At a glance
Api Group Corp is worth $17.58B. Revenue grew 12.7% to $7.91B in fiscal 2025, with 3.8% kept as profit; over 5 years it has grown 17.1% a year. It pays no dividend; it spent $160.0M buying back its shares over FY2021–FY2025. The stock returned +20.5% over the past year with dividends reinvested and +23.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 49.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months after the low.
The business in plain English
APi Group provides safety and specialty services to customers across many industries. Its main work is designing, installing, inspecting, servicing and monitoring fire protection, electronic security, and elevator and escalator systems. By law, nearly all facilities with life safety systems, such as fire sprinklers, must have them inspected at least once a year. APi sells those inspections first, then aims to win the repair and service work that follows, which tends to recur. Its focus markets include high tech, advanced manufacturing, healthcare, distribution centers and critical infrastructure.
APi has two reporting segments, or divisions. Safety Services (fire protection, security, and elevators and escalators in North America, Europe and Asia-Pacific) brought in $5.46 billion, or 69% of $7.91 billion in revenue for the year ended December 31, 2025. Specialty Services (specialty contracting, infrastructure and utility work, and fabrication and distribution in North America) added $2.46 billion, or 31%. About 65% of revenue came from the United States and 9% from France.
Acquisitions are central to its strategy: APi has completed 140 since 2005 in industries it calls highly fragmented, meaning work is split among many competitors. A decentralized model gives local leaders wide authority across more than 500 locations in over 20 countries. The business needs little investment in equipment; capital spending is typically below 1.5% of revenue.
Price history
The interactive chart needs JavaScript.
APG +20.5% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Life Safety | $5.46B | 69% |
| Specialty Contracting | $1.09B | 13.8% |
| Infrastructure and Utility | $1.02B | 12.9% |
| Fabrication and Distribution | $342.0M | 4.3% |
By business segment
| Safety Services | $5.46B | 69% |
| Specialty Services | $2.46B | 31.1% |
By geography
| United States | $5.18B | 65.5% |
| Other | $2.04B | 25.8% |
| France | $691.0M | 8.7% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $2.55B, up 22.5% from a year earlier, and net income was $114.0M (+22.6%).
- For fiscal 2025, revenue was $7.91B (+12.7% year over year; +17.1% a year from FY2020 to FY2025) with a 3.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +17.1% good |
|---|---|
| Operating margin | 7% watch |
| Free cash flow margin | 8.4% watch |
| Return on equity (FY2025) | 8.9% watch |
| Return on assets (FY2025) | 3.4% watch |
| Net cash (cash minus debt) | $-3.20B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $3.59B | $-153.0M | $458.0M |
| FY2021 | $3.94B | $47.0M | $127.0M |
| FY2022 | $6.56B | $73.0M | $191.0M |
| FY2023 | $6.93B | $153.0M | $428.0M |
| FY2024 | $7.02B | $250.0M | $536.0M |
| FY2025 | $7.91B | $302.0M | $663.0M |
Valuation snapshot
| Market value | $17.58B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Api Group’s market value went from $5.17B at the end of 2021 to $17.58B on Oct 28, 2026, about 3.4 times as much; since the end of 2025 it is up 10%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $17.58B | +10.5% |
| 2025 | $15.91B | +61.0% |
| 2024 | $9.88B | +21.3% |
| 2023 | $8.15B | +85.2% |
| 2022 | $4.40B | -14.9% |
| 2021 | $5.17B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| APG price data to Oct 28, 2026 | +8.1% | +20.5% | +34.6% | +23.4% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +8.1% |
| 2025 | +59.5% |
| 2024 | +4.0% |
| 2023 | +83.9% |
| 2022 | -27.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 46.8% over that stretch · deepest drop along the way 49.6%, back to its old high 8.9 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 42 sales ($328.7M), 37 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 19, 2026 | Martin E Franklin Director, 10% owner | sell | $122.6M |
| Jun 11, 2026 | Martin E Franklin Director, 10% owner | sell | $84.2M |
| May 4, 2026 | Ian G H Ashken Director | sell (plan) | $38.0M |
| Aug 3, 2026 | James E Lillie Director | sell (plan) | $11.3M |
| Aug 3, 2026 | Ian G H Ashken Director | sell (plan) | $8.6M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 7.6% | Jun 30, 2025 |
| JANUS HENDERSON GROUP PLC | 5.3% | Sep 30, 2025 |
| T. Rowe Price Associates, Inc. | 4.8% | Sep 30, 2025 |
| VIKING GLOBAL INVESTORS LP | 2.8% | Jun 30, 2025 |
ETFs with the most weight in APG
| RSHO Tema American Reshoring ETF | 4.35% |
| SOVF Sovereign's Capital Flourish Fund | 1.49% |
| NANC Unusual Whales Subversive Democratic Trading ETF | 0.91% |
| CGMM Capital Group U.S. Small and Mid Cap ETF | 0.79% |
| TMSL T. Rowe Price Small-Mid Cap ETF | 0.7% |
| IFRA iShares U.S. Infrastructure ETF | 0.54% |
| IQSM NYLI Candriam U.S. Mid Cap Equity ETF | 0.39% |
| VBR Vanguard Small Cap Value ETF | 0.28% |
What could go wrong
- Acquisition strategy may not pay off. APi has completed 140 acquisitions since 2005. Deals can disappoint or use up significant resources, and the premium paid for acquired companies, called goodwill, could later be written down, cutting reported earnings.
