Armstrong World Industries, Inc. (AWI) 10-Year Financial Performance & Capital Metrics

AWI • • Industrial / General

IndustrialsConstructionBuilding Materials & ComponentsStructural & Fastening Systems

AboutArmstrong World Industries, Inc., together with its subsidiaries, designs, manufactures, and sells ceiling systems primarily for use in the construction and renovation of residential and commercial buildings in the United States, Canada, and Latin America. The company operates through Mineral Fiber and Architectural Specialties segments. The company produces suspended mineral fiber, soft fiber, fiberglass wool, and metal ceiling systems, as well as wood, wood fiber, glass-reinforced-gypsum, and felt ceiling and wall systems; ceiling component products, such as ceiling perimeters and trims, as well as grid products that support drywall ceiling systems; ceilings and walls for use in commercial settings; and acoustical controls, facades, and partitions. It sells its commercial ceiling and architectural specialties products to resale distributors and ceiling system contractors; and residential ceiling products to wholesalers and retailers, such as large home centers. The company was incorporated in 1891 and is headquartered in Lancaster, Pennsylvania.Show more

Revenue $1.45B +11.6%
EBITDA $376M +16.2%
Net Income $265M +18.4%
EPS (Diluted) 6.02 +20.6%
Gross Margin 40.23% +4.8%
EBITDA Margin 26.03% +4.1%
Operating Margin 18.89% +4.3%
Net Margin 18.32% +6.1%
ROE 39.28% -1.1%
ROIC 16.8% +8.7%
Debt/Equity 0.79 -26.8%
Interest Coverage 6.03 +20.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 38.9%
✓Strong Piotroski F-Score: 8/9
✓Healthy 5Y average net margin of 11.9%
✓Trading near 52-week high

✗Weaknesses

✗Expensive at 11.4x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-5.37%

5Y6.85%

3Y9.32%

TTM15.1%

Profit (Net Income) CAGR

10Y13.03%

5Y1.99%

3Y12.71%

TTM22.4%

EPS CAGR

10Y18.11%

5Y4.42%

3Y16.37%

TTM23.28%

ROCE

10Y Avg12.48%

5Y Avg14.09%

3Y Avg15.88%

Latest17.79%

Peer Comparison

Structural & Fastening Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AWIArmstrong World Industries, Inc.	8.47B	196.50	32.64	11.62%	19.09%	34.35%	2.17%	0.79
SSDSimpson Manufacturing Co., Inc.	7.79B	187.78	24.71	0.83%	14.9%	17.1%	2.03%	0.27
APTAlpha Pro Tech, Ltd.	48.8M	4.71	13.46	-5.54%	6.23%	5.88%	3.88%	0.14
ROCKGibraltar Industries, Inc.	1.72B	58.26	13.06	-5.01%	0.35%	0.44%	8.97%	0.04

