Azz Inc Financials
This page shows Azz Inc (AZZ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
A debt-funded scale jump is giving way to cash-backed deleveraging, with profits rising faster than sales.
From FY2024 to FY2025, revenue rose only2.6% , but net income climbed26.8% , showing the earnings lift came from below the revenue line rather than a demand surge. Lower interest expense—$81.3M versus$107.1M —did as much to improve results as the modest margin gain, so FY2025 looks like a deleveraging year more than a volume-growth year.
The FY2023 step-up to
In FY2025, operating cash flow of
Financial Health Signals
Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Azz Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Azz Inc has an operating margin of 16.0%, meaning the company retains $16 of operating profit per $100 of revenue. This results in a moderate score of 56/100, indicating healthy but not exceptional operating efficiency. This is up from 15.0% the prior year.
Azz Inc's revenue grew a modest 4.6% year-over-year to $1.7B. This slow but positive growth earns a score of 39/100.
Azz Inc carries a low D/E ratio of 0.36, meaning only $0.36 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.
Azz Inc's current ratio of 1.70 indicates adequate short-term liquidity, earning a score of 30/100. The company can meet its near-term obligations, though with limited headroom.
Azz Inc converts 27.0% of revenue into free cash flow ($444.7M). This strong cash generation earns a score of 70/100.
Azz Inc's ROE of 23.7% shows moderate profitability relative to equity, earning a score of 52/100. This is up from 12.3% the prior year.
Azz Inc scores 4.67, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($4.2B) relative to total liabilities ($876.4M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Azz Inc passes 8 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Azz Inc generates $1.66 in operating cash flow ($525.4M OCF vs $317.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Azz Inc earns $4.8 in operating income for every $1 of interest expense ($264.6M vs $55.6M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Azz Inc generated $1.7B in revenue in fiscal year 2026. This represents an increase of 4.6% from the prior year.
Azz Inc's EBITDA was $354.7M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 11.3% from the prior year.
Azz Inc reported $317.3M in net income in fiscal year 2026. This represents an increase of 146.3% from the prior year.
Azz Inc earned $10.50 per diluted share (EPS) in fiscal year 2026. This represents an increase of 486.6% from the prior year.
Cash & Balance Sheet
Azz Inc generated $444.7M in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 231.8% from the prior year.
Azz Inc held $705K in cash against $477.7M in long-term debt as of fiscal year 2026.
Azz Inc paid $0.77 per share in dividends in fiscal year 2026. This represents an increase of 13.2% from the prior year.
Azz Inc had 30M shares outstanding in fiscal year 2026. This represents a decrease of 0.1% from the prior year.
Margins & Returns
Azz Inc's gross margin was 23.9% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is down 0.3 percentage points from the prior year.
Azz Inc's operating margin was 16.0% in fiscal year 2026, reflecting core business profitability. This is up 1.1 percentage points from the prior year.
Azz Inc's net profit margin was 19.2% in fiscal year 2026, showing the share of revenue converted to profit. This is up 11.1 percentage points from the prior year.
Azz Inc's ROE was 23.7% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 11.4 percentage points from the prior year.
Capital Allocation
Azz Inc spent $20.0M on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding.
Azz Inc invested $80.8M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents a decrease of 30.3% from the prior year.
