Armstrong World Industries (AWI) Financials

$164.27 +0.64 (+0.39%)

Closing price 05/5/2026 03:59 PM Eastern

Extended Trading

$164.36 +0.09 (+0.05%)

As of 05/5/2026 05:41 PM Eastern

Annual Income Statements for Armstrong World Industries

This table shows Armstrong World Industries' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	94	105	120	121	215	-99	183	203	224	265	309
Consolidated Net Income / (Loss)	94	105	120	186	215	-99	183	203	224	265	309
Net Income / (Loss) Continuing Operations	58	99	221	190	242	-84	185	200	224	265	309
Total Pre-Tax Income	95	151	222	243	299	-127	243	258	298	347	400
Total Operating Income	91	123	244	175	317	191	260	279	324	374	431
Total Gross Profit	306	307	315	334	395	333	406	449	497	582	659
Total Revenue	805	837	894	975	1,038	937	1,107	1,233	1,295	1,446	1,621
Operating Revenue	805	837	894	975	1,038	937	1,107	1,233	1,295	1,446	1,621
Total Cost of Revenue	499	530	578	642	643	604	701	784	798	864	962
Operating Cost of Revenue	499	530	578	642	643	604	701	784	798	864	962
Total Operating Expenses	215	184	72	159	78	142	146	170	173	207	228
Selling, General & Admin Expense	181	184	139	159	174	163	237	237	263	309	340
Other Operating Expenses / (Income)	-	-	-67	-	-97	-	-88	-78	-89	-103	-112
Other Special Charges / (Income)	-	-	-	0.00	0.00	0.10	-4.10	11	0.10	2.20	0.60
Total Other Income / (Expense), net	3.70	28	-22	3.20	-18	-318	-17	-21	-25	-27	-31
Interest Expense	45	50	35	39	38	24	23	27	35	40	33
Other Income / (Expense), net	-18	4.20	14	33	20	-357	-5.60	6.00	-9.90	13	2.40
Income Tax Expense	37	51	1.50	53	57	-43	57	58	75	82	92
Basic Earnings per Share	$1.69	$1.88	$2.23	$3.61	$4.40	($2.07)	$3.84	$4.38	$5.00	$6.06	$7.13
Weighted Average Basic Shares Outstanding	55.50M	55.40M	53.30M	51.30M	48.70M	47.90M	47.60M	46.30M	44.70M	43.70M	43.30M
Diluted Earnings per Share	$1.68	$1.87	$2.21	$3.56	$4.32	($2.07)	$3.82	$4.37	$4.99	$6.02	$7.08
Weighted Average Diluted Shares Outstanding	55.90M	55.70M	53.90M	52.10M	49.50M	47.90M	47.90M	46.40M	44.80M	44M	43.60M
Weighted Average Basic & Diluted Shares Outstanding	55.70M	55.70M	53.60M	51.50M	48.80M	47.79M	47.08M	45.44M	43.81M	43.46M	42.83M
Cash Dividends to Common per Share	-	-	-	$0.18	$0.73	$0.81	$0.86	$0.95	$1.04	$1.15	$1.26

This table shows Armstrong World Industries' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	70	47	60	66	77	62	69	88	86	66	67
Consolidated Net Income / (Loss)	70	47	60	66	77	62	69	88	86	66	67
Net Income / (Loss) Continuing Operations	70	47	60	66	77	62	69	88	86	66	67
Total Pre-Tax Income	94	61	80	87	104	76	91	115	110	85	88
Total Operating Income	100	66	86	95	111	82	99	123	117	92	94
Total Gross Profit	141	120	124	149	164	144	150	176	179	155	155
Total Revenue	347	312	326	365	387	368	383	425	425	388	410
Operating Revenue	347	312	326	365	387	368	383	425	425	388	410
Total Cost of Revenue	206	193	202	216	223	224	233	249	247	234	255
Operating Cost of Revenue	206	193	202	216	223	224	233	249	247	234	255
Total Operating Expenses	41	53	38	54	53	62	51	53	61	63	61
Selling, General & Admin Expense	65	73	65	81	78	85	78	85	90	87	88
Other Operating Expenses / (Income)	-23	-20	-27	-26	-25	-25	-27	-32	-28	-26	-27
Total Other Income / (Expense), net	-6.50	-5.60	-5.90	-7.90	-7.50	-5.90	-7.80	-7.90	-7.70	-7.20	-5.80
Interest Expense	8.80	8.60	9.00	11	11	9.20	8.50	8.60	8.20	7.70	7.30
Other Income / (Expense), net	2.30	-12	3.10	3.20	3.00	16	-0.70	0.70	0.50	0.50	1.50
Income Tax Expense	24	14	20	21	27	14	22	28	23	19	22
Basic Earnings per Share	$1.56	$1.06	$1.37	$1.50	$1.76	$1.43	$1.59	$2.02	$2.00	$1.52	$1.56
Weighted Average Basic Shares Outstanding	44.50M	44.70M	43.80M	43.80M	43.70M	43.70M	43.50M	43.40M	43.20M	43.30M	42.80M
Diluted Earnings per Share	$1.56	$1.05	$1.36	$1.50	$1.75	$1.41	$1.58	$2.01	$1.98	$1.51	$1.55
Weighted Average Diluted Shares Outstanding	44.60M	44.80M	44.10M	44M	43.90M	44M	43.80M	43.70M	43.60M	43.60M	43.20M
Weighted Average Basic & Diluted Shares Outstanding	44.18M	43.81M	43.76M	43.70M	43.59M	43.46M	43.43M	43.26M	43.13M	42.83M	42.68M
Cash Dividends to Common per Share	$0.25	-	$0.28	$0.28	$0.28	-	$0.31	$0.31	$0.31	-	$0.34

This table details how cash moves in and out of Armstrong World Industries' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	60	-103	14	184	-290	92	-39	7.90	-35	8.50	33
Net Cash From Operating Activities	204	49	170	203	183	219	187	182	234	267	356
Net Cash From Continuing Operating Activities	204	49	170	203	183	219	187	182	234	267	356
Net Income / (Loss) Continuing Operations	94	105	120	186	215	-99	183	203	224	265	309
Consolidated Net Income / (Loss)	94	105	120	186	215	-99	183	203	224	265	309
Depreciation Expense	118	89	89	79	72	84	97	84	89	103	120
Non-Cash Adjustments To Reconcile Net Income	27	-3.40	48	-65	-58	307	-75	-64	-76	-85	-90
Changes in Operating Assets and Liabilities, net	-36	-141	-86	2.90	-46	-73	-18	-40	-3.50	-17	17
Net Cash From Investing Activities	-102	-17	-54	310	-89	-141	-14	28	-10	-79	-3.60
Net Cash From Continuing Investing Activities	-102	-17	-54	310	-89	-141	-14	28	-10	-79	-3.60
Purchase of Property, Plant & Equipment	-171	-104	-90	-72	-71	-55	-80	-75	-84	-83	-109
Acquisitions	-	-	-31	-22	-56	-165	-0.70	-2.80	-27	-124	-14
Purchase of Investments	-	-	-	-	-	-	-	-	0.00	-5.50	0.00
Sale of Property, Plant & Equipment	-	-	-	0.00	0.00	22	0.10	0.00	0.00	24	1.00
Sale and/or Maturity of Investments	64	87	69	142	85	82	78	105	97	98	113
Other Investing Activities, net	5.00	0.30	-2.40	-68	-47	-24	-12	1.30	3.00	10	5.70
Net Cash From Financing Activities	-32	-129	-103	-329	-385	14	-212	-202	-259	-178	-319
Net Cash From Continuing Financing Activities	-32	-129	-103	-329	-385	14	-212	-202	-259	-178	-319
Repayment of Debt	-40	-532	-129	-33	-898	-216	-180	-787	-120	-201	-541
Repurchase of Common Equity	-	-44	-80	-307	-131	-44	-80	-165	-132	-56	-129
Payment of Dividends	-1.20	-	0.00	-8.60	-36	-39	-41	-44	-47	-51	-55
Issuance of Debt	2.00	456	103	0.00	685	320	95	805	55	138	421
Other Financing Activities, net	6.40	-8.40	3.30	18	-4.70	-6.60	-5.70	-11	-15	-8.20	-15
Effect of Exchange Rate Changes	-10	-6.30	-	-	0.90	0.40	0.00	-0.80	0.30	-1.40	0.80
Cash Interest Paid	39	33	31	30	33	24	22	27	34	37	30
Cash Income Taxes Paid	44	34	32	52	58	11	53	63	72	88	69

