Does APOGEE ENTERPRISES, INC. have an economic moat?

Based on its FY2026 SEC filings, the Moat Index scores APOGEE ENTERPRISES, INC. (APOG) 44.1 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 36, returns on capital 45, balance-sheet safety 45, capital discipline 53.

Is APOG stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $79.79 per share versus a recent price of $41.03 — 49% below value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has APOG's Moat Score changed over time?

The record logs 2 readings since Jul 17, 2026; the latest reads 44.1 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

APOGEE ENTERPRISES, INC.

APOG · Materials · $870.7M mkt cap · FY2026 filings · Shallow moat ·

On the watchlist

Shallow moat

The four filters

Pricing power36

Median gross margin 23.1% over 10y, stable.

Returns on capital45

Median ROIC 10.6%, above the 9% hurdle in 60% of years.

Balance-sheet safety45

Net debt/EBITDA 1.4x, interest coverage 6x.

Capital discipline53

Owner earnings -1.2%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

49% below value

Owner earnings (normalized): $94.1M
Est. intrinsic value / share: $79.79
Recent price: $41.03
Discount to value: 49% below value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Fundamentals

There's no normalized fundamentals series for APOG yet — it appears once ingest has processed its filings.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale44.1 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — APOG has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Materials context

#87 of 214 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

#85CDXS Codexis, Inc.44.8 out of 100, Shallow moatShallow moat
#86OEC ORION S.A.44.4 out of 100, Shallow moatShallow moat
#88NOG NORTHERN OIL & GAS, INC.44.0 out of 100, Shallow moatShallow moat
#89TTI TETRA Technologies, Inc.43.4 out of 100, Shallow moatShallow moat

Compare APOG with its nearest peers →All Materials companies on the Index →

Common questions about APOG

Does APOGEE ENTERPRISES, INC. have an economic moat?: Based on its FY2026 SEC filings, the Moat Index scores APOGEE ENTERPRISES, INC. (APOG) 44.1 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 36, returns on capital 45, balance-sheet safety 45, capital discipline 53.
Is APOG stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $79.79 per share versus a recent price of $41.03 — 49% below value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has APOG's Moat Score changed over time?: The record logs 2 readings since Jul 17, 2026; the latest reads 44.1 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell APOG. See the disclaimer.