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

Armstrong World Industries (AWI) Financials

$182.04 +0.36 (+0.20%)

Closing price 08/14/2026 03:59 PM Eastern

Extended Trading

$182.14 +0.10 (+0.06%)

As of 08/14/2026 07:34 PM Eastern

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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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	47	60	66	77	62	69	88	86	66	67	97
Consolidated Net Income / (Loss)	47	60	66	77	62	69	88	86	66	67	97
Net Income / (Loss) Continuing Operations	47	60	66	77	62	69	88	86	66	67	97
Total Pre-Tax Income	61	80	87	104	76	91	115	110	85	88	127
Total Operating Income	66	86	95	111	82	99	123	117	92	94	134
Total Gross Profit	120	124	149	164	144	150	176	179	155	155	195
Total Revenue	312	326	365	387	368	383	425	425	388	410	472
Operating Revenue	312	326	365	387	368	383	425	425	388	410	472
Total Cost of Revenue	193	202	216	223	224	233	249	247	234	255	277
Operating Cost of Revenue	193	202	216	223	224	233	249	247	234	255	277
Total Operating Expenses	53	38	54	53	62	51	53	61	63	61	61
Selling, General & Admin Expense	73	65	81	78	85	78	84	90	87	88	94
Other Operating Expenses / (Income)	-20	-27	-26	-25	-25	-27	-32	-28	-26	-27	-33
Other Special Charges / (Income)	0.10	-	-	0.20	1.60	-	0.10	0.10	-	-	0.90
Total Other Income / (Expense), net	-5.60	-5.90	-7.90	-7.50	-5.90	-7.80	-7.90	-7.70	-7.20	-5.80	-6.90
Interest Expense	8.60	9.00	11	11	9.20	8.50	8.60	8.20	7.70	7.30	7.80
Other Income / (Expense), net	-12	3.10	3.20	3.00	16	-0.70	0.70	0.50	0.50	1.50	0.90
Income Tax Expense	14	20	21	27	14	22	28	23	19	22	30
Basic Earnings per Share	$1.06	$1.37	$1.50	$1.76	$1.43	$1.59	$2.02	$2.00	$1.52	$1.56	$2.28
Weighted Average Basic Shares Outstanding	44.70M	43.80M	43.80M	43.70M	43.70M	43.50M	43.40M	43.20M	43.30M	42.80M	42.50M
Diluted Earnings per Share	$1.05	$1.36	$1.50	$1.75	$1.41	$1.58	$2.01	$1.98	$1.51	$1.55	$2.26
Weighted Average Diluted Shares Outstanding	44.80M	44.10M	44M	43.90M	44M	43.80M	43.70M	43.60M	43.60M	43.20M	42.70M
Weighted Average Basic & Diluted Shares Outstanding	43.81M	43.76M	43.70M	43.59M	43.46M	43.43M	43.26M	43.13M	42.83M	42.68M	42.26M

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Change in Cash & Equivalents	-26	-1.20	4.00	0.10	5.60	3.50	-1.70	9.00	23	-33	-1.20
Net Cash From Operating Activities	57	26	57	97	87	41	82	123	110	32	94
Net Cash From Continuing Operating Activities	57	26	57	97	87	41	82	123	110	32	94
Net Income / (Loss) Continuing Operations	47	60	66	77	62	69	88	86	66	67	97
Consolidated Net Income / (Loss)	47	60	66	77	62	69	88	86	66	67	97
Depreciation Expense	23	24	26	26	27	29	31	30	31	30	30
Non-Cash Adjustments To Reconcile Net Income	-14	-23	-22	-20	-20	-22	-26	-22	-20	-25	-28
Changes in Operating Assets and Liabilities, net	0.40	-35	-12	13	17	-35	-11	29	34	-39	-5.40
Net Cash From Investing Activities	0.20	5.90	-87	20	-18	6.00	7.20	3.60	-20	-51	6.50
Net Cash From Continuing Investing Activities	0.20	5.90	-87	20	-18	6.00	7.20	3.60	-20	-51	6.50
Purchase of Property, Plant & Equipment	-24	-15	-20	-19	-29	-19	-20	-23	-48	-18	-24
Sale and/or Maturity of Investments	25	23	-71	27	119	25	26	31	31	30	28
Other Investing Activities, net	2.10	2.70	1.60	3.30	2.80	0.00	0.10	1.50	4.10	1.50	2.50
Net Cash From Financing Activities	-84	-33	34	-117	-62	-44	-91	-117	-67	-13	-101
Net Cash From Continuing Financing Activities	-84	-33	34	-117	-62	-44	-91	-117	-67	-13	-101
Repayment of Debt	-60	-31	-51	-89	-31	-16	-36	-76	-414	-13	-20
Repurchase of Common Equity	-35	-15	-10	-15	-15	-22	-30	-27	-50	-61	-77
Payment of Dividends	-13	-12	-13	-12	-14	-13	-14	-13	-15	-15	-16
Issuance of Debt	25	25	113	-	-	10	-	-	411	85	30
Other Financing Activities, net	-1.00	-0.20	-5.50	-1.00	-2.80	-2.60	-11	-1.30	-0.20	-10	-19
Effect of Exchange Rate Changes	-	-0.40	-0.20	0.20	-1.00	0.10	0.60	-0.20	0.30	-0.40	-0.50
Cash Interest Paid	8.00	8.50	11	9.80	8.60	7.80	8.70	6.40	6.80	6.30	7.20
Cash Income Taxes Paid	21	1.70	43	22	22	1.80	44	8.10	16	3.90	42

