Industrials · Construction
Price
$162.16
Market Cap
$6.9B
Employees
3,600
Beta
1.17
Avg Volume
419,874
CEO
Mark A. Hershey
Business Description
Armstrong World Industries, Inc. (AWI) specializes in the design, manufacturing, and distribution of diverse ceiling systems, primarily catering to the construction and renovation needs of residential and commercial properties across the United States, Canada, and Latin America. The company operates through two main divisions: Mineral Fiber and Architectural Specialties. AWI's extensive product portfolio includes suspended ceilings made from mineral fiber, soft fiber, fiberglass wool, and metal, as well as ceiling and wall solutions crafted from wood, wood fiber, glass-reinforced-gypsum, and felt. They also provide crucial ceiling components such as perimeters, trims, and grid systems for drywall installations, in addition to commercial-grade ceilings and walls, acoustical control products, exterior facades, and room partitions. AWI sells its commercial ceiling and architectural specialty products to resale distributors and professional ceiling system contractors, while its residential offerings are distributed via wholesalers and prominent retailers, including large home improvement centers. The company was founded in 1891 and maintains its headquarters in Lancaster, Pennsylvania.
Business History
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
22.90
Stock Price: $162.16
EPS (Diluted): 7.08
EPS (Diluted): 7.08
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
9.25
Stock Price: $162.16
Total Equity: $900.70M
Shares: 43,600,000
Total Equity: $900.70M
Shares: 43,600,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
15.80
Market Cap: $6.92B
Total Debt: $461.40M
Cash: $112.70M
EBITDA: $553.70M
Total Debt: $461.40M
Cash: $112.70M
EBITDA: $553.70M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$8.8B
Market Cap: $6.92B
Total Debt: $461.40M
Cash: $112.70M
Total Debt: $461.40M
Cash: $112.70M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
40.6%
Gross Profit: $658.70M
Revenue: $1.62B
Revenue: $1.62B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
26.6%
Operating Income: $430.90M
Revenue: $1.62B
Revenue: $1.62B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
19.0%
Net Income: $308.70M
Revenue: $1.62B
Revenue: $1.62B
ROE (Profit from shareholder equity)
CALCNet Income / Total Equity
34.3%
Net Income: $308.70M
Total Equity: $900.70M
Total Equity: $900.70M
ROIC (Profit from all invested capital)
CALCNOPAT / Invested Capital
26.6%
Operating Income: $430.90M
Tax Rate: 22.9%
Equity: $900.70M
Total Debt: $461.40M
Cash: $112.70M
Tax Rate: 22.9%
Equity: $900.70M
Total Debt: $461.40M
Cash: $112.70M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
1.46
Current Assets: $391.50M
Current Liabilities: $267.40M
Current Liabilities: $267.40M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.51
Short-Term Debt: $27.10M
Long-Term Debt: $434.30M
Total Debt: $461.40M
Total Equity: $900.70M
Long-Term Debt: $434.30M
Total Debt: $461.40M
Total Equity: $900.70M
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$37.17
Revenue: $1.62B
Shares: 43,600,000
Shares: 43,600,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$20.66
Total Equity: $900.70M
Shares: 43,600,000
Shares: 43,600,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$5.64
Operating CF: $355.50M
CapEx: -$109.40M
Shares: 43,600,000
CapEx: -$109.40M
Shares: 43,600,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.7%
Last Dividend: N/A
Stock Price: $162.16
Stock Price: $162.16
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $308.70M
Net Income: $308.70M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares AWI against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 23, 2026 10:22pm (3d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.1B | $1.2B | $1.3B | $1.4B | $1.6B |
| Cost of Revenue | $700.7M | $783.8M | $798.2M | $864.1M | $962.1M |
