At a glance
Apogee Enterprises Inc is worth $934.7M, about 18 times its fiscal 2026 earnings. Revenue grew 3.2% to $1.40B in fiscal 2026, with 3.9% kept as profit; over 5 years it has grown 2.7% a year. It pays a 3.0% dividend yield, raised every year for at least 9 years, and returned $351.9M to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned +21.4% over the past year with dividends reinvested and +3.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 57.7% in the 2020 crash (S&P 500: 33.7%) and 26.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 5 months after the lows.
The business in plain English
Apogee Enterprises was incorporated in Minnesota in 1949. It makes and installs the glass and aluminum outer walls of commercial buildings. Its products go into office buildings, hotels, schools, hospitals, airports and apartment buildings, mostly in North America. Its main customers are glazing subcontractors (specialist firms that install glass on buildings) and general contractors. Architects and building owners influence which products get chosen. Sales were about $1.40 billion in the fiscal year ended February 28, 2026.
Architectural Metals is the largest segment, at about 36% of sales. It makes aluminum windows, storefronts, entrances and curtainwall (the glass-and-metal outer wall hung on many office towers). Its brands include Tubelite, EFCO, Wausau, Linetec and, in Canada, Alumicor. Architectural Services (31%) works under the Harmon brand. It designs, engineers and installs curtainwall and other façade systems on custom projects. Architectural Glass (19%) cuts, coats and fabricates energy-efficient glass, sold mainly as Viracon.
Performance Surfaces (14%) makes coated materials for picture framing, museums, wall decor, digital displays and industrial flooring. Its brands include Tru Vue, ChromaLuxe and ResinDEK. It sells through retailers, dealers and distributors. Its UW Solutions unit, acquired late in fiscal 2025, met its first-year target of $100 million in revenue. Most sales depend on building projects, so results tend to rise and fall with the non-residential construction cycle.
Price history
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APOG +21.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Architectural Metals | $503.8M | 35.9% |
| Architectural Services | $439.2M | 31.3% |
| Architectural Glass | $263.8M | 18.8% |
| Performance Surfaces | $198.0M | 14.1% |
Latest results
- In Q2 FY2027 (ended Aug 29, 2026), revenue was $391.1M, up 9.2% from a year earlier, and net income was $22.4M (-5.4%).
- For fiscal 2026, revenue was $1.40B (+3.2% year over year; +2.7% a year from FY2021 to FY2026) with a 3.9% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +2.7% watch |
|---|---|
| Operating margin | 6% watch |
| Free cash flow margin | 6.8% watch |
| Return on equity (FY2026) | 10.6% watch |
| Return on assets (FY2026) | 4.8% watch |
| Net cash (cash minus debt) | $-299.0M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.23B | $15.4M | $115.7M |
| FY2022 | $1.31B | $3.5M | $78.6M |
| FY2023 | $1.44B | $104.1M | $57.5M |
| FY2024 | $1.42B | $99.6M | $161.0M |
| FY2025 | $1.36B | $85.1M | $89.6M |
| FY2026 | $1.40B | $54.1M | $95.2M |
Valuation snapshot
| Market value | $934.7M |
|---|---|
| P/E ratio | 17.8 |
| Dividend yield | 3% |
Rank among 1514 US companies
Market value at each year end
Apogee Enterprises’s market value went from $1.55B at the end of 2016 to $934.7M on Oct 28, 2026, down 40%; since the end of 2025 it is up 19%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $934.7M | +19.3% |
| 2025 | $783.2M | -50.0% |
| 2024 | $1.57B | +32.8% |
| 2023 | $1.18B | +19.4% |
| 2022 | $987.6M | -19.0% |
| 2021 | $1.22B | +45.9% |
| 2020 | $835.9M | -3.1% |
| 2019 | $863.0M | +2.6% |
| 2018 | $841.2M | -35.8% |
| 2017 | $1.31B | -15.4% |
| 2016 | $1.55B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| APOG price data to Oct 28, 2026 | +26.3% | +21.4% | +5.0% | +3.9% | +3.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +26.3% |
| 2025 | -47.8% |
| 2024 | +35.8% |
| 2023 | +22.8% |
| 2022 | -5.7% |
| 2021 | +55.3% |
| 2020 | +0.7% |
| 2019 | +10.9% |
| 2018 | -33.8% |
| 2017 | -13.7% |
| 2016 | +24.6% |
| 2015 | +3.6% |
| 2014 | +19.4% |
| 2013 | +51.8% |
| 2012 | +99.7% |
| 2011 | -6.5% |
| 2010 | -1.2% |
| 2009 | +38.6% |
| 2008 | -38.1% |
| 2007 | -10.3% |
| 2006 | +21.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 69.1% over that stretch · deepest drop along the way 78.2%, back to its old high 49.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 56.3% over that stretch · deepest drop along the way 57.7%, back to its old high 9.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 9.3% over that stretch · deepest drop along the way 26.7%, back to its old high 5.3 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 1 sales ($54K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 27, 2026 | Matthew Sean Christian President, Architectural Serv | sell | $54K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.1% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 5.5% | Jun 30, 2026 |
| Victory Capital Management, Inc. | 5.27% | Dec 31, 2024 |
| Vanguard Capital Management | 5.11% | Mar 31, 2026 |
| Vanguard Portfolio Management | 4.09% | Sep 30, 2026 |
ETFs with the most weight in APOG
| IPDP Dividend Performers ETF | 1.36% |
| GRPZ Invesco S&P SmallCap 600 GARP ETF | 0.73% |
| IFRA iShares U.S. Infrastructure ETF | 0.55% |
| DSMC Distillate Small/Mid Cash Flow ETF | 0.53% |
| PSCI Invesco S&P SmallCap Industrials ETF | 0.47% |
| RZG Invesco S&P SmallCap 600® Pure Growth ETF | 0.47% |
| XSHQ Invesco S&P SmallCap Quality ETF | 0.44% |
| ROSC Hartford Multifactor Small Cap ETF | 0.4% |
What could go wrong
- Tied to the construction cycle. Three of its four segments, and part of the fourth, depend on North American non-residential construction. That market swings with interest rates, credit, employment and trends such as remote work that affect office demand.
