NEW Dividend Portfolio Tracker (DRIPTracker) is Now Live!
Add your stocks and see every dividend they pay you — dates, amounts, and reinvested shares.
Start Free »

Apogee Enterprises, Inc. APOG | NASDAQ

$40.94 $0.35 | 0.86%
TREND SIGNAL:Signal available — unlock to view |2026-10-08

Company Overview:

Market Cap: $855.47M
Trailing PE: —
FWD PE: —
Payout Ratio (TTM): 32.7%
52-Week Range: $30.75 - $50.88

7.3 Year APOG Performance Metrics:

Total Return (with DRIP): 26.4% (3.26% CAGR)
Total Return (no DRIP): 24.7% (3.06% CAGR)
Share Price: 7.4% (0.98% CAGR)
Yield on Cost (with DRIP): 3.33%
Total Invested: $10,000
Total Value (with DRIP): $12,636
Total Return $ (with DRIP): $2,636
Dividend Increase: 54.3% (6.39% CAGR)
Dividend Yield (FWD): 2.64% ($1.08)
APOG 7.3-yr Total Return ($10K invested)
1M 3M 6M YTD 1Y 3Y 5Y 10Y
APOG Share Price
1M 3M 6M YTD 1Y 3Y 5Y 10Y All
APOG Price CAGR:1Y: 5.65%2Y: -27.65%5Y: 0.80%10Y: 0.98%
APOG Dividend Charts
APOG - Dividends
APOG Dividend CAGR:1Y: 3.85%2Y: 3.92%5Y: 6.19%10Y: 8.01%
APOG - Dividend Payout Ratio
APOG Dividend Payout Ratio CAGR:1Y: 0.00%2Y: 17.42%5Y: 0.00%10Y: 11.83%
APOG - Dividend to Free Cash Flow Ratio
APOG Dividend to FCF Ratio CAGR:1Y: 0.00%2Y: 378.66%5Y: 111.02%10Y: 44.29%

Unlock All Reports & Research Dividend Stocks like a BOSS!

Get 3 Months Free with Annual Plan
PRO
$171 ($14.25/mo) $102.60/yr ($8.55/mo)
7-day free trial
  • Unlimited Portfolio Tracker
  • Portfolio - Lots/Sales/Dividends
  • Portfolio Auto-DRIP
  • Buy/Sell Signals Dashboard
  • Stock Fundamentals
  • Compare Stocks Side-by-Side
  • Revenue & EPS Estimates
  • DCF Valuation Modeling
Try it free for 7 days
Combined 55% Lifetime Discount
Most Popular
PREMIUM
$288 ($24/mo) $172.80/yr ($14.40/mo)
7-day free trial
  • Everything in Pro
  • YieldMax PNL Tracker
  • YieldMax NAV Erosion Alerts
  • YM ETFs Trend Signals
  • 9/21 EMA Trend Signals
  • Stocks Dashboard
Try it free for 7 days
Combined 55% Lifetime Discount
ULTRA
$576 ($48/mo) $345.60/yr ($28.80/mo)
7-day free trial
  • Everything in Premium
  • 15min & 1hr Intraday Signals
  • Group & weekly ETF estimates
  • YouTuber Mode
  • Trades summary + CSV export
  • Priority data & support
Try it free for 7 days
Combined 55% Lifetime Discount

APOG Financials: Earnings, Revenue, Cash Flow, Ebitda, Cash/Debt, Shares Float, etc:

