AZZ Inc. (AZZ) 10-Year Financial Performance & Capital Metrics

AZZ • • Industrial / General

IndustrialsMetal FabricationMetal Coating & FinishingIndustrial Galvanizing & Coating

AboutAZZ Inc. offers galvanizing and metal coating solutions, welding solutions, specialty electrical equipment, and engineered services to the power generation, transmission, distribution, refining, and industrial markets in the United States and internationally. The company operates through two segments, Infrastructure Solutions and Metal Coatings. The Metal Coatings segment offers metal finishing solutions for corrosion protection, including hot-dip galvanizing, spin galvanizing, powder coating, anodizing, and plating to the steel fabrication and other industries. It serves fabricators or manufacturers that provide services to the electrical and telecommunications, bridge and highway, petrochemical, and general industrial markets, as well as original equipment manufacturers. The Infrastructure Solutions segment provides products and services to support industrial and electrical applications. It offers custom switchgear, electrical enclosures, medium and high voltage bus ducts, explosion proof and hazardous duty lighting, and tubular products, as well as solutions and engineering resources to multi-national companies. This segment sells its products through internal sales force, manufacturers' representatives, distributors, and agents. The company was incorporated in 1956 and is headquartered in Fort Worth, Texas.Show more

Revenue $1.58B +2.6%
EBITDA $319M +5.8%
Net Income $129M +26.8%
EPS (Diluted) 1.79 -48.3%
Gross Margin 24.25% +2.6%
EBITDA Margin 20.19% +3.1%
Operating Margin 14.98% +3.9%
Net Margin 8.17% +23.6%
ROE 13.01% +14.5%
ROIC 9.26% +7.0%
Debt/Equity 0.84 -19.6%
Interest Coverage 2.91 +40.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 21.7%
✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Trading near 52-week high

✗Weaknesses

✗Shares diluted 16.4% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.81%

5Y8.24%

3Y44.25%

TTM1.53%

Profit (Net Income) CAGR

10Y7.09%

5Y21.71%

3Y15.31%

TTM154.21%

EPS CAGR

10Y-3.36%

5Y-0.55%

3Y-18.85%

TTM618.92%

ROCE

10Y Avg10.18%

5Y Avg9.69%

3Y Avg11.43%

Latest11.8%

Peer Comparison

Industrial Galvanizing & Coating

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AZZAZZ Inc.	3.68B	123.22	68.84	2.61%	19.89%	24.37%	3.64%	0.84