- Installation projects can go wrong. The Architectural Services segment, about 31% of sales, designs and installs custom façades. Problems with project management, scheduling or field installation can raise costs and hurt profits on those contracts.
- Picture framing depends on shoppers. A large part of Performance Surfaces relies on U.S. retail custom picture framing, which tracks consumer confidence. An economic slowdown or uncertainty could cut demand and hurt the segment's results.
- Tariffs and trade policy. Changes in trade policy can raise costs. Apogee used Project Fortify Phase 2, an overhaul of costs and factories, partly to offset tariffs. It called those decisions challenging and disruptive.
- Acquisitions, restructuring and write-downs. Apogee acquires businesses, such as UW Solutions, and restructures others. Integration can fall short and debt can rise. The company also warns of possible further impairments, meaning write-downs of goodwill and other assets.
- Debt and borrowing costs. As of August 29, 2026, debt was about $336 million against about $37 million of cash and investments. Higher interest rates, tighter credit or loan-agreement limits could raise costs or reduce flexibility.
Recent events
- Executive or board change
- Quarterly results released
- Acquisition or sale of assets completed; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Major agreement signed; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Acquisition or sale of assets completed; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released
- Executive or board change
For income and retirement investors
Apogee has raised its dividend for at least 9 straight fiscal years, through fiscal 2026. Dividends per share grew from $0.76 in fiscal 2021 to $1.05 in fiscal 2026, about 6.6% a year. In fiscal 2026 the dividend used 41% of earnings and 23% of free cash flow (cash left after capital spending). The yield was 3% as of October 28, 2026. Over fiscal 2022–2026 the company spent about $247 million repurchasing its own shares, more than twice its $105 million in dividends. The share count fell 16% from January 2022 to October 2026.
The shares fell hard in past downturns. They dropped 78% in the 2008 financial crisis and needed about 50 months from the low to recover, by January 2013. They fell 58% in the 2020 COVID crash, recovering in about 10 months, and 27% in the 2022 bear market. They also lost 48% in 2025. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Apogee Enterprises make money?
Apogee makes money by selling and installing the glass and aluminum exteriors of commercial buildings. It also sells specialty coated materials. Sales were $1.40 billion in the fiscal year ended February 28, 2026. Architectural Metals (windows, curtainwall, storefronts) brought in about 36%. Architectural Services (façade installation under the Harmon brand) brought in 31%. Architectural Glass (Viracon) brought in 19%, and Performance Surfaces (coatings for picture framing, displays and flooring) 14%. Most customers are glazing subcontractors and general contractors in North America.
Does Apogee raise its dividend every year?
Yes. Apogee has raised its dividend for at least 9 consecutive fiscal years through fiscal 2026, and the streak may be longer. Dividends per share reached $1.05 in fiscal 2026, up from $0.76 in fiscal 2021. That is growth of about 6.6% a year. The dividend used 41% of fiscal 2026 earnings and about 23% of free cash flow. The yield was 3% as of October 28, 2026. Past increases do not guarantee future ones.
How has Apogee stock performed over the long term?
Modestly over long periods, with big swings along the way. Based on share prices as of October 28, 2026, the stock gained about 3.9% a year over five years. Over ten years it gained 3.2% a year, or about 37% in total. It rose 21.4% over the 12 months to that date and 26.3% from the start of 2026. That followed a loss of about 48% in 2025. Its worst drop during those 12 months was 27%.
How much debt does Apogee have?
As of August 29, 2026, Apogee had about $336 million of total debt and about $37 million of cash and investments. That means debt exceeded cash by about $299 million. Shareholders' equity (assets minus liabilities) was about $523 million. The company's annual report warns about tighter credit markets, higher interest rates and limits under its financing arrangements. Any of these could raise its cost of borrowing or reduce its flexibility.
What is Apogee's P/E ratio?
Apogee's price-to-earnings (P/E) ratio was about 17.8 as of October 28, 2026, based on fiscal 2026 diluted earnings of $2.52 per share. The P/E shows how many dollars investors pay for each dollar of yearly profit. Earnings fell sharply in fiscal 2026, from $3.89 per share a year earlier, which pushes the ratio up. The company's market value was about $935 million on that date, which makes it a small-cap stock.