Apogee (APOG) AI Stock Analysis

• Market Cap: $789.42M
• Dividend Yield: 2.77%
• Average Volume (3M): 266.77K
• Price to Earnings (P/E): 19.8
• Beta (1Y): 0.93
• Revenue Growth: 1.19%
• EPS Growth: -56.98%
• Country: US
• Employees: 4,500
• Sector: Industrials
• Sector Strength: 72
• Industry: Construction
• EPS (TTM): 1.02
• Shares Outstanding: 21,510,117
• 10 Day Avg. Volume: 369,834
• 30 Day Avg. Volume: 266,773
• PEG Ratio: -0.88
• Price to Book (P/B): 2.15
• Price to Sales (P/S): 0.77
• P/FCF Ratio: 11.70
• Enterprise Value/Market Cap: 1.33
• Enterprise Value/Revenue: 0.75
• Enterprise Value/Gross Profit: 3.16
• Enterprise Value/Ebitda: 6.80
• 1Y Price Target: $45.00
• Price Target Upside: 21.89% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 3.55
• Revenue Forecast (FY): $1.40B

• Rating: 54 Neutral
• Price Target: $33.00 ▼(-10.62% Downside)

The score is held back primarily by deteriorating TTM profitability alongside higher leverage, plus very weak technical momentum (price below major moving averages, oversold readings). Partially offsetting this are a reasonable income profile (3.24% dividend yield) and an earnings-call outlook that includes cost-savings initiatives and solid execution in Services/UW Solutions, though tariffs, aluminum inflation, and weaker operating cash flow remain meaningful risks.

Positive Factors

Revenue Growth

Sustained TTM revenue growth (~52%) indicates strong demand pickup and expanded project wins across segments. Higher top-line scale enhances capacity to invest in R&D, absorb fixed costs, and support integration of acquisitions, improving durable earnings potential if growth persists.

Services Momentum & UW Solutions

The UW Solutions acquisition ramp and Services' seventh consecutive quarter of sales growth with a $775M backlog diversify revenue toward higher-margin, recurring services. This structural mix shift reduces exposure to cyclical project timing and supports steadier long-term cash generation and margin resilience.

Balance Sheet Strength

Low near-term maturities and modest consolidated leverage (~1.4x) provide financial flexibility to fund Fortify savings, targeted capex, and M&A. A workable debt profile reduces refinancing risk and preserves capacity to weather cyclical slowdowns over the next several quarters.

Negative Factors

Margin Compression

Sharp margin deterioration versus prior periods reflects price and cost pressure across Glass and Metals. Persistently compressed margins erode operating leverage and free cash flow conversion, making it harder to fund investments or deleverage even if revenue growth continues.

Rising Leverage

Material increase in debt-to-equity signals greater reliance on leverage, raising interest and covenant sensitivity. If profitability or cash flow remain pressured, higher leverage reduces strategic optionality and increases the risk that financing costs and acquisition-related charges hamper long-term returns.

Commodity & Tariff Headwinds

Significant aluminum inflation and an explicit ~$0.30 EPS tariff drag are structural cost headwinds. Persistent commodity volatility and trade-related costs compress Metals margins, limit pricing power, and can offset operational savings, constraining durable profitability and cash flow recovery.

Apogee Business Overview & Revenue Model

Company Description

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.

How the Company Makes Money

Apogee generates revenue through multiple key streams, primarily from the sale of architectural glass products and framing systems. Their revenue model includes direct sales to contractors and construction firms, as well as partnerships with architects and builders that specify their products for projects. The company also benefits from a growing demand for energy-efficient and sustainable building materials, which positions their high-performance glass products favorably in the market. Additionally, Apogee's Large-Scale Optical Technologies segment contributes to revenue through the production of precision optical components used in various industries. Significant partnerships with leading construction firms and architectural design companies further bolster their earnings, allowing for collaboration on large-scale projects and enhancing their market presence.

Apogee Financial Statement Overview

Summary

Mixed fundamentals: TTM revenue growth is strong (~52%), but profitability stepped down sharply (net margin ~2.9% vs ~6.2% prior; EBIT margin ~5.3% vs ~10.3%). Leverage has risen (debt-to-equity ~0.61) while ROE cooled (~8.1%), and free cash flow remains positive (~$67M) but is down vs the prior annual level with modest operating cash flow coverage.

