Transform & Win

Fire & Life Safety

Code-mandated recurring inspection = exceptional lock-in + entry barrier. Compliance recurring revenue. Strong AI upside in scheduling/compliance tracking.

81.7
Index score
83.4
AI-Resilience
how safe the work is from AI
79.9
AI-Leverage
profit AI can unlock
3.51
Avg rating (n=963)

The numbers

What a fire shop actually runs on. Published figures retain their citations and confidence badges. Research-pass counts describe repeated review runs, not independent evidence.

$28.15/hr
Median wage6 research passes · official source
31%
Job gross margin5 research passes · official source
3.6%
Net margin5 research passes · official source
54%
Recurring revenue5 research passes · medium
425,200
US employment6 research passes · official source
$13.3M
Median company revenue
Customer economics

What could one customer property be worth to your trade?

Estimate one property, then compare the same scoped method with Level's measured building stock across all 50 states, DC, and 100 metros. Commercial and residential evidence stay separate, and every planning assumption is editable.

Value a commercial buildingValue a homeBrowse state and metro opportunity data

Download the canonical 2,265-row CSV. TradeIndex links to Level's source rather than copying the matrix.

The two axes

AI-Resilience

83.4
Physical/on-site coreHow much of the paid work requires hands-on, on-site skilled labor an AI agent cannot perform.
84
Disintermediation resistanceHow hard it is for an AI agent or platform to bypass the contractor and go direct.
80
AI-native entry barrierLicensing, trust, relationships, and physical presence that block AI-native new entrants.
84
Customer lock-inService agreements, recurring maintenance, and relationships that retain customers.
86

AI-Leverage

79.9
Coordination/back-office dragShare of cost/time in coordination, estimating, scheduling, billing, the work AI can orchestrate.
80
Operating-leverage step-changeMargin recoverable from mis-costed jobs, rework, billing lag, and cash trapped in open work.
78
Revenue expansionUpside from better bidding, pull-through, and new service lines AI can unlock.
80
Domain-data amplificationHow much the trade's proprietary job data compounds in value with AI (Level's core thesis).
82

Sub-score weights and definitions: methodology.

What does a fire and life safety business sell for?

Fire & Life Safety businesses sell for 3x to 20x EBITDA. Published sources give a range rather than a tier-by-tier ladder for this trade, so the figures above span every buyer type and company size. Based on 2026 transactions. That places fire and life safety 1 of 13 trades on the index by top-of-range multiple.

Source: CT Acquisitions, Private Equity Fire & Life Safety: The 2026 Consolidation Report, Named Platforms, and Multiples (2026) · 5 research passes

Fire & Life Safety company acquisition multiples expand significantly with company scale and recurring revenue mix: small project-only or install-heavy operators ($1M-$3M EBITDA) trade at 4.0x-5.0x EBITDA; mid-market operators ($5M-$20M revenue / $1M-$3M EBITDA) with strong contracted inspection, testing, and maintenance (ITM) revenue command 6.0x-9.0x EBITDA; platform-ready regional businesses ($3M-$10M EBITDA) with >50% recurring ITM and monitoring revenue trade at 8.0x-12.0x+ EBITDA; and large, scaled national platforms ($10M+ EBITDA) trade at 17.0x-20.0x EBITDA.
Source: CT Acquisitions, Private Equity Fire & Life Safety: The 2026 Consolidation Report, Named Platforms, and Multiples (2026)
Who is buying, and what they pay for

Buyer demand for U.S. Fire & Life Safety companies is exceptionally strong and aggressive among private equity platforms, PE-backed strategics, family offices, and search funds pursuing buy-and-build roll-up strategies. Acquirers value companies most for their code-mandated recurring inspection, testing, and maintenance (ITM) revenue (with material valuation premiums awarded to businesses with a 40%-70%+ service revenue mix), low customer attrition rates (<5%), strong route density, multi-year auto-renewing contracts, and adoption of modern compliance software platforms.

Source: Capstone Partners, Security Solutions M&A Update (2026); Meridian Capital, Fire & Life Safety Market Update (2025); Lincoln International, Fire & Life Safety Industry Perspective (2024-2025)

Named acquirers. Major active acquirers and PE platforms in the US Fire & Life Safety space include: (1) Pye-Barker Fire & Safety, backed by Leonard Green & Partners and Altas Partners (with minority backing from ADIA and GIC); (2) APi Group Corporation (NYSE: APG), a major publicly traded strategic acquirer; (3) Summit Companies / SFP Holding, backed by BDT & MSD Partners and BlackRock Long Term Private Capital; (4) Sciens Building Solutions, backed by Carlyle; (5) Bluejack Fire & Life Safety, launched as a multi-regional platform by Agellus Capital in 2025; and (6) Pavion, backed by Wind Point Partners.

Source: PE Hub (2025) and Capstone Partners - Security Solutions M&A Update (2026)

A multiple is applied to adjusted EBITDA, and for most contractors that earnings figure is the contested part: job costing that misallocates labor, untracked work in progress, and un-normalized owner compensation all move it before any multiple applies, and a buyer recomputes it in diligence. Level CFO publishes the operating side of that, contractor margin and cash benchmarks by trade. Compare every trade’s multiple side by side on what trade businesses sell for.

The research

Published numbers retain citations from public sources such as BLS/OEWS, licensing boards, permit records, and public filings. Badges show confidence and repeated research-pass counts. Pass counts are workflow metadata, not counts of independent evidence sources.

Labor & workforce

Wages & compensation

Median Hourly Wage6 research passes · official source$28.15
Median Annual Wage6 research passes · official source$59K
Pct25 Hourly Wage6 research passes · official source$22.689999999999998
Pct75 Hourly Wage6 research passes · official source$35.08
Pct90 Hourly Wage6 research passes · official source$42.135
Pct10 Hourly Wage6 research passes · official source$18.365000000000002
Sources (2)
  • Trade Economy Index research synthesis: median of 2 cited research inputs: U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics (OEWS), May 2023, | U.S. Bureau of Labor Statistics Occupational Employment and Wage Statistics (OEWS), 2023, https://www.bls.gov/oes/current/oes499021.htm
  • Trade Economy Index research synthesis: median of 3 cited research inputs: U.S. Bureau of Labor Statistics, Occupational Outlook Handbook / OEWS, May 2024, | U.S. Bureau of Labor Statistics Occupational Outlook Handbook / OEWS, https://www.bls.gov/ooh/installation-maintenance-and-repair/heating-air-conditioning-and-refrigeration-mechanics-and-installers.htm | U.S. Bureau of Labor Statistics Occupational Employment and Wage Statistics (OEWS), 2023, https://www.bls.gov/oes/current/oes499021.htm

Employment

Us Employment6 research passes · official source425,200
Projected 10yr Growth6 research passes · official source8%
Annual Openings6 research passes · official source40,100
Projected 10yr Net Change6 research passes · official source34,500
Sources (1)
  • Bureau of Labor Statistics Occupational Outlook Handbook:

Labor shortage

Unfilled Openings5 research passes · medium292,000
Vacancy Rate4 research passes · limited support3.4%

Shortage Note. According to Associated Builders and Contractors (ABC), the construction and specialty trade industry must attract an estimated 349,000 net new workers in 2026 and 456,000 net new workers in 2027 on top of normal hiring to satisfy demand and replace retiring workers. Additionally, the National Fire Protection Association (NFPA) 2026 State of the Skilled Trades report found that 53% of fire protection and skilled trade professionals identify a shortage of qualified candidates as their single biggest challenge.

Sources (2)
  • U.S. Bureau of Labor Statistics, Job Openings and Labor Turnover Survey (JOLTS, 2025)
  • Associated Builders and Contractors (ABC), 2026, National Fire Protection Association (NFPA), 2026, https://www.nfpa.org

Workforce aging

Median Worker Age5 research passes · official source38.1
Pct Over 555 research passes · official source7.67

Retirement Note. An estimated 27,100 job openings for firefighters are projected each year on average over the 2024-2034 decade, primarily driven by the need to replace workers who transfer to other occupations or exit the labor force, such as to retire.

Sources (2)
  • U.S. Bureau of Labor Statistics, Current Population Survey, Household Data Annual Averages, Table 11b: Employed people by detailed occupation and age (
  • U.S. Bureau of Labor Statistics, Occupational Outlook Handbook: Firefighters (

Training pipeline

Apprenticeship Enrollment6 research passes · medium17,595
Annual Completions5 research passes · medium613
Sources (2)
  • USAFacts / U.S. Department of Labor Registered Apprenticeship Data, 2024
  • National Center for Education Statistics (NCES) IPEDS via DataUSA, Pipefitter & Sprinkler Fitter (CIP 46.0502) 2024 Completions

Immigration reliance

Pct Foreign Born3 research passes · medium3

Visa Dependence Note. Municipal fire protection and life safety roles typically require applicants to be U.S. citizens or lawful permanent residents, and there is no documented reliance on temporary work visa programs (such as H-1B or H-2B) for this trade.

Sources (2)
  • U.S. Census Bureau American Community Survey (ACS) via Federal Reserve Bank of Kansas City, 2021
  • U.S. Bureau of Labor Statistics, Occupational Outlook Handbook: Firefighters, 2023

Unionization

Union Membership3 research passes · medium24.8%

Prevailing Wage Note. Sprinkler fitters (represented by United Association Local 669) and fire alarm electricians (represented by IBEW) in the Fire & Life Safety trade are subject to Davis-Bacon Act prevailing wage mandates on covered federal and federally assisted construction projects. U.S. Department of Labor Wage and Hour Division wage determinations on SAM.gov publish mandatory prevailing base and fringe benefit rates for these classifications (e.g., SFIN0669 sprinkler fitter rate of $48.10/hr base + $27.05/hr fringe under Wage Determination IN20260001).