APOG - Revenue
APOG Revenue CAGR:1Y: -1.14%2Y: 0.04%5Y: 1.02%10Y: 2.10%
APOG - Earnings Per Share (EPS)
APOG EPS CAGR:1Y: 0.00%2Y: -37.89%5Y: 0.00%10Y: -3.49%
APOG - Net Income
🔓 See the full chart40% off right now · 7-day free trial
APOG Net Income CAGR:1Y: 0.00%2Y: -38.57%5Y: 0.00%10Y: -6.42%
APOG - EBITDA
🔓 See the full chart40% off right now · 7-day free trial
APOG EBITDA CAGR:1Y: -10.36%2Y: -22.90%5Y: 26.01%10Y: -2.83%
APOG - Free Cash Flow
🔓 See the full chart40% off right now · 7-day free trial
APOG Free Cash Flow CAGR:1Y: 0.00%2Y: -84.93%5Y: -51.52%10Y: -27.47%
APOG - Free Cash Flow / Share
🔓 See the full chart40% off right now · 7-day free trial
APOG Free Cash Flow / Share CAGR:1Y: 0.00%2Y: -84.68%5Y: -49.77%10Y: -25.13%
APOG - Operating Income
🔓 See the full chart40% off right now · 7-day free trial
APOG Operating Income CAGR:1Y: 171.81%2Y: -33.00%5Y: 0.00%10Y: -5.47%
APOG - Gross Profit
🔓 See the full chart40% off right now · 7-day free trial
APOG Gross Profit CAGR:1Y: -8.64%2Y: -12.20%5Y: 0.00%10Y: 0.00%
APOG - Shares Outstanding
🔓 See the full chart40% off right now · 7-day free trial
APOG Shares Outstanding CAGR:1Y: -0.12%2Y: -1.30%5Y: -3.25%10Y: -3.02%
APOG - Share Buybacks
🔓 See the full chart40% off right now · 7-day free trial
APOG Share Buybacks CAGR:1Y: 0.00%2Y: 0.00%5Y: -0.29%10Y: 44.57%
APOG - Stock-Based Comp
🔓 See the full chart40% off right now · 7-day free trial
APOG Stock-Based Comp CAGR:1Y: 0.39%2Y: -11.35%5Y: 7.79%10Y: 4.10%
APOG - Expenses
🔓 See the full chart40% off right now · 7-day free trial
APOG Expenses CAGR:1Y: -12.25%2Y: -13.64%5Y: 3.03%10Y: -7.52%
APOG - Revenue vs Net Income
🔓 See the full chart40% off right now · 7-day free trial
APOG - EPS vs FCF / Share
🔓 See the full chart40% off right now · 7-day free trial
APOG - EPS vs PE Ratio
🔓 See the full chart40% off right now · 7-day free trial
APOG - FCF vs FCF / Share
🔓 See the full chart40% off right now · 7-day free trial
APOG - FCF vs Stock Based Comp
🔓 See the full chart40% off right now · 7-day free trial
APOG - Cash & Debt
🔓 See the full chart40% off right now · 7-day free trial
APOG - Revenue by Segment
🔓 See the full chart40% off right now · 7-day free trial
APOG Revenue CAGR:1Y: -1.14%2Y: 0.04%5Y: 1.02%10Y: 2.10%

Revenue, EPS, Net Income & Ebitda - Estimates VS Actual:

APOG - REVENUE: Actual + Estimates
🔓 See the full chart40% off right now · 7-day free trial
APOG Actual Revenue CAGR:1Y: -1.14%2Y: 0.04%5Y: 1.02%10Y: 2.10%
APOG - EPS: Actual + Estimates
🔓 See the full chart40% off right now · 7-day free trial
APOG Actual EPS CAGR:1Y: 0.00%2Y: -37.89%5Y: 0.00%10Y: -3.49%
APOG - NET INCOME: Actual + Estimates
🔓 See the full chart40% off right now · 7-day free trial
APOG Actual Net Income CAGR:1Y: 0.00%2Y: -38.57%5Y: 0.00%10Y: -6.42%
APOG - EBITDA: Actual + Estimates
🔓 See the full chart40% off right now · 7-day free trial
APOG Actual EBITDA CAGR:1Y: -10.36%2Y: -22.90%5Y: 26.01%10Y: -2.83%

Ratios, Profit Margins & Return on Capital:

APOG - Net Profit Margin
🔓 See the full chart40% off right now · 7-day free trial
APOG Net Profit Margin CAGR:1Y: 0.00%2Y: -38.57%5Y: 0.00%10Y: -8.33%
APOG - Gross Profit Margin
🔓 See the full chart40% off right now · 7-day free trial
APOG Gross Profit Margin CAGR:1Y: -7.60%2Y: -12.24%5Y: 8.25%10Y: -1.72%
APOG - Price to Earnings
🔓 See the full chart40% off right now · 7-day free trial
APOG Price to Earnings CAGR:1Y: 0.00%2Y: 21.20%5Y: 0.00%10Y: 1.22%
APOG - Price To Sales Ratio
🔓 See the full chart40% off right now · 7-day free trial
APOG Price To Sales Ratio CAGR:1Y: 2.31%2Y: -25.45%5Y: -6.90%10Y: -7.19%
APOG - Return on Capital Employed
🔓 See the full chart40% off right now · 7-day free trial
APOG Return on Capital Employed CAGR:1Y: 186.63%2Y: -40.39%5Y: 0.00%10Y: -10.00%
APOG - Return on Invested Capital
🔓 See the full chart40% off right now · 7-day free trial
APOG Return on Invested Capital CAGR:1Y: 0.00%2Y: -40.60%5Y: 0.00%10Y: -9.71%