AZZ Income Statement
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $385.1M-9.5% | $425.7M+2.0% | $417.3M-1.1% | $422.0M+19.9% | $351.9M-12.8% | $403.7M-1.3% | $409.0M-1.0% | $413.2M |
| Cost of Revenue | $297.5M-8.1% | $323.8M+2.5% | $316.0M-0.6% | $317.8M+16.4% | $273.2M-10.7% | $305.9M+0.1% | $305.5M-1.6% | $310.5M |
| Gross Profit | $87.6M-14.1% | $101.9M+0.6% | $101.3M-2.7% | $104.1M+32.3% | $78.7M-19.5% | $97.8M-5.5% | $103.5M+0.8% | $102.7M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $30.5M-6.2% | $32.5M-1.1% | $32.8M-5.1% | $34.6M-9.7% | $38.3M-2.4% | $39.2M+9.4% | $35.9M+9.0% | $32.9M |
| Operating Income | $57.1M-17.8% | $69.5M+1.5% | $68.5M-1.6% | $69.5M+72.0% | $40.4M-30.9% | $58.5M-13.5% | $67.6M-3.0% | $69.7M |
| Interest Expense | $11.2M-8.1% | $12.2M-10.7% | $13.7M-26.4% | $18.6M+6.8% | $17.4M-9.6% | $19.2M-12.3% | $21.9M-3.8% | $22.8M |
| Income Tax | $8.7M-40.2% | $14.5M-42.0% | $25.0M-54.5% | $54.9M+797.2% | $6.1M-49.5% | $12.1M-0.8% | $12.2M+7.1% | $11.4M |
| Net Income | $15.9M-61.2% | $41.1M-54.0% | $89.3M-47.7% | $170.9M+745.7% | $20.2M-39.9% | $33.6M-5.1% | $35.4M-10.6% | $39.6M |
| EPS (Diluted) | N/A | $1.36-53.9% | $2.95-47.9% | $5.66 | N/A | $1.12-5.1% | $1.18+185.5% | $-1.38 |
AZZ Balance Sheet
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.2B-0.8% | $2.2B+0.2% | $2.2B+3.1% | $2.2B-3.0% | $2.2B-0.8% | $2.2B+0.2% | $2.2B+0.2% | $2.2B |
| Current Assets | $395.4M-1.3% | $400.8M+2.9% | $389.5M-4.5% | $407.9M+8.7% | $375.4M-4.8% | $394.4M-1.7% | $401.2M+1.2% | $396.3M |
| Cash & Equivalents | $705K+13.2% | $623K-30.5% | $897K-70.5% | $3.0M+104.5% | $1.5M+0.3% | $1.5M-31.0% | $2.2M-79.6% | $10.5M |
| Inventory | $113.4M+5.5% | $107.5M-0.9% | $108.5M-2.1% | $110.8M-1.4% | $112.3M-2.1% | $114.7M-0.5% | $115.2M+1.1% | $114.0M |
| Accounts Receivable | $142.6M-3.8% | $148.3M+4.4% | $142.0M-7.5% | $153.5M+13.6% | $135.1M-3.4% | $139.8M-8.7% | $153.1M+6.0% | $144.4M |
| Goodwill | $714.8M+0.1% | $714.0M-0.3% | $715.9M+1.6% | $704.9M+0.1% | $703.9M-0.1% | $704.6M-0.2% | $705.7M+0.1% | $705.2M |
| Total Liabilities | $876.4M-3.9% | $911.7M-1.2% | $923.0M-2.3% | $944.9M-20.0% | $1.2B-2.7% | $1.2B-2.1% | $1.2B-2.2% | $1.3B |
| Current Liabilities | $232.3M-4.0% | $242.0M+7.6% | $224.9M-16.7% | $270.1M+22.2% | $221.0M-0.6% | $222.3M+2.4% | $217.1M-3.0% | $223.9M |
| Long-Term Debt | $477.7M-10.7% | $534.7M-5.7% | $566.9M-0.5% | $569.8M-33.1% | $852.4M-3.1% | $879.5M-3.6% | $912.6M-1.9% | $929.8M |
| Total Equity | $1.3B+1.3% | $1.3B+1.2% | $1.3B+7.3% | $1.2B+16.1% | $1.0B+1.5% | $1.0B+3.0% | $999.8M+3.4% | $967.2M |
| Retained Earnings | $883.5M+1.1% | $873.6M+1.8% | $858.3M+10.8% | $775.0M+27.2% | $609.2M+2.5% | $594.0M+5.0% | $565.5M+5.7% | $535.2M |
AZZ Cash Flow Statement
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $72.6M-8.9% | $79.7M+36.5% | $58.4M-81.5% | $314.8M+389.5% | $64.3M-2.8% | $66.2M+39.3% | $47.5M-34.0% | $71.9M |
| Capital Expenditures | $22.1M+18.9% | $18.5M-3.8% | $19.3M-7.7% | $20.9M-30.2% | $29.9M+13.2% | $26.4M-17.6% | $32.1M+17.2% | $27.4M |
| Free Cash Flow | $50.5M-17.4% | $61.2M+56.4% | $39.1M-86.7% | $293.9M+755.0% | $34.4M-13.5% | $39.7M+158.3% | $15.4M-65.5% | $44.5M |
| Investing Cash Flow | -$6.5M+64.9% | -$18.5M+62.5% | -$49.4M-188.3% | -$17.1M+42.7% | -$29.9M-13.4% | -$26.4M+15.9% | -$31.4M-14.5% | -$27.4M |
| Financing Cash Flow | -$65.8M-6.6% | -$61.7M-455.9% | -$11.1M+96.2% | -$295.5M-749.6% | -$34.8M+15.5% | -$41.2M-70.0% | -$24.2M+37.2% | -$38.5M |
| Dividends Paid | $6.0M-0.4% | $6.0M-0.2% | $6.0M+18.2% | $5.1M0.0% | $5.1M+0.1% | $5.1M+0.1% | $5.1M-35.5% | $7.9M |
| Share Buybacks | $0 | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
AZZ Financial Ratios
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.8%-1.2pp | 23.9%-0.3pp | 24.3%-0.4pp | 24.7%+2.3pp | 22.4%-1.8pp | 24.2%-1.1pp | 25.3%+0.5pp | 24.9% |
