At a glance
AZZ Incorporated is worth $4.10B, about 13 times its fiscal 2026 earnings. Revenue grew 4.6% to $1.65B in fiscal 2026, with 19.2% kept as profit; over 5 years it has grown 28.0% a year. It pays a 0.64% dividend yield, and returned $168.0M to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned +35.8% over the past year with dividends reinvested and +22.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 52.7% in the 2020 crash (S&P 500: 33.7%) and 44.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 14 months after the lows.
The business in plain English
AZZ Inc., a Texas company founded in 1956, coats metal so it resists rust and looks better. It calls itself North America's leading independent provider of hot-dip galvanizing and coil coating. Galvanizing means dipping finished steel in molten zinc, which protects it from corrosion for decades. Coil coating means cleaning, painting and curing flat rolls of steel or aluminum before they are cut and shaped.
In the fiscal year ended February 28, 2026, revenue was about $1.65 billion. Precoat Metals supplied about $891 million, or 54%, from 14 US plants. It works as a toll coater, painting metal that its customers own, and passes paint costs through to them. Its end markets include construction, appliances, heating and air-conditioning (HVAC), containers and transportation. Metal Coatings supplied about $759 million, or 46%, from 42 galvanizing plants and four surface technologies plants in the US and Canada. It typically serves fabricators and manufacturers that supply power transmission and distribution, bridges and highways, petrochemical and general industrial markets. No single customer is significant.
AZZ also owns 40% of the AVAIL joint venture. In 2025, AVAIL sold its electrical products business to nVent and most of its welding services business, leaving it mainly an industrial lighting business. Demand is seasonal. Construction is the biggest driver, so business is stronger in warm months and slower in winter.
Price history
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AZZ +35.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Precoat Metals | $891.4M | 54% |
| Metal Coatings | $758.7M | 46% |
Latest results
- In Q2 FY2027 (ended Aug 31, 2026), revenue was $486.9M, up 16.7% from a year earlier, and net income was $58.5M (-34.6%).
- For fiscal 2026, revenue was $1.65B (+4.6% year over year; +28.0% a year from FY2021 to FY2026) with a 19.2% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +28.0% good |
|---|---|
| Operating margin | 16% good |
| Free cash flow margin | 26.9% good |
| Return on equity (FY2026) | 23.7% good |
| Return on assets (FY2026) | 14.3% good |
| Net cash (cash minus debt) | $-466.5M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $480.6M | $39.6M | $64.9M |
| FY2022 | $525.6M | $84.0M | $62.4M |
| FY2023 | $1.32B | $-53.0M | $34.3M |
| FY2024 | $1.54B | $101.6M | $149.3M |
| FY2025 | $1.58B | $128.8M | $134.0M |
| FY2026 | $1.65B | $317.3M | $444.7M |
Valuation snapshot
| Market value | $4.10B |
|---|---|
| P/E ratio | 13 |
| Dividend yield | 0.64% |
Rank among 1514 US companies
Market value at each year end
AZZ Incorporated’s market value went from $1.66B at the end of 2016 to $4.10B on Oct 28, 2026, about 2.5 times as much; since the end of 2025 it is up 27%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.10B | +27.2% |
| 2025 | $3.22B | +31.6% |
| 2024 | $2.45B | +68.0% |
| 2023 | $1.46B | +45.6% |
| 2022 | $1.00B | -26.7% |
| 2021 | $1.37B | +13.5% |
| 2020 | $1.20B | -0.2% |
| 2019 | $1.21B | +14.5% |
| 2018 | $1.05B | -20.6% |
| 2017 | $1.33B | -20.0% |
| 2016 | $1.66B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AZZ price data to Oct 28, 2026 | +28.6% | +35.8% | +44.5% | +22.2% | +11.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +28.6% |
| 2025 | +31.9% |
| 2024 | +42.3% |
| 2023 | +46.8% |
| 2022 | -26.1% |
| 2021 | +18.1% |
| 2020 | +5.3% |
| 2019 | +15.7% |
| 2018 | -19.9% |
| 2017 | -19.0% |
| 2016 | +16.3% |
| 2015 | +19.9% |
| 2014 | -2.7% |
| 2013 | +28.9% |
| 2012 | +72.8% |
| 2011 | +16.2% |
| 2010 | +25.8% |
| 2009 | +30.3% |
| 2008 | -11.5% |
| 2007 | +10.7% |
| 2006 | +183.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 51.7% over that stretch · deepest drop along the way 65.3%, back to its old high 27.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 42.1% over that stretch · deepest drop along the way 52.7%, back to its old high 8.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 39.6% over that stretch · deepest drop along the way 44.8%, back to its old high 14.3 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 2 sales ($1.0M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 11, 2026 | Jeffrey Vellines Pres & COO - Precoat Metals | sell | $648K |
| Aug 14, 2026 | Bryan Lee Stovall COO - Metal Coatings | sell | $402K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.2% | Jun 30, 2025 |
| Vanguard Portfolio Management | 6.12% | Mar 31, 2026 |
| Vanguard Capital Management | 5.25% | Mar 31, 2026 |
| FMR LLC | 4.8% | Jun 30, 2026 |
| Capital International Investors | 4.8% | Mar 31, 2026 |
| T. Rowe Price Investment Management, Inc. | 4.6% | Jun 30, 2026 |
ETFs with the most weight in AZZ
| GGTL Gabelli Global Technology Leaders ETF | 4.16% |
| MGMT Ballast Small/Mid Cap ETF | 3.09% |
| UPGR Xtrackers US Green Infrastructure Select Equity ETF | 2.78% |
| LOPP Gabelli Love Our Planet & People ETF | 2.51% |
| RZG Invesco S&P SmallCap 600® Pure Growth ETF | 1.34% |
| SOVF Sovereign's Capital Flourish Fund | 1.12% |
| JPSV JPMorgan Active Small Cap Value ETF | 1% |
| SCDS JPMorgan Fundamental Data Science Small Core ETF | 0.95% |
What could go wrong
- Heavy reliance on construction and seasons. Construction is AZZ's largest source of business, so volumes are stronger in warm months and weaker in winter. Economic downturns can lead customers to delay or cancel projects, hurting sales and cash flow.
