AZZ (AZZ) Financials

$90.60 +0.67 (+0.75%)

Closing price 03:59 PM Eastern

Extended Trading

$90.61 +0.01 (+0.01%)

As of 04:04 PM Eastern

Annual Income Statements for AZZ

This table shows AZZ's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	2/28/2025	2/29/2024	2/28/2023	2/28/2022	2/28/2021	2/29/2020	2/28/2019	2/28/2018	2/28/2017	2/29/2016	2/28/2015
Net Income / (Loss) Attributable to Common Shareholders	52	87	-61	84	40	48	51	45	61	76	66
Consolidated Net Income / (Loss)	129	102	-53	84	40	48	51	45	61	76	66
Net Income / (Loss) Continuing Operations	129	102	66	50	27	48	51	45	61	76	66
Total Pre-Tax Income	171	130	89	73	38	65	63	31	85	102	91
Total Operating Income	236	222	174	79	47	79	77	48	99	120	108
Total Gross Profit	383	363	296	146	123	237	199	160	205	228	207
Total Revenue	1,578	1,538	1,324	526	481	1,062	927	810	864	889	820
Operating Revenue	1,578	1,538	1,324	526	481	1,062	927	810	864	889	820
Total Cost of Revenue	1,195	1,174	1,028	379	358	825	728	650	658	661	613
Operating Cost of Revenue	1,195	1,174	1,028	379	358	825	728	650	658	661	613
Total Operating Expenses	146	142	122	67	75	158	122	112	106	108	99
Selling, General & Admin Expense	146	142	122	67	59	139	122	112	106	108	99
Total Other Income / (Expense), net	-66	-91	-85	-6.19	-9.05	-14	-14	-17	-14	-18	-17
Interest Expense	81	107	89	6.36	9.46	13	15	14	15	15	17
Interest & Investment Income	16	15	2.60	0.00	0.00	-	-	-	-	-	-
Other Income / (Expense), net	-0.56	0.16	1.24	0.18	0.42	-0.99	1.02	-3.49	1.12	-2.77	-0.13
Income Tax Expense	42	28	22	23	11	17	12	-14	24	27	26
Net Income / (Loss) Discontinued Operations	0.00	0.00	-119	34	12	-	-	-	-	-	-
Preferred Stock Dividends Declared	76	14	8.24	0.00	0.00	-	-	-	-	-	-
Basic Earnings per Share	$1.80	$3.48	($2.47)	$3.38	$1.53	$1.84	$1.97	$1.74	$2.36	$2.93	$2.56
Weighted Average Basic Shares Outstanding	29.09M	25.04M	24.83M	24.86M	25.90M	26.19M	26.04M	25.97M	25.97M	25.80M	25.68M
Diluted Earnings per Share	$1.79	$3.46	($2.45)	$3.35	$1.52	$1.84	$1.96	$1.73	$2.35	$2.91	$2.55
Weighted Average Diluted Shares Outstanding	29.34M	25.21M	24.98M	25.08M	26.05M	26.28M	26.11M	26.04M	26.10M	25.94M	25.78M
Weighted Average Basic & Diluted Shares Outstanding	29.91M	25.10M	24.91M	24.69M	-	25.03M	26M	26M	26M	25.92M	25.70M
Cash Dividends to Common per Share	$0.68	$0.68	$0.68	$0.68	$0.68	$0.68	$0.68	$0.68	$0.64	$0.60	-

This table shows AZZ's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023
Period end date	2/28/2025	11/30/2024	8/31/2024	5/31/2024	2/29/2024	11/30/2023	8/31/2023	5/31/2023	2/28/2023	11/30/2022	8/31/2022
Net Income / (Loss) Attributable to Common Shareholders	20	34	35	-37	14	23	25	25	-2.54	-24	-59
Consolidated Net Income / (Loss)	20	34	35	40	18	27	28	29	1.06	-21	-58
Net Income / (Loss) Continuing Operations	20	34	35	40	18	27	28	29	7.43	18	25
Total Pre-Tax Income	26	46	48	51	22	36	34	38	11	21	36
Total Operating Income	40	59	68	70	42	53	61	65	36	45	64
Total Gross Profit	79	98	104	103	81	88	97	97	61	73	102
Total Revenue	352	404	409	413	367	382	399	391	337	373	407
Operating Revenue	352	404	409	413	367	382	399	391	337	373	407
Total Cost of Revenue	273	306	305	311	286	293	301	294	275	300	305
Operating Cost of Revenue	273	306	305	311	286	293	301	294	275	300	305
Total Operating Expenses	38	39	36	33	39	35	36	32	25	28	37
Selling, General & Admin Expense	38	39	36	33	39	35	36	32	25	28	37
Total Other Income / (Expense), net	-14	-13	-20	-19	-20	-17	-27	-27	-25	-25	-28
Interest Expense	17	19	22	23	25	26	28	29	27	26	28
Interest & Investment Income	3.69	7.17	1.48	3.82	4.27	8.74	0.97	1.42	1.59	1.01	0.00
Other Income / (Expense), net	-0.42	-0.76	0.42	0.20	0.15	-0.04	0.09	-0.04	0.66	0.61	-0.06
Income Tax Expense	6.12	12	12	11	4.10	8.78	5.97	9.65	3.96	2.45	11
Basic Earnings per Share	$0.87	$1.12	$1.19	($1.38)	$0.56	$0.93	$0.99	$1.00	($0.11)	($0.97)	($2.36)
Weighted Average Basic Shares Outstanding	29.09M	29.88M	29.85M	26.75M	25.04M	25.08M	25.05M	24.94M	24.83M	24.87M	24.84M
Diluted Earnings per Share	$0.87	$1.12	$1.18	($1.38)	$0.59	$0.92	$0.97	$0.98	($0.53)	($0.97)	($1.91)
Weighted Average Diluted Shares Outstanding	29.34M	30.12M	30.06M	26.75M	25.21M	29.33M	29.21M	29.15M	24.98M	25.00M	29.06M
Weighted Average Basic & Diluted Shares Outstanding	29.91M	29.88M	29.88M	29.82M	25.10M	25.08M	25.08M	25.01M	24.91M	24.89M	24.86M
Cash Dividends to Common per Share	$0.17	$0.17	$0.17	$0.17	$0.17	$0.17	$0.17	$0.17	$0.17	$0.17	$0.17

