NASDAQ · Energy

APA Corporation

APA · Oil & Gas E&P

$42.02

▲ 1.89 (4.71%)

Data cached · refreshes every 10 min

Mr. Market is currently offering APA Corporation at $42.02.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 40.6%

Operating Margin 30.8%

Net Income Margin 16.1%

Fin. Health F

Years to Pay Off Debt 3.2 yrs

Working Capital vs Long-Term Debt -$4.7B

Working Capital -$450M

Valuation F

Margin of Safety 0.0%

Price-to-Book 2.44x

Cash Flow C

Free Cash Flow $1.8B

CapEx % of Net Income 192.9%

Owner Earnings $6.5B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $14.8B

Enterprise Value $19.4B

P/E (TTM) 10.53

Dividend Yield 2.49%

Exchange NASDAQ

Key Margins

Gross Profit 40.6%

Operating Margin 30.8%

Net Margin 16.1%

Company Info

Sector Energy

Industry Oil & Gas E&P

Employees 1791

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering APA Corporation at $42.02.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $42.02, the stock trades at a 7% premium to its Graham Number of $39.34. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About APA Corporation

APA Corporation, an independent energy company, explores for, develops, and produces natural gas, crude oil, and natural gas liquids. The company has oil and gas operations in the United States, Egypt, and North Sea. It also has exploration and appraisal activities in Suriname, as well as holds interests in projects located in Uruguay and internationally. APA Corporation was incorporated in 1954 and is headquartered in Houston, Texas.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	40.6% ▼	44.2%	51.1%	56.5%	N/A
Operating Margin %	30.8% ▼	32.9%	40.6%	45.9%	N/A
Net Income %	16.1% ▲	8.3%	34.5%	32.5%	N/A
Diluted EPS	N/A •	2.27	9.25	11.02	2.59