Profit & Loss

	Feb 2016	Feb 2017	Feb 2018	Feb 2019	Feb 2020	Feb 2021	Feb 2022	Feb 2023	Feb 2024	Feb 2025
Sales/Revenue+	903.19M	858.93M	810.43M	927.09M	1.06B	480.57M	525.6M	1.32B	1.54B	1.58B
Revenue Growth %	0.11%	-0.05%	-0.06%	0.14%	0.15%	-0.55%	0.09%	1.52%	0.16%	0.03%
Cost of Goods Sold+	673.08M	654.15M	650.12M	728.47M	822.59M	357.68M	379.44M	1.03B	1.17B	1.2B
COGS % of Revenue	0.75%	0.76%	0.8%	0.79%	0.77%	0.74%	0.72%	0.78%	0.76%	0.76%
Gross Profit+	230.11M	204.78M	160.31M	198.62M	239.23M	122.9M	146.15M	295.94M	363.46M	382.68M
Gross Margin %	0.25%	0.24%	0.2%	0.21%	0.23%	0.26%	0.28%	0.22%	0.24%	0.24%
Gross Profit Growth %	0.12%	-0.11%	-0.22%	0.24%	0.2%	-0.49%	0.19%	1.02%	0.23%	0.05%
Operating Expenses+	107.82M	106.42M	112.06M	121.67M	132.1M	75.42M	66.93M	122.31M	141.86M	146.32M
OpEx % of Revenue	0.12%	0.12%	0.14%	0.13%	0.12%	0.16%	0.13%	0.09%	0.09%	0.09%
Selling, General & Admin	107.82M	106.42M	112.06M	10.78M	139.25M	59.32M	66.93M	122.31M	141.86M	146.32M
SG&A % of Revenue	0.12%	0.12%	0.14%	0.01%	0.13%	0.12%	0.13%	0.09%	0.09%	0.09%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	110.89M	-7.16M	16.11M	0	0	0	0
Operating Income+	122.29M	98.36M	48.25M	76.96M	107.13M	47.48M	79.22M	173.64M	221.6M	236.36M
Operating Margin %	0.14%	0.11%	0.06%	0.08%	0.1%	0.1%	0.15%	0.13%	0.14%	0.15%
Operating Income Growth %	0.14%	-0.2%	-0.51%	0.6%	0.39%	-0.56%	0.67%	1.19%	0.28%	0.07%
EBITDA+	169.71M	148.72M	98.77M	127.2M	157.33M	79.57M	111.3M	248.23M	301.02M	318.57M
EBITDA Margin %	0.19%	0.17%	0.12%	0.14%	0.15%	0.17%	0.21%	0.19%	0.2%	0.2%
EBITDA Growth %	0.11%	-0.12%	-0.34%	0.29%	0.24%	-0.49%	0.4%	1.23%	0.21%	0.06%
D&A (Non-Cash Add-back)	47.42M	50.36M	50.53M	50.24M	50.19M	32.09M	32.08M	74.59M	79.42M	82.2M
EBIT	117.53M	100.03M	44.76M	77.98M	78.35M	47.89M	79.39M	177.47M	237.17M	251.97M
Net Interest Income+	-15.15M	-14.73M	-13.86M	-14.97M	-13.46M	-9.46M	-6.36M	-88.8M	-107.06M	-81.28M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	15.15M	14.73M	13.86M	14.97M	13.46M	9.46M	6.36M	88.8M	107.06M	81.28M
Other Income/Expense	-17.92M	-13.61M	-17.35M	-13.95M	-42.24M	-9.05M	-6.19M	-84.96M	-91.5M	-65.68M
Pretax Income+	104.37M	84.75M	30.9M	63.01M	64.89M	38.43M	73.03M	88.67M	130.1M	170.68M
Pretax Margin %	0.12%	0.1%	0.04%	0.07%	0.06%	0.08%	0.14%	0.07%	0.08%	0.11%
Income Tax+	27.58M	23.83M	-14.27M	11.8M	16.66M	11.25M	23.21M	22.34M	28.5M	41.85M
Effective Tax Rate %	0.74%	0.72%	1.46%	0.81%	0.74%	1.03%	1.15%	-0.6%	0.78%	0.75%
Net Income+	76.79M	60.92M	45.17M	51.21M	48.23M	39.61M	84.02M	-52.97M	101.61M	128.83M
Net Margin %	0.09%	0.07%	0.06%	0.06%	0.05%	0.08%	0.16%	-0.04%	0.07%	0.08%
Net Income Growth %	0.18%	-0.21%	-0.26%	0.13%	-0.06%	-0.18%	1.12%	-1.63%	2.92%	0.27%
Net Income (Continuing)	75.54M	61.26M	45.17M	51.21M	48.23M	27.18M	49.82M	66.34M	101.61M	128.83M
Discontinued Operations	0	0	0	0	0	12.43M	34.2M	-119.31M	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	2.96	2.33	1.73	1.96	1.84	1.52	3.35	-2.47	3.46	1.79
EPS Growth %	0.17%	-0.21%	-0.26%	0.13%	-0.06%	-0.17%	1.2%	-1.74%	2.4%	-0.48%
EPS (Basic)	2.98	2.35	1.73	1.97	1.84	1.53	3.38	-2.47	3.48	1.80
Diluted Shares Outstanding	25.94M	26.1M	26.04M	26.11M	26.28M	26.05M	25.08M	24.98M	25.21M	29.34M
Basic Shares Outstanding	25.77M	25.92M	25.96M	25.99M	26.19M	25.9M	24.86M	24.83M	25.04M	29.09M
Dividend Payout Ratio	0.2%	0.27%	0.39%	0.35%	0.37%	0.45%	0.2%	-	0.31%	0.01%

