NYSE : AWI
Armstrong World Industries, Inc. — Financial statements
Industrials · Building Products & Equipment · United States
Last price 166.34 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 6.96B
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Financial statements
Armstrong World Industries, Inc. (AWI) reported revenue of 1.75B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.75B | 1.62B | 1.45B | 1.30B | 1.23B | 1.11B |
| Cost of Revenue | 1.05B | 962.00M | 863.80M | 798.20M | 784.00M | 700.70M |
| Gross Profit | 691.60M | 658.80M | 581.90M | 497.00M | 449.10M | 405.90M |
| Selling, General & Admin | 355.70M | 338.30M | 298.00M | 245.90M | 223.80M | 219.30M |
| Operating Expenses | 355.70M | 338.30M | 298.00M | 245.90M | 223.80M | 219.30M |
| Operating Income | 335.90M | 320.50M | 283.90M | 251.10M | 225.30M | 186.60M |
| Interest Expense | -30.30M | -33.00M | -39.80M | -35.30M | -27.10M | -22.90M |
| Interest & Investment Income | 2.40M | 2.40M | 3.80M | 3.50M | 500.00K | 100.00K |
| Earnings From Equity Investments | 118.20M | 112.30M | 103.40M | 89.30M | 77.60M | 87.70M |
| Other Non Operating Income (Expenses) | -800.00K | -200.00K | 100.00K | 500.00K | 200.00K | 200.00K |
| EBT Excluding Unusual Items | 425.40M | 402.00M | 351.40M | 309.10M | 276.50M | 251.70M |
| Merger & Restructuring Charges | -3.20M | -1.10M | -2.10M | -10.70M | -7.90M | -13.10M |
| Gain (Loss) on Sale of Assets | 800.00K | -600.00K | ||||
| Other Unusual Items | 2.30M | -1.40M | -1.60M | -100.00K | -11.00M | 4.10M |
| Pretax Income | 424.50M | 400.30M | 347.10M | 298.30M | 257.60M | 242.70M |
| Income Tax Expense | 103.60M | 91.60M | 82.20M | 74.50M | 57.70M | 57.40M |
| Earnings From Continuing Operations | 320.90M | 308.70M | 264.90M | 223.80M | 199.90M | 185.30M |
| Earnings From Discontinued Operations | 3.00M | -2.10M | ||||
| Net Income | 320.90M | 308.70M | 264.90M | 223.80M | 202.90M | 183.20M |
| Preferred Dividends & Other Adjustments | 100.00K | 300.00K | 300.00K | |||
| Net Income to Common | 320.90M | 308.70M | 264.90M | 223.70M | 202.60M | 182.90M |
| Shares Outstanding (Basic) | 42.62M | 43.30M | 43.70M | 44.70M | 46.30M | 47.60M |
| Shares Outstanding (Diluted) | 42.85M | 43.60M | 44.00M | 44.80M | 46.40M | 47.90M |
| EPS (Basic) | 7.53 | 7.13 | 6.06 | 5.00 | 4.38 | 3.84 |
| EPS (Diluted) | 7.49 | 7.08 | 6.02 | 4.99 | 4.36 | 3.82 |
| Free Cash Flow | 217.90M | 246.10M | 184.00M | 149.70M | 107.60M | 107.40M |
| Free Cash Flow Per Share | 5.08 | 5.64 | 4.18 | 3.34 | 2.32 | 2.24 |
| Dividend Per Share | 1.39 | 1.29 | 1.18 | 1.07 | 0.97 | 0.88 |
| Gross Margin | 39.61% | 40.65% | 40.25% | 38.37% | 36.42% | 36.68% |
| Operating Margin | 19.24% | 19.77% | 19.64% | 19.39% | 18.27% | 16.86% |
| Profit Margin | 18.38% | 19.05% | 18.32% | 17.27% | 16.43% | 16.53% |
| Free Cash Flow Margin | 12.48% | 15.18% | 12.73% | 11.56% | 8.73% | 9.71% |
| EBITDA | 458.50M | 440.90M | 387.10M | 340.30M | 309.00M | 283.10M |
| EBITDA Margin | 26.26% | 27.20% | 26.78% | 26.27% | 25.06% | 25.58% |
| D&A For EBITDA | 122.60M | 120.40M | 103.20M | 89.20M | 83.70M | 96.50M |
| EBIT | 335.90M | 320.50M | 283.90M | 251.10M | 225.30M | 186.60M |
| EBIT Margin | 19.24% | 19.77% | 19.64% | 19.39% | 18.27% | 16.86% |