This table details how cash moves in and out of AZZ's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	2/28/2025	2/29/2024	2/28/2023	2/28/2022	2/28/2021	2/29/2020	2/28/2019	2/28/2018	2/28/2017	2/29/2016	2/28/2015
Net Change in Cash & Equivalents	-2.86	1.53	-21	0.25	-25	13	4.59	9.55	-29	18	-5.04
Net Cash From Operating Activities	250	244	83	61	109	142	110	77	111	144	118
Net Cash From Continuing Operating Activities	250	244	91	61	109	142	110	77	111	144	118
Net Income / (Loss) Continuing Operations	129	102	66	50	27	48	51	45	61	76	66
Consolidated Net Income / (Loss)	52	87	-61	84	40	48	51	45	61	76	66
Net Income / (Loss) Discontinued Operations	0.00	0.00	-119	34	12	-	-	-	-	-	-
Depreciation Expense	82	79	75	32	32	50	50	51	50	47	46
Non-Cash Adjustments To Reconcile Net Income	119	24	16	11	24	37	11	21	14	4.77	4.66
Changes in Operating Assets and Liabilities, net	-5.11	54	-66	-33	25	6.60	-2.24	-40	-14	16	0.36
Net Cash From Discontinued Operating Activities	0.00	0.00	-	-	-	-	-	-	-	-	-
Net Cash From Investing Activities	-115	-95	-1,229	-82	-19	-69	-31	-74	-63	-99	-40
Net Cash From Continuing Investing Activities	-115	-95	-1,229	-82	-19	-69	-31	-74	-41	-99	-40
Purchase of Property, Plant & Equipment	-116	-95	-57	-24	-27	-33	-25	-30	-41	-40	-29
Acquisitions	0.00	0.00	-1,283	-61	-4.42	-61	-8.00	-45	0.00	-61	-12
Sale of Property, Plant & Equipment	0.89	-	-	-	0.08	0.34	1.54	0.46	0.77	1.14	1.33
Divestitures	0.00	0.00	107	0.00	12	24	0.00	0.00	-	-	-
Net Cash From Discontinued Investing Activities	0.00	0.00	-	-	-	-	-	-	-	-	-
Net Cash From Financing Activities	-139	-148	1,027	0.91	-88	-60	-75	5.90	-77	-25	-82
Net Cash From Continuing Financing Activities	-139	-148	1,027	0.91	-88	-60	-75	5.90	-77	-25	-82
Repayment of Debt	-439	-366	-869	-248	-403	-467	-324	-320	-234	-192	-79
Repurchase of Preferred Equity	-309	-	-	-	-	-	-	-	-	-	-
Payment of Dividends	-23	-31	-23	-17	-18	-18	-18	-18	-17	-15	-15
Issuance of Debt	326	249	1,920	296	378	429	264	349	180	181	11
Issuance of Common Equity	311	2.36	2.37	2.79	2.83	3.11	3.77	3.32	-	-	-
Other Financing Activities, net	-5.24	-1.71	-3.00	-2.19	-0.71	-1.23	-0.57	-1.22	0.00	1.03	0.26
Net Cash From Discontinued Financing Activities	0.00	0.00	-	-	-	-	-	-	-	-	-
Other Net Changes in Cash	0.92	0.00	97	21	-27	-	-	-	-	-	-

This table details how cash moves in and out of AZZ's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023
Period end date	2/28/2025	11/30/2024	8/31/2024	5/31/2024	2/29/2024	11/30/2023	8/31/2023	5/31/2023	2/28/2023	11/30/2022	8/31/2022
Net Change in Cash & Equivalents	0.00	-0.67	-8.39	6.20	-3.16	5.40	-1.77	1.06	-4.07	-15	-88
Net Cash From Operating Activities	64	66	47	72	64	63	71	47	19	23	18
Net Cash From Continuing Operating Activities	140	66	47	-3.25	64	63	71	47	23	27	20
Net Income / (Loss) Continuing Operations	20	34	35	40	18	27	28	29	7.43	18	25
Consolidated Net Income / (Loss)	20	34	35	-37	14	23	25	25	-2.54	-24	-59
Depreciation Expense	21	21	20	20	20	20	20	19	19	22	22
Non-Cash Adjustments To Reconcile Net Income	104	1.40	10	3.87	8.79	0.04	7.82	7.13	5.24	4.04	3.07
Changes in Operating Assets and Liabilities, net	-6.26	11	-19	9.35	20	19	19	-3.68	-8.63	-18	-30
Net Cash From Investing Activities	-30	-26	-31	-27	-28	-24	-26	-17	-21	105	-6.84
Net Cash From Continuing Investing Activities	-30	-26	-31	-27	-28	-24	-26	-17	-21	105	-8.17
Purchase of Property, Plant & Equipment	-30	-26	-32	-27	-28	-24	-26	-17	-22	-16	-12
Sale of Property, Plant & Equipment	0.04	-	-	-	-	-	-	-	-	-	-
Net Cash From Financing Activities	-35	-41	-24	-39	-38	-33	-47	-30	22	-240	-124
Net Cash From Continuing Financing Activities	-110	-41	-24	37	-38	-33	-47	-30	22	-240	-124
Repayment of Debt	-86	-114	-138	-101	-91	-72	-91	-112	-93	-315	-257
Repurchase of Preferred Equity	-75	-	-	-234	-	-	-	0.00	-	-	-
Payment of Dividends	-5.09	-5.08	-5.08	-7.87	-7.87	-7.86	-7.85	-7.84	-10	-4.25	-4.23
Issuance of Debt	55	78	118	75	60	47	50	92	125	80	136
Issuance of Common Equity	1.23	-	1.51	309	0.90	0.00	1.46	0.00	0.61	-	-
Other Financing Activities, net	-0.26	-	-0.41	-4.57	-0.92	-	0.92	-1.71	-0.41	-0.29	0.01

This table presents AZZ's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	2/28/2025	2/29/2024	2/28/2023	2/28/2022	2/28/2021	2/29/2020	2/28/2019	2/28/2018	2/28/2017	2/29/2016	2/28/2015
Total Assets	2,227	2,196	2,221	1,133	999	1,074	1,089	1,028	978	988	937
Total Current Assets	375	367	417	387	305	355	379	329	297	316	299
Cash & Equivalents	1.49	4.35	2.82	12	15	37	24	21	11	40	23
Accounts Receivable	148	158	183	85	129	139	145	141	189	195	159
Inventories, net	112	118	144	83	94	100	125	111	94	77	108
Prepaid Expenses	7.06	7.81	7.99	1.58	6.03	8.73	9.25	4.27	2.76	3.11	4.57
Other Current Assets	107	79	79	3.10	61	70	76	52	-	-	-
Plant, Property, & Equipment, net	593	542	499	193	207	213	210	217	229	226	197
Total Noncurrent Assets	1,259	1,287	1,306	553	487	506	500	482	453	446	442
Long-Term Investments	99	98	85	0.00	-	-	-	-	-	-	-
Goodwill	704	705	703	190	354	356	324	321	307	293	279
Intangible Assets	422	445	469	39	91	107	130	161	146	154	163
Noncurrent Deferred & Refundable Income Taxes	3.62	5.61	12	3.46	3.97	-	-	-	-	-	-
Other Noncurrent Operating Assets	30	32	36	14	38	43	46	0.00	-	-	-
Total Liabilities & Shareholders' Equity	2,227	2,196	2,221	1,133	999	1,074	1,089	1,028	978	988	937
Total Liabilities	1,182	1,261	1,368	466	376	439	485	463	445	504	517
Total Current Liabilities	221	194	187	151	117	281	165	132	137	150	149
Accounts Payable	106	88	84	25	42	62	53	54	50	47	50
Current Deferred & Payable Income Tax Liabilities	0.60	0.17	0.27	3.83	0.00	2.88	0.63	0.14	0.78	2.70	2.89
Current Employee Benefit Liabilities	38	31	26	17	23	39	30	19	23	30	23
Other Current Liabilities	76	75	76	16	52	52	80	42	24	26	18
Total Noncurrent Liabilities	961	1,067	1,181	315	259	159	320	331	308	354	368
Long-Term Debt	852	953	1,058	226	178	78	241	287	255	302	316
Noncurrent Deferred & Payable Income Tax Liabilities	43	39	41	48	39	38	37	33	54	52	52
Other Noncurrent Operating Liabilities	65	75	82	17	42	43	43	12	0.00	-	-
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	-	-	-
Redeemable Noncontrolling Interest	0.00	234	234	-	-	-	-	-	-	-	-
Total Equity & Noncontrolling Interests	1,045	701	620	667	623	634	604	565	533	484	420
Total Preferred & Common Equity	1,045	701	620	667	623	634	604	565	533	484	420
Total Common Equity	1,045	701	620	667	623	634	604	565	533	484	420
Common Stock	448	128	118	111	101	93	85	64	64	61	53
Retained Earnings	609	576	506	584	547	572	548	526	499	454	389
Accumulated Other Comprehensive Income / (Loss)	-12	-3.89	-4.57	-27	-25	-31	-29	-25	-29	-31	-23

