NASDAQ: APA
APA
Energy · Crude Petroleum & Natural Gas
52-week range
$21.63$52.96
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$11.4B
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| Period | Market cap |
|---|---|
| FY2019, ended Dec 31, 2019 | $9.62B |
| FY2020, ended Dec 31, 2020 | $5.36B |
| FY2021, ended Dec 31, 2021 | $9.32B |
| FY2022, ended Dec 31, 2022 | $14.5B |
| FY2023, ended Dec 31, 2023 | $10.8B |
| FY2024, ended Dec 31, 2024 | $8.41B |
| FY2025, ended Dec 31, 2025 | $8.64B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $11.4B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.No figures for this period in the company’s filings.
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$1.68B
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| Period | Net income |
|---|---|
| FY2019, ended Dec 31, 2019 | −$3.55B |
| FY2020, ended Dec 31, 2020 | −$4.86B |
| FY2021, ended Dec 31, 2021 | $973M |
| FY2022, ended Dec 31, 2022 | $3.67B |
| FY2023, ended Dec 31, 2023 | $2.85B |
| FY2024, ended Dec 31, 2024 | $804M |
| FY2025, ended Dec 31, 2025 | $1.43B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.68B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$444M
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| Period | Cash and cash equivalents |
|---|---|
| FY2019, ended Dec 31, 2019 | $247M |
| FY2020, ended Dec 31, 2020 | $262M |
| FY2021, ended Dec 31, 2021 | $302M |
| FY2022, ended Dec 31, 2022 | $245M |
| FY2023, ended Dec 31, 2023 | $87.0M |
| FY2024, ended Dec 31, 2024 | $625M |
| FY2025, ended Dec 31, 2025 | $516M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $444M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$3.74B
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| Period | Total debt |
|---|---|
| FY2019, ended Dec 31, 2019 | — |
| FY2020, ended Dec 31, 2020 | $8.77B |
| FY2021, ended Dec 31, 2021 | $7.51B |
| FY2022, ended Dec 31, 2022 | $5.45B |
| FY2023, ended Dec 31, 2023 | $5.19B |
| FY2024, ended Dec 31, 2024 | $6.04B |
| FY2025, ended Dec 31, 2025 | $4.49B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $3.74B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 6.8% since 2019.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.350M
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| Period | Shares outstanding |
|---|---|
| FY2019, ended Dec 31, 2019 | 376M |
| FY2020, ended Dec 31, 2020 | 378M |
| FY2021, ended Dec 31, 2021 | 347M |
| FY2022, ended Dec 31, 2022 | 311M |
| FY2023, ended Dec 31, 2023 | 302M |
| FY2024, ended Dec 31, 2024 | 364M |
| FY2025, ended Dec 31, 2025 | 353M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 350M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.—
Net: —
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| Period | Paid to employees |
|---|---|
| FY2019, ended Dec 31, 2019 | $138M |
| FY2020, ended Dec 31, 2020 | $47.0M |
| FY2021, ended Dec 31, 2021 | $175M |
| FY2022, ended Dec 31, 2022 | $348M |
| FY2023, ended Dec 31, 2023 | $84.0M |
| FY2024, ended Dec 31, 2024 | $49.0M |
| FY2025, ended Dec 31, 2025 | $107M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | — |
Revenue (TTM)
—
—
Net income (TTM)
$1.68B
+55.1% YoY
Cash
$444M
+315% YoY
Total debt
$3.74B
−17.8% YoY
Valuation
At current price- Market Cap
- $18.5B
- P/E
- 11.0×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- —. Market cap / revenue (TTM)
- Price / Book
- 2.6×
- EV / EBITDA
- 3.6×
Growth
Trailing 12 months- Revenue (TTM)
- —
- Revenue Growth YoY
- —. TTM vs. TTM a year earlier
- Revenue CAGR 3Y
- —. Compound annual growth over the last 3 fiscal years
- Revenue CAGR 5Y
- —. Compound annual growth over the last 5 fiscal years
- EPS Growth YoY
- 64.0%
- Net Income Growth YoY
- 55.1%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- —
- Net Margin
- —
- FCF Margin
- —. Free cash flow / revenue
- Return on Equity
- 25.9%
Earnings
Trailing 12 months- Net Income
- $1.68B
- EPS (diluted)
- $4.74
- EBITDA
- $6.01B
- Operating Income
- $3.82B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $444M
- Total Debt
- $3.74B
- Net Debt
- $3.30B
- Total Assets
- $18.0B
- Total Liabilities
- $10.0B
- Shareholders' Equity
- $7.02B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $4.53B
- Capital Expenditure
- —
- Free Cash Flow
- —. Operating cash flow − capital expenditure
Dividends and risk
Last 12 months- Dividend Yield
- 1.9%
- Dividend / Share
- $1.00
- Beta (5Y)
- 0.43
Every ratio is calculated from the company’s reported figures.