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.23B	835.9M	893.5M	975.3M	1.04B	936.9M	1.11B	1.23B	1.3B	1.45B
Revenue Growth %	-0.51%	-0.32%	0.07%	0.09%	0.06%	-0.1%	0.18%	0.11%	0.05%	0.12%
Cost of Goods Sold+	850.3M	530.3M	574.5M	641.9M	642.4M	603.7M	700.7M	783.8M	798.2M	864.1M
COGS % of Revenue	0.69%	0.63%	0.64%	0.66%	0.62%	0.64%	0.63%	0.64%	0.62%	0.6%
Gross Profit+	377.2M	305.6M	319M	333.4M	395.7M	333.2M	405.9M	449.3M	497M	581.6M
Gross Margin %	0.31%	0.37%	0.36%	0.34%	0.38%	0.36%	0.37%	0.36%	0.38%	0.4%
Gross Profit Growth %	-0.36%	-0.19%	0.04%	0.05%	0.19%	-0.16%	0.22%	0.11%	0.11%	0.17%
Operating Expenses+	266.8M	155.5M	138.6M	159M	155.2M	163.4M	237.7M	237.2M	262.5M	308.5M
OpEx % of Revenue	0.22%	0.19%	0.16%	0.16%	0.15%	0.17%	0.21%	0.19%	0.2%	0.21%
Selling, General & Admin	247.1M	137.7M	121.2M	142.7M	139.8M	148.6M	222.8M	232.81M	257.1M	302M
SG&A % of Revenue	0.2%	0.16%	0.14%	0.15%	0.13%	0.16%	0.2%	0.19%	0.2%	0.21%
Research & Development	19.7M	17.8M	17.4M	16.3M	14.8M	14.7M	14.6M	4.2M	0	0
R&D % of Revenue	0.02%	0.02%	0.02%	0.02%	0.01%	0.02%	0.01%	0%	-	-
Other Operating Expenses	0	0	0	0	600K	100K	300K	200K	5.4M	6.5M
Operating Income+	110.4M	150.1M	180.4M	174.4M	240.5M	169.8M	168.2M	212.1M	234.5M	273.1M
Operating Margin %	0.09%	0.18%	0.2%	0.18%	0.23%	0.18%	0.15%	0.17%	0.18%	0.19%
Operating Income Growth %	-0.43%	0.36%	0.2%	-0.03%	0.38%	-0.29%	-0.01%	0.26%	0.11%	0.16%
EBITDA+	189.6M	204.9M	247.4M	253.8M	312.6M	253.8M	264.7M	295.8M	323.7M	376.3M
EBITDA Margin %	0.15%	0.25%	0.28%	0.26%	0.3%	0.27%	0.24%	0.24%	0.25%	0.26%
EBITDA Growth %	-0.42%	0.08%	0.21%	0.03%	0.23%	-0.19%	0.04%	0.12%	0.09%	0.16%
D&A (Non-Cash Add-back)	79.2M	54.8M	67M	79.4M	72.1M	84M	96.5M	83.7M	89.2M	103.2M
EBIT	124.6M	191.8M	256.6M	266.2M	336.4M	-97M	274.1M	284.7M	345.1M	392.4M
Net Interest Income+	-42.6M	-40.2M	-32.7M	-33.3M	-33.8M	-29.4M	-31.3M	-26.6M	-43.3M	-41.5M
Interest Income	1.9M	1M	1.8M	4.3M	3.2M	300K	100K	500K	3.5M	3.8M
Interest Expense	44.5M	41.2M	34.5M	37.6M	37M	29.7M	31.4M	27.1M	46.8M	45.3M
Other Income/Expense	-30.3M	500K	41.7M	68.3M	58.9M	-296.5M	74.5M	45.5M	63.8M	74M
Pretax Income+	80.1M	150.6M	222.1M	242.7M	299.4M	-126.7M	242.7M	257.6M	298.3M	347.1M
Pretax Margin %	0.07%	0.18%	0.25%	0.25%	0.29%	-0.14%	0.22%	0.21%	0.23%	0.24%
Income Tax+	53.5M	51.3M	1.5M	53.1M	57.1M	-42.6M	57.4M	57.7M	74.5M	82.2M
Effective Tax Rate %	0.66%	0.59%	1.01%	0.82%	0.8%	0.66%	0.76%	0.77%	0.75%	0.76%
Net Income+	52.5M	89.1M	224.1M	198.6M	240M	-84.2M	185M	199.6M	223.7M	264.9M
Net Margin %	0.04%	0.11%	0.25%	0.2%	0.23%	-0.09%	0.17%	0.16%	0.17%	0.18%
Net Income Growth %	-0.33%	0.7%	1.52%	-0.11%	0.21%	-1.35%	3.2%	0.08%	0.12%	0.18%
Net Income (Continuing)	26.6M	99.3M	220.6M	189.6M	242.3M	-84.1M	185.3M	199.9M	223.8M	264.9M
Discontinued Operations	26M	-9.9M	4.2M	9.6M	-1.8M	0	-2.1M	3M	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.68	1.87	2.21	3.57	4.85	-1.76	3.82	4.30	4.99	6.02
EPS Growth %	0.47%	0.11%	0.18%	0.62%	0.36%	-1.36%	3.17%	0.13%	0.16%	0.21%
EPS (Basic)	1.69	1.88	2.23	3.62	4.93	-1.76	3.84	4.31	5.00	6.06
Diluted Shares Outstanding	55.9M	55.7M	53.9M	52.1M	49.5M	47.9M	47.9M	46.4M	44.8M	44M
Basic Shares Outstanding	55.5M	55.4M	53.3M	51.3M	48.7M	47.9M	47.6M	46.3M	44.7M	43.7M
Dividend Payout Ratio	0.02%	-	-	0.04%	0.15%	-	0.22%	0.22%	0.21%	0.19%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	880.8M	406.2M	648.9M	752.8M	244.4M	311.8M	321.9M	356.5M	313M	348.9M
Cash & Short-Term Investments	244.8M	142.3M	159.6M	325.7M	45.3M	136.9M	98.1M	106M	70.8M	79.3M
