Apogee Enterprises (APOG)
Market Price (5/13/2026): $35.63 | Market Cap: $753.0 MilSector: Industrials | Industry: Building Products
Apogee Enterprises (APOG)
Market Price (5/13/2026): $35.63Market Cap: $753.0 MilSector: IndustrialsIndustry: Building Products
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.5%, FCF Yield is 13% Low stock price volatilityVol 12M is 37% Megatrend and thematic driversMegatrends include Sustainable Resource Management, and Sustainable & Green Buildings. Themes include Green Building Materials, and Energy Efficient Building Materials. | Weak multi-year price returns2Y Excs Rtn is -86%, 3Y Excs Rtn is -85% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.8% Key risksAPOG key risks include [1] margin erosion from intense price competition, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.5%, FCF Yield is 13% |
| Low stock price volatilityVol 12M is 37% |
| Megatrend and thematic driversMegatrends include Sustainable Resource Management, and Sustainable & Green Buildings. Themes include Green Building Materials, and Energy Efficient Building Materials. |
| Weak multi-year price returns2Y Excs Rtn is -86%, 3Y Excs Rtn is -85% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.8% |
| Key risksAPOG key risks include [1] margin erosion from intense price competition, Show more. |
Qualitative Assessment
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Apogee Enterprises (APOG) stock has lost about 5% since 1/31/2026 because of the following key factors:
1. Apogee Enterprises reported mixed financial results for its fiscal fourth quarter and full year 2026, contributing to a stable stock performance. The company's Q4 FY2026 net sales of $351.4 million exceeded analyst estimates by 4.7% and adjusted diluted EPS of $0.92 beat expectations by 6.4%. However, for the full fiscal year 2026, diluted EPS declined to $2.52 from $3.89 in fiscal 2025, and adjusted diluted EPS fell to $3.47 from $4.97, with the adjusted EBITDA margin also decreasing to 11.9% from 14.2% in the prior year. This combination of a quarterly beat and an annual decline provided offsetting forces on investor sentiment.
2. Cautious guidance for fiscal year 2027 tempered enthusiasm from the quarterly earnings beat. Apogee Enterprises projected fiscal 2027 adjusted diluted EPS in the range of $2.70 to $3.25. This guidance is lower than the reported adjusted diluted EPS of $3.47 for fiscal 2026, signaling anticipated ongoing margin and earnings pressures. This forward-looking outlook likely mitigated any significant upward movement in the stock price despite the stronger-than-expected Q4 performance.
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1. Apogee Enterprises reported mixed financial results for its fiscal fourth quarter and full year 2026, contributing to a stable stock performance. The company's Q4 FY2026 net sales of $351.4 million exceeded analyst estimates by 4.7% and adjusted diluted EPS of $0.92 beat expectations by 6.4%. However, for the full fiscal year 2026, diluted EPS declined to $2.52 from $3.89 in fiscal 2025, and adjusted diluted EPS fell to $3.47 from $4.97, with the adjusted EBITDA margin also decreasing to 11.9% from 14.2% in the prior year. This combination of a quarterly beat and an annual decline provided offsetting forces on investor sentiment.
2. Cautious guidance for fiscal year 2027 tempered enthusiasm from the quarterly earnings beat. Apogee Enterprises projected fiscal 2027 adjusted diluted EPS in the range of $2.70 to $3.25. This guidance is lower than the reported adjusted diluted EPS of $3.47 for fiscal 2026, signaling anticipated ongoing margin and earnings pressures. This forward-looking outlook likely mitigated any significant upward movement in the stock price despite the stronger-than-expected Q4 performance.