- Zinc and natural gas price swings. Zinc is the main raw material in galvanizing, and natural gas powers coil coating lines. Both prices can swing sharply. AZZ uses supplier agreements to manage this but may not always do so.
- Limited say over the AVAIL joint venture. AZZ owns 40% of AVAIL and lacks sole say over most strategic, operating and governance decisions. The investment also relies on the joint venture partner's financial condition.
- Price competition and substitute materials. Galvanizing competes with other galvanizers, manufacturers' in-house plants, stainless steel, aluminum and paint. Coil coating competes with other toll coaters and steel and aluminum mills. Some rivals may have lower costs and charge less.
- Debt and interest rate exposure. As of August 31, 2026, AZZ had about $468 million of debt and roughly $2 million of cash. Higher interest rates would raise costs on variable-rate debt, and loan terms could restrict flexibility.
- Labor shortages and rising wages. About 83% of AZZ's roughly 3,767 workers were hourly, and 558 had union contracts, as of February 28, 2026. Shortages of skilled labor, higher wages or minimum-wage changes could squeeze margins.
Recent events
- Investor presentation or announcement
- Quarterly results released
- Other company announcement
- Executive or board change
- Quarterly results released
- Shareholder vote results
- Other company announcement
- Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Quarterly results released
For income and retirement investors
AZZ pays a small dividend. The regular dividend held at $0.68 per share from fiscal 2021 to 2025, then rose to $0.77 in fiscal 2026 (the year ended February 28, 2026), a one-year streak of increases. The yield was 0.64% as of October 28, 2026. Dividends took about 7% of fiscal 2026 earnings, a year when net income more than doubled, and about 5% of free cash flow (cash left after capital spending). AZZ bought back $20 million of stock in fiscal 2026 after three years without buybacks. Even so, the share count rose about 21% from December 2021 to September 2026. An income investor would get little cash from the dividend and would rely mostly on share price growth.
The share price fell sharply in past downturns. It dropped about 65% in the 2008 financial crisis and took about 28 months to recover. It fell 53% in the 2020 COVID crash and recovered in 8 months. In the 2022 bear market it fell 45% and recovered in 14 months. As a single stock, AZZ carries more risk than a diversified fund.
Questions investors ask
How does AZZ make money?
AZZ makes money by coating metal for other businesses. In the fiscal year ended February 28, 2026, about 54% of its roughly $1.65 billion in revenue came from Precoat Metals. That segment paints and cures coils of steel and aluminum before they are shaped into products. The other 46% came from Metal Coatings, mainly hot-dip galvanizing, which protects finished steel from rust with a layer of zinc. AZZ also holds a 40% stake in the AVAIL joint venture.
Does AZZ raise its dividend every year?
No. AZZ's regular dividend stayed at $0.68 per share each fiscal year from 2021 through 2025, then rose to $0.77 in the year ended February 28, 2026. That makes a one-year streak of increases, or about 2.5% average annual growth over five years. The yield (yearly dividends as a share of the stock price) was 0.64% as of October 28, 2026. Dividends used only about 7% of fiscal 2026 earnings.
How has AZZ stock performed over the long term?
AZZ's share price rose 35.8% in the year to October 28, 2026. It averaged 22.2% a year over five years and 11.4% a year over ten years. The path has been bumpy. The stock fell 26.1% in calendar 2022, then gained 46.8% in 2023, 42.3% in 2024 and 31.9% in 2025. Its largest peak-to-trough drop over about 21 years was about 68%.
What is AZZ's P/E ratio?
About 13, based on the share price on October 28, 2026, and fiscal 2026 earnings (the year ended February 28, 2026). The P/E ratio divides the share price by earnings per share. AZZ's diluted earnings per share were $10.50 in fiscal 2026, far above the $1.79 of fiscal 2025 and above every other year since fiscal 2021. A ratio built on one unusually strong year can make a stock look cheaper than its usual earnings would. It is worth comparing several years of results.
How much debt does AZZ have?
About $468 million as of August 31, 2026. AZZ held only about $2 million of cash and investments on that date, so net debt (debt minus cash) was roughly $467 million. Shareholders' equity was about $1.42 billion. Its 10-K (annual report) warns that higher interest rates would raise costs on variable-rate debt. It also warns that terms in its debt agreements could limit how it runs the business.