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Armstrong World Industries Inc (AWI) stock

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NYSE: AWI NYSE Building Products Next results ~January 26, 2027

B Fundamentals grade

Armstrong World Industries Inc is a US-listed company in the building products industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$130

Cash-flow model

Base case. Range ~$97–$180 across our lower- and higher-growth cases (4.9%–14.9% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 29% above our base value.

Price used: $171.10, November 2, 2026

Armstrong World Industries Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 0 selling1 purchase and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds228 adding, 241 cuttingOf 73 active managers that changed their stake, 36 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Armstrong World Industries files

10-Q filed October 27: Armstrong World Industries

Revenue for the twelve months to September 2026 reached $1.75bn, up 9.1% on a year earlier and ahead of the 8.6% growth posted a quarter before. Working against that, the free cash flow margin slipped to 12.5% from 15.1%. A 2.1% reduction in the diluted share count lifts the value of each remaining share. On balance, the fundamentals grade improves from C+ to B. Our model value is little changed at $126 a share, against a market price of $167, so the rating stays Sell. At that price, the market is pricing in roughly 13.7% annual cash flow growth over five years, well above the 9.5% annual revenue growth the company has actually delivered.

Source: 10-Q filed October 27, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Armstrong World Industries stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.70bn, up 8.6% on a year earlier, slower than 9.7% a quarter earlier. Free-cash-flow margin held at 14.6%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 4 of our 6 financial-health checks. Our cash-flow model value is $111 a share, against a share price of $169. At that price, our model says the market is pricing in about 16.6% a year of cash-flow growth for five years, faster than the 8.9% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 26, 2027 (estimated)

Armstrong World Industries Inc's trailing-twelve-month revenue grew 9.1% year on year, with a free-cash-flow margin of 12.5%. Where it stands out: operating margin of 25.8% ranks 1 of 45 building products companies we cover.

Our discounted-cash-flow model values the business at ~$130 per share in the base case (~$97–$180 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Share count shrinking (buybacks): Diluted shares outstanding fell 2.1% year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 25.8% of revenue is left as operating profit, against a median of 7.2% for building products companies we cover.
  • Shrinking share count. Diluted shares fell 2.1% in a year, so each share owns more of the business.

Things to watch

  • Priced above our value. The share price of $171.10 is 22% above our value per share of $130.
  • Weak cash conversion. Free cash flow was 68% of net income over the last 12 months.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.

Latest results: FY2026 Q3

Filed October 27, 2026
Earnings per share
$2.26 against an average estimate of $2.39: missed by 5.3%
Revenue
$476m, up 11.9% on a year earlier
Share reaction
-5.0% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Guidance given
net sales $1,788m to $1,803m (For the Year Ended December 31, 2026); adjusted EBITDA $602m to $612m (For the Year Ended December 31, 2026)
Next report
October 27, 2026; average EPS estimate $2.01

Armstrong World Industries' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.9%
  • 1 week+3.8%
  • 1 month+4.9%
  • This year-9.9%
  • 1 year-9.5%
  • 5 years+64.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.7B
Operating margin
25.8%
Net margin
18.4%
EPS (TTM, diluted)
$7.48

Growth

Revenue growth
+9.1%
Change in growth rate
+0.5 pts
Share count change
−2.1%

Cash

Free cash flow (TTM)
$218M
FCF margin
12.5%
Stock pay % of revenue
1.1%

Earnings

Last results
October 27, 2026
Next results (est.)
January 26, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Our research
  4. Our research
  5. Dividend
  6. Announcement
  7. Leadership
  8. Announcement
  9. Announcement
  10. Leadership
  11. Announcement
  12. Results
  13. Dividend
  14. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Armstrong World Industries Inc valuation models and calculator

What the price is pricing in

The share price implies about 13.6% a year of cash-flow growth for five years.That is close to the 9.5% a year revenue growth Armstrong World Industries has delivered.