Cash Only	244.8M	141.9M	159.6M	325.7M	45.3M	136.9M	98.1M	106M	70.8M	79.3M
Short-Term Investments	0	400K	0	0	0	0	0	0	0	0
Accounts Receivable	125.4M	55M	121.5M	81.6M	115.1M	80.6M	110.5M	114.2M	111.8M	138.3M
Days Sales Outstanding	37.29	24.02	49.63	30.54	40.47	31.4	36.45	33.8	31.51	34.92
Inventory	344.2M	109M	53.8M	61.2M	68.5M	81.5M	90.2M	110M	104M	109.8M
Days Inventory Outstanding	147.75	75.02	34.18	34.8	38.92	49.28	46.99	51.22	47.56	46.38
Other Current Assets	413.3M	156M	306.9M	245M	8M	800K	5.9M	9.7M	10.5M	1.7M
Total Non-Current Assets+	1.81B	1.35B	1.22B	1.12B	1.25B	1.41B	1.39B	1.33B	1.36B	1.49B
Property, Plant & Equipment	1.1B	669.6M	499.9M	501M	559.9M	529.9M	582.2M	589.2M	618.2M	670M
Fixed Asset Turnover	1.12x	1.25x	1.79x	1.95x	1.85x	1.77x	1.90x	2.09x	2.10x	2.16x
Goodwill	0	500K	11.3M	19.2M	53M	160.7M	167M	167.3M	175.5M	203.2M
Intangible Assets	489.7M	427.2M	429.8M	422.8M	411.9M	457.9M	421.4M	407.7M	412.4M	455M
Long-Term Investments	130.8M	106.2M	107.3M	40.8M	59.8M	50.8M	59.7M	31.6M	25.7M	27.2M
Other Non-Current Assets	73.3M	127.2M	156.7M	122.1M	153.9M	876.8M	157.8M	134.9M	127.6M	138.4M
Total Assets+	2.69B	1.76B	1.87B	1.87B	1.49B	1.72B	1.71B	1.69B	1.67B	1.84B
Asset Turnover	0.46x	0.48x	0.48x	0.52x	0.70x	0.55x	0.65x	0.73x	0.77x	0.78x
Asset Growth %	0.03%	-0.35%	0.07%	0%	-0.2%	0.15%	-0%	-0.01%	-0.01%	0.1%
Total Current Liabilities+	436.3M	224.1M	269.9M	549.5M	155.2M	172.3M	209.6M	182.7M	194.5M	249.7M
Accounts Payable	127.5M	68.7M	67.6M	82.2M	79.4M	81.3M	105.8M	105M	91M	132.4M
Days Payables Outstanding	54.73	47.29	42.95	46.74	45.11	49.15	55.11	48.9	41.61	55.93
Short-Term Debt	52.1M	25M	32.5M	55M	11.5M	25M	25M	0	22.5M	22.5M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	0	0	0	1000K	0
Other Current Liabilities	193.9M	100.6M	140.2M	381.9M	37.1M	38.5M	40.2M	29.9M	25M	49.6M
Current Ratio	2.02x	1.81x	2.40x	1.37x	1.57x	1.81x	1.54x	1.95x	1.61x	1.40x
Quick Ratio	1.23x	1.33x	2.20x	1.26x	1.13x	1.34x	1.11x	1.35x	1.07x	0.96x
Cash Conversion Cycle	130.31	51.75	40.87	18.6	34.28	31.52	28.32	36.13	37.45	25.37
Total Non-Current Liabilities+	1.49B	1.27B	1.18B	1.06B	973.2M	1.1B	980.7M	969.5M	886.1M	835.9M
Long-Term Debt	946.8M	848.6M	817.7M	764.8M	604.5M	690.5M	606.4M	651.1M	564.3M	502.6M
Capital Lease Obligations	0	0	0	0	30.1M	33.4M	32.4M	27.8M	43.8M	62.9M
Deferred Tax Liabilities	114M	156.5M	141.7M	124.4M	163.9M	158.4M	166.9M	169.3M	166.9M	167.1M
Other Non-Current Liabilities	535.3M	262.4M	224.9M	173.6M	174.7M	213M	175M	121.3M	111.1M	103.3M
Total Liabilities	1.92B	1.49B	1.45B	1.61B	1.13B	1.27B	1.19B	1.15B	1.08B	1.09B
Total Debt+	1B	873.6M	850.2M	819.8M	646.1M	755.7M	671.6M	687M	640.4M	599.9M
Net Debt	758.2M	731.7M	690.6M	494.1M	600.8M	618.8M	573.5M	581M	569.6M	520.6M
Debt / Equity	1.30x	3.28x	2.03x	3.14x	1.77x	1.68x	1.29x	1.28x	1.08x	0.79x
Debt / EBITDA	5.29x	4.26x	3.44x	3.23x	2.07x	2.98x	2.54x	2.32x	1.98x	1.59x
Net Debt / EBITDA	4.00x	3.57x	2.79x	1.95x	1.92x	2.44x	2.17x	1.96x	1.76x	1.38x
Interest Coverage	2.48x	3.64x	5.23x	4.64x	6.50x	5.72x	5.36x	7.83x	5.01x	6.03x
Total Equity+	768.8M	266.4M	419.3M	261.2M	364.9M	450.9M	519.7M	535M	591.8M	757.1M
Equity Growth %	0.18%	-0.65%	0.57%	-0.38%	0.4%	0.24%	0.15%	0.03%	0.11%	0.28%
Book Value per Share	13.75	4.78	7.78	5.01	7.37	9.41	10.85	11.53	13.21	17.21
Total Shareholders' Equity	768.8M	266.4M	419.3M	261.2M	364.9M	450.9M	519.7M	535M	591.8M	757.1M
Common Stock	600K	600K	600K	600K	600K	600K	600K	600K	600K	600K
Retained Earnings	365.2M	469.9M	633.4M	865M	1.01B	869.8M	1.01B	1.17B	1.35B	1.56B
