AZZ (AZZ)


Market Price (11/7/2026): $125.79 | Market Cap: $3.8 BilSector: Industrials | Industry: Heavy Electrical Equipment

AZZ (AZZ)


Market Price (11/7/2026): $125.79
Market Cap: $3.8 Bil
Sector: Industrials
Industry: Heavy Electrical Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1%, FCF Yield is 5.7%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12%

Low stock price volatility
Vol 12M is 33%

Megatrend and thematic drivers
Megatrends include Water Infrastructure, Renewable Energy Transition, and US Energy Independence. Themes include Water Treatment & Delivery, Show more.

Key risks
AZZ key risks include [1] susceptibility to volatile costs for critical raw materials like zinc and natural gas in its metal coatings segment, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1%, FCF Yield is 5.7%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12%
2 Low stock price volatility
Vol 12M is 33%
3 Megatrend and thematic drivers
Megatrends include Water Infrastructure, Renewable Energy Transition, and US Energy Independence. Themes include Water Treatment & Delivery, Show more.
4 Key risks
AZZ key risks include [1] susceptibility to volatile costs for critical raw materials like zinc and natural gas in its metal coatings segment, Show more.

AZZ in ETFs

Weight = AZZ's share of each fund

VTI0.01%
ITOT0.01%
IWM0.14%
IJR0.23%
VB0.05%
SLYG0.50%
IJT0.49%
NUSC0.28%
+10 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/5/2026

AZZ (AZZ) stock has lost about 15% since 7/31/2026 because of the following key factors:

1. Decline in GAAP Net Income and EPS in Fiscal Q2 2027.

Despite reporting record quarterly sales and increased adjusted earnings, AZZ experienced a significant year-over-year decrease in its GAAP (Generally Accepted Accounting Principles) net income and diluted earnings per share for fiscal Q2 2027, which ended August 31, 2026. The company's GAAP net income fell by 34.6% to $58.5 million, and GAAP diluted EPS decreased by 34.2% to $1.94 per share. This decline was primarily attributed to a prior year's non-recurring equity in earnings from the AVAIL joint venture divestiture, which significantly boosted the comparable period's results. While the company highlighted strong adjusted figures, the substantial drop in reported GAAP profitability likely concerned investors.

2. Near-Term Analyst Estimate Revisions.

Although AZZ raised its full fiscal year 2027 guidance (March 1, 2026, to February 28, 2027) for sales to $1.8 billion-$1.85 billion and adjusted diluted EPS to $7.00-$7.30 following strong fiscal Q2 2027 results, at least one analyst firm, Noble Financial, reportedly trimmed its fiscal Q3 2027 and Q4 2027 EPS estimates to $1.75 and $1.55, respectively. These modest reductions in near-term quarterly earnings projections, despite a positive long-term outlook, may have introduced caution among investors, contributing to the stock's downward pressure.

Show more
Updated on 11/5/2026

AZZ (AZZ) stock has lost about 15% since 7/31/2026 because of the following key factors:

1. Decline in GAAP Net Income and EPS in Fiscal Q2 2027.

Despite reporting record quarterly sales and increased adjusted earnings, AZZ experienced a significant year-over-year decrease in its GAAP (Generally Accepted Accounting Principles) net income and diluted earnings per share for fiscal Q2 2027, which ended August 31, 2026. The company's GAAP net income fell by 34.6% to $58.5 million, and GAAP diluted EPS decreased by 34.2% to $1.94 per share. This decline was primarily attributed to a prior year's non-recurring equity in earnings from the AVAIL joint venture divestiture, which significantly boosted the comparable period's results. While the company highlighted strong adjusted figures, the substantial drop in reported GAAP profitability likely concerned investors.

2. Near-Term Analyst Estimate Revisions.

Although AZZ raised its full fiscal year 2027 guidance (March 1, 2026, to February 28, 2027) for sales to $1.8 billion-$1.85 billion and adjusted diluted EPS to $7.00-$7.30 following strong fiscal Q2 2027 results, at least one analyst firm, Noble Financial, reportedly trimmed its fiscal Q3 2027 and Q4 2027 EPS estimates to $1.75 and $1.55, respectively. These modest reductions in near-term quarterly earnings projections, despite a positive long-term outlook, may have introduced caution among investors, contributing to the stock's downward pressure.

3. Post-Earnings Profit-Taking and Valuation Concerns.

Despite AZZ exceeding analyst expectations with Q2 fiscal 2027 adjusted EPS of $2.00 (vs. $1.88 consensus) and revenue of $486.9 million (vs. $467.14 million consensus), the stock declined. This suggests that the positive news may have already been largely priced into the stock, leading to a "sell the news" reaction. Investors might have used the earnings release as an opportunity to take profits, possibly due to pre-existing valuation concerns or a shift in focus towards the aforementioned GAAP earnings decline and tempered near-term analyst estimates.