Income Statement

TTM (Trailing-Twelve-Months) results show a sharp step-down in profitability versus the prior annual period: net margin fell to ~2.9% from ~6.2%, and EBIT margin compressed to ~5.3% from ~10.3%. While revenue growth in TTM is strong (~52%), the margin compression suggests the growth is coming with heavier cost pressure and/or mix headwinds. Longer-term, revenue has been relatively choppy (negative growth in 2024 and 2025 annual), which tempers the otherwise solid historical profitability profile.

Balance Sheet

Leverage has increased meaningfully: debt-to-equity is ~0.61 in TTM (up from ~0.23 in 2024 annual and ~0.46 in 2023 annual), indicating a more debt-reliant capital structure. Returns are positive but have also cooled, with return on equity at ~8.1% in TTM versus ~17.4% in the 2025 annual period and ~21.1% in 2024 annual. Overall, the balance sheet is still workable, but the direction of higher leverage and lower returns is a notable risk if earnings remain pressured.

Cash Flow

Cash generation remains positive, with TTM free cash flow of ~$67M and free cash flow running at ~70% of net income, indicating earnings are converting to cash reasonably well. However, operating cash flow coverage is modest in both TTM (~0.42) and 2025 annual (~0.44), and free cash flow is down versus the 2025 annual level (~$90M) despite strong TTM growth reported. The profile is healthy enough, but less robust than the strong 2024 annual cash flow performance.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.36B	1.42B	1.44B	1.31B	1.23B
Gross Profit	364.08M	372.63M	335.27M	302.36M	275.69M
EBITDA	184.93M	187.82M	168.19M	152.01M	139.64M
Net Income	85.05M	99.61M	104.11M	3.49M	15.44M
Balance Sheet
Total Assets	1.18B	884.06M	915.37M	887.86M	1.02B
Cash, Cash Equivalents and Short-Term Investments	46.25M	40.01M	19.92M	37.58M	47.28M
Total Debt	351.92M	106.19M	214.72M	215.34M	226.69M
Total Liabilities	687.37M	413.04M	518.96M	501.66M	522.35M
Stockholders Equity	487.90M	471.02M	396.41M	386.20M	492.75M
Cash Flow
Free Cash Flow	89.57M	160.97M	57.52M	78.63M	115.70M
Operating Cash Flow	125.16M	204.15M	102.70M	100.47M	141.86M
Investing Cash Flow	-265.89M	-43.67M	-27.71M	9.28M	-2.15M
Financing Cash Flow	146.05M	-144.61M	-91.02M	-120.57M	-107.88M

Apogee Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 36.92
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For APOG, the sentiment is Positive. The current price of 36.92 is above the 20-day moving average (MA) of 36.59, above the 50-day MA of 36.48, and below the 200-day MA of 40.02, indicating a neutral trend. The MACD of -0.51 indicates Negative momentum. The RSI at 51.67 is Neutral, neither overbought nor oversold. The STOCH value of 75.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for APOG.

Apogee Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BXC	65 Neutral	$621.26M	44.61	2.20%	―	-0.19%	-50.51%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
JBI	62 Neutral	$984.27M	21.34	8.64%	―	-10.84%	-53.49%
ROCK	60 Neutral	$1.72B	770.27	13.29%	―	-9.21%	-97.43%
APOG	54 Neutral	$789.42M	19.84	7.73%	2.77%	1.19%	-56.98%
NX	54 Neutral	$848.18M	-3.41	-28.88%	2.12%	43.81%	-584.11%
JELD	40 Underperform	$271.67M	-0.41	-155.46%	―	-15.28%	-350.51%

Apogee Corporate Events

Apogee announces chief financial officer leadership transition

Apogee reported a transition in the role of its chief financial officer, disclosing the leadership change in a press release referenced in a recent regulatory filing. The company noted that the press release was furnished rather than filed under securities regulations, indicating it will not automatically be incorporated into future securities registration documents unless explicitly referenced, which may limit its direct legal implications for investors and other stakeholders.

The most recent analyst rating on (APOG) stock is a Hold with a $40.00 price target. To see the full list of analyst forecasts on Apogee stock, see the APOG Stock Forecast page.

Apogee Appoints Donald A. Nolan as New CEO

On October 31, 2025, Apogee Enterprises announced a leadership transition with Donald A. Nolan appointed as the new CEO, succeeding Ty R. Silberhorn. Nolan, who has been with Apogee’s Board since 2013, brings significant leadership experience and aims to drive long-term value creation for shareholders. The company reaffirmed its fiscal 2026 outlook, maintaining its net sales and adjusted EPS forecasts.

The most recent analyst rating on (APOG) stock is a Hold with a $37.00 price target. To see the full list of analyst forecasts on Apogee stock, see the APOG Stock Forecast page.