Armstrong World Industries, Inc. AWI

IndustrialsHomebuilding & Construction SuppliesUnited States of America

Last close 166.34 USD on Nov 1, 2026, −12.4% year to date

Quant rating

Quant rating B Rank 102 of 486 in Industrials

Growth B 126 of 486
Valuation C 231 of 486
Quality A 23 of 486
Revisions C 253 of 486
Momentum C 216 of 486

Wall Street consensus Buy (2.25)Average target 199.84 USD +20.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 7.0B
Enterprise value: 7.4B
52-week range: 150.28 – 204.13
3-year range: 77.20 – 204.13
Dividend yield: 0.90%
Beta (5 years): 1.14
Shares outstanding: 41.8M
Next earnings: Feb 24, 2027

About the company

Armstrong World Industries, Inc. is engaged in the design and manufacture of interior and exterior architectural applications including ceilings, specialty walls and exterior metal solutions. The Company manufactures and sources products made of materials, including mineral fiber, fiberglass, metal, felt, architectural resin and glass, wood, wood fiber and glass-reinforced gypsum. Its segments include Mineral Fiber, Architectural Specialties and Unallocated Corporate. The Mineral Fiber segment produces suspended mineral fiber and fiberglass ceiling systems. The Architectural Specialties segment designs, produces and sources specialty ceilings, walls, and other interior and exterior architectural applications primarily for use in commercial settings. The Unallocated Corporate segment includes assets, liabilities, income and expenses that have not been allocated to other business segments and consists of cash and cash equivalents.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,621	1,446	1,295	1,233	1,107	–
Revenue growth	12.1%	11.6%	5.0%	11.4%	18.1%	11.6%
EPS (basic, normalized)	7.41	6.31	5.32	4.74	4.36	–
EPS growth	17.4%	18.6%	12.2%	8.7%	–	–
Gross margin	40.6%	40.3%	38.4%	36.4%	36.7%	38.5%
Net margin	19.0%	18.3%	17.3%	16.2%	16.7%	17.5%
ROE	37.2%	39.3%	39.7%	37.9%	38.2%	38.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	71.4
Current ratio	1.45x
Long-term debt (mil)	488
Net debt (mil)	433
Total equity (mil)	894
Net debt / equity	0.48x
Net debt / EBITDA	0.78x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,621	+12.1%	4.6x	555	+13.8%	13.3x	7.41	+17.4%	22.4x
2026	1,796	+10.8%	4.1x	607	+9.3%	12.2x	8.33	+12.4%	20.0x
2027	1,930	+7.5%	3.8x	662	+9.1%	11.2x	9.47	+13.7%	17.6x
2028	2,066	+7.1%	3.6x	719	+8.6%	10.3x	10.65	+12.5%	15.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,796	+0.5%	+0.6%	+1.3%	8.33	−1.2%	−1.2%	+0.3%
2027	1,930	+0.7%	+1.0%	+1.8%	9.47	−1.1%	−0.8%	+1.0%
2028	2,066	+0.6%	+0.9%	+1.9%	10.65	+1.8%	−2.4%	+0.5%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	326	365	387	368	383	425	425	388	410	472
Sales mean (mil)	319	360	387	352	371	404	423	401	410	462
Surprise	+2.1%	+1.3%	0.0%	+4.4%	+3.3%	+5.0%	+0.5%	−3.1%	0.0%	+2.2%
EPS reported	1.38	1.62	1.81	1.50	1.66	2.09	2.05	1.61	1.69	2.36
EPS mean	1.23	1.55	1.75	1.38	1.53	1.78	2.03	1.68	1.81	2.25
Surprise	+12.3%	+4.5%	+3.2%	+8.3%	+8.7%	+17.3%	+1.0%	−4.0%	−6.5%	+5.0%

Peer comparison Homebuilding & Construction Supplies

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
AWI Armstrong World Industries, Inc.	7.0B	0.78x	19.0%	7.80x	20.0x	17.6x	12.2x	11.2x
FERG Ferguson Enterprises Inc.	46.2B	1.38x	6.1%	7.45x	20.9x	18.9x	14.3x	13.4x
DHI D.R. Horton, Inc.	39.6B	1.23x	10.5%	1.71x	14.0x	12.1x	11.4x	10.5x
SGOB Compagnie de Saint Gobain SA	37.5B	–	6.2%	1.31x	10.9x	10.1x	6.4x	6.1x
PHM PulteGroup, Inc.	23.0B	0.25x	12.8%	1.76x	13.4x	13.1x	9.3x	9.2x
LEN Lennar Corporation	20.7B	1.48x	6.0%	0.96x	17.5x	16.4x	12.5x	12.4x
Mean		1.03x	10.1%	3.50x	16.1x	14.7x	11.0x	10.5x
Median		1.23x	8.3%	1.74x	15.7x	14.8x	11.8x	10.8x