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Stock Movement Drivers

Fundamental Drivers

The -13.0% change in AZZ stock from 7/31/2026 to 11/6/2026 was primarily driven by a -18.9% change in the company's Net Income Margin (%).
(LTM values as of)731202611062026Change
Stock Price ($)144.45125.71-13.0%
Change Contribution By: 
Total Revenues ($ Mil)1,6771,7464.2%
Net Income Margin (%)11.8%9.6%-18.9%
P/E Multiple21.822.53.3%
Shares Outstanding (Mil)3030-0.2%
Cumulative Contribution-13.0%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/6/2026
ReturnCorrelation
AZZ-13.0% 
Market (SPY)-1.6%52.8%
Sector (XLI)-9.5%69.6%

Fundamental Drivers

The -11.8% change in AZZ stock from 4/30/2026 to 11/6/2026 was primarily driven by a -50.1% change in the company's Net Income Margin (%).
(LTM values as of)430202611062026Change
Stock Price ($)142.54125.71-11.8%
Change Contribution By: 
Total Revenues ($ Mil)1,6501,7465.8%
Net Income Margin (%)19.2%9.6%-50.1%
P/E Multiple13.422.567.8%
Shares Outstanding (Mil)3030-0.4%
Cumulative Contribution-11.8%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/6/2026
ReturnCorrelation
AZZ-11.8% 
Market (SPY)2.6%50.5%
Sector (XLI)-6.6%72.5%

Fundamental Drivers

The 26.7% change in AZZ stock from 10/31/2025 to 11/6/2026 was primarily driven by a 137.4% change in the company's P/E Multiple.
(LTM values as of)1031202511062026Change
Stock Price ($)99.19125.7126.7%
Change Contribution By: 
Total Revenues ($ Mil)1,5951,7469.5%
Net Income Margin (%)19.7%9.6%-51.3%
P/E Multiple9.522.5137.4%
Shares Outstanding (Mil)30300.1%
Cumulative Contribution26.7%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/6/2026
ReturnCorrelation
AZZ26.7% 
Market (SPY)8.7%48.1%
Sector (XLI)5.8%70.0%

Fundamental Drivers

The 172.4% change in AZZ stock from 10/31/2023 to 11/6/2026 was primarily driven by a 284.7% change in the company's Net Income Margin (%).
(LTM values as of)1031202311062026Change
Stock Price ($)46.15125.71172.4%
Change Contribution By: 
Total Revenues ($ Mil)1,4991,74616.5%
Net Income Margin (%)2.5%9.6%284.7%
P/E Multiple30.922.5-27.2%
Shares Outstanding (Mil)2530-16.5%
Cumulative Contribution172.4%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/6/2026
ReturnCorrelation
AZZ172.4% 
Market (SPY)81.9%55.3%
Sector (XLI)72.0%66.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
AZZ Return18%-26%47%42%32%18%184%
Peers Return60%11%16%-2%22%23%202%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
AZZ Win Rate67%42%67%58%75%45% 
Peers Win Rate67%45%48%58%60%55% 
S&P 500 Win Rate75%42%67%75%67%45% 

Max Drawdowns [4]
AZZ Max Drawdown-13%-45%-24%-17%-24%-23% 
Peers Max Drawdown-19%-34%-28%-24%-24%-24% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: VMI, NUE, STLD, PPG, SHW. See AZZ Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/6/2026 (YTD)

How Low Can It Go

EventAZZS&P 500
2025 US Tariff Shock
  % Loss-23.4%-18.8%
  % Gain to Breakeven30.6%23.1%
  Time to Breakeven85 days79 days
2023 SVB Regional Banking Crisis
  % Loss-13.4%-6.7%
  % Gain to Breakeven15.4%7.1%
  Time to Breakeven13 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-44.8%-24.5%
  % Gain to Breakeven81.3%32.4%
  Time to Breakeven434 days427 days
2020 COVID-19 Crash
  % Loss-52.4%-33.7%
  % Gain to Breakeven110.1%50.9%
  Time to Breakeven250 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-24.2%-19.2%
  % Gain to Breakeven31.9%23.8%
  Time to Breakeven744 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-20.9%-3.7%
  % Gain to Breakeven26.4%3.9%
  Time to Breakeven19 days6 days

Compare to VMI, NUE, STLD, PPG, SHW

In The Past

AZZ's stock fell -23.4% during the 2025 US Tariff Shock. Such a loss loss requires a 30.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventAZZS&P 500
2025 US Tariff Shock
  % Loss-23.4%-18.8%
  % Gain to Breakeven30.6%23.1%
  Time to Breakeven85 days79 days
2022 Inflation Shock & Fed Tightening
  % Loss-44.8%-24.5%
  % Gain to Breakeven81.3%32.4%
  Time to Breakeven434 days427 days
2020 COVID-19 Crash
  % Loss-52.4%-33.7%
  % Gain to Breakeven110.1%50.9%
  Time to Breakeven250 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-24.2%-19.2%
  % Gain to Breakeven31.9%23.8%
  Time to Breakeven744 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-20.9%-3.7%
  % Gain to Breakeven26.4%3.9%
  Time to Breakeven19 days6 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-28.3%-17.9%
  % Gain to Breakeven39.5%21.8%
  Time to Breakeven123 days123 days
2008-2009 Global Financial Crisis
  % Loss-45.3%-53.4%
  % Gain to Breakeven82.9%114.4%
  Time to Breakeven159 days1085 days
Summer 2007 Credit Crunch
  % Loss-38.7%-8.6%
  % Gain to Breakeven63.0%9.5%
  Time to Breakeven295 days47 days

Compare to VMI, NUE, STLD, PPG, SHW

In The Past

AZZ's stock fell -23.4% during the 2025 US Tariff Shock. Such a loss loss requires a 30.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About AZZ (AZZ)

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AZZ Inc. (symbol: AZZ) is a global provider of essential infrastructure solutions, specializing in two primary areas: metal coatings for corrosion protection and specialized electrical equipment and engineering services for industrial and electrical applications. The company supports critical sectors in the United States and internationally, ensuring the longevity and reliability of various industrial and electrical infrastructure components.

