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ARMSTRONG WORLD INDUSTRIES INC

AWI Clue Score80
United States Fiscal year ends December CIK 0000007431
$161.87 +0.00% Close, 12 Oct 2026
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Price $161.87 +69.60% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue837.3Operating income195.9Net income104.7EPS, diluted1.87Fiscal year 2017Revenue893.6 +6.7%Operating income243.8Net income119.6 +14.2%EPS, diluted2.21 +18.2%Fiscal year 2018Revenue975.3 +9.1%Operating income249.4Net income185.9 +55.4%EPS, diluted3.56 +61.1%Fiscal year 2019Revenue1,038.1 +6.4%Operating income317.4Net income214.5 +15.4%EPS, diluted4.32 +21.3%Fiscal year 2020Revenue936.9 −9.7%Operating income254.8Net income−99.1 −146.2%EPS, diluted−2.07 −147.9%Fiscal year 2021Revenue1,106.6 +18.1%Operating income260.0Net income183.2EPS, diluted3.82Fiscal year 2022Revenue1,233.1 +11.4%Operating income278.7Net income202.9 +10.8%EPS, diluted4.37 +14.4%Fiscal year 2023Revenue1,295.2 +5.0%Operating income323.7Net income223.8 +10.3%EPS, diluted4.99 +14.2%Fiscal year 2024Revenue1,445.7 +11.6%Operating income374.3Net income264.9 +18.4%EPS, diluted6.02 +20.6%Fiscal year 2025Revenue1,620.8 +12.1%Operating income430.9Net income308.7 +16.5%EPS, diluted7.08 +17.6%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 837.3 893.6 975.3 1,038.1 936.9 1,106.6 1,233.1 1,295.2 1,445.7 1,620.8
Growth +6.7% +9.1% +6.4% −9.7% +18.1% +11.4% +5.0% +11.6% +12.1%
Operating income 195.9 243.8 249.4 317.4 254.8 260.0 278.7 323.7 374.3 430.9
Net income 104.7 119.6 185.9 214.5 −99.1 183.2 202.9 223.8 264.9 308.7
Growth +14.2% +55.4% +15.4% −146.2% +10.8% +10.3% +18.4% +16.5%
EPS, diluted 1.87 2.21 3.56 4.32 −2.07 3.82 4.37 4.99 6.02 7.08
Growth +18.2% +61.1% +21.3% −147.9% +14.4% +14.2% +20.6% +17.6%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin36.7%Operating margin23.4%Net margin12.5%Free cash flow margin−6.6%Fiscal year 2017Gross margin35.3%Operating margin27.3%Net margin13.4%Free cash flow margin9.0%Fiscal year 2018Gross margin34.2%Operating margin25.6%Net margin19.1%Free cash flow margin13.5%Fiscal year 2019Gross margin38.1%Operating margin30.6%Net margin20.7%Free cash flow margin10.7%Fiscal year 2020Gross margin35.6%Operating margin27.2%Net margin−10.6%Free cash flow margin17.4%Fiscal year 2021Gross margin36.7%Operating margin23.5%Net margin16.6%Free cash flow margin9.7%Fiscal year 2022Gross margin36.4%Operating margin22.6%Net margin16.5%Free cash flow margin8.7%Fiscal year 2023Gross margin38.4%Operating margin25.0%Net margin17.3%Free cash flow margin11.6%Fiscal year 2024Gross margin40.2%Operating margin25.9%Net margin18.3%Free cash flow margin12.7%Fiscal year 2025Gross margin40.6%Operating margin26.6%Net margin19.0%Free cash flow margin15.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
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%
Net margin 12.5% 13.4% 19.1% 20.7% −10.6% 16.6% 16.5% 17.3% 18.3% 19.0%
Free cash flow margin −6.6% 9.0% 13.5% 10.7% 17.4% 9.7% 8.7% 11.6% 12.7% 15.2%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow49.3Capital expenditure−104.2Free cash flow−54.9Buybacks−43.8Fiscal year 2017Operating cash flow170.4Capital expenditure−89.7Free cash flow80.7Buybacks−80.4Fiscal year 2018Operating cash flow203.2Capital expenditure−71.9Free cash flow131.3 +62.7%Buybacks−306.6Dividends paid−8.6Fiscal year 2019Operating cash flow182.7Capital expenditure−71.3Free cash flow111.4 −15.2%Buybacks−131.3Dividends paid−35.6Fiscal year 2020Operating cash flow218.8Capital expenditure−55.4Free cash flow163.4 +46.7%Buybacks−44.4Dividends paid−39.2Fiscal year 2021Operating cash flow187.2Capital expenditure−79.8Free cash flow107.4 −34.3%Buybacks−80.0Dividends paid−41.4Fiscal year 2022Operating cash flow182.4Capital expenditure−74.8Free cash flow107.6 +0.2%Buybacks−165.0Dividends paid−44.2Fiscal year 2023Operating cash flow233.5Capital expenditure−83.8Free cash flow149.7 +39.1%Buybacks−132.0Dividends paid−46.9Fiscal year 2024Operating cash flow266.8Capital expenditure−82.8Free cash flow184.0 +22.9%Buybacks−56.3Dividends paid−50.6Fiscal year 2025Operating cash flow355.5Capital expenditure−109.4Free cash flow246.1 +33.7%Buybacks−128.9Dividends paid−55.2
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 49.3 170.4 203.2 182.7 218.8 187.2 182.4 233.5 266.8 355.5
Capital expenditure −104.2 −89.7 −71.9 −71.3 −55.4 −79.8 −74.8 −83.8 −82.8 −109.4
Free cash flow −54.9 80.7 131.3 111.4 163.4 107.4 107.6 149.7 184.0 246.1
Growth +62.7% −15.2% +46.7% −34.3% +0.2% +39.1% +22.9% +33.7%
Buybacks −43.8 −80.4 −306.6 −131.3 −44.4 −80.0 −165.0 −132.0 −56.3 −128.9
Dividends paid n/a n/a −8.6 −35.6 −39.2 −41.4 −44.2 −46.9 −50.6 −55.2