  • Priced in13.6%
  • Last 12 months9.1%
  • 3 years a year10.7%
  • 5 years a year9.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($169.86, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$130
Price used
$169.86close November 3, 2026
Implied change
▼ 22%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Armstrong World Industries Inc's free cash flow after stock-based pay with after-tax interest added back ($236M, FY2026 Q3 TTM), growing 9% and 9.1% in the next two years (forecasts, guidance and its record), then back to 9.9% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$97–~$180 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Armstrong World Industries Inc's free cash flow after stock-based pay ( $236M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Armstrong World Industries Inc as an operating company, with every model that fits that kind of business. Cost of equity 9.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.99 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$130 ~$97–$180 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$150 ~$130–$200 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$140 ~$110–$200 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$120 ~$100–$140 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$140 ~$120–$150 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Armstrong World Industries Inc with Building Products in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −27%
  • Revenue growth 5 points higher ▲ +35%
  • Free-cash-flow margin 1 point lower ▼ −8%
  • Last year's free-cash-flow margin change, if it persists ▼ −17%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $71$100$138$189$255$341
8.5% $52$73$101$137$184$245
10% $40$56$78$106$142$188

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$42.29$38.66$56.00$53.97$87.87$70.31$110.70$66.13$96.13$139.45$189.97$171.10
Market value$2.4bn$2.2bn$3.0bn$2.8bn$4.3bn$3.4bn$5.3bn$3.1bn$4.3bn$6.1bn$8.3bn$7.3bn
+ Net debt (− = net cash)$784m$741m$699m$500m$570m$582m$536m$549m$519m$448m$298m$398m
Enterprise value$3.1bn$2.9bn$3.7bn$3.3bn$4.9bn$3.9bn$5.8bn$3.6bn$4.8bn$6.6bn$8.6bn$7.7bn
Multiples
Price / sales 2.9x2.6x3.4x2.9x4.2x3.6x4.8x2.5x3.3x4.2x5.1x4.2x
Price / earnings 25.1x20.6x25.2x15.1x20.3x—28.9x15.1x19.2x23.2x26.8x22.9x
Price / free cash flow 71.6x—37.4x21.4x39.0x20.6x49.4x28.5x28.8x33.3x33.7x33.7x
EV / EBITDA 11.4x10.2x11.2x10.1x12.6x11.7x16.4x10.0x11.7x13.8x15.6x13.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

76 /100

Strong moat

How hard Armstrong World Industries's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 15 / 20

    Cash operating profit has been a median 11.9% of total assets over 10 years.

  • Pricing power 12 / 20

    Gross margin has been a median 37.9%, moving by 3.7 percentage points (standard deviation) across 10 years.

  • Durability 18 / 20

    Operating margin has been a median 25.8%; its worst year was 21.8%.

  • Cash conversion 16 / 20

    Free cash flow was positive in 10 of 10 years, at a median 12.1% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 10.4% over five years; stock-based pay has been a median 1.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (81 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $8.32 +12% $1.8bn +11%
Next $9.50 +14% $1.9bn +8%

Next year's EPS estimate has moved −0.4% in 90 days, across 11 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −1.4% on 90 days ago. In the last 30 days, 0 analysts raised Armstrong World Industries Inc's forecast and 1 cut it.

Consensus EPS forecast Armstrong World Industries Inc, last 90 days
$8.00 $8.50 $9.00 $9.50 $10.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $8.44 Current fiscal year, 60 days ago: $8.44 Current fiscal year, 30 days ago: $8.44 Current fiscal year, 7 days ago: $8.43 Current fiscal year, Now: $8.32 $8.32 Next fiscal year, 90 days ago: $9.54 Next fiscal year, 60 days ago: $9.58 Next fiscal year, 30 days ago: $9.58 Next fiscal year, 7 days ago: $9.58 Next fiscal year, Now: $9.50 $9.50

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $8.44$9.54
60 days ago $8.44$9.58
30 days ago $8.44$9.58
7 days ago $8.43$9.58
Now $8.32$9.50

