 12.9× | 3rd most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 27.8% | 3.4% | 2nd most demanding of 15 |
| Growth delivered (Del g) | +17.1% | +11.8% | 4th highest of 15 |
| Hurdle (Req g minus delivered) | +10.6 pp | -9.5 pp | most demanding of 15 |
| ROIC minus cost of capital | -4.7 pp | +1.0 pp | 2nd lowest of 20 |
| EV / EBITDA | 22.1× | 10.9× | most expensive of 13 |
| Net debt / EBITDA | 3.7× | 1.7× | 4th most indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| APi APG | United States | $17.5B | -7% | +16% | 7% | 20.7× | 27.8% | +17.1% |
| WSP Global WSP.TO | Canada | $17.5B | -19% | +10% | 10% | 14.4× | 0.0% | +15.7% |
| Bouygues EN.PA | France | $18.3B | -18% | -1% | 5% | 12.9× | -0.8% | +10.4% |
| Cellnex Telecom CLNX.MC | Spain | $19.6B | -7% | 0% | 13% | n/a | 29.7% | +22.5% |
| China Railway 601390.SS | China | $15.1B | -13% | -7% | 4% | 6.0× | n/a | n/a |
| MasTec MTZ | United States | $14.0B | -58% | +26% | 5% | 15.0× | 21.6% | +17.7% |
| Geberit GEBN.SW | Switzerland | $22.1B | +14% | +3% | 29% | 29.8× | 6.6% | +1.2% |
| China Energy Engineering 601868.SS | China | $13.6B | -18% | -5% | 4% | 17.9× | n/a | n/a |
| Acciona ANA.MC | Spain | $13.4B | -16% | +8% | 6% | 19.8× | 8.2% | +25.6% |
| China Communications Construction 601800.SS | China | $12.8B | -12% | -4% | 3% | 6.8× | n/a | n/a |
| Kajima 1812.T | Japan | $12.5B | -27% | +4% | 8% | 10.8× | -1.9% | +10.0% |
| Skanska SKA-B.ST | Sweden | $12.1B | +16% | -6% | 4% | 17.1× | 8.3% | +2.0% |
| ACS, Actividades de Construccion y Servicios ACS.MC | Spain | $26.0B | -37% | +10% | 3% | 20.6× | -2.6% | +11.2% |
| Emcor EME | United States | $26.6B | -34% | +22% | 10% | 15.5× | 6.2% | +14.1% |
| Eiffage FGR.PA | France | $11.5B | -20% | +5% | 10% | 9.3× | -6.9% | +9.4% |
| Power Construction Corporation of China 601669.SS | China | $11.5B | -20% | -2% | 4% | 8.4× | n/a | n/a |
| China Railway Construction 1186.HK | Hong Kong | $11.4B | -22% | -5% | 4% | 3.2× | n/a | n/a |
| Sichuan Road & Bridge 600039.SS | China | $11.4B | +8% | +8% | 10% | 9.7× | -5.0% | +12.3% |
| China State Construction Engineering 601668.SS | China | $28.3B | -4% | -9% | n/a | 5.6× | n/a | n/a |
| Taisei 1801.T | Japan | $10.8B | -38% | +2% | 9% | 9.9× | 0.6% | +7.1% |
| Tetra Tech TTEK | United States | $10.3B | +33% | -8% | 12% | 24.0× | 8.3% | +12.7% |
APi reported $4.86B of remaining performance obligations at 30 Sep 2026, up 35% from a year earlier and up 20% from the previous quarter. That is 0.5 years of trailing revenue already under contract. Book-to-bill last quarter: 1.31.