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Stock Movement Drivers
Fundamental Drivers
The -4.1% change in APOG stock from 1/31/2026 to 5/12/2026 was primarily driven by a -29.7% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 5122026 | Change |
|---|---|---|---|
| Stock Price ($) | 36.86 | 35.35 | -4.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,399 | 1,405 | 0.4% |
| Net Income Margin (%) | 2.9% | 3.9% | 34.8% |
| P/E Multiple | 19.6 | 13.8 | -29.7% |
| Shares Outstanding (Mil) | 21 | 21 | 0.8% |
| Cumulative Contribution | -4.1% |
Market Drivers
1/31/2026 to 5/12/2026| Return | Correlation | |
|---|---|---|
| APOG | -4.1% | |
| Market (SPY) | 3.6% | 46.2% |
| Sector (XLI) | 5.7% | 59.0% |
Fundamental Drivers
The -2.7% change in APOG stock from 10/31/2025 to 5/12/2026 was primarily driven by a -21.2% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 5122026 | Change |
|---|---|---|---|
| Stock Price ($) | 36.35 | 35.35 | -2.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,392 | 1,405 | 0.9% |
| Net Income Margin (%) | 3.2% | 3.9% | 20.7% |
| P/E Multiple | 17.5 | 13.8 | -21.2% |
| Shares Outstanding (Mil) | 21 | 21 | 1.3% |
| Cumulative Contribution | -2.7% |
Market Drivers
10/31/2025 to 5/12/2026| Return | Correlation | |
|---|---|---|
| APOG | -2.7% | |
| Market (SPY) | 5.5% | 32.9% |
| Sector (XLI) | 13.1% | 51.4% |
Fundamental Drivers
The -8.5% change in APOG stock from 4/30/2025 to 5/12/2026 was primarily driven by a -38.3% change in the company's Net Income Margin (%).| (LTM values as of) | 4302025 | 5122026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.64 | 35.35 | -8.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,361 | 1,405 | 3.2% |
| Net Income Margin (%) | 6.2% | 3.9% | -38.3% |
| P/E Multiple | 9.8 | 13.8 | 41.1% |
| Shares Outstanding (Mil) | 22 | 21 | 1.9% |
| Cumulative Contribution | -8.5% |
Market Drivers
4/30/2025 to 5/12/2026| Return | Correlation | |
|---|---|---|
| APOG | -8.5% | |
| Market (SPY) | 30.4% | 42.4% |
| Sector (XLI) | 34.7% | 56.8% |
Fundamental Drivers
The -11.5% change in APOG stock from 4/30/2023 to 5/12/2026 was primarily driven by a -46.7% change in the company's Net Income Margin (%).| (LTM values as of) | 4302023 | 5122026 | Change |
|---|---|---|---|
| Stock Price ($) | 39.93 | 35.35 | -11.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,441 | 1,405 | -2.5% |
| Net Income Margin (%) | 7.2% | 3.9% | -46.7% |
| P/E Multiple | 8.4 | 13.8 | 64.3% |
| Shares Outstanding (Mil) | 22 | 21 | 3.6% |
| Cumulative Contribution | -11.5% |
Market Drivers
4/30/2023 to 5/12/2026| Return | Correlation | |
|---|---|---|
| APOG | -11.5% | |
| Market (SPY) | 78.7% | 40.7% |
| Sector (XLI) | 82.3% | 50.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| APOG Return | 55% | -6% | 23% | 36% | -48% | 0% | 28% |
| Peers Return | 91% | -16% | 71% | 12% | -16% | -11% | 130% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| APOG Win Rate | 67% | 42% | 50% | 67% | 25% | 60% | |
| Peers Win Rate | 55% | 38% | 65% | 60% | 45% | 32% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| APOG Max Drawdown | -3% | -24% | -16% | -3% | -52% | -12% | |
| Peers Max Drawdown | -7% | -38% | -6% | -17% | -33% | -19% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: TGLS, NX, ROCK, BLDR, AWI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/12/2026 (YTD)
How Low Can It Go
| Event | APOG | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -21.6% | -6.7% |
| % Gain to Breakeven | 27.6% | 7.1% |
| Time to Breakeven | 26 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.8% | -24.5% |
| % Gain to Breakeven | 29.6% | 32.4% |
| Time to Breakeven | 147 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -57.5% | -33.7% |
| % Gain to Breakeven | 135.4% | 50.9% |
| Time to Breakeven | 294 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -36.2% | -19.2% |
| % Gain to Breakeven | 56.8% | 23.7% |
| Time to Breakeven | 189 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -36.4% | -12.2% |
| % Gain to Breakeven | 57.2% | 13.9% |
| Time to Breakeven | 327 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -34.4% | -17.9% |
| % Gain to Breakeven | 52.5% | 21.8% |
| Time to Breakeven | 84 days | 123 days |
In The Past