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.39 $2.26 −5.3%
Jun 2026 $2.25 $2.36 +5.0%
Mar 2026 $1.81 $1.69 −6.4%
Dec 2025 $1.68 $1.61 −4.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 27, 2026
  • Net sales For the Year Ended December 31, 2026 $1,788m to $1,803m Raised vs 1,770m to 1,800m
    “Net sales $ 1,621 $ 1,788 to $ 1,803 10% to 11%” source
  • Adjusted diluted net earnings per share For the Year Ended December 31, 2026 $8.30 to $8.40 Non-GAAP Lowered vs 8.3 to 8.5
    “Adjusted diluted net earnings per share* $ 7.41 $ 8.30 to $ 8.40 12% to 13%” source
  • Adjusted EBITDA For the Year Ended December 31, 2026 $602m to $612m Non-GAAP Lowered vs 605m to 620m
    “Adjusted EBITDA* $ 555 $ 602 to $ 612 8% to 10%” source
  • Adjusted free cash flow For the Year Ended December 31, 2026 $380m to $390m Non-GAAP Lowered vs 380m to 395m
    “Adjusted free cash flow* $ 346 $ 380 to $ 390 10% to 13%” source
  • adjusted effective tax rate For the Year Ending December 31, 2026 about 25% Non-GAAP Maintained vs about 25
    “Income tax expense is based on an adjusted effective tax rate of approximately 25%, multiplied by adjusted earnings before income taxes.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Armstrong World Industries Inc's revenue by +9.0% next year and +9.1% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+8.7%, weight 45%) , management guidance (+8.7%, weight 33%) and the company's own record (+9.9%, weight 22%) . How the weights are set.

Analyst recommendations

10 analysts, Oct 2026
Buy770%
Hold330%
Sell00%

Monthly trend

  1. Oct 202616310
  2. Sep 202616310
  3. Aug 202616310
  4. Jul 20261539

Counts of recommendations published by analysts covering Armstrong World Industries Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.0%
of tradable shares
Days to cover
4.1
at average volume
Short interest, 1 month
−5%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.5%
of shares
Employees
4,100
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −9.5%

$188.97 on October 31, 2025 to $171.10

ThenNowEffect
Revenue (last 12 months) $1.6bn $1.7bn +8.6%
Net margin 19.0% 18.6% −1.9%
P/E multiple 28.0x 23.4x −16.3%
Share count 44m 43m +1.5%

Biggest factor: p/e multiple.

Last 3 years +116.9%

$78.90 on November 3, 2023 to $171.10

ThenNowEffect
Revenue (last 12 months) $1.3bn $1.7bn +34.0%
Net margin 16.9% 18.6% +10.0%
P/E multiple 16.8x 23.4x +39.5%
Share count 46m 43m +5.4%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
AWI+57%−40%+45%+45%+36%−10%
Industry peers (median)+22%−24%+44%+10%−12%+5%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AWI83%25%58%67%75%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AWI−15%−41%−24%−13%−18%−25%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 46% from March 4, 2020 to October 28, 2020. Getting back needed a 87% gain, reached on August 11, 2021, 287 days after the low.

Price behaviour

52-week range
$151.15 – $201.95
From 52-week high
−15.3%
vs 50-day average
+3.1%
vs 200-day average
+1.3%
Volatility (1 year)
28%
Beta vs S&P 500
0.70