| Gross Profit | $405.9M | $449.3M | $497.0M | $581.6M | $658.7M |
| Operating Expenses | $237.7M | $237.2M | $262.5M | $308.5M | $227.8M |
| Operating Income | $168.2M | $212.1M | $234.5M | $273.1M | $430.9M |
| Net Income | $185.0M | $199.6M | $223.7M | $264.9M | $308.7M |
| EBITDA | $370.6M | $368.4M | $434.3M | $495.6M | $553.7M |
| EPS | $3.84 | $4.31 | $5.00 | $6.06 | $7.08 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 23, 2026 10:23pm (3d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $98.1M | $106.0M | $70.8M | $79.3M | $112.7M |
| Total Current Assets | $321.9M | $356.5M | $313.0M | $348.9M | $391.5M |
| Total Assets | $1.7B | $1.7B | $1.7B | $1.8B | $1.9B |
| Current Liabilities | $209.6M | $182.7M | $194.5M | $249.7M | $267.4M |
| Long-Term Debt | $606.4M | $651.1M | $564.3M | $502.6M | $434.3M |
| Total Liabilities | $1.2B | $1.2B | $1.1B | $1.1B | $1.0B |
| Total Equity | $519.7M | $535.0M | $591.8M | $757.1M | $900.7M |
| Retained Earnings | $1.0B | $1.2B | $1.3B | $1.6B | $1.8B |
Cash Flow (Annual)
Last updated: Jun 23, 2026 10:23pm (3d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $187.2M | $182.4M | $233.5M | $266.8M | $355.5M |
| Capital Expenditure | -$79.8M | -$74.8M | -$83.8M | -$82.8M | -$109.4M |
| Free Cash Flow | $107.4M | $107.6M | $149.7M | $184.0M | $246.1M |
| Acquisitions (net) | $77.6M | $101.7M | -$26.5M | -$123.5M | -$13.9M |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$80.0M | -$165.0M | -$132.0M | -$59.9M | -$128.9M |
| Net Change in Cash | -$38.8M | $7.9M | -$35.2M | $8.5M | $33.4M |
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 9:51pm (11h ago)| Metric | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|
| Revenue |
$1.6B $1.6B – $1.6B
|
$1.8B $1.8B – $1.8B
|
$1.9B $1.9B – $1.9B
|
$2.0B $2.0B – $2.0B
|
| EBITDA |
$540.2M $536.7M – $543.9M
|
$586.2M $582.4M – $590.3M
|
$626.8M $623.4M – $630.1M
|
$656.4M $649.3M – $663.5M
|
| Net Income |
$326.1M $324.8M – $327.4M
|
$362.4M $359.6M – $365.3M
|
$413.5M $397.6M – $429.3M
|
$442.0M $438.2M – $445.9M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 23, 2026 10:22pm (3d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +11.4% | +5.0% | +11.6% | +12.1% |
| Gross Profit Growth | +10.7% | +10.6% | +17.0% | +13.3% |
| Operating Income Growth | +26.1% | +10.6% | +16.5% | +57.8% |
| Net Income Growth | +7.9% | +12.1% | +18.4% | +16.5% |
| EBITDA Growth | -0.6% | +17.9% | +14.1% | +11.7% |
Dividend History (Last 20)
Last updated: Jun 21, 2026 6:51pm (5d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-05-11 | $0.34 | 2026-04-24 | 2026-05-11 | 2026-05-26 |
| 2026-03-05 | $0.34 | 2026-02-18 | 2026-03-05 | 2026-03-19 |
| 2025-11-06 | $0.34 | 2025-10-22 | 2025-11-06 | 2025-11-20 |
| 2025-08-07 | $0.31 | 2025-07-23 | 2025-08-07 | 2025-08-21 |
| 2025-05-08 | $0.31 | 2025-04-23 | 2025-05-08 | 2025-05-22 |
| 2025-03-06 | $0.31 | 2025-02-19 | 2025-03-06 | 2025-03-20 |
| 2024-11-07 | $0.31 | 2024-10-23 | 2024-11-07 | 2024-11-21 |
| 2024-08-08 | $0.28 | 2024-07-24 | 2024-08-08 | 2024-08-22 |
| 2024-05-08 | $0.28 | 2024-04-24 | 2024-05-09 | 2024-05-23 |
| 2024-02-28 | $0.28 | 2024-02-14 | 2024-02-29 | 2024-03-14 |
| 2023-11-01 | $0.28 | 2023-10-18 | 2023-11-02 | 2023-11-16 |
| 2023-08-02 | $0.25 | 2023-07-19 | 2023-08-03 | 2023-08-17 |
| 2023-05-03 | $0.25 | 2023-04-19 | 2023-05-04 | 2023-05-18 |
| 2023-03-01 | $0.25 | 2023-02-14 | 2023-03-02 | 2023-03-16 |
| 2022-11-02 | $0.25 | 2022-10-19 | 2022-11-03 | 2022-11-17 |
| 2022-08-03 | $0.23 | 2022-07-20 | 2022-08-04 | 2022-08-18 |
| 2022-05-04 | $0.23 | 2022-04-20 | 2022-05-05 | 2022-05-19 |
| 2022-03-02 | $0.23 | 2022-02-16 | 2022-03-03 | 2022-03-17 |
| 2021-11-03 | $0.23 | 2021-10-20 | 2021-11-04 | 2021-11-18 |
| 2021-08-04 | $0.21 | 2021-07-21 | 2021-08-05 | 2021-08-19 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for AWI — it's generated by the pipeline (
market-narrative step).
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30