Balance Sheet

	Feb 2016	Feb 2017	Feb 2018	Feb 2019	Feb 2020	Feb 2021	Feb 2022	Feb 2023	Feb 2024	Feb 2025
Total Current Assets+	315.52M	296.54M	329.15M	378.55M	354.56M	303.49M	386.53M	417.42M	367M	375.44M
Cash & Short-Term Investments	40.19M	11.3M	20.85M	24M	36.69M	14.84M	12.08M	2.82M	4.35M	1.49M
Cash Only	40.19M	11.3M	20.85M	24M	36.69M	14.84M	12.08M	2.82M	4.35M	1.49M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	194.9M	188.73M	193.28M	220.45M	209.31M	190.13M	87.97M	262.69M	237.18M	254.59M
Days Sales Outstanding	78.76	80.2	87.05	86.79	71.95	144.41	61.09	72.44	56.3	58.9
Inventory	102.14M	123.21M	110.76M	124.85M	99.84M	92.91M	83M	143.92M	117.66M	112.31M
Days Inventory Outstanding	55.39	68.75	62.19	62.55	44.3	94.81	79.84	51.11	36.58	34.3
Other Current Assets	-24.8M	-29.47M	0	0	0	235K	200.01M	7.99M	7.81M	7.05M
Total Non-Current Assets+	674.04M	681.3M	699.05M	710.02M	719.27M	692.95M	746.5M	1.8B	1.83B	1.85B
Property, Plant & Equipment	226.33M	228.61M	216.85M	210.23M	213.1M	205.91M	230.85M	498.5M	565.39M	618.89M
Fixed Asset Turnover	3.99x	3.76x	3.74x	4.41x	4.98x	2.33x	2.28x	2.66x	2.72x	2.55x
Goodwill	292.53M	306.58M	321.31M	323.76M	356.23M	353.88M	385.61M	702.51M	705.47M	703.86M
Intangible Assets	155.18M	146.11M	160.89M	130.17M	106.73M	95.36M	81.56M	479.43M	445.44M	421.85M
Long-Term Investments	-447.9M	-452.94M	-515.16M	-490.55M	-37.93M	-39.28M	0	84.76M	98.17M	99.38M
Other Non-Current Assets	447.7M	452.69M	482.2M	499.8M	43.21M	37.8M	43.29M	26.39M	8.44M	4.05M
Total Assets+	983.37M	977.84M	1.03B	1.09B	1.07B	996.44M	1.13B	2.22B	2.2B	2.23B
Asset Turnover	0.92x	0.88x	0.79x	0.85x	0.99x	0.48x	0.46x	0.60x	0.70x	0.71x
Asset Growth %	0.05%	-0.01%	0.05%	0.06%	-0.01%	-0.07%	0.14%	0.96%	-0.01%	0.01%
Total Current Liabilities+	149.55M	136.77M	131.74M	164.77M	280.61M	116.63M	150.53M	187.24M	194.31M	220.99M
Accounts Payable	46.75M	49.82M	54.16M	53.05M	61.99M	41.54M	24.84M	84.26M	88M	106.47M
Days Payables Outstanding	25.35	27.8	30.41	26.58	27.5	42.39	23.89	29.92	27.36	32.52
Short-Term Debt	23.19M	16.63M	14.29M	0	125M	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0	0
Other Current Liabilities	0	0	0	16.33M	14.04M	6.2M	45.14M	11.35M	7.42M	7.18M
Current Ratio	2.11x	2.17x	2.50x	2.30x	1.26x	2.60x	2.57x	2.23x	1.89x	1.70x
Quick Ratio	1.43x	1.27x	1.66x	1.54x	0.91x	1.81x	2.02x	1.46x	1.28x	1.19x
Cash Conversion Cycle	108.8	121.15	118.82	122.77	88.75	196.83	117.03	93.63	65.52	60.68
Total Non-Current Liabilities+	353.75M	306.35M	331.27M	320.07M	158.85M	259.3M	315.13M	1.18B	1.07B	960.61M
Long-Term Debt	302.43M	254.8M	286.61M	240.75M	77.88M	178.42M	226.48M	1.06B	952.74M	852.37M
Capital Lease Obligations	0	0	0	41.19M	38.11M	32.63M	11.4M	20.7M	17.83M	19.01M
Deferred Tax Liabilities	49.96M	53.65M	32.96M	36.62M	0	39.28M	47.67M	40.54M	38.57M	42.82M
Other Non-Current Liabilities	51.85M	0	11.7M	1.51M	4.93M	8.97M	29.57M	61.42M	57.57M	46.42M
Total Liabilities	502.15M	448.2M	463.01M	484.84M	439.46M	375.94M	465.66M	1.37B	1.26B	1.18B
Total Debt+	325.62M	271.43M	300.89M	287.59M	247.32M	217.67M	241.18M	1.09B	977.23M	879.13M