Treasury Stock	-261.4M	-305.2M	-385.6M	-692.2M	-823.5M	-863.9M	-944M	-1.11B	-1.24B	-1.3B
Accumulated OCI	-487.4M	-403.8M	-345.9M	-459.6M	-376.1M	-109.3M	-109.6M	-100.1M	-104.7M	-110.2M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	203.7M	49.3M	170.4M	203.2M	182.7M	218.8M	187.2M	182.4M	233.5M	266.8M
Operating CF Margin %	0.17%	0.06%	0.19%	0.21%	0.18%	0.23%	0.17%	0.15%	0.18%	0.18%
Operating CF Growth %	-0.02%	-0.76%	2.46%	0.19%	-0.1%	0.2%	-0.14%	-0.03%	0.28%	0.14%
Net Income	94.2M	104.7M	154.8M	185.9M	214.5M	-99.1M	183.2M	202.9M	223.8M	264.9M
Depreciation & Amortization	118.3M	89.2M	89.2M	79.4M	72.1M	84M	96.5M	83.7M	89.2M	103.2M
Stock-Based Compensation	13.4M	12.4M	10.2M	14M	9.5M	6.8M	11.3M	14.3M	18.8M	18.3M
Deferred Taxes	-48.5M	51M	-12.3M	-3.8M	14M	-89.3M	8.7M	-1.6M	-800K	200K
Other Non-Cash Items	-22.5M	-15.8M	2.2M	-79M	-67.7M	300M	-90.4M	-67.6M	-94.7M	-101.3M
Working Capital Changes	48.8M	-192.2M	-73.7M	6.7M	-59.7M	16.4M	-22.1M	-49.3M	-2.8M	-18.5M
Change in Receivables	-6.2M	-23.9M	-37.1M	30.1M	-1.1M	12.7M	-30.9M	-12.4M	-1.6M	-24.6M
Change in Inventory	-15.7M	-7M	3.6M	-8.9M	-7.2M	-7.7M	-10.6M	-19.7M	6.1M	1.9M
Change in Payables	49.3M	-82.1M	-20M	5.4M	-19.9M	-11.8M	38.6M	-1.8M	8M	27.3M
Cash from Investing+	-101.5M	-17M	-54.2M	309.6M	-89.1M	-141.1M	-13.9M	28.2M	-10.4M	-79.3M
Capital Expenditures	-170.7M	-104.2M	-89.7M	-71.9M	-71.3M	-55.4M	-79.8M	-74.8M	-83.8M	-82.8M
CapEx % of Revenue	0.14%	0.12%	0.1%	0.07%	0.07%	0.06%	0.07%	0.06%	0.06%	0.06%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	5M	100K	-2.4M	2M	-46.6M	-32.3M	-11.7M	1.3M	99.9M	127M
Cash from Financing+	-32.3M	-128.9M	-102.7M	-329.3M	-384.9M	13.5M	-212.1M	-201.9M	-258.6M	-177.6M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-1.2M	0	0	-8.6M	-35.6M	-39.2M	-41.4M	-44.2M	-46.9M	-50.6M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	6.4M	-16.5M	-600K	18.4M	-192.6M	-4.8M	-3.6M	-11.8M	-12M	-1.3M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	33M	-54.9M	80.7M	131.3M	111.4M	163.4M	107.4M	107.6M	149.7M	184M
FCF Margin %	0.03%	-0.07%	0.09%	0.13%	0.11%	0.17%	0.1%	0.09%	0.12%	0.13%
FCF Growth %	3.34%	-2.66%	2.47%	0.63%	-0.15%	0.47%	-0.34%	0%	0.39%	0.23%
FCF per Share	0.59	-0.99	1.50	2.52	2.25	3.41	2.24	2.32	3.34	4.18
FCF Conversion (FCF/Net Income)	3.88x	0.55x	0.76x	1.02x	0.76x	-2.60x	1.01x	0.91x	1.04x	1.01x
Interest Paid	39.4M	33.4M	30.7M	29.9M	33.1M	24.1M	21.5M	26.9M	33.9M	37.4M
Taxes Paid	44.4M	33.7M	32.1M	51.6M	58.4M	10.9M	52.5M	63.2M	72.1M	87.6M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	7.41%	17.21%	65.36%	58.37%	76.67%	-20.64%	38.12%	37.85%	39.71%	39.28%
Return on Invested Capital (ROIC)	5.46%	8.92%	12.84%	14.03%	20.96%	12.51%	11.66%	14.4%	15.45%	16.8%
Gross Margin	30.73%	36.56%	35.7%	34.18%	38.12%	35.56%	36.68%	36.44%	38.37%	40.23%
Net Margin	4.28%	10.66%	25.08%	20.36%	23.12%	-8.99%	16.72%	16.19%	17.27%	18.32%
Debt / Equity	1.30x	3.28x	2.03x	3.14x	1.77x	1.68x	1.29x	1.28x	1.08x	0.79x
Interest Coverage	2.48x	3.64x	5.23x	4.64x	6.50x	5.72x	5.36x	7.83x	5.01x	6.03x
FCF Conversion	3.88x	0.55x	0.76x	1.02x	0.76x	-2.60x	1.01x	0.91x	1.04x	1.01x
Revenue Growth	-51.1%	-31.9%	6.89%	9.16%	6.44%	-9.75%	18.11%	11.43%	5.04%	11.62%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024
Mineral Fiber	-	-	739.2M	769M	674.1M	818.5M	887.4M	932.4M	986M
Mineral Fiber Growth	-	-	-	4.03%	-12.34%	21.42%	8.42%	5.07%	5.75%
Architectural Specialties	-	-	157.5M	192.3M	192.8M	288.1M	345.7M	362.8M	459.7M
Architectural Specialties Growth	-	-	-	22.10%	0.26%	49.43%	19.99%	4.95%	26.71%