This table details how cash moves in and out of Armstrong World Industries' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-5.00	-26	-1.20	4.00	0.10	5.60	3.50	-1.70	9.00	23	-33
Net Cash From Operating Activities	83	57	26	57	97	87	41	82	123	110	32
Net Cash From Continuing Operating Activities	83	57	26	57	97	87	41	82	123	110	32
Net Income / (Loss) Continuing Operations	70	47	60	66	77	62	69	88	86	66	67
Consolidated Net Income / (Loss)	70	47	60	66	77	62	69	88	86	66	67
Depreciation Expense	23	23	24	26	26	27	29	31	30	31	30
Non-Cash Adjustments To Reconcile Net Income	-20	-14	-23	-22	-20	-20	-22	-26	-22	-20	-25
Changes in Operating Assets and Liabilities, net	9.90	0.40	-35	-12	13	17	-35	-11	29	34	-39
Net Cash From Investing Activities	-4.60	0.20	5.90	-87	20	-18	6.00	7.20	3.60	-20	-51
Net Cash From Continuing Investing Activities	-4.60	0.20	5.90	-87	20	-18	6.00	7.20	3.60	-20	-51
Purchase of Property, Plant & Equipment	-19	-24	-15	-20	-19	-29	-19	-20	-23	-48	-18
Acquisitions	-14	24	-5.50	-	-	-124	0.00	0.80	-7.50	-7.20	-65
Sale and/or Maturity of Investments	28	25	23	-71	27	119	25	26	31	31	30
Other Investing Activities, net	-	2.10	2.70	1.60	3.30	2.80	0.00	0.10	1.50	4.10	1.50
Net Cash From Financing Activities	-83	-84	-33	34	-117	-62	-44	-91	-117	-67	-13
Net Cash From Continuing Financing Activities	-83	-84	-33	34	-117	-62	-44	-91	-117	-67	-13
Repayment of Debt	-30	-60	-31	-51	-89	-31	-16	-36	-76	-414	-13
Repurchase of Common Equity	-40	-35	-15	-10	-15	-15	-22	-30	-27	-50	-61
Payment of Dividends	-11	-13	-12	-13	-12	-14	-13	-14	-13	-15	-15
Issuance of Debt	-	25	25	113	-	-	10	-	-	411	85
Other Financing Activities, net	-1.20	-1.00	-0.20	-5.50	-1.00	-2.80	-2.60	-11	-1.30	-0.20	-10
Effect of Exchange Rate Changes	-0.40	-	-0.40	-0.20	0.20	-1.00	0.10	0.60	-0.20	0.30	-0.40
Cash Interest Paid	8.60	8.00	8.50	11	9.80	8.60	7.80	8.70	6.40	6.80	6.30
Cash Income Taxes Paid	18	21	1.70	43	22	22	1.80	44	8.10	16	3.90

This table presents Armstrong World Industries' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	2,687	1,758	1,874	1,838	1,493	1,719	1,710	1,687	1,672	1,843	1,925
Total Current Assets	881	406	649	718	244	312	322	357	313	349	392
Cash & Equivalents	209	142	160	326	45	137	98	106	71	79	113
Note & Lease Receivable	-	-	-	80	85	78	109	112	111	134	130
Inventories, net	101	47	54	61	69	82	90	110	104	110	125
Other Current Assets	34	11	7.90	4.80	16	13	23	26	26	22	24
Plant, Property, & Equipment, net	648	465	500	501	525	530	543	554	566	599	631
Total Noncurrent Assets	1,158	887	725	620	724	877	845	776	793	895	903
Long-Term Investments	131	106	107	41	59	41	50	24	17	27	27
Noncurrent Note & Lease Receivables	-	-	-	-	0.00	20	18	16	25	35	36
Goodwill	-	428	441	19	53	161	167	167	176	203	218
Intangible Assets	447	-	-	423	412	458	421	408	412	455	425
Employee Benefit Assets	8.30	49	88	53	95	120	109	83	85	88	100
Other Noncurrent Operating Assets	57	63	64	69	93	77	79	78	78	87	97
Total Liabilities & Shareholders' Equity	2,687	1,758	1,874	1,838	1,493	1,719	1,710	1,687	1,672	1,843	1,925
Total Liabilities	1,918	1,492	1,454	1,612	1,128	1,268	1,190	1,152	1,081	1,086	1,024
Total Current Liabilities	436	224	270	550	155	172	210	183	195	250	267
Short-Term Debt	52	25	33	55	6.30	25	25	0.00	23	23	10
Accounts Payable	231	117	108	383	144	137	175	173	160	215	237
Current Deferred & Payable Income Tax Liabilities	3.80	1.30	0.50	0.90	0.20	4.00	1.90	2.10	2.30	0.00	3.20
Other Current Liabilities	-	-	-	-	5.20	6.80	7.80	8.10	9.80	12	17
Total Noncurrent Liabilities	1,482	1,268	1,184	1,063	973	1,095	981	970	886	836	757
Long-Term Debt	936	849	818	765	605	691	606	651	564	503	396
Noncurrent Deferred Revenue	92	62	53	27	19	21	20	13	15	15	6.10
Noncurrent Deferred & Payable Income Tax Liabilities	107	154	142	124	164	158	167	169	167	167	193
Noncurrent Employee Benefit Liabilities	149	142	136	109	118	115	108	82	69	60	57
Other Noncurrent Operating Liabilities	43	27	36	38	68	110	79	54	71	91	104
Total Equity & Noncontrolling Interests	769	266	419	226	365	451	520	535	592	757	901
Total Preferred & Common Equity	769	266	419	226	365	451	520	535	592	757	901
Total Common Equity	769	266	419	226	365	451	520	535	592	757	901
Common Stock	1,152	506	517	548	556	554	562	574	592	605	618
Retained Earnings	365	470	633	830	1,008	870	1,011	1,170	1,347	1,561	1,814
Treasury Stock	-261	-305	-386	-692	-824	-864	-944	-1,109	-1,242	-1,298	-1,428
Accumulated Other Comprehensive Income / (Loss)	-487	-404	-346	-460	-376	-109	-110	-100	-105	-110	-103