This table presents AZZ's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2025	Q2 2025	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	11/30/2024	8/31/2024	5/31/2024	11/30/2023	8/31/2023	5/31/2023	11/30/2022	8/31/2022	5/31/2022	11/30/2021
Total Assets	2,245	2,240	2,236	2,209	2,215	2,206	2,199	2,585	2,782	1,038
Total Current Assets	394	401	396	393	410	408	407	658	720	350
Cash & Equivalents	1.48	2.15	11	7.51	2.11	3.88	3.29	11	101	20
Accounts Receivable	168	176	162	173	184	170	173	194	256	145
Inventories, net	115	115	114	127	136	145	141	142	189	107
Prepaid Expenses	11	14	17	9.30	11	10	10.00	13	18	5.15
Other Current Assets	99	94	93	76	77	79	79	83	156	68
Plant, Property, & Equipment, net	580	570	555	525	516	504	491	496	492	200
Total Noncurrent Assets	1,270	1,269	1,284	1,291	1,288	1,293	1,219	1,430	1,570	483
Long-Term Investments	102	98	102	97	86	87	0.00	-	-	-
Goodwill	705	706	705	705	706	706	710	736	919	353
Intangible Assets	428	434	440	451	467	469	3.44	3.62	594	84
Noncurrent Deferred & Refundable Income Taxes	5.56	5.62	5.59	5.82	5.82	5.82	481	478	5.22	-
Other Noncurrent Operating Assets	30	26	32	31	24	26	24	26	52	45
Total Liabilities & Shareholders' Equity	2,245	2,240	2,236	2,209	2,215	2,206	2,199	2,585	2,782	1,038
Total Liabilities	1,215	1,241	1,269	1,288	1,316	1,335	1,347	1,725	2,095	390
Total Current Liabilities	222	217	224	200	206	180	221	350	334	119
Accounts Payable	98	109	117	95	127	107	109	158	186	42
Current Deferred & Payable Income Tax Liabilities	2.72	1.92	3.41	0.05	0.05	0.18	0.00	11	1.66	3.20
Current Employee Benefit Liabilities	34	25	19	26	21	18	36	27	27	24
Other Current Liabilities	87	82	85	79	58	55	58	59	106	49
Total Noncurrent Liabilities	993	1,023	1,045	1,088	1,110	1,154	1,126	1,375	1,760	271
Long-Term Debt	880	913	930	980	1,002	1,041	1,011	1,238	1,595	191
Noncurrent Deferred & Payable Income Tax Liabilities	45	42	42	33	31	30	32	29	48	36
Other Noncurrent Operating Liabilities	69	69	73	74	76	83	84	86	117	43
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	0.00	0.00	0.00	-	-	-	-	-	-	-
Total Equity & Noncontrolling Interests	1,030	1,000	967	921	898	871	853	860	688	648
Total Preferred & Common Equity	1,030	1,000	967	921	898	871	853	860	688	648
Total Common Equity	1,030	1,000	967	921	898	871	852	859	688	648
Common Stock	445	441	435	359	356	352	350	348	110	106
Retained Earnings	594	566	535	566	547	527	513	541	604	569
Accumulated Other Comprehensive Income / (Loss)	-9.38	-6.90	-3.06	-3.96	-5.81	-7.54	-11	-30	-27	-27

This table displays calculated financial ratios and metrics derived from AZZ's official financial filings.

