AZZ Inc key statistics and ratios

In fiscal 2026, AZZ Inc had return on equity of 26.6%, an operating margin of 16.0%, debt equal to 38.5% of equity and a current ratio of 1.70. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

AZZ Inc: financial ratios, annual
Fiscal year	2010Feb 2010	2011Feb 2011	2012Feb 2012	2013Feb 2013	2014Feb 2014	2015Feb 2015	2016Feb 2016	2017Feb 2017	2018Feb 2018	2019Feb 2019	2020Feb 2020	2021Feb 2021	2022Feb 2022	2023Feb 2023	2024Feb 2024	2025Feb 2025	2026Feb 2026	LTMAug 2026
Gross margin	—	—	—	28.8%	27.4%	25.2%	25.6%	23.8%	19.8%	21.4%	22.3%	25.6%	27.8%	22.4%	23.6%	24.3%	23.9%	24.3%
Operating margin	—	22.1%	21.0%	17.2%	13.3%	13.2%	13.5%	11.5%	6.0%	8.3%	7.5%	9.9%	15.1%	13.1%	14.4%	15.0%	16.0%	16.5%
Net margin	10.6%	9.2%	8.7%	10.6%	7.9%	8.0%	8.5%	7.1%	5.6%	5.5%	4.5%	8.2%	16.0%	−4.0%	6.6%	8.2%	19.2%	9.6%
Free-cash-flow margin	19.8%	6.7%	9.4%	11.9%	8.5%	10.8%	11.7%	8.1%	5.8%	9.3%	10.3%	13.5%	11.9%	2.6%	9.7%	8.5%	26.9%	12.3%
Return on equity	16.6%	14.5%	15.0%	19.5%	16.7%	16.3%	16.6%	12.0%	8.2%	8.8%	7.8%	6.3%	13.0%	−8.2%	15.4%	14.8%	26.6%	12.2%
Return on assets	—	6.2%	6.9%	9.3%	7.2%	7.0%	7.9%	6.2%	4.5%	4.8%	4.5%	3.8%	7.9%	−3.2%	4.6%	5.8%	14.3%	7.4%
Asset turnover	—	0.67	0.80	0.88	0.91	0.87	0.93	0.88	0.81	0.88	0.98	0.46	0.49	0.79	0.70	0.71	0.74	0.77
Current ratio	—	4.88	3.88	2.21	2.06	2.00	2.11	2.17	2.50	2.30	1.26	2.62	2.57	2.23	1.89	1.70	1.70	1.79
Debt to equity	0.0%	87.9%	78.2%	63.1%	106.8%	79.6%	67.5%	51.1%	53.3%	39.9%	32.0%	28.7%	34.0%	181.6%	144.2%	86.1%	38.5%	35.3%
Interest cover (operating income ÷ interest)	—	10.9x	7.1x	7.5x	5.4x	6.5x	7.9x	6.7x	3.5x	5.1x	5.9x	5.0x	12.4x	2.0x	2.1x	2.9x	4.8x	6.3x
Effective tax rate	37.5%	36.4%	36.0%	35.9%	36.5%	28.1%	26.2%	28.2%	−46.2%	18.7%	25.7%	29.3%	31.8%	25.2%	21.9%	24.5%	24.5%	25.9%
SG&A as % of revenue	12.2%	12.3%	10.4%	11.6%	14.0%	12.1%	12.1%	12.3%	13.8%	13.1%	13.1%	12.3%	12.7%	9.2%	9.2%	9.3%	7.9%	7.8%
Capital spending as % of revenue	3.4%	4.3%	4.2%	4.4%	5.8%	3.6%	4.5%	4.8%	3.7%	2.7%	3.1%	5.7%	4.5%	4.3%	6.2%	7.3%	4.9%	4.5%
Free cash flow ÷ net income	187.0%	73.4%	108.7%	112.2%	107.1%	135.3%	137.3%	113.8%	104.5%	167.7%	227.5%	163.7%	74.3%	—	147.0%	104.0%	140.2%	128.1%
Dividends ÷ net income	8.2%	35.7%	30.8%	22.2%	24.0%	22.7%	20.5%	27.2%	39.1%	34.6%	36.9%	44.5%	20.1%	—	30.9%	17.9%	7.3%	15.0%
Dividends and buybacks ÷ free cash flow	4.4%	48.6%	28.4%	19.8%	22.4%	16.8%	14.9%	31.4%	53.4%	20.6%	21.5%	101.7%	76.4%	66.3%	21.0%	17.2%	9.7%	11.7%

US$ thousands unless shown otherwise. Fiscal quarters.

AZZ Inc: financial ratios, quarterly
Quarter	2025 Q3Nov 2024	2025 Q4Feb 2025	2026 Q1May 2025	2026 Q2Aug 2025	2026 Q3Nov 2025	2026 Q4Feb 2026	2027 Q1May 2026	2027 Q2Aug 2026
Gross margin	24.2%	22.4%	24.7%	24.3%	23.9%	22.7%	25.0%	25.1%
Operating margin	14.5%	11.5%	16.5%	16.4%	16.3%	14.8%	17.2%	17.2%
Net margin	8.3%	5.7%	40.5%	21.4%	9.6%	4.1%	11.6%	12.0%
Free-cash-flow margin	9.8%	9.8%	69.6%	9.4%	14.4%	13.1%	4.1%	17.3%
Current ratio	1.77	1.70	1.51	1.73	1.66	1.70	1.92	1.79
Debt to equity	85.4%	81.5%	46.9%	43.5%	40.5%	35.7%	34.9%	33.1%
SG&A as % of revenue	9.7%	10.9%	8.2%	7.9%	7.6%	7.9%	7.8%	7.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

5 of 7 checks passed · August 31, 2026

What it owns · $2.3bn

Short-term assets $455mLonger-term assets $1.9bn

What it owes, and who funded it · $2.3bn

Short-term liabilities $254mLonger-term liabilities $669mShareholders' equity $1.4bn

Short-term assets cover short-term liabilities $455m of assets due within a year against $254m of liabilities due within a year.
Short-term assets cover long-term liabilities $455m short-term assets against $669m of longer-dated liabilities.
More cash than debt $2m of cash against $468m of debt.
Debt below 40% of shareholders' equity Debt is 33% of equity.
Debt burden no higher than five years ago Debt to equity moved from 34% to 33% over five years.
A year's operating cash flow covers at least 20% of debt $292m of operating cash flow against $468m of debt.
Operating profit covers interest at least five times over Operating income of $287m against $45m of interest.

From AZZ Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

56 /100

Moderate moat

How hard AZZ's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 12 / 20

Cash operating profit has been a median 9.9% of total assets over 10 years.
Pricing power 9 / 20

Gross margin has been a median 23.6%, moving by 1.9 percentage points (standard deviation) across 10 years.
Durability 8 / 20

Operating margin has been a median 12.2%; its worst year was 4.3%.
Cash conversion 15 / 20

Free cash flow was positive in 10 of 10 years, at a median 9.3% of revenue.
Discipline 12 / 20

The diluted share count rose 14.9% over five years; stock-based pay has been a median 0.8% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from AZZ Inc's SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to AZZ Inc.