APOG
Apogee Enterprises, Inc.
APOG offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
CAT
Caterpillar Inc.
CAT has the edge over APOG overall, supported by stronger modeled upside and lower modeled downside.
APOG Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Stable |
APOG's profitability and cash flow are currently healthy, and its revenue and balance sheet are stable.
CAT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
CAT's revenue, profitability, cash flow and balance sheet are all currently healthy.
APOG PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 11x | $33.73 | -29% |
| Forward | 14x | $47.41 | — |
| Fair | 15x | $46.28 | -2.4% |
| Current | 15x | $47.41 | — |
| Expensive | 44x | $139 | +193% |
Historical ranges are pointers, not guarantees.
APOG has the edge over CAT in the historical PE scenario, which offers more potential upside but is not a forecast.
CAT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 15x | $380 | -37% |
| Fair | 18x | $461 | -24% |
| Forward | 20x | $605 | — |
| Current | 24x | $605 | — |
| Expensive | 33x | $840 | +39% |
Historical ranges are pointers, not guarantees.
CAT's PE is in its expensive range at 24x. If earnings grow as analysts expect, today's price would be 20x next year's earnings, in its fair range.
APOG Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for APOG, with profitability holding steady.
CAT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Moderate | |
| Low |
CAT has the edge over APOG on the outlook, with more favorable profitability expectations.
APOG Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.37 | +6.6% |
| Q3 2026 | $3.16 | +54% |
| Q2 2026 | $3.19 | +36% |
| Q1 2026 | $2.52 | -35% |
| Q4 2025 | $1.86 | -58% |
| Q3 2025 | $2.05 | -57% |
| Q2 2025 | $2.35 | -52% |
| Q1 2025 | $3.89 | -14% |
| Q4 2024 | $4.48 | -4.5% |
APOG's earnings per share have fallen from their peak: $3.16 over the past year, against $4.87 in mid-2024.
CAT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $30.32 | +19% |
| Q3 2026 | $25.48 | +31% |
| Q2 2026 | $23.23 | +18% |
| Q1 2026 | $20.08 | -2% |
| Q4 2025 | $18.81 | -15% |
| Q3 2025 | $19.46 | -9.7% |
| Q2 2025 | $19.64 | -10% |
| Q1 2025 | $20.50 | -7.4% |
| Q4 2024 | $22.05 | +9.6% |
CAT has the edge over APOG on earnings, with more consistent year-over-year improvement.
APOG Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $391.1M | +9.2% |
| Q2 2026 | $342.7M | -1.1% |
| Q1 2026 | $351.4M | +1.6% |
| Q4 2025 | $348.6M | +2.1% |
| Q3 2025 | $358.2M | +4.6% |
| Q2 2025 | $346.6M | +4.6% |
| Q1 2025 | $345.7M | -4.5% |
| Q4 2024 | $341.3M | +0.5% |
APOG's revenue grew through 2022 and has held roughly level since: $391M last quarter, up 9.2% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 8.6% | +1.1 points |
| Q2 2026 | 5.5% | +3.5 points |
| Q1 2026 | 7.3% | +5.6 points |
| Q4 2025 | 7.1% | -1.3 points |
| Q3 2025 | 7.5% | -4.7 points |
| Q2 2025 | 2% | -11 points |
| Q1 2025 | 1.8% | -4.3 points |
| Q4 2024 | 8.4% | -2.7 points |
APOG's operating margin was 8.6% last quarter, up 1.1 points from the same quarter a year ago.
CAT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $20.7B | +17% |
| Q2 2026 | $20.5B | +24% |
| Q1 2026 | $17.4B | +22% |
| Q4 2025 | $19.1B | +18% |
| Q3 2025 | $17.6B | +9.5% |
| Q2 2025 | $16.6B | -0.7% |
| Q1 2025 | $14.2B | -9.8% |
| Q4 2024 | $16.2B | -5% |
CAT's revenue has grown year over year for five quarters in a row: $20.7B last quarter, up 17% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 20% | +3.1 points |
| Q2 2026 | 21% | +3.6 points |
| Q1 2026 | 18% | -0.4 points |
| Q4 2025 | 14% | -4.1 points |
| Q3 2025 | 17% | -2.2 points |
| Q2 2025 | 17% | -3.6 points |
| Q1 2025 | 18% | -4.2 points |
| Q4 2024 | 18% | -0.3 points |
CAT has the edge over APOG on profitability, with a higher operating margin.
APOG Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $24.3M | -54% |
| Q2 2026 | $1.1M | +$28.1M |
| Q1 2026 | $46.9M | +145% |
| Q4 2025 | $22.9M | +4.1% |
| Q3 2025 | $52.4M | +4.3% |
| Q2 2025 | -$26.9M | -$25.2M |
| Q1 2025 | $19.1M | -67% |
| Q4 2024 | $22M | -60% |
APOG still generates free cash flow, though less than at its 2024 peak: $95M over the past year.
