Armstrong World Industries Inc (AWI)

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.

Ticker: AWI
Exchange: NYSE
Sector: Industrials
Industry: Building Products & Equipment
Market cap: $7.17B
52-week range: $150.28 - $206.05

Valuation

Share price: $171.23 (close of Nov 6, 2026)
P/E (TTM): 22.71x
Price to book: 8.03x
Price to free cash flow: 32.93x
Enterprise value: $7.66B
Book value per share: $21.33

Price performance

Period	Change
1 day	+0.40%
5 days	+2.94%
1 month	+3.86%
3 months	-6.93%
6 months	+3.01%
Year to date	-10.40%
1 year	-8.47%
3 years	+114.49%
5 years	+53.62%
10 years	+365.93%
All time	+328.07%

Short interest

As of: Oct 15, 2026
Short % of float: 4.00%
Shares short: 1.43M
Days to cover: 4.45
Change since prior report: -0.73%
Source: FINRA consolidated short interest

Profitability and growth

Return on equity: 34.27%
Return on invested capital: 24.33%
Return on assets: 16.04%
Return on capital employed: 26.00%
Gross margin: 40.64%
Net margin: 19.05%
EBITDA margin: 34.01%
Revenue growth: 12.11%
Net income growth: 16.53%
Free cash flow growth: 33.75%

Cash flow and balance sheet

Free cash flow yield (TTM): 3.04%
Current ratio: 1.45x
Net debt to EBITDA: 0.84x

Latest reported year

Period end: Dec 31, 2025
Fiscal year: 2025
Revenue: $1.62B
Cost of revenue: $962.10M
Gross profit: $658.70M
EBITDA: $551.30M
Net income: $308.70M
Earnings per share: $7.13
Research and development: $16.40M
Interest expense: $33.00M
Shares outstanding: 43.30M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	$1.62B	$658.70M	$308.70M	$7.13
2024-12-31	$1.45B	$581.60M	$264.90M	$6.06
2023-12-31	$1.30B	$497.00M	$223.80M	$5.00
2022-12-31	$1.23B	$449.10M	$202.90M	$4.38
2021-12-31	$1.11B	$405.60M	$183.20M	$3.84
2020-12-31	$936.90M	$333.10M	-$99.10M	-$2.07
2019-12-31	$1.04B	$395.10M	$214.50M	$4.40
2018-12-31	$975.30M	$333.50M	$185.90M	$3.61
2017-12-31	$893.60M	$315.40M	$119.60M	$2.23
2016-12-31	$837.30M	$307.00M	$104.70M	$1.88

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	40.64%	19.05%	34.27%	24.33%
2024-12-31	40.23%	18.32%	34.99%	21.53%
2023-12-31	38.37%	17.28%	37.82%	20.22%
2022-12-31	36.42%	16.45%	37.93%	18.09%
2021-12-31	36.65%	16.56%	35.25%	17.01%
2020-12-31	35.55%	-10.58%	-21.98%	21.12%
2019-12-31	38.06%	20.66%	58.78%	25.75%
2018-12-31	34.19%	19.06%	82.26%	18.77%
2017-12-31	35.30%	13.38%	31.14%	19.63%
2016-12-31	36.67%	12.50%	39.30%	12.68%

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$112.70M	$396.40M
2024-12-31	$79.30M	$502.60M
2023-12-31	$70.80M	$564.30M
2022-12-31	$106.00M	$651.10M
2021-12-31	$98.10M	$606.40M
2020-12-31	$136.90M	$690.50M
2019-12-31	$45.30M	$604.50M
2018-12-31	$325.70M	$764.80M
2017-12-31	$159.60M	$817.70M
2016-12-31	$141.90M	$848.60M

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	$246.10M	$21.90M
2024-12-31	$184.00M	$18.30M
2023-12-31	$149.70M	$18.80M
2022-12-31	$107.60M	$14.30M
2021-12-31	$107.40M	$11.30M
2020-12-31	$163.40M	$6.80M
2019-12-31	$111.40M	$9.50M
2018-12-31	$131.30M	$14.00M
2017-12-31	$80.70M	$10.20M
2016-12-31	-$54.90M	$12.40M

Dividend history

Most recent payment: Nov 5, 2026
Paid in the last twelve months: $1.39

Payment date	Dividend per share
2026-11-05	$0.37
2026-08-05	$0.34
2026-05-11	$0.34
2026-03-05	$0.34
2025-11-06	$0.34
2025-08-07	$0.31
2025-05-08	$0.31
2025-03-06	$0.31

Investor relations

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-10-27	Sep 2026	$2.35
2026-07-28	Jun 2026	$2.33
2026-04-28	Mar 2026	$1.82
2026-02-24	Dec 2025	$1.67
2025-10-28	Sep 2025	$1.99
2025-07-29	Jun 2025	$1.75
2025-04-29	Mar 2025	$1.55
2025-02-25	Dec 2024	$1.37

Filings and sources

Company website: armstrong.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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