This table presents Armstrong World Industries' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	1,739	1,688	1,712	1,714	1,692	1,820	1,804	1,854	1,862	1,893	1,986
Total Current Assets	352	362	362	350	331	351	358	372	376	396	402
Cash & Equivalents	87	96	102	97	70	74	74	83	81	90	80
Note & Lease Receivable	119	122	117	117	125	136	131	151	155	158	166
Inventories, net	115	113	109	107	106	114	116	117	116	124	130
Other Current Assets	24	30	31	28	29	24	34	20	19	20	28
Plant, Property, & Equipment, net	541	560	559	559	560	599	577	596	595	599	624
Total Noncurrent Assets	846	766	791	805	801	870	869	887	891	899	959
Long-Term Investments	58	25	26	21	26	30	28	29	35	31	24
Noncurrent Note & Lease Receivables	17	16	18	26	28	27	26	34	37	35	36
Goodwill	167	167	167	175	175	194	195	210	209	214	257
Intangible Assets	409	405	412	414	409	443	439	440	435	430	438
Employee Benefit Assets	113	85	87	88	86	88	89	90	91	92	101
Other Noncurrent Operating Assets	83	69	81	80	77	88	92	84	85	96	103
Total Liabilities & Shareholders' Equity	1,739	1,688	1,712	1,714	1,692	1,820	1,804	1,854	1,862	1,893	1,986
Total Liabilities	1,218	1,143	1,146	1,128	1,065	1,151	1,087	1,061	1,024	1,004	1,093
Total Current Liabilities	212	166	177	186	184	200	218	232	233	261	262
Short-Term Debt	25	5.60	11	17	23	23	23	23	23	23	10
Accounts Payable	179	137	148	150	131	163	180	179	188	219	215
Current Deferred & Payable Income Tax Liabilities	0.40	16	7.60	8.40	21	3.50	4.80	18	7.40	3.90	19
Other Current Liabilities	8.30	7.90	9.70	10	9.90	11	11	13	15	16	18
Total Noncurrent Liabilities	1,006	977	969	943	880	951	869	829	791	743	831
Long-Term Debt	658	661	640	605	559	622	533	497	462	386	469
Noncurrent Deferred Revenue	13	14	14	15	16	16	17	15	14	10	8.30
Noncurrent Deferred & Payable Income Tax Liabilities	175	168	168	170	166	165	166	165	164	187	195
Noncurrent Employee Benefit Liabilities	104	82	81	79	69	67	65	59	57	56	56
Other Noncurrent Operating Liabilities	56	52	66	74	71	82	88	93	94	104	102
Total Equity & Noncontrolling Interests	521	545	567	586	627	669	717	793	838	889	893
Total Preferred & Common Equity	521	545	567	586	627	669	717	793	838	889	893
Total Common Equity	521	545	567	586	627	669	717	793	838	889	893
Common Stock	570	578	581	585	596	596	601	608	607	613	618
Retained Earnings	1,133	1,206	1,254	1,312	1,394	1,448	1,512	1,616	1,691	1,763	1,866
Treasury Stock	-1,089	-1,136	-1,167	-1,207	-1,258	-1,268	-1,283	-1,320	-1,350	-1,378	-1,489
Accumulated Other Comprehensive Income / (Loss)	-93	-102	-102	-104	-106	-107	-113	-111	-109	-109	-102

