# APA Group (APA.AU)

Canonical: https://gigainvestors.com/s/APA.AU

Analysis as of: 2026-10-16T07:35:51.106Z. Financial observations: FY2001–FY2026.

Listing currency: AUD. Reporting currency: AUD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: AUD 11.19 per share; close as of 2026-10-15.

Estimated value: low AUD 3.37 per share, central AUD 3.71 per share, high AUD 4.15 per share. Buy at or below the central value AUD 3.71 per share. Valuation as of 2026-10-16T07:35:51.106Z; scenarios are not confidence intervals.

Expected annual return: 4.8% at the stated quote. About 4.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AU 10-year bond 5.2% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 0.10×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.39×

- FY2018: 0.40×

- FY2019: 0.39×

- FY2020: 0.38×

- FY2021: 0.34×

- FY2022: 0.33×

- FY2023: 0.31×

- FY2024: 0.30×

- FY2025: 0.33×

- FY2026: 0.38×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 27.2pp below the typical margin (limit 4pp)

- ROIC, median of available years: 5.1%

- ROIC, second-lowest year: 4.9%

- Typical minus recent gross margin: 27.2 pp

- Typical gross margin (annual median): 65.1%

- Recent gross margin (lower of latest and 3-year median): 37.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 26.6%

- ROIC including acquisitions, ten-year median: 2.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 4.9%

- FY2018: 4.9%

- FY2019: 4.9%

- FY2020: 5.3%

- FY2021: 5.1%

- FY2022: 5.1%

- FY2023: 4.8%

- FY2024: 6.2%

- FY2025: 5.1%

- FY2026: 5.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.13×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 2.0B

- Net income, five-year total: AUD 1.8B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -0.7 pp

- Working capital / revenue, final three-year average: 9.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.15×

- FY2023: 0.96×

- FY2024: 0.99×

- FY2025: 1.14×

- FY2026: 1.88×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 4.9% vs 5.5%

- Per-share earnings: 0.21 to 0.18 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.7%

- Ordinary dilution, 5-year annual growth: 2.3%

- Market cap gain: AUD 3.2B

- Cumulative retained earnings: AUD 53M

- Diluted shares, 10-year annual growth: 1.7%

- Diluted shares, 5-year annual growth: 2.3%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -2.2%

- Per-share value change: AUD -0.03

- Per-share value, starting three-year median: AUD 0.21

- Per-share value, ending three-year median: AUD 0.18

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.1%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: AUD 1.7B

- Cumulative net income, 10 years: AUD 2.9B

- ROIC, first three-year median: 4.9%

- ROIC, last three-year median: 5.5%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 0.21

- FY2018: AUD 0.22

- FY2019: AUD 0.24

- FY2020: AUD 0.27

- FY2021: AUD -0.04

- FY2022: AUD 0.20

- FY2023: AUD 0.21

- FY2024: AUD 0.76

- FY2025: AUD 0.08

- FY2026: AUD 0.18

### accounting: pass

- Sloan accruals: -5.0%

- Receivables to sales index (DSRI): 1.16×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 5.35×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.70×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -4.9%

- FY2018: -5.0%

- FY2019: -4.7%

- FY2020: -4.7%

- FY2021: -7.2%

- FY2022: -4.5%

- FY2023: -5.7%

- FY2024: -0.9%

- FY2025: -5.9%

- FY2026: -5.0%

## Holders

## Price story

Price needs cash profits to grow 17.6% a year for ten years · sales -4.8%

Story as of 2026-10-16T10:00:06.212Z; price observation 2026-10-15.

Price needs cash profits to grow 17.6% a year for ten years

### Sales · FY2025–2026

sales -4.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 2.3B 

- FY2018: AUD 2.4B 

- FY2019: AUD 2.4B 

- FY2020: AUD 2.6B 

- FY2021: AUD 2.6B 

- FY2022: AUD 2.7B 

- FY2023: AUD 2.8B 

- FY2024: AUD 3.0B 

- FY2025: AUD 3.1B 

- FY2026: AUD 3.0B 

### Gross margin · FY2026

gross margin 37.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 92.3% 

- FY2018: 92.2% 

- FY2019: 92.5% 

- FY2020: 92.7% 

- FY2021: 36.0% 

- FY2022: 33.8% 

- FY2023: 33.4% 

- FY2024: 92.8% 

- FY2025: 31.8% 

- FY2026: 37.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in utilities regulated gas; annual sales are AUD 3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.106Z); FY2026: revenue 2992000000; grossProfit 1134000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); APA.AU: APA Group engages in the energy infrastructure business in Australia. The company operates through Energy Infrastructure, Asset Management, and Energy Investments segments. It provides natural gas transmission, gas processing, compression and storage, electricity transmission, energy connectivity, gas-fired power generation, solar farms, wind farms, renewable energy generation, battery energy storage, microgrid and bundled energy system services. The company offers high-pressure gas transmission pipelines and interconnected gas grids, electricity interconnectors, renewable energy assets, battery storage systems, and energy infrastructure asset management services. In addition, it engages in electricity generation. Further, the company has interests in approximately 15,000 kilometers of gas transmission pipelines; and approximately 800 kilometers high-voltage electricity transmission, including 290 kilometers deep-sea cable. The company was incorporated in 2007 and is headquartered in Sydney, Australia.