Apogee Enterprises's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
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| Event | APOG | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -21.6% | -6.7% |
| % Gain to Breakeven | 27.6% | 7.1% |
| Time to Breakeven | 26 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.8% | -24.5% |
| % Gain to Breakeven | 29.6% | 32.4% |
| Time to Breakeven | 147 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -57.5% | -33.7% |
| % Gain to Breakeven | 135.4% | 50.9% |
| Time to Breakeven | 294 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -36.2% | -19.2% |
| % Gain to Breakeven | 56.8% | 23.7% |
| Time to Breakeven | 189 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -36.4% | -12.2% |
| % Gain to Breakeven | 57.2% | 13.9% |
| Time to Breakeven | 327 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -34.4% | -17.9% |
| % Gain to Breakeven | 52.5% | 21.8% |
| Time to Breakeven | 84 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -21.4% | -15.4% |
| % Gain to Breakeven | 27.2% | 18.2% |
| Time to Breakeven | 164 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -66.5% | -53.4% |
| % Gain to Breakeven | 198.3% | 114.4% |
| Time to Breakeven | 1319 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -28.0% | -8.6% |
| % Gain to Breakeven | 39.0% | 9.5% |
| Time to Breakeven | 2002 days | 47 days |
In The Past
Apogee Enterprises's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Apogee Enterprises (APOG)
Apogee Enterprises, Inc. designs and develops glass and metal products and services in the United States, Canada, and Brazil. The company operates in four segments: Architectural Framing Systems, Architectural Glass, Architectural Services, and Large-Scale Optical Technologies (LSO). The Architectural Framing Systems segment designs, engineers, fabricates, and finishes the aluminum frames used in customized aluminum and glass window; curtain wall; storefront; and entrance systems, such as the outside skin and entrances of commercial, institutional, and multi-family residential buildings. The Architectural Glass segment fabricates coated and high-performance glass used in customized window and wall systems, including the outside skin of commercial, institutional, and multi-family residential buildings. The Architectural Services segment offers full-service installation of the walls of glass, windows, and other curtain wall products making up the outside skin of commercial and institutional buildings. The LSO segment manufactures value-added glass and acrylic products for framing and display applications. The company's products and services are primarily used in commercial buildings, such as office buildings, hotels, and retail centers; and institutional buildings comprising education facilities, health care facilities, and government buildings, as well as multi-family residential buildings. It markets its architectural products and services through direct sales force, independent sales representatives, and distributors to glazing subcontractors and general contractors; and value-added glass and acrylics through retail chains, picture-framing shops, and independent distributors to museums, galleries, and other customers. The company was incorporated in 1949 and is based in Minneapolis, Minnesota.
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Apogee Enterprises is like an Otis or KONE for building exteriors, specializing in the custom design, fabrication, and installation of the glass and metal walls for skyscrapers and large commercial buildings.
Alternatively, think of them as the Pella or Andersen Windows for massive commercial and institutional projects, providing the custom-engineered glass and metal facades, not just individual windows.
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- Architectural Framing Systems: Designs and fabricates aluminum frames for custom window, curtain wall, storefront, and entrance systems in commercial buildings.
- Architectural Glass: Manufactures coated and high-performance glass specifically designed for custom window and wall systems used in building exteriors.
- Architectural Services: Provides full-service installation of glass walls, windows, and other curtain wall products for commercial and institutional buildings.