Sources (2)
  • Unionstats.com (CPS Data by Hirsch and Macpherson), 2022
  • U.S. Department of Labor, Wage and Hour Division, SAM.gov Davis-Bacon Act Wage Determination IN20260001 (2026)

Licensing & credentials

States Requiring License5 research passes · medium32

Bonding Note. 18 of 49 published jurisdictions require an explicit surety bond to be filed with the regulatory board prior to license issuance, with bond values typically ranging from $5,000 to over $100,000 based on classification. State regulators additionally mandate general liability insurance and workers' compensation coverage.

Reciprocity Note. No universal multi-state license exists for fire protection contracting, requiring separate state applications. However, 18 to 19 states accept the NASCLA Accredited Examination for reciprocal trade exam qualification, and state fire marshals widely accept national NICET (Level II/III) or ESA (Electronic Security Association) certifications in lieu of state technical exams.

Sources (3)
  • PlainHireCheck, Fire Protection License Requirements Directory (); cross-checked with ContractorLicenseRequirements.com, Fire Sprinkler Contractor License Requirements by State (2026
  • Contractor License Requirements (Fire Sprinkler Contractor Licensing Guide)
  • National Association of State Contractors Licensing Agencies (NASCLA), 2025, Electronic Security Association (ESA), 2026, https://esaweb.org

Market structure & size

Market size

Market Sizelimited support$25.9B
Cagrlimited support3.6%

Firm counts

Num Establishments6 research passes · official source191,443
Num Firms6 research passes · official source186,615
Avg Employees Per Firm6 research passes · official source11.41
Sources (1)
  • U.S. Census Bureau, Statistics of U.S. Businesses (SUSB)

Fragmentation

Top50 Firm Share3 research passes · verified49.7%

Mom And Pop Share Note. Small operators with fewer than 20 employees represent 86.4% of total industry firms and account for 49.7% of sector receipts/employment in NAICS 561621 (Security Systems Services). In addition, trade analysis citing IBISWorld indicates that independent and small-scale operators make up approximately 80% of the market, as no single company holds greater than a 5% market share at the contractor/installation level.

Sources (2)
  • CT Acquisitions analysis of U.S. Census Bureau Statistics of U.S. Businesses (SUSB) data for NAICS 561621 (Security Systems Services), 'The Industry Fragmentation League Table 2026' (2026)
  • CT Acquisitions / U.S. Census Bureau SUSB ('The Industry Fragmentation League Table 2026', 2026, ) and IBISWorld / CT Acquisitions ('Fire & Life Safety M&A Valuation Multiples and Buyer Guide 2026', 2026

Franchise penetration

Franchise Trend Note. The US Fire & Life Safety industry is highly fragmented and trending toward consolidation driven by private equity-backed roll-up platforms acquiring independent regional and local operators (e.g., Pye-Barker Fire & Safety, Summit Companies, Sciens Building Solutions), rather than franchised expansion which is primarily prevalent in residential service verticals.

Sources (1)
  • TM Capital Facility Services Report, 2024

Business formation rate

Annual New Firm Formation3 research passes · limited support19,076
Annual Closure Rate4 research passes · limited support8.7%
Survival 5yr4 research passes · medium49.2%
Sources (3)
  • U.S. Census Bureau, Business Dynamics Statistics (BDS)
  • Trade Economy Index research synthesis: median of 1 cited research input: U.S. Census Bureau, Business Dynamics Statistics (BDS) - Sector 23 Construction
  • U.S. Small Business Administration Office of Advocacy, Frequently Asked Questions About Small Business (July 2024)

Unit economics

Margins

Gross Margin5 research passes · official source31%
Operating Margin5 research passes · official source6.9%
Net Margin5 research passes · official source3.6%
Gross Margin Pct Shared Across4%
Operating Margin Pct Shared Across4%

Gross Margin Pct Note. This figure is an industry-wide benchmark, not a per-trade measurement: the same value is published for 4 trade or segment records in this dataset. Read it as the specialty-trade baseline, not as a finding that distinguishes this trade from another.

Operating Margin Pct Note. This figure is an industry-wide benchmark, not a per-trade measurement: the same value is published for 4 trade or segment records in this dataset. Read it as the specialty-trade baseline, not as a finding that distinguishes this trade from another.

Sources (1)
  • APi Group Corporation Form 10-K (2024)

Cost structure

Labor Pct Of Revenue2 research passes · verified41
Materials Pct Of Revenue2 research passes · verified18.2
Sga Overhead5 research passes · official source24.14%
Sources (3)
  • Construction Financial Management Association (CFMA) 2024 Construction Financial Benchmarker (Specialty Trade Contractors - Direct & Subcontractor Labor Ratio)
  • Construction Financial Management Association (CFMA) 2024 Construction Financial Benchmarker (Specialty Trade Contractors - Direct Materials Ratio)
  • APi Group Corporation Form 10-K for the Fiscal Year Ended December 31, 2024

Productivity

Revenue Per Employee5 research passes · medium$321K
Billable Utilization2 research passes · limited support74.45%
Sources (2)
  • Construction Financial Management Association (CFMA) 2025 Construction Financial Benchmarker, 2024
  • Trade Economy Index research synthesis: median of 2 cited research inputs: SPI Research 2025 Professional Services Maturity Benchmark, 2025, | Technology & Services Industry Association (TSIA) Field Service Benchmark Study (2025), https://www.tsia.com

Seasonality

Peak Period Note. Net revenues for fire and life safety contractors are subject to seasonal variability driven by weather conditions, customer spending patterns, bidding/contract award seasons, project schedules, and the timing of holidays. Revenues are typically lowest during the winter months in the first and second quarters as cold, snowy, or wet conditions delay construction projects and affect field productivity, and reach their peak in the third and fourth quarters.

Cyclicality Note. The industry experiences dual exposure to short-term weather disruptions and broader economic/construction cycles. Installation and large project revenues correlate directly with commercial construction and real estate investment cycles. However, recurring inspection, testing, maintenance (ITM), and remote monitoring contracts generate a statutorily mandated, highly stable, and non-cyclical baseline revenue stream that insulates contractors during construction downturns.

Sources (2)
  • APi Group Corporation Form 10-K (2025), U.S. Securities and Exchange Commission
  • APi Group Corporation Form 10-K (2025), U.S. Securities and Exchange Commission, IMARC Group, US Fire Sprinklers Market Report (2025), https://www.imarcgroup.com

Cash & working capital

Cash cycle

Dso Days5 research passes · medium71.35 days
Dpo Days5 research passes · medium35 days
Cash Conversion Cycle Days5 research passes · high confidence45 days
Cash Conversion Cycle Days Shared Across4

Cash Conversion Cycle Days Note. This figure is an industry-wide benchmark, not a per-trade measurement: the same value is published for 4 trade or segment records in this dataset. Read it as the specialty-trade baseline, not as a finding that distinguishes this trade from another.

Sources (3)
  • APi Group Corporation 2023 Form 10-K (SEC Filing, published February 28, 2024, ); cross-checked with CFMA Construction Financial Benchmarker (https://cfma.org
  • APi Group Corporation Form 10-K (2025) via LevelCFO Construction Working Capital Analysis
  • APi Group Corporation Form 8-K / Earnings Update (2025) via Stockonomy

Bad debt

Bad Debt Write Off5 research passes · medium0.12%
Collection Rate3 research passes · high confidence85.1%
Collection Rate Pct Shared Across23%
Bad Debt Write Off Pct Shared Across7

Collection Rate Pct Note. This figure is an industry-wide benchmark, not a per-trade measurement: the same value is published for 23 trade or segment records in this dataset. Read it as the specialty-trade baseline, not as a finding that distinguishes this trade from another.

Bad Debt Write Off Pct Note. This figure is an industry-wide benchmark, not a per-trade measurement: the same value is published for 7 trade or segment records in this dataset. Read it as the specialty-trade baseline, not as a finding that distinguishes this trade from another.

Sources (2)
  • EMCOR Group, Inc., Form 10-K Annual Report for Fiscal Year Ended December 31, 2024
  • Level CFO Specialty Trade Contractor Benchmarks (2025/2026)

AI exposure & technology

AI task exposure

Pct Physical Onsite Work5 research passes · medium52
Pct Cognitive Backoffice Work5 research passes · medium33

Task Breakdown Note. Physical and on-site labor includes mounting control panels, feeding cables, drilling holes, running raceways, and conducting physical testing in hazardous or cramped environments. Cognitive and back-office tasks comprise reviewing building blueprints, documenting compliance/inspection reports, planning work procedures, estimating labor/material costs, and client risk consultations.

