olivLaw · US equity research
Apogee Enterprises, Inc. APOG
Glass Products, Made of Purchased Glass · SIC 3231 · Vertical: Stone, clay, glass and concrete (SIC 32xx)
Apogee Enterprises is a leading provider of architectural products and services for enclosing buildings, along with high-performance coated materials. Net sales were 1404.733 million USD in fiscal 2026 and 391.135 million USD in the second quarter of fiscal 2027, showing a business sensitive to the non-residential construction cycle that is also expanding through acquisitions.
At the close of 04 Nov 2026, Apogee Enterprises, Inc. (APOG) stock was 47.99 USD (+4.62% on the day), with market capitalisation 1.0 bn USD, P/E 15.2 on diluted EPS of 3.16 USD over the last 12 months, dividend yield 2.23%, beta 0.98, 52-week range 31.73–48.92 USD. Latest reported quarter (Q2 2027): revenue of 391.1 m USD (+9.2% YoY), net income of 22.4 m USD (−5.4% YoY), diluted EPS 1.07 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 72.1
- overbought (≥ 70)
- Bollinger (20, 2)
- 39.08 – 47.88
- above the upper band · %B 1.01 · band width 20.2%
- SMA 50 / 200
- 40.08 / 38.75
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 2.02 / 1.68
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +34.6% | −1.1% | +35.7 pp | — |
| 3 months | +11.7% | −0.5% | +12.2 pp | — |
| 6 months | +31.7% | +4.4% | +27.3 pp | — |
| Year to date | +31.8% | +12.3% | +19.5 pp | — |
| 1 year | +36.1% | +13.5% | +22.5 pp | −12.7% |
| 3 years | +7.6% | +76.4% | −68.9 pp | +9.5% |
| 5 years | −0.1% | +63.7% | −63.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2027 · 29 Aug 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 341.3 m | 345.7 m | 346.6 m | 358.2 m | 348.6 m | 351.4 m | 342.7 m | 391.1 m |
| Cost of revenue | 252.2 m | 271.1 m | 271.5 m | 275.6 m | 265.6 m | 272.6 m | 267.7 m | 295.0 m |
| Gross profit | 89.1 m | 74.6 m | 75.1 m | 82.6 m | 83.0 m | 78.7 m | 75.0 m | 96.2 m |
| SG&A | 60.5 m | 68.4 m | 68.2 m | 55.7 m | 58.1 m | 53.0 m | 56.2 m | 62.7 m |
| Operating income | 28.6 m | 6.1 m | 6.9 m | 26.9 m | 24.9 m | 25.8 m | 18.8 m | 33.5 m |
| Depreciation & amortisation | 11.1 m ≈ | 13.8 m | 12.4 m | 12.5 m ≈ | 12.5 m ≈ | 12.5 m | 12.6 m | 14.0 m ≈ |
| Interest expense | 1.0 m | 3.5 m | 3.8 m | 4.1 m | 3.2 m | 2.8 m | 2.8 m | 3.6 m |
| Pre-tax income | 27.6 m | 2.7 m | 2.4 m | 28.0 m | 24.1 m | 23.0 m | 15.9 m | 30.4 m |
| Income tax | 6.7 m | 254.0 k | 5.1 m | 4.3 m | 7.6 m | 6.4 m | 4.4 m | 8.0 m |
| Net income | 21.0 m | 2.5 m | -2.7 m | 23.6 m | 16.5 m | 16.6 m | 11.5 m | 22.4 m |
| Diluted EPS | 0.96 | 0.11 ≈ | -0.13 | 1.10 | 0.77 | 0.78 ≈ | 0.54 | 1.07 |
| Operating cash flow | 31.0 m ≈ | 30.0 m | -19.8 m | 57.1 m ≈ | 29.3 m ≈ | 55.8 m | 7.4 m | 35.8 m ≈ |
| Capex | 9.0 m ≈ | 10.9 m | 7.2 m | 4.7 m ≈ | 6.5 m ≈ | 9.0 m | 6.3 m | 11.5 m ≈ |
| Dividends paid | 5.4 m ≈ | 5.5 m | 5.5 m | 5.5 m ≈ | 5.5 m ≈ | 5.6 m | 5.6 m | 5.5 m ≈ |
| Share repurchases | 0 ≈ | 30.3 m | 0 | 0 ≈ | 0 ≈ | 15.0 m | 9.7 m | 6.4 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 38 percentile of its own 39-quarter history (min 8.2, median 16.0, max 368.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.4 bn | 1.4 bn | 1.2 bn | 1.3 bn | 1.4 bn | 1.4 bn | 1.4 bn | 1.4 bn |
| Revenue YoY | +5.8% | −1.1% | −11.3% | +6.8% | +9.6% | −1.6% | −3.9% | +3.2% |