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash141.9Total debt873.6Net cash (debt)−731.7Shareholders’ equity266.4Debt to equity3.28Fiscal year 2017Cash159.6Total debt850.2Net cash (debt)−690.6Shareholders’ equity384.1Debt to equity2.21Fiscal year 2018Cash325.7Total debt819.8Net cash (debt)−494.1Shareholders’ equity226.0Debt to equity3.63Fiscal year 2019Cash45.3Total debt610.8Net cash (debt)−565.5Shareholders’ equity364.9Debt to equity1.67Fiscal year 2020Cash136.9Total debt715.5Net cash (debt)−578.6Shareholders’ equity450.9Debt to equity1.59Fiscal year 2021Cash98.1Total debt631.4Net cash (debt)−533.3Shareholders’ equity519.7Debt to equity1.21Fiscal year 2022Cash106.0Total debt651.1Net cash (debt)−545.1Shareholders’ equity535.0Debt to equity1.22Fiscal year 2023Cash70.8Total debt586.8Net cash (debt)−516.0Shareholders’ equity591.8Debt to equity0.99Fiscal year 2024Cash79.3Total debt525.1Net cash (debt)−445.8Shareholders’ equity757.1Debt to equity0.69Fiscal year 2025Cash112.7Total debt406.7Net cash (debt)−294.0Shareholders’ equity900.7Debt to equity0.45
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 141.9 159.6 325.7 45.3 136.9 98.1 106.0 70.8 79.3 112.7
Total debt 873.6 850.2 819.8 610.8 715.5 631.4 651.1 586.8 525.1 406.7
Net cash (debt) −731.7 −690.6 −494.1 −565.5 −578.6 −533.3 −545.1 −516.0 −445.8 −294.0
Shareholders’ equity 266.4 384.1 226.0 364.9 450.9 519.7 535.0 591.8 757.1 900.7
Debt to equity 3.28 2.21 3.63 1.67 1.59 1.21 1.22 0.99 0.69 0.45

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
837.3 893.6 975.3 1,038.1 936.9 1,106.6 1,233.1 1,295.2 1,445.7 1,620.8
Growth +6.7% +9.1% +6.4% −9.7% +18.1% +11.4% +5.0% +11.6% +12.1%
530.3 578.2 641.8 643.0 603.8 701.0 784.0 798.2 864.1 962.1
307.0 315.4 333.5 395.1 333.1 405.6 449.1 497.0 581.6 658.7
Growth +2.7% +5.7% +18.5% −15.7% +21.8% +10.7% +10.7% +17.0% +13.3%
17.8 17.4 16.3 14.8 14.7 14.6 14.9 14.5 15.7 16.4
184.2 138.6 159.0 174.3 163.2 237.4 237.0 262.5 308.5 339.5
195.9 243.8 249.4 317.4 254.8 260.0 278.7 323.7 374.3 430.9
Growth +24.5% +2.3% +27.3% −19.7% +2.0% +7.2% +16.1% +15.6% +15.1%
150.6 222.1 242.7 299.4 −126.7 242.7 257.6 298.3 347.1 400.3
51.3 1.5 53.1 57.1 −42.6 57.4 57.7 74.5 82.2 91.6
104.7 119.6 185.9 214.5 −99.1 183.2 202.9 223.8 264.9 308.7
Growth +14.2% +55.4% +15.4% −146.2% +10.8% +10.3% +18.4% +16.5%
Per share
1.88 2.23 3.61 4.40 −2.07 3.84 4.38 5.00 6.06 7.13
1.87 2.21 3.56 4.32 −2.07 3.82 4.37 4.99 6.02 7.08
Growth +18.2% +61.1% +21.3% −147.9% +14.4% +14.2% +20.6% +17.6%
55.4 53.3 51.3 48.7 47.9 47.6 46.3 44.7 43.7 43.3
55.7 53.9 52.1 49.5 47.9 47.9 46.4 44.8 44.0 43.6
Growth −3.2% −3.3% −5.0% −3.2% +0.0% −3.1% −3.4% −1.8% −0.9%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 11.6% a year over five years.
  • The diluted share count fell 9.0% in five years, so buybacks did some of the work per share.
  • Operating margin is flat at 26.6%.
  • A net loss in 1 of 10 years on file.