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±6.1%
After a week
6 up, 5 down
typical move ±8.6%
After a month
5 up, 6 down
typical move ±9.7%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 −5.0% +0.9% — —
July 28, 2026 +5.6% −1.3% +10.9% +7.8%
April 28, 2026 −5.0% −0.5% −7.5% −9.6%
February 24, 2026 −10.7% +1.6% −11.9% −13.1%
October 28, 2025 −5.3% +0.3% −6.3% −5.7%
July 29, 2025 +12.5% −0.4% +13.0% +17.3%
April 29, 2025 +4.4% +0.7% +8.0% +12.5%
February 25, 2025 +4.5% −0.4% +2.4% −0.6%
October 29, 2024 +2.2% −0.1% +7.8% +16.9%
July 30, 2024 +0.5% +1.1% −7.1% −4.2%
April 30, 2024 −4.0% −1.9% −2.2% −2.3%
February 20, 2024 +13.3% −0.5% +17.2% +17.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Armstrong World Industries Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Armstrong World Industries Inc in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Armstrong World Industries Inc
$1.2B $1.4B $1.6B $1.8B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $1.3B Revenue (TTM), FY24 Q1: $1.3B Revenue (TTM), FY24 Q2: $1.4B Revenue (TTM), FY24 Q3: $1.4B Revenue (TTM), FY24 Q4: $1.4B Revenue (TTM), FY25 Q1: $1.5B Revenue (TTM), FY25 Q2: $1.6B Revenue (TTM), FY25 Q3: $1.6B Revenue (TTM), FY25 Q4: $1.6B Revenue (TTM), FY26 Q1: $1.6B Revenue (TTM), FY26 Q2: $1.7B Revenue (TTM), FY26 Q3: $1.7B $1.7B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $1.3B
FY24 Q1 $1.3B
FY24 Q2 $1.4B
FY24 Q3 $1.4B
FY24 Q4 $1.4B
FY25 Q1 $1.5B
FY25 Q2 $1.6B
FY25 Q3 $1.6B
FY25 Q4 $1.6B
FY26 Q1 $1.6B
FY26 Q2 $1.7B
FY26 Q3 $1.7B
Revenue growth, TTM YoY Armstrong World Industries Inc
0% 5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 5.0% Revenue growth, TTM YoY, FY24 Q1: 4.0% Revenue growth, TTM YoY, FY24 Q2: 6.8% Revenue growth, TTM YoY, FY24 Q3: 8.0% Revenue growth, TTM YoY, FY24 Q4: 11.6% Revenue growth, TTM YoY, FY25 Q1: 14.6% Revenue growth, TTM YoY, FY25 Q2: 15.6% Revenue growth, TTM YoY, FY25 Q3: 15.1% Revenue growth, TTM YoY, FY25 Q4: 12.1% Revenue growth, TTM YoY, FY26 Q1: 9.7% Revenue growth, TTM YoY, FY26 Q2: 8.6% Revenue growth, TTM YoY, FY26 Q3: 9.1% 9.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 5.0%
FY24 Q1 4.0%
FY24 Q2 6.8%
FY24 Q3 8.0%
FY24 Q4 11.6%
FY25 Q1 14.6%
FY25 Q2 15.6%
FY25 Q3 15.1%
FY25 Q4 12.1%
FY26 Q1 9.7%
FY26 Q2 8.6%
FY26 Q3 9.1%
Operating margin (TTM) Armstrong World Industries Inc
24.5% 25% 25.5% 26% 26.5% 27% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 25.0% Operating margin (TTM), FY24 Q1: 25.9% Operating margin (TTM), FY24 Q2: 25.7% Operating margin (TTM), FY24 Q3: 25.8% Operating margin (TTM), FY24 Q4: 25.9% Operating margin (TTM), FY25 Q1: 25.7% Operating margin (TTM), FY25 Q2: 26.6% Operating margin (TTM), FY25 Q3: 26.3% Operating margin (TTM), FY25 Q4: 26.6% Operating margin (TTM), FY26 Q1: 25.9% Operating margin (TTM), FY26 Q2: 25.8% Operating margin (TTM), FY26 Q3: 25.8% 25.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 25.0%
FY24 Q1 25.9%
FY24 Q2 25.7%
FY24 Q3 25.8%
FY24 Q4 25.9%
FY25 Q1 25.7%
FY25 Q2 26.6%
FY25 Q3 26.3%
FY25 Q4 26.6%
FY26 Q1 25.9%
FY26 Q2 25.8%
FY26 Q3 25.8%
FCF margin (TTM) Armstrong World Industries Inc