The company's Metal Coatings segment offers a comprehensive suite of metal finishing services designed to prevent corrosion. These services include hot-dip galvanizing, spin galvanizing, powder coating, anodizing, and plating. This segment's primary customers are steel fabricators and manufacturers who supply products to vital industries such as electrical and telecommunications, bridge and highway construction, petrochemical, and general industrial markets, including original equipment manufacturers (OEMs).

AZZ's Infrastructure Solutions segment provides a range of products and services crucial for industrial and electrical infrastructure. Its offerings include custom switchgear, electrical enclosures, medium and high voltage bus ducts, and specialized lighting for explosion-proof and hazardous duty environments. This segment also provides engineering resources to multi-national companies, serving markets such as power generation, transmission, distribution, refining, and other heavy industrial sectors.

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AI Analysis | Feedback

Here are 1-3 brief analogies to describe AZZ Inc.:

  • Think of it as a blend of PPG Industries, safeguarding industrial metals from corrosion, and Eaton, providing specialized electrical components for critical infrastructure.
  • Like a specialized, industrial-focused version of Honeywell or 3M, providing essential, often unseen, protection and power solutions for critical infrastructure.

AI Analysis | Feedback

  • Hot-dip Galvanizing: A process of immersing fabricated steel in molten zinc to provide superior corrosion protection.
  • Spin Galvanizing: A specialized hot-dip galvanizing method used for smaller parts, often involving centrifugation to remove excess zinc.
  • Powder Coating: A dry finishing process where finely ground pigment and resin particles are electrostatically applied to a surface and then cured.
  • Anodizing: An electrolytic passivation process that increases the thickness of the natural oxide layer on metal surfaces for enhanced durability and corrosion resistance.
  • Plating: The process of depositing a thin layer of metal onto a surface, typically to improve its appearance, durability, or electrical properties.
  • Custom Switchgear: Engineered electrical equipment used to control, protect, and isolate electrical circuits and equipment in industrial applications.
  • Electrical Enclosures: Protective housings designed to contain electrical components, preventing electric shock and protecting against environmental factors.
  • Medium and High Voltage Bus Ducts: Enclosed systems for efficiently conducting electricity at various voltage levels in industrial and power distribution settings.
  • Hazardous Duty Lighting: Specialized lighting fixtures designed to operate safely and effectively in potentially explosive or corrosive industrial environments.
  • Tubular Products: Industrial products made from metal tubes, serving various structural, conduit, or protective applications.
  • Engineering Services: Provides technical expertise, design solutions, and resources to support industrial and electrical applications for multi-national companies.

AI Analysis | Feedback

Major Customers of AZZ Inc.

AZZ Inc. primarily sells its products and services to other companies (business-to-business or B2B) rather than directly to individuals. The company serves a diverse range of industrial and electrical applications across various markets.

Based on the company description, AZZ's major customers include:

  • Steel Fabricators and Manufacturers: These companies purchase AZZ's metal finishing solutions (such as hot-dip galvanizing, spin galvanizing, powder coating, anodizing, and plating) for corrosion protection of steel components. These fabricators and manufacturers, in turn, provide services to various end markets including electrical and telecommunications, bridge and highway construction, petrochemical industries, and general industrial sectors.
  • Original Equipment Manufacturers (OEMs): AZZ supplies metal coating solutions to OEMs.
  • Multi-national Companies: These customers utilize AZZ's Infrastructure Solutions segment for products and services supporting industrial and electrical applications. This includes custom switchgear, electrical enclosures, medium and high voltage bus ducts, explosion-proof and hazardous duty lighting, and tubular products, along with engineering resources. These multi-national companies operate in sectors such as power generation, transmission, distribution, refining, and other industrial markets.

The provided company description does not identify specific named major customer companies or their public symbols.

AI Analysis | Feedback

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AI Analysis | Feedback

Thomas E. Ferguson, President and Chief Executive Officer

Thomas E. Ferguson has served as AZZ's President and Chief Executive Officer since November 2013, leading the company for over 12 years. Prior to joining AZZ, he was the interim CEO of FlexSteel Pipeline Technologies in 2013. Ferguson built an extensive career at Flowserve, a global manufacturer of engineered pumps and mechanical seals, where he spent 25 years in various senior leadership roles, including President of the Flow Solutions Group and President of the Pump Division. He has been instrumental in AZZ's strategic growth, including the acquisition of Precoat Metals.

Jason Crawford, Chief Financial Officer

Jason Crawford was appointed Chief Financial Officer of AZZ Inc. effective June 3, 2024. He holds an MBA from Washington University in St. Louis and a Bachelor of Arts in Accounting from the University of Abertay, Scotland. Before his current role, Crawford served as Senior Vice President - Finance for AZZ Precoat Metals. Notably, prior to AZZ's acquisition of Precoat Metals in 2022, he was the CFO of Precoat Metals/Sequa Corporation, a company that was previously owned by the global investment firm Carlyle, indicating a pattern of managing a company backed by a private equity firm. His career spans over two decades in senior accounting and finance positions, including leadership roles at Boston Scientific and CTS Corporation.