Ai Resistant Work. Physical and on-site tasks in the Fire & Life Safety trade remain highly resistant to AI automation due to physical labor requirements, real-world site variability, and strict regulatory standards. Key AI-resistant areas include: (1) Physical Installation & Mechanical Assembly: Threading and hanging sprinkler piping, pulling fire alarm wiring, mounting control panels, placing heat/smoke detectors, and installing backflow preventers or fire pumps. (2) Hands-on Testing & Maintenance: Performing physical NFPA-mandated testing, such as main drain tests, dry pipe valve trip tests, fire pump churn tests, smoke detector direct physical testing, and visual inspections for corrosion, hanger integrity, or head clearance. (3) On-Site Troubleshooting: Diagnosing mechanical failures, electrical short circuits in complex building wiring, and adjusting to unexpected structural jobsite conditions during retrofits. (4) Regulatory Liability & Professional Licensing: Authorities Having Jurisdiction (AHJs) and state licensing authorities require certified human professionals (e.g., NICET-certified technicians and licensed Professional Engineers) to visually verify compliance and assume legal liability for life safety systems.limited support

Automatable Work. Back-office operations, coordination, system design, and scheduling in the Fire & Life Safety trade are undergoing rapid automation. Highly automatable tasks include: (1) Dispatch & Intelligent Scheduling: AI-driven route optimization and technician assignment based on skills, geography, NFPA certifications, and real-time availability. (2) Inspection Reporting & Deficiency Tracking: Automated parsing of field technician notes, automatic identification of NFPA compliance gaps, instant drafting of deficiency quotes, and automated customer follow-ups. (3) Estimating & Bidding: Instant quote generation for standard inspections, routine maintenance, and installations using building parameters, historical rate structures, and material cost models. (4) System Design & CAD/BIM Optimization: AI software that automates sprinkler head and alarm device layouts according to building geometry and ceiling height, and runs rapid fire/smoke computational fluid dynamics (CFD) modeling. (5) Code Research & Administrative Workflow: Natural language AI assistants trained on NFPA standards (e.g., NFPA 13, NFPA 25, NFPA 72) to answer code questions and streamline administrative reviews.limited support

Sources (4)
  • aiexposure.org (2024), 'Security and Fire Alarm Systems Installers (SOC 49-2098.00) Task Automation Breakdown', based on U.S. Department of Labor O*NET task analysis
  • McKinsey Global Institute (2017), 'A Future That Works: Automation, Employment, and Productivity', URL:
  • U.S. Department of Labor O*NET OnLine (2026), 'Security and Fire Alarm Systems Installers (49-2098.00) & Fire Inspectors and Prevention Specialists (33-2021.00) Detailed Work Activities'
  • National Fire Protection Association (NFPA), 2024, | FireCodes AI, 2026, https://firecodes.ai | Kauffman Co., 2026, https://www.kauffmanco.net

Field-service software

Fsm Adoption4 research passes · medium56%
Dominant Fsm SoftwareServiceTrade, Inspect Point, BuildingReports, Uptick, ServiceTitan
Sources (2)
  • ACCA Contractor of the Future Study (2025), as reported in PHCPPros (2026), 'Contractors Share Insights on Equipment, Software and Pricing Strategies', cross-checked with ACCA (2026), https://www.acca.org
  • ServiceTrade (2026 Fire Protection & Life Safety Software Guide, 2026, ) (vendor-published industry report; software-adoption evidence, not independent benchmark research

Accounting technology

Common Accounting Software. The primary accounting and ERP systems utilized by US construction and specialty trade contractors (including Fire & Life Safety contractors) are Sage (Sage 100 Contractor and Sage 300 CRE), Trimble Viewpoint (Vista and Spectrum), QuickBooks, Plexxis (PM | Accounting), Foundation Software, CMiC, and ComputerEase. According to contractor technology market share data, Sage leads industry adoption at 21.3%, followed by Viewpoint at 19.8%, Plexxis PM | Accounting at 14.2%, QuickBooks at 5.2%, Foundation Software at 4.9%, and CMiC at 4.7%.

Integration Gap Note. A substantial field-to-accounting integration gap persists across specialty and trade contractors. According to JBKnowledge report statistics, 49% to 53% of construction firms manually re-enter data between applications that fail to integrate, with 44% relying on spreadsheets to bridge system gaps. Over 24% of construction software applications do not integrate natively with other software, and only 5.5% of construction contractors report achieving full integration across all software applications. Additionally, a Dodge Construction Network trade contractor survey showed that 39% of trade contractors still rely on manual methods (spreadsheets, paper) to manage core construction activities, and 44% cite effectively integrating cost and schedule information as a top cost management challenge.

Sources (2)
  • JBKnowledge 2021 Construction Technology Report (2021)
  • JBKnowledge Construction Technology Report (2021/2022) - and Dodge Construction Network Survey (2023)

Channel & disintermediation

Lead-gen platforms

Marketplace Penetration5 research passes · medium1.5%
Platform Take Rate5 research passes · high confidence10%
Marketplace Penetration Pct Shared Across11
Platform Take Rate Pct Shared Across13%

Platforms Note. Lead generation marketplaces like Angi and Thumbtack operate primarily on pay-per-lead models ($20-$60 average lead cost on Thumbtack; ~$50 average lead cost on Angi), yielding an effective platform take rate around 10%. However, marketplace penetration in the Fire & Life Safety trade remains low because work in this trade is heavily B2B, code-mandated, and compliance-driven, relying far more on recurring inspection/maintenance contracts and direct commercial relationships than consumer-facing lead platforms.

Marketplace Penetration Pct Note. This figure is an industry-wide benchmark, not a per-trade measurement: the same value is published for 11 trade or segment records in this dataset. Read it as the specialty-trade baseline, not as a finding that distinguishes this trade from another.

Platform Take Rate Pct Note. This figure is an industry-wide benchmark, not a per-trade measurement: the same value is published for 13 trade or segment records in this dataset. Read it as the specialty-trade baseline, not as a finding that distinguishes this trade from another.

Sources (3)
  • Angi Inc., Q1 2026 Earnings Release & Transcript (2026), S&P Global Ratings, Angi Inc. Credit Analysis (2021
  • Angi Inc., Q1 2026 Earnings Release & Transcript (2026)
  • TM Capital, Facility Services Industry Report (2024), Thumbtack, Pro Pricing Guide (2026)

Customer-acquisition mix

Pct Referral2 research passes · limited support65
Pct Digital4 research passes · medium52
Pct Marketplace4 research passes · medium28
Pct Repeat1 research pass · limited support92
Pct Marketplace Shared Across4

Pct Marketplace Note. This figure is an industry-wide benchmark, not a per-trade measurement: the same value is published for 4 trade or segment records in this dataset. Read it as the specialty-trade baseline, not as a finding that distinguishes this trade from another.

Sources (4)
  • Construction Management Association of America (CMAA) Research / Construction Owners (2025
  • CUFinder Fire Protection Marketing Benchmarks (2026
  • Home Services Marketing Report (2025), cross-checked with Roofing Contractor Magazine State of the Industry Survey (2025), https://www.roofingcontractor.com (34% home services websites/marketplaces usage
  • CUFinder Fire Protection Industry Marketing Benchmarks, 2026

Insurance & warranty

Pct Insurance Channel3 research passes · verified89
Home Warranty Penetration5 research passes · medium6%
Home Warranty Penetration Pct Shared Across6

Intermediation Note. Home warranty and insurance claims channels intermediate the contractor-customer relationship by controlling direct customer contact, job allocation, repair scopes, and billing terms. Warranty providers take claim dispatches directly from homeowners, assign work to a preferred network of independent contractor firms (~16,000 firms completing ~4 million service requests annually in Frontdoor's network), set standardized fee schedules and pre-approved service parameters, and disburse payments directly, shifting contractors from independent retail sellers to channel fulfillment partners.

Home Warranty Penetration Pct Note. This figure is an industry-wide benchmark, not a per-trade measurement: the same value is published for 6 trade or segment records in this dataset. Read it as the specialty-trade baseline, not as a finding that distinguishes this trade from another.

Sources (2)
  • Restoration Industry Association (RIA), 2024
  • Frontdoor, Inc. Form 10-K Annual Report (2025), SEC

Lock-in & expansion

Recurring-revenue mix

Recurring Revenue5 research passes · medium54%
Service Agreement Attach2 research passes · limited support64%
Sources (2)
  • APi Group Corporation Q4 and Full Year 2025 Earnings Release / SEC Form 8-K (2026)
  • Trade Economy Index research synthesis: median of 2 cited research inputs: Carrier Global Corporation Services Overview & Financial Report (2025), | CT Acquisitions Fire Protection Business Valuation & M&A Report (2026), https://www.ctacquisitions.com

Contract terms

Typical Contract Length Months5 research passes · medium36
Renewal Rate5 research passes · high confidence90%

Stickiness Note. Fire and life safety contract relationships are exceptionally durable because inspection, testing, and maintenance are statutorily mandated by building codes and NFPA regulations, with industry providers holding customers for an average tenure of 9 to 12 years.

Sources (3)
  • ADT Inc. Form 10-K, 2025
  • Columbia Business School (APi Group 10-K Analysis), 2023
  • SDM Magazine, 2024

Cross-sell & expansion

Upsell Attach1 research pass · limited support300%
Sources (1)
  • APi Group Corporation Investor Presentation / CT Acquisitions Fire & Life Safety Market Analysis (2025/2026)

Entry barriers & data

Capital intensity

Capex Pct Of Revenue6 research passes · official source1.5

Equipment Note. Capital expenditure requirements in the Fire & Life Safety trade are asset-light, driven primarily by service vehicle fleets, field testing equipment, pipe fabrication tools, and electronic monitoring systems rather than real estate or heavy manufacturing facilities.

