AZZ Inc AZZ

IndustrialsMetals & MiningUnited States of America

Last close 134.44 USD on Nov 1, 2026, +26.2% year to date

Quant rating

Quant rating A Rank 46 of 486 in Industrials

Growth B 171 of 486
Valuation B 126 of 486
Quality B 128 of 486
Revisions B 99 of 486
Momentum B 144 of 486

Wall Street consensus Buy (2.33)Average target 161.81 USD +20.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 4.0B
Enterprise value: 4.5B
52-week range: 95.97 – 162.04
3-year range: 45.95 – 162.04
Dividend yield: 0.71%
Beta (5 years): 1.17
Shares outstanding: 29.9M
Next earnings: Jan 5, 2027

About the company

AZZ Inc. is a provider of hot-dip galvanizing and coil coating solutions to a range of end-markets in North America. The Company operates through three segments. Its AZZ Metal Coatings segment provides metal coating solutions for corrosion protection, including hot-dip galvanizing, spin galvanizing, powder coating, anodizing and plating to the North American steel fabrication industry and other industries. AZZ Precoat Metals segment provides aesthetic and corrosion protective coatings and related value-added services for steel and aluminum coils, primarily serving the construction, transportation and other end markets in North America. The AZZ Infrastructure Solutions segment holds a non-controlling interest in AIS Investment Holdings LLC, which is primarily dedicated to delivering safe and reliable transmission of power from generation sources to end customers, and automated weld overlay solutions for corrosion and erosion mitigation to critical infrastructure in markets worldwide.

Growth and profitability fiscal year ends February 28

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	1,650	1,578	1,538	1,324	526	–
Revenue growth	4.6%	2.6%	16.2%	151.8%	9.4%	28.0%
EPS (basic, normalized)	6.19	5.20	4.53	3.48	3.35	–
EPS growth	19.0%	14.8%	30.2%	3.9%	–	–
Gross margin	24.2%	24.3%	23.6%	22.4%	27.8%	24.4%
Net margin	19.2%	3.3%	5.7%	4.4%	9.5%	8.4%
ROE	26.6%	13.0%	11.4%	8.7%	7.7%	13.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	2.0
Current ratio	1.79x
Long-term debt (mil)	510
Net debt (mil)	512
Total equity (mil)	1,415
Net debt / equity	0.36x
Net debt / EBITDA	1.39x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	1,650	+4.6%	2.7x	368	+4.7%	12.3x	6.19	+19.0%	21.7x
2027	1,849	+12.0%	2.5x	410	+11.6%	11.1x	7.21	+16.4%	18.7x
2028	1,932	+4.5%	2.3x	436	+6.3%	10.4x	7.91	+9.8%	17.0x
2029	1,993	+3.1%	2.3x	449	+2.9%	10.1x	8.49	+7.3%	15.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	1,849	+2.0%	+2.0%	+5.6%	7.21	+1.8%	+1.8%	+5.4%
2028	1,932	+1.8%	+2.3%	+5.4%	7.91	+1.4%	+1.4%	+3.7%
2029	1,993	+1.7%	+1.7%	+3.8%	8.49	+1.4%	+1.4%	+6.1%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	May 2024	Aug 2024	Nov 2024	Feb 2025	May 2025	Aug 2025	Nov 2025	Feb 2026	May 2026	Aug 2026
Sales reported (mil)	413	409	404	352	422	417	426	385	449	487
Sales mean (mil)	402	412	396	369	436	426	418	384	435	463
Surprise	+2.8%	−0.7%	+1.8%	−4.5%	−3.2%	−2.1%	+1.8%	+0.3%	+3.2%	+5.1%
EPS reported	1.46	1.37	1.39	0.98	1.78	1.55	1.52	1.34	1.85	2.00
EPS mean	1.30	1.32	1.25	0.98	1.58	1.57	1.47	1.22	1.69	1.85
Surprise	+12.7%	+4.1%	+10.8%	+0.5%	+12.5%	−1.6%	+3.1%	+9.9%	+9.2%	+8.0%

Peer comparison Metals & Mining

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
AZZ AZZ Inc	4.0B	1.39x	19.2%	2.84x	18.7x	17.0x	11.1x	10.4x
SCCO Southern Copper Corp	149.9B	0.09x	32.3%	12.58x	22.2x	23.6x	13.3x	13.8x
FCX Freeport-McMoRan Inc	87.5B	1.93x	8.5%	4.28x	19.4x	14.3x	8.4x	6.0x
NUE Nucor Corporation	62.1B	1.14x	5.3%	2.72x	14.0x	12.5x	8.5x	8.0x
STLD Steel Dynamics Inc	35.7B	1.49x	6.5%	3.63x	14.2x	11.5x	9.6x	8.0x
RS Reliance, Inc.	22.3B	1.06x	5.2%	2.88x	16.4x	17.0x	10.8x	11.4x
Mean		1.19x	12.8%	4.82x	17.5x	16.0x	10.3x	9.6x
Median		1.27x	7.5%	3.26x	17.5x	15.7x	10.2x	9.2x