CAT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $3.7B | +19% |
| Q2 2026 | $3.8B | +47% |
| Q1 2026 | $1.1B | +97% |
| Q4 2025 | $2.7B | +0.1% |
| Q3 2025 | $3.1B | -1.5% |
| Q2 2025 | $2.6B | -4.2% |
| Q1 2025 | $579M | -63% |
| Q4 2024 | $2.7B | -22% |
CAT generated $11.3B in free cash flow over the past year, up 26% from the year before.
APOG Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.9% | -411K shares |
| 1 year | -3.2% | -689K shares |
| 3 years | -4.8% | -1.1M shares |
| 5 years | -17% | -4.2M shares |
| Available history | -22% | -5.8M shares |
APOG has the edge over CAT on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $6.4M |
| Q2 2026 | $9.7M |
| Q1 2026 | $15M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $30.3M |
| Q4 2024 | — |
APOG spent $31M buying back its own shares over the past year, up 2.6% from the year before.
CAT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -1.6M shares |
| 1 year | -2.1% | -9.9M shares |
| 3 years | -10% | -51.7M shares |
| 5 years | -16% | -86.7M shares |
| Available history | -19% | -107M shares |
CAT has 461M diluted shares, down 2.1% from a year ago, with $8.1B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $1.2B |
| Q2 2026 | $1.5B |
| Q1 2026 | $5B |
| Q4 2025 | $340M |
| Q3 2025 | $362M |
| Q2 2025 | $828M |
| Q1 2025 | $3.7B |
| Q4 2024 | $640M |
CAT spent $8.1B buying back its own shares over the past year, up 47% from the year before.
APOG Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.9x | Healthy |
| Q2 2026 | 1.4x | Healthy |
| Q1 2026 | 1.4x | Healthy |
| Q4 2025 | 1.8x | Healthy |
| Q3 2025 | 2.0x | Healthy |
| Q2 2025 | 2.1x | Moderate |
| Q1 2025 | 1.5x | Healthy |
| Q4 2024 | 1.3x | Healthy |
APOG's net debt is about 1.9 years of its operating earnings (EBITDA), about the same as a year ago.
CAT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.5x | Net Cash |
| Q2 2026 | -0.4x | Net Cash |
| Q1 2026 | -0.3x | Net Cash |
| Q4 2025 | 2.0x | Healthy |
| Q3 2025 | -0.6x | Net Cash |
| Q2 2025 | -0.4x | Net Cash |
| Q1 2025 | -0.3x | Net Cash |
| Q4 2024 | 1.6x | Healthy |
CAT has the edge over APOG on leverage, with a lower net debt burden relative to earnings.
APOG Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 63.6 | Neutral |
| Stochastic | 85.8 | Overbought |
APOG's weekly RSI is 64 (neutral) and its Stochastic is 86 (overbought).
CAT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 32.7 | Neutral |
| Stochastic | 6.7 | Oversold |
CAT's weekly RSI is 33 (neutral) and its Stochastic is 7 (oversold).
APOG PE vs Industrials Sector
| Metric | APOG | Sector median | Relative |
|---|---|---|---|
| PE | 15x | 24x | 38% below |
| PE % | 52 | 58 | 6 pts below |
APOG has the edge over CAT on valuation relative to its sector.
CAT PE vs Industrials Sector
| Metric | CAT | Sector median | Relative |
|---|---|---|---|
| PE | 24x | 24x | 1.3% below |
| PE % | 69 | 58 | 11 pts above |
CAT is trading at 24x earnings, in line with the Industrials sector's median of 24x.
APOG Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $42.1 | 13% above |
| 20 week MA | $41.0 | 16% above |
| 50 week MA | $39.0 | 22% above |
| 100 week MA | $42.0 | 13% above |
| 200 week MA | $48.7 | 2.6% below |
APOG has the edge over CAT on trend strength, trading above more of its moving averages.
CAT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $709.0 | 15% below |
| 20 week MA | $797.0 | 24% below |
| 50 week MA | $771.3 | 22% below |
| 100 week MA | $586.7 | 3.2% above |
| 200 week MA | $443.1 | 37% above |
CAT has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 37% above its 200-week average.
APOG Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $32.5 | $32.7 | +0.5% |
| 2021 | $32.7 | $47.2 | +44% |
| 2022 | $47.2 | $43.9 | -7% |
| 2023 | $43.9 | $53.4 | +22% |
| 2024 | $53.4 | $72.3 | +35% |
| 2025 | $72.3 | $38.0 | -48% |
| 2026 YTD | $38.0 | $47.4 | +25% |
APOG has the edge over CAT on returns for 2026, with the stronger performance.
CAT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $148.3 | $179.6 | +21% |
| 2021 | $179.6 | $206.2 | +15% |
| 2022 | $206.2 | $239.9 | +16% |
| 2023 | $239.9 | $295.7 | +23% |
| 2024 | $295.7 | $364.9 | +23% |
| 2025 | $364.9 | $583.0 | +60% |
| 2026 YTD | $583.0 | $605.3 | +3.8% |
CAT has finished every year since 2020 higher, and it's up 3.8% so far in 2026.