### Why customers stay

Margins ranged from 31.8% to 92.8% during 2024–26; it earns 5.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.106Z); FY2024: grossProfit / revenue = 92.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.106Z); FY2025: grossProfit / revenue = 31.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.106Z); FY2026: grossProfit / revenue = 37.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.106Z); 10-year return on capital observations [[2017,0.04866194717159272],[2018,0.049287700810118115],[2019,0.04925007790913017],[2020,0.0530426166652738],[2021,0.05132216032358674],[2022,0.05097821796408773],[2023,0.048093058733791],[2024,0.062201710453377634],[2025,0.05080954891181565],[2026,0.05518867924528302]]; median 0.05089388343795169. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.106Z); FY2017: growth capex 0; upkeep 340753000; owner earnings 466114000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.106Z); FY2018: growth capex 267344371.54818535; upkeep 607685628.4518147; owner earnings 236069371.54818535. Growth capex / owner earnings = 1.1324822436510629.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.106Z); FY2019: growth capex 0; upkeep 581384000; owner earnings 317987000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.106Z); FY2020: growth capex 0; upkeep 427318000; owner earnings 526618600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.106Z); FY2021: growth capex 0; upkeep 432928000; owner earnings 186663800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.106Z); FY2022: growth capex 0; upkeep 689045000; owner earnings 265260000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.106Z); FY2023: growth capex 430000000; upkeep 750000000; owner earnings 251453658.53658536. Growth capex / owner earnings = 1.7100566462326376.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.106Z); FY2024: growth capex 177000000; upkeep 919000000; owner earnings 964000000. Growth capex / owner earnings = 0.18360995850622408.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.106Z); FY2025: growth capex 0; upkeep 964000000; owner earnings 112506976.74418604. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.106Z); FY2026: growth capex 0; upkeep 824000000; owner earnings 438800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.106Z); Dividend observations: [[2017,479152000],[2018,490295000],[2019,536905000],[2020,572249000],[2021,601746000],[2022,613546000],[2023,638000000],[2024,582000000],[2025,573000000],[2026,453000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 6.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); APA.AU SharesStats.PercentInsiders = 6.447 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 17.6% yearly over ten years; actual growth was 4.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.106Z); Ten-year compound average after fade. Initial solved rate 0.24219458158347185. Price 11.19; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.21945208995366627 → FY2026 0.3314660544163319. Closing-price date 2026-10-15.

