Recent News
May 28, 2026 — Apogee announced a definitive agreement to acquire Kalwall Companies for up to $115 million (consisting of $105 million at close and up to $10 million earnout). The company projects roughly $85 million of incremental revenue in the first 12 months, an initial adjusted EBITDA margin near 15%, long-term margin goals near 20%, and approximately $4 million of operational cost synergies by the end of fiscal 2029; the transaction expects to close during Apogee’s fiscal 2027 second quarter.
Technical Analysis
Directional indicators (ADX / DI+ / DI-): ADX at 22.29 indicates an emerging trend in market strength. DI+ sits at 30.98 but shows a peak-and-reversal pattern, which signals a bearish shift in directional momentum. DI- at 17.24 trends lower, which by itself reads as a bullish development; the combination creates mixed directional signals that favor caution for near-term breakout conviction.
MACD: MACD at 1.02 currently sits above its signal line at 0.79, and MACD trend shows increasing momentum. The MACD crossing above the signal line registers as a bullish momentum signal and supports upside continuation provided momentum holds.
MRO (Momentum/Regression Oscillator): MRO reads 11.9 and registered a dip-and-reversal. A positive MRO implies the price currently trades above the model target and therefore carries pressure toward reversion; momentum has room to cool before another leg higher.
RSI: RSI at 57.75 shows a recent dip-and-reversal, indicating renewed buying interest without extended overbought conditions; this supports modest upside but not runaway strength.
Price Versus Averages and Bands: Last close $39.89 sits above the 20-day average $38.72, the 50-day average $36.54, and the 200-day average $37.33, while the 12-day EMA at $38.96 trends higher. Price lies just below the 1‑sigma Bollinger upper band ($40.07), suggesting constrained near-term upside without a momentum expansion. Ichimoku components (Tenkan $38.98; Kijun $37.01; Senkou A $36.30; Senkou B $36.24) align to a constructive price posture above the cloud.
Support, Resistance, and Volume Context: SuperTrend lower support at $37.53 provides a reference for near-term downside containment. Recent volume (302,837) exceeds the 10- and 50-day averages, indicating above-normal participation on recent moves and reinforcing the validity of momentum signals if sustained.
Fundamental Analysis
Profitability & margins: EBIT equals $25,817,000 and EBIT margin stands at 7.35%. That margin falls below the industry peer mean (14.37%) and median (16.53%) but remains above the industry peer low (-21.83%). Quarter-over-quarter, EBIT margin declined by 6.31%; year-over-year, EBIT margin improved by 305.52% (reflecting a material YoY shift in operating leverage and prior-year comparisons).
Earnings and cash flow: Reported EPS of $0.92 exceeded the estimate of $0.87 by $0.05, an EPS surprise ratio of 5.75%. Operating cash flow totaled $55,843,000 and free cash flow reached $46,850,000, producing a free cash flow yield of 6.15%. That free cash flow yield sits above the industry peer mean (-0.39%) and median (0.07%), while remaining below the industry peer high (6.62%). Free cash flow to net income registers at 281.89%, indicating strong cash conversion relative to reported earnings.
Liquidity and leverage: Current ratio registers 1.65 and quick ratio 1.28, both below the industry peer means (current mean 2.33; quick mean 1.52). Cash and short-term investments total $39,523,000 while net debt stands at $192,756,000. Debt-to-equity at 0.56 and interest coverage near 9.13 indicate manageable interest servicing capacity, though debt-to-EBITDA at 7.47 reflects elevated leverage versus typical operating-cycle peers.
Growth and operational metrics: Total revenue $351,354,000. Reported revenue growth reads 0.80%, with provided year-over-year and quarter-over-quarter growth indicators showing mixed figures (YoY and QoQ values included in data). Asset turnover at 0.3139 rose modestly QoQ and YoY. Cash conversion cycle sits at 49.09 days, quicker than the industry peer mean of 88.15 days, which supports working capital efficiency.
