Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 10, 2026

Azz Inc (AZZ)

A forensic read on Azz Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

A · High-quality compounder

Forensic grade

Safe

Financial health

8.0

Distress distance

Clean

Earnings quality

Forensic signals

22.9

P / E (ttm)

23.7%

ROE

$4.5B

Market cap

0.64%

Dividend yield

4.6%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Azz Inc earns an A (High-quality compounder) forensic quality grade, and its balance-sheet distress test reads 8.0, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by share-count dilution.

What the filings flag

+4.9%/yr

FY2022–FY2026

Share-count dilution. Diluted share count changed +21% over the last 4 years to FY2026 (+4.9%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~4.9% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~17%.

10.1%

FY2026

Return on invested capital. Return on invested capital is 10.1% in the latest fiscal year and rising from 6% — around its ~9% cost of capital, so growth is roughly value-neutral.

0.9% of rev

FY2026

Stock-based comp load. Stock-based compensation ran 0.9% of revenue and 3% of free cash flow in FY2026 — about $0.49 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 6.3% a year and is falling.

-37%

FY2024→FY2025

Dividend — cut. The payout was CUT ~37% in FY2025 (from FY2024). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.

Key fundamentals

Latest Revenue$1.65B

Revenue Growth YoY+4.6%

Net Margin19.2%

Free Cash Flow$444.7M

Return on Equity23.7%

Debt / Equity0.36x

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Data from SEC EDGAR public filings · metrics as of Aug 10, 2026. Forensic signals flag probability, not certainty.