This table displays calculated financial ratios and metrics derived from Armstrong World Industries' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-37.80%	4.00%	6.72%	9.14%	6.44%	-9.75%	18.11%	11.43%	5.04%	11.62%	12.11%
EBITDA Growth	-26.01%	12.96%	60.36%	-17.39%	43.12%	-120.15%	524.82%	4.99%	9.39%	21.61%	12.98%
EBIT Growth	-43.46%	73.73%	102.76%	-19.61%	63.19%	-149.32%	252.70%	11.91%	10.22%	23.30%	11.99%
NOPAT Growth	-21.52%	45.54%	199.07%	-43.70%	88.43%	-48.00%	48.63%	8.95%	12.29%	17.62%	16.33%
Net Income Growth	47.65%	11.15%	14.23%	55.43%	15.38%	-146.20%	284.86%	10.75%	10.30%	18.36%	16.53%
EPS Growth	47.65%	11.31%	18.18%	61.09%	21.35%	-147.92%	284.54%	14.40%	14.19%	20.64%	17.61%
Operating Cash Flow Growth	-2.44%	-75.80%	245.64%	19.25%	-10.09%	19.76%	-14.44%	-2.56%	28.02%	14.26%	33.25%
Free Cash Flow Firm Growth	208.17%	-54.52%	-70.94%	436.43%	-116.76%	124.61%	971.14%	-11.28%	27.95%	-3.98%	69.64%
Invested Capital Growth	-38.56%	-21.97%	24.92%	-33.90%	59.89%	13.35%	1.49%	5.30%	3.24%	7.82%	-0.65%
Revenue Q/Q Growth	43.84%	52.71%	54.07%	2.59%	0.78%	-0.87%	4.12%	1.82%	0.61%	3.98%	1.29%
EBITDA Q/Q Growth	5.63%	12.37%	30.24%	-19.75%	36.41%	-203.51%	21.00%	15.23%	-6.24%	5.97%	1.93%
EBIT Q/Q Growth	16.03%	39.71%	39.79%	-23.08%	46.74%	-11,006.67%	31.61%	21.67%	-8.73%	6.53%	1.71%
NOPAT Q/Q Growth	152.79%	15.24%	92.07%	-45.68%	55.12%	-46.39%	41.51%	12.15%	-6.52%	5.91%	1.23%
Net Income Q/Q Growth	-9.77%	64.11%	-19.30%	24.10%	6.50%	-33.56%	11.64%	3.52%	-0.89%	6.17%	1.08%
EPS Q/Q Growth	-9.77%	62.61%	-21.07%	20.68%	6.67%	0.00%	0.00%	4.55%	-0.40%	6.36%	1.43%
Operating Cash Flow Q/Q Growth	-15.72%	-13.66%	8.67%	-9.49%	10.33%	4.34%	-10.13%	8.25%	-2.55%	12.43%	7.05%
Free Cash Flow Firm Q/Q Growth	285.23%	-56.63%	1,643.54%	-38.13%	35.31%	-89.46%	131.55%	21.21%	-9.28%	6.56%	5.34%
Invested Capital Q/Q Growth	-40.24%	-24.18%	-17.67%	-6.10%	2.08%	5.09%	0.17%	-0.32%	0.09%	0.39%	-0.73%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	38.01%	36.67%	35.30%	34.19%	38.06%	35.55%	36.65%	36.42%	38.37%	40.23%	40.64%
EBITDA Margin	23.77%	25.82%	38.80%	29.37%	39.49%	-8.82%	31.71%	29.88%	31.11%	33.90%	34.16%
Operating Margin	11.29%	14.67%	27.28%	17.89%	30.58%	20.37%	23.50%	22.60%	24.99%	25.89%	26.59%
EBIT Margin	9.08%	15.17%	28.82%	21.22%	32.54%	-17.78%	22.99%	23.09%	24.23%	26.76%	26.73%
Profit (Net Income) Margin	11.70%	12.50%	13.38%	19.06%	20.66%	-10.58%	16.56%	16.45%	17.28%	18.32%	19.05%
Tax Burden Percent	99.58%	69.52%	53.85%	76.60%	71.64%	78.22%	75.48%	78.77%	75.03%	76.32%	77.12%
Interest Burden Percent	129.41%	118.58%	86.25%	117.25%	88.63%	76.05%	95.40%	90.48%	95.06%	89.71%	92.38%
Effective Tax Rate	38.79%	34.06%	0.68%	21.88%	19.07%	0.00%	23.65%	22.40%	24.97%	23.68%	22.88%
Return on Invested Capital (ROIC)	5.00%	10.75%	32.60%	19.90%	36.25%	14.36%	19.94%	21.01%	22.63%	25.21%	28.36%
ROIC Less NNEP Spread (ROIC-NNEP)	14.58%	20.81%	1.95%	33.57%	26.00%	-30.19%	16.94%	18.34%	18.89%	20.69%	21.48%
Return on Net Nonoperating Assets (RNNOA)	8.28%	9.48%	2.28%	37.72%	36.35%	-38.65%	17.81%	17.47%	17.10%	14.07%	8.89%
Return on Equity (ROE)	13.29%	20.23%	34.88%	57.62%	72.60%	-24.30%	37.75%	38.48%	39.72%	39.28%	37.24%
Cash Return on Invested Capital (CROIC)	52.77%	35.42%	10.44%	60.72%	-9.84%	1.85%	18.46%	15.84%	19.44%	17.68%	29.00%
Operating Return on Assets (OROA)	2.76%	5.71%	14.18%	11.15%	20.28%	-10.37%	14.84%	16.76%	18.68%	22.01%	23.00%
Return on Assets (ROA)	3.56%	4.71%	6.59%	10.02%	12.88%	-6.17%	10.69%	11.95%	13.32%	15.07%	16.39%
Return on Common Equity (ROCE)	13.29%	20.23%	34.88%	57.62%	72.60%	-24.30%	37.75%	38.48%	39.72%	39.28%	37.24%
Return on Equity Simple (ROE_SIMPLE)	12.25%	39.30%	28.52%	82.26%	58.78%	-21.98%	35.25%	37.93%	37.82%	34.99%	0.00%
Net Operating Profit after Tax (NOPAT)	56	81	242	136	257	134	199	216	243	286	332
NOPAT Margin	6.91%	9.67%	27.10%	13.98%	24.74%	14.26%	17.94%	17.54%	18.75%	19.76%	20.50%
Net Nonoperating Expense Percent (NNEP)	-9.57%	-10.07%	30.65%	-13.68%	10.25%	44.55%	3.00%	2.66%	3.74%	4.53%	6.88%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	18.23%	20.61%	22.28%	25.42%
Cost of Revenue to Revenue	61.99%	63.33%	64.70%	65.81%	61.94%	64.45%	63.35%	63.58%	61.63%	59.77%	59.36%
SG&A Expenses to Revenue	22.46%	22.00%	15.51%	16.30%	16.79%	17.42%	21.45%	19.22%	20.27%	21.34%	20.95%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	26.72%	22.00%	8.01%	16.30%	7.48%	15.19%	13.16%	13.82%	13.38%	14.34%	14.05%
Earnings before Interest and Taxes (EBIT)	73	127	258	207	338	-167	254	285	314	387	433
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	191	216	347	286	410	-83	351	368	403	490	554
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.09	8.13	7.16	12.53	11.86	7.58	10.27	5.72	7.27	8.14	9.15
Price to Tangible Book Value (P/TBV)	7.39	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1,103.75	62.29	31.98
Price to Revenue (P/Rev)	2.95	2.59	3.36	2.90	4.17	3.65	4.82	2.48	3.32	4.26	5.09
Price to Earnings (P/E)	25.24	20.69	25.10	23.42	20.18	0.00	29.13	15.08	19.23	23.26	26.70
Dividend Yield	0.00%	0.00%	0.00%	0.32%	1.01%	1.13%	0.77%	1.41%	1.07%	0.81%	0.66%
Earnings Yield	3.96%	4.83%	3.98%	4.27%	4.96%	0.00%	3.43%	6.63%	5.20%	4.30%	3.75%
Enterprise Value to Invested Capital (EV/IC)	3.58	4.23	4.35	6.02	5.54	4.00	5.80	3.39	4.41	5.60	7.28
Enterprise Value to Revenue (EV/Rev)	3.76	3.33	4.01	3.37	4.66	4.22	5.26	2.90	3.71	4.55	5.25
Enterprise Value to EBITDA (EV/EBITDA)	15.81	12.91	10.34	11.47	11.79	0.00	16.59	9.72	11.92	13.42	15.37
Enterprise Value to EBIT (EV/EBIT)	41.39	21.98	13.93	15.87	14.31	0.00	22.88	12.58	15.31	17.00	19.64
Enterprise Value to NOPAT (EV/NOPAT)	54.38	34.48	14.81	24.10	18.82	29.61	29.32	16.56	19.78	23.03	25.61
Enterprise Value to Operating Cash Flow (EV/OCF)	14.85	56.63	21.04	16.17	26.46	18.08	31.09	19.64	20.57	24.66	23.94
Enterprise Value to Free Cash Flow (EV/FCFF)	5.16	10.46	46.24	7.90	0.00	230.48	31.67	21.96	23.02	32.84	25.03
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.29	3.28	2.03	3.63	1.67	1.59	1.21	1.22	0.99	0.69	0.45