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$17.8B	$19.4B	$15.2B	$13.1B	N/A
Total Debt	$4.6B ↓	$6.2B	$5.3B	$5.6B	N/A
Working Capital	-$450M ▼	$449M	$58M	-$208M	N/A
Years to Pay Debt	3.20	7.66	1.86	1.56	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$1.8B ▲	$709M	$772M	$2.5B	N/A
Owner Earnings	$6.5B	$6.0B	$6.8B	$7.2B	N/A
CapEx % of Net Income	192.9%	362.1%	82.6%	66.5%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	121,746	-351,152	-36,120	235,095
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	5,064,000	5,465,000	4,922,000	6,465,000
Total Unusual Items	309,000	-1,291,000	-172,000	816,000
Total Unusual Items Excluding Goodwill	309,000	-1,291,000	-172,000	816,000
Net Income From Continuing Operation Net Minority Interest	1,434,000	804,000	2,855,000	3,604,000
Reconciled Depreciation	2,304,000	2,266,000	1,540,000	1,233,000
Reconciled Cost Of Revenue	5,302,000	5,435,000	4,052,000	4,820,000
EBITDA	5,373,000	4,174,000	4,750,000	7,281,000
EBIT	3,069,000	1,908,000	3,210,000	6,048,000
Net Interest Income	-260,000	-367,000	-321,000	-312,000
Interest Expense	278,000	373,000	327,000	314,000
Interest Income	25,000	12,000	10,000	10,000
Normalized Income	1,246,746	1,743,848	2,990,880	3,023,095
Net Income From Continuing And Discontinued Operation	1,434,000	804,000	2,855,000	3,604,000
Total Expenses	6,170,000	6,538,000	4,921,000	5,993,000
Diluted Average Shares		353,000	309,000	333,000	375,000
Basic Average Shares		353,000	308,000	332,000	374,000
Diluted EPS		0	0	0	0
Basic EPS		0	0	0	0
Diluted NI Availto Com Stockholders	1,434,000	804,000	2,855,000	3,674,000
Net Income Common Stockholders	1,434,000	804,000	2,855,000	3,674,000
Otherunder Preferred Stock Dividend		0	0	-70,000	162,000
Net Income	1,434,000	804,000	2,855,000	3,604,000
Minority Interests	-258,000	-314,000	-352,000	-478,000
Net Income Including Noncontrolling Interests	1,692,000	1,118,000	3,207,000	4,082,000
Net Income Continuous Operations	1,692,000	1,118,000	3,207,000	4,082,000
Tax Provision	1,099,000	417,000	-324,000	1,652,000
Pretax Income	2,791,000	1,535,000	2,883,000	5,734,000
Other Income Expense	301,000	-1,297,000	-154,000	964,000
Other Non Operating Income Expenses	-8,000	-6,000	18,000	148,000
Special Income Charges	302,000	-1,008,000	-59,000	1,087,000
Gain On Sale Of Ppe			-212,000	-157,000	-446,000
Gain On Sale Of Business	301,000	289,000	8,000	1,180,000
Other Special Charges	-147,000		-9,000	67,000	104,000
Write Off	44,000	1,129,000	61,000	0
Restructuring And Mergern Acquisition	102,000	168,000	15,000	26,000
Gain On Sale Of Security	7,000	-283,000	-113,000	-271,000
Net Non Operating Interest Income Expense	-260,000	-367,000	-321,000	-312,000
Total Other Finance Cost	7,000	6,000	4,000	8,000
Interest Expense Non Operating	278,000	373,000	327,000	314,000
Interest Income Non Operating	25,000	12,000	10,000	10,000
Operating Income	2,750,000	3,199,000	3,358,000	5,082,000
Operating Expense	868,000	1,103,000	869,000	1,173,000
Other Operating Expenses	289,000	461,000	311,000	422,000
Other Taxes	229,000	270,000	207,000	268,000
Selling General And Administration	350,000	372,000	351,000	483,000
General And Administrative Expense	350,000	372,000	351,000	483,000
Other Gand A	350,000	372,000	351,000	483,000
Gross Profit	3,618,000	4,302,000	4,227,000	6,255,000
Cost Of Revenue	5,302,000	5,435,000	4,052,000	4,820,000
Total Revenue	8,920,000	9,737,000	8,279,000	11,075,000
Operating Revenue	8,920,000	9,737,000	8,279,000	11,075,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	139,073	126,182	117,020	108,311
Ordinary Shares Number	352,965	365,397	303,576	311,559
Share Issued	492,038	491,580	420,596	419,870
Net Debt	3,977,000	5,419,000	5,101,000	5,208,000
Total Debt	4,590,000	6,162,000	5,304,000	5,620,000
Tangible Book Value	6,093,000	5,280,000	2,655,000	423,000
Invested Capital	10,586,000	11,324,000	7,843,000	5,876,000
Working Capital	-450,000	449,000	58,000	-208,000
Net Tangible Assets	6,093,000	5,280,000	2,655,000	423,000
Capital Lease Obligations	97,000	118,000	116,000	167,000
Common Stock Equity	6,093,000	5,280,000	2,655,000	423,000
Total Capitalization	10,373,000	11,271,000	7,841,000	5,874,000
Total Equity Gross Minority Interest	7,003,000	6,362,000	3,691,000	1,345,000
Minority Interest	910,000	1,082,000	1,036,000	922,000
Stockholders Equity	6,093,000	5,280,000	2,655,000	423,000
Gains Losses Not Affecting Retained Earnings	10,000	12,000	15,000	14,000
Other Equity Adjustments	10,000	12,000	15,000	14,000
Treasury Stock	6,320,000	6,037,000	5,790,000	5,459,000
Retained Earnings	-721,000	-2,155,000	-2,959,000	-5,814,000
Additional Paid In Capital	12,816,000	13,153,000	11,126,000	11,420,000
Capital Stock	308,000	307,000	263,000	262,000
Common Stock	308,000	307,000	263,000	262,000
Total Liabilities Net Minority Interest	10,758,000	13,028,000	11,553,000	11,802,000
Total Non Current Liabilities Net Minority Interest	8,187,000	10,073,000	9,149,000	8,886,000
Other Non Current Liabilities	426,000	548,000	466,000	443,000
Preferred Securities Outside Stock Equity				0	712,000
Non Current Deferred Liabilities	0	14,000	371,000	314,000
Non Current Deferred Taxes Liabilities	0	14,000	371,000	314,000
Long Term Debt And Capital Lease Obligation	4,280,000	5,991,000	5,186,000	5,451,000
Long Term Debt	4,280,000	5,991,000	5,186,000	5,451,000
Long Term Provisions	3,481,000	3,520,000	3,126,000	2,678,000
