Does APi Group Corporation have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores APi Group Corporation (APG) 51.1 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 29, returns on capital 35, balance-sheet safety 100, capital discipline 60.

Is APG stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $1.73 per share versus a recent price of $40.12 — 2225% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has APG's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 51.1 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

APi Group Corporation

APG · Technology · $17.3B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power29

Median gross margin 25.0% over 8y, stable.

Returns on capital35

Median ROIC 9.0%, above the 9% hurdle in 50% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline60

Owner earnings +18.7%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

2225% above value

Owner earnings (normalized): $67.0M
Est. intrinsic value / share: $1.73
Recent price: $40.12
Discount to value: 2225% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

9 years of fundamentals

The business, in plain English

APi Group Corporation booked $7.9B of revenue in FY2025 in the Technology sector and kept 31.4% of it as gross profit — a moderate-margin business by that measure. After every other cost, 3.8% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $3.7B (FY2018) to $7.9B (FY2025) — about 11.3% a year compounded over 7 years.

It earned 16.2% on invested capital in FY2025, with a median of 9.0% across 8 filed years. The Returns on Capital filter above scores it 35/100.

The balance sheet carried $2.8B of total debt in FY2022. Balance-Sheet Safety scores it 100/100.

The share count rose 115.0% between FY2020 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 60/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (100/100) and Pricing Power the weakest (29/100), which is how APG lands at 51/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$7.9B FY2025

Gross marginRevenue kept after cost of goods31.4% FY2025

Return on invested capitalOperating profit on the capital employed16.2% FY2025

Owner earningsCash an owner could take out$206.0M FY2025

Gaps in a line mean that item isn’t in APG’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale51.1 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — APG has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#188 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#186CSGP COSTAR GROUP, INC.51.5 out of 100, Shallow moatShallow moat
#187YEXT YEXT, INC.51.2 out of 100, Shallow moatShallow moat
#189TTWO Take-Two Interactive Software, Inc.50.7 out of 100, Shallow moatShallow moat
#190NTWK NETSOL TECHNOLOGIES, INC.50.5 out of 100, Shallow moatShallow moat

Compare APG with its nearest peers →All Technology companies on the Index →

Common questions about APG

Does APi Group Corporation have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores APi Group Corporation (APG) 51.1 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 29, returns on capital 35, balance-sheet safety 100, capital discipline 60.
Is APG stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $1.73 per share versus a recent price of $40.12 — 2225% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has APG's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 51.1 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell APG. See the disclaimer.