Energy · Oil & Gas Exploration & Production · US stock · price as of 22 Oct 2026
Key indicators
Price
$49.44
52-week range
$21.63 – $50.50
Market cap
$17.5B
P/E (trailing)
10.5×
EV / EBITDA
3.5×
Free-cash-flow yield
25.9%
Dividend yield
2.5%
Revenue (last 12 months)
–
Revenue growth (3y a year)
–
Operating margin
–
Return on invested capital
29.2%
Net debt / EBITDA
0.5×
Fair value
Fair value (average of valid models)$55.27 middle half of models $46 – $58
Versus priceFair+12% to fair value
P/E multiple
$46.26
P/B multiple
$46.51
EV/EBITDA multiple
$58.71
EV/EBIT multiple
$56.45
Dividend discount, stable
$46.44
Dividend discount, multi-stage
$77.23
Model uncertainty
Medium
X-Ray Score
62/ 100 · Low confidence · ahead of 80% of sector peers
Valuation64
Growth29
Profitability94
Financial health48
Dividends71
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
APA Corporation is an independent company that explores for and produces crude oil, natural gas and natural gas liquids. Its operations include assets in the United States, Egypt and the North Sea, and exploration activity offshore Suriname. Revenue comes from selling the oil and gas it produces at market prices, so results depend on commodity prices, production volumes and the cost of drilling and operating.
Return on invested capital is 29%. Net debt to EBITDA is 0.5 times. It pays a dividend with a yield of 2.5%. Return on invested capital describes how much profit the business earns relative to the money put into it.
StocksXray gives APA Corp an X-Ray Score of 62 out of 100 (low confidence), ahead of 80% of the S&P 500 stocks in its sector. Its strongest lens is profitability (94) and its weakest is growth (29).
Our fair value (the average of the valid models) is $55.27 (range $46.46 to $58.15). At $49.44 the stock trades 11% below that value, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
APA Corp (APA)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$23.17
$40.87
$32.19
$21.43
$23.90
$49.44
Market cap
$8.7B
$13.6B
$9.9B
$7.6B
$8.6B
$17.5B
P/E
8.9×
3.7×
3.5×
9.4×
6.0×
10.5×
EV / revenue
–
–
–
–
–
–
EV / EBITDA
3.8×
2.8×
3.1×
3.0×
2.3×
3.5×
Price / free cash flow
2.5×
2.8×
3.2×
2.1×
1.9×
3.9×
Free-cash-flow yield
40.2%
36.3%
31.5%
47.9%
53.0%
25.9%
Price / book
–
32.2×
3.7×
1.4×
1.4×
2.5×
Dividend yield
1.03%
1.84%
3.11%
4.67%
4.18%
2.53%
Fundamentals checklist ● 4 Good · ● 4 Average · ● 2 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−15.9%Good
Risk models
Altman Z score2.1×Bad
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)−28.7%Bad
Balance sheet
Current ratio0.9×Average
Net debt / EBITDA0.5×Good
Interest cover13.4×Average
Valuation
Fair value vs price1.1×Average
EBIT / EV yield18.4%Good
Profitability
Return on invested capital29.2%Good
XStocksXray
APA Corp (APA)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
–
–
–
–
–
–
Gross profit
–
–
–
–
–
–
Operating income
2,860
5,565
3,696
2,444
3,087
3,820
Net income
973
3,674
2,855
804
1,434
1,677
Diluted EPS ($)
2.59
11.02
9.25
2.27
3.99
4.71
Free cash flow
3,496
4,943
3,129
3,620
4,545
4,528
Gross margin
–
–
–
–
–
–
Operating margin
–
–
–
–
–
–
Net margin
–
–
–
–
–
–
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
13,303
13,147
15,244
19,390
17,761
17,973
Cash
302
245
87
625
516
444
Total debt
7,510
5,453
5,188
6,044
4,493
3,743
Equity
-1,595
423
2,655
5,280
6,093
7,021
Dividend per share ($)
0.24
0.75
1.00
1.00
1.00
1.00
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