Net Debt	285.43M	260.13M	280.04M	263.59M	210.63M	202.83M	229.09M	1.08B	972.88M	877.64M
Debt / Equity	0.68x	0.51x	0.53x	0.48x	0.39x	0.35x	0.36x	1.27x	1.05x	0.84x
Debt / EBITDA	1.92x	1.83x	3.05x	2.26x	1.57x	2.74x	2.17x	4.37x	3.25x	2.76x
Net Debt / EBITDA	1.68x	1.75x	2.84x	2.07x	1.34x	2.55x	2.06x	4.36x	3.23x	2.75x
Interest Coverage	8.07x	6.68x	3.48x	5.14x	7.96x	5.02x	12.45x	1.96x	2.07x	2.91x
Total Equity+	481.22M	529.64M	565.2M	603.73M	634.37M	623.29M	667.37M	853.46M	934.49M	1.05B
Equity Growth %	0.15%	0.1%	0.07%	0.07%	0.05%	-0.02%	0.07%	0.28%	0.09%	0.12%
Book Value per Share	18.55	20.30	21.71	23.13	24.14	23.93	26.61	34.17	37.07	35.63
Total Shareholders' Equity	481.22M	529.64M	565.2M	603.73M	634.37M	623.29M	667.37M	853.46M	934.49M	1.05B
Common Stock	25.87M	25.96M	25.96M	26.11M	26.15M	25.11M	24.69M	24.91M	25.1M	29.91M
Retained Earnings	450.75M	495.03M	526.02M	560.22M	572.41M	547.29M	584.15M	506.04M	576.23M	609.16M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-30.56M	-29.09M	-25.22M	-28.75M	-30.9M	-25.08M	-27.32M	-4.57M	-3.89M	-11.58M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Feb 2016	Feb 2017	Feb 2018	Feb 2019	Feb 2020	Feb 2021	Feb 2022	Feb 2023	Feb 2024	Feb 2025
Cash from Operations+	143.59M	111.18M	78.91M	114.67M	144.76M	92.03M	86.01M	70.16M	244.47M	249.91M
Operating CF Margin %	0.16%	0.13%	0.1%	0.12%	0.14%	0.19%	0.16%	0.05%	0.16%	0.16%
Operating CF Growth %	0.22%	-0.23%	-0.29%	0.45%	0.26%	-0.36%	-0.07%	-0.18%	2.48%	0.02%
Net Income	76.79M	60.92M	45.17M	51.21M	48.23M	39.61M	84.02M	58.1M	87.21M	52.44M
Depreciation & Amortization	47.42M	50.36M	50.53M	50.24M	50.19M	44.6M	44.66M	74.59M	79.42M	82.2M
Stock-Based Compensation	4.54M	5.87M	6.12M	4.66M	6.29M	7.33M	9.45M	8.38M	9.51M	13.26M
Deferred Taxes	2.71M	1.51M	-20.64M	3.73M	-2.62M	-1.56M	3.47M	7.01M	4.68M	7.97M
Other Non-Cash Items	234K	7.99M	15.2M	3.51M	30.99M	21.07M	-560K	-5.32M	14.27M	90M
Working Capital Changes	11.9M	-15.47M	-17.47M	1.31M	11.67M	-19.02M	-55.03M	-72.61M	49.37M	4.04M
Change in Receivables	-843K	-4.91M	3.49M	-8.13M	-1.01M	7.93M	-34.61M	-26.55M	14.26M	1.79M
Change in Inventory	11.12M	-17.95M	-9.93M	-595K	25.88M	2.15M	-27.87M	-17.2M	26.28M	5.04M
Change in Payables	-2.24M	1.25M	1.54M	-171K	10.59M	-21.52M	1.28M	-14.04M	-801K	23.48M
Cash from Investing+	-99.31M	-63.34M	-73.94M	-32.07M	-71.75M	-28.59M	-86.83M	-1.23B	-95.06M	-115M
Capital Expenditures	-39.86M	-41.43M	-29.61M	-25.62M	-35.04M	-37.08M	-28.41M	-57.12M	-95.12M	-115.88M
CapEx % of Revenue	0.04%	0.05%	0.04%	0.03%	0.03%	0.08%	0.05%	0.04%	0.06%	0.07%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.14M	769K	458K	1.54M	340K	461K	2.79M	4.12M	55K	886K
Cash from Financing+	-25.32M	-76.62M	3.8M	-78M	-59.74M	-88.42M	912K	1.15B	-147.89M	-138.69M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-15.48M	-16.64M	-17.68M	-17.72M	-17.82M	-17.64M	-16.87M	-22.74M	-31.42M	-23.11M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	1.02M	0	0	-3.77M	-1.23M	-712K	-2.19M	29.45M	-3.41M	-7.14M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	103.73M	69.74M	49.3M	89.05M	109.72M	54.96M	57.6M	13.04M	149.35M	134.03M