| Operating Margin | 14.8%-1.5pp | 16.3%-0.1pp | 16.4%-0.1pp | 16.5%+5.0pp | 11.5%-3.0pp | 14.5%-2.0pp | 16.5%-0.3pp | 16.9% |
| Net Margin | 4.1%-5.5pp | 9.7%-11.8pp | 21.4%-19.1pp | 40.5%+34.8pp | 5.7%-2.6pp | 8.3%-0.3pp | 8.7%-0.9pp | 9.6% |
| Return on Equity | 1.2%-1.9pp | 3.1%-3.7pp | 6.9%-7.2pp | 14.1%+12.1pp | 1.9%-1.3pp | 3.3%-0.3pp | 3.5%-0.5pp | 4.1% |
| Return on Assets | 0.7%-1.1pp | 1.8%-2.2pp | 4.0%-3.9pp | 7.9%+7.0pp | 0.9%-0.6pp | 1.5%-0.1pp | 1.6%-0.2pp | 1.8% |
| Current Ratio | 1.70+0.0 | 1.66-0.1 | 1.73+0.2 | 1.51-0.2 | 1.70-0.1 | 1.77-0.1 | 1.85+0.1 | 1.77 |
| Debt-to-Equity | 0.36-0.0 | 0.41-0.0 | 0.43-0.0 | 0.47-0.3 | 0.82-0.0 | 0.85-0.1 | 0.91-0.0 | 0.96 |
| FCF Margin | 13.1%-1.2pp | 14.4%+5.0pp | 9.4%-60.3pp | 69.7%+59.9pp | 9.8%-0.1pp | 9.8%+6.1pp | 3.8%-7.0pp | 10.8% |
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Frequently Asked Questions
What is Azz Inc's annual revenue?
Azz Inc (AZZ) reported $1.7B in total revenue for fiscal year 2026. This represents a 4.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Azz Inc's revenue growing?
Azz Inc (AZZ) revenue grew by 4.6% year-over-year, from $1.6B to $1.7B in fiscal year 2026.
Is Azz Inc profitable?
Yes, Azz Inc (AZZ) reported a net income of $317.3M in fiscal year 2026, with a net profit margin of 19.2%.
What is Azz Inc's EBITDA?
Azz Inc (AZZ) had EBITDA of $354.7M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Azz Inc have?
As of fiscal year 2026, Azz Inc (AZZ) had $705K in cash and equivalents against $477.7M in long-term debt.
What is Azz Inc's gross margin?
Azz Inc (AZZ) had a gross margin of 23.9% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
What is Azz Inc's operating margin?
Azz Inc (AZZ) had an operating margin of 16.0% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
What is Azz Inc's net profit margin?
Azz Inc (AZZ) had a net profit margin of 19.2% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
Does Azz Inc pay dividends?
Yes, Azz Inc (AZZ) paid $0.77 per share in dividends during fiscal year 2026.
What is Azz Inc's return on equity (ROE)?
Azz Inc (AZZ) has a return on equity of 23.7% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Azz Inc's free cash flow?
Azz Inc (AZZ) generated $444.7M in free cash flow during fiscal year 2026. This represents a 231.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Azz Inc's operating cash flow?
Azz Inc (AZZ) generated $525.4M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Azz Inc's total assets?
Azz Inc (AZZ) had $2.2B in total assets as of fiscal year 2026, including both current and long-term assets.
What are Azz Inc's capital expenditures?
Azz Inc (AZZ) invested $80.8M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
What is Azz Inc's current ratio?
Azz Inc (AZZ) had a current ratio of 1.70 as of fiscal year 2026, which is generally considered healthy.
What is Azz Inc's debt-to-equity ratio?
Azz Inc (AZZ) had a debt-to-equity ratio of 0.36 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Azz Inc's return on assets (ROA)?
Azz Inc (AZZ) had a return on assets of 14.3% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is Azz Inc's Altman Z-Score?
Azz Inc (AZZ) has an Altman Z-Score of 4.67, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Azz Inc's Piotroski F-Score?
Azz Inc (AZZ) has a Piotroski F-Score of 8 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Azz Inc's earnings high quality?
Azz Inc (AZZ) has an earnings quality ratio of 1.66x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Azz Inc cover its interest payments?
Azz Inc (AZZ) has an interest coverage ratio of 4.8x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Azz Inc?
Azz Inc (AZZ) scores 57 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.