Skip to content
Compounder
← Stocks

Apogee Enterprises Inc

APOGBelow valueExpectations · modest

Held by 1 superinvestor.

Price$41.38
Margin of safety−9%
Holders1
Total value$202,308

SEC 10-K · fundamentals

Business quality

As of 2026-02-28

Valuation basis: trailing twelve months to 2026-08-29 — latest 10-K plus unaudited 10-Q filings.

Revenue growth
+3.2%
Net margin
3.9%
ROE
10.6%
FCF margin
6.8%
Revenue $1.23B → $1.40B · 6y
What makes a business high quality

Valuation · value band

Margin of safety

$45/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$41
cheaperpricier

Zero-growth floor

$31

Central IV

$45

Optimistic top

$132

Apogee Enterprises Inc (APOG): Two methods value the business — a conservative owner-earnings DCF and a growth-credited Greenwald estimate, $31–$132 / sh. Today’s price sits below both (price $41 as of 2026-10-16).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

Revenue growth 2% (lower of historical trend and fundamental cap, capped by moat) · moat 10 yr · discount 11.1% · Zero-growth downside $31

Price as of 2026-10-16 · yahoo · DGS10 5.1% @ 2026-10-15.

Method & numbers

Model cautions

  • Owner-earnings yield diverges sharply from the 10-year Treasury (over 300 bps).
  • The two methods’ midpoints differ materially — growth assumptions warrant review (over 20%).

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $35.22 – $52.37 · Greenwald $77.41 – $131.90 (neutral $103.80) · zero-growth base $44.16 · reproduction $7.62

Moat Franchise (moat) · terminal value 42% of present value · owner-earnings yield 10% vs 10Y 5.1%.

Graham earnings-power value (normalized NOPAT)$31.27 – $41.40 / sh

Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.

Years: TTM 2026-08-29, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 116% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back).

Buffett owner-earnings value$36.31 – $44.16 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9.3–11.3% band (9–11% base + 0.3pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: TTM 2026-08-29, 2024, 2023, 2022, 2021

v1 simplifications: Net income is below its multi-year average (cyclical/declining): normalized owner earnings anchored to the latest year — no peak-earnings capitalization (audit #2). Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 116% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 0.3pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 3.5 years of owner earnings, adding 0.3pp of cost-of-equity risk premium.

Reproduction value = tangible net assets $113.45M + capitalized R&D $45.82M（FY 2026, 2024, 2023, 2022） = $7.62 / sh. Reproduction value = tangible net assets (equity − goodwill − intangibles) + capitalized R&D (5y straight-line), ÷ diluted shares.

Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Assumes a narrow moat · competitive-advantage period ≈ 10 years.

Growth value: if the moat holds for 10 yr at ROIIC ≈ 207%, $33.25–$87.73 / sh (neutral $59.63). Conservative, not a forecast.

Window TTM 2026-08-29, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Baseline 9%–11%, net debt ≈ 3.5 years of owner earnings → +0.3pp cost-of-equity premium → effective 9.3%–11.3%.

Owner-earnings DCF: growth g₁ 2% · OE FY TTM 2026-08-29, 2024, 2023, 2022, 2021 · Discount band: 9.85%–12.25% (DGS10 +4.5% to a 12% strict end, each +0.25pp for leverage premium, as of 2026-10-15). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp. Two-method midpoint gap 78%.

Valuation basis: trailing twelve months to 2026-08-29 — latest 10-K plus unaudited 10-Q filings.

What the price is betting

Today's price pencils in about 0.4% a year in owner-earnings for the next few years. Revenue actually grew 2.2% a year.

Below what it has already done.

Roughly, the price needs its historical revenue growth to run about 7 more years to hold up.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

1 holder · $202,308 combined · this quarter +1 opened / -0 exited

This quarter1 opened
Holders 1 → 1 · last 4 quarters

SEC 13F · notes

Written summary

Apogee Enterprises Inc (APOG) is held by 1 of the superinvestors tracked on Compounder, with a combined $202,308 in reported 13F value. The largest position belongs to Jeremy Grantham, where it makes up 0.0% of the portfolio.

In the quarter ended 2026-06-30, 1 of the tracked filers opened a new position in APOG, 0 added to existing ones, 0 trimmed, and 0 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

Also held by these investors

Investors holding Apogee Enterprises Inc (APOG) also commonly hold →

APOG's price is below its conservative value band. Browse all undervalued stocks by margin of safety

Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-13

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

Stay Updated

New-quarter 13F moves and valuation updates, to your inbox.