- Large-Scale Optical Technologies (LSO): Produces value-added glass and acrylic products primarily for framing and display applications.
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Apogee Enterprises (APOG) primarily sells its products and services to other companies rather than individuals. Based on the provided description, its major customers fall into the following categories:
- Glazing Subcontractors: These companies purchase Apogee's architectural framing systems, fabricated glass, and utilize its installation services for commercial, institutional, and multi-family residential buildings.
- General Contractors: These companies also procure Apogee's architectural products and services for various building projects.
- Retail Chains: For its Large-Scale Optical Technologies (LSO) segment, Apogee sells value-added glass and acrylic products to retail chains.
- Picture-Framing Shops: These specialized shops are also customers for Apogee's LSO segment, purchasing glass and acrylic products for framing applications.
- Independent Distributors: Apogee utilizes independent distributors for both its architectural products/services and its value-added glass and acrylic products, enabling wider market reach.
The company description does not provide the specific names of these customer companies, nor their stock symbols if they are publicly traded, as it describes the types of businesses Apogee serves.
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Donald A. Nolan
Chief Executive Officer
Donald A. Nolan was appointed Chief Executive Officer of Apogee Enterprises, Inc. effective October 31, 2025. Prior to this, he joined Apogee's Board of Directors in 2013 and was named Chairman in 2020. Mr. Nolan's extensive leadership experience includes serving as CEO of Kennametal Inc. from 2014 to 2016, and as President of the Materials Group for Avery Dennison Corporation from 2008 to 2014. He has also served as a director for several privately held growth-oriented companies.
Mark Augdahl
Executive Vice President and Chief Financial Officer
Mark Augdahl was appointed Executive Vice President and Chief Financial Officer of Apogee Enterprises, Inc. in January 2026. He joined Apogee in 2000 and has held various finance leadership roles within the company, including Chief Accounting Officer. Mr. Augdahl also served as Interim Chief Financial Officer from 2022 to 2023, and as Vice President of Finance for two of Apogee's segments from 2012 to 2022. Before his time at Apogee, he spent four years at KPMG.
Veena Lakkundi
President, Large-Scale Optical
Veena Lakkundi joined Apogee Enterprises in January 2025 as President of the Large-Scale Optical segment. She brings over 30 years of leadership experience, with a background in commercial and operational excellence. Prior to Apogee, Ms. Lakkundi was Senior Vice President, Strategy and Corporate Development at Rockwell Automation. She also served as Senior Vice President and Chief Strategy Officer at 3M Company, where she worked for 28 years.
Beth R. Johnson
Chief Human Resources Officer
Beth R. Johnson was appointed Chief Human Resources Officer of Apogee Enterprises in February 2026. She has been with the company for more than 25 years, contributing her leadership across several business segments as well as within the corporate team.
Troy Johnson
President, Architectural Metals Segment
Troy Johnson assumed the role of President of the Architectural Metals Segment, effective August 7, 2025. He joined Apogee in 2011 and previously served as President of the Architectural Services Segment since 2020. Mr. Johnson possesses over 25 years of experience in the industry.
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The key risks to Apogee Enterprises' business are primarily driven by its exposure to the cyclical and competitive non-residential construction market, leading to pricing pressures and, consequently, revenue and earnings declines.Key Risks to Apogee Enterprises (APOG)
- Cyclicality and Weak Demand in the Non-Residential Construction Market: Apogee Enterprises' business is highly sensitive to conditions within the non-residential construction market, which is characterized by its cyclical nature and high competitiveness. Current conditions indicate weak demand in certain segments, directly impacting the volume of sales for the company's architectural products and services.
- Pricing Pressure and Margin Compression: Stemming from the competitive market and lower demand, Apogee faces significant pricing pressure, particularly in its Architectural Glass and Architectural Framing segments. This pressure, combined with potential increases in material costs and tariffs, contributes to a decline in operating and net profit margins.