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
Current Deferred & Refundable Income Taxes	41	22	31	1.70	30	2.30	1.40	1.80	0.80	3.90	0.00
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	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Total Assets	1,688	1,712	1,714	1,692	1,820	1,804	1,854	1,862	1,893	1,986	2,007
Total Current Assets	362	362	350	331	351	358	372	376	396	402	425
Cash & Equivalents	96	102	97	70	74	74	83	81	90	80	79
Note & Lease Receivable	122	117	117	125	136	131	151	155	158	166	189
Inventories, net	113	109	107	106	114	116	117	116	124	130	127
Current Deferred & Refundable Income Taxes	0.30	3.60	2.00	0.40	4.00	3.50	0.50	3.90	4.00	-	4.70
Other Current Assets	30	31	28	29	24	34	20	19	20	28	26
Plant, Property, & Equipment, net	560	559	559	560	599	577	596	595	599	624	630
Total Noncurrent Assets	766	791	805	801	870	869	887	891	899	959	952
Long-Term Investments	25	26	21	26	30	28	29	35	31	24	30
Noncurrent Note & Lease Receivables	16	18	26	28	27	26	34	37	35	36	34
Goodwill	167	167	175	175	194	195	210	209	214	257	259
Intangible Assets	405	412	414	409	443	439	440	435	430	438	432
Employee Benefit Assets	85	87	88	86	88	89	90	91	92	101	103
Other Noncurrent Operating Assets	69	81	80	77	88	92	84	85	96	103	93
Total Liabilities & Shareholders' Equity	1,688	1,712	1,714	1,692	1,820	1,804	1,854	1,862	1,893	1,986	2,007
Total Liabilities	1,143	1,146	1,128	1,065	1,151	1,087	1,061	1,024	1,004	1,093	1,123
Total Current Liabilities	166	177	186	184	200	218	232	233	261	262	280
Short-Term Debt	5.60	11	17	23	23	23	23	23	23	10	10
Accounts Payable	137	148	150	131	163	180	179	188	219	215	241
Current Deferred & Payable Income Tax Liabilities	16	7.60	8.40	21	3.50	4.80	18	7.40	3.90	19	11
Other Current Liabilities	7.90	9.70	10	9.90	11	11	13	15	16	18	18
Total Noncurrent Liabilities	977	969	943	880	951	869	829	791	743	831	843
Long-Term Debt	661	640	605	559	622	533	497	462	386	469	482
Noncurrent Deferred Revenue	14	14	15	16	16	17	15	14	10	8.30	8.50
Noncurrent Deferred & Payable Income Tax Liabilities	168	168	170	166	165	166	165	164	187	195	196
Noncurrent Employee Benefit Liabilities	82	81	79	69	67	65	59	57	56	56	55
Other Noncurrent Operating Liabilities	52	66	74	71	82	88	93	94	104	102	101
Total Equity & Noncontrolling Interests	545	567	586	627	669	717	793	838	889	893	884
Total Preferred & Common Equity	545	567	586	627	669	717	793	838	889	893	884
Total Common Equity	545	567	586	627	669	717	793	838	889	893	884
Common Stock	578	581	585	596	596	601	608	607	613	618	603
Retained Earnings	1,206	1,254	1,312	1,394	1,448	1,512	1,616	1,691	1,763	1,866	1,948
Treasury Stock	-1,136	-1,167	-1,207	-1,258	-1,268	-1,283	-1,320	-1,350	-1,378	-1,489	-1,564
Accumulated Other Comprehensive Income / (Loss)	-102	-102	-104	-106	-107	-113	-111	-109	-109	-102	-103