| Net income | 45.7 m | 61.9 m | 15.4 m | 3.5 m | 104.1 m | 99.6 m | 85.1 m | 54.1 m |
| Net income YoY | −42.5% | +35.5% | −75.1% | −77.4% | +2,886.4% | −4.3% | −14.6% | −36.4% |
| Diluted EPS | 1.63 | 2.32 | 0.59 | 0.14 | 4.64 | 4.51 | 3.89 | 2.52 |
| Diluted EPS YoY | −40.9% | +42.3% | −74.6% | −76.3% | +3,214.3% | −2.8% | −13.7% | −35.2% |
| net % | 3.3% | 4.5% | 1.3% | 0.3% | 7.2% | 7.0% | 6.2% | 3.9% |
| Free cash flow | 35.7 m | 55.8 m | 115.7 m | 78.6 m | 57.5 m | 161.0 m | 89.6 m | 95.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 28 Feb 2026
- Cash
- 39.5 m USD
- Financial debt
- 232.3 m USD
- Net debt
- 192.8 m USD
- Equity
- 511.8 m USD
- Total assets
- 1.1 bn USD
- Debt / equity
- 0.45x
- Current ratio
- 1.65x
- ROE
- 10.8%
- ROA
- 4.7%
- FCF margin
- 6.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.2 bn | 1.3 bn | 1.4 bn | 1.4 bn | 1.4 bn | 1.4 bn | SEC (XBRL)· 24 Apr 2026verified |
| Cost of revenue | 955.1 m | 1.0 bn | 1.1 bn | 1.0 bn | 1.0 bn | 1.1 bn | SEC (XBRL)· 24 Apr 2026verified |
| Gross profit | 275.7 m | 274.2 m | 335.3 m | 367.1 m | 359.9 m | 319.5 m | SEC (XBRL)· 24 Apr 2026verified |
| Research & development | 15.3 m | 17.3 m | 25.5 m | 30.3 m | 29.0 m | 11.2 m | SEC (XBRL)· 24 Apr 2026verified |
| SG&A | 180.1 m | 202.6 m | 209.5 m | 233.3 m | 241.8 m | 235.0 m | SEC (XBRL)· 24 Apr 2026verified |
| Operating income | 25.5 m | 22.0 m | 125.8 m | 133.8 m | 118.1 m | 84.5 m | SEC (XBRL)· 24 Apr 2026verified |
| Depreciation & amortisation | 51.4 m | 50.0 m | 42.4 m | 41.6 m | 44.6 m | 50.0 m | SEC (XBRL)· 24 Apr 2026verified |
| EBITDA | 77.0 m ≈ | 72.0 m ≈ | 168.2 m ≈ | 175.4 m ≈ | 162.7 m ≈ | 134.5 m ≈ | SEC (XBRL)· 24 Apr 2026derived |
| Interest expense | 5.6 m | 4.6 m | 7.7 m | 6.7 m | 6.2 m | 14.0 m | SEC (XBRL)· 24 Apr 2026verified |
| Pre-tax income | 22.6 m | 13.9 m | 116.6 m | 129.3 m | 112.6 m | 77.5 m | SEC (XBRL)· 24 Apr 2026verified |
| Income tax | 7.2 m | 10.4 m | 12.5 m | 29.6 m | 27.5 m | 23.3 m | SEC (XBRL)· 24 Apr 2026verified |
| Net income | 15.4 m | 3.5 m | 104.1 m | 99.6 m | 85.1 m | 54.1 m | SEC (XBRL)· 24 Apr 2026verified |
| Diluted EPS | 0.59 | 0.14 | 4.64 | 4.51 | 3.89 | 2.52 | SEC (XBRL)· 24 Apr 2026verified |
| Weighted average diluted shares | 26.3 m | 25.3 m | 22.4 m | 22.1 m | 21.9 m | 21.5 m | SEC (XBRL)· 24 Apr 2026verified |
| Dividend per share | 0.76 | 0.82 | 0.90 | 0.97 | 1.01 | 1.05 | SEC (XBRL)· 24 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 47.3 m | 37.6 m | 19.9 m | 37.2 m | 41.4 m | 39.5 m | SEC (XBRL)· 24 Apr 2026verified |
| Receivables | 175.9 m | 168.6 m | 197.3 m | 173.6 m | — | — | SEC (XBRL)· 26 Apr 2024verified |
| Inventories | 72.8 m | 80.5 m | 78.4 m | 69.2 m | 92.3 m | 98.1 m | SEC (XBRL)· 24 Apr 2026verified |
| Current assets | 350.7 m | 337.9 m | 383.1 m | 358.6 m | 442.1 m | 439.4 m | SEC (XBRL)· 24 Apr 2026verified |
| Property, plant & equipment, net | 298.4 m | 250.0 m | 248.9 m | 244.2 m | 268.1 m | 255.0 m | SEC (XBRL)· 24 Apr 2026verified |
| Goodwill | 130.1 m | 130.1 m | 129.0 m | 129.2 m | 235.8 m | 236.7 m | SEC (XBRL)· 24 Apr 2026verified |
| Intangibles (excl. goodwill) | 130.1 m | 72.5 m | 67.4 m | 66.1 m | 128.4 m | 111.3 m | SEC (XBRL)· 24 Apr 2026verified |
| Total assets | 1.0 bn | 887.9 m | 915.4 m | 884.1 m | 1.2 bn | 1.1 bn | SEC (XBRL)· 24 Apr 2026verified |