- Revenue and Earnings Decline/Stagnation: The challenges from cyclical demand and pricing pressures have resulted in a year-over-year decline in total revenue and a dip in earnings per share (EPS). Analysts' forecasts suggest further revenue drops, indicating difficulties in achieving consistent growth and adjusting to volatile market demand.
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Here are the addressable markets for Apogee Enterprises' main products and services:
Architectural Framing Systems
- The global curtain wall market size was estimated at USD 44.2 billion in 2024 and is expected to grow to USD 88.9 billion in 2034.
- The U.S. aluminum curtain walls market size was estimated at USD 6.08 billion in 2023 and is expected to reach USD 12.51 billion by 2033.
- The North American aluminum market size was USD 66.338 billion in 2024 and is projected to reach USD 97.535 billion by 2031. The U.S. accounted for a major share of this market, with a size of USD 52.340 billion in 2024.
- The global light gauge steel framing market size was USD 36.5 billion in 2024 and is forecast to reach USD 62.7 billion in 2030.
- The U.S. light gauge steel framing market generated USD 7.830 billion in 2023 and is expected to reach USD 10.913 billion by 2030.
Architectural Glass
- The global architectural glass market size is projected to reach US$102.32 billion by 2034 from US$62.13 billion in 2025. Another estimate projects the global architectural glass market size to reach USD 186.63 billion by 2035, from USD 103.78 billion in 2026.
- The global architectural flat glass market size was estimated at USD 219.41 billion in 2023 and is projected to reach USD 285.31 billion by 2030. Another report states it was valued at USD 219.3 billion in 2024 and is projected to grow to USD 285.3 billion by 2033.
- The U.S. architectural flat glass market generated USD 11.452 billion in 2024 and is expected to reach USD 15.638 billion by 2030.
- The North America architectural flat glass market size was worth USD 80.46 billion in 2025 and is anticipated to reach USD 107.11 billion by 2034.
- The North America architectural glass market was valued at USD 18.5 billion in 2024 and is projected to reach USD 30.20 billion by 2032.
Architectural Services
- The global architectural services market size was valued at USD 398.33 billion in 2025 and is projected to grow to USD 622.04 billion by 2034. Another report estimated the market at USD 370.51 billion in 2025, growing to USD 505.03 billion by 2031.
- The architectural services market in North America is expected to reach USD 140.245 billion by 2033.
- The U.S. architectural services market is projected to reach USD 93.03 billion by 2026.
Large-Scale Optical Technologies (LSO)
- The global picture frame market size was valued at around USD 9.33 billion in 2023 and is projected to reach USD 15.20 billion by 2032. Another source puts the global market size at USD 9.614 billion in 2024, projected to expand to USD 14.150 billion by 2032.
- The North America picture frame market size was valued at USD 3.845 billion in 2024 and is projected to reach USD 5.679 billion by 2033. The U.S. market within North America was valued at USD 3.034 billion in 2024.
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Apogee Enterprises (APOG) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:
- Strategic Acquisitions: The company's strategy includes accretive mergers and acquisitions, exemplified by the recent UW Solutions acquisition. This acquisition has already contributed to net sales growth and is anticipated to continue driving revenue. For instance, net sales for Q3 FY2026 increased 2.1% year-over-year, driven by the UW Solutions acquisition and organic initiatives. Management has reaffirmed its commitment to accretive M&A, highlighting UW Solutions as a successful acquisition and a robust pipeline for future opportunities. The UW Solutions acquisition is on track to meet fiscal 2026 expectations of $100 million in net sales.
- Growth in Architectural Services Backlog and Volume: The Architectural Services segment has demonstrated consistent performance and a strong backlog, indicating future revenue generation. The services backlog grew by 16% to $792 million, signaling robust demand. This segment has achieved seven consecutive quarters of year-over-year net sales growth, primarily due to increased volume. The company anticipates a strong backlog conversion in Architectural Services to contribute to net sales increases in fiscal year 2026.