Technical analysis

1M+1.0%
3M−6.7%
1Y−13.4%
3Y+133.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Armstrong World Industries, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,621	1,446	1,295	1,233	1,107	937
Cost of revenue	962	864	798	784	701	604
Gross profit	659	582	497	449	406	333
Selling, general & administrative expenses	338	307	262	237	237	163
Research & development	–	–	–	–	–	–
Interest expense (income), operating	−112	−103	−89.3	−77.6	−87.7	−64.0
Unusual expense (income)	0.3	4.3	–	0	0	−21.0
Other operating expenses	1.4	0	0.1	11.0	−4.1	0
Operating income	431	374	324	279	260	255
Net interest income (expense)	−30.6	−36.0	−31.8	−26.6	−22.8	−23.8
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	8.8	6.4	5.5	5.5	−358
Net income before taxes	400	347	298	258	243	−127
Provision for taxes	91.6	82.2	74.5	57.7	57.4	−42.6
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	309	265	224	200	185	−84.1
Extraordinary items	–	0	0	3.0	−2.1	−15.0
Net income	309	265	224	203	183	−99.1
EBIT, normalized	319	275	234	201	172	170
EBITDA, normalized	439	378	324	285	269	254
Basic EPS, normalized	7.41	6.31	5.32	4.74	4.36	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Armstrong World Industries, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	113	79.3	70.8	106	98.1	137
Receivables	130	138	112	114	110	80.6
Total inventory	125	110	104	110	90.2	81.5
Prepaid expenses	22.5	19.8	15.9	16.6	17.2	12.0
Other current assets	1.4	1.7	10.5	9.7	5.9	0.8
Total current assets	392	349	313	356	322	312
Property, plant & equipment	713	670	618	589	582	570
Goodwill	218	203	176	167	167	161
Intangibles	425	455	412	408	421	458
Long-term investments	41.1	38.2	25.7	23.9	50.0	41.2
Note receivable	–	–	–	0	0.6	0.6
Other long-term assets	136	127	128	143	167	177
Total assets	1,925	1,843	1,672	1,687	1,710	1,718
Liabilities
Accounts payable	124	132	91.0	105	106	81.3
Payable/accrued	27.7	31.8	27.3	22.4	20.3	16.7
Accrued expenses	59.1	59.2	48.4	51.0	54.4	31.9
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	16.6	26.3	25.5	2.2	27.2	27.0
Other current liabilities	40.4	0	2.3	2.1	1.9	15.4
Total current liabilities	267	250	194	183	210	172
Long-term debt	429	536	588	666	623	709
Minority interest	–	–	–	–	–	–
Other liabilities	328	300	298	304	357	386
Total liabilities	1,024	1,086	1,081	1,152	1,190	1,268
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.6	0.6	0.6	0.6	0.6	0.6
Additional paid-in capital	617	604	592	574	561	554
Retained earnings (accumulated deficit)	1,814	1,561	1,347	1,170	1,011	870
Treasury stock	−1,428	−1,298	−1,242	−1,109	−944	−864
Other equity	−103	−110	−105	−100	−110	−109
Total equity	901	757	592	535	520	451
Total liabilities & shareholders' equity	1,925	1,843	1,672	1,687	1,710	1,718

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Armstrong World Industries, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	309	265	224	203	183	−99.1
Depreciation, depletion & amortization	120	103	89.2	83.7	96.5	84.0
Deferred taxes	24.1	0.2	−0.8	−1.6	8.7	−89.3
Non-cash items	−88.8	−83.0	−75.9	−53.9	−79.1	307
Changes in working capital	−8.9	−18.5	−2.8	−48.7	−22.1	16.4
Cash from operations	356	267	234	182	187	219
Investing activities
Capital expenditures	−109	−82.8	−83.8	−74.8	−79.8	−55.4
Other investing cash flows	106	3.5	73.4	103	65.9	−85.7
Cash from investing	−3.6	−79.3	−10.4	28.2	−13.9	−141
Financing activities
Financing cash flow items	−12.5	−6.2	−12.0	−11.8	−3.6	−4.8
Cash dividends paid	−55.2	−50.6	−46.9	−44.2	−41.4	−39.2
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−252	−121	−200	−146	−167	57.5
Cash from financing	−319	−178	−259	−202	−212	13.5
Foreign exchange effects	0.8	−1.4	0.3	−0.8	0	0.4
Net change in cash	33.4	8.5	−35.2	7.9	−38.8	91.6
Free cash flow	246	184	150	108	107	163

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.