Bryan Stovall, Chief Operating Officer – Metal Coatings

Bryan Stovall serves as the Chief Operating Officer of the Metal Coatings segment. He previously held the title of Senior Vice President of AZZ Incorporated. As of March 1, 2026, he will be succeeded by Todd Bella as President – Metal Coatings but will continue as COO – Metal Coatings until June 8, 2026, to ensure a smooth transition.

Gary Hill, Chief Operating Officer – Infrastructure Solutions

Gary Hill holds the position of Chief Operating Officer for AZZ's Infrastructure Solutions segment.

Tara D. Mackey, Chief Legal Officer and Secretary

Tara D. Mackey serves as the Chief Legal Officer and Corporate Secretary for AZZ Inc.

AI Analysis | Feedback

For AZZ Inc. (symbol: AZZ), the key business risks include:
  1. Exposure to Cyclical Markets and Economic Volatility: A significant portion of AZZ's revenue, estimated at 50% to 60%, is derived from cyclical markets such as construction (nonresidential, HVAC, appliance), industrial, and metal coatings sectors. A prolonged economic downturn, a softening in these markets, inflation, or political instability can negatively impact demand for its services and products, thereby affecting its volume and earnings.

  2. Input Cost Volatility and Supply Chain Risks: AZZ is exposed to price fluctuations in key raw materials, including zinc and natural gas for its hot-dip galvanizing process, and paint for its coil coating segment. Increases in these input costs, along with rising labor expenses, can directly impact the company's profitability. Additionally, vulnerabilities in the supply chain, such as vendor delays, pose ongoing operational challenges.

  3. Interest Rate Risk and Debt Structure: A considerable portion of AZZ's debt is subject to variable interest rates. Consequently, unexpected interest rate hikes could lead to increased borrowing costs, which would directly reduce net income.

AI Analysis | Feedback

The ongoing global energy transition towards decentralized power generation (e.g., solar, wind, battery storage) and the development of smart grids presents an emerging threat to AZZ's Infrastructure Solutions segment. As the electrical grid evolves towards more distributed, localized, and digitally integrated systems, the demand for traditional, large-scale electrical infrastructure components, such as custom high-voltage switchgear and medium/high voltage bus ducts, may shift dramatically. This could reduce the need for AZZ's current specialized offerings in these areas, favoring different, potentially smaller, more modular, and "smarter" components that are better suited for the new grid architecture, if AZZ does not adapt its product and service portfolio accordingly.

AI Analysis | Feedback

AZZ Inc. operates in two main segments: Metal Coatings and Infrastructure Solutions. The addressable markets for these segments are as follows:

Metal Coatings Segment

The global metal coatings market, which includes hot-dip galvanizing, spin galvanizing, powder coating, anodizing, and plating, was valued at approximately USD 17.41 billion in 2024. This market is projected to grow to USD 31.47 billion by 2033, exhibiting a Compound Annual Growth Rate (CAGR) of 6.8% during the forecast period from 2026 to 2033.

  • North America: This region is a significant market for metal coatings, holding approximately 35% of the global market share.
  • Asia-Pacific: This region accounted for 46.95% of global metal coatings sales in 2025 and is projected to grow at a CAGR of 6.41% through 2031.

Infrastructure Solutions Segment

For AZZ's specialty electrical equipment and engineered services, including custom switchgear, electrical enclosures, medium and high voltage bus ducts, and explosion-proof and hazardous duty lighting, the relevant market is the electric power transmission and distribution equipment market.

The global electric power transmission and distribution equipment market was valued at USD 259.98 billion in 2025 and is expected to reach USD 483.46 billion by 2035, expanding at a CAGR of approximately 6.4% during the forecast period from 2026 to 2035.

  • Asia Pacific: This region is the largest in the electric power transmission and distribution equipment market, with an estimated 52.6% share by 2035. It also dominated the market with more than a 52.0% revenue share in 2021.
  • North America: This region is identified as the fastest-growing region in the electric power transmission and distribution equipment market.

AI Analysis | Feedback

AZZ Inc. (NYSE: AZZ) anticipates several key drivers to fuel its revenue growth over the next two to three years, stemming from strategic market positioning, infrastructure investments, and operational expansions.

  1. Increased Infrastructure Spending: A significant driver for AZZ is the continued robust demand from public infrastructure projects. This includes investments in highway construction, new bridge projects, and general infrastructure renovations across the United States. The company expects a multi-year tailwind from such spending, particularly in the energy and power generation sectors, benefiting both its Metal Coatings and Infrastructure Solutions segments.
  2. Expansion in Data Center and Clean Energy Markets: Accelerated growth in data center build-outs and increasing demand from renewable energy projects, such as solar power generation, are expected to drive revenue. These sectors require specialized coatings and galvanized materials, directly impacting demand for AZZ's products and services in both its Metal Coatings and Infrastructure Solutions segments.
  3. Strategic Acquisitions: AZZ is actively evaluating strategic and bolt-on acquisitions to strengthen its market position and extend its leadership in metal coatings. For example, the acquisition of Canton Galvanizing, LLC in July 2025, is a recent step in this strategy, aiming to boost metal coating capacity and expand geographical reach, reinforcing the company's focus on critical infrastructure and industrial markets.
  4. Ramp-up of New Production Facilities: The newly constructed Washington, Missouri plant is expected to contribute to revenue growth, with guidance indicating it will be accretive to earnings in fiscal year 2027. This new facility represents an increase in growth capital and supports increased capacity for metal coatings.
  5. Market Share Expansion: The company aims for sustainable market share expansion, particularly within its Precoat Metals segment. This includes gaining incremental market share from pre-painted steel and aluminum imports and converting customers from in-house painting to outsourced pre-coating solutions. Operational improvements and investments in production lines and systems are also geared towards supporting this growth.