Compare stocks side-by-side

APOG Dividends Info:

Annual Dividend: $1.08
Forward Yield: 2.64%
Ex-Dividend Date: 2026-10-20
Lifetime Dividends / Share: $15.41

APOG Dividend History: Dates, Payments & Yield list

Below is a schedule of all APOG dividend payments, ex-dates, share price on the day of the payment as well as the annualized yield & forward yield

Ex-Date Payment Date Amount Yield Forward Yield Price on Ex-Date
10/20/202611/04/2026$0.2702.66%0%$0.00
07/14/202607/16/2026$0.2702.8%2.62%$41.22
05/13/202605/15/2026$0.2703.07%3.18%$34.01
02/03/202602/05/2026$0.2702.78%2.66%$40.62
10/29/202510/31/2025$0.2602.82%2.84%$36.61
07/16/202507/18/2025$0.2602.53%2.48%$41.97
05/13/202505/15/2025$0.2602.46%2.54%$40.97
01/28/202501/30/2025$0.2601.98%1.98%$52.51
10/22/202410/24/2024$0.2501.33%1.34%$74.64
07/10/202407/12/2024$0.2501.7%1.64%$60.91
05/20/202405/22/2024$0.2501.52%1.53%$65.34
01/29/202401/31/2024$0.2501.83%1.89%$52.81
10/23/202310/25/2023$0.2402.29%2.3%$41.70
07/11/202307/13/2023$0.2401.99%2.01%$47.87
05/08/202305/10/2023$0.2402.42%2.45%$39.13
01/30/202302/01/2023$0.2402.13%2.03%$47.33
10/24/202211/09/2022$0.2202.04%1.95%$45.13
07/11/202207/27/2022$0.2202.31%2.18%$40.29
05/09/202205/25/2022$0.2202.13%2.16%$40.66
01/28/202202/15/2022$0.2201.98%1.9%$46.41
10/25/202111/10/2021$0.2001.96%1.72%$46.56
07/13/202107/29/2021$0.2002.1%2.01%$39.77
05/07/202105/25/2021$0.2002.19%2.15%$37.15
01/29/202102/16/2021$0.2002.28%2.13%$37.60
10/23/202011/10/2020$0.1882.76%2.95%$25.43
07/13/202007/29/2020$0.1883.44%3.3%$22.72
05/13/202005/29/2020$0.1884.4%3.63%$20.65
01/31/202002/18/2020$0.1882.36%2.23%$33.64
10/18/201911/05/2019$0.1751.88%1.81%$38.57
07/15/201907/31/2019$0.1751.66%1.73%$40.56
05/15/201905/31/2019$0.1750%1.84%$38.13
02/04/201902/20/2019$0.1750%1.84%$38.13
10/22/201811/07/2018$0.1580%1.65%$38.13
07/17/201808/02/2018$0.1580%1.65%$38.13
05/15/201805/31/2018$0.1580%1.65%$38.13
01/29/201802/14/2018$0.1580%1.65%$38.13
10/23/201711/08/2017$0.1400%1.47%$38.13
07/06/201707/25/2017$0.1400%1.47%$38.13
05/17/201706/02/2017$0.1400%1.47%$38.13
01/27/201702/15/2017$0.1400%1.47%$38.13
10/21/201611/09/2016$0.1250%1.31%$38.13
07/08/201607/27/2016$0.1250%1.31%$38.13
05/10/201605/27/2016$0.1250%1.31%$38.13
01/29/201602/17/2016$0.1250%1.31%$38.13
