# AZZ Inc. (AZZ)

> Source: Nexqual · https://nexqual.com/AZZ · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, AZZ Inc. (AZZ), nexqual.com/AZZ" · informational, not investment advice.

**Price:** USD 133.39 (-3.75% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 138.58 · day 131.59–136.75 · 52w 94.61–162.2 · market cap $4.01B · NYQ

## Key facts
- Last four reported quarters (through Aug 31, 2026): revenue $1.75B, net income $167M (9.6% margin), free cash flow $214M (SEC filings).
- Valuation: P/E 23.9x (avg 17.6x at the last 3 fiscal year-ends), EV/EBITDA 11.7x, net debt $467M.
- 1 of 80 tracked superinvestors hold AZZ (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $1.0M; 2 not under a Rule 10b5-1 plan ($1.0M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.45 on a 1–5 scale) (11 analysts), mean target USD 162.3 (range 145–200).
- Total return with dividends: 1Y +32.8% vs S&P 500 +14.9%; 5Y +169.2% vs S&P 500 +80.3%.
- Next earnings: 2027-01-06, EPS estimate USD 1.87, revenue estimate $481M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $526M | $1.32B | $1.54B | $1.58B | $1.65B | $1.75B |
| Gross profit | $146M | $296M | $363M | $383M | $395M | — |
| Operating income | $79.2M | $174M | $222M | $236M | $265M | $287M |
| Net income | $84.0M | -$53.0M | $102M | $129M | $317M | $167M |
| EPS (diluted) | $3.35 | -$2.45 | $3.46 | $1.79 | $10.50 | — |
| Free cash flow | $62.4M | $34.3M | $149M | $134M | $445M | $214M |
| Gross margin | 27.8% | 22.4% | 23.6% | 24.3% | 23.9% | — |
| Operating margin | 15.1% | 13.1% | 14.4% | 15.0% | 16.0% | 16.5% |
| Net margin | 16.0% | -4.0% | 6.6% | 8.2% | 19.2% | 9.6% |
| Revenue growth | +9.4% | +151.8% | +16.2% | +2.6% | +4.6% | — |
| Cash + short-term investments | $12.1M | $2.8M | $4.3M | $1.5M | $705K | — |
| Total debt | $226M | $1.06B | $953M | $852M | $478M | — |
Fiscal years end Feb. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 31, 2026)
P/E 23.9x · P/S 2.3x · EV/EBITDA 11.7x · EV/Sales 2.6x · P/FCF 18.7x · P/B 2.8x · FCF yield 5.35% · Earnings yield 4.18% · Dividend yield (paid, TTM) 0.63% · Net debt $467M · EV $4.48B
P/E at fiscal year-ends: Feb 2026 12.9x, Feb 2025 21.9x, Feb 2024 18.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold AZZ. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.02% | $2.7M | Added +20.3% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-14 | Stovall Bryan Lee | COO - Metal Coatings | 2,677 | $402K | 7.1% | No | Too little history (no open-market trades in 2023) |
| 2026-08-11 | Vellines Jeffrey | Pres & COO - Precoat Metals | 4,220 | $648K | 69.7% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.45 on a 1–5 scale), 11 analysts; mean target USD 162.3 (low 145, high 200).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Barclays | Target raised | Equal-Weight | $140 → $145 |
| 2026-10-15 | Wells Fargo | Target raised | Equal-Weight | $144 → $145 |
| 2026-10-15 | B. Riley Securities | Target raised | Buy | $170 → $174 |
| 2026-10-15 | Baird | Target lowered | Neutral | $155 → $150 |
| 2026-10-14 | Barclays | Initiated | Equal-Weight | $140 |
| 2026-07-13 | B. Riley Securities | Target raised | Buy | $169 → $170 |
| 2026-07-10 | Wells Fargo | Target raised | Equal-Weight | $138 → $144 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +32.8% | +169.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +32.9% | +21.8% |
| Volatility (annualized) | 32.0% | 31.4% |
| Max drawdown | -19.0% (Jun 2026→Oct 2026) | -39.7% (Nov 2021→Oct 2022) |

## Peers (Specialty Business Services)
FA (First Advantage Corporation) USD 21.22 +7.93% · MMS (Maximus, Inc.) USD 63.38 +2.11% · AMTM (Amentum Holdings, Inc.) USD 21.29 +5.66% · UNF (Unifirst Corporation) USD 278.99 +1.82% · ABM (ABM Industries Incorporated) USD 53.88 +3.06% · CBZ (CBIZ, Inc.) USD 54.89 +0.07%

## More
Full page: https://nexqual.com/AZZ · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in AZZ's own 10-K filed 2026-04-22 (https://www.sec.gov/Archives/edgar/data/8947/000000894726000068/azz-20260228.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Precoat Metals | "•Customer inventories for our AZZ Precoat Metals segment remain at normal seasonal levels, which should support the continued demand for our coil coating solutions." |
| Partner | AIS Investment Holdings | "On September 30, 2022, we completed a disposition of 60% of the equity of AIS Investment Holdings LLC, a Delaware limited liability company (the "AVAIL JV"), which consists of our former AZZ Infrastructure Solutions Segm…" |

## Revenue by business segment (quarter ended 2026-08-31)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Precoat Metals | $253.4M | 52.0% | +11.5% | $43.3M | 17.1% |
| Metal Coatings | $233.5M | 48.0% | +22.9% | $64.1M | 27.4% |
| Total revenue | $486.9M | 100% | — | $107.4M | 22.1% |

## Revenue by region (quarter ended 2026-08-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $472.4M | 97.0% | +16.8% |
| CANADA | $14.5M | 3.0% | +12.6% |
| Total revenue | $486.9M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-11-30) | $1.87 | $1.84 | +1.6% | $480.8M | 11 |
| Next quarter (ends 2027-02-28) | $1.48 | $1.54 | -3.3% | $431.2M | 11 |
| Current fiscal year (ends 2027-02-28) | $7.21 | $7.07 | +1.9% | $1.85B | 11 |
| Next fiscal year (ends 2028-02-29) | $7.91 | $7.79 | +1.6% | $1.93B | 10 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-02-19 (includes earnings 2027-01-06): ±17.2%; earnings reaction alone ±5.5%; last 8 reports averaged ±3.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 36.4% | ±8.3% |
| 2026-12-18 | 56 | 35.7% | ±11.4% |
| 2027-02-19 | 119 | 37.5% | ±17.2% |
| 2027-05-21 | 210 | 38.8% | ±23.4% |