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	775.9M	699.8M	-	-	-	-	-	-	-
UNITED STATES Growth	-	-9.81%	-	-	-	-	-	-	-
CANADA	61.4M	56.6M	-	-	-	-	-	-	-
CANADA Growth	-	-7.82%	-	-	-	-	-	-	-
Americas	837.3M	-	-	-	-	-	-	-	-
Americas Growth	-	-	-	-	-	-	-	-	-
Pacific Rim	134.1M	-	-	-	-	-	-	-	-
Pacific Rim Growth	-	-	-	-	-	-	-	-	-
FRANCE	54M	-	-	-	-	-	-	-	-
FRANCE Growth	-	-	-	-	-	-	-	-	-
NETHERLANDS	43.3M	-	-	-	-	-	-	-	-
NETHERLANDS Growth	-	-	-	-	-	-	-	-	-
INDIA	40M	-	-	-	-	-	-	-	-
INDIA Growth	-	-	-	-	-	-	-	-	-
CHINA	38.7M	-	-	-	-	-	-	-	-
CHINA Growth	-	-	-	-	-	-	-	-	-
AUSTRALIA	35.5M	-	-	-	-	-	-	-	-
AUSTRALIA Growth	-	-	-	-	-	-	-	-	-
Other Countries	19.9M	-	-	-	-	-	-	-	-
Other Countries Growth	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Armstrong World Industries, Inc. (AWI) has a price-to-earnings (P/E) ratio of 32.6x. This suggests investors expect higher future growth.

Growth & Financials

Armstrong World Industries, Inc. (AWI) reported $1.60B in revenue for fiscal year 2024. This represents a 41% decrease from $2.72B in 2011.

Armstrong World Industries, Inc. (AWI) grew revenue by 11.6% over the past year. This is steady growth.

Yes, Armstrong World Industries, Inc. (AWI) is profitable, generating $305.4M in net income for fiscal year 2024 (18.3% net margin).

Dividend & Returns

Yes, Armstrong World Industries, Inc. (AWI) pays a dividend with a yield of 0.59%. This makes it attractive for income-focused investors.

Armstrong World Industries, Inc. (AWI) has a return on equity (ROE) of 39.3%. This is excellent, indicating efficient use of shareholder capital.

Armstrong World Industries, Inc. (AWI) generated $241.7M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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