Apogee Enterprises

APOG · Nasdaq · Industrials · Financials, fiscal 2017 to 2026

APOG · Last close · November 6, 2026

$45.77

Apogee Enterprises' revenue rose 3.2% to $1.4 billion in fiscal 2026. Its operating margin was 6.0%, down from 8.7% a year earlier. Free cash flow was $95 million, up 6.2%. It paid out $37 million in dividends and buybacks, 39% of free cash flow. The diluted share count fell 1.7%.

APOGEE ENTERPRISES, INC. Latest fiscal year ended February 28, 2026 10-K filed April 24, 2026 · 0000006845-26-000023 Updated November 5, 2026

Revenue

$1.4B

3.2%

Operating margin

6.0%

2.7 pts

Net income

$54M

36.4%

Free cash flow

$95M

6.2%

Return on capital

8.3%

6.3 pts

Market cap

$957M

Nov 6 close

P/E

14.5x

On $3.16 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Apogee Enterprises does

Apogee Enterprises makes architectural building products and coated materials. Most of what it sells goes into non-residential buildings: aluminum window, curtainwall, storefront and entrance systems, fabricated glass, and installed building facades. It also makes coated materials used in wall decor, museums, digital displays and industrial flooring.

It reports four segments. Architectural Metals is about 36% of net sales, Architectural Services about 31%, Architectural Glass about 19% and Performance Surfaces about 14%. Its brands include Tubelite, EFCO, Wausau, Linetec, Alumicor and Harmon.

In its fiscal year ended February 2026 the company cut costs and changed its manufacturing footprint under a program called Project Fortify Phase 2, partly to offset the cost of tariffs. It had about 4,100 employees on February 28, 2026.

Its biggest risks, as it describes them

Changes in trade policies that raise its costs.
Shortages or higher costs of float glass, a key input for two of its segments.
Project management and installation problems on building jobs.
Difficulty finding enough workers or keeping key staff.
Charges if goodwill and other acquired assets lose value.

From Apogee Enterprises's annual report on Form 10-K, filed April 24, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2017 to 2026, earnings per share fell 1.8% a year and net income 5.0% a year, while buybacks cut the share count by 26%.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	38	20	37	46	46
Debt incl. finance leases	163	170	62	285	232
Net debt (negative means net cash)	125	150	25	239	187
Net debt to EBITDA	1.7x	0.9x	0.1x	1.5x	1.4x
Debt to equity	0.4x	0.4x	0.1x	0.6x	0.5x
Interest coverage	4.8x	16.4x	20.1x	19.2x	6.0x
Current ratio	1.4x	1.6x	1.5x	1.6x	1.6x
Quick ratio	1.1x	1.3x	1.2x	1.2x	1.3x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Apogee Enterprises' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Apogee Enterprises' projections

What Apogee Enterprises says to expect

Fiscal 2027: net sales and adjusted diluted EPSThe Company now expects net sales in the range of $1.46 billion to $1.50 billion, compared with its previous range of $1.38 billion to $1.43 billion, and adjusted diluted EPS in the range of $3.00 to $3.40, compared with its previous range of $2.70 to $3.25. The Company’s outlook also assumes interest expense of approximately $15 million, an adjusted effective tax rate of approximately 26%, and capital expenditures between $35 million and $40 million.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed October 6, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 1 insider bought $2,416 of Apogee Enterprises shares on the open market, and none sold any.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Nov 4, 2026	Christina M AlvordDirector	Bought	52	$46.47	$2,416	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY24	FY25	FY26
Piotroski F-score	6 of 9	6 of 9	6 of 9
Rule of 40	9.7%	2.6%	10.0%
Altman Z''	4.32	3.29	3.49
Accruals ratio	−11.6%	−3.9%	−6.0%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Pass
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Fail	Fail	Fail
F-score	6 of 9	6 of 9	6 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Apogee Enterprises side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Apogee Enterprises	FY26	3.2%	6.0%	6.8%	8.3%	1.4x	6
Worthington Enterprises	FY26	19.7%	5.5%	12.3%	5.1%	2.1x	7	Compare
AAON	FY25	20.1%	10.1%	—	10.8%	1.8x	3	Compare
Armstrong World Industries	FY25	12.1%	26.6%	15.2%	26.9%	0.6x	9	Compare
Trex	FY25	2.0%	22.0%	11.5%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	1,114	1,326	1,403	1,387	1,231	1,314	1,441	1,417	1,361	1,405
Revenue growth	1,301.9%	19.0%	5.8%	−1.1%	−11.3%	6.8%	9.6%	−1.6%	−4.0%	3.2%
Gross profit	292	334	294	319	276	274	335	367	360	320
Research and development	9	14	20	17	15	17	26	30	29	11
Operating income	122	114	67	88	26	22	126	134	118	84
Net income	86	80	46	62	15	4	104	100	85	54
Diluted EPS (US$)	2.97	2.76	1.63	2.32	0.59	0.14	4.64	4.51	3.89	2.52
Diluted shares (millions)	29	29	28	27	26	25	22	22	22	22
Cash flow
Cash from operations	124	128	96	107	142	100	103	204	125	122
Capital expenditure	68	53	61	51	26	22	45	43	36	27
Free cash flow	56	74	36	56	116	79	58	161	90	95
Dividends paid	15	16	18	19	20	20	20	21	22	22
Share buybacks	11	34	43	25	33	100	74	12	45	15
Acquisitions	138	183	0	0	0	0	0	0	232	0
Stock-based compensation	6	6	6	7	9	6	9	10	11	8
Balance sheet at fiscal year end
Cash and short-term investments	20	20	17	15	47	38	20	37	46	46
Debt incl. finance leases	65	216	246	218	165	163	170	62	285	232
Total assets	785	1,022	1,068	1,129	1,015	888	915	884	1,175	1,122
Total liabilities	314	511	572	612	522	502	519	413	687	611
Shareholders' equity	471	511	496	517	493	386	396	471	488	512
Margins and ratios
Gross margin	26.2%	25.1%	20.9%	23.0%	22.4%	20.9%	23.3%	25.9%	26.4%	22.7%
Operating margin	11.0%	8.6%	4.8%	6.3%	2.1%	1.7%	8.7%	9.4%	8.7%	6.0%
Net margin	7.7%	6.0%	3.3%	4.5%	1.2%	0.3%	7.2%	7.0%	6.2%	3.9%
Free cash flow margin	5.0%	5.6%	2.5%	4.0%	9.4%	6.0%	4.0%	11.4%	6.6%	6.8%
Rule of 40 (growth + FCF margin)	1,307.0%	24.6%	8.3%	2.9%	−1.9%	12.7%	13.6%	9.7%	2.6%	10.0%
Return on capital	20.1%	13.5%	7.3%	9.4%	2.6%	2.0%	21.2%	19.8%	14.6%	8.3%
Return on equity	19.6%	16.2%	9.1%	12.2%	3.1%	0.8%	26.6%	23.0%	17.7%	10.8%
Return on assets	11.9%	8.8%	4.4%	5.6%	1.4%	0.4%	11.6%	11.1%	8.3%	4.7%
Net debt to EBITDA	0.3x	1.2x	1.9x	1.5x	1.5x	1.7x	0.9x	0.1x	1.5x	1.4x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Apogee Enterprises' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Apogee Enterprises.