APi Group Corporation Is Quietly Building a Recession-Proof Empire—Here’s Why It Could Be An Interesting Case Study!

APi Group Corporation reported its fourth quarter and full-year 2024 financial results with noticeable achievements and some areas of concern. The company’s performance highlights a commitment to strategic growth and operational efficiencies, amidst a challenging macroeconomic environment. APi recorded a modest 1.3% revenue growth in 2024, resulting in a total net revenue of $7 billion. This growth stemmed from strong organic performance particularly in the inspection, service, and monitoring sectors of its Life Safety segment, alongside effective pricing strategies and successful acquisitions. However, these gains were partially offset by divestitures and an intentional focus on customer and project selection, along with unforeseen delays in certain projects within their HVAC and specialty businesses. Positively, this deliberate project selection strategy resulted in an improved adjusted EBITDA margin of 12.7%, representing a 140 basis point increase from the prior year, putting APi on track to meet or exceed its 2025 target of 13% EBITDA margins.