## Monthly share-price history (AUD per share)

- 2016-10: AUD 7.93 per share

- 2016-11: AUD 7.94 per share

- 2016-12: AUD 8.54 per share

- 2017-01: AUD 8.39 per share

- 2017-02: AUD 8.43 per share

- 2017-03: AUD 8.93 per share

- 2017-04: AUD 9.13 per share

- 2017-05: AUD 9.54 per share

- 2017-06: AUD 9.14 per share

- 2017-07: AUD 8.59 per share

- 2017-08: AUD 8.83 per share

- 2017-09: AUD 8.32 per share

- 2017-10: AUD 8.53 per share

- 2017-11: AUD 9.30 per share

- 2017-12: AUD 8.30 per share

- 2018-01: AUD 8.03 per share

- 2018-02: AUD 8.00 per share

- 2018-03: AUD 7.88 per share

- 2018-04: AUD 8.35 per share

- 2018-05: AUD 8.69 per share

- 2018-06: AUD 9.85 per share

- 2018-07: AUD 9.65 per share

- 2018-08: AUD 10.00 per share

- 2018-09: AUD 9.98 per share

- 2018-10: AUD 9.60 per share

- 2018-11: AUD 8.80 per share

- 2018-12: AUD 8.50 per share

- 2019-01: AUD 9.18 per share

- 2019-02: AUD 10.01 per share

- 2019-03: AUD 9.98 per share

- 2019-04: AUD 9.62 per share

- 2019-05: AUD 10.14 per share

- 2019-06: AUD 10.80 per share

- 2019-07: AUD 11.04 per share

- 2019-08: AUD 11.01 per share

- 2019-09: AUD 11.46 per share

- 2019-10: AUD 11.65 per share

- 2019-11: AUD 11.00 per share

- 2019-12: AUD 11.10 per share

- 2020-01: AUD 11.33 per share

- 2020-02: AUD 10.74 per share

- 2020-03: AUD 10.26 per share

- 2020-04: AUD 10.92 per share

- 2020-05: AUD 11.61 per share

- 2020-06: AUD 11.13 per share

- 2020-07: AUD 11.00 per share

- 2020-08: AUD 10.43 per share

- 2020-09: AUD 10.33 per share

- 2020-10: AUD 10.49 per share

- 2020-11: AUD 10.35 per share

- 2020-12: AUD 9.65 per share

- 2021-01: AUD 9.79 per share

- 2021-02: AUD 9.29 per share

- 2021-03: AUD 10.02 per share

- 2021-04: AUD 10.03 per share

- 2021-05: AUD 9.23 per share

- 2021-06: AUD 8.90 per share

- 2021-07: AUD 9.53 per share

- 2021-08: AUD 9.18 per share

- 2021-09: AUD 8.72 per share

- 2021-10: AUD 8.20 per share

- 2021-11: AUD 9.53 per share

- 2021-12: AUD 10.06 per share

- 2022-01: AUD 9.56 per share

- 2022-02: AUD 10.05 per share

- 2022-03: AUD 10.67 per share

- 2022-04: AUD 11.49 per share

- 2022-05: AUD 11.38 per share

- 2022-06: AUD 11.27 per share

- 2022-07: AUD 11.65 per share

- 2022-08: AUD 11.09 per share

- 2022-09: AUD 9.59 per share

- 2022-10: AUD 10.51 per share

- 2022-11: AUD 11.19 per share

- 2022-12: AUD 10.76 per share

- 2023-01: AUD 10.56 per share

- 2023-02: AUD 10.73 per share

- 2023-03: AUD 10.12 per share

- 2023-04: AUD 10.28 per share

- 2023-05: AUD 10.04 per share

- 2023-06: AUD 9.69 per share

- 2023-07: AUD 10.00 per share

- 2023-08: AUD 8.99 per share

- 2023-09: AUD 8.30 per share

- 2023-10: AUD 8.24 per share

- 2023-11: AUD 8.53 per share

- 2023-12: AUD 8.54 per share

- 2024-01: AUD 8.49 per share

- 2024-02: AUD 7.85 per share

- 2024-03: AUD 8.41 per share

- 2024-04: AUD 8.32 per share

- 2024-05: AUD 8.24 per share

- 2024-06: AUD 7.99 per share

- 2024-07: AUD 7.91 per share

- 2024-08: AUD 7.59 per share

- 2024-09: AUD 7.76 per share

- 2024-10: AUD 6.97 per share

- 2024-11: AUD 7.22 per share

- 2024-12: AUD 6.97 per share

- 2025-01: AUD 6.82 per share

- 2025-02: AUD 7.38 per share

- 2025-03: AUD 7.90 per share

- 2025-04: AUD 8.22 per share

- 2025-05: AUD 8.29 per share

- 2025-06: AUD 8.17 per share

- 2025-07: AUD 8.39 per share

- 2025-08: AUD 8.81 per share

- 2025-09: AUD 8.88 per share

- 2025-10: AUD 9.18 per share

- 2025-11: AUD 9.26 per share

- 2025-12: AUD 8.97 per share

- 2026-01: AUD 8.86 per share

- 2026-02: AUD 9.20 per share

- 2026-03: AUD 9.95 per share

- 2026-04: AUD 10.34 per share

- 2026-05: AUD 10.08 per share

- 2026-06: AUD 10.14 per share

- 2026-07: AUD 10.19 per share

- 2026-08: AUD 10.89 per share

- 2026-09: AUD 10.61 per share

- 2026-10: AUD 11.01 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 5.41 per share, central AUD 6.80 per share, high AUD 7.89 per share

- FY2018: low AUD 2.93 per share, central AUD 3.68 per share, high AUD 4.28 per share

- FY2019: low AUD 3.07 per share, central AUD 3.56 per share, high AUD 4.09 per share

- FY2020: low AUD 4.20 per share, central AUD 4.82 per share, high AUD 5.45 per share

- FY2021: low AUD 3.63 per share, central AUD 4.06 per share, high AUD 4.64 per share

- FY2022: low AUD 3.44 per share, central AUD 4.07 per share, high AUD 4.63 per share

- FY2023: low AUD 2.78 per share, central AUD 3.11 per share, high AUD 3.56 per share

- FY2024: low AUD 3.17 per share, central AUD 3.76 per share, high AUD 4.30 per share

- FY2025: low AUD 3.01 per share, central AUD 3.67 per share, high AUD 4.21 per share

- FY2026: low AUD 3.40 per share, central AUD 3.73 per share, high AUD 4.18 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Excluded another issuer's SEC filing https://www.sec.gov/Archives/edgar/data/1841666/000184166626000015/apa-20251231.htm; this company is analysed without it.

Prior published observations retained from 2026-10-15T06:41:36.347Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.