Sources (1)
  • APi Group Corporation Form 10-K, 2025

Regulatory burden

Permit Burden Note. Fire and life safety operators face multi-layered permitting and compliance burdens enforced across local Authorities Having Jurisdiction (AHJs). Operators must prepare and submit engineering plans, shop drawings, hydraulic calculations, and system battery calculations adhering to NFPA standards (e.g., NFPA 13 for sprinklers, NFPA 72 for fire alarms, and NFPA 101/106 for life safety codes). In many jurisdictions, system designs must be prepared or reviewed by NICET-certified technicians (Level II through Level IV) or licensed Professional Engineers (PE) prior to plan approval. Projects must undergo municipal plan reviews, jobsite piping inspections, hydro tests, and final operational acceptance tests before local AHJs issue certificates of occupancy.

Regulatory Tailwind Note. Regulatory mandates and code updates are generating significant demand tailwinds across the fire and life safety trade. Under the EPA American Innovation and Manufacturing (AIM) Act and updates to the 2024 International Mechanical Code (IMC) and International Fire Code (IFC), the HVAC sector's shift to mildly flammable A2L refrigerants (R-32, R-454B) requires mandatory leak detection systems, fire-resistance-rated shaft enclosures for vertical piping penetrations, and specialized hazard labeling. Additionally, the publication of NFPA 855 (2026 Edition) for Stationary Energy Storage Systems expands default Hazard Mitigation Analysis (HMA) requirements, mandates Large-Scale Fire Testing (LSFT with UL 9540A), and mandates active explosion control and prevention systems (NFPA 69) for battery energy storage systems (BESS).

Sources (2)
  • Seattle Department of Construction and Inspections / Washington State Building Code Council, 'Fire Alarms in 2015 IBC/IFC: NICET Certification Requirements', 2017, ; California Department of Health Care Access and Information (HCAI), 'Fire and Life Safety (FLS) Plan Review and Permits', 2025, https://hcai.ca.gov ; Get A Green Tag / Fire Protection Engineering Analysis, 'NICET Certification vs Engineering Review', 2026, https://www.getagreentag.com
  • International Code Council (ICC), 'A2L Refrigerants Code Changes in 2024 I-Codes and AIM Act Compliance', 2022, ; Telgian Engineering & Consulting, 'NFPA 855 (2026 Edition): Standard for the Installation of Stationary Energy Storage Systems Updates', 2025, https://www.telgian.com ; Hooker DeJong, 'International Mechanical Code A2L Refrigerant Shaft Enclosure Requirements', 2025, https://www.hookerdejong.com ; Exponent, 'NFPA 855 (2026 Edition) Hazard Mitigation Analysis and Fire Testing Provisions', 2026, https://www.exponent.com

Data assets

Iot Telemetry Penetration5 research passes · medium41.08%
Sources (1)
  • Mordor Intelligence, 2026

M&A, PE & valuation

Consolidation

Consolidation Activity. The US Fire & Life Safety trade is experiencing highly aggressive private equity roll-up and consolidation activity. According to Capstone Partners (2026), deal activity in the Fire & Life Safety segment surged 66.7% year-over-year in 2025 to 125 transactions, with PE platform transactions alone rising 33.3% year-over-year to 20 deals. As reported by PE Hub (2025), private equity buyers are aggressively pursuing buy-and-build consolidation strategies in this sector due to extreme geographical fragmentation, non-discretionary demand driven by mandatory regulatory codes (such as NFPA inspection standards), and stable, high-margin recurring revenue.

Notable Platforms. Major active acquirers and PE platforms in the US Fire & Life Safety space include: (1) Pye-Barker Fire & Safety, backed by Leonard Green & Partners and Altas Partners (with minority backing from ADIA and GIC); (2) APi Group Corporation (NYSE: APG), a major publicly traded strategic acquirer; (3) Summit Companies / SFP Holding, backed by BDT & MSD Partners and BlackRock Long Term Private Capital; (4) Sciens Building Solutions, backed by Carlyle; (5) Bluejack Fire & Life Safety, launched as a multi-regional platform by Agellus Capital in 2025; and (6) Pavion, backed by Wind Point Partners.

Sources (5)
  • Capstone Partners - Security Solutions M&A Update (2026, ) and PE Hub (2025, https://www.pehub.com
  • PE Hub (2025, ) and Capstone Partners - Security Solutions M&A Update (2026, https://www.capstonepartners.com
  • Capstone Partners - Security Solutions M&A Update (2026) -
  • PE Hub - '8 PE-backed deals in fire and life safety services' (2025) -
  • PE Hub - 'Agellus Capital rolls out new platform Bluejack Fire & Life Safety' (2025) -

Valuation multiples

Typical Ebitda Multiple Low5 research passes · medium3x
Typical Ebitda Multiple High5 research passes · medium20x
Typical Ebitda Multiple Low Shared Across4x

Multiple By Size Note. Fire & Life Safety company acquisition multiples expand significantly with company scale and recurring revenue mix: small project-only or install-heavy operators ($1M-$3M EBITDA) trade at 4.0x-5.0x EBITDA; mid-market operators ($5M-$20M revenue / $1M-$3M EBITDA) with strong contracted inspection, testing, and maintenance (ITM) revenue command 6.0x-9.0x EBITDA; platform-ready regional businesses ($3M-$10M EBITDA) with >50% recurring ITM and monitoring revenue trade at 8.0x-12.0x+ EBITDA; and large, scaled national platforms ($10M+ EBITDA) trade at 17.0x-20.0x EBITDA.

Typical Ebitda Multiple Low Note. This figure is an industry-wide benchmark, not a per-trade measurement: the same value is published for 4 trade or segment records in this dataset. Read it as the specialty-trade baseline, not as a finding that distinguishes this trade from another.

Sources (2)
  • CT Acquisitions (2026)
  • CT Acquisitions, Private Equity Fire & Life Safety: The 2026 Consolidation Report, Named Platforms, and Multiples (2026)

Exit environment

Buyer Demand. Buyer demand for U.S. Fire & Life Safety companies is exceptionally strong and aggressive among private equity platforms, PE-backed strategics, family offices, and search funds pursuing buy-and-build roll-up strategies. Acquirers value companies most for their code-mandated recurring inspection, testing, and maintenance (ITM) revenue (with material valuation premiums awarded to businesses with a 40%-70%+ service revenue mix), low customer attrition rates (<5%), strong route density, multi-year auto-renewing contracts, and adoption of modern compliance software platforms.

Exit Trend. The exit trend is heating up significantly. M&A deal activity in the Fire & Life Safety segment jumped 66.7% year-over-year in 2025 to 125 transactions (averaging roughly 50 deals per quarter), with private equity platform acquisitions increasing 33.3% YOY and private strategic acquisitions expanding 36.1% YOY. Consolidation momentum is expected to further accelerate into 2026 as newly created PE platform companies actively pursue add-on acquisitions.

Sources (5)
  • Capstone Partners, Security Solutions M&A Update (2026); Meridian Capital, Fire & Life Safety Market Update (2025); Lincoln International, Fire & Life Safety Industry Perspective (2024-2025)
  • Capstone Partners, Security Solutions M&A Update (2026); CLA Meridian Capital, Fire & Life Safety M&A Market Update (2025)
  • https://www.capstonepartners.com
  • https://www.meridianib.com
  • https://www.lincolninternational.com

Demand & growth

Demand drivers

Installed Base Units6 research passes · official source5,900,000
Installed Base Units Shared Across15

Replacement Vs New Note. New construction installation (fire alarm and sprinkler system installs) historically accounts for over 60% of revenue for traditional installation contractors, while replacement, retrofit, inspection, testing, and maintenance (ITM) account for the remaining share (~40%), with industry platforms actively pushing to increase recurring ITM and retrofit revenue above 50%.

Demand Drivers Note. Demand for fire and life safety services is driven primarily by non-discretionary regulatory compliance and building codes established by the National Fire Protection Association (NFPA codes 1, 13, 72, 101) as enforced by local Authorities Having Jurisdiction (AHJs), commercial property insurance mandates, volume of total private and public construction spending ($2.21 trillion SAAR in May 2026 per US Census Bureau), and scheduled retrofit and system modernization across existing commercial building stock.

Installed Base Units Note. This figure is an industry-wide benchmark, not a per-trade measurement: the same value is published for 15 trade or segment records in this dataset. Read it as the specialty-trade baseline, not as a finding that distinguishes this trade from another.

Sources (3)
  • U.S. Energy Information Administration (EIA), Commercial Buildings Energy Consumption Survey (CBECS) 2018 Final Data Release, 2022/2024
  • IBISWorld, Fire Protection and Security System Installation Contractors in the US, 2025
  • U.S. Census Bureau, Monthly Construction Spending (May 2026 Release CB26-112), 2026, IBISWorld, Fire Protection Consultants in the US, 2025, https://www.ibisworld.com/united-states/market-research-reports/fire-protection-consultants-industry

Macro correlation

Housing Correlation Note. Demand for residential fire and life safety equipment (such as smoke alarms, heat detectors, and fire sprinklers) correlates directly with new housing starts and private residential construction spending. Increased residential building activity mandates installation of code-compliant fire detection and suppression systems in single-family and multi-family units.

Commercial Correlation Note. Commercial construction spending strongly drives demand for fire and life safety systems, with commercial facilities, offices, and data centers accounting for over 40% of overall market demand. Commercial projects prioritize integrated active suppression, advanced smoke/fire detection, and cloud-monitored fire systems to comply with local fire codes and lower insurance premiums.

Climate Sensitivity Note. Climate change and rising weather severity heighten wildfire risks and expand wildland-urban interface (WUI) fire hazards, creating strong demand for specialized wildland personal protective equipment (PPE), resilient infrastructure, and early-warning detection systems. FEMA reports that two-thirds of fire departments have unmet needs for wildland PPE amid expanding, climate-driven fire seasons.