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	42,834,049.00	42,678,835.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	42,834,049.00	42,678,835.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	1.56	2.27
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.56%	5.19%	12.20%	11.32%	17.74%	17.28%	16.30%	9.98%	5.60%	7.11%	11.16%
EBITDA Growth	-33.30%	20.97%	5.30%	12.14%	61.00%	13.22%	24.82%	5.27%	9.33%	-1.34%	6.80%
EBIT Growth	-43.61%	22.42%	2.91%	11.51%	80.11%	11.21%	26.17%	2.97%	8.57%	-2.15%	8.72%
NOPAT Growth	-25.33%	23.75%	9.79%	10.95%	31.13%	16.69%	30.52%	12.02%	6.02%	-5.14%	8.68%
Net Income Growth	-4.10%	26.64%	9.47%	10.65%	32.91%	15.36%	33.23%	12.22%	5.31%	-3.33%	10.14%
EPS Growth	-1.87%	30.77%	11.94%	12.18%	34.29%	16.18%	34.00%	13.14%	7.09%	-1.90%	12.44%
Operating Cash Flow Growth	-9.65%	0.76%	-15.36%	16.97%	51.66%	55.30%	42.41%	27.36%	27.02%	-21.71%	14.95%
Free Cash Flow Firm Growth	10.87%	621.54%	-264.25%	-98.30%	-208.00%	-132.99%	307.18%	11,371.89%	530.52%	131.40%	-58.59%
Invested Capital Growth	3.24%	2.02%	10.89%	7.50%	7.82%	8.00%	-0.28%	0.48%	-0.65%	5.56%	5.11%
Revenue Q/Q Growth	-10.08%	4.48%	11.89%	5.89%	-4.89%	4.08%	10.95%	0.14%	-8.68%	5.56%	15.15%
EBITDA Q/Q Growth	-37.94%	5.09%	9.32%	19.69%	-10.90%	2.72%	20.16%	-4.27%	-16.78%	1.95%	31.50%
EBIT Q/Q Growth	-47.02%	5.46%	10.60%	24.51%	-14.44%	1.43%	24.90%	-5.00%	-21.41%	3.46%	40.75%
NOPAT Q/Q Growth	-31.22%	25.80%	11.77%	14.72%	-18.71%	11.96%	25.02%	-1.54%	-23.07%	0.17%	43.23%
Net Income Q/Q Growth	-32.66%	27.99%	10.02%	16.69%	-19.12%	11.09%	27.06%	-1.71%	-24.10%	1.98%	44.76%
EPS Q/Q Growth	-32.69%	29.52%	10.29%	16.67%	-19.43%	12.06%	27.22%	-1.49%	-23.74%	2.65%	45.81%
Operating Cash Flow Q/Q Growth	-30.79%	-53.77%	117.05%	68.41%	-10.26%	-52.66%	99.02%	50.61%	-10.50%	-70.82%	192.21%
Free Cash Flow Firm Q/Q Growth	-62.00%	150.07%	-210.91%	101.61%	-2,515.70%	23.61%	796.51%	-10.75%	-9.34%	-94.43%	818.54%
Invested Capital Q/Q Growth	0.09%	2.02%	8.76%	-3.20%	0.39%	2.19%	0.42%	-2.46%	-0.73%	8.57%	-0.01%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	38.26%	38.09%	40.89%	42.45%	39.14%	39.17%	41.40%	41.98%	39.79%	37.89%	41.31%
EBITDA Margin	24.88%	32.88%	32.13%	36.32%	34.02%	33.58%	36.36%	34.76%	31.68%	30.59%	34.94%
Operating Margin	21.23%	26.39%	26.02%	28.79%	22.27%	25.74%	29.02%	27.56%	23.69%	22.98%	28.35%
EBIT Margin	17.39%	25.44%	25.14%	29.57%	26.60%	25.92%	29.18%	27.68%	23.82%	23.35%	28.54%
Profit (Net Income) Margin	14.99%	18.36%	18.05%	19.89%	16.92%	18.06%	20.68%	20.30%	16.87%	16.30%	20.49%
Tax Burden Percent	77.10%	74.69%	75.66%	74.08%	81.84%	76.19%	76.15%	78.81%	77.24%	75.57%	76.20%
Interest Burden Percent	111.79%	96.63%	94.88%	90.81%	77.71%	91.43%	93.06%	93.03%	91.68%	92.37%	94.21%
Effective Tax Rate	22.90%	25.31%	24.34%	25.92%	18.16%	23.81%	23.85%	21.19%	22.76%	24.43%	23.80%
Return on Invested Capital (ROIC)	19.75%	23.46%	23.12%	26.24%	23.26%	25.46%	28.56%	29.61%	25.31%	23.18%	29.60%
ROIC Less NNEP Spread (ROIC-NNEP)	18.91%	22.61%	22.00%	25.08%	22.21%	24.13%	27.24%	27.98%	23.69%	22.06%	28.20%