| Effective Tax Rate | 24.40% | 22.88% | 23.68% | 24.98% | 22.40% | 23.65% |
| Advertising Expenses | 10.80M | 9.10M | 8.90M | 9.20M | 8.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 71.40M | 112.70M | 79.30M | 70.80M | 106.00M | 98.10M |
| Trading Asset Securities | 300.00K | 1.10M | 3.70M | |||
| Cash & Short-Term Investments | 71.40M | 112.70M | 79.60M | 71.90M | 109.70M | 98.10M |
| Accounts Receivable | 182.70M | 126.70M | 129.50M | 99.20M | 104.20M | 101.20M |
| Other Receivables | 9.70M | 3.60M | 8.80M | 12.60M | 10.00M | 9.30M |
| Receivables | 192.40M | 130.30M | 138.30M | 111.80M | 114.20M | 110.50M |
| Inventory | 135.40M | 124.60M | 109.80M | 104.00M | 110.00M | 90.20M |
| Prepaid Expenses | 23.00M | 22.50M | 19.80M | 15.90M | 16.60M | 17.20M |
| Other Current Assets | 4.80M | 1.40M | 1.40M | 9.40M | 6.00M | 5.90M |
| Total Current Assets | 427.00M | 391.50M | 348.90M | 313.00M | 356.50M | 321.90M |
| Property, Plant & Equipment | 709.20M | 713.00M | 670.00M | 618.20M | 589.20M | 582.20M |
| Long-Term Investments | 32.00M | 26.60M | 27.20M | 19.20M | 31.60M | 50.40M |
| Goodwill | 256.60M | 217.80M | 203.20M | 175.50M | 167.30M | 167.00M |
| Other Intangible Assets | 428.30M | 425.20M | 455.00M | 412.40M | 407.70M | 421.40M |
| Other Long-Term Assets | 151.30M | 150.60M | 138.40M | 134.10M | 134.90M | 167.10M |
| Total Assets | 2.00B | 1.92B | 1.84B | 1.67B | 1.69B | 1.71B |
| Accounts Payable | 137.90M | 123.60M | 105.80M | 91.00M | 105.00M | 105.80M |
| Accrued Expenses | 39.00M | 47.10M | 49.60M | 41.60M | 29.90M | 40.20M |
| Current Portion of Long-Term Debt | 10.30M | 10.30M | 22.50M | 22.60M | 25.10M | |
| Current Portion of Leases | 18.70M | 16.80M | 11.90M | 9.80M | 8.10M | 7.80M |
| Current Income Taxes Payable | 13.50M | 3.20M | 2.30M | 2.10M | 1.90M | |
| Current Unearned Revenue | 40.30M | 37.20M | 26.60M | |||
| Other Current Liabilities | 34.30M | 29.20M | 33.30M | 27.20M | 37.60M | 28.80M |
| Total Current Liabilities | 294.00M | 267.40M | 249.70M | 194.50M | 182.70M | 209.60M |
| Long-Term Debt | 459.30M | 399.00M | 504.10M | 567.50M | 651.10M | 620.90M |
| Long-Term Leases | 66.00M | 70.40M | 62.90M | 43.80M | 27.80M | 32.40M |
| Pension & Post-Retirement Benefits | 53.50M | 57.00M | 59.90M | 69.30M | 82.40M | 108.00M |
| Long-Term Deferred Tax Liabilities | 197.40M | 192.80M | 167.10M | 166.90M | 169.30M | 166.90M |
| Other Long-Term Liabilities | 40.40M | 37.40M | 41.90M | 38.60M | 38.90M | 52.50M |
| Total Liabilities | 1.11B | 1.02B | 1.09B | 1.08B | 1.15B | 1.19B |
| Common Stock | 600.00K | 600.00K | 600.00K | 600.00K | 600.00K | 600.00K |
| Additional Paid-In Capital | 607.20M | 617.20M | 604.00M | 591.70M | 573.60M | 561.30M |
| Retained Earnings | 2.03B | 1.81B | 1.56B | 1.35B | 1.17B | 1.01B |
| Treasury Stock | -1.64B | -1.43B | -1.30B | -1.24B | -1.11B | -944.00M |
| Comprehensive Income & Other | -99.30M | -103.10M | -110.20M | -104.70M | -100.10M | -109.60M |
| Shareholders' Equity | 893.80M | 900.70M | 757.10M | 591.80M | 535.00M | 519.70M |
| Total Liabilities & Equity | 2.00B | 1.92B | 1.84B | 1.67B | 1.69B | 1.71B |
| Total Debt | 554.30M | 496.50M | 601.40M | 643.70M | 687.00M | 686.20M |