Sources (3)
  • U.S. Census Bureau, Total Private Construction Spending: Residential in the United States [PRRESCON], retrieved from FRED, Federal Reserve Bank of St. Louis, 2026
  • U.S. Census Bureau, Total Private Construction Spending: Nonresidential in the United States [PNRESCON], retrieved from FRED, Federal Reserve Bank of St. Louis, 2026, Mordor Intelligence, Fire Safety Systems Market Analysis, 2026
  • Federal Emergency Management Agency (FEMA), U.S. Fire Administrator's Report on Climate-Driven Wildfire Risks, 2024

Reputation & customer

Customer acquisition

Typical Cac5 research passes · medium$130
Avg Review Volume5 research passes · medium39
Complaint CategoriesService or Repair Issues, Product Issues, Billing Issues, Customer Service Issues
Avg Review Volume Shared Across6

Avg Review Volume Note. This figure is an industry-wide benchmark, not a per-trade measurement: the same value is published for 6 trade or segment records in this dataset. Read it as the specialty-trade baseline, not as a finding that distinguishes this trade from another.

Sources (3)
  • CUFinder, 2026 Fire Protection Marketing Benchmarks (); cross-checked with Focus Digital, 2025 Commercial Fire Protection Campaign Analysis (https://focus-digital.co
  • BrightLocal, 2026
  • Better Business Bureau, 2026

Segment economics

How the unit economics differ by end market. Commercial and industrial work typically carries different margin, cash-cycle, and utilization profiles than residential. Published figures retain their citations.

MetricResidentialCommercialIndustrial
Gross margin31%3 research passes · official source31%3 research passes · official source31%3 research passes · official source
Operating margin6.9%3 research passes · official source6.9%3 research passes · official source6.9%3 research passes · official source
Net margin3.56%3 research passes · official source3.6%3 research passes · official source3.6%3 research passes · official source
Revenue / employee$257K3 research passes · verified$275K3 research passes · medium$450K2 research passes · verified
Gross profit / labor hourn/a$1051 research pass · limited supportn/a
Billable utilization70%3 research passes · high confidence75%1 research pass · limited support70%1 research pass · limited support
Cash conversion cycle45 days2 research passes · official source45.65 days2 research passes · official source46.3 days3 research passes · limited support
Days sales outstanding56.6 days3 research passes · medium69 days3 research passes · limited support72 days3 research passes · official source
Labor % of revenue33%1 research pass · limited support7.2%2 research passes · verifiedn/a

Unit economics by revenue band

The same trade runs very different numbers at $500K than at $30M. Here are the operating benchmarks by annual-revenue band. Every cell shown carries an external, citable source (CFMA revenue-tier benchmarks, IBISWorld). Blank cells are metrics no public source splits by band.

MetricUnder $1M$1M to $5M$5M to $20MOver $20M
Gross margin16%limited support22.4%limited support21.8%medium22.4%medium
Collection rate85.1%limited support95%limited support85.1%limited support85.1%limited support
Days sales outstanding56.6 dayslimited support55.2 dayslimited support56.6 daysmedium56.6 daysmedium
Recurring revenue50%limited support40%high confidence40%medium40%medium

Market structure

National permit and contractor-density aggregates from public county tax-assessor and building-permit records. Aggregate-only; no individual property or business identified.

Building permits (national)

YearPermitsContractorsMedian job valueP90 job value
20221,111,37035,217$8K$212K
20231,192,18738,460$10K$272K
2024757,17036,577$12K$275K

Contractor size tiers

Size tierContractorsAvg total permit value
Micro (5-19)25,325$4.62M
Small (20-99)12,597$18.83M
Mid (100-499)3,098$45.08M
Large (500+)883$93.71M

Top states by permit volume

StatePermitsContractorsMedian job value
CA473,44814,451$12K
FL412,16210,587$9K
AZ271,8023,693$10K
TX262,4778,328$8K
CO235,5023,018$7K
WA155,7133,018$11K
OH131,3752,873$2K
VA129,8654,383$6K
GA108,5101,929$20K
OR106,2532,383$10K

Geography

Wage differentials and licensing/bonding regimes vary widely by state, and contractor density and permit trends by metro. Every figure carries its state or metro source (BLS/OEWS, licensing boards, permit records). Aggregate-only.

Wages by state (median hourly)

Ranked high to low. Differential vs the national median. Source: state BLS/OEWS.

StateMedian hourlyvs national
Alaska$36.24+28.74%
Massachusetts$35.43+25.86%
Hawaii$32.53+15.56%
Minnesota$31.64+12.4%
Illinois$31.21+10.87%
Washington$31.17+10.73%
Connecticut$31.15+10.66%
New York$30.94+9.91%
North Dakota$30.30+7.64%
Maryland$30.09+6.89%
Rhode Island$29.93+6.32%
California$29.92+6.29%
New Jersey$29.78+5.79%
Oregon$29.73+5.61%
Colorado$29.48+4.72%
New Hampshire$29.42+4.51%
Delaware$29.11+3.41%
Wisconsin$28.62+1.67%
Indiana$28.54+1.39%
Nevada$28.19+0.14%
Pennsylvania$28.00-0.53%
Virginia$27.94-0.75%
Iowa$27.85-1.07%
Missouri$27.82-1.17%
Maine$27.48-2.38%
Ohio$27.39-2.7%
Vermont$27.32-2.95%
Nebraska$26.57-5.61%
South Dakota$26.20-6.93%
Louisiana$25.80-8.35%
Wyoming$25.44-9.63%
Georgia$25.20-10.48%
Montana$24.95-11.37%
Kansas$24.87-11.65%
Michigan$24.55-12.79%
North Carolina$24.33-13.57%
Kentucky$24.30-13.68%
Texas$24.13-14.28%
South Carolina$24.00-14.74%
Utah$23.97-14.85%
Arizona$23.86-15.24%
Florida$23.66-15.95%
Oklahoma$23.45-16.7%
Tennessee$23.10-17.94%
Arkansas$22.90-18.65%
Idaho$22.84-18.86%
Alabama$22.62-19.64%
New Mexico$22.24-20.99%
West Virginia$22.16-21.28%
Mississippi$22.09-21.53%
Metro-level detail (50 metros)
Atlanta, GA

As of May 2023, the Atlanta-Sandy Springs-Roswell, GA metropolitan area employed an estimated 1,630 Security and Fire Alarm Systems Installers (SOC 49-2098), representing a location quotient of 1.05 and an annual mean wage of $47,930.

In 2024, building permit activity in the Atlanta-Sandy Springs-Roswell, GA MSA reached 13,937 units permitted, representing a 31.5% increase over the area's prior five-year historical average.

Austin, TX

Residential building permit activity in the Austin-Round Rock-San Marcos MSA moderated from peak pandemic levels above 50,000 units in 2021-2022 to 32,294 authorized residential units in 2024 (ranking #6 nationally), with 23,622 residential units permitted over the trailing 12 months ending mid-2026.

Baltimore, MD

In the Baltimore-Columbia-Towson, MD Metropolitan Statistical Area, there were 1,270 Security and Fire Alarm Systems Installers (SOC 49-2098) employed as of May 2023, representing 0.974 jobs per 1,000 total regional employment and a location quotient of 1.77 compared to national averages.

Residential construction permit volume in the Baltimore-Columbia-Towson MSA trended upward post-2023, with trailing 12-month building permits reaching 5,514 units, a 24.2% year-over-year increase, led by suburban activity in Baltimore County (1,635 permits) and Anne Arundel County (1,497 permits).

Birmingham, AL

According to the BLS OEWS May 2023 report, Security and Fire Alarm Systems Installers (SOC 49-2098) in the Birmingham-Hoover, AL MSA comprised 430 employed workers. This reflects a location quotient of 1.55 (55% above the national average concentration) and 0.853 workers per 1,000 jobs in the metropolitan area.

Residential building permitting in the Birmingham-Hoover, AL MSA experienced a strong upward trend, accelerating to over 4,380 authorized housing units over trailing 12-month periods (up approximately 59.7% year-over-year), led by single-family developments in Shelby and Jefferson counties.

Boston, MA

In the Boston-Cambridge-Newton, MA-NH metropolitan statistical area, there are approximately 6,050 employed plumbers, pipefitters, and steamfitters (SOC 47-2152, which includes fire sprinkler system installers), earning a median hourly wage of $37.75 ($78,530 annually).

New housing units authorized by building permit in Massachusetts and the Greater Boston metro area fell by 25% year-over-year from 2022 to 2023, leaving permitting at 1.9 permits per 1,000 residents, less than half the national average of 4.5 permits per 1,000 residents.

Buffalo, NY

According to the U.S. Bureau of Labor Statistics OEWS, there were approximately 270 Security and Fire Alarm Systems Installers (SOC 49-2098) employed in the Buffalo-Cheektowaga-Niagara Falls, NY metropolitan statistical area as of May 2023.

Total residential building permit activity in the Buffalo-Cheektowaga-Niagara Falls MSA decreased from 3,197 authorized units in 2022 to 2,101 units in 2023, before rebounding to 2,659 authorized units for the 12 months ending July 2024 (comprising 847 single-family/sales units and 1,813 rental units).

Charlotte, NC

According to the U.S. Bureau of Labor Statistics, the Charlotte-Concord-Gastonia, NC-SC MSA employed 1,220 Security and Fire Alarm Systems Installers (SOC 49-2098) as of May 2023, representing a location quotient of 1.69 relative to the national average.