FCF Margin %	0.11%	0.08%	0.06%	0.1%	0.1%	0.11%	0.11%	0.01%	0.1%	0.08%
FCF Growth %	0.17%	-0.33%	-0.29%	0.81%	0.23%	-0.5%	0.05%	-0.77%	10.46%	-0.1%
FCF per Share	4.00	2.67	1.89	3.41	4.17	2.11	2.30	0.52	5.92	4.57
FCF Conversion (FCF/Net Income)	1.87x	1.82x	1.75x	2.24x	3.00x	2.32x	1.02x	-1.32x	2.41x	1.94x
Interest Paid	14.23M	13.78M	13.59M	14.88M	13.02M	9M	6.06M	77.99M	97.81M	75.86M
Taxes Paid	21.57M	19.86M	8.7M	3.29M	18.8M	16.12M	31.66M	24.49M	20.43M	31.49M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	17.04%	12.05%	8.25%	8.76%	7.79%	6.3%	13.02%	-6.97%	11.37%	13.01%
Return on Invested Capital (ROIC)	12.21%	9.48%	4.43%	6.74%	9.38%	4.26%	6.9%	9.2%	8.65%	9.26%
Gross Margin	25.48%	23.84%	19.78%	21.42%	22.53%	25.57%	27.81%	22.36%	23.64%	24.25%
Net Margin	8.5%	7.09%	5.57%	5.52%	4.54%	8.24%	15.99%	-4%	6.61%	8.17%
Debt / Equity	0.68x	0.51x	0.53x	0.48x	0.39x	0.35x	0.36x	1.27x	1.05x	0.84x
Interest Coverage	8.07x	6.68x	3.48x	5.14x	7.96x	5.02x	12.45x	1.96x	2.07x	2.91x
FCF Conversion	1.87x	1.82x	1.75x	2.24x	3.00x	2.32x	1.02x	-1.32x	2.41x	1.94x
Revenue Growth	10.59%	-4.9%	-5.65%	14.39%	14.53%	-54.74%	9.37%	151.84%	16.16%	2.61%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Precoat Metals	-	-	-	-	-	-	-	686.67M	-	912.64M
Precoat Metals Growth	-	-	-	-	-	-	-	-	-	-
Metal Coatings	402.36M	375.54M	-	-	-	457.79M	519M	636.98M	-	665.11M
Metal Coatings Growth	-	-6.67%	-	-	-	-	13.37%	22.73%	-	-
Infrastructure Solutions	-	-	-	-	-	381.13M	383.66M	-	-	-
Infrastructure Solutions Growth	-	-	-	-	-	-	0.67%	-	-	-
Energy	500.83M	483.39M	421.03M	486.82M	498.99M	-	-	-	-	-
Energy Growth	-	-3.48%	-12.90%	15.63%	2.50%	-	-	-	-	-
Galvanizing Services	-	-	389.4M	-	-	-	-	-	-	-
Galvanizing Services Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
UNITED STATES	724.56M	701.37M	654.34M	785.19M	850.66M	711.7M	789.05M	1.28B	1.5B	1.54B
UNITED STATES Growth	-	-3.20%	-6.71%	20.00%	8.34%	-16.34%	10.87%	62.21%	17.07%	2.59%
CANADA	-	-	-	-	-	-	-	43.76M	39.19M	40.53M
CANADA Growth	-	-	-	-	-	-	-	-	-10.44%	3.41%
Non-US	179.83M	157.72M	-	-	-	127.22M	113.62M	-	-	-
Non-US Growth	-	-12.30%	-	-	-	-	-10.69%	-	-	-
Other Countries	-	-	157.28M	141.89M	211.16M	-	-	-	-	-
Other Countries Growth	-	-	-	-9.78%	48.82%	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

AZZ Inc. (AZZ) has a price-to-earnings (P/E) ratio of 68.8x. This suggests investors expect higher future growth.

Growth & Financials

AZZ Inc. (AZZ) reported $1.62B in revenue for fiscal year 2025. This represents a 245% increase from $469.1M in 2012.

AZZ Inc. (AZZ) grew revenue by 2.6% over the past year. Growth has been modest.

Yes, AZZ Inc. (AZZ) is profitable, generating $321.5M in net income for fiscal year 2025 (8.2% net margin).

Dividend & Returns

AZZ Inc. (AZZ) does not currently pay a meaningful dividend. The company may be reinvesting profits for growth.

AZZ Inc. (AZZ) has a return on equity (ROE) of 13.0%. This is reasonable for most industries.

AZZ Inc. (AZZ) generated $428.5M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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