| Accounts payable | 76.2 m | 92.1 m | 86.5 m | 84.8 m | 98.8 m | 105.5 m | SEC (XBRL)· 24 Apr 2026verified |
| Short-term debt | 2.0 m | 1.0 m | 0 | — | — | — | SEC (XBRL)· 21 Apr 2023verified |
| Long-term debt | 163.0 m | 162.0 m | 169.8 m | 62.0 m | 285.0 m | 232.3 m | SEC (XBRL)· 24 Apr 2026verified |
| Current liabilities | 217.6 m | 232.9 m | 242.5 m | 244.7 m | 285.5 m | 266.9 m | SEC (XBRL)· 24 Apr 2026verified |
| Equity | 492.7 m † | 386.2 m † | 396.4 m † | 471.0 m † | 487.9 m † | 511.8 m † | SEC (XBRL)· 24 Apr 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 141.9 m | 100.5 m | 102.7 m | 204.2 m | 125.2 m | 122.5 m | SEC (XBRL)· 24 Apr 2026verified |
| Capex | 26.2 m | 21.8 m | 45.2 m | 43.2 m | 35.6 m | 27.3 m | SEC (XBRL)· 24 Apr 2026verified |
| Free cash flow | 115.7 m ≈ | 78.6 m ≈ | 57.5 m ≈ | 161.0 m ≈ | 89.6 m ≈ | 95.2 m ≈ | SEC (XBRL)· 24 Apr 2026derived |
| Investing cash flow | -2.1 m | 9.3 m | -27.7 m | -43.7 m | -265.9 m | -30.5 m | SEC (XBRL)· 24 Apr 2026verified |
| Financing cash flow | -107.9 m | -120.6 m | -91.0 m | -144.6 m | 146.0 m | -96.2 m | SEC (XBRL)· 24 Apr 2026verified |
| Dividends paid | 19.6 m | 20.3 m | 19.7 m | 21.1 m | 21.7 m | 22.2 m | SEC (XBRL)· 24 Apr 2026verified |
| Share repurchases | 32.9 m | 100.4 m | 74.3 m | 11.8 m | 45.4 m | 15.0 m | SEC (XBRL)· 24 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 65 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.0 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation95
- Returns86
- Quality64
- Balance sheet68
- Growth0
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 13.80 – 100.17 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)53.87 – 100.17 (Mid 70.80)WACC 8.0% · starting FCFF 104.1 m USD · terminal value share of EV 77%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -13.4%
- Peers: EV/EBITDA62.78 – 92.11 (Mid 69.75)6 companies used · median multiple 11.4x · quartiles 10.4x – 14.4xAMRZ, CRH, JHX, OC, OI, TGLS
- Peers: P/E51.93 – 61.49 (Mid 58.63)5 companies used · median multiple 18.6x · quartiles 16.4x – 19.5xAMRZ, CRH, EXP, SMID, TGLS
- Dividend discount (DDM)13.80 – 18.56 (Mid 15.83)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Attractive profile · Score 65/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 9.5% | 56 (vs peers) | 10% |
| Net margin · Quality | 4.7% | 43 (vs peers) | 6% |
| FCF conversion · Quality | 141.9% | 100 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | -0.8% | 0 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | -18.4% | 0 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 1.9x | 43 (vs peers) | 10% |
| Interest coverage · Balance sheet | 8.3x | 100 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 1.8x | 82 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 15.2x | 86 (vs peers) | 10% |
| EV/EBITDA · Valuation | 8.4x | 100 (vs peers) | 10% |
| FCF yield · Valuation | 9.5% | 100 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 5.3% | 76 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 23.5% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet68/100 · 3/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality64/100 · 3/3 factors with a value
- Returns86/100 · 2/2 factors with a value
- Valuation95/100 · 3/3 factors with a value
Memo
APOGEE ENTERPRISES, INC. (APOG). Latest full fiscal year: 2026; data up to 2026-08-29.
