AZZ Inc.

Worth knowing

• Shareholders being diluted. Shares outstanding up 20% from February 2023 to September 2026.

  AZZ had 20% more shares at September 2026 than at February 2023, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.AZZ had 20% more shares at September 2026 than at February 2023, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

• Stock pay outran buybacks. Stock-based pay expense $38M vs $20M spent repurchasing shares over the 3 fiscal years to FY Feb 2026.

  Over three fiscal years AZZ recorded $38M of stock-based pay expense and spent $20M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years AZZ recorded $38M of stock-based pay expense and spent $20M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

• Profits growing faster than sales. Since FY Feb 2023: revenue +25%, operating profit +52%.

  Since FY Feb 2023, AZZ's revenue grew 25% while operating profit grew 52%: each extra dollar of sales is adding more profit.

• Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $481M in FY Feb 2021 to $1.7B in FY Feb 2026.

  AZZ's fiscal-year revenue rose in each of the five years to FY Feb 2026, from $481M to $1.7B.