Friday, April 24, 2026
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Fourth quarter and FY 2026 financial results. For FY 2026, AZZ reported adjusted net income of $187.1 million, or $6.19 per share, compared to $156.8 million, or $5.20 per share, during FY 2025, and to our estimate of $182.4 million, or $6.03 per share. Compared to FY 2025, sales increased 4.6% to $1.650 billion. AZZ generated a 23.9% gross margin as a percentage of sales compared to 24.3% during the prior year. Adjusted EBITDA increased to $367.6 million, representing 22.3% of sales, compared to $347.9 million, or 22.0% of sales, in FY 2025. Adjusted net income and EPS during the fourth quarter of FY 2026 were $40.4 million and $1.34, respectively, compared to our estimates of $35.7 million and $1.18 per share.
Updating estimates. We have modestly adjusted our FY 2027 estimates. We project revenue, adjusted EBITDA, and adjusted EPS of $1,750.5 million, $386.7 million, and $6.75, respectively. Our FY 2027 estimates reflect a gross margin of $433.3 million, or 24.8% of sales, compared to 23.9% in FY 2026. Our previous FY 2027 revenue, adjusted EBITDA, and adjusted EPS estimates were $1.750 billion, $386.0 million, and $6.70, respectively. We have also updated our forward estimates through 2032, which reflect modest increases in EBITDA and EPS.
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