AZZ INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data AZZ INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	864	810	927	1,062	481	526	1,324	1,538	1,578	1,650
Cost of revenue	658	650	728	825	358	379	1,028	1,174	1,195	1,255
Gross profit	205	160	199	237	123	146	296	363	383	395
Selling, general and administrative	106	112	122	139	59.3	66.9	122	142	146	130
Operating income	98.9	48.2	77	79.3	47.5	79.2	174	222	236	265
Interest expense	14.7	13.9	15	13.5	9.46	6.36	88.8	107	81.3	55.7
Other non-operating income	1.12	-3.49	1.02	-0.99	0.42	0.18	1.24	0.16	-0.56	1.62
Pre-tax income	85.3	30.9	63	64.9	38.4	73	88.7	130	171	420
Income tax	24	-14.3	11.8	16.7	11.2	23.2	22.3	28.5	41.9	103
Net income	61.3	45.2	51.2	48.2	39.6	84	-53	102	129	317
EBITDA	149	98.8	127	130	79.6	111	248	301	319	355
EPS, basic	2.36	1.74	1.97	1.84	1.53	3.38	-2.47	3.48	1.80	10.59
EPS, diluted	2.35	1.73	1.96	1.84	1.52	3.35	-2.45	3.46	1.79	10.50
Shares, basic (weighted)	26	26	26	26.2	25.9	24.9	24.8	25	29.1	30
Shares, diluted (weighted)	26.1	26	26.1	26.3	26	25.1	25	25.2	29.3	30.2
Dividend per share	0.64	0.68	0.68	0.68	0.68	0.68	0.68	0.68	0.68	0.77

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	11.3	20.9	24	36.7	14.8	12.1	2.82	4.35	1.49	0.71
Receivables	138	141	145	139	129	85.1	156	142	135	143
Inventory	94	111	125	99.8			144	118	112	113
Other current assets										6.83
Total current assets	297	329	379	355	305	387	417	367	375	395
Property, plant and equipment	229	217	210	213	207	193	499	542	593	609
Lease right-of-use assets		0	45.9	43.2	37.8	14	25.1	19.8	19.5	46.3
Goodwill	307	321	324	356	354	190	703	705	704	715
Intangible assets	146	161	130	107	91.4	39.1	469	445	422	410
Other non-current assets							10	8.44	4.05	3.4
Total assets	978	1,028	1,089	1,074	999	1,133	2,221	2,196	2,227	2,213
Accounts payable	49.8	54.2	53	62	41.5	24.8	84.3	88	106	115
Accrued liabilities	23.4	19	30.4	38.9	22.6	17.1	26.3	30.8	37.7	33.8
Short-term debt	16.6	14.3	0	125	0	0	0
Total current liabilities	137	132	165	281	117	151	187	194	221	232
Long-term debt	255	287	241	77.9	178	226	1,058	953	852	478
Lease liabilities		0	41.2	38.1	32.4	10.8	19.7	14.6	13.7	41.5
Other non-current liabilities	0	11.7	1.51	4.93	8.97	5.37	61.4	57.6	46.4	40.5
Total liabilities	445	463	485	439	376	466	1,368	1,261	1,182	876
Total debt	271	301	241	203	178	226	1,058	953	852	478
Paid-in capital	37.7	38.4	58.7	66.7	76	85.8	93.4	103	418	431
Retained earnings	499	526	548	572	547	584	506	576	609	884
Other comprehensive income	-29.1	-25.2	-28.8	-30.9	-25.1	-27.3	-4.57	-3.89	-11.6	-7.55
Shareholders' equity	533	565	604	634	623	667	620	701	1,045	1,337
Total equity	533	565	604	634	623	667	620	701	1,045	1,337
Total liabilities and equity	978	1,028	1,089	1,074	999	1,133	2,221	2,196	2,227	2,213
Shares outstanding	26	26	26.1	26.1	25.1	24.7	24.9	25.1	29.9	29.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	61.3	45.2	51.2	48.2	39.6	84	-53	102	129	317
Depreciation and amortization	50.4	50.5	50.2	50.2	32.1	32.1	74.6	79.4	82.2	90.1
Stock-based compensation	5.87	6.12	4.66	6.29	7.33	9.45	8.38	9.51	13.3	14.8
Deferred income tax	1.3	-20.6	3.73	-2.62	-2.22	0.46	16.1	4.75	8.1	32.8
Change in receivables	-4.91	3.49	-8.13	-1.01	8.38	-15.6	-12.6	14.3	1.79	-5.79
Change in inventory	-13.8	-9.93	-0.6	25.9	1.04	-18.8	-17.2	26.3	5.05	0.21
Change in payables	1.25	1.54	-1.17	8.15	18.8	5.72	-14	-0.8	23.5	11.1
Cash from operations	111	76.8	110	142	92	86	91.4	244	250	525
Capital expenditures	-41.4	-29.6	-24.6	-32.6	-27.2	-23.6	-57.1	-95.1	-116	-80.8
Acquisitions	-22.7	-44.8	-8	-60.6	-4.42	-61.2	-1,283	0	0	-30.1
Sales and maturities of investments								0	0	13.6
Cash from investing	-63.3	-73.9	-31.1	-69.3	-28.6	-86.8	-1,229	-95.1	-115	-91.5
Debt issued			0	0	150	0	1,540	0	0
Debt repaid	-23.2	-63.5	-14.3	0	-0.59	0	-87.5	-1.7	-1.9
Stock issued		3.32	3.77	3.11	2.83	2.79	2.37	2.36	311	3.59
Share buybacks	-5.28	-7.52	0	-5.8	-48.3	-30.8	0	0	0	-20
Dividends paid	-16.6	-17.7	-17.7	-17.8	-17.6	-16.9	-22.7	-31.4	-23.1	-23.1
Cash from financing	-76.6	5.9	-74.8	-59.7	-88.4	0.91	1,027	-148	-139	-434
Exchange rate effect	-0.1	0.78	-1.44	-0.59	3.13	0.16	0.51	0.01	0.92	-0.63
Net change in cash	-28.9	9.55	3.15	12.7	-21.9	0.25	-12.3	1.53	-2.86	-0.78
Free cash flow	69.7	47.2	85.9	110	64.9	62.4	34.3	149	134	445
Interest paid	13.8	13.6	14.9	13	9	6.06	78	97.8	75.9	43
Income taxes paid	19.9	8.7	3.29	18.8	16.1	31.7	24.5	19.3	29.8	76

