APi Group Corporation (APG) Balance Sheet

NYSE: APGAssets, liabilities, debt and equity over 9 years.

APG balance sheet, 2025

December 31, 2025 · U.S. dollars

$8.94B assets = $5.53B liabilities + $3.41B equity

Both columns are drawn to the same scale: what APG owns equals what it owes plus shareholders’ equity. Hover a block for its value.

APG financial health

Current ratio1.50

Comfortable · current assets cover current liabilities 1.50×

Debt / equity0.90

Moderate leverage · $0.90 of debt for each $1 of equity

Equity / assets38.1%

Balanced · of assets funded by shareholders

Cash / debt29.7%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles53.2%

Mostly intangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

APG balance sheet trends, 2017–2025

APi Group Corporation balance sheet trends
Metric	Then	Latest	Change
Total assets	$1.23B2017	$8.94B2025	+28.1%/yr
Total liabilities	$16,0002017	$5.53B2025	+392.4%/yr
Shareholders’ equity	$1.23B2017	$3.41B2025	+13.6%/yr
Cash & short-term investments	$1.23B2017	$912.0M2025	−3.7%/yr
Total debt	$600.0M2018	$3.07B2025	+26.3%/yr
Net cash (debt)	−$546.0M2018	−$2.16B2025	−$1.6B
Working capital	$1.23B2017	$1.08B2025	−$150.7M
Book value per share	$10.162017	$8.192025	−2.7%/yr
Current ratio	76,856.562017	1.502025	−76855.06
Debt / equity	0.952018	0.902025	−0.05
Shares outstanding	121.0M2017	416.0M2025	+16.7%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

APG assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

APG liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

APG debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

APG balance sheet

APi Group Corporation annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017
Assets
Cash & short-term investments	$912.0M	$499.0M	$479.0M	$605.0M	$1.19B	$515.0M	$256.0M	$54.0M	$1.23B
Cash & equivalents	$912.0M	$499.0M	$479.0M	$605.0M	$1.19B	$515.0M	$256.0M	$54.0M	$19.0M
Short-term investments	—	—	—	—	—	—	—	$1.23B	$1.21B
Receivables	$2.05B	$1.90B	$1.83B	$1.77B	$984.0M	$781.0M	$975.0M	$1.00B	$0
Inventory	$145.0M	$143.0M	$150.0M	$163.0M	$69.0M	$64.0M	$58.0M	$56.0M	$0
Other current assets	$125.0M	$119.0M	$122.0M	$112.0M	$385.0M	$77.0M	$53.0M	$27.0M	$9,000
Total current assets	$3.23B	$2.66B	$2.58B	$2.65B	$2.63B	$1.44B	$1.34B	$1.14B	$1.23B
Property, plant & equipment (net)	$698.0M	$647.0M	$618.0M	$629.0M	$427.0M	$462.0M	$507.0M	$328.0M	$0
Goodwill & intangible assets	$4.75B	$4.55B	$4.09B	$4.17B	$1.99B	$2.05B	$2.10B	$524.0M	$0
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$258.0M	$293.0M	$299.0M	$644.0M	$118.0M	$119.0M	$61.0M	$47.0M	$0
Total assets	$8.94B	$8.15B	$7.59B	$8.09B	$5.16B	$4.07B	$4.01B	$2.04B	$1.23B
Liabilities
Accounts payable	$526.0M	$497.0M	$472.0M	$490.0M	$236.0M	$150.0M	$156.0M	$174.0M	—
Short-term debt	$103.0M	$4.0M	$80.0M	$279.0M	$28.0M	$49.0M	$46.0M	$295.0M	—
Deferred revenue	$694.0M	$590.0M	$526.0M	$463.0M	$243.0M	$219.0M	$193.0M	$203.0M	—
Total current liabilities	$2.15B	$1.89B	$1.81B	$1.92B	$867.0M	$841.0M	$823.0M	$999.0M	$16,000
Long-term debt	$2.76B	$2.75B	$2.33B	$2.58B	$1.77B	$1.40B	$1.19B	$305.0M	$0
Lease obligations	$313.0M	$282.0M	$247.0M	$239.0M	$106.0M	$127.0M	$122.0M	$0	—
Other long-term liabilities	$620.0M	$560.0M	$585.0M	$1.46B	$203.0M	$269.0M	$243.0M	$104.0M	$0
Total liabilities	$5.53B	$5.20B	$4.72B	$5.96B	$2.84B	$2.51B	$2.25B	$1.41B	$16,000
Shareholders' equity
Common stock & paid-in capital	$41,500	$27,400	$23,500	$23,300	$2.32B	$17,000	$0	$1.19B	—
Retained earnings (deficit)	$517.0M	$215.0M	−$11.0M	−$164.0M	−$237.0M	−$284.0M	−$128.0M	$663.0M	$2.1M
Accumulated other comprehensive income	−$405.0M	−$567.0M	−$490.0M	−$267.0M	−$14.0M	−$14.0M	$3.0M	−$28.0M	$0
Total shareholders' equity	$3.41B	$2.95B	$2.87B	$2.13B	$2.32B	$1.56B	$1.76B	$633.0M	$1.23B
Key figures
Total debt	$3.07B	$4.0M	$2.57B	$3.03B	$1.87B	$1.54B	$1.31B	$600.0M	—
Net cash (debt)	−$2.16B	$495.0M	−$2.10B	−$2.42B	−$685.0M	−$1.03B	−$1.06B	−$546.0M	—
Working capital	$1.08B	$773.0M	$775.0M	$731.0M	$1.76B	$596.0M	$519.0M	$143.0M	$1.23B
Tangible book value	−$1.34B	−$1.60B	−$1.22B	−$2.04B	$335.0M	−$489.0M	−$344.0M	$109.0M	$1.23B
Book value per share	$8.19	$11.03	$8.13	$5.33	$7.53	$6.13	$6.74	$3.61	$10.16
Shares outstanding	416.0M	267.7M	352.7M	399.1M	308.6M	254.2M	260.9M	175.2M	121.0M
Current ratio	1.50	1.41	1.43	1.38	3.03	1.71	1.63	1.14	76,856.56
Quick ratio	1.38	1.27	1.28	1.24	2.51	1.54	1.50	1.06	76,856.00
Debt / equity	0.90	0.00	0.90	1.42	0.81	0.99	0.75	0.95	—
Equity / assets	38.1%	36.2%	37.8%	26.3%	45.0%	38.3%	43.8%	31.0%	100.0%

