Apogee Enterprises
APOGNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $47.83 Prior regular-session close from the quote source.
- $46.98–$48.36 Regular-session low and high so far today.
- 219.0K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Jan 6 projected Projected for 2027-01-06 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $30.75–$50.88 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own APOG if its specialized architectural glass, framing, and optical capabilities keep it out of commodity glass pricing and management restores project margins after the FY2026 drop.
APOG price history
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Investment thesis
What must happen next
Commercial building customers continue to need Apogee’s specialized glass and framing capabilities, so demand remains tied to specification wins and project execution rather than purely commodity glass volume.HoldingMateriality: High
GAAP annual revenue was $1.405 billion in FY2026, up from $1.361 billion in FY2025. If this holds, revenue stability can fund operating improvement; if it breaks, Apogee becomes a lower-multiple cyclical materials supplier.
Watch: Architects, general contractors, or building owners shift specifications toward lower-cost offerings from Oldcastle BuildingEnvelope, Kawneer, Vitro Architectural Glass, or Guardian Glass.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue was $1.405 billion in FY2026, up from $1.361 billion in FY2025.
Open source ↗Apogee’s moat depends on fabrication, coating, mix, and project execution being strong enough to preserve pricing above input and labor costs; FY2026 results currently challenge that mechanism.WeakeningMateriality: High
GAAP annual gross profit remained positive at $319.5 million in FY2026. This is the difference between a defensible specialty manufacturer and a cyclical contractor with volatile earnings.
Watch: Aluminum, glass, freight, or labor cost inflation cannot be passed through in bids or contract escalators.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual gross profit remained positive at $319.5 million in FY2026.
Open source ↗Apogee’s project and working-capital discipline can convert accounting earnings into cash even when reported profitability is pressured.StrengtheningMateriality: Medium
GAAP annual operating cash flow was $122.5 million in FY2026 versus GAAP net income of $54.1 million. Cash conversion funds dividends, buybacks, debt reduction, and reinvestment; if it fails, reported earnings overstate owner value.
Watch: Longer-duration architectural projects require more working capital in receivables, inventories, or contract assets before cash collection.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow was $122.5 million in FY2026 versus GAAP net income of $54.1 million.
Open source ↗Management must keep balance-sheet risk contained so Apogee can ride out commercial construction cyclicality and still invest in capabilities or shareholder returns.StrengtheningMateriality: Medium
Total liabilities were $610.6 million at FY2026 year-end, down from $687.4 million at FY2025 year-end. A cyclical manufacturer with too much leverage loses strategic flexibility near the bottom of the cycle.
Watch: A debt-funded acquisition or major capital program raises leverage before margins recover.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Total liabilities were $610.6 million at FY2026 year-end, down from $687.4 million at FY2025 year-end.
Open source ↗Per-share value creation now depends on operating repair, not simply revenue growth: stable sales must translate back into higher GAAP profitability per share.WeakeningMateriality: Medium
GAAP diluted EPS remained positive at $2.52 in FY2026 despite weaker operating income. If EPS does not recover, the stock may not work even if revenue remains stable, because owners are not getting incremental economics from the sales base.
Watch: Margin pressure proves structural because customers resist price increases and competitors force lower bids.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP diluted EPS remained positive at $2.52 in FY2026 despite weaker operating income.
Open source ↗
Full investment case & evidence
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Original research
Commercial building customers continue to need Apogee’s specialized glass and framing capabilities, so demand remains tied to specification wins and project execution rather than purely commodity glass volume. If this holds, revenue stability can fund operating improvement; if it breaks, Apogee becomes a lower-multiple cyclical materials supplier.
Apogee’s moat depends on fabrication, coating, mix, and project execution being strong enough to preserve pricing above input and labor costs; FY2026 results currently challenge that mechanism. This is the difference between a defensible specialty manufacturer and a cyclical contractor with volatile earnings.
Apogee’s project and working-capital discipline can convert accounting earnings into cash even when reported profitability is pressured. Cash conversion funds dividends, buybacks, debt reduction, and reinvestment; if it fails, reported earnings overstate owner value.
Management must keep balance-sheet risk contained so Apogee can ride out commercial construction cyclicality and still invest in capabilities or shareholder returns. A cyclical manufacturer with too much leverage loses strategic flexibility near the bottom of the cycle.
Per-share value creation now depends on operating repair, not simply revenue growth: stable sales must translate back into higher GAAP profitability per share. If EPS does not recover, the stock may not work even if revenue remains stable, because owners are not getting incremental economics from the sales base.
All standing thesis claims
Original report summary
its specialized architectural glass, framing, and optical capabilities keep it out of commodity glass pricing and management restores project margins after the FY2026 drop.
Bull case and bear case
Bull case and bear case for Apogee Enterprises
Where the evidence on Apogee Enterprises disagrees: Mixed on the latest evidence (Oct 13, 2026). Of its 5 thesis points, 2 strengthening, 1 holding and 2 weakening.
Bull case: what the evidence supports
Commercial building customers continue to need Apogee’s specialized glass and framing capabilities, so demand remains tied to specification wins and project execution rather than purely commodity glass volume.
Apogee’s project and working-capital discipline can convert accounting earnings into cash even when reported profitability is pressured.
Management must keep balance-sheet risk contained so Apogee can ride out commercial construction cyclicality and still invest in capabilities or shareholder returns.
Bear case: what the evidence questions
Apogee’s moat depends on fabrication, coating, mix, and project execution being strong enough to preserve pricing above input and labor costs; FY2026 results currently challenge that mechanism.
Per-share value creation now depends on operating repair, not simply revenue growth: stable sales must translate back into higher GAAP profitability per share.
Thesis-Break Engine
What has broken in Apogee Enterprises’s thesis
Each break OptimistFi flagged on Apogee Enterprises, dated — with what has historically followed the same kind of break across the market, not a forecast for Apogee Enterprises.
- CEO / officer changecondition set before this filing
Across all companies, this kind of break has happened 16,849 times before. Those stocks trailed comparable companies by a median of 2% over the next six months, and 38% of them trailed it by 10 points or more.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Apogee Enterprises filed an SEC 8-K on 2026-10-06: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedCompleted an acquisition or disposition of assets.
Apogee Enterprises filed an SEC 8-K on 2026-09-23: Completed an acquisition or disposition of assets. It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
Apogee Enterprises filed an SEC 8-K on 2026-09-14: Director or principal officer change. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Architects, general contractors, or building owners shift specifications toward lower-cost offerings from Oldcastle BuildingEnvelope, Kawneer, Vitro Architectural Glass, or Guardian Glass.
- Aluminum, glass, freight, or labor cost inflation cannot be passed through in bids or contract escalators.
- Longer-duration architectural projects require more working capital in receivables, inventories, or contract assets before cash collection.
- A debt-funded acquisition or major capital program raises leverage before margins recover.
- Margin pressure proves structural because customers resist price increases and competitors force lower bids.
APOG news
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Financial statements
APOG income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
APOG: quick answers
- When does Apogee Enterprises (APOG) report earnings next?
- Apogee Enterprises's next results are projected for January 6, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on October 6, 2026. Earnings calendar
- What is APOG's short interest?
- As of October 30, 2026, 854,553 APOG shares were sold short, 4.09% of its shares outstanding, down 1.3% from the count before. At the stock's average daily volume that is 3.1 days to cover. FINRA publishes the count twice a month. APOG short interest history
- Have members of Congress traded APOG?
- 4 trades in APOG have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed APOG trade