Note
Net debt of $3.30B is 0.5× EBITDA, a manageable load.
Strength
Share count is down 2.1% in a year, from buybacks.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 26, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K43Serious concerns
43Serious concerns
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 28, 2025 · Read the filing on EDGAR
- Net income fell to $804 million from $2.9 billion, hit by $1.1 billion of impairments, lower oil and gas prices and no repeat of 2023's tax benefit.
- Oil and gas revenue rose about 11% to $8.2 billion and production rose 12%, helped by the $4.5 billion Callon acquisition completed in April 2024.
- APA will stop North Sea production before 2030 because new UK taxes and regulations make the required investment uneconomic.
- APA approved its $10.5 billion (total project) GranMorgu oil development offshore Suriname, with first oil expected in 2028, and sold about $1.6 billion of non-core assets.
Business momentum
Sharp deterioration
“During 2024, the Company reported net income attributable to common stock of $804 million, or $2.27 per diluted share, compared to net income of $2.9 billion, or $9.25 per diluted share, in 2023.”
Outlook
Positive
“At current strip pricing, the Company expects to generate significant cash flow over this capital activity budget.”
Financial stress
Low
“The Company believes its available liquidity and capital resource alternatives, combined with proactive measures to adjust its capital budget to reflect volatile commodity prices and anticipated operating cash flows, will be adequate to fund short-term and long-term operations”
Tone against the previous report
About the same
Red flags
- Medium
Large write-down
“Net income in 2024 was primarily impacted by impairments of $1.1 billion, which included oil and gas property impairments of $796 million in the North Sea and $315 million in the U.S.”
Positives
Operating cash flow rose 16% to $3.6 billion
“The Company generated $3.6 billion of cash from operating activities in 2024, which was $491 million or 16 percent higher than 2023.”
US oil production jumped after Callon and more drilling
“The Company’s drilling was primarily focused on oil prospects, and combined with the Callon acquisition, oil production increased approximately 63 percent in the U.S. compared to the prior year.”
Go-ahead for first Suriname oil development
“In October 2024, the Company announced that its subsidiary reached a positive final investment decision for the first oil development, named GranMorgu, in Block 58 offshore Suriname.”
Concerns
US natural gas prices collapsed
“The Company’s U.S. realizations averaged $0.71 per Mcf in 2024, a 61 percent decrease from an average of $1.80 per Mcf in 2023.”
Growing cleanup bill on sold Gulf properties
“Apache estimates that its potential liability to fund the remaining decommissioning of Legacy GOA Assets and assets previously sold to other operators ranges from $1.0 billion to $1.4 billion on an undiscounted basis.”
Slower payments from Egypt's state oil company
“the Company’s receivable balance from EGPC in the past year has gradually increased as payments for the Company’s Egyptian oil and gas sales have been delayed for periods longer than historically experienced”
New risks since the previous report
Planned North Sea shutdown before 2030
“The Company determined the expected returns do not economically support making investments required under the combined impact of the regulations, and it will cease production at its facilities in the North Sea prior to 2030.”
UK windfall tax set to rise to 38% and run longer
“Such changes, effective for the period of November 1, 2024, through March 31, 2030, would increase the levy to 38 percent, remove certain allowances, and extend the EPL period.”
Weak Permian gas prices forcing production cuts
“the Company curtailed production in the Permian Basin in the second half of 2024 in response to weakness in Waha natural gas and NGL prices”
Large, long-dated Suriname project spending
“Total investment is estimated at $10.5 billion, with APA’s share of the investment subject to the existing agreement with TotalEnergies to carry a portion of Apache’s appraisal and development capital.”
Lower prices reducing estimated reserves
“For the year ended December 31, 2024, the Company recognized downward reserve revisions related to decreases in commodity prices during the year.”
Biggest risks named
- Oil and gas price swings
- Cleanup costs on sold Gulf of America properties
- Egypt's economy, currency shortage and delayed payments
- UK windfall tax, regulation and North Sea shutdown
- Delays and cost overruns on large projects such as Suriname
Artificial intelligence in this business: Not mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −15 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −3 | |
| New risks | −2 | |
| Score | 43 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 26, 2026 | Pro | |||
| 10-K | Feb 28, 2025 | 43 | Sharp deterioration | 1 medium | |
| 10-K | Feb 22, 2024 | 49 | Weakening | 1 minor | |
| 10-K | Feb 23, 2023 | 73 | Strong improvement | None | |
| 10-K | Feb 22, 2022 | 72 | Strong improvement | 1 medium1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 6, 2026. View filings on SEC EDGAR