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	2/28/2025	2/29/2024	2/28/2023	2/28/2022	2/28/2021	2/29/2020	2/28/2019	2/28/2018	2/28/2017	2/29/2016	2/28/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.61%	16.16%	151.84%	9.37%	-54.74%	14.53%	14.39%	-6.15%	-2.91%	8.50%	9.04%
EBITDA Growth	5.59%	20.73%	123.79%	39.37%	-37.78%	0.25%	34.57%	-36.64%	-8.83%	6.22%	-0.22%
EBIT Growth	6.33%	26.81%	120.27%	65.78%	-38.88%	0.48%	74.21%	-55.25%	-14.89%	9.06%	-4.05%
NOPAT Growth	3.09%	33.23%	140.39%	60.92%	-43.06%	-5.71%	-11.32%	-0.72%	-19.97%	14.35%	22.18%
Net Income Growth	26.80%	291.81%	-163.05%	112.10%	-17.87%	-5.81%	13.37%	-26.27%	-18.90%	15.13%	10.10%
EPS Growth	-48.27%	241.22%	-173.13%	120.39%	-17.39%	-6.12%	13.29%	-26.38%	-19.24%	14.12%	9.91%
Operating Cash Flow Growth	2.23%	193.87%	37.28%	-44.46%	-23.33%	28.82%	43.83%	-30.91%	-22.57%	21.52%	10.14%
Free Cash Flow Firm Growth	-21.76%	117.58%	-440.88%	1,075.80%	-68.70%	10.23%	370.79%	-61.01%	-12.45%	-43.52%	147.78%
Invested Capital Growth	0.69%	-2.15%	275.01%	-38.17%	0.44%	-4.54%	-2.93%	6.55%	3.05%	4.68%	-2.47%
Revenue Q/Q Growth	-0.92%	1.99%	30.23%	57.54%	-45.92%	4.20%	0.20%	2.06%	-2.21%	2.12%	0.53%
EBITDA Q/Q Growth	-0.62%	2.44%	22.11%	6.36%	-1.60%	-13.84%	5.93%	-13.83%	-0.43%	-1.18%	2.49%
EBIT Q/Q Growth	-1.01%	2.58%	21.07%	0.68%	40.33%	-21.50%	10.93%	-25.83%	-0.70%	-1.65%	2.55%
NOPAT Q/Q Growth	-1.52%	5.27%	25.34%	-5.33%	74.79%	-25.15%	-28.08%	60.38%	-6.31%	-0.99%	10.45%
Net Income Q/Q Growth	1.85%	19.81%	-63.43%	6.95%	209.22%	-28.78%	-22.23%	33.04%	-4.01%	-2.74%	11.40%
EPS Q/Q Growth	18.54%	47.86%	-131.13%	7.72%	204.00%	-28.68%	-22.22%	33.08%	-3.69%	-3.64%	11.35%
Operating Cash Flow Q/Q Growth	0.31%	22.15%	5.78%	-36.65%	-15.84%	14.37%	14.83%	-17.06%	14.96%	3.01%	23.61%
Free Cash Flow Firm Q/Q Growth	-3.43%	30.21%	-36.87%	1,018.85%	-76.70%	166.07%	15.26%	-11.59%	50.19%	-18.87%	19.92%
Invested Capital Q/Q Growth	-0.47%	-0.65%	1.61%	-39.89%	0.38%	-12.38%	-3.61%	0.63%	-2.90%	-0.39%	-1.97%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	24.25%	23.64%	22.36%	27.81%	25.57%	22.34%	21.42%	19.78%	23.78%	25.65%	25.23%
EBITDA Margin	20.16%	19.59%	18.85%	21.21%	16.64%	12.11%	13.83%	11.76%	17.42%	18.55%	18.94%
Operating Margin	14.98%	14.41%	13.12%	15.07%	9.88%	7.47%	8.30%	5.95%	11.45%	13.53%	13.16%
EBIT Margin	14.95%	14.42%	13.21%	15.11%	9.97%	7.38%	8.41%	5.52%	11.58%	13.21%	13.15%
Profit (Net Income) Margin	8.17%	6.61%	-4.00%	15.99%	8.24%	4.54%	5.52%	5.57%	7.09%	8.49%	8.01%
Tax Burden Percent	75.48%	78.10%	-59.74%	115.05%	103.08%	74.33%	81.28%	146.18%	71.82%	73.79%	71.94%
Interest Burden Percent	72.38%	58.67%	50.71%	91.99%	80.25%	82.82%	80.80%	69.03%	85.27%	87.11%	84.63%
Effective Tax Rate	24.52%	21.90%	25.19%	31.79%	29.27%	25.67%	18.72%	-46.18%	28.18%	26.21%	28.06%
Return on Invested Capital (ROIC)	9.96%	9.59%	11.25%	8.49%	4.28%	7.36%	7.51%	8.61%	9.09%	11.80%	10.42%
ROIC Less NNEP Spread (ROIC-NNEP)	3.77%	1.74%	-35.08%	-331.52%	8.01%	1.65%	2.95%	-0.78%	5.51%	7.39%	6.96%
Return on Net Nonoperating Assets (RNNOA)	3.05%	1.77%	-18.21%	4.53%	2.08%	0.51%	1.25%	-0.38%	2.95%	4.91%	6.06%
Return on Equity (ROE)	13.01%	11.37%	-6.97%	13.02%	6.36%	7.86%	8.76%	8.23%	12.04%	16.71%	16.49%
Cash Return on Invested Capital (CROIC)	9.28%	11.77%	-104.55%	55.66%	3.84%	12.00%	10.48%	2.26%	6.09%	7.22%	12.92%
Operating Return on Assets (OROA)	10.66%	10.04%	10.43%	7.45%	4.80%	7.52%	7.37%	4.46%	10.17%	12.21%	11.40%
Return on Assets (ROA)	5.83%	4.60%	-3.16%	7.88%	3.97%	4.63%	4.84%	4.50%	6.23%	7.85%	6.94%
Return on Common Equity (ROCE)	11.48%	8.39%	-5.90%	13.02%	6.36%	7.86%	8.76%	8.23%	12.04%	16.71%	16.49%
Return on Equity Simple (ROE_SIMPLE)	12.32%	14.50%	-8.55%	12.59%	6.36%	7.74%	8.48%	7.99%	11.49%	15.60%	15.62%
Net Operating Profit after Tax (NOPAT)	178	173	130	54	34	59	63	71	71	89	78
NOPAT Margin	11.31%	11.26%	9.81%	10.28%	6.99%	5.55%	6.75%	8.70%	8.23%	9.98%	9.47%
Net Nonoperating Expense Percent (NNEP)	6.19%	7.85%	46.32%	340.01%	-3.73%	5.70%	4.56%	9.39%	3.58%	4.40%	3.46%
Return On Investment Capital (ROIC_SIMPLE)	9.40%	-	-	-	-	-	-	-	-	-	-
Cost of Revenue to Revenue	75.75%	76.36%	77.64%	72.19%	74.43%	77.66%	78.58%	80.22%	76.22%	74.35%	74.77%
SG&A Expenses to Revenue	9.27%	9.23%	9.24%	12.73%	12.34%	13.11%	13.12%	13.83%	12.32%	12.12%	12.06%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	9.27%	9.23%	9.24%	12.73%	15.69%	14.87%	13.12%	13.83%	12.32%	12.12%	12.06%
Earnings before Interest and Taxes (EBIT)	236	222	175	79	48	78	78	45	100	118	108
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	318	301	249	111	80	129	128	95	150	165	155
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.75	2.59	1.60	1.76	1.98	1.45	1.83	1.70	2.55	2.38	2.43
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	2.68	6.93	5.19	7.36	11.57	16.90	30.31	0.00
Price to Revenue (P/Rev)	1.82	1.18	0.75	2.23	2.57	0.85	1.19	1.19	1.57	1.30	1.24
Price to Earnings (P/E)	54.77	20.84	0.00	13.96	31.14	18.73	21.54	21.26	22.20	15.26	15.54
Dividend Yield	0.71%	0.94%	1.71%	1.43%	1.40%	1.97%	2.01%	1.84%	1.22%	1.34%	1.46%
Earnings Yield	1.83%	4.80%	0.00%	7.17%	3.21%	5.34%	4.64%	4.70%	4.51%	6.55%	6.44%
Enterprise Value to Invested Capital (EV/IC)	2.02	1.63	1.20	2.85	1.78	1.36	1.61	1.47	2.04	1.87	1.82
Enterprise Value to Revenue (EV/Rev)	2.30	1.89	1.66	2.64	2.91	1.01	1.42	1.53	1.88	1.62	1.63
Enterprise Value to EBITDA (EV/EBITDA)	11.39	9.63	8.81	12.44	17.47	8.30	10.29	13.02	10.77	8.72	8.60
Enterprise Value to EBIT (EV/EBIT)	15.37	13.08	12.56	17.47	29.17	13.62	16.93	27.72	16.19	12.24	12.39
Enterprise Value to NOPAT (EV/NOPAT)	20.31	16.76	16.91	25.67	41.60	18.09	21.10	17.59	22.80	16.20	17.20
Enterprise Value to Operating Cash Flow (EV/OCF)	14.50	11.87	26.41	22.89	12.81	7.50	11.95	16.15	14.57	10.02	11.30
Enterprise Value to Free Cash Flow (EV/FCFF)	21.81	13.66	0.00	3.92	46.37	11.09	15.11	66.88	34.05	26.47	13.87
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.82	1.02	1.24	0.34	0.29	0.29	0.40	0.53	0.51	0.67	0.80
Long-Term Debt to Equity	0.82	1.02	1.24	0.34	0.29	0.29	0.40	0.51	0.48	0.62	0.75
Financial Leverage	0.81	1.02	0.52	-0.01	0.26	0.31	0.43	0.49	0.54	0.66	0.87
