AZZ

Industrial - Specialties · Industrials

Price

$141.28

+1.85 (+1.33%)

Market Cap

$4.25B

Exchange

United States

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through May 31, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Strong

Stability

Strong

Valuation

Good

Dividends

Good

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Share count rising — dilution

+20.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 25.1M (2022) → 30.2M (2026)

Winston Score History

The full picture

AZZ Inc. is an industrial company that protects metal from rust and corrosion. Its main business is hot-dip galvanizing, a process where steel parts are dipped in molten zinc to make them last longer. Customers include construction companies, utilities, and manufacturers who need steel structures, pipes, and hardware to hold up outdoors for decades.

AZZ earns revenue by charging customers a fee to galvanize their steel parts, and it also sells metal coil coating services to manufacturers who need pre-painted or treated metal rolls. The company operates mostly in the United States, with over 40 galvanizing plants spread across North America, giving it a geographic scale that smaller competitors struggle to match. Its main growth driver is infrastructure spending, since roads, bridges, and utility projects all require galvanized steel — but rising zinc prices and debt from recent acquisitions remain key risks to watch.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+9.4% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-22.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

1.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$21M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

AZZ is growing revenue at 9% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

25.0%

Modest — 25.0% gross margin

Profit after running costs

Operating Margin

17.2%

Healthy — 17.2% operating margin

Return on the money invested

ROCE

14.6%

Good — 14.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+5.7%

Slow sales growth (+5.7% YoY)

Profit growth

EPS YoY

-24.0%

Earnings shrinking (-24.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

125%

Turns 125% of profit into real cash

Spare cash per sale

FCF Margin

10.1%

Modest free cash flow (10.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.36

Conservative — low debt load (0.36)

Covers its interest

Interest Cover

5.63x

Adequate interest coverage (5.6x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

21.4x

Growth-priced — P/E 21.4

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+4.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (21.4 → 17.2)

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Dividends

Dividend

Dividend Yield

0.59%

Small dividend — 0.59% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+18.3%

Dividend growing fast (18.3% YoY)

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