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Side-by-side financial comparison of APA Corporation (APA) and Ovintiv Inc. (OVV). Click either name above to swap in a different company.
APA Corporation is the larger business by last-quarter revenue ($2.2B vs $2.1B, roughly 1.1× Ovintiv Inc.). Ovintiv Inc. runs the higher net margin — 46.1% vs 15.0%, a 31.1% gap on every dollar of revenue. On growth, Ovintiv Inc. posted the faster year-over-year revenue change (-6.0% vs -24.3%). Over the past eight quarters, APA Corporation's revenue compounded faster (1.4% CAGR vs -7.2%).
APA Corporation, a holding company for Apache Corporation, an American company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Houston.
Ovintiv Inc. is a U.S. petroleum company based in Denver. The company was formed in 2020 through a restructuring of its Canadian predecessor, Encana.
APA vs OVV — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.2B | $2.1B |
| Net Profit | $331.0M | $946.0M |
| Gross Margin | — | — |
| Operating Margin | 32.5% | 21.2% |
| Net Margin | 15.0% | 46.1% |
| Revenue YoY | -24.3% | -6.0% |
| Net Profit YoY | -22.1% | 1676.7% |
| EPS (diluted) | $0.79 | $3.64 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $2.2B | $2.1B | ||
| Q3 25 | $2.3B | $2.0B | ||
| Q2 25 | $2.3B | $2.2B | ||
| Q1 25 | $2.7B | $2.4B | ||
| Q4 24 | $2.9B | $2.2B | ||
| Q3 24 | $2.7B | $2.2B | ||
| Q2 24 | $2.8B | $2.2B | ||
| Q1 24 | $2.1B | $2.4B |
| Q4 25 | $331.0M | $946.0M | ||
| Q3 25 | $205.0M | $148.0M | ||
| Q2 25 | $603.0M | $307.0M | ||
| Q1 25 | $418.0M | $-159.0M | ||
| Q4 24 | $425.0M | $-60.0M | ||
| Q3 24 | $-223.0M | $507.0M | ||
| Q2 24 | $541.0M | $340.0M | ||
| Q1 24 | $212.0M | $338.0M |
| Q4 25 | 32.5% | 21.2% | ||
| Q3 25 | 33.7% | 13.5% | ||
| Q2 25 | 31.8% | 23.1% | ||
| Q1 25 | 31.9% | -3.7% | ||
| Q4 24 | 31.4% | 0.1% | ||
| Q3 24 | -5.2% | 24.2% | ||
| Q2 24 | 34.4% | 25.4% | ||
| Q1 24 | 32.2% | 20.7% |
| Q4 25 | 15.0% | 46.1% | ||
| Q3 25 | 9.0% | 7.3% | ||
| Q2 25 | 26.0% | 13.9% | ||
| Q1 25 | 15.4% | -6.7% | ||
| Q4 24 | 14.6% | -2.7% | ||
| Q3 24 | -8.1% | 23.3% | ||
| Q2 24 | 19.0% | 15.5% | ||
| Q1 24 | 9.9% | 14.2% |
| Q4 25 | $0.79 | $3.64 | ||
| Q3 25 | $0.57 | $0.57 | ||
| Q2 25 | $1.67 | $1.18 | ||
| Q1 25 | $0.96 | $-0.61 | ||
| Q4 24 | $0.97 | $-0.22 | ||
| Q3 24 | $-0.60 | $1.92 | ||
| Q2 24 | $1.46 | $1.27 | ||
| Q1 24 | $0.44 | $1.24 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $516.0M | $280.0M |
| Total DebtLower is stronger | $4.3B | $5.2B |
| Stockholders' EquityBook value | $6.1B | $11.2B |
| Total Assets | $17.8B | $20.4B |
| Debt / EquityLower = less leverage | 0.70× | 0.46× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $516.0M | $280.0M | ||
| Q3 25 | $475.0M | $25.0M | ||
| Q2 25 | $107.0M | $20.0M | ||
| Q1 25 | $67.0M | $8.0M | ||