10% 12% 14% 16% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 11.6% FCF margin (TTM), FY24 Q1: 12.0% FCF margin (TTM), FY24 Q2: 10.8% FCF margin (TTM), FY24 Q3: 11.5% FCF margin (TTM), FY24 Q4: 12.7% FCF margin (TTM), FY25 Q1: 12.9% FCF margin (TTM), FY25 Q2: 14.0% FCF margin (TTM), FY25 Q3: 15.1% FCF margin (TTM), FY25 Q4: 15.2% FCF margin (TTM), FY26 Q1: 14.5% FCF margin (TTM), FY26 Q2: 14.6% FCF margin (TTM), FY26 Q3: 12.5% 12.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 11.6%
FY24 Q1 12.0%
FY24 Q2 10.8%
FY24 Q3 11.5%
FY24 Q4 12.7%
FY25 Q1 12.9%
FY25 Q2 14.0%
FY25 Q3 15.1%
FY25 Q4 15.2%
FY26 Q1 14.5%
FY26 Q2 14.6%
FY26 Q3 12.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 2,780 2,628 2,723 2,429 2,527 1,294 805 837 894 975 1,038 937 1,107 1,233 1,295 1,446 1,621 1,746
Gross profit 621 586 648 594 593 383 306 307 315 334 395 333 406 449 497 582 659 696
EBITDA 237 231 354 398 375 328 275 285 333 329 390 339 357 362 413 478 551 574
Operating income 91 88 240 285 266 198 157 196 244 249 317 255 260 279 324 374 431 451
Net income 78 11 112 131 94 64 94 105 120 186 215 −99 183 203 224 265 309 321
Diluted EPS $1.36 $0.19 $1.90 $2.19 $1.60 $1.14 $1.68 $1.87 $2.21 $3.56 $4.32 −$2.07 $3.82 $4.37 $4.99 $6.02 $7.08 $7.48
Growth (year on year)
Revenue — −5.5% +3.6% −10.8% +4.1% −48.8% −37.8% +4.0% +6.7% +9.1% +6.4% −9.7% +18.1% +11.4% +5.0% +11.6% +12.1% +9.1%
EBITDA — −2.8% +53.2% +12.4% −5.8% −12.6% −15.9% +3.6% +16.8% −1.3% +18.5% −13.0% +5.2% +1.7% +13.9% +15.6% +15.5% +6.7%
Operating income — −3.4% +174.1% +18.8% −6.8% −25.4% −20.7% +24.8% +24.5% +2.3% +27.3% −19.7% +2.0% +7.2% +16.1% +15.6% +15.1% +7.2%
Net income — −85.8% — +16.8% −28.3% −32.2% +47.6% +11.1% +14.2% +55.4% +15.4% −146.2% — +10.8% +10.3% +18.4% +16.5% +5.1%
Diluted EPS — −86.0% — +15.3% −26.9% −28.8% +47.4% +11.3% +18.2% +61.1% +21.3% −147.9% — +14.4% +14.2% +20.6% +17.6% +7.3%
Margins
Gross margin 22.3% 22.3% 23.8% 24.5% 23.5% 29.6% 38.0% 36.7% 35.3% 34.2% 38.1% 35.6% 36.7% 36.4% 38.4% 40.2% 40.6% 39.8%
EBITDA margin 8.5% 8.8% 13.0% 16.4% 14.8% 25.3% 34.2% 34.0% 37.3% 33.7% 37.5% 36.2% 32.2% 29.4% 31.9% 33.0% 34.0% 32.9%
Operating margin 3.3% 3.3% 8.8% 11.7% 10.5% 15.3% 19.5% 23.4% 27.3% 25.6% 30.6% 27.2% 23.5% 22.6% 25.0% 25.9% 26.6% 25.8%
Net margin 2.8% 0.4% 4.1% 5.4% 3.7% 4.9% 11.7% 12.5% 13.4% 19.1% 20.7% −10.6% 16.6% 16.5% 17.3% 18.3% 19.0% 18.4%
Free-cash-flow margin 5.6% 3.8% 1.8% 0.9% 0.0% −1.1% 4.1% −6.6% 9.0% 13.5% 10.7% 17.4% 9.7% 8.7% 11.6% 12.7% 15.2% 12.5%
Cash flow
Cash from operations 260 192 200 220 214 209 204 49 170 203 183 219 187 182 234 267 356 332
Capital spending 105 93 151 199 214 223 171 104 90 72 71 55 80 75 84 83 109 114
Free cash flow 155 99 49 21 0 −14 33 −55 81 131 111 163 107 108 150 184 246 218
Stock-based pay 38 5 11 16 16 13 13 12 10 14 10 7 11 14 19 18 22 20
Free cash flow after stock pay 117 94 38 6 −16 −27 20 −67 71 117 102 157 96 93 131 166 224 198
Balance sheet
Cash 570 316 481 326 112 140 209 142 160 326 45 137 98 106 71 79 113 71
Total debt 0 875 845 1,071 1,067 1,043 993 883 858 826 615 719 634 655 590 528 411 470
Net debt (negative = net cash) −570 559 364 745 954 903 784 741 699 500 570 582 536 549 519 448 298 398
Diluted shares 57m 58m 59m 60m 58m 55m 56m 56m 54m 52m 50m 48m 48m 46m 45m 44m 44m 43m
Returned to shareholders
Dividends 1 799 0 507 1 1 1 — — 9 36 39 41 44 47 51 55 59
Buybacks — — — — 261 — — 44 80 307 131 44 80 165 132 56 129 263
Total returned 1 799 0 507 263 1 1 44 80 315 167 84 121 209 179 107 184 322