10/23/201511/10/2015$0.1100%1.15%$38.13
07/13/201507/30/2015$0.1100%1.15%$38.13
05/15/201505/29/2015$0.1100%1.15%$38.13
02/03/201502/19/2015$0.1100%1.15%$38.13
10/24/201411/12/2014$0.1000%1.05%$38.13
07/11/201407/30/2014$0.1000%1.05%$38.13
05/16/201405/30/2014$0.1000%1.05%$38.13
02/04/201402/21/2014$0.1000%1.05%$38.13
10/25/201311/13/2013$0.0900%0.94%$38.13
07/12/201307/31/2013$0.0900%0.94%$38.13
05/17/201305/31/2013$0.0900%0.94%$38.13
02/05/201302/22/2013$0.0900%0.94%$38.13
10/26/201211/14/2012$0.0900%0.94%$38.13
07/09/201207/26/2012$0.0900%0.94%$38.13
05/15/201206/01/2012$0.0900%0.94%$38.13
02/03/201202/22/2012$0.0820%0.85%$38.13
10/20/201111/08/2011$0.0820%0.85%$38.13
07/08/201107/27/2011$0.0820%0.85%$38.13
05/13/201106/01/2011$0.0820%0.85%$38.13
02/04/201102/23/2011$0.0820%0.85%$38.13
10/22/201011/10/2010$0.0820%0.85%$38.13
07/09/201007/28/2010$0.0820%0.85%$38.13
05/14/201006/02/2010$0.0820%0.85%$38.13
02/05/201002/24/2010$0.0820%0.85%$38.13
10/23/200911/12/2009$0.0820%0.85%$38.13
07/10/200907/29/2009$0.0820%0.85%$38.13
05/15/200906/03/2009$0.0820%0.85%$38.13
02/06/200902/25/2009$0.0820%0.85%$38.13
10/24/200811/12/2008$0.0820%0.85%$38.13
07/11/200807/30/2008$0.0740%0.78%$38.13
05/16/200806/04/2008$0.0740%0.78%$38.13
02/08/200802/27/2008$0.0740%0.78%$38.13
10/26/200711/14/2007$0.0740%0.78%$38.13
07/13/200707/31/2007$0.0680%0.71%$38.13
05/18/200706/06/2007$0.0680%0.71%$38.13
02/09/200702/28/2007$0.0680%0.71%$38.13
10/27/200611/15/2006$0.0680%0.71%$38.13
07/14/200608/02/2006$0.0650%0.68%$38.13
05/12/200605/31/2006$0.0650%0.68%$38.13
02/09/200603/01/2006$0.0650%0.68%$38.13
11/03/200511/21/2005$0.0650%0.68%$38.13
07/07/200507/27/2005$0.0630%0.66%$38.13
04/28/200505/18/2005$0.0630%0.66%$38.13
02/10/200503/02/2005$0.0630%0.66%$38.13
10/25/200411/10/2004$0.0630%0.66%$38.13
08/05/200408/18/2004$0.0600%0.63%$38.13
05/03/200405/19/2004$0.0600%0.63%$38.13
01/30/200402/18/2004$0.0600%0.63%$38.13
10/27/200311/12/2003$0.0600%0.63%$38.13
08/07/200308/26/2003$0.0580%0.6%$38.13
04/25/200305/14/2003$0.0580%0.6%$38.13
01/30/200302/19/2003$0.0580%0.6%$38.13
10/24/200211/13/2002$0.0580%0.6%$38.13
08/08/200208/28/2002$0.0550%0.58%$38.13
04/25/200205/15/2002$0.0550%0.58%$38.13
01/31/200202/20/2002$0.0550%0.58%$38.13