| Q4 24 | $625.0M | $42.0M | ||
| Q3 24 | $64.0M | $9.0M | ||
| Q2 24 | $160.0M | $8.0M | ||
| Q1 24 | $102.0M | $5.0M |
| Q4 25 | $4.3B | $5.2B | ||
| Q3 25 | $4.3B | $5.2B | ||
| Q2 25 | $4.3B | $5.3B | ||
| Q1 25 | $5.2B | $5.5B | ||
| Q4 24 | $6.0B | $5.5B | ||
| Q3 24 | $6.4B | $5.9B | ||
| Q2 24 | $6.7B | $6.1B | ||
| Q1 24 | $5.2B | $6.2B |
| Q4 25 | $6.1B | $11.2B | ||
| Q3 25 | $6.0B | $10.2B | ||
| Q2 25 | $5.9B | $10.4B | ||
| Q1 25 | $5.4B | $10.1B | ||
| Q4 24 | $5.3B | $10.3B | ||
| Q3 24 | $5.1B | $10.7B | ||
| Q2 24 | $5.4B | $10.3B | ||
| Q1 24 | $2.6B | $10.3B |
| Q4 25 | $17.8B | $20.4B | ||
| Q3 25 | $17.7B | $19.4B | ||
| Q2 25 | $18.1B | $19.7B | ||
| Q1 25 | $18.5B | $19.6B | ||
| Q4 24 | $19.4B | $19.3B | ||
| Q3 24 | $19.4B | $19.9B | ||
| Q2 24 | $20.2B | $19.8B | ||
| Q1 24 | $15.0B | $19.8B |
| Q4 25 | 0.70× | 0.46× | ||
| Q3 25 | 0.72× | 0.51× | ||
| Q2 25 | 0.73× | 0.51× | ||
| Q1 25 | 0.96× | 0.55× | ||
| Q4 24 | 1.13× | 0.53× | ||
| Q3 24 | 1.25× | 0.55× | ||
| Q2 24 | 1.24× | 0.59× | ||
| Q1 24 | 1.99× | 0.60× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $808.0M | $954.0M |
| Free Cash FlowOCF − Capex | — | $489.0M |
| FCF MarginFCF / Revenue | — | 23.8% |
| Capex IntensityCapex / Revenue | — | 22.6% |
| Cash ConversionOCF / Net Profit | 2.44× | 1.01× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.5B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $808.0M | $954.0M | ||
| Q3 25 | $1.5B | $812.0M | ||
| Q2 25 | $1.2B | $1.0B | ||
| Q1 25 | $1.1B | $873.0M | ||
| Q4 24 | $1.0B | $1.0B | ||
| Q3 24 | $1.3B | $1.0B | ||
| Q2 24 | $877.0M | $1.0B | ||
| Q1 24 | $368.0M | $659.0M |
| Q4 25 | — | $489.0M | ||
| Q3 25 | — | $268.0M | ||
| Q2 25 | — | $492.0M | ||
| Q1 25 | — | $256.0M | ||
| Q4 24 | — | $468.0M | ||
| Q3 24 | — | $484.0M | ||
| Q2 24 | — | $398.0M | ||
| Q1 24 | — | $68.0M |
| Q4 25 | — | 23.8% | ||
| Q3 25 | — | 13.3% | ||
| Q2 25 | — | 22.2% | ||
| Q1 25 | — | 10.8% | ||
| Q4 24 | — | 21.4% | ||
| Q3 24 | — | 22.2% | ||
| Q2 24 | — | 18.1% | ||
| Q1 24 | — | 2.8% |
| Q4 25 | — | 22.6% | ||
| Q3 25 | — | 26.9% | ||
| Q2 25 | — | 23.5% | ||
| Q1 25 | — | 26.0% | ||
| Q4 24 | — | 25.3% | ||
| Q3 24 | — | 24.7% | ||
| Q2 24 | — | 28.4% | ||
| Q1 24 | — | 24.8% |
| Q4 25 | 2.44× | 1.01× | ||
| Q3 25 | 7.12× | 5.49× | ||
| Q2 25 | 1.96× | 3.30× | ||
| Q1 25 | 2.62× | — | ||
| Q4 24 | 2.44× | — | ||
| Q3 24 | — | 2.02× | ||
| Q2 24 | 1.62× | 3.00× | ||
| Q1 24 | 1.74× | 1.95× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APA
| Oil And Gas Excluding Purchased | $1.7B | 76% |
| Oil And Gas Purchased | $323.0M | 15% |
| Oil Reserves | $114.0M | 5% |
| Other | $72.0M | 3% |
| Natural Gas Reserves | $30.0M | 1% |
OVV
| Product And Service Revenue | $1.7B | 84% |
| Sales Of Purchased Product | $338.0M | 16% |
