AZZ

AZZ · NYSE · Industrials · Financials, fiscal 2017 to 2026

AZZ · Last close · November 6, 2026

$125.71

AZZ's revenue rose 4.6% to $1.7 billion in fiscal 2026. Its operating margin was 16.0%, up from 15.0% a year earlier. Free cash flow was $445 million, up 231.8%. It paid out $43 million in dividends and buybacks, 10% of free cash flow. The diluted share count rose 3.0%.

AZZ Inc. Latest fiscal year ended February 28, 2026 10-K filed April 22, 2026 · 0000008947-26-000068 Updated November 5, 2026

Revenue

$1.7B

4.6%

Operating margin

16.0%

1.1 pts

Net income

$317M

146.3%

Free cash flow

$445M

231.8%

Return on capital

10.7%

0.7 pts

Market cap

$3.8B

Nov 6 close

P/E

22.7x

On $5.55 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What AZZ does

AZZ coats metal to protect it from rust and wear. It provides hot-dip galvanizing, in which steel is dipped in molten zinc, and coil coating, in which protective and decorative coatings are applied to rolls of steel and aluminum. It serves customers across North America and was established in 1956.

It has three operating segments. AZZ Metal Coatings galvanizes steel for fabricators and manufacturers, including those serving the power transmission and distribution, bridge and highway, petrochemical and general industrial markets. AZZ Precoat Metals coats metal coils for distributors, fabricators and manufacturers that supply construction, appliance, heating and cooling (HVAC), container and transportation markets. The third, AZZ Infrastructure Solutions, is its 40% non-controlling interest in the AVAIL joint venture, which sells equipment and services to the power and industrial markets, after AZZ sold that business.

AZZ says its business is cyclical and seasonal: it grows in the warmer months and slows in winter, because much of the work relates to construction. Zinc is the main raw material for galvanizing, and AZZ says its price can be volatile. It competes with other galvanizers, in-house galvanizing plants, other coil coaters and steel and aluminum mills, and with other ways to protect or finish metal.

Its biggest risks, as it describes them

Competition from other coaters, plants run by manufacturers, and substitute materials or protective methods.
Swings in the cost of zinc and natural gas, which make up a large part of its costs.
Cycles in construction and the wider economy that cut demand for its services.
Problems in its solutions that could raise its costs or lead to damage claims.
Acquisitions that may not work out, and difficulty hiring and keeping skilled workers.

From AZZ's annual report on Form 10-K, filed April 22, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2017 to 2026, earnings per share grew 18.1% a year and net income 20.0% a year, as new shares raised the share count by 16% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	12	3	4	2	1
Debt incl. finance leases	227	1,059	957	859	492
Net debt (negative means net cash)	215	1,057	952	858	491
Net debt to EBITDA	1.9x	4.3x	3.2x	2.7x	1.4x
Debt to equity	0.3x	1.7x	1.4x	0.8x	0.4x
Interest coverage	12.4x	2.0x	2.1x	2.9x	4.8x
Current ratio	2.6x	2.2x	1.9x	1.7x	1.7x
Quick ratio	2.6x	1.5x	1.3x	1.2x	1.2x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project AZZ's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open AZZ's projections

