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Friday 6 November 2026
Export AWI’s income statement to Excel — free account
Armstrong World Industries, Inc.
AWI Industrials Building Products & Equipment
Armstrong World Industries, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.6 billion, up 12.1% from fiscal 2024.
- Revenue
- +11.9%
- EPS
- +10.3%
- Free cash flow
- −29.4%
- Total debt
- +13.2%
Quarter to September 2026, against a year earlier
169.53
1.01
−0.59%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 837 | 894 | 975 | 1,038 | 937 | 1,107 | 1,233 | 1,295 | 1,446 | 1,621 | 1,746 | +7.6% | 1,796 | 1,931 | 2,068 | +8.5% | |
| Gross margin, % | 36.67 | 35.30 | 34.19 | 38.06 | 35.55 | 36.65 | 36.42 | 38.37 | 40.23 | 40.64 | 39.83 | +4.0 pt | ||||||
| EBT | 151 | 222 | 243 | 299 | (127) | 243 | 258 | 298 | 347 | 400 | 425 | +11.5% | ||||||
| EBT margin, % | 17.99 | 24.85 | 24.88 | 28.84 | (13.52) | 21.93 | 20.89 | 23.03 | 24.01 | 24.70 | 24.31 | +6.7 pt | ||||||
| Net income | 105 | 120 | 186 | 215 | (99) | 183 | 203 | 224 | 265 | 309 | 321 | +12.8% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 15.11 | 16.77 | 19.01 | 21.32 | 19.56 | 23.25 | 26.63 | 28.98 | 33.08 | 37.43 | 41.47 | +10.6% | |||||
| Earnings | 1.88 | 2.23 | 3.61 | 4.32 | (2.07) | 3.82 | 4.37 | 4.99 | 6.02 | 7.08 | 7.50 | +15.9% | ||||||
| Cash flow | 0.89 | 3.20 | 3.96 | 3.75 | 4.57 | 3.93 | 3.94 | 5.22 | 6.11 | 8.21 | 7.89 | +28.0% | ||||||
| Capex | (1.88) | (1.68) | (1.40) | (1.46) | (0.70) | (1.67) | (1.62) | (1.87) | (1.34) | (2.50) | (2.71) | +3.2% | ||||||
| Free cash flow | (0.99) | 1.51 | 2.56 | 2.29 | 3.86 | 2.26 | 2.32 | 3.35 | 4.77 | 5.71 | 5.18 | n/m | ||||||
| Book value | 4.81 | 7.87 | 4.41 | 7.49 | 9.41 | 10.92 | 11.56 | 13.24 | 17.32 | 20.80 | 21.23 | +17.7% | ||||||
| Shares, m | 55 | 53 | 51 | 49 | 48 | 48 | 46 | 45 | 44 | 43 | 43 | (2.7%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 22.47 | 21.28 | 16.04 | 21.50 | 0.00 | 30.40 | 15.91 | 19.52 | 23.44 | 26.99 | 22.79 | 19.8 | |||||
| P/S | 2.04 | 3.67 | 3.06 | 4.41 | 3.80 | 4.99 | 2.61 | 3.37 | 4.27 | 5.11 | 4.12 | 3.7 | ||||||
| P/B | 8.68 | 7.82 | 13.21 | 12.54 | 7.90 | 10.64 | 6.02 | 7.37 | 8.16 | 9.19 | 8.05 | 9.2 | ||||||
| EV/Sales | 2.69 | 4.44 | 3.57 | 4.95 | 4.44 | 5.49 | 3.07 | 3.78 | 4.60 | 5.31 | 4.37 | 4.2 | ||||||
| EV/FCF | (55.42) | 49.18 | 26.51 | 46.16 | 22.48 | 56.53 | 35.19 | 32.74 | 31.95 | 34.81 | 34.99 | 28.0 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 49 | 170 | 203 | 183 | 219 | 187 | 182 | 234 | 267 | 356 | 332 | +24.5% | |||||
| Capex | (104) | (90) | (72) | (71) | (34) | (80) | (75) | (84) | (58) | (108) | (114) | +0.4% | ||||||
| Free cash flow | (55) | 81 | 131 | 111 | 185 | 108 | 108 | 150 | 208 | 247 | 218 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 182 | 379 | 168 | 89 | 140 | 112 | 174 | 119 | 99 | 124 | 133 | (4.2%) | |||||
| Net debt | 732 | 691 | 494 | 566 | 597 | 550 | 568 | 539 | 479 | 327 | 427 | (8.6%) | ||||||
| Shareholders’ equity | 266 | 419 | 226 | 365 | 451 | 520 | 535 | 592 | 757 | 901 | 894 | +14.5% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 4.71 | 6.59 | 10.02 | 12.88 | (6.17) | 10.69 | 11.95 | 13.32 | 15.07 | 16.39 | 16.47 | +11.7 pt | |||||
| ROIC | 12.27 | 13.73 | 21.65 | 21.32 | 15.19 | 15.19 | 15.80 | 17.88 | 18.93 | 21.95 | 21.35 | +9.7 pt | ||||||
| ROE | 20.23 | 34.88 | 57.62 | 72.60 | (24.30) | 37.75 | 38.48 | 39.72 | 39.28 | 37.24 | 36.00 | +17.0 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 3,700 | 3,900 | 4,000 | 2,500 | 2,700 | 2,800 | 3,000 | 3,100 | 3,600 | 3,800 | — | +0.3% | |||||
| Revenue/emp, $m | 0.23 | 0.23 | 0.24 | 0.42 | 0.35 | 0.40 | 0.41 | 0.42 | 0.40 | 0.43 | — | +7.3% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Mineral Fiber | 1,031 | 63.59% |
|---|---|---|
| Architectural Specialties | 590 | 36.41% |
| Gross margin | 40.64% | |
| Operating margin | 26.59% | |
| Pre-tax margin | 24.70% |
