One-glance verdict
Undervalued
$88.45 our estimate vs market $44.83
Wall Street consensus: $51.00 (-42.3% lower than our fair-value estimate)
49% below our estimate, below the bear case
Fundamentals snapshot
Apogee Enterprises, Inc.
APOG · NMS · Industrials · Building Products & Equipment
Current price
$44.83
52-week range
$30.75 - $50.88
Market cap
$936.75M
Balance sheet
Watch
6.04x Adequate
Net debt $346.69M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Revenue grew 2.1% last year.
- Reward Returns 13.1% on equity, ahead of 60% of its peers.
- Risk Net debt grew 26.7% over 3 years.
- Risk Stock trades 12.0% above its 5-year average P/E.
What this company does
Apogee Enterprises, Inc.
Apogee Enterprises designs and makes specialized glass and metal products for buildings, like windows and wall systems. Their main money comes from selling these to commercial and institutional builders, which matters because it shows how much construction activity is happening. They also have a smaller business making coated materials for things like art displays.
How the company got here
Apogee Enterprises, Inc. was founded in 1949 and has grown into a significant player in the building products and services industry. Over the decades, the company has expanded its offerings and geographic reach, establishing itself as a provider of solutions for building exteriors and specialized glass and acrylic products. This evolution has been driven by strategic acquisitions and a focus on innovation within its core markets.
What it actually does
Apogee Enterprises provides essential components and services that make buildings functional and aesthetically pleasing. Think of the windows in an office building, the glass facades of a modern hotel, or even specialized coated surfaces used in museums and retail displays. They design, engineer, fabricate, and install these products, playing a crucial role in both the construction and renovation of various types of buildings across the United States, Canada, and Brazil.
Architectural Metals
This segment is responsible for creating the metal frameworks that hold windows and entire glass walls in place for commercial buildings. They design, build, and finish aluminum systems like windows, curtainwalls (the outer covering of a building), storefronts, and entrances. These products are essential for the structural integrity and appearance of non-residential buildings such as offices and retail centers, and are sold under well-known brands.
Architectural Glass
Here, Apogee focuses on the glass itself, transforming raw glass into the finished products needed for building exteriors. They cut, treat, coat, and fabricate glass specifically for custom window and wall systems. This means they prepare the glass that will be used in the metal frames produced by other segments, ensuring it meets specific requirements for appearance, energy efficiency, and durability for projects like custom building facades.
Architectural Services
This segment acts as a project manager and installer for complex building exterior systems, particularly curtainwall systems. They integrate technical expertise, project management, and on-site installation to deliver complete façade solutions. Essentially, they take the designed metal and glass components and ensure they are correctly assembled and installed on the building, offering a comprehensive service from design to final placement.
Performance Surfaces
This division develops and manufactures specialized coated materials for a variety of applications beyond traditional building exteriors. These include surfaces for interior design, museum displays, graphic design, digital screens, and industrial flooring. Brands under this segment offer products that enhance visual appeal, provide protection, or serve specific functional purposes in diverse settings, representing a smaller but distinct part of Apogee's business.
What management is betting on now
Apogee's management is focused on enhancing profitability and operational efficiency across its diverse business lines. A key priority is likely to streamline operations and leverage its integrated capabilities to deliver greater value to customers. This strategic direction aims to strengthen the company's market position and improve its financial performance by focusing on higher-margin opportunities and ensuring consistent execution across all segments.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2025 Q3
$21.96M
FY2026 Q1
$19.14M
FY2026 Q2
$52.40M
FY2026 Q3
$22.85M
FY2026 Q4
$46.85M
FY2027 Q1
$1.14M
FY2027 Q2
$24.32M
Revenue
$391.13M
Net income
$22.38M
Diluted EPS
1.07
Operating cash flow
$35.83M
Free cash flow
$24.32M
Fetching…
Sources
Revenue
$342.68M
Net income
$11.54M
Diluted EPS
0.54
Operating cash flow
$7.43M
Free cash flow
$1.14M
Fetching…
Sources
Revenue
$351.35M
Net income
$16.62M
Diluted EPS
0.78
Operating cash flow
$55.84M
Free cash flow
$46.85M
Fetching…
Sources
Revenue
$348.56M
Net income
$16.55M
Diluted EPS
0.77
Operating cash flow
$29.34M
Free cash flow
$22.85M
Fetching…
Sources
Revenue
$358.19M
Net income
$23.65M
Diluted EPS
1.10
Operating cash flow
$57.06M
Free cash flow
$52.40M
Fetching…
Sources
Revenue
$345.69M
Net income
$2.49M
Diluted EPS
0.12
Operating cash flow
$30.03M
Free cash flow
$19.14M
Fetching…
Sources
Revenue
$341.34M
Net income
$20.99M
Diluted EPS
0.96
Operating cash flow
$31.00M
Free cash flow
$21.96M
Fetching…
Sources
Is it cheap or expensive?
Fair value $88.45 vs current price $44.83
Wall Street consensus is the average analyst price target: $51.00 (-42.3% lower than our fair-value estimate).
Our most-likely fair value is $88.45 a share — about 97.3% above today's price of $44.83, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Watch
Net debt $346.7M. Interest coverage 6.0x.
Net debt
$346.69M
Interest coverage
6.04x
Apogee Enterprises, Inc.'s profit covers its interest bill about 6.0 times over. which is stronger than most peers shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Watch
Worse cushion
Baseline
Better cushion
APOG
BASELINE
Apogee Enterprises, Inc.
Total debt $383.22M Interest coverage 6.04x This is the baseline the peer rows are being compared against.
Total debt $842.48M Interest coverage 2.12x -65% vs APOG Carries about 2.8x less debt cushion than APOG.
Total debt $225.39M Interest coverage 39.55x +554% vs APOG Carries about 6.5x more debt cushion than APOG.
Total debt $1.37B Interest coverage 40.89x +577% vs APOG Carries about 6.8x more debt cushion than APOG.
Total debt $1.43B Interest coverage -0.60x -100% vs APOG This peer has almost no interest-payment cushion compared with APOG.
What you should know
The case for and against APOG
3 Rewards
2 Risks
Rewards
-
Revenue grew 2.1% last year.
-
Returns 13.1% on equity, ahead of 60% of its peers.
-
Free cash flow was positive in 10/10 years.
Risks
-
Net debt grew 26.7% over 3 years.
-
Stock trades 12.0% above its 5-year average P/E.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
14.19x
Forward P/E
11.35x
P/B
1.79x
P/S
0.65x
EV/EBITDA
8.00x
PEG ratio
1.17x
Profitability
How much profit each dollar creates
Gross margin
23.5%
Operating margin
8.8%
Net margin
4.7%
ROE
13.1%
ROA
5.7%
Health
Liquidity and balance-sheet strength
Debt / equity
0.73x
Current ratio
1.78x
Quick ratio
1.18x
Total debt
$383.22M
Total cash
$36.53M
Growth
How the business has been compounding
Revenue TTM
$1.43B
Revenue 5Y CAGR
1.7%
EPS TTM
3.16
EPS 5Y CAGR
-18.4%
Cash flow
How much cash the business throws off
Operating CF TTM
$128.44M
Free CF TTM
$95.16M
FCF margin
6.6%
Dividend
Shareholder payout
Yield
2.4%
Payout ratio
33.9%
Last ex-div date
2026-10-20