10/25/200111/14/2001$0.0550%0.58%$38.13
08/09/200108/29/2001$0.0530%0.55%$38.13
04/26/200105/16/2001$0.0530%0.55%$38.13
02/01/200102/21/2001$0.0530%0.55%$38.13
10/26/200011/15/2000$0.0530%0.55%$38.13
08/10/200008/30/2000$0.0530%0.55%$38.13
04/27/200005/17/2000$0.0530%0.55%$38.13
01/27/200002/16/2000$0.0530%0.55%$38.13
10/21/199911/09/1999$0.0530%0.55%$38.13
08/12/199908/31/1999$0.0530%0.55%$38.13
04/29/199905/18/1999$0.0520%0.55%$38.13
01/22/199902/11/1999$0.0520%0.55%$38.13
10/23/199811/11/1998$0.0520%0.55%$38.13
08/07/199808/26/1998$0.0500%0.52%$38.13
05/01/199805/20/1998$0.0500%0.52%$38.13
01/23/199802/11/1998$0.0500%0.52%$38.13
10/24/199711/12/1997$0.0500%0.52%$38.13
08/08/199708/27/1997$0.0450%0.47%$38.13
05/02/199705/21/1997$0.0450%0.47%$38.13
01/24/199702/12/1997$0.0450%0.47%$38.13
10/25/199611/14/1996$0.0450%0.47%$38.13
08/09/199608/29/1996$0.0430%0.45%$38.13
05/03/199605/23/1996$0.0430%0.45%$38.13
01/26/199602/15/1996$0.0430%0.45%$38.13
10/27/199511/16/1995$0.0430%0.45%$38.13
08/11/199508/31/1995$0.0400%0.42%$38.13
05/03/199505/25/1995$0.0400%0.42%$38.13
01/25/199502/16/1995$0.0400%0.42%$38.13
10/26/199411/17/1994$0.0400%0.42%$38.13
08/10/199409/01/1994$0.0380%0.39%$38.13
05/04/199405/26/1994$0.0380%0.39%$38.13
01/26/199402/17/1994$0.0380%0.39%$38.13
10/27/199311/18/1993$0.0380%0.39%$38.13
08/03/199308/25/1993$0.0350%0.37%$38.13
05/04/199305/26/1993$0.0350%0.37%$38.13
01/26/199302/18/1993$0.0350%0.37%$38.13
10/27/199211/19/1992$0.0350%0.37%$38.13
08/04/199208/27/1992$0.0330%0.34%$38.13
05/05/199205/29/1992$0.0330%0.34%$38.13
01/28/199202/20/1992$0.0330%0.34%$38.13
10/29/199111/20/1991$0.0330%0.34%$38.13
08/06/199108/28/1991$0.0330%0.34%$38.13
05/07/199105/30/1991$0.0330%0.34%$38.13
01/30/199102/21/1991$0.0300%0.31%$38.13
10/31/199011/21/1990$0.0300%0.31%$38.13
08/08/199008/29/1990$0.0300%0.31%$38.13
05/02/199005/23/1990$0.0300%0.31%$38.13
01/29/199002/15/1990$0.0250%0.26%$38.13
08/07/198908/29/1989$0.0250%0.26%$38.13
05/01/198905/23/1989$0.0250%0.26%$38.13
01/30/198902/16/1989$0.0200%0.21%$38.13
10/31/198811/16/1988$0.0200%0.21%$38.13
08/08/198808/24/1988$0.0200%0.21%$38.13
05/09/198805/26/1988$0.0200%0.21%$38.13
02/03/198802/25/1988$0.0150%0.16%$38.13
11/04/198711/24/1987$0.0150%0.16%$38.13