Leverage Ratio	2.23	2.47	2.21	1.65	1.60	1.70	1.81	1.83	1.93	2.13	2.37
Compound Leverage Factor	1.62	1.45	1.12	1.52	1.28	1.41	1.46	1.26	1.65	1.85	2.01
Debt to Total Capital	44.91%	50.48%	55.35%	25.34%	22.25%	22.25%	28.51%	34.74%	33.74%	40.20%	44.58%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.65%	2.07%	2.86%	2.89%
Long-Term Debt to Total Capital	44.91%	50.48%	55.35%	25.34%	22.25%	22.25%	28.51%	33.09%	31.67%	37.34%	41.69%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	12.38%	12.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	55.09%	37.13%	32.42%	74.66%	77.75%	77.75%	71.49%	65.26%	66.26%	59.80%	55.42%
Debt to EBITDA	2.68	3.16	4.24	2.03	2.23	1.39	1.88	3.16	1.80	1.97	2.18
Net Debt to EBITDA	2.36	2.82	3.89	1.92	2.05	1.27	1.69	2.94	1.73	1.73	2.03
Long-Term Debt to EBITDA	2.68	3.16	4.24	2.03	2.23	1.39	1.88	3.01	1.69	1.83	2.03
Debt to NOPAT	4.78	5.51	8.15	4.19	5.31	3.03	3.85	4.27	3.82	3.67	4.35
Net Debt to NOPAT	4.21	4.91	7.47	3.97	4.87	2.77	3.47	3.97	3.66	3.22	4.06
Long-Term Debt to NOPAT	4.78	5.51	8.15	4.19	5.31	3.03	3.85	4.06	3.59	3.41	4.07
Altman Z-Score	2.98	2.36	1.73	3.18	3.60	3.78	3.39	3.12	3.96	3.51	3.21
Noncontrolling Interest Sharing Ratio	11.80%	26.14%	15.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.70	1.89	2.23	2.57	2.62	2.67	2.30	2.50	2.17	2.11	2.00
Quick Ratio	0.68	0.83	0.99	0.65	1.23	1.26	1.03	1.23	1.46	1.57	1.22
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	166	212	-1,208	354	30	96	87	19	48	54	96
Operating Cash Flow to CapEx	217.32%	257.01%	145.64%	256.88%	402.69%	441.20%	478.83%	263.46%	273.39%	370.80%	421.28%
Free Cash Flow to Firm to Interest Expense	2.04	1.98	-13.60	55.68	3.18	7.15	5.83	1.34	3.23	3.59	5.81
Operating Cash Flow to Interest Expense	3.07	2.28	0.94	9.52	11.53	10.57	7.38	5.54	7.55	9.47	7.13
Operating Cash Flow Less CapEx to Interest Expense	1.66	1.39	0.29	5.82	8.67	8.17	5.84	3.44	4.79	6.92	5.44
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.71	0.70	0.79	0.49	0.48	1.02	0.88	0.81	0.88	0.92	0.87
Accounts Receivable Turnover	10.31	9.01	9.86	4.92	3.74	7.78	6.47	4.91	4.50	5.02	5.42
Inventory Turnover	10.39	8.98	9.06	4.29	3.83	7.57	6.18	6.35	7.69	7.16	5.69
Fixed Asset Turnover	2.78	2.96	3.83	2.63	2.33	5.10	4.34	3.64	3.80	4.21	4.16
Accounts Payable Turnover	12.29	13.63	18.84	11.43	8.66	17.53	13.59	12.51	13.63	13.73	13.86
Days Sales Outstanding (DSO)	35.39	40.50	37.02	74.26	97.56	46.92	56.37	74.36	81.08	72.68	67.39
Days Inventory Outstanding (DIO)	35.12	40.66	40.30	85.04	95.28	48.19	59.03	57.48	47.45	51.01	64.10
Days Payable Outstanding (DPO)	29.70	26.77	19.37	31.93	42.13	20.82	26.86	29.19	26.77	26.58	26.33
Cash Conversion Cycle (CCC)	40.81	54.39	57.95	127.38	150.70	74.30	88.54	102.66	101.75	97.11	105.16
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,797	1,785	1,824	486	787	783	820	845	793	770	735
Invested Capital Turnover	0.88	0.85	1.15	0.83	0.61	1.32	1.11	0.99	1.10	1.18	1.10
Increase / (Decrease) in Invested Capital	12	-39	1,338	-300	3.45	-37	-25	52	23	34	-19
Enterprise Value (EV)	3,623	2,901	2,197	1,387	1,397	1,067	1,320	1,241	1,620	1,438	1,335
Market Capitalization	2,872	1,817	993	1,173	1,234	904	1,103	960	1,360	1,153	1,019
Book Value per Share	$34.99	$27.94	$24.89	$27.03	$24.57	$23.75	$23.14	$21.77	$20.54	$18.75	$16.34
Tangible Book Value per Share	($2.68)	($17.95)	($22.18)	$17.73	$7.02	$6.63	$5.74	$3.20	$3.10	$1.47	($0.84)
Total Capital	1,898	1,887	1,912	894	802	802	844	866	805	810	758
Total Debt	852	953	1,058	226	178	178	241	301	271	326	338
Total Long-Term Debt	852	953	1,058	226	178	178	241	287	255	302	316
Net Debt	751	850	971	214	164	164	217	280	260	285	315
Capital Expenditures (CapEx)	115	95	57	24	27	32	23	29	41	39	28
Debt-free, Cash-free Net Working Capital (DFCFNWC)	153	168	227	224	174	175	190	191	166	149	149
Debt-free Net Working Capital (DFNWC)	154	173	230	236	188	190	214	212	177	189	171
Net Working Capital (NWC)	154	173	230	236	188	190	214	197	160	166	149
Net Nonoperating Expense (NNE)	50	71	183	-30	-6.03	11	11	25	9.78	13	12
Net Nonoperating Obligations (NNO)	751	850	971	-181	163	160	217	280	260	285	315
Total Depreciation and Amortization (D&A)	82	79	75	32	32	50	50	51	50	47	48
Debt-free, Cash-free Net Working Capital to Revenue	9.70%	10.95%	17.18%	42.60%	36.12%	16.46%	20.47%	23.55%	19.18%	16.75%	18.16%
Debt-free Net Working Capital to Revenue	9.79%	11.23%	17.39%	44.90%	39.21%	17.86%	23.06%	26.12%	20.49%	21.27%	20.91%
Net Working Capital to Revenue	9.79%	11.23%	17.39%	44.90%	39.21%	17.86%	23.06%	24.36%	18.56%	18.66%	18.24%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.80	$3.48	($2.47)	$3.38	$0.00	$0.00	$1.97	$1.74	$2.35	$2.98	$2.53
Adjusted Weighted Average Basic Shares Outstanding	29.09M	25.04M	24.83M	24.86M	0.00	0.00	26.04M	25.97M	25.97M	25.80M	25.68M
Adjusted Diluted Earnings per Share	$1.79	$3.46	($2.45)	$3.35	$0.00	$0.00	$1.96	$1.73	$2.33	$2.96	$2.52
Adjusted Weighted Average Diluted Shares Outstanding	29.34M	25.21M	24.98M	25.08M	0.00	0.00	26.11M	26.04M	26.10M	25.94M	25.78M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.97	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	29.91M	25.10M	24.91M	24.69M	0.00	0.00	26.12M	26.02M	26.02M	25.92M	25.77M
Normalized Net Operating Profit after Tax (NOPAT)	178	173	130	54	45	73	63	34	71	89	78
Normalized NOPAT Margin	11.31%	11.26%	9.81%	10.28%	9.36%	6.86%	6.75%	4.17%	8.23%	9.98%	9.47%
Pre Tax Income Margin	10.82%	8.46%	6.70%	13.89%	8.00%	6.11%	6.80%	3.81%	9.88%	11.51%	11.13%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.90	2.07	1.97	12.48	5.06	5.82	5.21	3.23	6.79	7.76	6.51
NOPAT to Interest Expense	2.19	1.62	1.46	8.49	3.55	4.38	4.18	5.09	4.82	5.86	4.69
EBIT Less CapEx to Interest Expense	1.49	1.18	1.33	8.77	2.20	3.42	3.67	1.13	4.03	5.20	4.81
NOPAT Less CapEx to Interest Expense	0.78	0.73	0.82	4.79	0.69	1.98	2.64	2.99	2.06	3.30	2.99
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	17.94%	30.92%	-42.92%	20.08%	44.53%	36.95%	34.60%	39.14%	27.17%	20.49%	22.70%
Augmented Payout Ratio	17.94%	30.92%	-42.92%	56.76%	166.49%	48.97%	34.60%	55.78%	35.79%	20.49%	22.70%

