MeritValue

AZZ INC

AZZdata completeness 100%17 fiscal years on file
i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$525.6M1$1.32B2$1.54B3$1.58B3$1.65B3
Net income$84M4−$53M5$101.6M6$128.8M6$317.3M6
Operating cash flow$86M7$91.4M8$244.5M9$249.9M9$525.4M9
Capital expenditure$23.6M10$57.1M11$95.1M12$115.9M12$80.8M12
Free cash flow (derived)$62.4M7$34.3M8$149.3M9$134M9$444.7M9
Total debt$453M13$1.06B14$952.7M15$852.4M16$477.7M16
Cash & equivalents$12.1M17$2.82M18$4.35M19$1.49M20$705,00020
Diluted shares25.1M25.0M25.2M29.3M30.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.000033%
of the whole company
Your share of last year’s profit
$105.01
Your share of its debt
$158.13
Your share of free cash flow
$147.19
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$288
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$149.3M
DCF · Growth Exit 5Y
$149.63
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$149.3M
Earnings Power Value
$35.44
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$101.6M
  • growthAssumed0.0%
Graham Number
$102.25
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $149.63

Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2022-02-28 · accession 0000008947-24-000044 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-02-28 · accession 0000008947-25-000046 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-02-29 · accession 0000008947-26-000068 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-02-28 · accession 0000008947-24-000044 (NetIncomeLoss)
  5. 10-K · period ending 2023-02-28 · accession 0000008947-25-000046 (NetIncomeLoss)
  6. 10-K · period ending 2024-02-29 · accession 0000008947-26-000068 (NetIncomeLoss)
  7. 10-K · period ending 2022-02-28 · accession 0000008947-22-000034 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-02-28 · accession 0000008947-25-000046 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  9. 10-K · period ending 2024-02-29 · accession 0000008947-26-000068 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-02-28 · accession 0000008947-24-000044 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-02-28 · accession 0000008947-25-000046 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-02-29 · accession 0000008947-26-000068 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-02-28 · accession 0000008947-23-000042 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-02-28 · accession 0000008947-24-000044 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-02-29 · accession 0000008947-25-000046 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2025-02-28 · accession 0000008947-26-000068 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-02-28 · accession 0000008947-23-000042 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-02-28 · accession 0000008947-24-000044 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-02-29 · accession 0000008947-25-000046 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-02-28 · accession 0000008947-26-000068 (CashAndCashEquivalentsAtCarryingValue)