Long-Term Debt to Equity	1.22	3.19	1.95	3.38	1.66	1.53	1.17	1.22	0.95	0.66	0.44
Financial Leverage	0.57	0.46	1.17	1.12	1.40	1.28	1.05	0.95	0.91	0.68	0.41
Leverage Ratio	3.73	4.29	5.30	5.75	5.64	3.94	3.53	3.22	2.98	2.61	2.27
Compound Leverage Factor	4.83	5.09	4.57	6.74	5.00	2.99	3.37	2.91	2.83	2.34	2.10
Debt to Total Capital	56.25%	76.63%	66.97%	78.39%	62.60%	61.34%	54.85%	54.89%	49.79%	40.95%	31.11%
Short-Term Debt to Total Capital	2.97%	2.19%	2.56%	5.26%	0.65%	2.14%	2.17%	0.00%	1.91%	1.75%	0.79%
Long-Term Debt to Total Capital	53.28%	74.44%	64.41%	73.13%	61.96%	59.20%	52.68%	54.89%	47.88%	39.20%	30.32%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	43.75%	23.37%	33.03%	21.61%	37.40%	38.66%	45.15%	45.11%	50.21%	59.05%	68.89%
Debt to EBITDA	5.16	4.04	2.45	2.86	1.49	-8.66	1.80	1.77	1.46	1.07	0.73
Net Debt to EBITDA	3.39	2.89	1.68	1.58	1.24	-6.51	1.38	1.41	1.24	0.85	0.48
Long-Term Debt to EBITDA	4.89	3.93	2.36	2.67	1.47	-8.36	1.73	1.77	1.40	1.03	0.72
Debt to NOPAT	17.76	10.79	3.51	6.01	2.38	5.36	3.18	3.01	2.42	1.84	1.22
Net Debt to NOPAT	11.65	7.73	2.41	3.33	1.97	4.02	2.43	2.41	2.05	1.47	0.80
Long-Term Debt to NOPAT	16.83	10.48	3.38	5.61	2.35	5.17	3.05	3.01	2.32	1.76	1.19
Altman Z-Score	1.52	2.08	2.89	2.70	4.76	2.65	4.74	3.98	5.00	6.13	7.81
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.02	1.81	2.40	1.31	1.57	1.81	1.54	1.95	1.61	1.40	1.46
Quick Ratio	0.74	0.90	0.93	0.74	0.84	1.25	0.99	1.20	0.93	0.86	0.91
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	587	267	78	416	-70	17	184	163	209	200	340
Operating Cash Flow to CapEx	119.33%	47.31%	189.97%	282.61%	256.24%	649.26%	234.88%	243.85%	278.64%	456.07%	327.95%
Free Cash Flow to Firm to Interest Expense	13.16	5.39	2.19	10.61	-1.82	0.71	8.03	6.02	5.91	5.03	10.30
Operating Cash Flow to Interest Expense	4.57	1.00	4.81	5.18	4.76	9.08	8.17	6.73	6.61	6.70	10.77
Operating Cash Flow Less CapEx to Interest Expense	0.74	-1.11	2.28	3.35	2.90	7.68	4.69	3.97	4.24	5.23	7.49
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.30	0.38	0.49	0.53	0.62	0.58	0.65	0.73	0.77	0.82	0.86
Accounts Receivable Turnover	5.20	9.67	11.95	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	2.28	7.15	11.48	11.16	9.92	8.05	8.17	7.83	7.46	8.08	8.21
Fixed Asset Turnover	0.94	1.50	1.85	1.95	2.02	1.78	2.06	2.25	2.31	2.48	2.64
Accounts Payable Turnover	1.73	3.05	5.13	2.61	2.44	4.31	4.50	4.51	4.80	4.61	4.25
Days Sales Outstanding (DSO)	70.16	37.73	30.55	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	159.76	51.04	31.78	32.70	36.81	45.34	44.70	46.60	48.93	45.16	44.46
Days Payable Outstanding (DPO)	210.84	119.80	71.14	139.82	149.52	84.63	81.07	80.87	76.00	79.24	85.82
Cash Conversion Cycle (CCC)	19.08	-31.03	-8.81	-107.12	-112.71	-39.29	-36.37	-34.27	-27.07	-34.09	-41.35
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	846	660	825	545	872	988	1,003	1,056	1,090	1,176	1,168
Invested Capital Turnover	0.72	1.11	1.20	1.42	1.47	1.01	1.11	1.20	1.21	1.28	1.38
Increase / (Decrease) in Invested Capital	-531	-186	165	-280	327	116	15	53	34	85	-7.60
Enterprise Value (EV)	3,026	2,792	3,586	3,285	4,835	3,955	5,821	3,582	4,803	6,579	8,509
Market Capitalization	2,377	2,167	3,002	2,832	4,328	3,418	5,337	3,061	4,305	6,160	8,242
Book Value per Share	$13.89	$4.83	$7.94	$4.41	$7.52	$9.42	$10.95	$11.72	$13.40	$17.37	$20.88
Tangible Book Value per Share	$5.81	($2.92)	($0.41)	($4.21)	($2.06)	($3.50)	($1.45)	($0.88)	$0.09	$2.27	$5.98
Total Capital	1,757	1,140	1,270	1,046	976	1,166	1,151	1,186	1,179	1,282	1,307
Total Debt	988	874	850	820	611	716	631	651	587	525	407
Total Long-Term Debt	936	849	818	765	605	691	606	651	564	503	396
Net Debt	648	626	583	453	507	537	483	521	499	419	267
Capital Expenditures (CapEx)	171	104	90	72	71	34	80	75	84	59	108
Debt-free, Cash-free Net Working Capital (DFCFNWC)	287	65	252	-103	50	28	39	68	70	42	22
Debt-free Net Working Capital (DFNWC)	497	207	412	223	96	165	137	174	141	122	134
Net Working Capital (NWC)	445	182	379	168	89	140	112	174	119	99	124
Net Nonoperating Expense (NNE)	-39	-24	123	-50	42	233	15	13	19	21	24
Net Nonoperating Obligations (NNO)	78	394	406	319	507	537	483	521	499	419	267
Total Depreciation and Amortization (D&A)	118	89	89	79	72	84	97	84	89	103	120
Debt-free, Cash-free Net Working Capital to Revenue	35.69%	7.79%	28.19%	-10.52%	4.84%	2.95%	3.54%	5.50%	5.42%	2.93%	1.34%
Debt-free Net Working Capital to Revenue	61.68%	24.73%	46.05%	22.88%	9.20%	17.56%	12.41%	14.09%	10.89%	8.42%	8.29%
Net Working Capital to Revenue	55.21%	21.75%	42.41%	17.24%	8.59%	14.89%	10.15%	14.09%	9.15%	6.86%	7.66%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.46	$1.88	$2.89	$3.61	$4.40	($2.07)	$3.84	$4.38	$5.00	$6.06	$7.13
Adjusted Weighted Average Basic Shares Outstanding	64.16M	55.40M	53.30M	51.30M	48.70M	47.90M	47.60M	46.30M	44.70M	43.70M	43.30M
Adjusted Diluted Earnings per Share	$1.45	$1.87	$2.86	$3.56	$4.32	($2.07)	$3.82	$4.37	$4.99	$6.02	$7.08
Adjusted Weighted Average Diluted Shares Outstanding	64.63M	55.70M	53.90M	52.10M	49.50M	47.90M	47.90M	46.40M	44.80M	44M	43.60M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	64.04M	53.84M	53.11M	48.50M	47.99M	47.79M	47.08M	45.44M	43.81M	43.46M	42.83M
Normalized Net Operating Profit after Tax (NOPAT)	77	81	242	136	257	119	195	225	243	287	333
Normalized NOPAT Margin	9.52%	9.67%	27.10%	13.98%	24.74%	12.69%	17.66%	18.23%	18.76%	19.88%	20.53%
Pre Tax Income Margin	11.75%	17.99%	24.85%	24.88%	28.84%	-13.52%	21.93%	20.89%	23.03%	24.01%	24.70%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.64	2.57	7.27	5.28	8.80	-6.91	11.11	10.51	8.89	9.72	13.13
NOPAT to Interest Expense	1.25	1.64	6.84	3.48	6.69	5.54	8.67	7.98	6.88	7.18	10.07
EBIT Less CapEx to Interest Expense	-2.19	0.46	4.74	3.45	6.94	-8.31	7.63	7.75	6.52	8.25	9.85
NOPAT Less CapEx to Interest Expense	-2.58	-0.47	4.31	1.64	4.83	4.14	5.19	5.22	4.51	5.71	6.78
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	1.27%	0.00%	0.00%	4.63%	16.60%	-39.56%	22.60%	21.78%	20.96%	19.10%	17.88%
Augmented Payout Ratio	1.27%	41.83%	67.22%	169.55%	77.81%	-84.36%	66.27%	103.11%	79.94%	39.86%	59.64%