This table displays calculated financial ratios and metrics derived from AZZ's official financial filings.

Metric	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023
Period end date	2/28/2025	11/30/2024	8/31/2024	5/31/2024	2/29/2024	11/30/2023	8/31/2023	5/31/2023	2/28/2023	11/30/2022	8/31/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-4.01%	5.78%	2.63%	5.71%	8.93%	2.22%	-2.01%	88.71%	1,050.24%	176.35%	209.44%
EBITDA Growth	-3.15%	7.20%	8.91%	7.49%	12.91%	7.65%	-5.51%	110.43%	431.68%	101.47%	244.83%
EBIT Growth	-5.68%	9.45%	11.41%	6.87%	15.12%	14.74%	-4.67%	134.31%	474.48%	115.16%	221.77%
NOPAT Growth	-9.74%	8.04%	-0.18%	10.66%	45.59%	-0.63%	12.41%	133.72%	15,732.32%	183.69%	186.24%
Net Income Growth	13.13%	24.96%	25.01%	38.85%	1,583.60%	230.90%	149.21%	18.46%	-95.09%	-197.42%	-403.35%
EPS Growth	47.46%	21.74%	21.65%	-240.82%	211.32%	194.85%	150.79%	2.08%	-161.63%	-214.12%	-351.32%
Operating Cash Flow Growth	1.22%	5.72%	-33.54%	53.42%	230.80%	171.99%	304.58%	101.16%	31.02%	181.27%	-33.85%
Free Cash Flow Firm Growth	-74.54%	-11.96%	33.18%	-78.52%	105.61%	104.07%	103.98%	130.82%	-537.41%	-8,278.48%	-21.94%
Invested Capital Growth	0.69%	0.51%	-0.02%	-2.00%	-2.15%	0.07%	0.68%	-16.99%	275.01%	121.86%	125.16%
Revenue Q/Q Growth	-12.83%	-1.31%	-1.02%	12.72%	-3.94%	-4.25%	1.96%	16.16%	-9.86%	-8.21%	96.35%
EBITDA Q/Q Growth	-22.41%	-11.40%	-1.98%	43.72%	-14.12%	-9.98%	-3.26%	50.97%	-18.12%	-20.99%	115.46%
EBIT Q/Q Growth	-30.74%	-15.12%	-2.70%	64.89%	-19.62%	-13.61%	-6.67%	77.62%	-19.89%	-28.22%	129.40%
NOPAT Q/Q Growth	-27.87%	-14.47%	-7.12%	57.51%	-13.66%	-20.98%	2.97%	107.23%	-41.07%	-10.60%	114.09%
Net Income Q/Q Growth	-39.86%	-5.13%	-10.56%	121.70%	-33.57%	-5.09%	-0.67%	2,588.22%	105.17%	64.32%	-339.11%
EPS Q/Q Growth	-22.32%	-5.08%	185.51%	-333.90%	-35.87%	-5.15%	-1.02%	284.91%	45.36%	49.21%	-298.96%
Operating Cash Flow Q/Q Growth	-2.80%	39.34%	-34.00%	13.23%	1.52%	-12.40%	52.36%	144.13%	-16.53%	30.30%	-24.24%
Free Cash Flow Firm Q/Q Growth	-44.68%	-33.12%	-44.04%	22.95%	91.32%	1.16%	-90.98%	132.10%	-38.91%	1.06%	30.13%
Invested Capital Q/Q Growth	-0.47%	-0.38%	1.54%	0.01%	-0.65%	-0.90%	-0.47%	-0.15%	1.61%	-0.30%	-17.94%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	22.37%	24.22%	25.31%	24.85%	22.11%	23.10%	24.40%	24.82%	18.20%	19.58%	24.97%
EBITDA Margin	17.29%	19.42%	21.64%	21.85%	17.14%	19.17%	20.39%	21.49%	16.53%	18.20%	21.14%
Operating Margin	11.49%	14.50%	16.54%	16.88%	11.53%	13.84%	15.31%	16.76%	10.76%	12.16%	15.77%
EBIT Margin	11.37%	14.31%	16.64%	16.93%	11.57%	13.83%	15.33%	16.75%	10.95%	12.32%	15.76%
Profit (Net Income) Margin	5.74%	8.32%	8.66%	9.58%	4.87%	7.05%	7.11%	7.30%	0.32%	-5.50%	-14.16%
Tax Burden Percent	76.75%	73.50%	74.36%	77.65%	81.34%	75.39%	82.60%	74.72%	9.32%	-98.35%	-160.17%
Interest Burden Percent	65.80%	79.13%	69.98%	72.91%	51.77%	67.58%	56.14%	58.32%	30.89%	45.40%	56.08%
Effective Tax Rate	23.25%	26.50%	25.64%	22.35%	18.66%	24.61%	17.40%	25.28%	34.75%	11.72%	30.11%
Return on Invested Capital (ROIC)	7.77%	9.42%	10.66%	11.34%	7.99%	8.76%	10.49%	9.40%	8.04%	8.38%	6.60%
ROIC Less NNEP Spread (ROIC-NNEP)	6.42%	8.28%	8.93%	9.69%	6.18%	7.34%	8.12%	7.74%	2.33%	-2.61%	-11.99%
Return on Net Nonoperating Assets (RNNOA)	5.19%	7.01%	8.13%	9.32%	6.29%	7.52%	8.57%	12.19%	1.21%	-1.92%	-8.82%
Return on Equity (ROE)	12.96%	16.44%	18.78%	20.66%	14.28%	16.28%	19.06%	21.59%	9.25%	6.46%	-2.22%
Cash Return on Invested Capital (CROIC)	9.28%	9.55%	9.85%	11.90%	11.77%	9.08%	8.41%	26.43%	-104.55%	-67.76%	-70.86%
Operating Return on Assets (OROA)	8.11%	10.24%	11.73%	11.89%	8.06%	9.46%	9.58%	10.12%	8.64%	7.74%	6.80%
Return on Assets (ROA)	4.10%	5.95%	6.11%	6.73%	3.39%	4.82%	4.44%	4.41%	0.25%	-3.46%	-6.11%
Return on Common Equity (ROCE)	11.43%	16.43%	18.78%	20.65%	10.55%	16.28%	19.05%	21.59%	7.83%	6.46%	-2.22%
Return on Equity Simple (ROE_SIMPLE)	0.00%	12.29%	11.98%	11.65%	0.00%	9.21%	4.16%	-5.57%	0.00%	-3.80%	1.07%
Net Operating Profit after Tax (NOPAT)	31	43	50	54	34	40	50	49	24	40	45
NOPAT Margin	8.82%	10.66%	12.30%	13.11%	9.38%	10.44%	12.64%	12.52%	7.02%	10.74%	11.02%
Net Nonoperating Expense Percent (NNEP)	1.35%	1.14%	1.72%	1.65%	1.81%	1.42%	2.38%	1.66%	5.71%	10.98%	18.58%
Return On Investment Capital (ROIC_SIMPLE)	1.64%	2.25%	-	-	-	2.09%	-	-	-	-	-
Cost of Revenue to Revenue	77.63%	75.78%	74.69%	75.15%	77.89%	76.90%	75.60%	75.18%	81.80%	80.42%	75.03%
SG&A Expenses to Revenue	10.88%	9.72%	8.77%	7.97%	10.58%	9.26%	9.09%	8.06%	7.45%	7.42%	9.20%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	10.88%	9.72%	8.77%	7.97%	10.58%	9.26%	9.09%	8.06%	7.45%	7.42%	9.20%
Earnings before Interest and Taxes (EBIT)	40	58	68	70	42	53	61	65	37	46	64
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	61	78	88	90	63	73	81	84	56	68	86
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.75	2.70	2.48	2.17	2.59	1.33	1.35	0.98	1.60	1.19	1.20
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7.30	8.59
Price to Revenue (P/Rev)	1.82	1.75	1.58	1.35	1.18	0.81	0.81	0.57	0.75	1.00	1.32
Price to Earnings (P/E)	54.77	59.86	68.55	82.42	20.84	17.35	52.89	0.00	0.00	0.00	125.63
Dividend Yield	0.71%	0.73%	0.82%	1.02%	0.94%	1.40%	1.40%	1.98%	1.71%	1.67%	1.64%
Earnings Yield	1.83%	1.67%	1.46%	1.21%	4.80%	5.76%	1.89%	0.00%	0.00%	0.00%	0.80%
Enterprise Value to Invested Capital (EV/IC)	2.02	1.97	1.82	1.64	1.63	1.17	1.18	0.99	1.20	1.13	1.26
Enterprise Value to Revenue (EV/Rev)	2.30	2.23	2.10	1.87	1.89	1.39	1.42	1.20	1.66	2.00	2.91
Enterprise Value to EBITDA (EV/EBITDA)	11.39	11.12	10.46	9.49	9.63	7.13	7.38	6.16	8.81	9.95	13.35
Enterprise Value to EBIT (EV/EBIT)	15.37	14.94	14.12	12.90	13.08	9.70	10.17	8.51	12.56	14.07	18.92
Enterprise Value to NOPAT (EV/NOPAT)	20.31	19.64	18.48	16.39	16.76	12.76	12.96	11.45	16.91	19.61	28.46
Enterprise Value to Operating Cash Flow (EV/OCF)	14.50	14.28	13.41	10.83	11.87	10.48	13.27	16.92	26.41	25.84	35.53
Enterprise Value to Free Cash Flow (EV/FCFF)	21.81	20.69	18.44	13.61	13.66	12.86	14.01	3.41	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.82	0.85	0.91	0.96	1.02	1.06	1.12	1.19	1.24	1.20	1.46
Long-Term Debt to Equity	0.82	0.85	0.91	0.96	1.02	1.06	1.12	1.19	1.24	1.19	1.44
Financial Leverage	0.81	0.85	0.91	0.96	1.02	1.02	1.06	1.58	0.52	0.74	0.74
