Question 1

What is APA's P/FCF ratio?

Accepted Answer

APA (APA) P/FCF ratio is 8.7× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for APA?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For APA specifically, the relevant sector benchmark is the current sector median of 19.3×.

Question 5

Is APA's P/FCF ratio high or low?

Accepted Answer

APA's P/FCF ratio of 8.7× is above its own 5-year average of 7.9× and below the sector median of 19.3×. That places the current reading at the 64th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is APA's historical P/FCF ratio range?

Accepted Answer

In the available daily series, APA (APA) P/FCF ratio has ranged from a low of 3.5× in 2022 to a high of 1475.9× in 2009. The 5-year average is 7.9× and the 5-year median is 6.0×.

Question 7

What was APA's P/FCF ratio in 2025?

Accepted Answer

APA (APA) P/FCF ratio at the end of 2025 was 4.9×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does APA's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$8.68B	$1.78B	4.9×	-6.1×	Dec 31, 2025
2024	$8.52B	$773.00M	11.0×	-2.8×	Dec 31, 2024
2023	$10.98B	$796.00M	13.8×	+7.9×	Dec 31, 2023
2022	$14.98B	$2.54B	5.9×	+1.8×	Dec 31, 2022
2021	$9.71B	$2.38B	4.1×	-58.3×	Dec 31, 2021
2020	$5.36B	$86.00M	62.4×	—	Dec 31, 2020
2019	$9.65B	−$94.00M	—	—	Dec 31, 2019
2018	$9.95B	−$127.00M	—	—	Dec 31, 2018
2017	$16.09B	−$332.00M	—	—	Dec 31, 2017
2016	$24.12B	$481.00M	50.1×	—	Dec 31, 2016
2015	$16.81B	−$2.14B	—	—	Dec 31, 2015
2014	$23.63B	−$3.47B	—	—	Dec 31, 2014
2013	$34.29B	−$1.29B	—	—	Dec 31, 2013
2012	$30.69B	−$1.03B	—	—	Dec 31, 2012
2011	$34.78B	$2.88B	12.1×	-13.2×	Dec 31, 2011
2010	$45.67B	$1.80B	25.3×	-33.4×	Dec 31, 2010
2009	$34.76B	$592.54M	58.7×	+35.8×	Dec 31, 2009
2008	$24.97B	$1.09B	22.9×	-18.1×	Dec 31, 2008
2007	$35.85B	$875.09M	41.0×	-87.0×	Dec 31, 2007
2006	$22.09B	$172.68M	127.9×	+91.3×	Dec 31, 2006
2005	$22.59B	$616.41M	36.7×	+15.2×	Dec 31, 2005
2004	$16.63B	$775.03M	21.5×	+9.6×	Dec 31, 2004
2003	$13.18B	$1.11B	11.9×	-13.3×	Dec 31, 2003
2002	$8.64B	$343.35M	25.2×	+8.4×	Dec 31, 2002
2001	$6.87B	$409.95M	16.8×	—	Dec 31, 2001


Phillips 66 (PSX)	615.5×
Targa Resources (TRGP)	205.8×
Williams Companies (WMB)	123.3×
Enbridge (ENB)	73.7×
Texas Pacific Land (TPL)	66.3×
Exxon Mobil (XOM)	37.8×
Diamondback Energy (FANG)	35.1×
Enphase Energy (ENPH)	34.2×
Chevron (CVX)	30.6×
National Fuel Gas (NFG)	29.1×
Baker Hughes (BKR)	26.4×
ONEOK (OKE)	25.4×
Halliburton (HAL)	19.4×
Kinder Morgan (KMI)	19.2×
EOG Resources (EOG)	18.2×
Energy Transfer LP (ET)	18.2×
Occidental Petroleum (OXY)	17.8×
SLB (SLB)	16.5×
First Solar (FSLR)	12.7×
Marathon Petroleum (MPC)	12.6×
Valero Energy (VLO)	12.4×
Devon Energy (DVN)	11.6×
EQT (EQT)	9.8×
Expand Energy (EXE)	9.2×
ConocoPhillips (COP)	8.8×

P/FCF Ratio for APA (APA)

P/FCF Ratio daily chart for APA (APA)

Historical P/FCF Ratio for APA (APA) from 2001 to 2025

About P/FCF Ratio at APA (APA)

APA P/FCF Ratio by Year

APA P/FCF Ratio 2025: 4.9×

APA P/FCF Ratio 2024: 11.0×

APA P/FCF Ratio 2023: 13.8×

APA P/FCF Ratio 2022: 5.9×

APA P/FCF Ratio 2021: 4.1×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

APA (APA) Key Financials

P/FCF Ratio daily chart for APA (APA)

Historical P/FCF Ratio for APA (APA) from 2001 to 2025

About P/FCF Ratio at APA (APA)

APA P/FCF Ratio by Year

APA P/FCF Ratio 2025: 4.9×

APA P/FCF Ratio 2024: 11.0×

APA P/FCF Ratio 2023: 13.8×

APA P/FCF Ratio 2022: 5.9×

APA P/FCF Ratio 2021: 4.1×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

+What is APA's P/FCF ratio?

+How is the P/FCF ratio calculated?

+What is the P/FCF ratio?

+What is a good P/FCF ratio for APA?

+Is APA's P/FCF ratio high or low?

+What is APA's historical P/FCF ratio range?

+What was APA's P/FCF ratio in 2025?

+Why does APA's P/FCF ratio change over time?

APA (APA) Key Financials