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 6 checks passed · September 30, 2026
What it owns · $2.0bn
Short-term assets $427mLonger-term assets $1.6bn
What it owes, and who funded it · $1.2bn
Short-term liabilities $294mShareholders' equity $894m
  • Short-term assets cover short-term liabilities $427m of assets due within a year against $294m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $71m of cash against $470m of debt.
  • Debt below 40% of shareholders' equity Debt is 53% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 114% to 53% over five years.
  • A year's operating cash flow covers at least 20% of debt $332m of operating cash flow against $470m of debt.
  • Operating profit covers interest at least five times over Operating income of $451m against $30m of interest.

From Armstrong World Industries Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$263M
Dividends (TTM)
$59.1M
Returned to shareholders
148%
of free cash flow
Buybacks, last 3 fiscal years
$317M
Diluted share count
−2.1%
year over year
Total shareholder yield
4.5%
dividends 0.8% + buybacks 3.7% of market value
Dividend payout ratio
18%
of net income paid out
Sales & admin spending
20.7%
of revenue

Competitors: side by side with peers

Closest by revenue in building products
Last 12 months unless stated AWI ZWS NX HLMN AAON TILE Median
Revenue, last 12 months $1.7bn $1.8bn $1.9bn $1.6bn $1.9bn $1.4bn $1.8bn
Revenue growth, last 12 months 9.1% 10.1% 1.3% 6.5% 53.5% 6.5% 3.7%
Revenue growth, 3-year average 10.7% 6.5% 17.7% 3.2% 22.7% 3.8% 3.6%
Revenue growth, latest quarter 11.9% 8.7% 1.3% 9.8% 101.2% 5.4% 8.0%
Gross margin 39.8% 50.4% 26.6% — 25.6% 40.5% 32.0%
Operating margin 25.8% 22.1% 6.0% 6.9% 11.0% 13.6% 7.0%
Operating margin, 3-year average 26.0% 17.6% 0.6% 6.3% 14.5% 11.5% 10.7%
Net margin 18.4% 15.9% 2.4% 2.6% 8.2% 10.1% 5.1%
Cash from operations / revenue 19.0% 22.6% 7.8% 7.8% 4.5% 12.4% 12.4%
Free-cash-flow margin 12.5% 21.1% 4.9% 3.8% −0.4% 8.6% 8.9%
Free-cash-flow margin, 3-year average 13.0% 18.4% 4.9% 5.8% 3.0% 8.5% 8.5%
Stock pay / revenue 1.1% 2.4% 0.2% 0.9% 1.0% 1.2% 0.7%
Change in share count −2.1% −1.2% −2.4% −0.3% 0.0% −0.3% −0.6%

Median of all 46 companies we cover in building products. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

46 building products companies
Measure Company Peer median Rank
Revenue growth Growth 9.1% 4.0% 15 of 46
Change in growth rate Growth +0.5pp +0.8pp 24 of 46
Gross margin Profitability 39.8% 32.1% 11 of 43
Operating margin Profitability 25.8% 7.2% 1 of 45
Net margin Profitability 18.4% 5.6% 1 of 46
Free-cash-flow margin Cash generation 12.5% 9.1% 19 of 46
Stock pay as % of revenue Cash generation 1.1% 0.7% 29 of 41
Long-term debt as % of assets Balance sheet 22.9% 25.7% 18 of 37
Change in share count Balance sheet -2.1% -0.6% 14 of 44

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Mineral Fiber $1B 63.6% ▲ 4.5%
Architectural Specialties $590M 36.4% ▲ 28.4%

From Armstrong World Industries Inc's 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$6.9B
Institutions reporting
470
Shares held vs prior quarter
▲ 0.4%
Positions opened / closed
55 / 55