Valuation: Market multiples show P/E about 39.04, P/B near 1.49, and enterprise multiple about 26.30. Forward PE about 43.70 and forward revenue near $103,740,459. The current valuation, as determined by WMDST, classifies the stock as under-valued. Valuation receives support from a above-mean free cash flow yield and positive cash conversion, while higher leverage and below-mean operating margins temper the premium multiples.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-02-28 |
| REPORT DATE: | 2026-04-24 |
| NEXT REPORT DATE: | 2026-07-24 |
| CASH FLOW | Begin Period Cash Flow | $ 41.3 M |
| Operating Cash Flow | $ 55.8 M | |
| Capital Expenditures | $ -8.99 M | |
| Change In Working Capital | $ 33.2 M | |
| Dividends Paid | $ -5.65 M | |
| Cash Flow Delta | $ -1.79 M | |
| End Period Cash Flow | $ 39.5 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 351.4 M | |
| Forward Revenue | $ 103.7 M | |
| COSTS | ||
| Cost Of Revenue | $ 272.6 M | |
| Depreciation | $ 12.5 M | |
| Depreciation and Amortization | $ 12.5 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 325.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 78.7 M | |
| EBITDA | $ 38.4 M | |
| EBIT | $ 25.8 M | |
| Operating Income | $ 25.8 M | |
| Interest Income | — | |
| Interest Expense | $ 2.8 M | |
| Net Interest Income | $ -2.83 M | |
| Income Before Tax | $ 23.0 M | |
| Tax Provision | $ 6.4 M | |
| Tax Rate | 27.705 % | |
| Net Income | $ 16.6 M | |
| Net Income From Continuing Operations | $ 16.6 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.87 | |
| EPS Actual | $ 0.92 | |
| EPS Difference | $ 0.05 | |
| EPS Surprise | 5.747 % | |
| Forward EPS | $ 0.93 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.1 B | |
| Intangible Assets | $ 348.0 M | |
| Net Tangible Assets | $ 163.8 M | |
| Total Current Assets | $ 439.4 M | |
| Cash and Short-Term Investments | $ 39.5 M | |
| Cash | $ 39.5 M | |
| Net Receivables | $ 198.5 M | |
| Inventory | $ 98.1 M | |
| Long-Term Investments | $ 31.1 M | |
| LIABILITIES | ||
| Accounts Payable | $ 105.5 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 266.9 M | |
| Net Debt | $ 192.8 M | |
| Total Debt | $ 286.4 M | |
| Total Liabilities | $ 610.6 M | |
| EQUITY | ||
| Total Equity | $ 511.8 M | |
| Retained Earnings | $ 376.4 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 24.12 | |
| Shares Outstanding | 21.220 M | |
| Revenue Per-Share | $ 16.56 | |
| VALUATION | Market Capitalization | $ 762.2 M |
| Enterprise Value | $ 1.0 B | |
| Enterprise Multiple | 26.305 | |
| Enterprise Multiple QoQ | -3.765 % | |
| Enterprise Multiple YoY | -62.594 % | |
| Enterprise Multiple IPRWA | high: 138.618 mean: 68.028 median: 65.479 APOG: 26.305 low: -16.375 |
|
| EV/R | 2.872 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.193 | |
| Asset To Liability | 1.838 | |
| Debt To Capital | 0.359 | |
| Debt To Assets | 0.255 | |
| Debt To Assets QoQ | -8.578 % | |
| Debt To Assets YoY | -14.788 % | |
| Debt To Assets IPRWA | high: 0.78 mean: 0.361 median: 0.35 APOG: 0.255 low: 0.006 |
|
| Debt To Equity | 0.56 | |
| Debt To Equity QoQ | -7.968 % | |
| Debt To Equity YoY | -22.422 % | |
| Debt To Equity IPRWA | high: 1.744 APOG: 0.56 median: 0.437 mean: 0.37 low: -1.447 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.489 | |
| Price To Book QoQ | -6.859 % | |
| Price To Book YoY | -34.022 % | |
| Price To Book IPRWA | high: 11.76 mean: 4.497 median: 3.959 APOG: 1.489 low: 0.397 |
|
| Price To Earnings (P/E) | 39.04 | |
| Price To Earnings QoQ | 4.497 % | |
| Price To Earnings YoY | -30.734 % | |
| Price To Earnings IPRWA | high: 212.401 mean: 100.522 median: 94.153 APOG: 39.04 low: -106.741 |
|
| PE/G Ratio | -3.982 | |
| Price To Sales (P/S) | 2.169 | |
| Price To Sales QoQ | -7.688 % | |
| Price To Sales YoY | -31.905 % | |
| Price To Sales IPRWA | high: 18.395 median: 10.533 mean: 10.065 APOG: 2.169 low: 0.198 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 43.698 | |
| Forward PE/G | -4.457 | |
| Forward P/S | 7.614 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -6.944 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.314 | |
| Asset Turnover Ratio QoQ | 2.257 % | |
| Asset Turnover Ratio YoY | 6.972 % | |
| Asset Turnover Ratio IPRWA | high: 0.474 APOG: 0.314 mean: 0.247 median: 0.233 low: 0.047 |
|
| Receivables Turnover | 1.873 | |
| Receivables Turnover Ratio QoQ | -0.057 % | |
| Receivables Turnover Ratio YoY | -35.279 % | |
