APGAPi Group Corp

Services-To Dwellings & Other Buildings

Revenue: $7.9B; 13% YoY
Operating margin: 7.0%; 1.5% YoY
EBITDA: $639M; 13% YoY
Market cap: $7.5B
Employees: 29,000; $273K revenue each
Net debt / EBITDA: 3.5×; $2.2B net debt
AI in 10-K: 0.4; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
251% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
10% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
38% of assets
Over 40% of assets
Shareholder dissentNo
81% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$273K · 19th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 18th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$7.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$361M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.9B	$6.6B	$6.9B	$7.0B	$7.9B	13%
Operating income	$136M	$162M	$359M	$484M	$554M	14%
Net income	$47M	$73M	$153M	$250M	$302M	21%
Operating cash flow	$182M	$270M	$514M	$620M	$759M	22%
Capex	$55M	$79M	$86M	$84M	$96M	14%
Stock-based comp	$12M	$18M	$29M	$32M	$44M	38%
Buybacks	$0	$44M	$41M	$0	$75M

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
May 6, 2026	FRANKLIN MARTIN E	SCHEDULE 13D/A	13.1%	Passive
Jan 9, 2026	FRANKLIN MARTIN E	SCHEDULE 13D/A	12.7%	Passive
Jan 2, 2026	FRANKLIN MARTIN E	SCHEDULE 13D/A	12.9%	Passive
Nov 5, 2025	FRANKLIN MARTIN E	SCHEDULE 13D/A	10.1%	Passive
Jan 3, 2025	FRANKLIN MARTIN E	SCHEDULE 13D/A	11.1%	Passive
Nov 14, 2024	FRANKLIN MARTIN E	SC 13D/A	10.6%	Passive
Apr 19, 2024	FRANKLIN MARTIN E	SC 13D/A	12.0%	Passive
Mar 1, 2024	Blackstone Holdings III L.P.	SC 13D/A	4.8%	Passive
Jan 3, 2024	FRANKLIN MARTIN E	SC 13D/A	13.6%	Passive
Aug 16, 2023	Blackstone Holdings III L.P.	SC 13D/A	9.4%	Passive

Insider trading

Open-market buys, 12 mo: $276K · 3
Open-market sells, 12 mo: $361M · 47
Net: −$361M

Pay vs performance

No pay-versus-performance disclosure yet.