Leverage Ratio	2.23	2.28	2.35	2.42	2.47	2.49	2.73	3.20	2.21	2.16	2.41
Compound Leverage Factor	1.47	1.81	1.64	1.76	1.28	1.68	1.53	1.87	0.68	0.98	1.35
Debt to Total Capital	44.91%	46.07%	47.72%	49.01%	50.48%	51.55%	52.74%	54.43%	55.35%	54.56%	59.27%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.69%	0.62%
Long-Term Debt to Total Capital	44.91%	46.07%	47.72%	49.01%	50.48%	51.55%	52.74%	54.43%	55.35%	53.87%	58.66%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.01%	0.00%	0.01%	0.01%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	12.38%	0.00%	0.00%	0.00%	12.23%	0.00%	0.00%
Common Equity to Total Capital	55.09%	53.93%	52.28%	50.99%	37.13%	48.44%	47.24%	45.56%	32.42%	45.43%	40.71%
Debt to EBITDA	2.68	2.75	2.90	3.02	3.16	3.33	3.47	3.55	4.24	5.01	7.37
Net Debt to EBITDA	2.36	2.42	2.58	2.66	2.82	2.98	3.17	3.24	3.89	4.99	7.30
Long-Term Debt to EBITDA	2.68	2.75	2.90	3.02	3.16	3.33	3.47	3.55	4.24	4.95	7.29
Debt to NOPAT	4.78	4.86	5.12	5.22	5.51	5.96	6.10	6.59	8.15	9.88	15.71
Net Debt to NOPAT	4.21	4.28	4.56	4.59	4.91	5.32	5.57	6.02	7.47	9.85	15.56
Long-Term Debt to NOPAT	4.78	4.86	5.12	5.22	5.51	5.96	6.10	6.59	8.15	9.75	15.54
Altman Z-Score	2.69	2.63	2.45	2.22	2.09	1.79	1.78	1.63	1.53	1.41	1.18
Noncontrolling Interest Sharing Ratio	11.80%	0.01%	0.01%	0.01%	26.14%	0.03%	0.03%	0.02%	15.37%	0.02%	0.02%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.70	1.77	1.85	1.77	1.89	1.96	1.99	2.27	2.23	1.84	1.88
Quick Ratio	0.68	0.76	0.82	0.77	0.83	0.90	0.90	0.97	0.99	0.80	0.59
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	19	34	51	91	74	39	38	422	-1,314	-946	-956
Operating Cash Flow to CapEx	215.11%	250.24%	147.91%	262.61%	225.17%	258.90%	278.12%	275.26%	87.17%	140.41%	144.47%
Free Cash Flow to Firm to Interest Expense	1.08	1.76	2.31	3.98	2.98	1.49	1.37	14.69	-48.56	-36.21	-33.97
Operating Cash Flow to Interest Expense	3.70	3.44	2.17	3.16	2.57	2.42	2.57	1.63	0.71	0.88	0.63
Operating Cash Flow Less CapEx to Interest Expense	1.98	2.07	0.70	1.96	1.43	1.49	1.65	1.04	-0.10	0.25	0.19
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.71	0.72	0.71	0.70	0.70	0.68	0.62	0.60	0.79	0.63	0.43
Accounts Receivable Turnover	10.31	9.32	8.73	9.39	9.01	8.69	7.94	7.07	9.86	6.39	4.76
Inventory Turnover	10.39	10.00	9.49	9.19	8.98	8.68	8.39	7.02	9.06	6.18	4.58
Fixed Asset Turnover	2.78	2.88	2.89	2.95	2.96	2.97	2.96	3.03	3.83	2.94	2.23
Accounts Payable Turnover	12.29	12.52	10.12	10.62	13.63	11.41	8.20	8.02	18.84	10.14	5.59
Days Sales Outstanding (DSO)	35.39	39.17	41.82	38.87	40.50	41.98	45.97	51.60	37.02	57.12	76.71
Days Inventory Outstanding (DIO)	35.12	36.49	38.44	39.71	40.66	42.05	43.48	51.98	40.30	59.07	79.77
Days Payable Outstanding (DPO)	29.70	29.16	36.06	34.36	26.77	32.00	44.51	45.54	19.37	36.00	65.26
Cash Conversion Cycle (CCC)	40.81	46.50	44.21	44.22	54.39	52.03	44.94	58.05	57.95	80.19	91.22
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,797	1,806	1,812	1,785	1,785	1,796	1,813	1,821	1,824	1,795	1,800
Invested Capital Turnover	0.88	0.88	0.87	0.87	0.85	0.84	0.83	0.75	1.15	0.78	0.60
Increase / (Decrease) in Invested Capital	12	9.12	-0.39	-36	-39	1.32	12	-373	1,338	986	1,001
Enterprise Value (EV)	3,623	3,559	3,292	2,918	2,901	2,097	2,130	1,807	2,197	2,032	2,267
Market Capitalization	2,872	2,783	2,480	2,101	1,817	1,222	1,215	857	993	1,011	1,027
Book Value per Share	$34.99	$34.46	$33.53	$38.53	$27.94	$36.72	$35.89	$34.97	$24.89	$34.28	$34.67
Tangible Book Value per Share	($2.68)	($3.44)	($4.69)	($7.07)	($17.95)	($9.41)	($10.98)	($12.17)	($22.18)	$5.57	$4.82
Total Capital	1,898	1,909	1,912	1,897	1,887	1,901	1,900	1,912	1,912	1,876	2,111
Total Debt	852	880	913	930	953	980	1,002	1,041	1,058	1,024	1,251
Total Long-Term Debt	852	880	913	930	953	980	1,002	1,041	1,058	1,011	1,238
Net Debt	751	776	813	818	850	875	915	950	971	1,020	1,240
Capital Expenditures (CapEx)	30	26	32	27	28	24	26	17	22	16	12
Debt-free, Cash-free Net Working Capital (DFCFNWC)	153	171	182	162	168	185	201	225	227	196	310
Debt-free Net Working Capital (DFNWC)	154	172	184	172	173	193	204	228	230	199	321
Net Working Capital (NWC)	154	172	184	172	173	193	204	228	230	186	308
Net Nonoperating Expense (NNE)	11	9.42	15	15	17	13	22	20	23	61	102
Net Nonoperating Obligations (NNO)	751	776	813	818	850	875	915	950	971	943	941
Total Depreciation and Amortization (D&A)	21	21	20	20	20	20	20	19	19	22	22
Debt-free, Cash-free Net Working Capital to Revenue	9.70%	10.72%	11.58%	10.38%	10.95%	12.29%	13.44%	14.89%	17.18%	19.24%	39.82%
Debt-free Net Working Capital to Revenue	9.79%	10.81%	11.72%	11.06%	11.23%	12.78%	13.58%	15.15%	17.39%	19.57%	41.27%
Net Working Capital to Revenue	9.79%	10.81%	11.72%	11.06%	11.23%	12.78%	13.58%	15.15%	17.39%	18.29%	39.60%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.87	$1.12	$1.19	($1.38)	$0.56	$0.93	$0.99	$1.00	($0.11)	($0.97)	($2.36)
Adjusted Weighted Average Basic Shares Outstanding	29.09M	29.88M	29.85M	26.75M	25.04M	25.08M	25.05M	24.94M	24.83M	24.89M	24.86M
Adjusted Diluted Earnings per Share	$0.87	$1.12	$1.18	($1.38)	$0.59	$0.92	$0.97	$0.98	($0.53)	($0.97)	($1.91)
Adjusted Weighted Average Diluted Shares Outstanding	29.34M	30.12M	30.06M	26.75M	25.21M	29.33M	29.21M	29.15M	24.98M	24.89M	24.86M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	29.91M	29.88M	29.88M	29.82M	25.10M	25.08M	25.08M	25.01M	24.91M	24.89M	24.86M
Normalized Net Operating Profit after Tax (NOPAT)	31	43	50	54	34	40	50	49	24	40	45
Normalized NOPAT Margin	8.82%	10.66%	12.30%	13.11%	9.38%	10.44%	12.64%	12.52%	7.02%	10.74%	11.02%
Pre Tax Income Margin	7.48%	11.33%	11.65%	12.34%	5.99%	9.35%	8.61%	9.77%	3.38%	5.59%	8.84%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.30	3.01	3.11	3.07	1.72	2.04	2.20	2.28	1.36	1.76	2.28
NOPAT to Interest Expense	1.79	2.24	2.30	2.38	1.39	1.54	1.81	1.70	0.87	1.53	1.59
EBIT Less CapEx to Interest Expense	0.58	1.63	1.64	1.87	0.57	1.11	1.27	1.69	0.55	1.13	1.84
NOPAT Less CapEx to Interest Expense	0.07	0.86	0.83	1.18	0.25	0.61	0.89	1.11	0.06	0.91	1.16
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	17.94%	20.47%	23.94%	27.91%	30.92%	39.65%	80.30%	-54.36%	-42.92%	-52.03%	182.14%
Augmented Payout Ratio	17.94%	20.47%	23.94%	27.91%	30.92%	39.65%	80.30%	-54.36%	-42.92%	-52.03%	182.14%