Figures computed from the financial statements: revenue 1.4 bn USD in 2026; YoY growth 3.2%; net margin 4.7%; ROE 13.1%; net debt/EBITDA 1.9x.
The estimated value range is 52.90–76.80 USD per share (median of 4 methods, agreement: high); assumptions are illustrative. Against the central value of 64.19 USD, the price of 47.99 USD leaves a potential of 33.7% (value / price − 1) and a margin of safety of 25.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 65/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 141.9%
- Interest coverage: 8.3x
- Current ratio: 1.8x
- P/E (TTM): 15.2x
- EV/EBITDA: 8.4x
- FCF yield: 9.5%
- Shareholder yield (distributions): 5.3%
- Payout ratio (FCF): 23.5%
- The price is below the estimated value range
What contradicts it
- Revenue CAGR 3Y: -0.8%
- EPS CAGR 3Y: -18.4%
Versus the vertical median
Stone, clay, glass and concrete (SIC 32xx) · same major group (2-digit SIC) · compared with 14 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CXCemex Sab De Cv | 158.6 bn | 513.1 | 7.8% | 5.8% | −2.1% | +1% / +58% |
| CRHCRH public limited company | 65.7 bn | 18.6 | 14.8% | 9.2% | +5.3% | −18% / +57% |
| AMRZAmrize Ltd | 23.5 bn | 19.5 | 9.8% | 10.2% | +0.9% | −14% / unavailable |
| JHXJAMES HARDIE INDUSTRIES plc | 17.1 bn | 117.6 | 3.3% | 2.7% | +24.7% | +49% / −8% |
| OCOwens Corning | 9.9 bn | — | -11.3% | -4.4% | +2.6% | +13% / −6% |
| EXPEagle Materials Inc. | 6.0 bn | 16.4 | 24.5% | 16.1% | +2.1% | −11% / +9% |
| TGLSTecnoglass Holdings Inc. | 1.9 bn | 15.1 | 17.0% | 12.4% | +10.5% | −14% / +23% |
| APOGApogee Enterprises, Inc. | 1.0 bn | 15.2 | 13.1% | 4.7% | +3.2% | +36% / +8% |
| OIO-I Glass, Inc. | 843.6 m | — | -119.2% | -18.9% | −1.6% | −59% / −63% |
| RETOReTo Eco-Solutions, Inc. | 172.7 m | — | -48.3% | -366.1% | +84.3% | −98% / −100% |
| SMIDSmith-Midland Corporation | 130.9 m | 21.4 | 14.5% | 8.6% | +19.0% | −29% / −19% |
| CPSHCps Technologies Corp. | 74.6 m | — | -0.1% | -0.1% | +54.3% | +12% / +65% |
| CSTECaesarstone Ltd. | 56.7 m | — | -66.9% | -34.6% | −10.4% | +9% / −60% |
| LOMALoma Negra Compania Industrialargentina Sociedad Anonima | — | — | 21.5% | 22.0% | −23.9% | −29% / +37% |
| CPACHolcim Ltd | — | — | 16.6% | 10.1% | +1.4% | +90% / +170% |
1- and 3-year price returns: for APOG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 27.29 Total return -41% · Per year -41% | 48.38 Total return 3% · Per year 3% | 73.05 Total return 55% · Per year 55% |
| 3 years | 23.72 Total return -46% · Per year -18% | 47.57 Total return 6% · Per year 2% | 79.26 Total return 74% · Per year 20% |
| 5 years | 20.62 Total return -50% · Per year -13% | 46.77 Total return 9% · Per year 2% | 85.99 Total return 94% · Per year 14% |
- Exit P/E± 11.89
- Net margin± 8.32
- Annual revenue growth± 7.20
- Annual dilution± 0.70
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Apogee Enterprises is a leading provider of architectural products and services for enclosing buildings, along with high-performance coated materials. Net sales were 1404.733 million USD in fiscal 2026 and 391.135 million USD in the second quarter of fiscal 2027, showing a business sensitive to the non-residential construction cycle that is also expanding through acquisitions.