- Operational Efficiency and Cost Savings from Project Fortify Phase 2: Apogee's Project Fortify Phase 2, a restructuring initiative, is expected to generate significant annual pre-tax cost savings. While primarily impacting profitability, these savings free up resources and enhance competitiveness, indirectly supporting revenue growth and the ability to invest in growth initiatives. The expanded Project Fortify Phase 2 is expected to deliver $25 million to $26 million in annual pre-tax cost savings, with approximately $10 million of that benefit projected for fiscal 2027.
- Market Recovery and Demand in Key Segments: Improvements in specific geographic markets and recovery in certain product distribution channels are poised to contribute to revenue. The Northeast market has shown signs of improvement, which could support future growth. Additionally, growth in the Performance Services segment, driven by a recovery in retail distribution, is expected to be a factor.
- Reduced Tariff Impact: The anticipated non-recurrence of a significant portion of tariff impacts in the upcoming fiscal year will act as a financial tailwind, effectively boosting net sales and earnings compared to prior periods where tariffs were a headwind. The tariff impact on EPS, estimated at $0.30 for fiscal 2026, is not expected to repeat in fiscal 2027. Management stated that the majority of the tariff impact from fiscal 2026 is "not to repeat," providing a planned benefit for fiscal 2027 results.
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Capital Allocation Decisions (Fiscal Years 2021-2026 Outlook)
- Share Repurchases
- In October 2023, Apogee's Board increased the share repurchase authorization by 2 million shares, bringing the total available program to approximately 2.97 million shares.
- For the full fiscal year 2025, Apogee returned $67.1 million to shareholders through share repurchases and dividends.
- In the fourth quarter of fiscal 2025, the company repurchased $30.3 million of common stock.
- Outbound Investments
- Apogee Enterprises completed the acquisition of UW Solutions for $242 million in cash in November 2024.
- The acquisition of UW Solutions expands the capabilities and market opportunity of Apogee's Large-Scale Optical segment, focusing on high-performance coated substrates.
- UW Solutions is expected to contribute approximately $30 million in incremental net sales for fiscal 2025 and approximately $100 million of revenue in fiscal 2026.
- Capital Expenditures
- Apogee invested $36 million in capital expenditures during fiscal year 2025, primarily for capacity expansion in Performance Services and enhanced manufacturing capacity.
- For fiscal year 2026, the company anticipates capital expenditures to be between $25 million to $30 million.
- Since fiscal 2023, Apogee has invested $124 million in capital expenditures to enable growth and profitability improvements.
Latest Trefis Analyses
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| 04102026 | UHAL | U-Haul | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.3% | 0.3% | -1.0% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 37.97 |