| Receivables Turnover Ratio IPRWA | high: 3.734 APOG: 1.873 mean: 1.86 median: 1.831 low: 0.718 |
|
| Inventory Turnover | 2.719 | |
| Inventory Turnover Ratio QoQ | 4.903 % | |
| Inventory Turnover Ratio YoY | -5.093 % | |
| Inventory Turnover Ratio IPRWA | APOG: 2.719 high: 2.464 mean: 1.173 median: 1.166 low: 0.179 |
|
| Days Sales Outstanding (DSO) | 48.709 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 49.093 | |
| Cash Conversion Cycle Days QoQ | -4.575 % | |
| Cash Conversion Cycle Days YoY | 61.151 % | |
| Cash Conversion Cycle Days IPRWA | high: 198.937 mean: 88.155 median: 78.903 APOG: 49.093 low: 2.167 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 2.036 | |
| CapEx To Revenue | -0.026 | |
| CapEx To Depreciation | -0.717 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 744.1 M | |
| Net Invested Capital | $ 744.1 M | |
| Invested Capital | $ 744.1 M | |
| Net Tangible Assets | $ 163.8 M | |
| Net Working Capital | $ 172.6 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.148 | |
| Current Ratio | 1.647 | |
| Current Ratio QoQ | -13.228 % | |
| Current Ratio YoY | 6.324 % | |
| Current Ratio IPRWA | high: 5.721 mean: 2.329 median: 1.877 APOG: 1.647 low: 0.779 |
|
| Quick Ratio | 1.279 | |
| Quick Ratio QoQ | -11.875 % | |
| Quick Ratio YoY | 4.394 % | |
| Quick Ratio IPRWA | high: 4.762 mean: 1.522 APOG: 1.279 median: 1.188 low: 0.619 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 7.466 | |
| Cost Of Debt | 0.684 % | |
| Interest Coverage Ratio | 9.129 | |
| Interest Coverage Ratio QoQ | 7.764 % | |
| Interest Coverage Ratio YoY | 413.648 % | |
| Interest Coverage Ratio IPRWA | high: 51.538 mean: 11.25 APOG: 9.129 median: 7.396 low: -20.842 |
|
| Operating Cash Flow Ratio | 0.091 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 34.072 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 2.942 | |
| Dividend Payout Ratio | 0.34 | |
| Dividend Rate | $ 0.27 | |
| Dividend Yield | 0.007 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.566 % | |
| Revenue Growth | 0.801 % | |
| Revenue Growth QoQ | -129.788 % | |
| Revenue Growth YoY | -37.127 % | |
| Revenue Growth IPRWA | high: 32.602 % mean: 3.081 % median: 1.587 % APOG: 0.801 % low: -26.951 % |
|
| Earnings Growth | -9.804 % | |
| Earnings Growth QoQ | -340.176 % | |
| Earnings Growth YoY | -61.111 % | |
| Earnings Growth IPRWA | high: 60.902 % median: 4.969 % mean: 3.177 % APOG: -9.804 % low: -75.893 % |
|
| MARGINS | ||
| Gross Margin | 22.413 % | |
| Gross Margin QoQ | -5.867 % | |
| Gross Margin YoY | 3.903 % | |
| Gross Margin IPRWA | high: 56.662 % median: 34.521 % mean: 34.034 % APOG: 22.413 % low: 9.553 % |
|
| EBIT Margin | 7.348 % | |
| EBIT Margin QoQ | -6.311 % | |
| EBIT Margin YoY | 305.519 % | |
| EBIT Margin IPRWA | high: 26.893 % median: 16.528 % mean: 14.374 % APOG: 7.348 % low: -21.828 % |
|
| Return On Sales (ROS) | 7.336 % | |
| Return On Sales QoQ | 2.774 % | |
| Return On Sales YoY | 304.857 % | |
| Return On Sales IPRWA | high: 24.317 % median: 16.321 % mean: 14.5 % APOG: 7.336 % low: -12.238 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 46.9 M | |
| Free Cash Flow Yield | 6.147 % | |
| Free Cash Flow Yield QoQ | 120.323 % | |
| Free Cash Flow Yield YoY | 253.682 % | |
| Free Cash Flow Yield IPRWA | high: 6.62 % APOG: 6.147 % median: 0.066 % mean: -0.388 % low: -9.739 % |
|
| Free Cash Growth | 104.997 % | |
| Free Cash Growth QoQ | -286.208 % | |
| Free Cash Growth YoY | -915.194 % | |
| Free Cash Growth IPRWA | high: 336.077 % APOG: 104.997 % median: -84.944 % mean: -111.042 % low: -416.974 % |
|
| Free Cash To Net Income | 2.819 | |
| Cash Flow Margin | 6.917 % | |
| Cash Flow To Earnings | 1.462 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.485 % | |
| Return On Assets QoQ | 1.852 % | |
| Return On Assets YoY | 603.791 % | |
| Return On Assets IPRWA | high: 6.228 % median: 2.473 % mean: 2.329 % APOG: 1.485 % low: -7.235 % |
|
| Return On Capital Employed (ROCE) | 3.018 % | |
| Return On Equity (ROE) | 0.032 | |
| Return On Equity QoQ | 0.526 % | |
| Return On Equity YoY | 536.667 % | |
| Return On Equity IPRWA | high: 0.092 APOG: 0.032 median: 0.029 mean: 0.022 low: -0.17 |
|
| DuPont ROE | 3.246 % | |
| Return On Invested Capital (ROIC) | 2.508 % | |
| Return On Invested Capital QoQ | 2.577 % | |
| Return On Invested Capital YoY | 241.224 % | |
| Return On Invested Capital IPRWA | high: 8.77 % mean: 3.401 % median: 3.196 % APOG: 2.508 % low: -6.723 % |
|