Frequently Asked Questions About AZZ's Financials

When does AZZ's fiscal year end?

According to the most recent income statement we have on file, AZZ's financial year ends in February. Their financial year 2025 ended on February 28, 2025.

How has AZZ's net income changed over the last 10 years?

AZZ's net income appears to be on an upward trend, with a most recent value of $128.83 million in 2025, rising from $65.62 million in 2015. The previous period was $101.61 million in 2024. See AZZ's forecast for analyst expectations on what’s next for the company.

What is AZZ's operating income?

AZZ's total operating income in 2025 was $236.36 million, based on the following breakdown:

Total Gross Profit: $382.68 million
Total Operating Expenses: $146.32 million

How has AZZ revenue changed over the last 10 years?

Over the last 10 years, AZZ's total revenue changed from $819.69 million in 2015 to $1.58 billion in 2025, a change of 92.5%.

How much debt does AZZ have?

AZZ's total liabilities were at $1.18 billion at the end of 2025, a 6.3% decrease from 2024, and a 128.6% increase since 2015.

How much cash does AZZ have?

In the past 10 years, AZZ's cash and equivalents has ranged from $1.49 million in 2025 to $40.19 million in 2016, and is currently $1.49 million as of their latest financial filing in 2025.

How has AZZ's book value per share changed over the last 10 years?

Over the last 10 years, AZZ's book value per share changed from 16.34 in 2015 to 34.99 in 2025, a change of 114.2%.

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This page (NYSE:AZZ) was last updated on 5/29/2025 by MarketBeat.com Staff

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AZZ (AZZ) Financials

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AZZ (AZZ) Financials

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