Current Liabilities	2,571,000	2,955,000	2,404,000	2,916,000
Other Current Liabilities	227,000	168,000	338,000	292,000
Current Debt And Capital Lease Obligation	310,000	171,000	118,000	169,000
Current Capital Lease Obligation	97,000	118,000	116,000	167,000
Current Debt	213,000	53,000	2,000	2,000
Other Current Borrowings	213,000	53,000	2,000	2,000
Pensionand Other Post Retirement Benefit Plans Current	265,000	223,000	390,000	514,000
Current Provisions	280,000	191,000	136,000	505,000
Payables And Accrued Expenses	1,489,000	2,202,000	1,422,000	1,436,000
Current Accrued Expenses	506,000	757,000	626,000	575,000
Interest Payable	88,000	93,000	93,000	97,000
Payables	983,000	1,445,000	796,000	861,000
Total Tax Payable	112,000	221,000	138,000	90,000
Income Tax Payable	112,000	221,000	138,000	90,000
Accounts Payable	871,000	1,224,000	658,000	771,000
Total Assets	17,761,000	19,390,000	15,244,000	13,147,000
Total Non Current Assets	15,640,000	15,986,000	12,782,000	10,439,000
Other Non Current Assets	564,000	637,000	549,000	764,000
Non Current Deferred Assets	2,328,000	2,703,000	1,758,000	39,000
Non Current Deferred Taxes Assets	2,328,000	2,703,000	1,758,000	39,000
Investments And Advances		0	437,000	624,000	1,365,000
Long Term Equity Investment		0	437,000	624,000	1,365,000
Net PPE	12,748,000	12,646,000	10,038,000	9,012,000
Accumulated Depreciation	-33,886,000	-33,230,000	-36,121,000	-34,612,000
Gross PPE	46,634,000	45,876,000	46,159,000	43,624,000
Other Properties	682,000	745,000	851,000	819,000
Current Assets	2,121,000	3,404,000	2,462,000	2,708,000
Other Current Assets	99,000	211,000	224,000	481,000
Prepaid Assets	93,000	184,000	88,000	89,000
Inventory	351,000	425,000	453,000	427,000
Receivables	1,062,000	1,959,000	1,610,000	1,466,000
Accounts Receivable	1,062,000	1,959,000	1,610,000	1,466,000
Allowance For Doubtful Accounts Receivable	-140,000	-123,000	-114,000	-117,000
Gross Accounts Receivable	1,202,000	2,082,000	1,724,000	1,583,000
Cash Cash Equivalents And Short Term Investments	516,000	625,000	87,000	245,000
Cash And Cash Equivalents	516,000	625,000	87,000	245,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	1,779,000	709,000	772,000	2,545,000
Repurchase Of Capital Stock			-329,000	-1,423,000	-847,000
Repayment Of Debt	-1,916,000	-2,713,000	-65,000	-1,493,000
Issuance Of Debt	846,000	1,500,000	0	0
Capital Expenditure	-2,766,000	-2,911,000	-2,357,000	-2,398,000
Interest Paid Supplemental Data	281,000	372,000	329,000	322,000
Income Tax Paid Supplemental Data	999,000	1,097,000	1,271,000	1,431,000
End Cash Position	516,000	625,000	87,000	245,000
Beginning Cash Position	625,000	87,000	245,000	302,000
Changes In Cash	-109,000	538,000	-158,000	-57,000
Financing Cash Flow	-2,501,000	-2,158,000	-1,149,000	-3,489,000
Cash Flow From Continuing Financing Activities	-2,501,000	-2,158,000	-1,149,000	-3,489,000
Net Other Financing Charges	-458,000	-306,000	-253,000	-390,000
Cash Dividends Paid	-360,000	-353,000	-308,000	-207,000
Preferred Stock Dividend Paid				-11,000	-46,000
Common Stock Dividend Paid	-360,000	-353,000	-308,000	-207,000
Net Common Stock Issuance	-280,000	-246,000	-329,000	-1,423,000
Common Stock Payments			-329,000	-1,423,000	-847,000
Net Issuance Payments Of Debt	-1,403,000	-1,253,000	-259,000	-1,469,000
Net Short Term Debt Issuance	-333,000	-40,000	-194,000	24,000
Short Term Debt Issuance				24,000	425,000
Net Long Term Debt Issuance	-1,070,000	-1,213,000	-65,000	-1,493,000
Long Term Debt Payments	-1,916,000	-2,713,000	-65,000	-1,493,000
Long Term Debt Issuance	846,000	1,500,000	0	0
Investing Cash Flow	-2,153,000	-924,000	-2,138,000	-1,511,000
Cash Flow From Continuing Investing Activities	-2,153,000	-924,000	-2,138,000	-1,511,000
Net Other Investing Changes	613,000	1,559,000	-9,000	806,000
Net Investment Purchase And Sale			228,000	224,000	0
Sale Of Investment			228,000	224,000	0
Net Business Purchase And Sale	0	428,000	228,000	81,000
Sale Of Business	0	428,000	228,000	224,000
Purchase Of Business		0	0	-143,000	0
Net PPE Purchase And Sale	-2,766,000	-2,911,000	-2,357,000	-2,398,000
Purchase Of PPE	-2,766,000	-2,911,000	-2,357,000	-2,398,000
Operating Cash Flow	4,545,000	3,620,000	3,129,000	4,943,000
Cash Flow From Continuing Operating Activities	4,545,000	3,620,000	3,129,000	4,943,000
Change In Working Capital	292,000	-535,000	-417,000	121,000
Change In Other Working Capital	-224,000	-224,000	-58,000	-69,000
Change In Payables And Accrued Expense	-564,000	-140,000	-484,000	299,000
Change In Accrued Expense	-199,000	-221,000	-400,000	303,000
Change In Payable	-365,000	81,000	-84,000	-4,000
Change In Account Payable	-365,000	81,000	-84,000	-4,000
Change In Prepaid Assets	223,000	-56,000	269,000	-15,000
Change In Inventory	7,000	-11,000	13,000	-1,000
Change In Receivables	850,000	-104,000	-157,000	-93,000
Other Non Cash Items	224,000	659,000	468,000	408,000
Asset Impairment Charge	44,000	1,129,000	61,000	0
Deferred Tax	360,000	-736,000	-1,662,000	145,000
Deferred Income Tax	360,000	-736,000	-1,662,000	145,000
Depreciation Amortization Depletion	2,304,000	2,266,000	1,540,000	1,233,000
Operating Gains Losses	-371,000	-281,000	-68,000	-1,046,000
Gain Loss On Investment Securities	77,000	8,000	-51,000	67,000
Gain Loss On Sale Of Business	-301,000	-289,000	-8,000	-1,180,000
Net Income From Continuing Operations	1,692,000	1,118,000	3,207,000	4,082,000

