APOG
APOGEE ENTERPRISES, INC.
Next earnings Jun 26, 2026 · consensus $0.46 EPS, $341M rev
Last earnings +15.2% on 2026-06-26
$40.57
▼ -12.00%$40.57▲ +2.75%
over 1Y
L $31.49H $48.92
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-12.0%
1W-4.5%
1M+5.2%
3M+22.6%
YTD+10.3%
1Y+2.7%
Hold
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 9 analysts
Strong Buy
Cheap on sales but earnings cratered 36% on margin compression, CEO exit, and a $24.7M legal hit — wait for Project Fortify to prove out.
Price / Trailing P/E $43.51 / 17.3x · current / FY2026
The read
Middling fundamentals and a rich price (~50% above fair value) leave little margin of safety — a wait-and-see.
Apogee is a four-segment architectural products business (Metals, Services, Glass, Performance Surfaces) trading at a modest 17.3x trailing P/E and just 0.7x sales — optically cheap, but the cheapness is doing work. FY2026 revenue ticked up 3.2% to $1.40B (helped by the $240.9M UW Solutions acquisition closed in Q3 FY2025), yet gross profit fell 11.2%, operating income dropped 28.5%, and net income collapsed 36.4% to $54.1M. Gross margin compressed to 22.7% and operating margin to just 6.0% — a clear deterioration versus the FY2023-2024 peak earnings of ~$100M.
The MD&A tells you why the print is messy and why it may be transitory: management launched Project Fortify Phase 2 to attack costs in Architectural Metals, Services, and Corporate, booking $27.4M of pre-tax charges in FY2026 in exchange for ~$26M of expected annualized savings — substantially completed in Q4. Separately, the prior-year cost of goods sold absorbed a $9.4M net legal charge from the December 2022 arbitration award (Apogee paid $24.7M on April 7, 2025), which inflates the FY2025 base and makes the YoY look worse than the underlying. Layer in the October 31, 2025 CEO separation (with accelerated equity vesting) and you have a transition year with real noise.
Is APOG a buy? The one-page verdict, explained →
The options angle
model · matches our verdictCovered call~60d expiry
- Long 100 shares @ ~40.57
- Short call 43 @ ~3.64 est
debit $3,693max +$607max −$3,692BE 36.93
HOLD means own it, don't chase it — harvesting premium against the position matches the verdict.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | $1.31B | $1.44B | $1.42B | $1.36B | $1.40B |
| Gross profit | $274M | $335M | $367M | $360M | $319M |
| Operating income | $22.0M | $126M | $134M | $118M | $84.5M |
| Net income | $3.49M | $104M | $99.6M | $85.1M | $54.1M |
| Diluted EPS | $0.14 | $4.64 | $4.51 | $3.89 | $2.52 |
| Net margin | 0.3% | 7.2% | 7.0% | 6.2% | 3.9% |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$1.04B
EV / EBITDA7.7
EV / Sales0.7
EV / FCF10.9
P / FCF8.9
PEG (trailing)—
Earnings yield6.4%
FCF yield11.2%
Quality & risk
ROIC (est.)9.0%
Free cash flow$95.2M
Total debt$232M
Net cash-$193M
Piotroski F-Score7/9
Capital returns
Buyback yield1.8%
Dividend yield (est.)2.6%
Shareholder yield4.4%
Shares Δ YoY-0.9%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Acquisition / disposition2026-07-01
- 10-Q Quarterly report2026-06-30
- 8-K Shareholder vote2026-06-29
- 8-K Earnings results2026-06-26
- 8-K Officer / director change2026-05-29
Officer transition disclosed with exhibits; follows fall 2025 CEO separation
- 8-K Material agreement2026-05-28
Entered material agreement; Reg FD disclosure with related exhibits
- DEF 14A Proxy statement2026-05-12
2026 annual proxy: director slate, exec comp after CEO separation
- 8-K Officer / director change2026-04-28
Executive officer change announced; continuation of leadership reshuffle
- 10-K Annual report2026-04-24
FY26 10-K: sales $1.40B (+3%), EPS $2.52 (-35%), $27M Fortify, debt cut 18%
Recent filings
all on EDGAR ↗4Period ending 2026-06-302026-07-02open ↗4Period ending 2026-06-302026-07-02open ↗4Period ending 2026-06-302026-07-02open ↗4Period ending 2026-06-302026-07-02open ↗8-KPeriod ending 2026-07-012026-07-01open ↗10-QPeriod ending 2026-05-302026-06-30open ↗8-KPeriod ending 2026-06-242026-06-29open ↗4Period ending 2026-06-242026-06-26open ↗4Period ending 2026-06-242026-06-26open ↗4Period ending 2026-06-242026-06-26open ↗4Period ending 2026-06-242026-06-26open ↗4Period ending 2026-06-242026-06-26open ↗
Frequently asked
- Is APOGEE ENTERPRISES, INC. (APOG) a buy?
- APOG currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Cheap on sales but earnings cratered 36% on margin compression, CEO exit, and a $24.7M legal hit — wait for Project Fortify to prove out.
- What is APOG's fair value?
- A Modified-Graham model based on APOG's SEC fundamentals estimates a fair value of about $20.35. It is an estimate from reported earnings, not a price target.
- Is APOG overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, APOG currently appears overvalued relative to its SEC-grounded earnings power.
- What is APOGEE ENTERPRISES, INC.'s quality score?
- APOG scores 61.720818850550614/100 (grade C+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000006845, latest 10-Q filed 2026-06-30) · EODHD · Proprietary analysis · as of 6/25/2026, 2:42:25 PM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 25, 2026, 10:42 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.