APAAPA Corp

Crude Petroleum & Natural Gas

Revenue: —
Operating margin: —
EBITDA: $5.4B; 14% YoY
Market cap: $18.6B
Employees: 1,791
Net debt / EBITDA: 0.6×; $3.3B net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
3 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$14M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
317% of net income
Cash flow under 80% of net income
Dilutive SBCNo
—
Over 10% of revenue
Payouts exceed cash flowNo
8% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
86% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$18.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Operating income	$2.9B	$5.6B	$3.7B	$2.4B	$3.1B	26%
Net income	$973M	$3.7B	$2.9B	$804M	$1.4B	78%
Operating cash flow	$3.5B	$4.9B	$3.1B	$3.6B	$4.5B	26%
Stock-based comp	$175M	$348M	$84M	$49M	$107M	118%
Dividends	$52M	$207M	$308M	$353M	$360M	2.0%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $1M · 2
Net: −$1M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$13M	$20M	197	295
FY2024	$11M	$6M	176	281
FY2023	$14M	$3M	265	285
FY2022	$14M	$37M	337	273
FY2021	$15M	$28M	191	171