APi Group Corporation quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$851.0M	$645.0M	$912.0M	$555.0M	$432.0M	$460.0M	$499.0M	$487.0M	$324.0M	$247.0M	$479.0M	$461.0M
Cash & equivalents	$851.0M	$645.0M	$912.0M	$555.0M	$432.0M	$460.0M	$499.0M	$487.0M	$324.0M	$247.0M	$479.0M	$461.0M
Receivables	$1.71B	$2.08B	$2.05B	$2.14B	$2.05B	$1.84B	$1.90B	$1.90B	$1.82B	$1.71B	$1.83B	$1.81B
Inventory	$172.0M	$156.0M	$145.0M	$148.0M	$154.0M	$150.0M	$143.0M	$155.0M	$155.0M	$148.0M	$150.0M	$155.0M
Other current assets	$801.0M	$140.0M	$125.0M	$164.0M	$160.0M	$135.0M	$119.0M	$152.0M	$152.0M	$123.0M	$122.0M	$226.0M
Total current assets	$3.53B	$3.02B	$3.23B	$3.01B	$2.80B	$2.59B	$2.66B	$2.69B	$2.45B	$2.23B	$2.58B	$2.65B
Property, plant & equipment (net)	$732.0M	$695.0M	$698.0M	$674.0M	$672.0M	$642.0M	$647.0M	$651.0M	$634.0M	$609.0M	$618.0M	$604.0M
Goodwill & intangible assets	$5.38B	$4.95B	$4.75B	$4.79B	$4.80B	$4.58B	$4.55B	$4.66B	$4.60B	$4.02B	$4.09B	$4.03B
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$306.0M	$298.0M	$258.0M	$255.0M	$271.0M	$295.0M	$293.0M	$240.0M	$275.0M	$331.0M	$299.0M	$665.0M
Total assets	$9.95B	$8.97B	$8.94B	$8.72B	$8.54B	$8.10B	$8.15B	$8.24B	$7.96B	$7.19B	$7.59B	$7.95B
Liabilities
Accounts payable	$554.0M	$506.0M	$526.0M	$537.0M	$524.0M	$450.0M	$497.0M	$454.0M	$424.0M	$382.0M	$472.0M	$431.0M
Short-term debt	$406.0M	$102.0M	$103.0M	$99.0M	$100.0M	$95.0M	$4.0M	$94.0M	$86.0M	$180.0M	$80.0M	$328.0M
Deferred revenue	$815.0M	$773.0M	$694.0M	$672.0M	$644.0M	$634.0M	$590.0M	$570.0M	$547.0M	$542.0M	$526.0M	$474.0M
Total current liabilities	$2.54B	$2.11B	$2.15B	$2.03B	$1.93B	$1.76B	$1.89B	$1.78B	$1.66B	$1.65B	$1.81B	$1.90B
Long-term debt	$3.22B	$2.75B	$2.76B	$2.95B	$2.96B	$2.94B	$2.75B	$3.04B	$2.84B	$2.62B	$2.32B	$2.34B
Lease obligations	$319.0M	$310.0M	$313.0M	$294.0M	$303.0M	$283.0M	$282.0M	$282.0M	$267.0M	$248.0M	$247.0M	$242.0M
Other long-term liabilities	$673.0M	$618.0M	$620.0M	$461.0M	$476.0M	$412.0M	$560.0M	$457.0M	$620.0M	$613.0M	$593.0M	$679.0M
Total liabilities	$6.43B	$5.48B	$5.53B	$5.45B	$5.37B	$5.12B	$5.20B	$5.28B	$5.13B	$4.89B	$4.72B	$4.92B
Shareholders' equity
Common stock & paid-in capital	—	—	$41,500	$41,500	$4,150	$27,600	$27,400	$27,400	—	$2.30B	—	$330.0M
Retained earnings (deficit)	$673.0M	$574.0M	$517.0M	$420.0M	$327.0M	$250.0M	$215.0M	$148.0M	$79.0M	$10.0M	−$11.0M	−$36.0M
Accumulated other comprehensive income	−$412.0M	−$397.0M	−$405.0M	−$428.0M	−$418.0M	−$520.0M	−$567.0M	−$481.0M	−$524.0M	−$523.0M	−$490.0M	−$294.0M
Total shareholders' equity	$3.52B	$3.49B	$3.41B	$3.28B	$3.17B	$2.98B	$2.95B	$2.97B	$2.83B	$2.30B	$2.87B	$3.03B
Key figures
Total debt	$3.84B	$3.07B	$3.07B	$3.05B	$3.06B	$3.04B	$4.0M	$3.13B	$3.12B	$2.98B	$2.57B	$2.84B
Net cash (debt)	−$2.99B	−$2.42B	−$2.16B	−$2.50B	−$2.63B	−$2.58B	$495.0M	−$2.65B	−$2.79B	−$2.73B	−$2.10B	−$2.38B
Working capital	$989.0M	$917.0M	$1.08B	$975.0M	$865.0M	$824.0M	$773.0M	$910.0M	$792.0M	$578.0M	$775.0M	$753.0M
Tangible book value	−$1.86B	−$1.46B	−$1.34B	−$1.51B	−$1.63B	−$1.59B	−$1.60B	−$1.70B	−$1.76B	−$1.72B	−$1.22B	−$999.0M
Book value per share	$8.06	$8.01	$8.19	$7.63	$7.63	$7.14	$10.74	$7.17	$6.85	$6.14	$8.14	$7.48
Shares outstanding	436.0M	435.0M	416.0M	429.5M	415.9M	417.4M	275.0M	413.9M	413.6M	374.6M	352.5M	405.1M
Current ratio	1.39	1.44	1.50	1.48	1.45	1.47	1.41	1.51	1.48	1.35	1.43	1.40
Quick ratio	1.01	1.29	1.38	1.33	1.29	1.31	1.27	1.34	1.29	1.19	1.28	1.20
Debt / equity	1.09	0.88	0.90	0.93	0.96	1.02	0.00	1.06	1.10	1.29	0.90	0.94
Equity / assets	35.3%	38.9%	38.1%	37.6%	37.1%	36.8%	36.2%	36.0%	35.6%	32.0%	37.8%	38.1%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 25, 2026); data from EODHD.