SWOT
Strengths
- A broad product range and engineering and project management capabilities combined into an integrated offer for construction clients.
- National presence in facade installation and an established customer base among general contractors and architects.
- Proprietary formulations and automated processes in coatings support the position of the Performance Surfaces segment.
Weaknesses
- Dependence on the non-residential construction cycle makes revenue sensitive to declines in investment.
- Margins were pressured by aluminum costs and lower volumes, which reduced profitability in fiscal 2026.
- Higher debt after acquisitions could limit financial flexibility if results fall short of expectations.
Opportunities
- Integrating Kalwall and Groglass could expand the high-performance glass offer and access to attractive end markets.
- Demand for energy-efficient buildings and green systems could support sales of glass and thermally efficient framing.
- Growth in Architectural Services backlog could convert into future sales if projects are completed on schedule.
Threats
- An economic slowdown or lower consumer confidence could reduce demand in construction and picture framing.
- New trade tariffs and tensions with Canada could raise costs and affect cross-border operations.
- Existing competitors or new entrants could lose market share if they change prices or products.
Risks
- Construction cycle and economyhigh
A decline in non-residential construction investment could directly affect volumes and results across all segments.
- Raw material costs and tariffshigh
Volatility in aluminum and float glass prices and tariffs could reduce margins if they cannot be passed on to customers.
- Acquisition integrationmedium
Integrating Kalwall and Groglass could meet operational difficulties, and expected synergies might not materialize.
- Fixed-price contractsmedium
Fixed-price contracts without escalation clauses could generate losses if labor or material costs are underestimated.
- Cybersecuritylow
Cyberattacks or information technology failures could interrupt production and affect financial reporting.
Investment thesis
What would need to be true (bull case)
- Sales growth in the second quarter of fiscal 2027, combined with a raised outlook, shows that the pricing and productivity strategy can work even in a mixed demand environment.
- Recent acquisitions extend the portfolio in high-performance glass and coatings, areas where the company has differentiated positions through proprietary products.
- A growing backlog in Architectural Services could support future sales if projects proceed on schedule.
What would break the thesis
- Margins compressed in fiscal 2026, and aluminum cost pressures could persist if they are not fully passed on to customers.
- Dependence on non-residential construction leaves the company vulnerable to a slowdown in investment, especially if interest rates remain high.
- Higher debt after acquisitions could reduce financial flexibility if operating results do not improve enough.
What to watch
- Delivery of the fiscal 2027 net sales and adjusted EPS outlookQ3 2027
- Contribution of Kalwall and Groglass to sales and margins2027
- Architectural Metals margin trend and aluminum costsQ3 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Apogee Enterprises, Inc. is a leading provider of architectural building products and services, as well as high-performance coated materials used in a variety of applications. The company organizes its activity into four reporting segments: Architectural Metals, Architectural Services, Architectural Glass and Performance Surfaces. Its current strategy, described as growth-oriented, focuses on customer insight, portfolio growth through organic and inorganic investment, and advancing core capabilities, including recent acquisitions such as Kalwall and Groglass.
The company's products enclose buildings and include windows, curtainwall, storefront and entrance systems, architectural glass and coated materials for wall decor, museums, digital displays and industrial flooring. Its brands include Tubelite, EFCO, Harmon, Viracon and Tru Vue, among others.
Apogee reported about 4,100 employees on February 28, 2026, and a Consolidated Leverage Ratio of 1.7x at the end of the second quarter of fiscal 2027, after higher long-term debt that followed acquisitions.
Segments
Architectural Metals
This segment designs, engineers and fabricates aluminum windows, curtainwall, storefront and entrance systems, mainly for non-residential construction. It represented about 36% of net sales in fiscal 2026, and in the second quarter of fiscal 2027 sales rose modestly, driven mainly by price.
Architectural Services
This segment integrates technical services, project management and field installation of curtainwall and facade systems. It represented about 31% of net sales in fiscal 2026, and its backlog at the end of the second quarter of fiscal 2027 was 833.0 million USD.
