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Andy Wittman

Managing Director and Senior Research Analyst at Robert W. Baird & Co.

Andrew Wittmann is a Managing Director and Senior Research Analyst at Robert W. Baird & Co., specializing in Facility and Industrial Services with an emphasis on Engineering & Construction, Business Services, and Industry research. He covers over 28 publicly traded companies, with a track record showing a 64% success rate and an average return of 13.5% on investment recommendations, and was recognized by StarMine/Refinitiv as a leading earnings estimator and stock picker in sectors such as Construction & Engineering and Commercial Services & Supplies. Wittmann began his analyst career at Baird in 2006 after working as a systems design engineer at Ford Motor Company, and he holds an MBA from Indiana University, an MS in Engineering from Purdue University, and a BS in Mechanical Engineering from the University of Wisconsin-Madison. He maintains FINRA registration and securities licenses, and his research contributions have earned him repeated industry recognition, including multiple top analyst rankings in Thomson Reuters’ StarMine Awards and honors from Bloomberg and Greenwich Associates.

Andy Wittman's questions to APi Group (APG) leadership

Question · Q3 2025

Andy Wittman asked for an assessment of APi Group's margin performance, specifically the 10 basis point increase, in the context of its 2028 margin goals, considering factors like material costs, growth investments, and the growth-margin trade-off.

Answer

Russ Becker, President and CEO, affirmed the 2028 margin expansion goal is realistic and that margins will continue to expand non-linearly. David Jackola, EVP and CFO, added that strong margin expansion is seen in inspection, service, and monitoring (ISM) work, and project margins in Specialty Services are expected to expand sequentially in Q4 and into 2026 as projects move deeper into completion. Mr. Jackola also noted that increased corporate costs and variable compensation impacted Q3 margins. Mr. Becker clarified that investments are primarily in building out the sales team for ISM.

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Question · Q3 2025

Andy Wittman from Baird questioned APi Group's margin performance, specifically the 10 basis point increase, and asked for an assessment of the balance between growth and margin expansion, considering the 2028 margin goals. He also sought clarification on material costs and growth investments.

Answer

President and CEO Russ Becker confirmed the realism of the 2028 margin targets and expressed confidence in balancing organic growth, anticipating non-linear margin expansion. EVP and CFO David Jackola added that inspection, service, and monitoring (ISM) work shows strong margin expansion, and Specialty Services project margins are expected to improve sequentially as projects near completion. Mr. Jackola also noted that higher corporate costs and variable compensation impacted Q3 margins. Mr. Becker clarified that investments are primarily directed towards expanding the ISM sales team and leadership to meet future growth objectives.

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