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Armstrong World Industries, Inc., together with its subsidiaries, engages in the design, manufacture, and sale of ceiling and wall solutions in the Americas. It operates through Mineral Fiber and Architectural Specialties segments. The company offers mineral fiber, fiberglass, metal, wood, felt, architectural resin and glass, wood fiber, and glass-reinforced-gypsum; and ceiling component products, such as ceiling perimeters and trims, as well as grid products that support drywall ceiling systems. It also designs, produces, and sources specialty ceilings, walls, and other interior and exterior architectural applications primarily for use in commercial settings; and manufactures ceiling suspension system (grid) products. It serves commercial and residential construction markets, as well as renovation of existing buildings sectors. The company sells its products to resale distributors, ceiling system contractors, wholesalers, and retailers comprising large home centers. Armstrong World Industries, Inc. was founded in 1860 and is headquartered in Lancaster, Pennsylvania.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.6B | $554M | $309M | $246M | 34.3% | 12.1% | 16.5% |
| 2024 | $1.4B | $490M | $265M | $184M | 35.0% | 11.6% | 18.4% |
| 2023 | $1.3B | $423M | $224M | $150M | 37.8% | 5.0% | 10.3% |
| 2022 | $1.2B | $368M | $203M | $108M | 37.9% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,233.10 | 1,295.20 | 1,445.70 | 1,620.80 |
| Operating Revenue | - | 1,233.10 | 1,295.20 | 1,445.70 | 1,620.80 |
| Cost Of Revenue | - | 784 | 798.20 | 864.10 | 962.10 |
| Gross Profit | - | 449.10 | 497 | 581.60 | 658.70 |
| Operating Expense | - | 237 | 262.50 | 308.50 | 339.50 |
| Selling General And Administration | - | 237 | 262.50 | 308.50 | 339.50 |
| Total Expenses | - | 1,021 | 1,060.70 | 1,172.60 | 1,301.60 |
| Operating Income | - | 212.10 | 234.50 | 273.10 | 319.20 |
| Total Operating Income As Reported | - | 278.70 | 323.70 | 374.30 | 430.90 |
| EBITDA | - | 368.40 | 422.80 | 490.10 | 553.70 |
| Normalized EBITDA | - | 379.40 | 422.90 | 492.30 | 554.30 |
| EBIT | - | 284.70 | 333.60 | 386.90 | 433.30 |
| Interest Income | - | 0.50 | 3.50 | 3.80 | 2.40 |
| Interest Expense | - | 27.10 | 35.30 | 39.80 | 33 |
| Net Interest Income | - | -26.60 | -31.80 | -36 | -30.60 |
| Other Non Operating Income Expenses | 0.20 | 5.50 | 6.40 | 8.80 | - |
| Other Income Expense | - | 72.10 | 95.60 | 110 | 111.70 |
| Interest Income Non Operating | - | 0.50 | 3.50 | 3.80 | 2.40 |
| Interest Expense Non Operating | - | 27.10 | 35.30 | 39.80 | 33 |
| Net Non Operating Interest Income Expense | - | -26.60 | -31.80 | -36 | -30.60 |
| Pretax Income | - | 257.60 | 298.30 | 347.10 | 400.30 |
| Tax Provision | - | 57.70 | 74.50 | 82.20 | 91.60 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -2.46 | -0.02 | -0.52 | -0.14 |
| Net Income Continuous Operations | - | 199.90 | 223.80 | 264.90 | 308.70 |
| Net Income From Continuing And Discontinued Operation | - | 202.90 | 223.80 | 264.90 | 308.70 |
| Net Income From Continuing Operation Net Minority Interest | - | 199.90 | 223.80 | 264.90 | 308.70 |
| Net Income | - | 202.90 | 223.80 | 264.90 | 308.70 |
| Net Income Common Stockholders | - | 202.90 | 223.80 | 264.90 | 308.70 |
| Net Income Including Noncontrolling Interests | - | 202.90 | 223.80 | 264.90 | 308.70 |
| Normalized Income | - | 208.44 | 223.88 | 266.58 | 309.16 |
| Diluted NI Availto Com Stockholders | - | 202.90 | 223.80 | 264.90 | 308.70 |
| Basic Average Shares | - | 45.57 | 44.70 | 43.56 | 42.92 |
| Diluted Average Shares | - | 46.40 | 44.80 | 44 | 43.60 |
| Reconciled Depreciation | - | 83.70 | 89.20 | 103.20 | 120.40 |
| Reconciled Cost Of Revenue | - | 784 | 798.20 | 864.10 | 962.10 |
| Total Unusual Items | - | -11 | -0.10 | -2.20 | -0.60 |
| Total Unusual Items Excluding Goodwill | - | -11 | -0.10 | -2.20 | -0.60 |
| Net Income Discontinuous Operations | -2.10 | 3 | 0 | 0 | - |
| Special Income Charges | - | -11 | -0.10 | -2.20 | -0.60 |
| Restructuring And Mergern Acquisition | - | 11 | 0.10 | 1.60 | 1.40 |
| General And Administrative Expense | 232.10 | 231.70 | 256.60 | - | - |
| Other Gand A | 237.40 | 237 | 262.50 | - | - |
| Salaries And Wages | -5.30 | -5.30 | -5.90 | - | - |
| Gain On Sale Of Ppe | - | 0 | 0 | -0.60 | 0.80 |
| Otherunder Preferred Stock Dividend | 0.30 | - | - | - | - |
| Earnings From Equity Interest | - | 77.60 | 89.30 | 103.40 | 112.30 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Armstrong World Industries, Inc.this co. | AWI | $6.5B | 21.12↓ discount | 7.24 | 34.3% | 12.46 |
| Primoris Services Corporation | PRIM | $6.9B | 25.19 | 4.12 | 16.4% | 14.55 |
| Enpro Inc. | NPO | $6.7B | 165.58 | 4.34 | 2.6% | 37.34 |
| Pool Corporation | POOL | $6.7B | 16.43 | 5.63 | 34.3% | 12.83 |
| Gates Industrial Corporation plc | GTES |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $6.6B |
| 26.38 |
| 1.99 |
| 7.5% |
| 12.16 |
| Federal Signal Corporation | FSS | $6.6B | 26.69 | 4.76 | 17.8% | 16.97 |
| JBT Marel Corporation | JBTM | $6.5B | -129.10 | 1.46 | -1.1% | 25.87 |
| Schneider National, Inc. | SNDR | $6.5B | 62.71 | 2.15 | 3.4% | 10.77 |
| Granite Construction Incorporated | GVA | $6.2B | 32.09 | 5.25 | 16.4% | 14.37 |
| Peer Median | - | 26.54 | 4.23 | 11.9% | 14.46 | |