Technical analysis

1M−0.3%
3M−8.1%
1Y+33.4%
3Y+196.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, AZZ Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	1,650	1,578	1,538	1,324	526	481
Cost of revenue	1,251	1,195	1,174	1,028	379	358
Gross profit	399	383	363	296	146	123
Selling, general & administrative expenses	106	121	110	91.1	65.3	57.6
Research & development	–	–	–	–	–	–
Depreciation/amortization	24.7	25.4	26.4	18.1	1.6	1.7
Interest expense (income), operating	–	–	–	0	–	–
Unusual expense (income)	3.8	–	5.8	13.2	0	16.1
Other operating expenses	0	0	0	0	0	0
Operating income	265	236	222	174	79.2	47.5
Net interest income (expense)	154	−65.1	−91.7	−86.2	−6.4	−9.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	1.6	−0.6	0.2	1.2	0.2	0.4
Net income before taxes	420	171	130	88.7	73.0	38.4
Provision for taxes	103	41.9	28.5	22.3	23.2	11.2
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	317	129	102	66.3	49.8	27.2
Extraordinary items	–	–	0	−119	34.2	12.4
Net income	317	129	102	−53.0	84.0	39.6
EBIT, normalized	268	250	239	187	79.2	63.6
EBITDA, normalized	361	333	319	261	111	95.7
Basic EPS, normalized	6.19	5.20	4.53	3.48	3.35	–

Balance sheet in millions of USD, fiscal years

Balance sheet, AZZ Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	0.7	1.5	4.3	2.8	15.1	14.8
Receivables	274	255	237	263	242	186
Total inventory	113	112	118	144	126	92.9
Prepaid expenses	6.8	7.1	7.8	8.0	3.5	5.9
Other current assets	0	0	0	0	0.2	3.7
Total current assets	395	375	367	417	387	303
Property, plant & equipment	669	619	565	525	274	244
Goodwill	715	704	705	703	386	354
Intangibles	410	422	445	479	81.6	95.4
Long-term investments	20.0	99.4	98.2	84.8	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	4.8	7.7	14.0	12.5	5.2	0
Total assets	2,213	2,227	2,196	2,221	1,133	996
Liabilities
Accounts payable	115	106	88.0	110	44.0	41.0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	107	104	91.1	65.5	50.5	44.1
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	3.3	1.4	0.8	0.3	0.2	0
Other current liabilities	7.1	9.6	14.4	11.6	55.8	28.7
Total current liabilities	232	221	194	187	151	114
Long-term debt	488	858	956	1,059	227	178
Minority interest	–	–	–	–	–	–
Other liabilities	156	103	111	122	88.0	80.9
Total liabilities	876	1,182	1,261	1,368	466	373
Shareholders' equity
Preferred stock	–	0	234	0.2	–	–
Common stock	29.9	29.9	25.1	24.9	24.7	25.1
Additional paid-in capital	431	418	103	327	85.8	76.0
Retained earnings (accumulated deficit)	884	609	576	506	584	547
Treasury stock	–	–	–	–	–	–
Other equity	−7.5	−11.6	−3.9	−4.6	−27.3	−25.1
Total equity	1,337	1,045	934	853	667	623
Total liabilities & shareholders' equity	2,213	2,227	2,196	2,221	1,133	996

Cash flow statement in millions of USD, fiscal years

Cash flow statement, AZZ Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	317	129	102	66.3	84.0	39.6
Depreciation, depletion & amortization	90.1	82.2	79.4	74.6	32.1	32.1
Deferred taxes	32.8	8.0	4.7	7.0	3.2	0.4
Non-cash items	90.6	26.9	9.4	−5.2	2.5	−5.1
Changes in working capital	−5.3	4.0	49.4	−72.6	−35.8	25.1
Cash from operations	525	250	244	70.2	86.0	92.0
Investing activities
Capital expenditures	−80.8	−116	−95.1	−57.1	−23.6	−27.2
Other investing cash flows	−10.7	0.9	0.1	−1,173	−63.2	−1.4
Cash from investing	−91.5	−115	−95.1	−1,230	−86.8	−28.6
Financing activities
Financing cash flow items	−6.9	−7.1	−3.4	29.5	−2.2	−1.3
Cash dividends paid	−23.1	−23.1	−31.4	−22.7	−16.9	−17.6
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−404	−108	−113	1,141	20.0	−69.5
Cash from financing	−434	−139	−148	1,147	0.9	−88.4
Foreign exchange effects	−0.6	0.9	0	0.5	0.2	3.1
Net change in cash	−0.8	−2.9	1.5	−12.3	0.2	−21.9
Free cash flow	445	134	149	13.0	62.4	64.9

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.