APG financial position

At the end of fiscal 2025 (December 31, 2025), APi had total assets of $8.9 billion (up 9.6% from a year earlier), total liabilities of $5.5 billion and shareholders' equity of $3.4 billion. It held $912.0 million in cash and short-term investments against $3.1 billion of debt, net debt of $2.2 billion. Its current ratio was 1.50. In the latest quarter (ended June 30, 2026) total assets were $9.9 billion and equity $3.5 billion.

Related: APG income statement, APG cash flow statement, APG key metrics. See the APG stock overview for the latest quote and news.

APG balance sheet FAQ

What are APi's total assets?

APi reported total assets of $8.9 billion at the end of fiscal 2025 (December 31, 2025), compared with $8.2 billion a year earlier.

How much debt does APi have?

APi had $3.1 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.90.

How much cash does APi have?

APi held $912.0 million in cash and short-term investments at the end of fiscal 2025; with $3.1 billion of debt that is net debt of $2.2 billion.

What is APi's book value?

APi's shareholders' equity (book value) was $3.4 billion at the end of fiscal 2025, or $8.19 per share.

What is APi's current ratio?

APi had current assets of $3.2 billion and current liabilities of $2.1 billion, a current ratio of 1.50 (it can cover its short-term obligations).

How much goodwill does APi have?

APi carried $4.8 billion of goodwill and intangible assets, 53.2% of total assets, at the end of fiscal 2025.