AI Analysis | Feedback

Share Repurchases

  • AZZ's Board of Directors approved a new $100 million stock repurchase program on January 30, 2026, effective immediately.
  • This new program complements a prior $100 million authorization from November 2020, under which approximately $33.2 million remained available as of November 30, 2025.
  • In fiscal year 2022, the company repurchased 601,822 shares of common stock for $30.8 million, while no shares were repurchased in fiscal year 2023 to prioritize debt repayment.

Share Issuance

  • On April 30, 2024, AZZ completed a secondary public offering, issuing 4.6 million common shares.
  • In fiscal year 2025, AZZ completed a secondary public offering of common stock and fully redeemed its Series A Preferred Stock, thereby simplifying its equity structure.

Outbound Investments

  • On May 13, 2022, AZZ acquired Precoat Metals for approximately $1.3 billion, significantly expanding its metal coil coating solutions business.
  • In July 2025, AZZ acquired Canton Galvanizing, LLC to expand its metal coatings presence in the Midwest region of the United States.
  • On September 30, 2022, AZZ contributed its Infrastructure Solutions business (excluding AZZ Crowley Tubing) to the AVAIL JV and sold a 60% interest to Fernweh AIS Acquisition LP. The AVAIL JV subsequently sold its Electrical Products Group for $975 million, with AZZ utilizing its proceeds for debt repayment.

Capital Expenditures

  • Capital expenditures totaled $95.1 million in fiscal year 2024 and $115.9 million in fiscal year 2025, with $52.8 million in FY2025 allocated to the new greenfield facility in Washington, Missouri.
  • Expected capital expenditures are approximately $60 - $80 million for fiscal year 2026 and $80 - $100 million for fiscal year 2027, focusing on capacity additions for organic growth.
  • AZZ invested $125 million in a new aluminum coil coating line, completed in Q4 FY25, which is projected to generate over $50 million in run-rate contracted sales exiting fiscal year 2026.

Better Bets vs. AZZ (AZZ)

Peer Outperformance in Heavy Electrical Equipment

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Share of Heavy Electrical Equipment constituents that AZZ has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
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3Y
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insufficient peer history
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Median price return by industry across the Industrials sector, ranked by 5Y. Heavy Electrical Equipment is AZZ's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Marine Transportation 5 31.6%32.1%105.5% MATX 153% · KEX 106%
Construction & Engineering 28 -22.1%92.9%93.8% FIX 949% · STRL 830% · AGX 565%
Construction Machinery & Heavy Transportation Equipment 14 7.5%66.0%93.0% ALSN 256% · WAB 210% · CAT 195%
Aerospace & Defense 54 -0.9%55.7%55.7% ATI 891% · FTAI 850% · HWM 525%
Trading Companies & Distributors 19 5.3%32.0%31.6% DXPE 298% · AIT 187% · URI 180%
Industrial Machinery & Supplies & Components 71 0.9%49.5%28.8% CRS 795% · MLI 302% · SYM 266%
Rail Transportation 7 34.9%68.8%25.2% CSX 48% · UNP 36% · NSC 25%
Diversified Support Services 34 15.4%37.0%15.8% CXW 200% · OPLN 134% · CACI 113%
Building Products 34 -6.6%6.9%12.8% MOD 760% · GFF 339% · TT 132%
Cargo Ground Transportation 16 30.0%10.9%2.2% XPO 270% · R 245% · ARCB 19%
Industrial Conglomerates 17 13.4%3.3%-0.6% CSW 99% · CSL 70% · DD 67%
Office Services & Supplies 10 19.2%22.9%-2.5% PBI 157% · HNI 37% · MSA 18%
Electrical Components & Equipment 39 -8.1%59.1%-5.3% POWL 1454% · VRT 565% · BE 441%
Data Processing & Outsourced Services 6 -11.7%1.7%-13.8% EXLS 57% · BR 20% · G -10%
Research & Consulting Services 13 0.2%-15.7%-24.2% HURN 210% · FCN 36% · BAH 9%
Agricultural & Farm Machinery 16 14.3%-4.3%-25.5% DE 102% · TTC 15% · AGCO 3%
Environmental & Facilities Services 29 -19.4%26.4%-27.0% GEO 191% · CLH 168% · RSG 98%
Security & Alarm Services 9 -45.7%29.4%-27.5% BCO 65%
Passenger Airlines 11 6.4%67.5%-34.4% LTM 3140% · UAL 114% · DAL 105%
Air Freight & Logistics 12 -29.4%-9.4%-40.2% FDX 75% · EXPD 56% · CHRW 50%
Human Resource & Employment Services 22 23.6%-9.6%-42.8% ADP 48% · FA 24% · PAYX 10%
Passenger Ground Transportation 3 -19.6%37.4%-58.0% UBER 45% · CAR -58% · LYFT -68%
Airport Services 4 -46.5%-66.9%-87.0% JOBY -40%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