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to May 31, 2026; growth uses fiscal years. Valuation uses the share price of $137.17 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	24.0%	Gross profit / revenue.
Operating margin	16.2%	Operating income / revenue.
EBITDA margin	21.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	15.5%	Pre-tax income / revenue.
Net margin	11.8%	Net income / revenue.
FCF margin	10.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.8%	Cash from operations / revenue.
Effective tax rate	23.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	14.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.8%	Net income / average total assets.
Return on invested capital (ROIC)	11.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	7.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.7%	Capital expenditures / revenue.
D&A / revenue	5.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	28.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	3.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	10.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	26.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	12.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	15.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	41.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	11.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	12.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	34.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	146.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	51.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	486.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	47.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	110.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	79.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	41.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	231.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	134.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	47.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	13.2%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	4.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	2.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	27.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	29.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	16.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-0.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	17.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	3.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	6.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.92x	Current assets / current liabilities.
Quick ratio	0.72x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.00x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.35x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	21.3%	Total debt / total assets.
Liabilities / assets	38.9%	Total liabilities / total assets.
Net debt	$479.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.32x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	5.63x	Operating income / interest expense.
Working capital	$211.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	49.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$257.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.74x	Revenue / average total assets.
Fixed asset turnover	2.75x	Revenue / average property, plant and equipment.
Inventory turnover	10.5x	Cost of revenue / average inventory.
Days inventory	35 days	365 x average inventory / cost of revenue.
Receivables turnover	10.2x	Revenue / average receivables.
Days sales outstanding	36 days	365 x average receivables / revenue.
Days payables	35 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	35 days	Days inventory + days sales outstanding - days payables.
FCF conversion	85.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	31.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$6.58	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$55.59	Revenue / diluted weighted shares.
FCF per share	$5.61	Free cash flow / diluted weighted shares.
Operating cash flow per share	$8.22	Cash from operations / diluted weighted shares.
Book value per share	$45.84	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$8.58	Tangible book value / shares outstanding.
Cash per share	$0.04	(Cash + short-term investments) / shares outstanding.
Payout ratio	12.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	14.2%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.12B	Share price x shares outstanding.
Enterprise value	$4.60B	Market cap + total debt - cash - short-term investments.
P/E	20.8x	Market cap / net income. Only when net income is positive.
P/S	2.46x	Market cap / revenue.
P/B	3.00x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	16.0x	Market cap / tangible book value, when positive.
P/FCF	24.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	16.6x	Market cap / cash from operations, when positive.
EV/Sales	2.74x	Enterprise value / revenue.
EV/EBIT	16.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	27.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.1%	Free cash flow / market cap.
Earnings yield	4.8%	Net income / market cap (the inverse of P/E).
Dividend yield	0.6%	Dividends paid over the period / market cap.
Shareholder yield	0.6%	(Dividends paid + share buybacks) / market cap.

What was AZZ INC's revenue in fiscal 2026?

AZZ INC reported revenue of $1.65B for fiscal 2026, 4.6% higher than the year before.

Was AZZ INC profitable in fiscal 2026?

Yes. Net income was $317.3M, a net margin of 19.2%.

How much free cash flow did AZZ INC generate in fiscal 2026?

Cash from operations of $525.4M minus capital expenditures of $80.8M left free cash flow of $444.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to AZZ INC