| Net Cash (Debt) | -482.90M | -383.80M | -521.80M | -571.80M | -577.30M | -588.10M |
| Net Cash Per Share | -11.27 | -8.80 | -11.86 | -12.76 | -12.44 | -12.28 |
| Filing Date Shares Outstanding | 41.83M | 42.83M | 43.46M | 43.81M | 45.44M | 47.08M |
| Total Common Shares Outstanding | 41.90M | 42.92M | 43.56M | 43.90M | 45.57M | 47.30M |
| Working Capital | 133.00M | 124.10M | 99.20M | 118.50M | 173.80M | 112.30M |
| Book Value Per Share | 21.33 | 20.99 | 17.38 | 13.48 | 11.74 | 10.99 |
| Tangible Book Value | 208.90M | 257.70M | 98.90M | 3.90M | -40.00M | -68.70M |
| Tangible Book Value Per Share | 4.99 | 6.00 | 2.27 | 0.09 | -0.88 | -1.45 |
| Land | 21.10M | 21.20M | 31.00M | 31.80M | 31.80M | |
| Buildings | 303.20M | 294.70M | 273.30M | 267.80M | 257.20M | |
| Machinery | 871.30M | 805.60M | 713.50M | 686.10M | 643.90M | |
| Construction In Progress | 72.60M | 50.00M | 61.70M | 49.00M | 51.30M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 320.90M | 308.70M | 264.90M | 223.80M | 202.90M | 183.20M |
| Depreciation & Amortization | 122.60M | 120.40M | 103.20M | 89.20M | 83.70M | 96.50M |
| Other Amortization | 200.00K | 200.00K | 600.00K | |||
| Loss (Gain) From Sale of Assets | -800.00K | 600.00K | ||||
| Loss (Gain) on Equity Investments | -118.20M | -112.30M | -103.40M | -89.30M | -77.60M | -87.70M |
| Stock-Based Compensation | 20.00M | 21.90M | 18.30M | 18.80M | 14.30M | 11.30M |
| Other Operating Activities | 7.30M | 26.30M | 1.70M | -6.20M | 7.80M | 5.60M |
| Change in Accounts Receivable | -42.00M | -7.50M | -24.60M | -1.60M | -12.40M | -30.90M |
| Change in Inventory | -10.70M | -12.80M | 1.90M | 6.10M | -19.70M | -10.60M |
| Change in Accounts Payable | 37.30M | 28.40M | 27.30M | 8.00M | -1.80M | 38.60M |
| Change in Income Taxes | 5.80M | -1.80M | -5.40M | 3.20M | -6.90M | -2.00M |
| Change in Other Net Operating Assets | -11.10M | -15.20M | -17.70M | -18.50M | -8.50M | -17.20M |
| Operating Cash Flow | 332.10M | 355.50M | 266.80M | 233.50M | 182.40M | 187.20M |
| Capital Expenditures | -114.20M | -109.40M | -82.80M | -83.80M | -74.80M | -79.80M |
| Sale of Property, Plant & Equipment | 1.00M | 24.30M | 100.00K | |||
| Cash Acquisitions | -72.10M | -13.90M | -123.50M | -26.50M | -2.80M | -700.00K |
| Investment in Securities | 120.10M | 113.00M | 92.30M | 96.90M | 104.50M | 78.30M |
| Other Investing Activities | 11.00M | 5.70M | 10.40M | 3.00M | 1.30M | -11.80M |
| Investing Cash Flow | -55.20M | -3.60M | -79.30M | -10.40M | 28.20M | -13.90M |
| Long-Term Debt Issued | 420.60M | 138.00M | 55.00M | 805.00M | 95.00M | |
| Total Debt Issued | 530.60M | 420.60M | 138.00M | 55.00M | 805.00M | 95.00M |
| Long-Term Debt Repaid | -543.30M | -203.80M | -122.70M | -785.90M | -182.10M | |
| Total Debt Repaid | -473.60M | -543.30M | -203.80M | -122.70M | -785.90M | -182.10M |
| Net Debt Issued (Repaid) | 57.00M | -122.70M | -65.80M | -67.70M | 19.10M | -87.10M |
| Repurchase of Common Stock | -287.60M | -137.60M | -61.20M | -133.80M | -167.00M | -80.00M |
| Common Dividends Paid | -59.10M | -55.20M | -50.60M | -46.90M | -44.20M | -41.40M |
| Other Financing Activities | -5.60M | -3.80M | -10.20M | -9.80M | -3.60M | |
| Financing Cash Flow | -295.30M | -319.30M | -177.60M | -258.60M | -201.90M | -212.10M |