AZZVMINUESTLDPPGSHWMedian
NameAZZ Valmont .Nucor Steel Dy.PPG Indu.Sherwin-. 
Mkt Price125.79403.78245.77222.95122.38344.08234.36
Mkt Cap3.87.856.131.927.282.829.5
Rev LTM1,7464,29036,10122,22016,69224,91219,456
Op Inc LTM2876184,1682,7632,2594,0292,511
FCF LTM2143061,5831,0951,2803,0781,187
FCF 3Y Avg2523771,5006131,1062,517860
CFO LTM2924634,4241,6952,0453,6841,870
CFO 3Y Avg3474994,4941,8601,8063,3721,833

Growth & Margins

AZZVMINUESTLDPPGSHWMedian
NameAZZ Valmont .Nucor Steel Dy.PPG Indu.Sherwin-. 
Rev Chg LTM9.5%4.6%17.2%26.0%6.4%7.0%8.3%
Rev Chg 3Y Avg5.3%0.1%-0.4%5.6%1.7%2.7%2.2%
Rev Chg Q16.7%5.5%23.0%34.8%6.6%7.9%12.3%
QoQ Delta Rev Chg LTM4.2%1.4%5.7%8.2%1.7%2.1%3.1%
Op Inc Chg LTM21.3%18.9%94.4%81.9%4.0%9.5%20.1%
Op Inc Chg 3Y Avg11.6%8.8%0.3%3.4%1.5%4.5%3.9%
Op Mgn LTM16.5%14.4%11.5%12.4%13.5%16.2%14.0%
Op Mgn 3Y Avg15.4%13.1%10.9%11.5%14.2%16.1%13.7%
QoQ Delta Op Mgn LTM0.2%0.5%1.4%1.6%0.1%-0.1%0.4%
CFO/Rev LTM16.7%10.8%12.3%7.6%12.3%14.8%12.3%
CFO/Rev 3Y Avg21.3%12.0%13.5%9.8%11.6%14.2%12.8%
FCF/Rev LTM12.3%7.1%4.4%4.9%7.7%12.4%7.4%
FCF/Rev 3Y Avg15.4%9.1%4.4%3.0%7.1%10.6%8.1%

Valuation

AZZVMINUESTLDPPGSHWMedian
NameAZZ Valmont .Nucor Steel Dy.PPG Indu.Sherwin-. 
Mkt Cap3.87.856.131.927.282.829.5
P/S2.21.81.61.41.63.31.7
P/Op Inc13.112.613.511.512.020.612.9
P/EBIT13.912.613.212.111.520.512.9
P/E22.514.719.416.317.330.918.4
P/CFO12.916.812.718.813.322.515.0
Total Yield5.1%7.5%6.1%7.1%8.1%4.2%6.6%
Dividend Yield0.7%0.7%0.9%0.9%2.4%0.9%0.9%
FCF Yield 3Y Avg7.7%5.3%3.5%2.4%4.3%3.0%3.9%
D/E0.10.10.10.10.30.20.1
Net D/E0.10.10.10.10.20.20.1

Returns

AZZVMINUESTLDPPGSHWMedian
NameAZZ Valmont .Nucor Steel Dy.PPG Indu.Sherwin-. 
1M Rtn-9.0%-13.1%-0.3%-4.8%16.5%9.2%-2.5%
3M Rtn-16.5%-18.1%-9.6%-14.8%2.9%-6.7%-12.2%
6M Rtn-14.5%-20.7%8.6%-4.7%13.1%9.1%1.9%
12M Rtn26.6%-0.4%71.9%47.4%32.0%4.1%29.3%
3Y Rtn173.3%111.4%69.3%110.5%2.7%40.2%89.9%
1M Excs Rtn-6.6%-12.9%0.8%-3.8%17.0%8.2%-1.5%
3M Excs Rtn-16.4%-17.0%-9.5%-16.0%6.8%-4.1%-12.7%
6M Excs Rtn-18.4%-24.6%4.6%-8.6%9.2%5.2%-2.0%
12M Excs Rtn9.1%-13.8%58.0%33.1%17.3%-9.7%13.2%
3Y Excs Rtn93.5%26.8%-8.5%31.5%-74.7%-33.5%9.2%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20262025202420232022
Precoat Metals8919138816870
Metal Coatings759665656637526
Infrastructure Solutions00000
Corporate selling, general and administrative expenses   00
Total1,6501,5781,5381,324526


Operating Income by Segment
$ Mil20262025202420232022
Metal Coatings204178165156129
Precoat Metals138148140800
Infrastructure Solutions-0-7-600
Corporate selling, general and administrative expenses-77-83-76-62-50
Total26523622217479


Assets by Segment
$ Mil20262025202420232022
Precoat Metals1,5631,5481,5001,489 
Metal Coatings604555554588575
Corporate2624   
Infrastructure Solutions - Investment in Joint Venture20999885 
Corporate selling, general and administrative expenses  446033
Discontinued Operations - Infrastructure Solutions   0 
Infrastructure Solutions    525
Total2,2132,2272,1962,2211,133


Price Behavior

Price Behavior
Market Price$125.71 
Market Cap ($ Bil)3.8 
First Trading Date09/07/1984 
Distance from 52W High-21.2% 
   50 Days200 Days
DMA Price$135.37$137.94
DMA Trenddownup
Distance from DMA-7.1%-8.9%
 3M1YR
Volatility32.4%33.2%
Downside Capture100.0788.49
Upside Capture24.59105.24
Correlation (S&P 500)25.0%43.0%
AZZ Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta1.611.221.281.301.181.21
Up Beta4.771.051.601.441.251.19
Down Beta1.161.521.801.301.451.14
Up Capture183%115%84%114%128%256%
Bmk +ve Days12182862130427
Stock +ve Days12223165132389
Down Capture149%114%131%134%95%105%
Bmk -ve Days10253664121325
Stock -ve Days10213361119361

