ARMSTRONG WORLD INDUSTRIES INC AWI
Armstrong World Industries, Inc. ("AWI" or the "Company") is a Pennsylvania corporation incorporated in 1891. When we refer to "we," "our" and "us" in this report, we are referring to AWI and its subsidiaries.
AWI is an Americas leader in the design and manufacture of innovative interior and exterior architectural applications including ceilings, specialty walls and exterior metal solutions. We manufacture and source products made of numerous materials, including mineral fiber, fiberglass, metal, felt, architectural resin and glass, wood, wood fiber and glass-reinforced-gypsum. We also manufacture ceiling suspension system (grid) products through a joint venture with Worthington Enterprises, Inc. called Worthington Armstrong Venture ("WAVE").
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.62B | $1.45B | $1.30B | $1.23B | $1.11B | $936.9M | $1.04B | $975.3M | $893.6M | $837.3M |
| Cost of revenue | $962.1M | $864.1M | $798.2M | $784.0M | $701.0M | $603.8M | $643.0M | $641.8M | $578.2M | $530.3M |
| Gross profit | $658.7M | $581.6M | $497.0M | $449.1M | $405.6M | $333.1M | $395.1M | $333.5M | $315.4M | $307.0M |
| R&D | $16.4M | $15.7M | $14.5M | $14.9M | $14.6M | $14.7M | $14.8M | $16.3M | $17.4M | $17.8M |
| SG&A | $339.5M | $308.5M | $262.5M | $237.0M | $237.4M | $163.2M | $174.3M | $159.0M | $138.6M | $184.2M |
| Operating income | $430.9M | $374.3M | $323.7M | $278.7M | $260.0M | $254.8M | $317.4M | $249.4M | $243.8M | $195.9M |
| Interest expense | $33.0M | $39.8M | $35.3M | $27.1M | $22.9M | $24.1M | $38.4M | $39.2M | $35.4M | $49.5M |
| Pre-tax income | $400.3M | $347.1M | $298.3M | $257.6M | $242.7M | -$126.7M | $299.4M | $242.7M | $222.1M | $150.6M |
| Income tax | $91.6M | $82.2M | $74.5M | $57.7M | $57.4M | $42.6M | $57.1M | $53.1M | $1.5M | $51.3M |
| Net income | $308.7M | $264.9M | $223.8M | $202.9M | $183.2M | -$99.1M | $214.5M | $185.9M | $119.6M | $104.7M |
| EPS, basic | 7.13 | 6.06 | 5.00 | 4.38 | 3.84 | -2.07 | 4.40 | 3.61 | 2.23 | 1.88 |
| EPS, diluted | 7.08 | 6.02 | 4.99 | 4.37 | 3.82 | -2.07 | 4.32 | 3.56 | 2.21 | 1.87 |
| Shares, diluted (wtd. avg.) | $43.6M | $44.0M | $44.8M | $46.4M | $47.9M | $47.9M | $49.5M | $52.1M | $53.9M | $55.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $112.7M | $79.3M | $70.8M | $106.0M | $98.1M | $136.9M | $45.3M | $325.7M | $159.6M | $141.9M |
| Receivables | $130.3M | $134.4M | $111.0M | $112.4M | $109.1M | $78.3M | $85.1M | $79.9M | $90.8M | $58.8M |
| Inventory | $124.6M | $109.8M | $104.0M | $110.0M | $90.2M | $81.5M | $68.5M | $61.2M | $53.8M | $46.9M |
| Total current assets | $391.5M | $348.9M | $313.0M | $356.5M | $321.9M | $311.8M | $244.4M | $717.6M | $648.9M | $406.2M |
| Property, plant and equipment | $630.7M | $598.8M | $566.4M | $554.4M | $542.8M | $529.9M | $524.6M | $501.0M | $499.9M | $465.2M |
| Goodwill | $217.8M | $203.2M | $175.5M | $167.3M | $167.0M | $160.7M | $53.0M | $19.2M | $11.3M | $500.0K |
| Other intangibles | $425.2M | $455.0M | $412.4M | $407.7M | $421.4M | $457.5M | $411.9M | $422.8M | — | $433.4M |
| Total assets | $1.92B | $1.84B | $1.67B | $1.69B | $1.71B | $1.72B | $1.49B | $1.84B | $1.87B | $1.76B |
| Accounts payable | $237.1M | $215.3M | $159.9M | $172.5M | $174.9M | $136.5M | $143.5M | $383.3M | $108.4M | $117.0M |
| Short-term debt | $10.3M | $22.5M | $22.5M | $0 | $25.0M | $25.0M | $6.3M | $55.0M | $32.5M | $25.0M |
| Total current liabilities | $267.4M | $249.7M | $194.5M | $182.7M | $209.6M | $172.3M | $155.2M | $549.5M | $269.9M | $224.1M |
| Long-term debt | $396.4M | $502.6M | $564.3M | $651.1M | $606.4M | $690.5M | $604.5M | $764.8M | $817.7M | $848.6M |
| Retained earnings | $1.81B | $1.56B | $1.35B | $1.17B | $1.01B | $869.8M | $1.01B | $829.8M | $598.2M | $469.9M |
| Total equity | $900.7M | $757.1M | $591.8M | $535.0M | $519.7M | $450.9M | $364.9M | $226.0M | $384.1M | $266.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $355.5M | $266.8M | $233.5M | $182.4M | $187.2M | $218.8M | $182.7M | $203.2M | $170.4M | $49.3M |
| Depreciation and amortisation | $120.4M | $103.2M | $89.2M | $83.7M | $96.5M | $84.0M | $72.1M | $79.4M | $89.2M | $89.2M |
| Stock-based compensation | $21.9M | $18.3M | $18.8M | $14.3M | $11.3M | $6.8M | $9.5M | $14.0M | $10.2M | $12.4M |
| Capital expenditure | $109.4M | $82.8M | $83.8M | $74.8M | $79.8M | $55.4M | $71.3M | $71.9M | $89.7M | $104.2M |
| Investing cash flow | -$3.6M | -$79.3M | -$10.4M | $28.2M | -$13.9M | -$141.1M | -$89.1M | $309.6M | -$54.2M | -$17.0M |
| Financing cash flow | -$319.3M | -$177.6M | -$258.6M | -$201.9M | -$212.1M | $13.5M | -$384.9M | -$329.3M | -$102.7M | -$128.9M |
| Dividends paid | $55.2M | $50.6M | $46.9M | $44.2M | $41.4M | $39.2M | $35.6M | $8.6M | — | — |
| Buybacks | $128.9M | $56.3M | $132.0M | $165.0M | $80.0M | $44.4M | $131.3M | $306.6M | $80.4M | $43.8M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-193741.
Others in SIC 3089
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|---|---|---|---|---|
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| ATR | APTARGROUP, INC. | $8.10B | 21.6x | 5.4% |
| NWL | NEWELL BRANDS INC. | $2.60B | — | -5.0% |
| MYE | MYERS INDUSTRIES INC | $1.20B | 34.2x | -1.3% |
| KRT | Karat Packaging Inc. | $964.5M | 31.0x | 10.7% |
| SWIM | Latham Group, Inc. | $835.3M | 78.9x | 7.4% |
| CMT | CORE MOLDING TECHNOLOGIES INC | $213.4M | 18.7x | -9.5% |
| DSWL | DESWELL INDUSTRIES INC | — | — | -9.3% |