- Liability if an installed system fails. APi installs and services fire, security and elevator systems. If one fails through faulty work or design, claims could be large, and it self-insures against many potential liabilities, paying claims itself.
- Debt load and interest-rate exposure. As of June 30, 2026, debt totaled about $3.52 billion versus $851 million in cash. Higher rates raise the cost of its floating-rate borrowings, which reset with the market, and could complicate refinancing.
- Big software overhaul could stumble. In 2024, APi began replacing older systems at acquired businesses with new core business software, rolling it out worldwide in phases over several years. Delays, cost overruns or disruption to field work could follow.
- Fixed-price contracts and rising material costs. On fixed-price jobs, APi bears the extra cost if it underestimates expenses. Some contracts also leave it exposed to higher supply and material prices, which tariffs could push up.
- Construction downturns and project spending cuts. APi's businesses depend partly on construction activity and infrastructure investment. A construction downturn, tighter credit for large projects or changing government budgets could reduce demand, and already-signed work can be canceled.
Recent events
- Quarterly results released
- Quarterly results released
- Investor presentation or announcement
- Investor presentation or announcement
- Shareholder vote results
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Quarterly results released
- Quarterly results released
- Other company announcement
For income and retirement investors
APi Group did not pay a dividend as of October 28, 2026, and paid none in fiscal 2021 through 2025, so it offers no regular income. Returns depend on the share price, and retirees needing cash would have to sell shares. The company bought back $160 million of stock over those five years, including $75 million in 2025. That is modest next to its 2025 free cash flow of $663 million, the cash left after operating costs and capital spending.
In the 2022 bear market, a broad and prolonged decline, APi Group dropped 49.6% from its January 4 peak to its September 30 low. It regained that peak by June 28, 2023, about nine months after the low. Its largest drop in the year to October 28, 2026, was 25.6%. Earlier crashes in 2008 and 2020 fall outside the price history available here. Like any single stock, APi Group carries more risk than a diversified fund.
Questions investors ask
How does APi Group make money?
APi Group makes most of its money from safety services. Its Safety Services segment, which inspects, installs, services and monitors fire protection, security and elevator systems, generated $5.46 billion, or 69% of revenue, in the year ended December 31, 2025. Specialty Services, which covers specialty contracting, infrastructure and utility work, and fabrication and distribution, generated $2.46 billion, or 31%. Required inspections often lead to repair and service work, which the company says builds recurring revenue.
Does APi Group pay a dividend?
No. APi Group paid no dividends in fiscal 2021 through 2025 and had no dividend yield as of October 28, 2026. Instead, it has focused on acquisitions, completing 140 since 2005, and modest share buybacks totaling $160 million over fiscal 2021 through 2025, including $75 million in 2025. For income investors, that means returns depend on the share price, and raising cash would mean selling shares.
Is APi Group profitable?
Yes, on a net income basis. APi Group earned $302 million on $7.91 billion of revenue in 2025, a 3.8% net profit margin, and produced $663 million of free cash flow, the cash left after operating costs and capital spending. Net income has risen every year since a $153 million loss in 2020. However, diluted earnings per share, which measure profit available to common shareholders, were negative $0.69 for 2025, so a standard price-to-earnings ratio isn't meaningful.
How did APi Group stock do in the 2022 bear market?
It fell sharply, then recovered. APi Group shares dropped 49.6% from their January 4, 2022 peak to their September 30, 2022 low, then regained that peak by June 28, 2023, about nine months after the bottom. The stock lost 27.0% in calendar 2022, then gained 83.9% in 2023, 4.0% in 2024 and 59.6% in 2025. As of October 28, 2026, its one-year beta was 1.27, meaning it tended to swing more than the overall market.
Are APi Group insiders selling stock?
Yes. Insider filings for the year to October 29, 2026, show at least 42 sales worth about $329 million combined and no purchases. The largest came from director and 10% owner Martin E. Franklin: about $122.6 million of stock on March 19, 2026, and $84.2 million on June 11, 2026. Most sales, 37 in all, used prearranged trading plans that set terms in advance; Franklin's two largest did not. Insiders sell for many reasons, so sales alone don't reveal their view of the business.