Grade History
| Quarter | Disclosure Quality | Financial Quality |
|---|---|---|
| Q1'25 → | A- | B+ |
| Q2'25 → | B+ | B- |
| Q3'25 → | B+ | B |
| Q4'25 → | B+ | A |
| Q1'26 → | B+ | B |
Promise Ledger · All Quarters
| Marked | Promise | Status | |
|---|---|---|---|
| Q1'26 | ⏳ | Deploy approximately $250 million in bolt-on M&A On track per management guidance, with 4 bolt-ons completed in Q1 | pending |
| Q1'26 | ✅ | Continue inspection revenue double-digit growth streak Management confirmed double-digit growth continued but stopped highlighting the streak | delivered |
| Q1'26 | ✅ | Double-digit organic growth in Specialty Services Delivered 24.8% organic growth, well above double-digit commitment | exceeded |
| Q1'26 | ✅ | Mid-single digit organic growth in Safety Services Q1 delivered 5.4% which management called 'a pretty good run rate for the year' | delivered |
| Q1'26 | ✅ | 80% adjusted free cash flow conversion target Achieved exactly 80% conversion in 2025, right on target | delivered |
| Q1'26 | ✅ | Achieve 13% adjusted EBITDA margin by 2025 Delivered 13.2% for full year 2025, beating target by 20 basis points | exceeded |
| Q4'25 | ✅ | Organic growth algorithm of mid-single digits long term 2026 guidance of 5% at midpoint is technically mid-single digit but at the low end | delivered |
| Q4'25 | ✅ | Continue double-digit inspection growth momentum Achieved 21st consecutive quarter but warned it will get 'tougher to comp' | delivered |
| Q4'25 | ⏳ | Inspection service monitoring 60%+ of revenues over long term Reached 54% in 2025, up from 40% in 2021, progressing toward target | pending |
| Q4'25 | ✅ | Adjusted EBITDA margin above 13% for 2025 Achieved 13.2% full year margin, above the 13% component of 13-60-80 targets | delivered |
| Q4'25 | ✅ | Deploy approximately $250 million in bolt-on M&A in 2025 Completed 14 acquisitions in 2025 as part of broader $580M across 2023-2025 | delivered |
| Q4'25 | ✅ | Finish 2025 at approximately 75% free cash flow conversion Delivered 80% conversion, hitting their original 13-60-80 target exactly | exceeded |
| Q3'25 | ✅ | Double-digit inspection growth continuation in North America Safety Achieved 21st consecutive quarter of double-digit inspection growth as committed | delivered |
| Q3'25 | ✅ | Consistent mid-single-digit organic growth over long term Delivered 10% organic growth in Q3, well above mid-single-digit target | exceeded |
| Q3'25 | ⏳ | 13% adjusted EBITDA margin goal for 2025 Q3 at 13.5% with full year guidance midpoint above 13%, on track to deliver | pending |
| Q3'25 | ⏳ | Adjusted free cash flow conversion of approximately 75% for full year YTD conversion at 58% with Q4 traditionally strongest, reaffirmed 75% target | pending |
| Q3'25 | ✅ | Sequential margin improvement in Specialty Services through back half of year Specialty segment margin improved 60 bps sequentially from Q2 to Q3 as promised | delivered |
| Q3'25 | ⏳ | Target approximately $250 million in bolt-on M&A deployment for 2025 On track with 11 deals completed, management confirmed still targeting this level for full year | pending |
| Q2'25 | ⏳ | Adjusted free cash flow conversion target of approximately 75% for the year H1 conversion only 40%, relying on seasonal H2 improvement to hit target | pending |
| Q2'25 | ✅ | First elevator service bolt-on under APi elevator platform Completed second elevator business acquisition in Q2 | delivered |
| Q2'25 | ⏳ | Deploy approximately $250M in accretive bolt-on M&A this year On track with 7 deals closed, several more under LOI - potential to exceed target | pending |
| Q2'25 | ✅ | Continue to see margin expansion initiatives drive results 30 bps adjusted EBITDA margin expansion year-over-year | delivered |
| Q2'25 | ✅ | Specialty Services to return to growth in Q2 Delivered 13.3% organic growth vs. expectation of modest positive growth | exceeded |
| Q2'25 | ✅ | Target mid- to upper single-digit revenue growth in service side, low to mid-single digit on project side Safety Services achieved 5.6% organic growth in line with guidance | delivered |
| Q1'25 | ⏳ | Elevator service first bolt-on acquisition in 2025 Confirmed expectation but emphasized measured 'walk before run' approach | pending |
| Q1'25 | ⏳ | $250M bolt-on M&A spend in 2025 Reiterated same target, described pipeline as 'robust' | pending |
| Q1'25 | ✅ | Complete $125M Chubb value capture program $90M achieved, remaining $35M by early 2026 as originally planned | delivered |
| Q1'25 | ⏳ | 75% adjusted free cash flow conversion for full year 2025 Q1 at 45% conversion, typical seasonality pattern | pending |
| Q1'25 | ⏳ | Adjusted EBITDA margin of 13% or more in 2025 Q1 at 11.2% with seasonality, full year guidance 13.4% midpoint - on track | pending |
| Q1'25 | ⏳ | Specialty Services positive organic growth in Q2 Reiterated identical language, backlog up 7% organically supports this | pending |
| Q1'25 | ⏳ | Return to traditional rates of organic growth in 2025 (mid-single digits) Q1 delivered 2% organic growth vs guided decline, ahead of schedule | pending |
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