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Metal fabrication · Industrials · Fiscal year ends Feb 28
AZZ reported revenue of $1.7B in the fiscal year ended Feb 2026, up 4.6% from the year before. Operating income was $265M, an operating margin of 16.0%, and net income was $317M. Operating cash flow of $525M less capital expenditure of $81M left free cash flow of $445M. Net debt was $477M.
Ranks among the 7 metal fabrication companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Feb 2022 | Feb 2023 | Feb 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|---|
| Revenue | 526 | 1,324 | 1,538 | 1,578 | 1,650 |
| Cost of revenue | 379 | 1,028 | 1,174 | 1,195 | 1,255 |
| Gross profit | 146 | 296 | 363 | 383 | 395 |
| Selling, general & admin | 66.9 | 122 | 142 | 146 | 130 |
| Operating incomederived: pre-tax income + interest | 79.2 | 174 | 222 | 236 | 265 |
| Interest expense | 6.4 | 88.8 | 107 | 81.3 | 55.7 |
| Pre-tax income | 73.0 | 88.7 | 130 | 171 | 420 |
| Income tax | 23.2 | 22.3 | 28.5 | 41.9 | 103 |
| Net income | 84.0 | −53.0 | 102 | 129 | 317 |
| Diluted EPS | 3.35 | −2.45 | 3.46 | 1.79 | 10.50 |
| Diluted shares | 25.1 | 25.0 | 25.2 | 29.3 | 30.2 |
| Fiscal year | Feb 2022 | Feb 2023 | Feb 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 12.1 | 2.8 | 4.3 | 1.5 | 0.7 |
| Receivables | 85.1 | 156 | 142 | 135 | 143 |
| Inventory | – | 144 | 118 | 112 | 113 |
| Current assets | 387 | 417 | 367 | 375 | 395 |
| Net PP&E | 193 | 499 | 542 | 593 | 609 |
| Goodwill | 190 | 703 | 705 | 704 | 715 |
| Total assets | 1,133 | 2,221 | 2,196 | 2,227 | 2,213 |
| Payables | 24.8 | 84.3 | 88.0 | 106 | 115 |
| Deferred revenue | 0.0 | 1.3 | 1.0 | 0.5 | 0.6 |
| Current liabilities | 151 | 187 | 194 | 221 | 232 |
| Short-term debt | 0.0 | 0.0 | – | – | – |
| Long-term debt | 226 | 1,058 | 953 | 852 | 478 |
| Total liabilities | 466 | 1,368 | 1,261 | 1,182 | 876 |
| Shareholders' equity | 667 | 620 | 701 | 1,045 | 1,337 |
| Fiscal year | Feb 2022 | Feb 2023 | Feb 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|---|
| Operating cash flow | 86.0 | 91.4 | 244 | 250 | 525 |
| Capital expenditure | 23.6 | 57.1 | 95.1 | 116 | 80.8 |
| Free cash flow | 62.4 | 34.3 | 149 | 134 | 445 |
| Depreciation & amortisation | 32.1 | 74.6 | 79.4 | 82.2 | 90.1 |
| Stock-based compensation | 9.4 | 8.4 | 9.5 | 13.3 | 14.8 |
| Acquisitions | 61.2 | 1,283 | 0.0 | 0.0 | 30.1 |
| Share buybacks | 30.8 | 0.0 | 0.0 | 0.0 | 20.0 |
| Dividends paid | 16.9 | 22.7 | 31.4 | 23.1 | 23.1 |
| Dividend per share | 0.68 | 0.68 | 0.68 | 0.68 | 0.77 |
| Fiscal year | Feb 2022 | Feb 2023 | Feb 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 151.8% | 16.2% | 2.6% | 4.6% |
| Operating income growth (YoY) | – | 119.2% | 27.6% | 6.7% | 12.0% |
| EPS growth (YoY) | – | −173.1% | – | −48.3% | 486.6% |
| Gross margin | 27.8% | 22.4% | 23.6% | 24.3% | 23.9% |
| Operating margin | 15.1% | 13.1% | 14.4% | 15.0% | 16.0% |
| Net margin | 16.0% | −4.0% | 6.6% | 8.2% | 19.2% |
| Return on equityBlank when equity is negative | 12.6% | −8.5% | 14.5% | 12.3% | 23.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 8.1% | 8.5% | 11.1% | 11.8% | 13.4% |
| Free cash flow margin | 11.9% | 2.6% | 9.7% | 8.5% | 26.9% |
| Cash conversion (CFO ÷ net income) | 1.02x | −1.73x | 2.41x | 1.94x | 1.66x |
| Receivable days | 59 | 43 | 34 | 31 | 32 |
| Inventory days | – | 51 | 37 | 34 | 33 |
| Payable days | 24 | 30 | 27 | 33 | 33 |
| Interest cover | 12.4x | 1.96x | 2.07x | 2.91x | 4.76x |
| Debt ÷ equity | 0.34x | 1.71x | 1.36x | 0.82x | 0.36x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 214 | 1,055 | 948 | 851 | 477 |
| Current ratio | 2.57x | 2.23x | 1.89x | 1.70x | 1.70x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.