Apogee Enterprises, Inc.
- Open
- 40.94
- Day high
- 41.15
- Day low
- 39.35
- Prev close
- 41.03
- Volume
- 283K
- Mkt cap
- $842M
- P/E (TTM)
- 12.2
- EPS (TTM)
- $3.22
- P/B
- 1.6
- P/S
- 0.6
- Yield
- 2.71%
- Per share
- $1.07
Apogee Enterprises, Inc. (APOG) is a Industrials company listed on NASDAQ. The stock is down 3% over the past year.
Apogee Enterprises, Inc. (APOG) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
APOG earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 26, 2026 | $0.43 | $0.57 | +32.6% | $343M | +2.6% |
| Jan 7, 2026 | $1.03 | $1.02 | -1.0% | $349M | +3.7% |
| Oct 9, 2025 | $0.90 | $0.98 | +8.4% | $358M | +0.6% |
| Jun 27, 2025 | $0.50 | $0.56 | +12.0% | $347M | -1.2% |
| Jan 7, 2025 | $1.14 | $1.19 | +4.4% | $341M | +2.9% |
| Oct 4, 2024 | $1.23 | $1.44 | +17.1% | $342M | +2.1% |
| Apr 18, 2024 | $0.97 | $1.14 | +17.5% | $362M | +7.1% |
| Dec 21, 2023 | $1.10 | $1.23 | +11.8% | $340M | +0.6% |
| Sep 19, 2023 | $1.12 | $1.36 | +21.4% | $354M | -4.9% |
| Jun 23, 2023 | $0.90 | $1.05 | +16.7% | $362M | +2.0% |
| Dec 22, 2022 | $0.97 | $1.07 | +10.3% | $368M | +1.5% |
| Sep 20, 2022 | $0.89 | $1.06 | +19.1% | $372M | +8.5% |
APOG insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | Alvord Christina Mdirector | Grant | 63 | — |
| Jul 2, 2026 | Lilly Elizabeth Murphydirector | Grant | 41 | — |
| Jul 2, 2026 | POMPA MARK Adirector | Grant | 60 | — |
| Jul 2, 2026 | Nolan Donald Aofficer: Chief Executive Officer | Grant | 62 | — |
| Jul 2, 2026 | POMPA MARK Adirector | Grant | 147 | — |
| Jul 2, 2026 | Nolan Donald Aofficer: Chief Executive Officer | Grant | 430 | — |
| Jun 26, 2026 | Wagner Patricia Kdirector | Grant | 2,741 | $41.96 |
| Jun 26, 2026 | Parker Herbert Kdirector | Grant | 2,741 | $41.96 |
| Jun 26, 2026 | Alvord Christina Mdirector | Grant | 2,741 | — |
| Jun 26, 2026 | POMPA MARK Adirector | Grant | 2,741 | — |
| Jun 26, 2026 | Lilly Elizabeth Murphydirector | Grant | 2,741 | — |
| May 4, 2026 | Jewell Brent Cofficer: President, Architectural Glass | Tax | 2,806 | $36.40 |
| May 4, 2026 | Augdahl Mark Richardofficer: EVP, Chief Financial Officer | Tax | 1,980 | $36.40 |
| May 4, 2026 | Christian Matthew Seanofficer: President, Architectural Serv | Tax | 708 | $36.40 |
| May 4, 2026 | Lakkundi Veena Mofficer: Pres, Performance Surfaces | Tax | 1,306 | $36.40 |
Source: APOG SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full APOG insider & 13F page →Apogee Enterprises, Inc. company profile
Overview
Apogee Enterprises, Inc. (NASDAQ:APOG) is a Minneapolis-based industrial company founded in 1949 that specializes in designing, manufacturing, and installing architectural glass and aluminum products for commercial buildings. The company went public in 1973 and has evolved from a regional glass contractor into a diversified architectural products manufacturer serving the North American construction market. Today, Apogee operates through four main business segments and has expanded its footprint across the United States, Canada, and Brazil, positioning itself as a key supplier to the commercial construction industry.
Business
Apogee Enterprises operates in the commercial construction industry, specifically focusing on the building envelope - the exterior shell of buildings that separates the interior from the outdoor environment. The building envelope includes windows, curtain walls, storefronts, and entrance systems that form the "skin" of commercial, institutional, and multi-family residential buildings. The company operates through four distinct business segments: **Architectural Framing Systems** (approximately 35-40% of revenue) designs, engineers, fabricates, and finishes aluminum frames used in customized window and curtain wall systems. These aluminum frames form the structural backbone that holds glass panels in place on building exteriors. The segment serves as the "skeleton" for modern glass buildings, creating the framework that allows for floor-to-ceiling windows and glass walls commonly seen in office buildings and hotels. **Architectural Glass** (approximately 25-30% of revenue) fabricates coated and high-performance glass used in building exteriors. This includes energy-efficient glass that can control heat transfer, reduce glare, and improve building energy performance. The glass products are custom-manufactured to meet specific architectural requirements and building codes. **Architectural Services** (approximately 25-30% of revenue) provides full-service installation of curtain wall systems, windows, and other exterior building components. This segment acts as a specialized contractor that installs the glass and aluminum systems on building sites, requiring skilled labor and project management capabilities. **Large-Scale Optical Technologies/Performance Surfaces** (approximately 10-15% of revenue, recently expanded through acquisitions) manufactures value-added glass and acrylic products for framing and display applications, as well as industrial flooring and specialty coatings. This segment serves museums, galleries, picture framing shops, and industrial facilities requiring specialized flooring solutions.