Architectural Glass
This segment cuts, treats, coats and fabricates high-performance glass for windows and wall systems. It represented about 19% of net sales in fiscal 2026, and the Kalwall acquisition, completed July 1, 2026, contributed 16.4 million USD in the second quarter of fiscal 2027.
Market context
Demand for the company's architectural products depends on the North American non-residential construction cycle, which is cyclical and influenced by credit, interest rates and overall economic activity. The market is described as highly fragmented, and Performance Surfaces additionally depends on the U.S. custom picture framing industry, which is sensitive to consumer confidence.
The company monitors external indicators such as job growth, office vacancy and architectural billing, along with its own sales pipeline and backlog. Material costs, especially aluminum and float glass, directly influence margins.
Trends
- Non-residential construction cyclemixed
Volumes in the architectural segments depend on non-residential construction activity, and the volume declines in fiscal 2026 show that sensitivity. A recovery in investment could support sales.
- Aluminum costs and tariffsheadwind
Higher aluminum costs and trade measures, including tariffs, pressured margins in fiscal 2026. If these pressures persist, they could limit profitability.
- Acquisitions and portfolio expansiontailwind
The UW Solutions, Kalwall and Groglass acquisitions extend the company's presence in coatings and high-performance glass. Their contribution to sales and margins could support growth if integration goes well.
- Cost reduction programmixed
Project Fortify Phase 2 generated annualized pre-tax savings and supports margins, but it involved restructuring charges. The net effect depends on how costs are kept under control.
- Pricing and productivitytailwind
In the second quarter of fiscal 2027, price and productivity improvements helped lift gross margin, suggesting pricing could offset cost pressures if demand remains stable.
Competitive position
The company competes with numerous regional and national aluminum window and storefront manufacturers, regional finishing companies and glass installation companies, some with international reach. In coated materials, its competitors are European, U.S. and Asia Pacific providers of basic and value-added glass and acrylic.
Apogee differentiates through a broad product range including proprietary offerings, engineering and project management capabilities, and an established distribution network. Competitive pressure could affect market share and prices if competitors change their products or pricing.
- Regional and national aluminum window and storefront manufacturers
Compete directly with Architectural Metals in a fragmented market with many local players.
- National and international glass installation companies
Compete with Architectural Services on engineering, project management and installation offers.
- Regional glass fabricators
Compete with Architectural Glass mainly on product range and delivery.
- European, U.S. and Asia Pacific glass and acrylic coating providers
Compete with Performance Surfaces, where the company relies on proprietary formulations and automation.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Siemens APOGEE, TALON and Desigo PXC/PXM ProductsCISA — Cybersecurity Advisories · 22 Oct 2026 · EN
- Is AbbVie (ABBV)’s $10.9 Billion Apogee Therapeutics (APGE) Deal the Next Catalyst for Growth?Yahoo Finance — News · 09 Sept 2026 · EN
- Apogee (APOG) Agreed to Acquire GroGlass for Up to €62.5M. Can a High-Margin Niche Deliver the Promised Synergies?Yahoo Finance — News · 09 Sept 2026 · EN
- AbbVie Seeks at Least $8 Billion in Debt to Fund Apogee DealBloomberg Markets · 04 Aug 2026 · EN
- My Story of 3D Realms / Apogee Part I (2020)Hacker News · 02 Jul 2026 · EN
- AbbVie's Deal with Apogee; Regenxbio Moves on Gene Therapy Drug | Stock MoversBloomberg Markets · 22 Jun 2026 · EN
- AbbVie to Buy Apogee Therapeutics for $10.9 BillionBloomberg Markets · 22 Jun 2026 · EN
The latest news item in our archive is from 22 Oct 2026; the newest SEC filing is from 02 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report02 Nov 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report06 Oct 2026
- Current report06 Oct 2026Results of operations
- Current report23 Sept 2026Acquisition or disposition of assets · Regulation FD disclosure · Financial statements and exhibits
- Current report14 Sept 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report03 Sept 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Current report05 Aug 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report01 Jul 2026Acquisition or disposition of assets · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report30 Jun 2026
- Current report29 Jun 2026Shareholder vote · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-02-28 · SEC / Apogee Enterprises, Inc. · 24 Apr 2026
- [2] Form 10-Q, quarter ended 2026-08-29 · SEC / Apogee Enterprises, Inc. · 06 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Apogee Enterprises, Inc. · 06 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.