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AZZ
AZZ22.2%33.2%0.63-
Sector ETF (XLI)7.1%17.8%0.2270.3%
Equity (SPY)9.5%13.6%0.4048.0%
Gold (GLD)1.6%28.7%0.0519.0%
Commodities (DBC)38.4%21.2%1.42-15.0%
Real Estate (VNQ)11.3%14.2%0.5120.4%
Bitcoin (BTCUSD)-26.9%43.6%-0.6014.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AZZ
AZZ20.2%34.1%0.60-
Sector ETF (XLI)10.9%17.7%0.4563.5%
Equity (SPY)11.3%17.3%0.4853.8%
Gold (GLD)17.5%19.1%0.7411.5%
Commodities (DBC)8.1%19.6%0.3010.7%
Real Estate (VNQ)1.3%18.9%-0.0442.4%
Bitcoin (BTCUSD)4.1%51.6%0.2622.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AZZ
AZZ10.4%35.8%0.38-
Sector ETF (XLI)13.0%20.1%0.5662.0%
Equity (SPY)15.0%18.0%0.7053.9%
Gold (GLD)11.9%16.5%0.596.7%
Commodities (DBC)7.5%18.1%0.3320.2%
Real Estate (VNQ)5.9%20.7%0.2446.1%
Bitcoin (BTCUSD)60.1%66.3%1.0015.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity0.8 Mil
Short Interest: % Change Since 93020261.9%
Average Daily Volume0.3 Mil
Days-to-Cover Short Interest3.0 days
Basic Shares Quantity30.0 Mil
Short % of Basic Shares2.8%

Earnings Returns History

Updated 10/26/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/13/20260.7%-0.7% 
7/8/2026-1.7%5.0%5.2%
4/22/20268.8%2.4%1.8%
1/7/20266.6%10.2%18.6%
10/8/2025-4.9%-5.7%-5.4%
7/9/20255.5%8.9%8.3%
4/21/20253.1%12.1%19.4%
1/7/2025-1.9%2.3%13.0%
...
SUMMARY STATS   
# Positive121116
# Negative11126
Median Positive4.3%4.0%4.6%
Median Negative-2.9%-3.7%-6.9%
Max Positive8.8%12.6%19.4%
Max Negative-22.1%-9.5%-11.4%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/13/20260.7%-0.7% 
7/8/2026-1.7%5.0%5.2%
4/22/20268.8%2.4%1.8%
1/7/20266.6%10.2%18.6%
10/8/2025-4.9%-5.7%-5.4%
7/9/20255.5%8.9%8.3%
4/21/20253.1%12.1%19.4%
1/7/2025-1.9%2.3%13.0%
10/9/2024-5.2%-0.8%2.8%
7/10/20246.1%12.6%-3.0%
4/22/20242.3%-4.4%8.0%
1/9/2024-0.4%0.8%18.1%
10/10/20235.7%3.3%1.3%
7/7/20231.9%4.0%9.9%
4/25/2023-4.3%-2.9%-8.4%
1/9/20236.6%0.5%-2.2%
10/11/2022-22.1%-9.5%2.9%
7/11/20222.4%-3.4%3.9%
4/22/2022-0.0%-2.6%-9.2%
1/10/2022-2.9%-6.5%-11.4%
4/23/2021-2.1%-0.2%0.5%
1/11/20210.6%-4.1%2.3%
10/13/2020-6.1%-5.7%2.7%
SUMMARY STATS   
# Positive121116
# Negative11126
Median Positive4.3%4.0%4.6%
Median Negative-2.9%-3.7%-6.9%
Max Positive8.8%12.6%19.4%
Max Negative-22.1%-9.5%-11.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
08/31/202610/13/202610-Q
05/31/202607/08/202610-Q
02/28/202604/22/202610-K
11/30/202501/07/202610-Q
08/31/202510/08/202510-Q
05/31/202507/09/202510-Q
02/28/202504/21/202510-K
11/30/202401/07/202510-Q
08/31/202410/09/202410-Q
05/31/202407/10/202410-Q
02/29/202404/22/202410-K
11/30/202301/09/202410-Q
08/31/202310/10/202310-Q
05/31/202307/07/202310-Q
02/28/202304/25/202310-K
11/30/202201/09/202310-Q
Collapse to Preview
Report DateFiling DateFiling
08/31/202610/13/202610-Q
05/31/202607/08/202610-Q
02/28/202604/22/202610-K
11/30/202501/07/202610-Q
08/31/202510/08/202510-Q
05/31/202507/09/202510-Q
02/28/202504/21/202510-K
11/30/202401/07/202510-Q
08/31/202410/09/202410-Q
05/31/202407/10/202410-Q
02/29/202404/22/202410-K
11/30/202301/09/202410-Q
08/31/202310/10/202310-Q
05/31/202307/07/202310-Q
02/28/202304/25/202310-K
11/30/202201/09/202310-Q
08/31/202210/11/202210-Q
05/31/202207/11/202210-Q
02/28/202204/22/202210-K
11/30/202101/10/202210-Q
08/31/202110/12/202110-Q
05/31/202107/09/202110-Q
02/28/202104/23/202110-K
11/30/202001/11/202110-Q
08/31/202010/13/202010-Q
05/31/202007/09/202010-Q
02/29/202004/29/202010-K
11/30/201901/09/202010-Q