These metrics estimate what APA Corporation is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$39.34

Margin of Safety

Market Cap ÷ Company Value

1.48

P/B Ratio

2.44

Warren's Owner Earnings

$6.5B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$8.9B

vs > $1.5B revenue

❌ Strong Financial Condition

0.82x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

2.49%

vs Uninterrupted dividends

❌ Earnings Growth

-12.4% EPS growth

vs > 33% EPS growth

✅ Moderate P/E Ratio

10.5x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

2.44x P/B (P/E×P/B: 25.7)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-24.44

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$86.46

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	192.9%	362.1%	82.6%	66.5%	N/A
Repurchase of Capital Stock	N/A	N/A	-$329M	-$1.4B	-$847M
Free Cash Flow	$1.8B ▲	$709M ▼	$772M ▼	$2.5B •	N/A •
Warren's Owner Earnings	$6.5B	$6.0B	$6.8B	$7.2B	N/A

Peers & Industry

No auto-detected peers for Oil & Gas E&P. You can manually compare APA against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.44%

Low — management has little skin in the game

Return on Equity (ROE)

23.5%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

8.1%

Strong — management uses assets efficiently

Debt Trend YoY

-25.5% YoY

Debt is declining — management is deleveraging

Leadership Team

John Christmann IV

CEO & Director

Age 58

Pay: $5,286,085

0.369% of net income

Stephen Riney

President

Age 64

Pay: $3,400,459

0.237% of net income

Ben Rodgers

Executive VP & CFO

Age 45

Pay: $1,793,169

0.125% of net income

Tracey Henderson

Executive Vice President of Exploration

Age 58

Pay: $2,019,140

0.141% of net income

Mark Maddox

Executive Vice President of Administration

Age 58

Pay: $1,381,793

0.096% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	12.26%	43,327,998
Hotchkis & Wiley Capital Management, LLC	10.03%	35,446,644
Blackrock Inc.	6.92%	24,442,130
State Street Corporation	6.86%	24,242,601
Dimensional Fund Advisors LP	4.34%	15,321,936
Charles Schwab Investment Management, Inc.	4.16%	14,710,034
Harris Associates L.P.	3.30%	11,644,670
FMR, LLC	3.13%	11,047,390

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.37

Low volatility — more stable than the market

Short Interest

9.4% of float

Moderate short interest

Debt-to-Equity

0.69x

Conservative balance sheet — low financial risk

Current Ratio

0.82x

Weak liquidity — current liabilities exceed current assets

52-Week Price Range

Low: $15.20 Current: $42.02 High: $45.66

Currently at 88% of 52-week range

360investing

APA Corporation

Metric Explanations

Full Graham Analysis

About APA Corporation

Income Highlights

Balance Sheet Highlights

Cash Flow Highlights

Graham's Fair Value

Warren's Owner Earnings

Graham's 7 Criteria

Graham's 7 Criteria — Explained

Net Current Asset Value

Earnings Power Value

Cash Flow Analysis

Peers & Industry

Capital Allocation & Alignment

Leadership Team

Top Institutional Holders

Risk Analysis