In 2023, approximately 19,150 residential sales units were permitted in the Charlotte metropolitan area (down less than 1% from 19,250 in 2022), while rental unit construction permits fell 36% to 12,950 units from 20,200 in 2022 as developers responded to higher interest rates and vacancy rates.

Chicago, IL

According to the U.S. Bureau of Labor Statistics OEWS estimates for the Chicago-Naperville-Elgin, IL-IN-WI metropolitan statistical area, the metro employed 1,760 Security and Fire Alarm Systems Installers (SOC 49-2098) with a location quotient of 0.71 (0.39 jobs per 1,000 total jobs) and 12,540 Plumbers, Pipefitters, and Steamfitters (SOC 47-2152, which includes sprinkler fitters) with a location quotient of 0.97.

In the Chicago metro area, residential building permit activity totaled 14,194 units from January through October 2025, representing a modest decline compared to the same period in 2024 while remaining relatively steady within its historical multi-year range since 2020.

Cincinnati, OH

In the Cincinnati, OH-KY-IN Metropolitan Statistical Area, the Bureau of Labor Statistics reports 2,920 employed Plumbers, Pipefitters, and Steamfitters (SOC 47-2152, which encompasses fire sprinkler fitters), representing a density of 2.70 workers per 1,000 total jobs in the metro area (location quotient of 0.94).

Residential building permit activity in the Cincinnati, OH-KY-IN MSA dipped in 2023 (6,241 total authorized units; 493.6 structure index) before trending upward through 2024 (580.3 index) and 2025 (623.1 index), with single-family building permits expanding from 3,925 units in 2024 to 4,250 units in 2025.

Cleveland, OH

According to the U.S. Bureau of Labor Statistics May 2023 Occupational Employment and Wage Statistics (OEWS), the Cleveland-Elyria, OH metropolitan statistical area employed 350 Security and Fire Alarm Systems Installers (SOC 49-2098) with an employment density of 0.35 jobs per 1,000 total jobs (location quotient of 0.64), alongside 60 Fire Inspectors and Investigators (SOC 33-2021).

According to HUD User and U.S. Census Bureau Building Permits Survey data, building permit activity in the Cleveland-Elyria, OH MSA expanded to 4,175 total units over a trailing 12-month period, a 28.6% year-over-year increase (2.02 permits per 1,000 residents), driven by strong permitting gains in Cuyahoga County (+43.2% YoY) and Lorain County (+33.4% YoY).

Columbus, OH

According to BLS OEWS May 2023 data, the Columbus, OH Metropolitan Statistical Area employed 2,490 plumbers, pipefitters, and steamfitters (SOC 47-2152, the occupational classification covering fire sprinkler fitters) with a location quotient of 0.81 relative to national density, alongside 1,873 electricians (SOC 47-2111, responsible for fire alarm installation).

Residential building permit authorization in the Columbus MSA experienced strong upward growth, with total private housing units authorized reaching 13,709 over a 12-month trailing period (a 63.7% year-over-year increase), led by a 22% rise in multifamily permits to over 8,000 units.

Dallas-Fort Worth, TX

According to the U.S. Bureau of Labor Statistics May 2023 Occupational Employment and Wage Statistics (OEWS), the Dallas-Fort Worth-Arlington, TX MSA employed 11,280 Plumbers, Pipefitters, and Steamfitters (SOC 47-2152, which includes fire sprinkler fitters), representing a concentration of 2.85 workers per 1,000 total jobs in the metropolitan area.

According to the U.S. Census Bureau Building Permits Survey, residential building permit volume in the Dallas-Fort Worth-Arlington, TX MSA totaled 68,029 units in 2023, down from 77,281 units in 2022, while continuing to rank among the highest metropolitan permitting totals in the nation.

Denver, CO

According to occupational employment data for the Denver-Aurora-Lakewood, CO MSA, the metro area employed 110 Fire Inspectors and Investigators (SOC 33-2021) and 4,500 Plumbers, Pipefitters, and Steamfitters (SOC 47-2152), the trade category that encompasses fire sprinkler system installers.

Residential construction permit volume in the Denver-Aurora-Lakewood MSA decreased 21.8% year-over-year in 2022 to 23,472 authorized housing units, with single-family home permitting dropping an additional 34% during the 12 months ending August 2023 due to elevated interest rates.

Detroit, MI

According to official occupational labor data for the Detroit-Warren-Dearborn, MI MSA, there were 130 Fire Inspectors and Investigators (SOC 33-2021) employed in the metropolitan area with an hourly mean wage of $42.82.

Residential construction permitting in the Detroit-Warren-Dearborn, MI MSA reached 4,541 total housing units in 2023, reflecting an 11.6% year-over-year decline and marking the lowest annual total since 2012.

Hartford, CT

According to the Bureau of Labor Statistics Occupational Employment and Wage Statistics, the Hartford-West Hartford-East Hartford, CT MSA had 4,310 Plumbers, Pipefitters, and Steamfitters (SOC 47-2152, the occupational code covering fire sprinkler fitters) employed, representing a density of 2.594 per 1,000 total jobs in the metro area.

In the Hartford-West Hartford-East Hartford, CT metro area, trailing 12-month residential building permit volume reached 1,270 units as of May 2026, representing a +79.1% increase compared to the prior 12-month period, with multi-family structures (5+ units) driving 59.2% of newly permitted units.

Houston, TX

As of May 2023, the U.S. Bureau of Labor Statistics (BLS) Occupational Employment and Wage Statistics (OEWS) reported that the Houston-The Woodlands-Sugar Land, TX metropolitan statistical area employed 2,140 Security and Fire Alarm Systems Installers (SOC 49-2098), representing a location quotient of 1.23 and an employment density of 0.67 jobs per 1,000 total jobs in the metropolitan area.

According to U.S. Census Bureau Building Permits Survey data, total residential building permits in the Houston-The Woodlands-Sugar Land MSA reached 68,755 authorized units in 2023 (including 50,444 single-family homes). While this represented a 9.3% decrease from the 75,786 units permitted in 2022, the Houston metro area led the nation in total housing permit activity for 2023.

Indianapolis, IN

In the Indianapolis-Carmel-Anderson, IN metropolitan statistical area, there were an estimated 750 Security and Fire Alarm Systems Installers (SOC 49-2098) employed, with a location quotient of 1.26, indicating a 26% higher concentration of trade employment relative to the national average.

Single-family building permits in the nine-county Greater Indianapolis area reached 10,173 permits in 2025, representing a 1.3% increase over the 10,004 permits issued in 2024. Momentum continued into 2026 with January filings increasing 4% year-over-year to 731 permits compared to 700 in January 2025.

Jacksonville, FL

According to the U.S. Bureau of Labor Statistics OEWS survey, the Jacksonville, FL metropolitan statistical area employed approximately 1,160 Security and Fire Alarm Systems Installers (SOC 49-2098) as of May 2023, representing a density (location quotient) of 1.57 relative to the national average and 2.86 jobs per 1,000 total jobs in the MSA.

According to HUD's Comprehensive Housing Market Analysis based on U.S. Census Bureau Building Permits Survey data, residential permitting in the Jacksonville MSA cooled following peak post-pandemic growth in 2021-2022. Single-family home sales decreased 22% in 2023 while approximately 6,300 homes and 10,500 rental units remained under construction as of early 2024, signaling a broader moderation in permit issuance.

Kansas City, MO

According to the U.S. Bureau of Labor Statistics Occupational Employment and Wage Statistics (OEWS), the Kansas City, MO-KS metropolitan statistical area employed 850 Security and Fire Alarm Systems Installers (SOC 49-2098) as of May 2023, representing a location quotient of 1.43, indicating a 43% higher concentration of installers than the national average.

Single-family building permit volume in the 8-county Kansas City metro area increased by 14% in 2024 (reaching 4,509 units, up from 3,947 in 2023), dipped slightly by 3% in 2025 (4,388 units), and rebounded strongly in early 2026 with 2,358 single-family units permitted through May 2026, a 32% year-over-year increase compared to the same five-month period in 2025.

Las Vegas, NV

In the Las Vegas-Henderson-Paradise, NV MSA, U.S. Bureau of Labor Statistics OEWS data reports 3,760 Plumbers, Pipefitters, and Steamfitters (SOC 47-2152, the trade classification covering fire sprinkler fitters) with a location quotient of 1.21 relative to national averages, alongside 330 Pipelayers (SOC 47-2151).

Construction and residential development activity in the Las Vegas-Henderson-Paradise MSA moderated following peak post-pandemic expansion, with home sales falling 26% in 2022 and 22% in 2023, while maintaining significant active inventory with 5,300 single-family homes and 7,850 rental units under construction in early 2024.

Los Angeles, CA

According to the U.S. Bureau of Labor Statistics, the Los Angeles-Long Beach-Anaheim, CA MSA employed approximately 3,040 Security and Fire Alarm Systems Installers (SOC 49-2098), representing a density of 0.49 installers per 1,000 jobs in the metropolitan area.

According to U.S. Census Bureau Building Permits Survey data, total residential permit volume in the Los Angeles-Long Beach-Anaheim, CA metro trended downward between 2020 and 2025, dropping 38% in monthly total permits issued (from 2,715 in July 2020 to 1,694 in July 2025), driven primarily by a sharp contraction in multi-family unit authorizations.

Louisville, KY

According to the U.S. Bureau of Labor Statistics May 2023 OEWS report, the Louisville/Jefferson County, KY-IN metropolitan statistical area employed 260 Security and Fire Alarm Systems Installers (SOC 49-2098), representing a density of 0.392 installers per 1,000 total jobs and a location quotient of 0.71.