| Foreign Exchange Rate Adjustments | -300.00K | 800.00K | -1.40M | 300.00K | -800.00K | |
| Net Cash Flow | -18.70M | 33.40M | 8.50M | -35.20M | 7.90M | -38.80M |
| Free Cash Flow | 217.90M | 246.10M | 184.00M | 149.70M | 107.60M | 107.40M |
| Free Cash Flow Margin | 12.48% | 15.18% | 12.73% | 11.56% | 8.73% | 9.71% |
| Free Cash Flow Per Share | 5.08 | 5.64 | 4.18 | 3.34 | 2.32 | 2.24 |
| Levered Free Cash Flow | 212.00M | 228.29M | 216.26M | 152.28M | 122.58M | 118.11M |
| Unlevered Free Cash Flow | 230.94M | 248.91M | 241.14M | 174.34M | 139.51M | 132.43M |
| Cash Interest Paid | 27.30M | 29.70M | 37.40M | 33.90M | 26.90M | 21.50M |
| Cash Income Tax Paid | 90.60M | 69.30M | 87.60M | 72.10M | 63.20M | 52.50M |
| Change in Working Capital | -20.70M | -8.90M | -18.50M | -2.80M | -49.30M | -22.10M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 7.12B | 8.24B | 6.16B | 4.34B | 3.13B | 5.51B |
| Enterprise Value | 7.60B | 8.65B | 6.71B | 4.92B | 3.77B | 6.11B |
| Last Close Price | 166.34 | 189.97 | 139.45 | 96.13 | 66.13 | 110.70 |
| PE Ratio | 22.71 | 26.70 | 23.25 | 19.42 | 15.46 | 30.14 |
| Forward PE | 18.43 | 23.39 | 21.30 | 18.43 | 12.94 | 23.11 |
| PS Ratio | 4.11 | 5.08 | 4.26 | 3.35 | 2.54 | 4.98 |
| PB Ratio | 7.80 | 9.15 | 8.14 | 7.34 | 5.85 | 10.61 |
| P/TBV Ratio | 34.35 | 31.98 | 62.29 | 1,113.80 | ||
| P/FCF Ratio | 32.93 | 33.49 | 33.48 | 29.02 | 29.11 | 51.33 |
| P/OCF Ratio | 21.60 | 23.18 | 23.09 | 18.60 | 17.17 | 29.45 |
| PEG Ratio | 1.48 | 1.73 | 1.68 | 2.18 | 0.82 | 1.85 |
| EV/Sales Ratio | 4.39 | 5.34 | 4.64 | 3.80 | 3.05 | 5.52 |
| EV/EBITDA Ratio | 16.70 | 19.62 | 17.34 | 14.46 | 12.19 | 21.57 |
| EV/EBIT Ratio | 22.80 | 26.99 | 23.65 | 19.60 | 16.71 | 32.72 |
| EV/FCF Ratio | 35.14 | 35.15 | 36.49 | 32.88 | 34.99 | 56.84 |
| Debt / Equity Ratio | 0.62 | 0.55 | 0.79 | 1.09 | 1.28 | 1.32 |
| Debt / EBITDA Ratio | 1.17 | 1.10 | 1.51 | 1.85 | 2.17 | 2.37 |
| Debt / FCF Ratio | 2.54 | 2.02 | 3.27 | 4.30 | 6.38 | 6.39 |
| Net Debt / Equity Ratio | 0.54 | 0.43 | 0.69 | 0.97 | 1.08 | 1.13 |
| Net Debt / EBITDA Ratio | 1.05 | 0.87 | 1.35 | 1.68 | 1.87 | 2.08 |
| Net Debt / FCF Ratio | 2.22 | 1.56 | 2.84 | 3.82 | 5.37 | 5.48 |
| Asset Turnover | 0.90 | 0.86 | 0.82 | 0.77 | 0.73 | 0.65 |
| Inventory Turnover | 8.14 | 8.21 | 8.08 | 7.46 | 7.83 | 8.16 |
| Quick Ratio | 0.90 | 0.91 | 0.87 | 0.94 | 1.23 | 0.99 |
| Current Ratio | 1.45 | 1.46 | 1.40 | 1.61 | 1.95 | 1.54 |
| Return on Equity (ROE) | 36.00% | 37.24% | 39.28% | 39.72% | 37.91% | 38.18% |
| Return on Assets (ROA) | 10.77% | 10.63% | 10.10% | 9.34% | 8.29% | 6.80% |
| Return on Invested Capital (ROIC) | 18.38% | 19.28% | 17.74% | 16.55% | 15.75% | 12.91% |
| Return on Capital Employed (ROCE) | 19.60% | 19.30% | 17.80% | 17.00% | 15.00% | 12.40% |
| Earnings Yield | 4.40% | 3.75% | 4.30% | 5.15% | 6.48% | 3.32% |
| FCF Yield | 3.04% | 2.99% | 2.99% | 3.45% | 3.44% | 1.95% |
| Dividend Yield | 0.88% | 0.67% | 0.83% | 1.08% | 1.41% | 0.76% |
| Payout Ratio | 19.91% | 17.88% | 19.10% | 20.96% | 21.78% | 22.60% |
| Buyback Yield / Dilution | 2.11% | 0.91% | 1.79% | 3.45% | 3.13% | 0.63% |
| Total Shareholder Return | 2.99% | 1.58% | 2.62% | 4.53% | 4.54% | 1.38% |