Projected Future Returns & Dividends for APOG

Based on past 7.3-year performance, here are APOG growth metrics:

Share price CAGR of +0.98%
Dividend CAGR of +8.02%

Using APOG CAGR metrics, we can estimate that your initial $10000 investment, over the next 10 years, should grow as follows:

APOG (DRIP)APOG - No DRIP
Current Price$40.94$40.94
Start Shares244.26244.26
Start Value$10,000$10,000
  
After 10 years:
Final Share Count350.90244.26
Dividends Payment$0.58$0.58
Annual Dividends$820$570
Yield on cost8.20%5.70%
Share Price$45.13$45.13
Total Dividends$4,601$3,825
Final Value$15,836$14,848

Estimated Future Value + Dividends - APOG

NOTE: Above numbers are our estimate based on APOG's Dividend and Price CAGR over past 7.3 years. These numbers should only be considered as "potential future returns"! DRIP assumes reinvesting dividends; No-DRIP assumes collecting dividends as cash.

We cannot guarantee that your actual returns will meet these estimates.

Get the best Dividend Stock Research Tools:

Get 3 Months Free with Annual Plan
PRO
$171 ($14.25/mo) $102.60/yr ($8.55/mo)
7-day free trial
  • Unlimited Portfolio Tracker
  • Portfolio - Lots/Sales/Dividends
  • Portfolio Auto-DRIP
  • Buy/Sell Signals Dashboard
  • Stock Fundamentals
  • Compare Stocks Side-by-Side
  • Revenue & EPS Estimates
  • DCF Valuation Modeling
Try it free for 7 days
Combined 55% Lifetime Discount
Most Popular
PREMIUM
$288 ($24/mo) $172.80/yr ($14.40/mo)
7-day free trial
  • Everything in Pro
  • YieldMax PNL Tracker
  • YieldMax NAV Erosion Alerts
  • YM ETFs Trend Signals
  • 9/21 EMA Trend Signals
  • Stocks Dashboard
Try it free for 7 days
Combined 55% Lifetime Discount
ULTRA
$576 ($48/mo) $345.60/yr ($28.80/mo)
7-day free trial
  • Everything in Premium
  • 15min & 1hr Intraday Signals
  • Group & weekly ETF estimates
  • YouTuber Mode
  • Trades summary + CSV export
  • Priority data & support
Try it free for 7 days
Combined 55% Lifetime Discount

Company Info

Apogee Enterprises, Inc. (APOG) had its IPO on 1973-05-03, and is traded on NASDAQ stock exchange.

Apogee Enterprises, Inc. provides architectural products and services for enclosing buildings, and glass and acrylic products used for preservation, protection, and enhanced viewing in the United States, Canada, and Brazil. The company operates in four segments: Architectural Metals, Architectural Glass, Architectural Services, and Performance Surfaces. The Architectural Metals segment designs, engineers, fabricates, and finishes aluminum window, curtainwall, storefront, and entrance systems for applications in non-residential construction under Tubelite, EFCO, Linetec, and Alumicor brands. The Architectural Glass segment cuts, treats, coats, and fabricates glass used in custom window and wall systems under the Viracon and GlassecViracon brand names. The Architectural Services segment integrates technical services, project management, and field installation services to design, engineer, fabricate, and install architectural curtainwall systems and other façade-related systems under the Harmon brand. The Performance Surfaces segment develops and manufactures coated materials for a variety of applications, including wall decor, museums, graphic design, digital displays, architectural interiors, and industrial flooring under Tru Vue, ResinDEK, RDC Coatings, ChromaLuxe, and Unisub brands. The company’s products and services are primarily used in commercial buildings, such as office buildings, hotels, and retail centers; institutional buildings comprising education facilities, health care facilities, and government buildings; transportation facilities, such as airports and transit terminals, as well as multi-family residential buildings. It markets its architectural products and services through direct sales force, independent sales representatives, and distributors, and glazing subcontractors and general contractors; and retail chains, as well as independent distribution network. The company was incorporated in 1949 and is based in Minneapolis, Minnesota.

APOG website: https://www.apog.com


Get Full Access to All Reports with DRIPCalc PRO

Get 3 Months Free with Annual Plan
PRO
$171 ($14.25/mo) $102.60/yr ($8.55/mo)
7-day free trial
  • Unlimited Portfolio Tracker
  • Portfolio - Lots/Sales/Dividends
  • Portfolio Auto-DRIP
  • Buy/Sell Signals Dashboard
  • Stock Fundamentals
  • Compare Stocks Side-by-Side
  • Revenue & EPS Estimates
  • DCF Valuation Modeling
Try it free for 7 days
Combined 55% Lifetime Discount
Most Popular
PREMIUM
$288 ($24/mo) $172.80/yr ($14.40/mo)
7-day free trial
  • Everything in Pro
  • YieldMax PNL Tracker
  • YieldMax NAV Erosion Alerts
  • YM ETFs Trend Signals
  • 9/21 EMA Trend Signals
  • Stocks Dashboard
Try it free for 7 days
Combined 55% Lifetime Discount
ULTRA
$576 ($48/mo) $345.60/yr ($28.80/mo)
7-day free trial
  • Everything in Premium
  • 15min & 1hr Intraday Signals
  • Group & weekly ETF estimates
  • YouTuber Mode
  • Trades summary + CSV export
  • Priority data & support
Try it free for 7 days
Combined 55% Lifetime Discount
Loading signals…

DCF Model — APOG

Value from:
Pay up to today
—
vs current price $40.94
—
Cash flow & implied price by year

FCF is negative or missing for this company (common for banks) — the model discounts EPS instead.

EPS is negative or missing for this company — Simple mode uses free cash flow per share instead.

Free cash flow today
—
grows for the next years
Then mature
—
every future dollar counted back to today
Pile of today-dollars
—
÷ shares
Implied price path
YearFCFImplied price
Sensitivity — fair value: growth ↓ × target return →