This table displays calculated financial ratios and metrics derived from Armstrong World Industries' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	42,834,049.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	42,834,049.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.56
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.86%	2.56%	5.19%	12.20%	11.32%	17.74%	17.28%	16.30%	9.98%	5.60%	7.11%
EBITDA Growth	34.19%	-33.30%	20.97%	5.30%	12.14%	61.00%	13.22%	24.82%	5.27%	9.33%	-1.34%
EBIT Growth	42.56%	-43.61%	22.42%	2.91%	11.51%	80.11%	11.21%	26.17%	2.97%	8.57%	-2.15%
NOPAT Growth	25.95%	-25.33%	23.75%	9.79%	10.95%	31.13%	16.69%	30.52%	12.02%	6.02%	-5.14%
Net Income Growth	20.87%	-4.10%	26.64%	9.47%	10.65%	32.91%	15.36%	33.23%	12.22%	5.31%	-3.33%
EPS Growth	24.80%	-1.87%	30.77%	11.94%	12.18%	34.29%	16.18%	34.00%	13.14%	7.09%	-1.90%
Operating Cash Flow Growth	47.06%	-9.65%	0.76%	-15.36%	16.97%	51.66%	55.30%	42.41%	27.36%	27.02%	-21.71%
Free Cash Flow Firm Growth	6,187.21%	10.87%	621.54%	-264.25%	-98.30%	-208.00%	-132.99%	307.18%	11,371.89%	530.52%	131.40%
Invested Capital Growth	2.81%	3.24%	2.02%	10.89%	7.50%	7.82%	8.00%	-0.28%	0.48%	-0.65%	5.56%
Revenue Q/Q Growth	6.73%	-10.08%	4.48%	11.89%	5.89%	-4.89%	4.08%	10.95%	0.14%	-8.68%	5.56%
EBITDA Q/Q Growth	12.39%	-37.94%	5.09%	9.32%	19.69%	-10.90%	2.72%	20.16%	-4.27%	-16.78%	1.95%
EBIT Q/Q Growth	14.91%	-47.02%	5.46%	10.60%	24.51%	-14.44%	1.43%	24.90%	-5.00%	-21.41%	3.46%
NOPAT Q/Q Growth	13.52%	-31.22%	25.80%	11.77%	14.72%	-18.71%	11.96%	25.02%	-1.54%	-23.07%	0.17%
Net Income Q/Q Growth	15.45%	-32.66%	27.99%	10.02%	16.69%	-19.12%	11.09%	27.06%	-1.71%	-24.10%	1.98%
EPS Q/Q Growth	16.42%	-32.69%	29.52%	10.29%	16.67%	-19.43%	12.06%	27.22%	-1.49%	-23.74%	2.65%
Operating Cash Flow Q/Q Growth	21.86%	-30.79%	-53.77%	117.05%	68.41%	-10.26%	-52.66%	99.02%	50.61%	-10.50%	-70.82%
Free Cash Flow Firm Q/Q Growth	55.85%	-62.00%	150.07%	-210.91%	101.61%	-2,515.70%	23.61%	796.51%	-10.75%	-9.34%	-94.43%
Invested Capital Q/Q Growth	-0.15%	0.09%	2.02%	8.76%	-3.20%	0.39%	2.19%	0.42%	-2.46%	-0.73%	8.57%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	40.71%	38.26%	38.09%	40.89%	42.45%	39.14%	39.17%	41.40%	41.98%	39.79%	37.89%
EBITDA Margin	36.05%	24.88%	32.88%	32.13%	36.32%	34.02%	33.58%	36.36%	34.76%	31.68%	30.59%
Operating Margin	28.85%	21.23%	26.39%	26.02%	28.79%	22.27%	25.74%	29.02%	27.56%	23.69%	22.98%
EBIT Margin	29.51%	17.39%	25.44%	25.14%	29.57%	26.60%	25.92%	29.18%	27.68%	23.82%	23.35%
Profit (Net Income) Margin	20.01%	14.99%	18.36%	18.05%	19.89%	16.92%	18.06%	20.68%	20.30%	16.87%	16.30%
Tax Burden Percent	74.17%	77.10%	74.69%	75.66%	74.08%	81.84%	76.19%	76.15%	78.81%	77.24%	75.57%
Interest Burden Percent	91.41%	111.79%	96.63%	94.88%	90.81%	77.71%	91.43%	93.06%	93.03%	91.68%	92.37%
Effective Tax Rate	25.83%	22.90%	25.31%	24.34%	25.92%	18.16%	23.81%	23.85%	21.19%	22.76%	24.43%
Return on Invested Capital (ROIC)	25.64%	19.75%	23.46%	23.12%	26.24%	23.26%	25.46%	28.56%	29.61%	25.31%	23.18%
ROIC Less NNEP Spread (ROIC-NNEP)	24.71%	18.91%	22.61%	22.00%	25.08%	22.21%	24.13%	27.24%	27.98%	23.69%	22.06%
Return on Net Nonoperating Assets (RNNOA)	23.28%	17.11%	19.90%	18.96%	18.44%	15.10%	15.18%	16.44%	12.92%	9.80%	10.25%
Return on Equity (ROE)	48.92%	36.86%	43.36%	42.08%	44.68%	38.36%	40.64%	45.00%	42.53%	35.11%	33.42%
Cash Return on Invested Capital (CROIC)	21.40%	19.44%	21.17%	12.41%	16.64%	17.68%	17.93%	26.63%	27.49%	29.00%	21.19%
Operating Return on Assets (OROA)	22.01%	13.41%	19.74%	19.23%	23.37%	21.88%	21.96%	24.75%	23.96%	20.50%	20.04%
Return on Assets (ROA)	14.92%	11.55%	14.25%	13.81%	15.72%	13.91%	15.30%	17.54%	17.57%	14.51%	13.99%
Return on Common Equity (ROCE)	48.92%	36.86%	43.36%	42.08%	44.68%	38.36%	40.64%	45.00%	42.53%	35.11%	33.42%
Return on Equity Simple (ROE_SIMPLE)	38.57%	0.00%	37.72%	36.19%	34.80%	0.00%	34.55%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	74	51	64	72	82	67	75	94	92	71	71
NOPAT Margin	21.40%	16.37%	19.71%	19.69%	21.33%	18.23%	19.61%	22.10%	21.72%	18.30%	17.37%
Net Nonoperating Expense Percent (NNEP)	0.93%	0.85%	0.85%	1.12%	1.16%	1.05%	1.33%	1.32%	1.64%	1.62%	1.12%
Return On Investment Capital (ROIC_SIMPLE)	-	4.34%	-	-	-	5.23%	5.71%	7.10%	7.12%	5.44%	5.19%
Cost of Revenue to Revenue	59.29%	61.74%	61.91%	59.11%	57.55%	60.86%	60.83%	58.60%	58.02%	60.21%	62.11%
SG&A Expenses to Revenue	18.60%	23.47%	20.13%	21.88%	20.07%	23.20%	20.38%	19.90%	21.19%	22.38%	21.57%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	11.86%	17.03%	11.71%	14.87%	13.55%	16.97%	13.43%	12.39%	14.42%	16.10%	14.91%
Earnings before Interest and Taxes (EBIT)	103	54	83	92	114	98	99	124	118	93	96
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	125	78	107	117	140	125	129	154	148	123	125
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.44	7.27	8.71	7.39	8.01	8.14	7.72	8.42	9.54	9.15	7.91
Price to Tangible Book Value (P/TBV)	0.00	1,103.75	127.32	155.46	68.87	62.29	42.79	36.36	34.58	31.98	35.56
Price to Revenue (P/Rev)	2.47	3.32	4.17	3.66	4.13	4.26	4.08	4.52	5.30	5.09	4.28
Price to Earnings (P/E)	14.11	19.23	23.10	20.42	23.02	23.26	22.34	23.83	27.76	26.70	23.04
Dividend Yield	1.43%	1.07%	0.86%	0.97%	0.85%	0.81%	0.83%	0.74%	0.63%	0.66%	0.79%
Earnings Yield	7.09%	5.20%	4.33%	4.90%	4.34%	4.30%	4.48%	4.20%	3.60%	3.75%	4.34%
Enterprise Value to Invested Capital (EV/IC)	3.39	4.41	5.35	4.53	5.29	5.60	5.44	6.15	7.45	7.28	5.86
Enterprise Value to Revenue (EV/Rev)	2.87	3.71	4.54	4.06	4.46	4.55	4.35	4.75	5.48	5.25	4.51
Enterprise Value to EBITDA (EV/EBITDA)	8.58	11.92	13.47	12.26	13.40	13.42	12.93	13.85	16.14	15.37	13.47
Enterprise Value to EBIT (EV/EBIT)	10.73	15.31	17.05	15.61	17.06	17.00	16.46	17.56	20.58	19.64	17.24
Enterprise Value to NOPAT (EV/NOPAT)	14.20	19.78	23.31	20.97	22.98	23.03	22.03	23.32	26.71	25.61	22.64
Enterprise Value to Operating Cash Flow (EV/OCF)	15.40	20.57	25.45	24.56	26.12	24.66	23.21	24.28	26.40	23.94	21.45
Enterprise Value to Free Cash Flow (EV/FCFF)	16.04	23.02	25.51	38.41	32.96	32.84	31.49	23.07	27.17	25.03	28.42
