Friday, January 30, 2026
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Updating estimates. While our FY2026 and FY2027 estimates are unchanged, we anticipate higher gross margins in the AZZ Metal Coatings and Precoat Metals segments beginning in FY2028. The company’s three-year plan established a goal of generating EBITDA margins of greater than 22.0% of revenue by 2028. Our revisions more closely align our forward estimates with this goal, and our estimates through FY2031 may be found in the financial model at the end of this report.
Secular growth drivers. We think AZZ is poised to benefit from multi-year secular drivers of growth. These include: 1) growth in infrastructure spending, 2) reshoring/nearshoring manufacturing, 3) migration to pre-painted steel and aluminum, 4) conversion from plastics to aluminum, 5) conversion to coil coating, and 6) growth in data centers.
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