Recent Forward Guidance

Updated 11/2/2026

Latest: Q2 2027 Earnings Reported 10/13/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2027 SalesReported1.82 Bil1.85 Bil1.88 Bil1.4% RaisedGuidance: 1.82 Bil for 2027
2027 Adjusted EBITDAReported380.00 Mil400.00 Mil420.00 Mil1.3% RaisedGuidance: 395.00 Mil for 2027
2027 Interest ExpenseReported35.00 Mil40.00 Mil45.00 Mil0.0% AffirmedGuidance: 40.00 Mil for 2027
2027 Debt ReductionReported100.00 Mil120.00 Mil140.00 Mil-20.0% LoweredGuidance: 150.00 Mil for 2027
2027 Annualized Effective Tax RateReported 25.0%    
2027 Adjusted Diluted EPSReported77.157.32.9% RaisedGuidance: 6.95 for 2027
2027 Capital ExpendituresReported80.00 Mil90.00 Mil100.00 Mil0.0% AffirmedGuidance: 90.00 Mil for 2027


Prior: Q1 2027 Earnings Reported 7/8/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2027 SalesReported1.80 Bil1.82 Bil1.85 Bil4.3% RaisedGuidance: 1.75 Bil for 2027
2027 Adjusted EBITDAReported375.00 Mil395.00 Mil415.00 Mil3.9% RaisedGuidance: 380.00 Mil for 2027
2027 Interest ExpenseReported35.00 Mil40.00 Mil45.00 Mil0 AffirmedGuidance: 40.00 Mil for 2027
2027 Debt ReductionReported130.00 Mil150.00 Mil170.00 Mil0 AffirmedGuidance: 150.00 Mil for 2027
2027 Adjusted Diluted EPSReported6.756.957.153.0% RaisedGuidance: 6.75 for 2027
2027 Capital ExpendituresReported80.00 Mil90.00 Mil100.00 Mil0 AffirmedGuidance: 90.00 Mil for 2027

Q4 2026 Earnings Reported 4/22/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2027 RevenueReported1.73 Bil1.75 Bil1.77 Bil5.3% Higher NewGuidance: 1.66 Bil for 2026
2027 Adjusted EBITDAReported360.00 Mil380.00 Mil400.00 Mil2.7% Higher NewGuidance: 370.00 Mil for 2026
2027 Interest ExpenseReported35.00 Mil40.00 Mil45.00 Mil   
2027 Debt ReductionReported130.00 Mil150.00 Mil170.00 Mil   
2027 Adjusted Diluted EPSReported6.56.75711.6% Higher NewGuidance: 6.05 for 2026
2027 Capital ExpendituresReported80.00 Mil90.00 Mil100.00 Mil28.6% Higher NewGuidance: 70.00 Mil for 2026

Q3 2026 Earnings Reported 1/7/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 SalesReported1.62 Bil1.66 Bil1.70 Bil-0.7% LoweredGuidance: 1.68 Bil for 2026
2026 Adjusted EBITDAReported360.00 Mil370.00 Mil380.00 Mil-2.6% LoweredGuidance: 380.00 Mil for 2026
2026 Adjusted Diluted EPSReported5.96.056.20.8% RaisedGuidance: 6 for 2026
2026 Capital ExpendituresReported60.00 Mil70.00 Mil80.00 Mil0.0% AffirmedGuidance: 70.00 Mil for 2026

Insider Activity

Updated 8/14/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Stovall, Bryan LeeCOO - Metal CoatingsDirectSell8142026150.072,677401,7275,252,310Form
2Vellines, JeffreyPres & COO - Precoat MetalsDirectSell8112026153.554,220647,981281,611Form
3MacKey, Tara DChief Legal OfficerDirectSell2122026136.002,923397,5283,042,728Form
4Ferguson, Thomas EPresident and CEODirectSell2032026127.2925,0003,182,14020,134,291Form
5MacKey, Tara DChief Legal OfficerDirectSell1222026126.642,790353,3133,203,372Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Stovall, Bryan LeeCOO - Metal CoatingsDirectSell8142026150.072,677401,7275,252,310Form
2Vellines, JeffreyPres & COO - Precoat MetalsDirectSell8112026153.554,220647,981281,611Form
3MacKey, Tara DChief Legal OfficerDirectSell2122026136.002,923397,5283,042,728Form
4Ferguson, Thomas EPresident and CEODirectSell2032026127.2925,0003,182,14020,134,291Form
5MacKey, Tara DChief Legal OfficerDirectSell1222026126.642,790353,3133,203,372Form
6MacKey, Tara DChief Legal OfficerDirectSell1122026119.431,568187,2613,354,221Form
7MacKey, Tara DChief Legal OfficerDirectSell1122026118.711,000118,7063,520,108Form
8Russell, Kurt LChief Strategy OfficerDirectSell8122025112.2110,3211,158,0751,885,505Form
9Stovall, Bryan LeeCOO - Metal CoatingsDirectSell8112025111.605,000557,9922,534,287Form

Investor Activity (13F)

Updated Nov 7, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Harvey Partners, LLC$44.0 Mil3.6%45Hold13F
Active Manager
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Harvey Partners, LLC$44.0 Mil3.6%45Hold13F
Core Cache Last Updated: 11/6/2026