Armstrong World Industries Inc
AWI NYSE Plastics Products, Nec Financials FY2016βFY2025
What Armstrong World Industries Inc does
No business description yet.
- Legal name
- ARMSTRONG WORLD INDUSTRIES INC
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K Β· Feb 24, 2026
- Accession Β· CIK
- 0001193125-26-065183
0000007431
Revenue and margins
Armstrong World Industries Inc had $1.6B of revenue in fiscal 2025, up 12.1% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 15.9% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $246M in fiscal 2025, 15.2% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Armstrong World Industries Inc returned $184M to shareholders in fiscal 2025, 75% of free cash flow. The diluted share count fell 0.9%.
Balance sheet
Cash, debt and the ratios that show how comfortably Armstrong World Industries Inc can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $98.1M | $106M | $70.8M | $79.3M | $113M |
| Debt incl. finance leases | $650M | $668M | $613M | $562M | $446M |
| Net debt / EBITDA | 1.5x | 1.6x | 1.3x | 1.0x | 0.6x |
| Debt / equity | 1.2x | 1.2x | 1.0x | 0.7x | 0.5x |
| Interest coverage | 11.4x | 10.3x | 9.2x | 9.4x | 13.1x |
| Current ratio | 1.5x | 2.0x | 1.6x | 1.4x | 1.5x |
| Quick ratio | 1.1x | 1.3x | 1.1x | 1.0x | 1.0x |
| Total assets | $1.7B | $1.7B | $1.7B | $1.8B | $1.9B |
| Total liabilities | $1.2B | $1.2B | $1.1B | $1.1B | $1.0B |
| Shareholders' equity | $520M | $535M | $592M | $757M | $901M |
| Net debt (β = net cash) | $552M | $562M | $542M | $483M | $333M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 8 / 9 | 7 / 9 | 8 / 9 | 4 / 9 | 8 / 9 | 6 / 9 | 8 / 9 | 8 / 9 | 9 / 9 |
| Accruals ratio | 3.2% | β2.8% | β0.9% | 1.9% | β19.8% | β0.2% | 1.2% | β0.6% | β0.1% | β2.5% |
| Altman Z'' | 2.49 | 3.51 | 3.13 | 4.36 | 3.55 | 3.84 | 4.53 | 4.97 | 5.21 | 5.92 |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $837M | $894M | $975M | $1.0B | $937M | $1.1B | $1.2B | $1.3B | $1.4B | $1.6B |
| Gross profit | $307M | $315M | $334M | $395M | $333M | $406M | $449M | $497M | $582M | $659M |
| Research and development | $17.8M | $17.4M | $16.3M | $14.8M | $14.7M | $14.6M | $14.9M | $14.5M | $15.7M | $16.4M |
| Operating income | $196M | $244M | $249M | $317M | $255M | $260M | $279M | $324M | $374M | $431M |
| Interest expense | $49.5M | $35.4M | $39.2M | $38.4M | $24.1M | $22.9M | $27.1M | $35.3M | $39.8M | $33.0M |
| Pretax income | $151M | $222M | $243M | $299M | β$127M | $243M | $258M | $298M | $347M | $400M |
| Income tax | $51.3M | $1.5M | $53.1M | $57.1M | β$42.6M | $57.4M | $57.7M | $74.5M | $82.2M | $91.6M |
| Net income | $105M | $120M | $186M | $215M | β$99.1M | $183M | $203M | $224M | $265M | $309M |
| Net income to common | β | β | β | β | β | β | β | $224M | $265M | $309M |
| Diluted EPS | $1.87 | $2.21 | $3.56 | $4.32 | β$2.07 | $3.82 | $4.37 | $4.99 | $6.02 | $7.08 |
| Diluted shares | 0.06B | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B | 0.04B | 0.04B | 0.04B |
| Cash flow | ||||||||||
| Cash from operations | $49.3M | $170M | $203M | $183M | $219M | $187M | $182M | $234M | $267M | $356M |
| Capital expenditure | $104M | $89.7M | $71.9M | $71.3M | $55.4M | $79.8M | $74.8M | $83.8M | $82.8M | $109M |
| Free cash flow | β$54.9M | $80.7M | $131M | $111M | $163M | $107M | $108M | $150M | $184M | $246M |
| Depreciation and amortization | $89.2M | $89.2M | $79.4M | $72.1M | $84.0M | $96.5M | $83.7M | $89.2M | $103M | $120M |
| Stock-based compensation | $12.4M | $10.2M | $14.0M | $9.5M | $6.8M | $11.3M | $14.3M | $18.8M | $18.3M | $21.9M |
| Acquisitions | β | β | $22.2M | $56.4M | $165M | $0.7M | $2.8M | $26.5M | $124M | $13.9M |
| Share buybacks | $43.8M | $80.4M | $307M | $131M | $44.4M | $80.0M | $165M | $132M | $56.3M | $129M |
| Dividends paid | β | β | $8.6M | $35.6M | $39.2M | $41.4M | $44.2M | $46.9M | $50.6M | $55.2M |