Revenue model
Apogee generates revenue primarily through product sales and installation services, operating as both a manufacturer and service provider in the commercial construction value chain. The company's business model centers on providing integrated solutions for building exteriors, capturing value at multiple stages of the construction process. **Revenue streams include:** 1. **Manufacturing revenue** from selling aluminum framing systems and fabricated glass products to glazing contractors and general contractors. 2. **Installation service revenue** from providing specialized labor and project management for curtain wall installations. 3. **Specialty product sales** from optical and industrial applications through retail channels and direct sales. The company's customers are primarily glazing subcontractors, general contractors, and in some cases, building owners who purchase these products and services for new construction and renovation projects. Payment typically occurs based on project milestones or upon delivery/completion. **Factors that increase margins include:** Rising construction activity in institutional sectors (healthcare, education, government), premium product positioning allowing for pricing power, operational efficiency improvements through the Apogee Management System, geographic expansion into higher-margin markets, and successful integration of acquisitions. Market consolidation also benefits Apogee as customers prefer working with established, financially stable suppliers. **Factors that decrease margins include:** Commodity price volatility (aluminum, glass), competitive pricing pressure in commercial construction markets, labor cost inflation and skilled worker shortages, project delays or cancellations affecting the Services segment, and economic downturns reducing overall construction activity. The cyclical nature of commercial real estate development creates inherent margin volatility, while tariffs on imported materials can significantly impact cost structure.
Competitive moat
Apogee's competitive moat is moderate but faces ongoing challenges from industry dynamics. The company's primary defensive characteristics stem from **operational scale and integration**, as few competitors offer the full spectrum of design, manufacturing, and installation services for building envelope systems. This integrated approach creates customer convenience and project coordination advantages, particularly for complex commercial projects requiring customized solutions. **Technical expertise and relationships** provide additional moat strength, as the company has developed specialized knowledge in energy-efficient glass technologies and complex curtain wall installations. Long-standing relationships with glazing contractors and general contractors create some customer stickiness, while geographic presence in key markets offers local service advantages. However, the moat faces significant limitations. The commercial construction industry is highly fragmented with numerous regional competitors, and **barriers to entry are relatively low** for basic aluminum framing and glass fabrication. The business is inherently cyclical and project-based, making customer relationships less sticky than subscription-based models. **Commodity-like characteristics** of many products limit pricing power, while the industry's focus on low-bid contracting pressures margins. **Potential disruption** could come from new building materials (advanced composites, prefabricated systems), changes in architectural trends away from glass-heavy designs, or technological innovations in building construction methods. Additionally, consolidation among larger construction companies could increase buyer power and pricing pressure. The company's recent strategic focus on higher-value, differentiated products and geographic expansion represents efforts to strengthen its competitive position, but the fundamental industry dynamics remain challenging.
Risks & safety
**Overall Assessment:** Moderate margin of safety with manageable financial risk but cyclical earnings volatility. **Debt and Solvency:** - Current ratio of 1.55x indicates adequate short-term liquidity - Debt-to-equity ratio of 0.72x represents moderate leverage levels - Strong free cash flow generation of $90 million annually provides financial flexibility - No immediate solvency concerns with $41 million cash position **Valuation Metrics:** - Trading at 12.2x P/E ratio based on recent earnings - EV/EBITDA of 8.1x appears reasonable for cyclical industrial company - Price-to-book ratio of 2.13x reflects modest premium to book value - Graham number analysis suggests potential undervaluation **Other Considerations:** - Cyclical earnings create valuation uncertainty during construction downturns - Recent margin improvements may not be sustainable through full cycle - Tariff impacts estimated at $0.45-$0.55 per share represent near-term headwind
Recent development
Over the past four years, Apogee has undergone a significant **strategic transformation** focused on improving profitability and operational efficiency. The company implemented the **Apogee Management System (AMS)**, a comprehensive productivity improvement initiative that has driven margin expansion across all segments. This system focuses on lean manufacturing principles, standardized processes, and continuous improvement methodologies. **Project Fortify** represents the company's major cost restructuring initiative, involving facility consolidation, organizational alignment, and elimination of lower-margin product lines. The program is expected to generate $13-14 million in annual run-rate savings and has contributed to achieving record operating margins above 12%. The company completed a transformative **acquisition of UW Solutions** in fiscal 2025, adding three new product lines: HD Printable Materials, Industrial Flooring (ResinDEK), and Engineered Coatings. This $100 million revenue addition diversifies Apogee beyond traditional construction markets into industrial applications, with expected synergies of $5 million annually by fiscal 2027. **Geographic expansion** has been a key strategic priority, particularly in Western U.S. markets where the company sees opportunities for market share gains. The Services segment has successfully diversified away from office construction toward institutional projects in healthcare, education, and government sectors. Recent market positioning has shifted toward **premium, higher-value products** and away from commodity-like offerings. This strategic focus has enabled pricing power and margin expansion, with the Glass segment achieving record margins above 20% during peak performance periods. The company has also enhanced its M&A capabilities and built a pipeline for potential future acquisitions in adjacent markets.
APOG company profile · for informational purposes only — not investment advice.
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