APOGAPOGEE ENTERPRISES, INC.
Glass Products, Made Of Purchased Glass
- Revenue
- $1.4B
- 3.2% YoY
- Operating margin
- 6.0%
- 31% YoY
- EBITDA
- $134M
- 17% YoY
- Market cap
- $945M
- Employees
- 4,100
- $343K revenue each
- Net debt / EBITDA
- 1.5×
- $196M net debt
- AI in 10-K
- 0.8
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo2 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo226% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo30% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo21% of assetsOver 40% of assets
- Shareholder dissentNo94% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$343K per employeeBottom quartile of its SIC industry
- Quiet on AINo0.8 per 10K words · 30th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo1.5× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$945M market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$54K netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.3B | $1.4B | $1.4B | $1.4B | $1.4B | 3.2% |
| Operating income | $22M | $126M | $134M | $118M | $84M | 28% |
| Net income | $3M | $104M | $100M | $85M | $54M | 36% |
| Operating cash flow | $100M | $103M | $204M | $125M | $122M | 2.2% |
| Capex | $22M | $45M | $43M | $36M | $27M | 23% |
| Stock-based comp | $6M | $9M | $10M | $11M | $8M | 23% |
| Buybacks | $100M | $74M | $12M | $45M | $15M | 67% |
| Dividends | $20M | $20M | $21M | $22M | $22M | 2.2% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Mar 27, 2020 | Engaged Capital LLC | SC 13D/A | 2.2% | Passive |
| Nov 12, 2019 | Engaged Capital LLC | SC 13D/A | 3.3% | Active |
| Nov 1, 2019 | Engaged Capital LLC | SC 13D/A | 3.3% | Passive |
| Oct 11, 2019 | Engaged Capital LLC | SC 13D/A | 3.3% | Passive |
| Sep 13, 2019 | Engaged Capital LLC | SC 13D/A | 3.3% | Passive |
| Aug 6, 2019 | Engaged Capital LLC | SC 13D/A | 3.3% | Passive |
| Feb 11, 2019 | Engaged Capital LLC | SC 13D/A | 3.3% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $54K · 1
- Net
- −$54K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | — | — | 118 | 192 |
| FY2025 | — | — | 139 | 147 |
| FY2024 | — | — | 162 | 136 |
| FY2023 | — | — | 128 | 110 |
| FY2022 | — | — | 124 | 102 |