Forensic Analysis · Professional & Commercial Services · as of Nov 9, 2026
APi Group Corp (APG)
A forensic read on APi Group Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Grey Zone
Financial health
2.0
Distress distance
Clean
Earnings quality
4
Forensic signals
9.5%
ROE
12.7%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
APi Group Corp earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 2.0, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
7.0%
FY2025
Return on invested capital.Return on invested capital is 7.0% in the latest fiscal year and rising across FY2023–FY2025 from 4.5%. After-tax operating profit was $237M in FY2023 and $405M in FY2025, with operating income at 5.2% of revenue in FY2023, 6.9% in FY2024 and 7.0% in FY2025. The capital base behind it went from $5.3B in FY2023 to $5.8B in FY2025 (+10%), while the revenue it carried went from $6.9B to $7.9B. Across FY2024–FY2025, $1.1B went into capital expenditure and acquisitions against $165M of depreciation. The base is struck net of amortisation, write-downs and the current liabilities that fund it, so it moved by less than that spending net of the wear, and this row does not say which of those absorbed the difference.
+8.6%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +18% over the last 2 years to FY2025 (+8.6%/yr). The count is growing — 352.7M shares in FY2023, 415.7M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~8.6% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~15%.
0.6% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 0.6% of revenue and 7% of free cash flow in FY2025 — about $0.11 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 8.6% a year across FY2023–FY2025, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
$4M
FY2023
Goodwill impairments.Took $4M of goodwill writedowns across 1 year (FY2023 ($4M)) — about 3% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$7.91B
Revenue Growth YoY+12.7%
Revenue CAGR (2yr)+6.9%
Net Margin3.8%
Free Cash Flow$663.0M
Return on Equity9.5%
Debt / Equity0.81x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from APi Group Corp's actual 10-K/10-Q/8-K filings?