Armstrong World Industries, Inc. vs peers in Building Products & Equipment (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| OC Owens Corning Inc | $9.8B | — (loss-making) | 15.2× | −7.27% (below 0%: shrinking) | n/m | −16.47% (below 0%: shrinking) | 24.71% | (6.11%) | Compare |
| WMS Advanced Drainage Systems, Inc. | $9.3B | 23.3× | 21.8× | +4.59% (above 0%: growing) | −26.87% (below 0%: shrinking) | −8.28% (below 0%: shrinking) | 38.89% | 21.91% | Compare |
| AWI Armstrong World Industries, Inc. | $7.1B | 22.8× | 21.0× | +11.90% (above 0%: growing) | +10.25% (above 0%: growing) | −29.42% (below 0%: shrinking) | 40.08% | 27.57% | |
| BLDR Builders FirstSource, Inc. | $7.1B | 176× | — (loss-making) | −2.21% (below 0%: shrinking) | −49.42% (below 0%: shrinking) | −83.67% (below 0%: shrinking) | 27.82% | 2.57% | Compare |
| SPXC SPX Technologies, Inc. | $6.9B | 23.3× | 24.6× | +20.53% (above 0%: growing) | +26.15% (above 0%: growing) | −79.92% (below 0%: shrinking) | 39.12% | 16.14% | Compare |
| TREX Trex Company, Inc. | $5.7B | 32.8× | 29.5× | +25.99% (above 0%: growing) | +7.52% (above 0%: growing) | −3.69% (below 0%: shrinking) | 36.01% | 20.17% | Compare |
| FBIN Fortune Brands Innovations, Inc. | $5.6B | 44.4× | 30.8× | −3.09% (below 0%: shrinking) | −28.81% (below 0%: shrinking) | +95.25% (above 0%: growing) | 45.43% | 5.42% | Compare |
| LPX Louisiana-Pacific Corporation | $5.4B | 77.9× | 70.6× | +4.22% (above 0%: growing) | +152.77% (above 0%: growing) | +1,040.00% (above 0%: growing) | 16.64% | 4.34% | Compare |
| GFF Griffon Corporation | $4.6B | 25.6× | 20.1× | −21.55% (below 0%: shrinking) | n/m | +5.99% (above 0%: growing) | 46.96% | 23.99% | Compare |
| Median of peers | $6.3B | 32.8× | 24.6× | +1.01% | −9.67% | −5.98% | 37.45% | 10.78% |
From the latest earnings call
- CEO Mark Hershey said accelerating freight and raw material costs, together with a shift toward lower-value Mineral Fiber sales channels, reduced the quarter’s margin benefit from revenue growth.
- Hershey said Architectural Specialties order intake grew at a double-digit rate, while CFO Chris Calzaretta said cost inflation and acquisition contributions affected the updated earnings outlook.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
103.03%
Held by the ten largest
44.48%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 5.16m | 12.18% | −49.56k |
| Vanguard | 4.49m | 10.60% | −7.30k |
| LONDON CO OF VIRGINIA | 1.64m | 3.88% | −78.96k |
| State Street | 1.44m | 3.40% | +23.63k |
| BMO | 1.10m | 2.61% | −120.69k |
| FULLER & THALER ASSET MANAGEMENT, INC. | 1.10m | 2.60% | +60.63k |
| Geode Capital Management | 1.04m | 2.46% | +34.98k |
| Citadel Advisors | 1.03m | 2.43% | +235.14k |
| Egerton Capital (UK) LLP | 925.39k | 2.19% | +477.36k |
| KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC | 894.08k | 2.11% | −90.24k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 30 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 8.54m | 30.34m | 269.42 |
| 2024 | 9.15m | 30.77m | 197.71 |
| 2023 | 13.54m | 19.47m | 136.68 |
| 2022 | 6.27m | (9.19m) | 93.91 |
| 2021 | 6.83m | 19.75m | 157.49 |
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Read the proxy statement
Armstrong World Industries, Inc. (AWI) Latest News
28 Oct
27 Oct
17 Sep
29 Jul
28 Jul
AWI metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Armstrong World Industries designs, manufactures and sources ceilings, specialty walls and exterior metal products. Its products are used mainly in commercial buildings, including offices, schools, healthcare facilities, transportation buildings and retail spaces. A smaller portion is used in homes.
The company sells suspended ceiling panels made from mineral fiber and fiberglass, as well as the supporting metal grid and other components that hold ceiling systems in place. Its products can provide acoustical control, fire protection and energy efficiency as well as a finished appearance. Armstrong also offers specialty ceilings and walls in materials such as metal, felt, wood, resin and glass. These can be standard products or customized for a particular project.