Return on Net Nonoperating Assets (RNNOA)	17.11%	19.90%	18.96%	18.44%	15.10%	15.18%	16.44%	12.92%	9.80%	10.25%	12.32%
Return on Equity (ROE)	36.86%	43.36%	42.08%	44.68%	38.36%	40.64%	45.00%	42.53%	35.11%	33.42%	41.92%
Cash Return on Invested Capital (CROIC)	19.44%	21.17%	12.41%	16.64%	17.68%	17.93%	26.63%	27.49%	29.00%	21.19%	22.21%
Operating Return on Assets (OROA)	13.41%	19.74%	19.23%	23.37%	21.88%	21.96%	24.75%	23.96%	20.50%	20.04%	25.01%
Return on Assets (ROA)	11.55%	14.25%	13.81%	15.72%	13.91%	15.30%	17.54%	17.57%	14.51%	13.99%	17.96%
Return on Common Equity (ROCE)	36.86%	43.36%	42.08%	44.68%	38.36%	40.64%	45.00%	42.53%	35.11%	33.42%	41.92%
Return on Equity Simple (ROE_SIMPLE)	0.00%	37.72%	36.19%	34.80%	0.00%	34.55%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	51	64	72	82	67	75	94	92	71	71	102
NOPAT Margin	16.37%	19.71%	19.69%	21.33%	18.23%	19.61%	22.10%	21.72%	18.30%	17.37%	21.60%
Net Nonoperating Expense Percent (NNEP)	0.85%	0.85%	1.12%	1.16%	1.05%	1.33%	1.32%	1.64%	1.62%	1.12%	1.40%
Return On Investment Capital (ROIC_SIMPLE)	4.34%	-	-	-	5.23%	5.71%	7.10%	7.12%	5.44%	5.19%	7.41%
Cost of Revenue to Revenue	61.74%	61.91%	59.11%	57.55%	60.86%	60.83%	58.60%	58.02%	60.21%	62.11%	58.69%
SG&A Expenses to Revenue	23.47%	20.13%	21.88%	20.07%	23.20%	20.38%	19.90%	21.19%	22.38%	21.57%	19.85%
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	17.03%	11.71%	14.87%	13.55%	16.97%	13.43%	12.39%	14.42%	16.10%	14.91%	12.97%
Earnings before Interest and Taxes (EBIT)	54	83	92	114	98	99	124	118	93	96	135
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	78	107	117	140	125	129	154	148	123	125	165
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.27	8.71	7.39	8.01	8.14	7.72	8.42	9.54	9.15	7.91	7.74
Price to Tangible Book Value (P/TBV)	1,103.75	127.32	155.46	68.87	62.29	42.79	36.36	34.58	31.98	35.56	35.47
Price to Revenue (P/Rev)	3.32	4.17	3.66	4.13	4.26	4.08	4.52	5.30	5.09	4.28	4.04
Price to Earnings (P/E)	19.23	23.10	20.42	23.02	23.26	22.34	23.83	27.76	26.70	23.04	21.71
Dividend Yield	1.07%	0.86%	0.97%	0.85%	0.81%	0.83%	0.74%	0.63%	0.66%	0.79%	0.83%
Earnings Yield	5.20%	4.33%	4.90%	4.34%	4.30%	4.48%	4.20%	3.60%	3.75%	4.34%	4.61%
Enterprise Value to Invested Capital (EV/IC)	4.41	5.35	4.53	5.29	5.60	5.44	6.15	7.45	7.28	5.86	5.70
Enterprise Value to Revenue (EV/Rev)	3.71	4.54	4.06	4.46	4.55	4.35	4.75	5.48	5.25	4.51	4.26
Enterprise Value to EBITDA (EV/EBITDA)	11.92	13.47	12.26	13.40	13.42	12.93	13.85	16.14	15.37	13.47	12.85
Enterprise Value to EBIT (EV/EBIT)	15.31	17.05	15.61	17.06	17.00	16.46	17.56	20.58	19.64	17.24	16.36
Enterprise Value to NOPAT (EV/NOPAT)	19.78	23.31	20.97	22.98	23.03	22.03	23.32	26.71	25.61	22.64	21.48
Enterprise Value to Operating Cash Flow (EV/OCF)	20.57	25.45	24.56	26.12	24.66	23.21	24.28	26.40	23.94	21.45	20.15
Enterprise Value to Free Cash Flow (EV/FCFF)	23.02	25.51	38.41	32.96	32.84	31.49	23.07	27.17	25.03	28.42	26.31
