AZZ Inc.
AZZ Industrials Specialty Business Services
AZZ Inc.’s revenue for fiscal 2026 (year ended February 2026) was $1.7 billion, up 4.58% from fiscal 2025. In the quarter to August 2026, revenue grew 16.7%, EPS fell 34.4%, free cash flow grew 115.5% and total debt fell 17.4%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for five, operating cash flow growth for three.
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AZZ Inc. (AZZ) Beneish M-score
AZZ Inc.'s Beneish M-score for fiscal 2026 is −2.72; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −2.72 | 0.07 |
| FY2025 | −2.79 | 0.10 |
| FY2024 | −2.88 | (1.60) |
| FY2023 | −1.28 | 1.62 |
| FY2022 | −2.90 | (0.55) |
| FY2021 | −2.35 | 0.82 |
| FY2020 | −3.17 | (0.27) |
| FY2019 | −2.90 | (0.42) |
| FY2018 | −2.48 | (0.09) |
| FY2017 | −2.40 | 0.35 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.04 | — | 0.96 | |
| Gross margin index | 1.01 | — | 0.54 | |
| Asset quality index | 0.97 | — | 0.39 | |
| Sales growth index | 1.05 | — | 0.93 | |
| Depreciation index | 0.95 | — | 0.11 | |
| SG&A index | 0.85 | — | −0.15 | |
| Total accruals to total assets | (0.09) | — | −0.44 | |
| Leverage index | 0.67 | — | −0.22 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.72 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| DLB Dolby Laboratories compare | −2.8× |
| UNF Unifirst Corporation compare | −2.7× |
| AZZ AZZ Inc. | −2.7× |
| MMS Maximus, Inc. compare | −2.7× |
| CBZ CBIZ, Inc. compare | −2.5× |
| AMTM Amentum Holdings, Inc. compare | −2.5× |
| ABM ABM Industries Incorporated compare | −2.5× |
| FA First Advantage Corporation compare | −2.3× |
| TIC Acuren Corporation compare | −2.3× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI