AZZAZZ INC
Coating, Engraving & Allied Services
- Revenue
- $1.7B
- 4.6% YoY
- Operating margin
- 16.0%
- 7.0% YoY
- EBITDA
- $355M
- 11% YoY
- Market cap
- $4.0B
- Employees
- 3,767
- $438K revenue each
- Net debt / EBITDA
- 2.8×
- $978M net debt
- AI in 10-K
- 0.0
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersYes4 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$4M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo166% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo8% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo32% of assetsOver 40% of assets
- Shareholder dissentNo96% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo$438K · 63rd pctBottom quartile of its SIC industry
- Quiet on AIYes0.0 per 10K words · 0th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo2.8× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$4.0B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$5M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $526M | $1.3B | $1.5B | $1.6B | $1.7B | 4.6% |
| Operating income | $79M | $174M | $222M | $236M | $265M | 12% |
| Net income | $84M | −$61M | $87M | $52M | $317M | 506% |
| Operating cash flow | $86M | $91M | $244M | $250M | $525M | 110% |
| Capex | $24M | $57M | $95M | $116M | $81M | 30% |
| Stock-based comp | $9M | $8M | $10M | $13M | $15M | 12% |
| Buybacks | $31M | $0 | $0 | $0 | $20M | |
| Dividends | $17M | $23M | $31M | $23M | $23M | 0.1% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $5M · 7
- Net
- −$5M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $6M | $10M | 266 | 205 |
| FY2025 | $5M | $8M | 209 | 264 |
| FY2024 | $4M | $6M | 158 | 246 |
| FY2023 | $4M | $4M | 88 | 176 |
| FY2022 | $4M | $5M | 107 | 175 |