| Mkt Cap | 1.4 |
| Rev LTM | 1,526 |
| Op Inc LTM | 171 |
| FCF LTM | 95 |
| FCF 3Y Avg | 124 |
| CFO LTM | 140 |
| CFO 3Y Avg | 155 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.8% |
| Rev Chg 3Y Avg | 4.0% |
| Rev Chg Q | 4.7% |
| QoQ Delta Rev Chg LTM | 1.1% |
| Op Inc Chg LTM | -19.9% |
| Op Inc Chg 3Y Avg | -8.4% |
| Op Mgn LTM | 6.9% |
| Op Mgn 3Y Avg | 9.7% |
| QoQ Delta Op Mgn LTM | -0.8% |
| CFO/Rev LTM | 8.9% |
| CFO/Rev 3Y Avg | 12.8% |
| FCF/Rev LTM | 5.7% |
| FCF/Rev 3Y Avg | 7.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1.4 |
| P/S | 0.7 |
| P/Op Inc | 10.7 |
| P/EBIT | 10.4 |
| P/E | 12.6 |
| P/CFO | 8.5 |
| Total Yield | 4.2% |
| Dividend Yield | 0.8% |
| FCF Yield 3Y Avg | 7.6% |
| D/E | 0.5 |
| Net D/E | 0.5 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -7.4% |
| 3M Rtn | -24.8% |
| 6M Rtn | -16.3% |
| 12M Rtn | -26.3% |
| 3Y Rtn | -9.7% |
| 1M Excs Rtn | -17.2% |
| 3M Excs Rtn | -31.5% |
| 6M Excs Rtn | -29.2% |
| 12M Excs Rtn | -53.4% |
| 3Y Excs Rtn | -89.3% |
Segment Financials
Revenue by Segment| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Architectural Metals | 602 | 650 | 547 | 571 | 687 |
| Architectural Glass | 378 | 317 | 309 | 330 | 387 |
| Architectural Services | 378 | 411 | 407 | 296 | 269 |
| Performance Surfaces | 99 | 104 | 102 | 70 | 88 |
| Intersegment net sales | -41 | -40 | -51 | -36 | -43 |
| Total | 1,417 | 1,441 | 1,314 | 1,231 | 1,387 |
| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Architectural Metals | 364 | 427 | 414 | 512 | 605 |
| Architectural Glass | 209 | 208 | 225 | 272 | 291 |
| Architectural Services | 132 | 142 | 114 | 79 | 108 |
| Corporate and other | 97 | 70 | 77 | 88 | 63 |
| Performance Surfaces | 84 | 69 | 57 | 64 | 63 |
| Total | 884 | 915 | 888 | 1,015 | 1,129 |
Price Behavior
Price Behavior
| Market Price | $35.35 | |
| Market Cap ($ Bil) | 0.7 | |
| First Trading Date | 05/03/1973 | |
| Distance from 52W High | -21.0% | |
| 50 Days | 200 Days | |
| DMA Price | $34.92 | $38.19 |
| DMA Trend | down | down |
| Distance from DMA | 1.2% | -7.4% |
| 3M | 1YR | |
| Volatility | 35.3% | 36.9% |
| Downside Capture | 0.93 | 0.77 |
| Upside Capture | 69.11 | 92.27 |
| Correlation (SPY) | 49.1% | 40.9% |
APOG Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.66 | 1.35 | 1.09 | 0.95 | 1.26 | 1.01 |
| Up Beta | 1.86 | 1.87 | 1.82 | 1.53 | 1.68 | 0.97 |
| Down Beta | 3.61 | 0.89 | 0.78 | 0.52 | 0.93 | 0.78 |
| Up Capture | 110% | 85% | 78% | 83% | 91% | 98% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 11 | 15 | 27 | 60 | 117 | 362 |
| Down Capture | 49% | 153% | 96% | 91% | 128% | 106% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 11 | 27 | 36 | 63 | 133 | 387 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with APOG | |
|---|---|---|---|---|
| APOG | -11.0% | 37.0% | -0.24 | - |
| Sector ETF (XLI) | 30.0% | 15.6% | 1.48 | 56.5% |
| Equity (SPY) | 28.3% | 12.5% | 1.80 | 41.8% |
| Gold (GLD) | 41.3% | 26.9% | 1.26 | 8.9% |
| Commodities (DBC) | 47.5% | 18.0% | 2.10 | -16.7% |
| Real Estate (VNQ) | 12.8% | 13.5% | 0.65 | 44.4% |
| Bitcoin (BTCUSD) | -21.0% | 41.7% | -0.46 | 15.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with APOG | |
|---|---|---|---|---|
| APOG | 1.6% | 36.8% | 0.13 | - |
| Sector ETF (XLI) | 12.7% | 17.4% | 0.57 | 57.4% |
| Equity (SPY) | 12.9% | 17.1% | 0.59 | 49.7% |
| Gold (GLD) | 21.0% | 17.9% | 0.95 | 5.4% |
| Commodities (DBC) | 13.4% | 19.1% | 0.57 | 10.7% |
| Real Estate (VNQ) | 3.9% | 18.8% | 0.11 | 44.5% |
| Bitcoin (BTCUSD) | 7.2% | 55.9% | 0.34 | 20.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with APOG | |
|---|---|---|---|---|
| APOG | 0.7% | 42.3% | 0.17 | - |
| Sector ETF (XLI) | 14.0% | 20.0% | 0.62 | 62.6% |
| Equity (SPY) | 15.1% | 18.0% | 0.72 | 54.9% |
| Gold (GLD) | 13.4% | 15.9% | 0.70 | 2.3% |
| Commodities (DBC) | 9.7% | 17.7% | 0.46 | 19.9% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.24 | 50.2% |
| Bitcoin (BTCUSD) | 68.2% | 66.8% | 1.07 | 16.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/24/2026 | 7.6% | 2.3% | |
| 1/7/2026 | -13.9% | -7.1% | 9.7% |
| 10/10/2025 | -4.4% | -8.5% | -16.3% |
| 4/24/2025 | -12.7% | -13.6% | -14.8% |
| 1/7/2025 | -19.0% | -25.4% | -28.2% |
| 10/4/2024 | -6.1% | -6.8% | -8.3% |
| 6/27/2024 | 8.1% | 4.9% | 15.5% |
| 4/18/2024 | -3.2% | 2.5% | 11.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 13 | 13 |
| # Negative | 12 | 10 | 9 |
| Median Positive | 3.6% | 2.3% | 7.1% |
| Median Negative | -4.2% | -7.7% | -9.4% |
| Max Positive | 13.2% | 14.9% | 15.5% |
| Max Negative | -19.0% | -25.4% | -28.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 02/28/2026 | 04/24/2026 | 10-K |
| 11/30/2025 | 01/07/2026 | 10-Q |
| 08/31/2025 | 10/09/2025 | 10-Q |
| 05/31/2025 | 07/02/2025 | 10-Q |
| 02/28/2025 | 04/24/2025 | 10-K |
| 11/30/2024 | 01/07/2025 | 10-Q |
| 08/31/2024 | 10/04/2024 | 10-Q |
| 05/31/2024 | 07/09/2024 | 10-Q |
| 02/29/2024 | 04/26/2024 | 10-K |
| 11/30/2023 | 01/03/2024 | 10-Q |
| 08/31/2023 | 10/04/2023 | 10-Q |
| 05/31/2023 | 06/28/2023 | 10-Q |
| 02/28/2023 | 04/21/2023 | 10-K |
| 11/30/2022 | 12/29/2022 | 10-Q |
| 08/31/2022 | 09/29/2022 | 10-Q |
| 05/31/2022 | 07/01/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2026 Earnings Reported 4/24/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Revenue | 1.38 Bil | 1.41 Bil | 1.43 Bil | 1.1% | Higher New | Guidance: 1.39 Bil for 2026 | |
| 2027 Adjusted Diluted EPS | 2.7 | 2.98 | 3.25 | -13.8% | Lower New | Guidance: 3.45 for 2026 | |
| 2027 Capital Expenditures | 35.00 Mil | 37.50 Mil | 40.00 Mil | 36.4% | Higher New | Guidance: 27.50 Mil for 2026 | |
| 2027 Interest Expense | 10.00 Mil | ||||||
| 2027 Adjusted Effective Tax Rate | 26.0% | 26.5% | 27.0% | ||||
Prior: Q3 2026 Earnings Reported 1/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 1.39 Bil | -1.1% | Lowered | Guidance: 1.41 Bil for 2026 | |||
| 2026 Diluted EPS | 2.49 | 2.57 | 2.65 | -14.0% | Lowered | Guidance: 2.99 for 2026 | |
| 2026 Adjusted Diluted EPS | 3.4 | 3.45 | 3.5 | -8.0% | Lowered | Guidance: 3.75 for 2026 | |
| 2026 Capital Expenditures | 25.00 Mil | 27.50 Mil | 30.00 Mil | -26.7% | Lowered | Guidance: 37.50 Mil for 2026 | |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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