Apogee Enterprises, Inc. — Earnings Quality Grade F
APOG · Industrials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 32 days, change +2 days YoY
AR growth 2.1% vs revenue growth -3.9%
Revenue -3.9%, CFFO -38.7%. Cash follows revenue
Expense Quality
Inventory growth 33.3% exceeds COGS -4.6%
CapEx growth -17.6% vs revenue -3.9%. Normal
SG&A/Gross Profit = 67.2%. Normal
Gross margin 26.4%, change +0.5pp. Stable
Cash Flow Quality
CFFO/NI = 1.47. Profits backed by cash
FCF $0.1B, FCF/NI = 1.05
Accruals ratio = -3.4%. Low accruals
Cash $0.0B covers only 12% of debt $0.4B
Balance Sheet Health
Goodwill+Intangibles $0.4B = 75% of equity. Over 50%
Debt/EBITDA = 2.2x. Healthy
Other assets -15.7% vs revenue -3.9%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles surged 86% YoY
Manipulation Score
M-Score = -2.66 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25