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.99	0.93	0.96	0.77	0.69	0.66	0.58	0.46	0.45	0.54	0.56
Long-Term Debt to Equity	0.95	0.89	0.93	0.74	0.66	0.63	0.55	0.43	0.44	0.53	0.54
Financial Leverage	0.91	0.88	0.86	0.74	0.68	0.63	0.60	0.46	0.41	0.46	0.44
Leverage Ratio	2.98	2.88	2.86	2.70	2.61	2.50	2.44	2.30	2.27	2.28	2.25
Compound Leverage Factor	3.33	2.79	2.71	2.45	2.03	2.28	2.27	2.14	2.08	2.10	2.12
Debt to Total Capital	49.79%	48.12%	49.05%	43.66%	40.95%	39.58%	36.63%	31.50%	31.11%	34.93%	35.75%
Short-Term Debt to Total Capital	1.91%	1.86%	1.71%	1.77%	1.75%	1.71%	1.70%	1.73%	0.79%	0.75%	0.75%
Long-Term Debt to Total Capital	47.88%	46.26%	47.33%	41.89%	39.20%	37.86%	34.93%	29.77%	30.32%	34.18%	35.00%
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	50.21%	51.88%	50.95%	56.34%	59.05%	60.42%	63.37%	68.50%	68.89%	65.07%	64.25%
Debt to EBITDA	1.46	1.32	1.44	1.20	1.07	1.03	0.90	0.75	0.73	0.87	0.87
Net Debt to EBITDA	1.24	1.10	1.21	0.98	0.85	0.81	0.69	0.53	0.48	0.68	0.68
Long-Term Debt to EBITDA	1.40	1.27	1.39	1.15	1.03	0.98	0.86	0.71	0.72	0.85	0.86
Debt to NOPAT	2.42	2.28	2.46	2.06	1.84	1.75	1.52	1.25	1.22	1.46	1.46
Net Debt to NOPAT	2.05	1.90	2.07	1.68	1.47	1.38	1.16	0.88	0.80	1.14	1.14
Long-Term Debt to NOPAT	2.32	2.19	2.38	1.98	1.76	1.68	1.45	1.18	1.19	1.43	1.43
Altman Z-Score	4.48	5.27	4.70	5.42	5.61	5.76	6.55	7.51	7.23	6.26	6.17
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	1.61	1.79	1.76	1.64	1.40	1.60	1.61	1.52	1.46	1.54	1.52
Quick Ratio	0.93	1.06	1.05	0.94	0.86	1.01	1.01	0.95	0.91	0.94	0.95
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	17	42	-47	0.76	-18	-14	97	87	79	4.38	40
Operating Cash Flow to CapEx	240.93%	179.59%	287.94%	965.00%	541.25%	214.66%	410.05%	568.98%	230.13%	181.36%	390.83%
Free Cash Flow to Firm to Interest Expense	1.97	4.70	-4.23	0.07	-1.99	-1.64	11.30	10.58	10.22	0.60	5.16
Operating Cash Flow to Interest Expense	6.64	2.93	5.16	9.19	9.41	4.82	9.49	14.99	14.29	4.40	12.03
Operating Cash Flow Less CapEx to Interest Expense	3.88	1.30	3.37	8.24	7.67	2.58	7.17	12.35	8.08	1.97	8.95
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.77	0.78	0.76	0.79	0.82	0.85	0.85	0.87	0.86	0.86	0.88
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	7.46	7.30	7.33	7.47	8.08	8.01	8.06	7.95	8.21	7.98	8.30
Fixed Asset Turnover	2.31	2.34	2.33	2.45	2.48	2.60	2.61	2.72	2.64	2.70	2.77
Accounts Payable Turnover	4.80	5.98	5.25	5.05	4.61	5.78	5.28	4.78	4.25	5.00	4.72
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)	48.93	50.01	49.82	48.89	45.16	45.58	45.28	45.91	44.46	45.74	43.96
Days Payable Outstanding (DPO)	76.00	61.07	69.56	72.31	79.24	63.18	69.07	76.39	85.82	72.93	77.34
Cash Conversion Cycle (CCC)	-27.07	-11.06	-19.74	-23.42	-34.09	-17.60	-23.80	-30.48	-41.35	-27.19	-33.38
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,090	1,112	1,210	1,171	1,176	1,201	1,206	1,177	1,168	1,268	1,268
Invested Capital Turnover	1.21	1.19	1.17	1.23	1.28	1.30	1.29	1.36	1.38	1.33	1.37
Increase / (Decrease) in Invested Capital	34	22	119	82	85	89	-3.40	5.60	-7.60	67	62