Top buyers and sellers, Q2 2026: 228 institutions bought and 241 sold ; the biggest buyer was Egerton Capital (UK) LLP (+477K shares) and the biggest seller Van Berkom & Associates Inc (−428K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $827M 5.2M 12.0% ▼ 1.0%
Vanguard Portfolio Management LLC $356M 2.2M 5.2% ▼ 0.6%
Vanguard Capital Management LLC $309M 1.9M 4.5% ▲ 0.3%
London Co Of Virginia $264M 1.6M 3.8% ▼ 4.6%
State Street Corp $231M 1.4M 3.4% ▲ 1.7%
Bank Of Montreal $177M 1.1M 2.6% ▼ 9.8%
Fuller & Thaler Asset Management, Inc. $177M 1.1M 2.6% ▲ 5.8%
Geode Capital Management, LLC $167M 1.0M 2.4% ▲ 3.5%
Citadel Advisors LLC $165M 1.0M 2.4% ▲ 29.6%
Egerton Capital (UK) LLP $148M 925K 2.2% ▲ 106.5%
Kayne Anderson Rudnick Investment Management LLC $143M 894K 2.1% ▼ 9.2%
Dimensional Fund Advisors LP $140M 870K 2.0% ▲ 3.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Armstrong World Industries Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $99,998 1 trade by 1 insider, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $99,998 net buying
Insider Date Trade Shares Price Value
Templin Roy W Director February 27, 2026 Buy 575 $173.91 $99,998

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 3 trades and filings

No trades in Armstrong World Industries Inc disclosed in the last 12 months; 3 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded June 17, 2025, filed August 13, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded June 11, 2025, filed August 13, 2025
  • Donna Shalala(FL):Sale (full), $1,001 - $15,000, traded June 24, 2019, filed April 27, 2020

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 26, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 28, 2026
  • April 28, 2026
  • February 24, 2026
  • October 28, 2025
  • July 29, 2025

Recent SEC filings

Data status

When each part of this page on Armstrong World Industries Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Armstrong World Industries Inc in brief

What does Armstrong World Industries Inc do?
Armstrong World Industries Inc is a US-listed company in the building products industry. Its financial year ends in December.
What is Armstrong World Industries Inc's stock ticker?
Armstrong World Industries Inc trades under the ticker AWI on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Armstrong World Industries Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Armstrong World Industries Inc reported revenue of $1.7B, 9.1% higher than a year earlier, according to its SEC filings.
What is Armstrong World Industries Inc's free cash flow?
Armstrong World Industries Inc's free-cash-flow margin is 12.5% of revenue over the trailing twelve months, ranking 19 of the 46 building products companies we cover.
What is Armstrong World Industries Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Armstrong World Industries Inc's free cash flow after stock-based pay gives ~$130 per share in the base case, and ~$97–$180 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Armstrong World Industries Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Armstrong World Industries Inc buying back stock, and does it pay a dividend?
Armstrong World Industries Inc spent $263M on share repurchases over the trailing twelve months, and its diluted share count fell 2.1% over the year.
What is Armstrong World Industries Inc's market cap?
On November 2, 2026, Armstrong World Industries Inc's market capitalisation was about $7.3B, with a price-to-earnings ratio of 22.9 and net debt of $398M. Market figures come from third-party market data and may be delayed.
Does Armstrong World Industries Inc pay a dividend?
Yes: Armstrong World Industries Inc paid $59.1M in dividends over the trailing twelve months, a dividend yield of 0.82% and a payout ratio of 18.4%.
How much debt does Armstrong World Industries Inc have?
Armstrong World Industries Inc's debt-to-equity ratio is 52.5%, from its latest balance sheet (114.5% five years earlier). The financial health section below sets out its other solvency checks.
Who are Armstrong World Industries Inc's competitors?
In our Building Products peer group, the companies closest to Armstrong World Industries Inc are Zurn Elkay Water Solutions Corp, Quanex Building Products Corp, Hillman Solutions Corp., AAON, Inc. and Interface Inc. The side-by-side comparison below sets their revenue, margins and growth against Armstrong World Industries Inc's.
Are insiders buying or selling Armstrong World Industries Inc stock?
Over the last 12 months, Armstrong World Industries Inc's directors and officers reported 1 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Armstrong World Industries Inc's next earnings date?
Around January 26, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Armstrong World Industries Inc announces its own schedule.