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.06	0.99	0.93	0.96	0.77	0.69	0.66	0.58	0.46	0.45	0.54
Long-Term Debt to Equity	1.03	0.95	0.89	0.93	0.74	0.66	0.63	0.55	0.43	0.44	0.53
Financial Leverage	0.94	0.91	0.88	0.86	0.74	0.68	0.63	0.60	0.46	0.41	0.46
Leverage Ratio	3.12	2.98	2.88	2.86	2.70	2.61	2.50	2.44	2.30	2.27	2.28
Compound Leverage Factor	2.85	3.33	2.79	2.71	2.45	2.03	2.28	2.27	2.14	2.08	2.10
Debt to Total Capital	51.50%	49.79%	48.12%	49.05%	43.66%	40.95%	39.58%	36.63%	31.50%	31.11%	34.93%
Short-Term Debt to Total Capital	1.40%	1.91%	1.86%	1.71%	1.77%	1.75%	1.71%	1.70%	1.73%	0.79%	0.75%
Long-Term Debt to Total Capital	50.10%	47.88%	46.26%	47.33%	41.89%	39.20%	37.86%	34.93%	29.77%	30.32%	34.18%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	48.50%	50.21%	51.88%	50.95%	56.34%	59.05%	60.42%	63.37%	68.50%	68.89%	65.07%
Debt to EBITDA	1.45	1.46	1.32	1.44	1.20	1.07	1.03	0.90	0.75	0.73	0.87
Net Debt to EBITDA	1.17	1.24	1.10	1.21	0.98	0.85	0.81	0.69	0.53	0.48	0.68
Long-Term Debt to EBITDA	1.41	1.40	1.27	1.39	1.15	1.03	0.98	0.86	0.71	0.72	0.85
Debt to NOPAT	2.39	2.42	2.28	2.46	2.06	1.84	1.75	1.52	1.25	1.22	1.46
Net Debt to NOPAT	1.94	2.05	1.90	2.07	1.68	1.47	1.38	1.16	0.88	0.80	1.14
Long-Term Debt to NOPAT	2.33	2.32	2.19	2.38	1.98	1.76	1.68	1.45	1.18	1.19	1.43
Altman Z-Score	3.83	4.48	5.27	4.70	5.42	5.61	5.76	6.55	7.51	7.23	6.26
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.88	1.61	1.79	1.76	1.64	1.40	1.60	1.61	1.52	1.46	1.54
Quick Ratio	1.15	0.93	1.06	1.05	0.94	0.86	1.01	1.01	0.95	0.91	0.94
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	45	17	42	-47	0.76	-18	-14	97	87	79	4.38
Operating Cash Flow to CapEx	443.55%	240.93%	179.59%	287.94%	965.00%	541.25%	214.66%	410.05%	568.98%	230.13%	181.36%
Free Cash Flow to Firm to Interest Expense	5.06	1.97	4.70	-4.23	0.07	-1.99	-1.64	11.30	10.58	10.22	0.60
Operating Cash Flow to Interest Expense	9.38	6.64	2.93	5.16	9.19	9.41	4.82	9.49	14.99	14.29	4.40
Operating Cash Flow Less CapEx to Interest Expense	7.26	3.88	1.30	3.37	8.24	7.67	2.58	7.17	12.35	8.08	1.97
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.75	0.77	0.78	0.76	0.79	0.82	0.85	0.85	0.87	0.86	0.86
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	7.18	7.46	7.30	7.33	7.47	8.08	8.01	8.06	7.95	8.21	7.98
Fixed Asset Turnover	2.34	2.31	2.34	2.33	2.45	2.48	2.60	2.61	2.72	2.64	2.70
Accounts Payable Turnover	4.85	4.80	5.98	5.25	5.05	4.61	5.78	5.28	4.78	4.25	5.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	50.81	48.93	50.01	49.82	48.89	45.16	45.58	45.28	45.91	44.46	45.74
Days Payable Outstanding (DPO)	75.20	76.00	61.07	69.56	72.31	79.24	63.18	69.07	76.39	85.82	72.93
Cash Conversion Cycle (CCC)	-24.39	-27.07	-11.06	-19.74	-23.42	-34.09	-17.60	-23.80	-30.48	-41.35	-27.19
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,089	1,090	1,112	1,210	1,171	1,176	1,201	1,206	1,177	1,168	1,268
Invested Capital Turnover	1.20	1.21	1.19	1.17	1.23	1.28	1.30	1.29	1.36	1.38	1.33
Increase / (Decrease) in Invested Capital	30	34	22	119	82	85	89	-3.40	5.60	-7.60	67
Enterprise Value (EV)	3,689	4,803	5,948	5,484	6,198	6,579	6,531	7,423	8,767	8,509	7,434
Market Capitalization	3,185	4,305	5,462	4,943	5,743	6,160	6,123	7,054	8,479	8,242	7,059
Book Value per Share	$13.09	$13.40	$14.31	$15.29	$16.41	$17.37	$18.25	$19.29	$20.56	$20.88	$20.85
Tangible Book Value per Share	($0.07)	$0.09	$0.98	$0.73	$1.91	$2.27	$3.29	$4.47	$5.67	$5.98	$4.63
Total Capital	1,207	1,179	1,208	1,313	1,273	1,282	1,313	1,322	1,298	1,307	1,372
Total Debt	622	587	581	644	556	525	520	484	409	407	479
Total Long-Term Debt	605	564	559	622	533	503	497	462	386	396	469
Net Debt	504	499	486	541	454	419	408	369	288	267	375
Capital Expenditures (CapEx)	19	24	15	20	10	16	19	20	22	48	18
Debt-free, Cash-free Net Working Capital (DFCFNWC)	85	70	99	100	88	42	80	84	67	22	71
Debt-free Net Working Capital (DFNWC)	181	141	169	174	162	122	162	165	157	134	151
Net Working Capital (NWC)	164	119	146	151	139	99	140	143	135	124	140
Net Nonoperating Expense (NNE)	4.82	4.32	4.41	5.98	5.56	4.83	5.94	6.02	6.07	5.56	4.38
Net Nonoperating Obligations (NNO)	504	499	486	541	454	419	408	369	288	267	375
Total Depreciation and Amortization (D&A)	23	23	24	26	26	27	29	31	30	31	30
Debt-free, Cash-free Net Working Capital to Revenue	6.57%	5.42%	7.57%	7.41%	6.34%	2.93%	5.30%	5.39%	4.19%	1.34%	4.30%
Debt-free Net Working Capital to Revenue	14.07%	10.89%	12.87%	12.86%	11.64%	8.42%	10.81%	10.58%	9.82%	8.29%	9.14%
Net Working Capital to Revenue	12.76%	9.15%	11.16%	11.19%	10.02%	6.86%	9.31%	9.14%	8.41%	7.66%	8.51%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.56	$1.06	$1.37	$1.50	$1.76	$1.43	$1.59	$2.02	$2.00	$1.52	$1.56
Adjusted Weighted Average Basic Shares Outstanding	44.50M	44.70M	43.80M	43.80M	43.70M	43.70M	43.50M	43.40M	43.20M	43.30M	42.80M
Adjusted Diluted Earnings per Share	$1.56	$1.05	$1.36	$1.50	$1.75	$1.41	$1.58	$2.01	$1.98	$1.51	$1.55
Adjusted Weighted Average Diluted Shares Outstanding	44.60M	44.80M	44.10M	44M	43.90M	44M	43.80M	43.70M	43.60M	43.60M	43.20M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	44.18M	43.81M	43.76M	43.70M	43.59M	43.46M	43.43M	43.26M	43.13M	42.83M	42.68M
Normalized Net Operating Profit after Tax (NOPAT)	74	51	64	72	82	68	75	94	92	71	71
Normalized NOPAT Margin	21.40%	16.39%	19.64%	19.83%	21.33%	18.59%	19.61%	22.10%	21.58%	18.30%	17.37%
Pre Tax Income Margin	26.98%	19.44%	24.58%	23.86%	26.85%	20.67%	23.70%	27.16%	25.75%	21.84%	21.57%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	11.65	6.31	9.22	8.27	10.89	10.63	11.67	14.41	14.35	12.01	13.11
NOPAT to Interest Expense	8.45	5.94	7.15	6.48	7.85	7.29	8.83	10.91	11.26	9.23	9.75
EBIT Less CapEx to Interest Expense	9.53	3.56	7.59	6.48	9.93	8.89	9.42	12.09	11.72	5.81	10.68
NOPAT Less CapEx to Interest Expense	6.33	3.19	5.51	4.68	6.90	5.55	6.58	8.59	8.63	3.02	7.33
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	20.37%	20.96%	20.14%	20.12%	19.88%	19.10%	18.86%	17.87%	17.71%	17.88%	18.44%
Augmented Payout Ratio	72.19%	79.94%	70.90%	61.42%	49.94%	39.86%	41.48%	45.71%	48.62%	59.64%	73.11%