In the Louisville MSA, rental housing permitting increased 28% to 3,625 units authorized during the 12 months ending April 2023 (driven by a 49% surge in Jefferson County), while single-family home permitting declined 24% to 1,950 units. U.S. Census Bureau Building Permits Survey data shows multifamily permit volume subsequently stabilized at approximately 1.7 units per 1,000 residents.

Memphis, TN

According to the U.S. Bureau of Labor Statistics Occupational Employment and Wage Statistics, the Memphis, TN-MS-AR metropolitan area employed 490 Security and Fire Alarm Systems Installers (SOC 49-2098) as of May 2023, representing a location quotient of 1.41 relative to the national employment concentration.

According to U.S. Census Bureau Building Permits Survey data, total residential permitting in the Memphis, TN-MS-AR MSA reached 4,058 units in 2022 before slowing to 3,066 single-family permitted units in 2023, indicating a pullback in residential construction activity.

Miami, FL

According to BLS Occupational Employment and Wage Statistics, the Miami-Fort Lauderdale-West Palm Beach, FL metropolitan area employed an estimated 2,710 Security and Fire Alarm Systems Installers (SOC 49-2098) with a location quotient of 0.995 (on par with national average concentration) and an annual mean wage of $52,660.

In the first half of 2025, authorized residential building permits in Southeast Florida grew 14% year-over-year (contrasting with a 2% national decline), led by Miami-Dade County where authorized housing units rose 19% to an annualized rate of 15,414 units. Multifamily projects accounted for 85% of all permitted housing units in Miami-Dade.

Milwaukee, WI

According to the U.S. Bureau of Labor Statistics, the Milwaukee-Waukesha-West Allis, WI metropolitan statistical area employed 390 Security and Fire Alarm Systems Installers (SOC 49-2098) as of May 2023, representing a location quotient of 0.86 relative to national occupational concentration.

Single-family building permitting in the Milwaukee-Waukesha-West Allis metropolitan area increased year-over-year as of the 12 months ending August 2025, while multi-family construction activity and regional housing markets maintained balanced to slightly tight conditions.

Minneapolis-St. Paul, MN

According to May 2023 BLS Occupational Employment and Wage Statistics data, the Minneapolis-St. Paul-Bloomington, MN-WI metropolitan statistical area employed 670 Security and Fire Alarm Systems Installers (SOC 49-2098), representing 0.35 jobs per 1,000 total jobs in the region and a location quotient of 0.64 relative to the national average.

Residential building permit volume in the Minneapolis-St. Paul metro area has experienced a downward trend in recent years, declining from 15,596 housing units permitted in 2023 to 12,339 units in 2024 and 12,161 units in 2025.

Nashville, TN

The U.S. Bureau of Labor Statistics reported 620 employed Security and Fire Alarm Systems Installers (SOC 49-2098) in the Nashville-Davidson--Murfreesboro--Franklin, TN MSA, representing a location quotient of 1.05 relative to national employment density.

According to the U.S. Census Bureau 2024 Building Permits Survey, housing unit authorizations in Nashville-Davidson totaled 6,799 units in 2024, down from 11,158 units in 2023 (a decrease of 4,359 units). Across the broader 14-county metro area, trailing permit activity reached 17,930 units (8.77 permits per 1,000 residents, nearly triple the U.S. metro average), including 5,787 multi-family units in 5+ unit structures.

New Orleans, LA

According to occupational data for the New Orleans-Metairie, LA MSA, there were 400 Security and Fire Alarm Systems Installers (SOC 49-2098) employed in the metropolitan area as of May 2023, with a location quotient of 1.40 relative to the national concentration.

Construction permitting in the New Orleans-Metairie MSA has experienced a steep downward trend in recent years, with total housing permits declining by 68.4% (from 376 down to 119 units) in monthly tracking, single-family unit permits dropping by 75%, and annual multifamily permits declining by 47.3%.

New York, NY

In the New York-Newark-Jersey City, NY-NJ-PA metropolitan statistical area, employment for core fire and life safety occupations includes 4,660 Security and Fire Alarm Systems Installers (SOC 49-2098) and 23,600 Plumbers, Pipefitters, and Steamfitters (SOC 47-2152, which includes sprinkler fitters).

Residential building permits in the New York-Newark-Jersey City, NY-NJ-PA metro area totaled 53,708 authorized housing units in 2023 before rebounding to over 58,000 units in 2024, with multi-family housing permits surging 51% year-over-year in top metro areas.

Oklahoma City, OK

According to the U.S. Bureau of Labor Statistics Occupational Employment and Wage Statistics, the Oklahoma City, OK Metropolitan Statistical Area employed approximately 1,190 Security and Fire Alarm Systems Installers (SOC 49-2098) as of May 2024, representing a concentration of 1.7 workers per 1,000 total jobs in the metro area.

Total new private housing units authorized by building permits in the Oklahoma City, OK MSA reached 13,242 units in 2024, representing a modest 2.2% growth over the 12,957 units authorized in 2023.

Orlando, FL

According to the U.S. Bureau of Labor Statistics OEWS data, there were 1,230 Security and Fire Alarm Systems Installers (SOC 49-2098) employed in the Orlando-Kissimmee-Sanford, FL MSA, with a location quotient of 1.63 relative to the national average, indicating a higher-than-average concentration of fire and life safety installers in the region.

Residential building permit and construction activity in the Orlando-Kissimmee-Sanford MSA has cooled from post-pandemic peaks, with 9,200 single-family sales homes and 17,750 rental units under construction as of mid-2024 to meet multi-year housing demand, accompanied by a slowdown in multi-family (5+ unit) permitting volume.

Philadelphia, PA

As of May 2023, the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD metropolitan area employed 1,310 Security and Fire Alarm Systems Installers (SOC 49-2098) and 7,020 Plumbers, Pipefitters, and Steamfitters (SOC 47-2152, which includes sprinkler fitters).

New housing construction permit volume in the Philadelphia-Camden-Wilmington metro peaked around 2021-2022 and subsequently entered a steep multi-year decline through 2023-2024, driven primarily by a pullback in multi-family housing permits.

Phoenix, AZ

According to the Bureau of Labor Statistics, the Phoenix-Mesa-Chandler, AZ metropolitan statistical area employed 9,990 Plumbers, Pipefitters, and Steamfitters (SOC 47-2152, which encompasses fire sprinkler system installers) as of May 2024, reflecting a substantial concentration of specialized trade labor in the metro.

Building permit volume in the Phoenix-Mesa-Chandler MSA authorized 45,616 residential housing units in 2023, ranking 4th nationwide. Recent construction activity shows a modest year-over-year cooling of approximately 15% from post-pandemic peaks, while retaining high overall permitting velocity compared to historical averages.

Pittsburgh, PA

In the Pittsburgh, PA MSA, the trade workforce includes 760 Security and Fire Alarm Systems Installers (SOC 49-2098) with a location quotient of 1.29 relative to the national average, alongside 3,990 Electricians (SOC 47-2111).

Residential building permit volume in the Greater Pittsburgh region has trended upward, authorizing an estimated 5,946 housing units in 2025, up 9.9% from 5,412 units in 2024 and significantly above the 2019 pre-pandemic level of 3,984 units.

Portland, OR

In the Portland-Vancouver-Hillsboro, OR-WA metropolitan statistical area, BLS OEWS reports 6,770 electricians (SOC 47-2111) who perform fire alarm and low-voltage safety installations, representing a worker density of 5.614 per 1,000 jobs and a location quotient of 1.20.

Single-family residential construction permitting in the Oregon portion of the Portland metropolitan area increased 5% year-over-year in Q1 2025 (1,669 units permitted), despite a broader regional slowdown in multi-family housing unit permits during 2023 and 2024.

Providence, RI

According to the U.S. Bureau of Labor Statistics May 2023 Occupational Employment and Wage Statistics (OEWS) data, there were approximately 300 Security and Fire Alarm Systems Installers (SOC 49-2098) employed in the Providence-Warwick, RI-MA Metropolitan Statistical Area, representing a location quotient of 0.97 relative to national concentration.

According to U.S. Census Bureau Building Permits Survey data reported by HUD User, residential permitting in the Providence metropolitan area gained momentum in late 2024, recording a 150-unit increase in multi-family permits and a 60-home increase in single-family permits in Q4 2024 compared to Q4 2023.

Raleigh, NC

According to the U.S. Bureau of Labor Statistics (BLS) May 2023 Occupational Employment and Wage Statistics (OEWS), the Raleigh, NC Metropolitan Statistical Area employed 570 Security and Fire Alarm Systems Installers (SOC 49-2098), representing an employment location quotient of 1.48 compared to the national average.

According to the U.S. Census Bureau Building Permits Survey, building permit activity in the Raleigh-Cary, NC MSA showed strong residential permitting volumes, authorizing over 18,000 housing units over trailing 12-month periods (~12.7 permits per 1,000 residents), ranking among the highest per-capita homebuilding permit rates in the nation despite national single-family permitting headwinds.

Richmond, VA

According to the BLS Occupational Employment and Wage Statistics for the Richmond, VA MSA, specialized trade employment performing fire & life safety work includes 1,940 Plumbers, Pipefitters, and Steamfitters (who install and maintain fire sprinkler systems) as well as dedicated Security and Fire Alarm Systems Installers across the metropolitan area.

According to U.S. Census Bureau Building Permits Survey data reported by Axios Richmond, residential construction permit activity in the Richmond metro area trended downward in 2024, projected at approximately 58 new housing units permitted per 10,000 residents compared to higher levels in 2023.