Enterprise Value (EV)	4,803	5,948	5,484	6,198	6,579	6,531	7,423	8,767	8,509	7,434	7,230
Market Capitalization	4,305	5,462	4,943	5,743	6,160	6,123	7,054	8,479	8,242	7,059	6,847
Book Value per Share	$13.40	$14.31	$15.29	$16.41	$17.37	$18.25	$19.29	$20.56	$20.88	$20.85	$20.72
Tangible Book Value per Share	$0.09	$0.98	$0.73	$1.91	$2.27	$3.29	$4.47	$5.67	$5.98	$4.63	$4.52
Total Capital	1,179	1,208	1,313	1,273	1,282	1,313	1,322	1,298	1,307	1,372	1,376
Total Debt	587	581	644	556	525	520	484	409	407	479	492
Total Long-Term Debt	564	559	622	533	503	497	462	386	396	469	482
Net Debt	499	486	541	454	419	408	369	288	267	375	384
Capital Expenditures (CapEx)	24	15	20	10	16	19	20	22	48	18	24
Debt-free, Cash-free Net Working Capital (DFCFNWC)	70	99	100	88	42	80	84	67	22	71	77
Debt-free Net Working Capital (DFNWC)	141	169	174	162	122	162	165	157	134	151	156
Net Working Capital (NWC)	119	146	151	139	99	140	143	135	124	140	145
Net Nonoperating Expense (NNE)	4.32	4.41	5.98	5.56	4.83	5.94	6.02	6.07	5.56	4.38	5.26
Net Nonoperating Obligations (NNO)	499	486	541	454	419	408	369	288	267	375	384
Total Depreciation and Amortization (D&A)	23	24	26	26	27	29	31	30	31	30	30
Debt-free, Cash-free Net Working Capital to Revenue	5.42%	7.57%	7.41%	6.34%	2.93%	5.30%	5.39%	4.19%	1.34%	4.30%	4.54%
Debt-free Net Working Capital to Revenue	10.89%	12.87%	12.86%	11.64%	8.42%	10.81%	10.58%	9.82%	8.29%	9.14%	9.18%
Net Working Capital to Revenue	9.15%	11.16%	11.19%	10.02%	6.86%	9.31%	9.14%	8.41%	7.66%	8.51%	8.57%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.06	$1.37	$1.50	$1.76	$1.43	$1.59	$2.02	$2.00	$1.52	$1.56	$2.28
Adjusted Weighted Average Basic Shares Outstanding	44.70M	43.80M	43.80M	43.70M	43.70M	43.50M	43.40M	43.20M	43.30M	42.80M	42.50M
Adjusted Diluted Earnings per Share	$1.05	$1.36	$1.50	$1.75	$1.41	$1.58	$2.01	$1.98	$1.51	$1.55	$2.26
Adjusted Weighted Average Diluted Shares Outstanding	44.80M	44.10M	44M	43.90M	44M	43.80M	43.70M	43.60M	43.60M	43.20M	42.70M
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	43.81M	43.76M	43.70M	43.59M	43.46M	43.43M	43.26M	43.13M	42.83M	42.68M	42.26M
Normalized Net Operating Profit after Tax (NOPAT)	51	64	72	82	68	75	94	92	71	71	103
Normalized NOPAT Margin	16.39%	19.64%	19.83%	21.33%	18.59%	19.61%	22.10%	21.58%	18.30%	17.37%	21.75%
Pre Tax Income Margin	19.44%	24.58%	23.86%	26.85%	20.67%	23.70%	27.16%	25.75%	21.84%	21.57%	26.89%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.31	9.22	8.27	10.89	10.63	11.67	14.41	14.35	12.01	13.11	17.27
NOPAT to Interest Expense	5.94	7.15	6.48	7.85	7.29	8.83	10.91	11.26	9.23	9.75	13.07
EBIT Less CapEx to Interest Expense	3.56	7.59	6.48	9.93	8.89	9.42	12.09	11.72	5.81	10.68	14.19
NOPAT Less CapEx to Interest Expense	3.19	5.51	4.68	6.90	5.55	6.58	8.59	8.63	3.02	7.33	9.99
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	20.96%	20.14%	20.12%	19.88%	19.10%	18.86%	17.87%	17.71%	17.88%	18.44%	18.46%
Augmented Payout Ratio	79.94%	70.90%	61.42%	49.94%	39.86%	41.48%	45.71%	48.62%	59.64%	73.11%	86.30%