| Dividends and buybacks | $43.8M | $80.4M | $315M | $167M | $83.6M | $121M | $209M | $179M | $107M | $184M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $142M | $160M | $326M | $45.3M | $137M | $98.1M | $106M | $70.8M | $79.3M | $113M |
| Total debt | $874M | $850M | $820M | $611M | $716M | $631M | $651M | $587M | $525M | $407M |
| Finance lease liabilities | β | β | β | $0.0M | $20.8M | $19.0M | $16.8M | $26.4M | $37.0M | $38.8M |
| Current assets | $406M | $649M | $718M | $244M | $312M | $322M | $357M | $313M | $349M | $392M |
| Current liabilities | $224M | $270M | $550M | $155M | $172M | $210M | $183M | $195M | $250M | $267M |
| Inventory | $46.9M | $53.8M | $61.2M | $68.5M | $81.5M | $90.2M | $110M | $104M | $110M | $125M |
| Property and equipment, net | $465M | $500M | $501M | $525M | $530M | $543M | $554M | $566M | $599M | $631M |
| Goodwill | $0.5M | $11.3M | $19.2M | $53.0M | $161M | $167M | $167M | $176M | $203M | $218M |
| Intangible assets | $433M | β | $423M | $412M | $458M | $421M | $408M | $412M | $455M | $425M |
| Total assets | $1.8B | $1.9B | $1.8B | $1.5B | $1.7B | $1.7B | $1.7B | $1.7B | $1.8B | $1.9B |
| Total liabilities | $1.5B | $1.5B | $1.6B | $1.1B | $1.3B | $1.2B | $1.2B | $1.1B | $1.1B | $1.0B |
| Shareholders' equity | $266M | $384M | $226M | $365M | $451M | $520M | $535M | $592M | $757M | $901M |
| Margins | ||||||||||
| Gross margin | 36.7% | 35.3% | 34.2% | 38.1% | 35.6% | 36.7% | 36.4% | 38.4% | 40.2% | 40.6% |
| Operating margin | 23.4% | 27.3% | 25.6% | 30.6% | 27.2% | 23.5% | 22.6% | 25.0% | 25.9% | 26.6% |
| EBITDA margin | 34.0% | 37.3% | 33.7% | 37.5% | 36.2% | 32.2% | 29.4% | 31.9% | 33.0% | 34.0% |
| Net margin | 12.5% | 13.4% | 19.1% | 20.7% | β10.6% | 16.6% | 16.5% | 17.3% | 18.3% | 19.0% |
| FCF margin | β6.6% | 9.0% | 13.5% | 10.7% | 17.4% | 9.7% | 8.7% | 11.6% | 12.7% | 15.2% |
| Returns | ||||||||||
| Return on capital | 12.9% | 22.5% | 27.1% | 27.6% | 19.6% | 18.9% | 20.0% | 21.9% | 23.7% | 27.8% |
| Return on capital employed | 12.8% | 15.2% | 19.4% | 23.7% | 16.5% | 17.3% | 18.5% | 21.9% | 23.5% | 26.0% |
| Return on equity | 39.3% | 36.8% | 60.9% | 72.6% | β24.3% | 37.7% | 38.5% | 39.7% | 39.3% | 37.2% |
| Return on assets | 6.0% | 6.6% | 10.0% | 12.9% | β6.2% | 10.7% | 11.9% | 13.3% | 15.1% | 16.4% |
| Return on tangible equity | β | 32.1% | β | β | β | β | β | 5,735.9% | 267.8% | 119.8% |
| Growth | ||||||||||
| Revenue growth | β | 6.7% | 9.1% | 6.4% | β9.7% | 18.1% | 11.4% | 5.0% | 11.6% | 12.1% |
| Net income growth | β | 14.2% | 55.4% | 15.4% | β146.2% | β | 10.8% | 10.3% | 18.4% | 16.5% |
| EPS growth | β | 18.2% | 61.1% | 21.3% | β147.9% | β | 14.4% | 14.2% | 20.6% | 17.6% |
| FCF growth | β | β | 62.7% | β15.2% | 46.7% | β34.3% | 0.2% | 39.1% | 22.9% | 33.8% |
| Share count change | β | β3.2% | β3.3% | β5.0% | β3.2% | 0.0% | β3.1% | β3.4% | β1.8% | β0.9% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.6x | 2.1x | 1.5x | 1.5x | 1.8x | 1.5x | 1.6x | 1.3x | 1.0x | 0.6x |
| Debt / equity | 3.3x | 2.2x | 3.6x | 1.7x | 1.6x | 1.2x | 1.2x | 1.0x | 0.7x | 0.5x |
| Interest coverage | 4.0x | 6.9x | 6.4x | 8.3x | 10.6x | 11.4x | 10.3x | 9.2x | 9.4x | 13.1x |
| Current ratio | 1.8x | 2.4x | 1.3x | 1.6x | 1.8x | 1.5x | 2.0x | 1.6x | 1.4x | 1.5x |
| Quick ratio | 1.6x | 2.2x | 1.2x | 1.1x | 1.3x | 1.1x | 1.3x | 1.1x | 1.0x | 1.0x |
| Capital allocation | ||||||||||
| Capex / revenue | 12.4% | 10.0% | 7.4% | 6.9% | 5.9% | 7.2% | 6.1% | 6.5% | 5.7% | 6.7% |
| Stock comp / revenue | 1.5% | 1.1% | 1.4% | 0.9% | 0.7% | 1.0% | 1.2% | 1.5% | 1.3% | 1.4% |
| Payouts / FCF | β | 99.6% | 240.1% | 149.8% | 51.2% | 113.0% | 194.4% | 119.5% | 58.1% | 74.8% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 8.0 | 7.0 | 8.0 | 4.0 | 8.0 | 6.0 | 8.0 | 8.0 | 9.0 |
| Altman Z'' | 2.5 | 3.5 | 3.1 | 4.4 | 3.6 | 3.8 | 4.5 | 5.0 | 5.2 | 5.9 |
| Accruals ratio | 3.2% | β2.8% | β0.9% | 1.9% | β19.8% | β0.2% | 1.2% | β0.6% | β0.1% | β2.5% |
Source: SEC EDGAR XBRL filings (CIK 0000007431). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.