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On May 28, 2026 Apogee Enterprises announced a definitive agreement to acquire Kalwall Companies for up to $115 million on a cash-free, debt-free basis. The company described Kalwall as highly complementary to its Architectural Glass business, cited cross-sell opportunities, and projected approximately $4 million of operational and cost synergies by the end of fiscal 2029. A Form 8-K filed contemporaneously records the transaction details and related disclosures.
Technical Analysis
ADX at 25.93 signals an emerging-to-strong trend environment; that strength supports the case for continued directionality in the near term and factors into expected price persistence around current levels.
DI+ stands at 29.53 and shows a decreasing trend, which signals waning bullish directional strength and introduces risk to further upside momentum relative to recent gains.
DI- sits at 15.12 and also trends downward, indicating reduced selling pressure that partially offsets the DI+ weakening and narrows directional conflict for price behavior.
MACD equals 1.23 and trends upward, trading above its signal line at 1.00; that crossover confirms bullish momentum and aligns with price remaining above short- and medium-term averages.
MRO registers 14.28 and shows a peak-and-reversal pattern, which implies the price currently sits above the model target and faces a higher probability of near-term mean reversion.
RSI at 59.3 and rising indicates bullish internals without reaching overbought territory, supporting continuation of the existing up-leg while leaving room for further gains.
Price closed at $41.96 above the 20-day average ($39.58), 50-day average ($36.98) and 200-day average ($37.30); the 12-day EMA (price12dayEMA $40.07) trends higher. Bollinger bands place the close just above the 1x upper band ($41.36), suggesting short-term consolidation risk near current levels. A below-price super trend support sits near $38.48 and acts as a technical downside reference.
Fundamental Analysis
Revenue totaled $351,354,000. Reported revenue growth stands at 0.80%; however, year-over-year revenue change equals -37.13% and quarter-over-quarter change equals -129.79%, indicating significant timing or comparability effects between reporting periods that compress top-line momentum. Net income reached $16,620,000 with EBIT of $25,817,000 and EBITDA of $38,359,000.
EBIT margin equals 7.35%; quarter-over-quarter margin changed by -6.31% while year-over-year margin rose by 305.52%. The EBIT margin sits below the industry peer mean (14.37%) and median (16.53%), leaving margin expansion potential if integration and cost synergies materialize.
EPS came in at $0.92 versus an estimate of $0.87, a positive surprise of $0.05 or about 5.75%. Trailing P/E equals 39.04 and forward P/E equals 43.70; P/E shows a QoQ uptick of 4.50% and a YoY decline of 30.73% per the provided change metrics.
Price-to-book equals 1.49, below the industry peer mean (4.50) and median (3.96), which contributes to WMDST’s current valuation view. Enterprise value to revenue sits near 2.87x with an enterprise multiple around 26.30x. Free cash flow totaled $46,850,000, producing a free cash flow yield of 6.15%, which compares favorably to the industry peer mean and supports valuation upside from cash generation.
Balance-sheet and leverage metrics: total debt $286,383,000 with net debt $192,756,000. Debt-to-EBITDA approximates 7.47x, reflecting elevated leverage relative to operating cash flow; interest coverage equals 9.13x, providing a buffer but below the peer mean. Current ratio 1.65 and quick ratio 1.28 indicate adequate near-term liquidity, while the cash conversion cycle of 49.09 days stays below the industry peer mean and helps working-capital efficiency.
Returns remain modest: return on equity 3.25% and return on assets 1.49%. Free cash to net income at 281.89% and operating cash flow $55,843,000 point to healthy conversion, even as earnings growth metrics show pressure (earnings growth -9.80% and QoQ swings negative). WMDST values the stock as under-valued based on the combination of below-peer price multiples, above-peer free cash flow yield, and the potential margin upside from the Kalwall acquisition.
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 % |
|