Financials Breakdown Chart

Key Financial Trends

Armstrong World Industries (NYSE: AWI) has delivered solid revenue and earnings growth over the last year, while continuing to generate strong operating cash flow. At the same time, the company has been active with debt, buybacks, and acquisitions, which makes the balance sheet and capital allocation trends especially important for retail investors to watch.

Revenue growth has stayed positive. Q1 2026 revenue rose to $409.9 million, up from $388.3 million in Q4 2025 and $382.7 million in Q1 2025. That suggests demand remains healthy.
Profitability improved year over year. Q1 2026 net income was $66.8 million, up from $69.1 million in Q1 2025 only slightly lower sequentially, but still well above Q1 2024’s $59.9 million.
Operating margin remains strong. Q1 2026 operating income of $94.2 million on $409.9 million of revenue implies a healthy margin profile for a manufacturing business.
Operating cash flow is robust. Q1 2026 operating cash flow was $32.1 million, compared with $41.0 million in Q1 2025 and $26.4 million in Q1 2024. The business continues to convert earnings into cash.
Free-cash-flow generation appears durable over time. Even after capex, AWI has generally produced positive quarterly cash flow across the last several years, supporting dividends and buybacks.
Equity returns remain a priority. The company repurchased $60.6 million of common equity in Q1 2026, following substantial buybacks in prior quarters. That can support per-share earnings growth if sustained.
Gross profit improved over the year. Q1 2026 gross profit was $155.3 million, up from $149.9 million in Q1 2025 and above Q4 2024 levels, showing pricing and/or cost control resilience.
Debt levels are manageable but need monitoring. Q1 2026 total debt was about $479.3 million versus $472.1 million in Q1 2025, while cash was $79.8 million. Leverage is not extreme, but it is meaningful.
Acquisition activity has been part of the growth story. AWI spent $64.8 million on acquisitions in Q1 2026, after much larger acquisition activity in some prior quarters. This could support growth, but integration risk exists.
Liquidity tightened in Q1 2026. Cash and equivalents fell to $79.8 million from $82.8 million a year earlier and from $90.1 million in Q3 2025, while the company also had a negative net cash change for the quarter.
Working capital absorbed cash in Q1 2026. Changes in operating assets and liabilities used $39.4 million of cash, which offset part of the strong earnings and operating cash generation.
Interest expense remains a headwind. Q1 2026 interest expense was $7.3 million, down from some prior quarters but still large enough to reduce pre-tax earnings meaningfully.

Overall, AWI looks fundamentally healthy. Revenue is trending upward, margins are solid, and cash generation is strong enough to fund dividends, buybacks, capex, and acquisitions. The main watch items are leverage, acquisition execution, and whether operating cash flow continues to stay ahead of shareholder returns and investment spending.

08/15/26 05:46 AM ETAI Generated. May Contain Errors.

Armstrong World Industries Financials - Frequently Asked Questions

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

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. See Armstrong World Industries' forecast for analyst expectations on what's next for the company.

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

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%.

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.

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.

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 7/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Armstrong World Industries (AWI) Financials

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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

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When does Armstrong World Industries' fiscal year end?

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

What is Armstrong World Industries' operating income?

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

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

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