Riverside-San Bernardino, CA

According to the U.S. Bureau of Labor Statistics Occupational Employment and Wage Statistics (OEWS), the Riverside-San Bernardino-Ontario, CA MSA employed approximately 890 Security and Fire Alarm Systems Installers (SOC 49-2098) as of May 2023, with an average hourly wage of $30.39 ($63,210 annual mean wage).

According to the U.S. Census Bureau Building Permits Survey and HUD Housing Market Data, residential building permit authorizations in the Riverside-San Bernardino-Ontario MSA maintained strong annual volume relative to coastal California, though single-family permitting experienced a year-over-year moderation of approximately 3% to 15% during 2024-2025.

Sacramento, CA

In the Sacramento metropolitan area, construction activity has seen strong recent multi-family and residential permit volume. According to U.S. Census Bureau Building Permits Survey data published in 2024, Sacramento County total multi-family building permit valuation grew from $323.5 million in 2021 to $413.4 million in 2022, while new single-family permit valuation reached $1.183 billion in 2022. Regional market data from Transwestern shows that 4,032 multi-family units were delivered across the Sacramento-Roseville-Arden-Arcade MSA in the year ending Q2 2024, with 3,059 units actively under construction in 2024.

Salt Lake City, UT

According to the U.S. Bureau of Labor Statistics, there were 450 Security and Fire Alarm Systems Installers (SOC 49-2098) employed in the Salt Lake City, UT Metropolitan Statistical Area, earning an annual mean wage of $54,790.

Residential permitting activity in Utah experienced a multi-year decline through 2024 as apartment developments slowed amid high interest rates, followed by a rebound in multi-family permitting in 2025 according to state construction tracking data.

San Antonio, TX

According to the U.S. Bureau of Labor Statistics Occupational Employment and Wage Statistics, the San Antonio-New Braunfels, TX MSA employed 780 Security and Fire Alarm Systems Installers (SOC 49-2098), representing a location quotient of 2.52, indicating a concentration of trade workers more than double the national average.

According to the U.S. Census Bureau Building Permits Survey, residential construction activity in the San Antonio-New Braunfels, TX MSA authorized 14,857 total housing units in 2024 (13.6 units authorized per 1,000 existing homes), following a pullback in city-level authorizations from 14,182 units in 2022 down to 9,159 units in 2023.

San Diego, CA

According to the U.S. Census Bureau County Business Patterns (CBP) 2021 data published by SANDAG, there were 835 electrical contracting establishments (NAICS 238210, which includes fire alarm contractors) in the San Diego-Chula Vista-Carlsbad MSA. Furthermore, U.S. Bureau of Labor Statistics (BLS) OEWS May 2024 data reports 5,530 plumbers, pipefitters, and steamfitters (SOC 47-2152, fire sprinkler trade) and 7,330 electricians (SOC 47-2111) employed in the metropolitan area.

According to HUD's Comprehensive Housing Market Analysis for the San Diego-Chula Vista-Carlsbad MSA, residential permitting activity experienced a downward trend in multi-family projects, with multi-family permits declining 34% year-over-year to 2,025 units for the three months ending October 2025, while single-family permits rose slightly by 2% to 910 units over the same period.

San Francisco, CA

In the San Francisco-Oakland-Berkeley metropolitan area, Security and Fire Alarm Systems Installers represent approximately 0.063% of total occupational employment according to U.S. Bureau of Labor Statistics metro data.

Residential permitting activity in the San Francisco-Oakland-Berkeley MSA declined in 2022, dropping 18.8% year-over-year to 11,048 authorized new residential building permits valued at $3.0 billion (a 20.8% decrease in total permit valuation from 2021).

San Jose, CA

According to the U.S. Bureau of Labor Statistics May 2023 Occupational Employment and Wage Statistics (OEWS) report, there were 530 Security and Fire Alarm Systems Installers (SOC 49-2098) employed in the San Jose-Sunnyvale-Santa Clara, CA metropolitan statistical area, earning a mean hourly wage of $41.40 and an annual mean wage of $86,120.

Residential building permit activity in the San Jose-Sunnyvale-Santa Clara metropolitan area fell significantly by 68% between July 2020 and July 2025, dropping from 1,949 total permitted units to 623 units. This contraction was driven primarily by a 74% decline in multi-family (5+ unit) housing permits, which dropped from 1,697 units to 449 units over the same period.

Seattle, WA

According to the U.S. Bureau of Labor Statistics, the Seattle-Tacoma-Bellevue, WA MSA employed 5,860 Plumbers, Pipefitters, and Steamfitters (SOC 47-2152, which includes sprinkler fitters) in May 2023, representing an employment concentration of 2.82 per 1,000 jobs (location quotient of 0.98) with an annual mean wage of $90,510.

Residential construction permitting in the Seattle-Tacoma-Bellevue, WA MSA experienced a significant multi-year decline following peak activity in 2021. According to Census Building Permits Survey data, total permitted units fell 12.8% in 2022 to 26,820 units ($5.7 billion total valuation), and dropped a further 35.4% in 2023 to 17,223 units. In 2024, multifamily permitting in the metro continued its downward trajectory, declining 36.1% year-over-year to 9,880 units.

St. Louis, MO

According to BLS Occupational Employment and Wage Statistics (OEWS) data for the St. Louis, MO-IL Metropolitan Statistical Area, the trade workforce includes 520 Security and Fire Alarm Systems Installers (SOC 49-2098) earning a mean annual wage of $58,840, 110 Fire Inspectors and Investigators (SOC 33-2021) earning a mean annual wage of $100,820, and 3,810 Plumbers, Pipefitters, and Steamfitters (SOC 47-2152, which includes fire sprinkler installers).

Residential construction permitting in the St. Louis MSA experienced a downward trend in 2025: single-family permits dropped 10% year-over-year to 4,175 units (down from 4,650 units in 2024), while multifamily unit permits fell 19% to 1,650 units (down from 2,050 units in 2024), positioning overall residential permitting below 2015-2020 annual averages.

Tampa, FL

In the Tampa-St. Petersburg-Clearwater, FL MSA, trade workforce estimates for fire and life safety installation and maintenance include 1,420 Plumbers, Pipefitters, and Steamfitters (SOC 47-2152, covering fire sprinkler fitters) with a location quotient of 1.53, alongside 7,110 Electricians (SOC 47-2111, covering fire alarm technicians).

New residential building permit activity in the Tampa-St. Petersburg-Clearwater MSA showed positive momentum, increasing approximately 9% year-over-year from 20,950 permitted housing units in 2024 to 22,819 units in 2025.

Virginia Beach, VA

According to the U.S. Bureau of Labor Statistics Occupational Employment and Wage Statistics (OEWS) May 2023 estimates, there were 290 Security and Fire Alarm Systems Installers (SOC 49-2098) employed across the Virginia Beach-Norfolk-Newport News, VA-NC metropolitan statistical area.

According to HUD's Comprehensive Housing Market Analysis as of November 2024, construction activity across the Virginia Beach-Norfolk-Newport News metropolitan area remains steady, with 3-year projected demand for 11,000 new single-family sales homes (1,900 under construction) and 6,175 rental units (1,800 under construction), supported by 2.0% nonfarm job growth (16,100 jobs added) over the 12 months ending October 2024.

Washington DC, DC

According to the U.S. Bureau of Labor Statistics May 2023 OEWS data, the Washington-Arlington-Alexandria, DC-VA-MD-WV metropolitan statistical area employed 2,050 Security and Fire Alarm Systems Installers (SOC 49-2098) with an employment location quotient of 1.21, indicating a higher density of fire and life safety installers compared to the national average.

New residential building permits in the Washington-Arlington-Alexandria, DC-VA-MD-WV metro area expanded by 17.8% in 2022 to 32,296 authorized housing units ($6.0 billion in total valuation) before experiencing a year-over-year contraction of approximately 40% in 2023 down to 11,086 units amid elevated interest rates and rising building costs.

Building stock (demand base)

Age can inform trade-specific replacement mechanisms, but this cross-sectional file does not measure replacement speed or prove a tailwind across trades. Public state and county tax-assessor and property records (aggregated). Aggregate-only; no individual property or owner identified.

Construction eraBuildingsShare
pre-19601,675,48118.4%
1960-791,224,84813.5%
1980-991,367,31215.1%
2000-09756,8108.3%
2010+477,4515.3%
unknown3,582,98539.4%

Reputation & professionalization

Public business-review listings (aggregated April 2026). Aggregate only; no individual business identified.

Businesses analyzed963
Average rating3.51
Rating (p25 / median / p75)2.4 / 3.7 / 5
Reviews (median / p90)5 / 25
Claimed listings71.9%
Marked closed6.3%

Firmographics

Aggregated public business firmographic records (multi-source SMB dataset). Revenue/employee/age/employer-rating distributions per trade. Aggregate only; no individual company identified.

Companies analyzed2,986
Revenue (p25 / median / p75 / p90)$7.1M / $13.3M / $26.6M / $44.4M
Employees (p25 / median / p75)40 / 61 / 106
Median founding year2000
Avg employer rating3.67

Historical public-company reference

Snapshot dated 2026-07-23. These large scaled operators provide historical context, not live quotes, current valuation comparisons, or a benchmark for a typical private contractor.

Company1y returnGross marginEV/EBITDAMarket cap
APi Group Corporation (APG)9.2%31.38%19.14$17.38B
Johnson Controls International plc (JCI)33.3%36.56%21.78$85.03B

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