What AZZ says to expect

Fiscal year 2027: capital expendituresCapital expenditures are expected to be approximately $80 to $100 million, reflecting an increase in growth capital for hot-dip galvanizing capacity expansions and technology improvements for both Metal Coatings and Precoat Metals.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed October 13, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought AZZ shares on the open market, and 4 insiders sold $5.3 million, $1.1 million of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 14, 2026	Bryan Lee StovallCOO - Metal Coatings	Sold	2,677	$150.07	$401,737	Form 4
Aug 11, 2026	Jeffrey VellinesPres & COO - Precoat Metals	Sold	4,220	$153.55	$647,981	Form 4
Feb 11, 2026	Tara D MackeyChief Legal Officer	Sold plan	2,923	$136.00	$397,528	Form 4
Feb 3, 2026	Thomas E FergusonPresident and CEO, Director	Sold	25,000	$127.29	$3.2 million	Form 4
Jan 21, 2026	Tara D MackeyChief Legal Officer	Sold plan	2,790	$126.64	$353,326	Form 4
Jan 9, 2026	Tara D MackeyChief Legal Officer	Sold plan	1,568	$119.43	$187,266	Form 4
Jan 8, 2026	Tara D MackeyChief Legal Officer	Sold plan	1,000	$118.71	$118,710	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY24	FY25	FY26
Piotroski F-score	6 of 9	7 of 9	7 of 9
Rule of 40	25.9%	11.1%	31.5%
Altman Z''	2.63	2.99	4.19
Accruals ratio	−6.5%	−5.5%	−9.4%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Fail	Pass	Pass
F-score	6 of 9	7 of 9	7 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put AZZ side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
AZZ	FY26	4.6%	16.0%	26.9%	10.7%	1.4x	7
Generac	FY25	−2.0%	6.9%	6.4%	6.5%	2.1x	6	Compare
GE Vernova	FY25	9.0%	3.6%	9.8%	—	−3.8x	7	Compare
NuScale Power	FY25	−15.0%	−2,190.6%	−1,461.7%	—	—	—	Compare
Brady	FY26	9.8%	15.9%	11.6%	18.1%	−0.6x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	864	810	927	1,062	481	526	1,324	1,538	1,578	1,650
Revenue growth	−2.9%	−6.2%	14.4%	14.5%	−54.7%	9.4%	151.8%	16.2%	2.6%	4.6%
Gross profit	205	160	199	237	123	146	296	364	383	395
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	99	48	77	79	48	79	174	222	236	265
Net income	61	45	51	48	40	84	−53	102	129	317
Diluted EPS (US$)	2.35	1.73	1.96	1.84	1.52	3.35	−2.45	3.46	1.79	10.50
Diluted shares (millions)	26	26	26	26	26	25	25	25	29	30
Cash flow
Cash from operations	111	77	110	142	92	86	91	244	250	525
Capital expenditure	41	30	25	33	27	24	57	95	116	81
Free cash flow	70	47	86	110	65	62	34	149	134	445
Dividends paid	17	18	18	18	18	17	23	31	23	23
Share buybacks	5	8	0	6	48	31	0	0	0	20
Acquisitions	23	45	8	61	4	61	1,283	0	0	30
Stock-based compensation	6	6	5	6	7	9	8	10	13	15
Balance sheet at fiscal year end
Cash and short-term investments	11	21	24	37	15	12	3	4	2	1
Debt incl. finance leases	271	301	241	203	179	227	1,059	957	859	492
Total assets	978	1,028	1,089	1,074	999	1,133	2,222	2,196	2,227	2,214
Total liabilities	445	463	485	440	376	466	1,368	1,261	1,182	876
Shareholders' equity	533	565	604	634	623	667	620	701	1,046	1,337
Margins and ratios
Gross margin	23.8%	19.8%	21.4%	22.3%	25.6%	27.8%	22.4%	23.6%	24.2%	23.9%
Operating margin	11.4%	6.0%	8.3%	7.5%	9.9%	15.1%	13.1%	14.4%	15.0%	16.0%
Net margin	7.1%	5.6%	5.5%	4.5%	8.2%	16.0%	−4.0%	6.6%	8.2%	19.2%
Free cash flow margin	8.1%	5.8%	9.3%	10.3%	13.5%	11.9%	2.6%	9.7%	8.5%	26.9%
Rule of 40 (growth + FCF margin)	5.2%	−0.3%	23.7%	24.9%	−41.2%	21.2%	154.4%	25.9%	11.1%	31.5%
Return on capital	9.1%	5.9%	7.5%	7.3%	4.2%	6.5%	10.2%	10.4%	10.0%	10.7%
Return on equity	12.0%	8.2%	8.8%	7.8%	6.3%	13.0%	−8.2%	15.4%	14.8%	26.6%
Return on assets	6.2%	4.5%	4.8%	4.5%	3.8%	7.9%	−3.2%	4.6%	5.8%	14.3%
Net debt to EBITDA	1.7x	2.8x	1.7x	1.3x	2.1x	1.9x	4.3x	3.2x	2.7x	1.4x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: AZZ's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with AZZ.