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what it is
Apogee makes the glass, frames, and facade systems that wrap commercial buildings.
how it gets paid
Last year Apogee Enterprises made $1.4B in revenue. Architectural Metals was the main engine at $0.55B, or 39% of sales.
why growth slowed
Revenue fell 3.9% last year. The key number was the $1.05 consensus EPS target.
what just happened
Apogee reported quarterly EPS of $1.02, missing the $1.05 estimate by 2.86%.
At a glance
B+ balance sheet — decent shape, but not bulletproof
65/100 earnings predictability — reasonably predictable
11.4x trailing p/e — the market's not buying it — or you found a deal
2.7% dividend yield — cash in your pocket every quarter
15.0% return on capital — nothing to write home about
xvary composite: 56/100 — below average
What they do
Apogee makes the glass, frames, and facade systems that wrap commercial buildings.
This business wins because building envelopes are messy, custom, and expensive to redo. Apogee gets 91% of sales from architectural metals, services, and glass, which means you are buying into the full outer skin of a building, not one commodity part. Backlog is not provided here, but the real edge is coordination: once your project is designed around one supplier's systems, switching late means delay, redesign, and higher costs.
How they make money
$1.4B
annual revenue · their business grew -3.9% last year
Architectural Metals
$0.55B
Architectural Services
$0.43B
Architectural Glass
$0.29B
Performance Surfaces
$0.13B
The products that matter
manufactures aluminum framing systems
Architectural Metals
$546M revenue · 39% of sales
It's the biggest segment at $546M, and it sits right where weak office demand and aluminum cost pressure hurt most.
39% of revenue
designs and installs facades
Architectural Services
$434M revenue · 31% of sales
This $434M segment has been one of the steadier contributors lately. It matters because it offsets some of the weakness in metals and glass.
31% of revenue
makes coated performance materials
Performance Surfaces
$126M revenue · 9% of sales
At $126M, it's small, but it's the part of the mix showing double-digit growth from the UW Interco acquisition and newer coated-material markets.
small but growing
Key numbers
11.4x
trailing p/e
You are paying 11.4 times earnings for a business with a 15.0% return on capital, which is cheap if profits merely stabilize.
15.0%
return on capital
Return on capital → profit earned on money invested → 15.0% says this is a real operating business, not a balance-sheet mirage.
14.0%
operating margin
Operating margin → profit before interest and taxes → 14.0% is solid for building products and helps explain why the stock still screens cheap.
2.7%
dividend yield
You get paid 2.7% to wait, which matters more when revenue growth is projected at only 3.5%.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 50 / 100
- long-term debt $255M (23% of capital)
- net profit margin 7.5% — keeps 8 cents of every dollar in revenue
- return on equity 19% — $0.19 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in APOG 3 years ago → it's now worth $8,950.
The index would have given you $14,540.
source: institutional data · total return
What just happened
missed estimates
Apogee reported quarterly EPS of $1.02, missing the $1.05 estimate by 2.86%.
The miss was small, but the bigger issue is trend. Fiscal 2025 EPS fell to $3.45 from $4.97 in fiscal 2024, and fiscal 2026 is estimated at $3.40 as soft demand lingers.
$1.1B
revenue
$1.02
eps
22.9%
gross margin
the number that mattered
The key number was the $1.05 consensus EPS target, because missing even a low bar tells you demand has not turned yet.
-
apogee is dealing with soft demand.
-
in the latest fiscal year (ended february 28th), the company likely generated $1.39 billion in sales, up 2.1%.
-
most of that gain, however, came from the acquisition of uw interco.last fiscal year, the architectural metals and architectural glass segments were the most challenged. the metals operation markets aluminum windows, curtainwalls, storefront structures, and entrance systems to businesses. a depressed office building market and high prices for aluminum (due to import tariffs) have weighed on demand.
-
better days are not yet in sight.at the glass line, sales of building enclosure products have also been stressed by a tepid office market.
-
lately, though, price adjustments have helped to lift volume and receipts.elsewhere in the company, architectural services, a provider of complex building facades, has been able to contribute to growth in recent quarters. performance surfaces is posting double-digit sales gains, thanks to the above-mentioned acquisition and expansion into new coated materials markets.
source: company earnings report, 2026
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What could go wrong
the #1 risk is a longer commercial construction downturn. roughly 70% of Apogee's revenue comes from Architectural Metals and Architectural Services, so weak project starts hit the company where it lives.
med
office and commercial starts stay weak
Remote work changed demand for office space, and Apogee still sells heavily into that ecosystem. If developers keep delaying projects, the construction-facing segments do not get the rebound the valuation is quietly assuming.
This risk touches roughly 70% of revenue, or about $980M across Architectural Metals and Architectural Services.
med
aluminum costs squeeze a thin margin base
Tariffs and other input-cost pressure matter more when your net margin is only 5.9%. Apogee can try to pass costs through, but bid-driven businesses do not always get that luxury.
The direct pressure shows up most clearly in the $546M Architectural Metals segment.
med
the acquisition boost fades before the core business recovers
UW Interco helped revenue growth and supported Performance Surfaces. If that integration benefit fades while office demand stays soft, investors are left with flat organic growth and a smaller cushion under earnings.
Performance Surfaces is only $126M of revenue. It can help the mix, but it cannot rescue a $1.4B company by itself.
70% of revenue is exposed to commercial construction and the company keeps only 5.9 cents of profit per dollar of sales. That combination is why a cheap stock can stay cheap.
source: institutional data · regulatory filings · risk analysis
Pay attention to
next earnings
Q1 FY2026 earnings report
You want to see whether EPS can stay near the $3.40 full-year estimate. Another weak print would make the cheap multiple look less comforting.
the real catalyst
commercial construction demand
About 70% of revenue is tied to construction activity. If project starts and bidding activity stop deteriorating, the stock probably looks too cheap. If not, the multiple is telling the truth.
risk to watch
aluminum cost pressure
With a 5.9% net margin, Apogee does not have much room to absorb higher input costs. Watch for any sign the metals business is giving up margin to win work.
the metric to track
performance surfaces mix
This segment is only 9% of revenue today. If it keeps growing faster than the rest of the company, the earnings mix gets better. If it slows, the diversification story gets thin fast.
Analyst rankings
short-term outlook
average
momentum score 3. in human-speak, analysts see a stock moving with the market until the earnings trend improves.
risk profile
average
stability score 3. You're not buying a bunker stock, but you're not buying a disaster either.
chart momentum
average
technical score 3. Nothing in the chart is screaming reversal or collapse.
earnings predictability
65 / 100
Earnings are only moderately predictable. In plain English: this is not the kind of company that gives you smooth quarters.
source: institutional data
Institutional activity
institutions have been net selling for 3 consecutive quarters — 59 buyers vs. 88 sellers in 4q2025. total institutional holdings: 20.1M shares. net selling for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$28
$67
$39
current price
$48
target midpoint · +22% from current · 3-5yr high: $85 (+115% · 23% ann'l return)
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