Financials Breakdown Chart

Key Financial Trends

Here is a concise, data-driven snapshot of Armstrong World Industries (AWI) based on the last four years of quarterly statements. Key trends are summarized below.

Revenue growth: In 2025 Q4, operating revenue was 388,300,000 USD, up from 367,700,000 USD in 2024 Q4, indicating a multi-year uptrend from the 2022 baseline.
Gross margin stability: 2025 Q4 gross profit was 154,500,000 USD on 388,300,000 USD revenue (roughly 39.8% margin), a level consistent with the prior years’ mid- to high-30s gross margins.
Operating cash flow strength: 2025 Q4 net cash from continuing operating activities was 110,000,000 USD, with 2025 Q3 at 122,900,000 USD and 2025 Q2 at 81,600,000 USD, signaling solid cash generation from core operations.
Debt reduction: Long-term debt declined in 2025 Q4 to 386,400,000 USD from 533,100,000 USD in 2025 Q3, improving leverage and reducing interest risk.
Liquidity health: As of 2025 Q3, total current assets were 395,700,000 USD vs total current liabilities 261,100,000 USD, implying a current ratio around 1.5x and a comfortable near-term liquidity cushion.
Shareholder returns: Cash dividends per share remained 0.308 USD across 2025 quarters, signaling consistent, predictable returns to shareholders.
Capex discipline: Purchases of property, plant & equipment were 47,800,000 USD in 2025 Q4, reflecting ongoing investment in capacity while maintaining a reasonable level of capital expenditure relative to revenue.
Financing activities show net outflows: Net cash from financing activities was negative in 2025 quarters (for example, -67,300,000 USD in 2025 Q4 and -117,300,000 USD in 2025 Q3), indicating cash used for debt repayments and shareholder returns even when occasional debt issuances occurred.
Earnings per share context: Weighted average shares outstanding are generally in the 43–45 million range across 2025, with basic/diluted EPS fluctuating roughly between 1.5–2.0 USD in 2025, reflecting typical quarterly earnings variability.
Quarterly profitability deceleration in late 2025: Net income attributable to common shareholders fell to 65,500,000 USD in 2025 Q4 from 86,300,000 USD in 2025 Q3, and diluted earnings per share declined to 1.51 USD from 1.98 USD, signaling some near-term profitability softness.

05/06/26 02:53 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Armstrong World Industries' Financials

When does Armstrong World Industries' financial year end?

According to the most recent income statement we have on file, Armstrong World Industries' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has Armstrong World Industries' net income changed over the last 10 years?

Armstrong World Industries' net income appears to be on an upward trend, with a most recent value of $308.70 million in 2025, rising from $94.20 million in 2015. The previous period was $264.90 million in 2024. Check out Armstrong World Industries' forecast to explore projected trends and price targets.

What is Armstrong World Industries' operating income?

Armstrong World Industries' total operating income in 2025 was $430.90 million, based on the following breakdown:

Total Gross Profit: $658.70 million
Total Operating Expenses: $227.80 million

How has Armstrong World Industries' revenue changed over the last 10 years?

Over the last 10 years, Armstrong World Industries' total revenue changed from $805.10 million in 2015 to $1.62 billion in 2025, a change of 101.3%.

How much debt does Armstrong World Industries have?

Armstrong World Industries' total liabilities were at $1.02 billion at the end of 2025, a 5.7% decrease from 2024, and a 46.6% decrease since 2015.

How much cash does Armstrong World Industries have?

In the past 10 years, Armstrong World Industries' cash and equivalents has ranged from $45.30 million in 2019 to $325.70 million in 2018, and is currently $112.70 million as of their latest financial filing in 2025.

How has Armstrong World Industries' book value per share changed over the last 10 years?

Over the last 10 years, Armstrong World Industries' book value per share changed from 13.89 in 2015 to 20.88 in 2025, a change of 50.4%.

Related Companies

Financial statements for NYSE:AWI last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Armstrong World Industries (AWI) Financials

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Armstrong World Industries' Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Armstrong World Industries (AWI) Financials

Annual Income Statements for Armstrong World Industries

Quarterly Income Statements for Armstrong World Industries

Annual Cash Flow Statements for Armstrong World Industries

Quarterly Cash Flow Statements for Armstrong World Industries

Annual Balance Sheets for Armstrong World Industries

Quarterly Balance Sheets for Armstrong World Industries

Annual Metrics And Ratios for Armstrong World Industries

Quarterly Metrics And Ratios for Armstrong World Industries

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Armstrong World Industries' Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools