Gross margins have compressed to 11.6% in 2026Q3 from 21.8% in 2024Q2, indicating a lack of pricing power during the current period of sustained revenue decline.
| Metric | TTM | Apr'25 | Apr'24 | Apr'23 | Apr'22 | Apr'21 | Apr'20 | Apr'19 | Apr'18 | Apr'17 | Apr'16 | Apr'15 | Apr'14 | Apr'13 | Apr'12 | Apr'11 | Apr'10 | Apr'09 | Apr'08 | Apr'07 | Apr'06 | Apr'05 | Apr'04 | Apr'03 | Apr'02 | Apr'01 | Apr'00 | Apr'99 | Apr'98 | Apr'97 | Apr'96 |
|---|
| Sales/Revenue | 1.52B | 1.71B | 1.85B | 2.07B | 1.86B | 1.74B | 1.65B | 1.65B | 1.25B | 1.03B | 947.04M | 825.47M | 726.51M | 630.44M | 515.81M | 452.59M | 406.54M | 545.93M | 602.43M | 760.92M | 837.67M | 776.99M | 667.55M | 563.47M | 499.05M | 416.67M | 387.3M | 327.01M | 241.68M | 219.4M | 196.2M |
| Revenue Growth % | -13.62% | -7.47% | -10.58% | 11.25% | 6.49% | 5.68% | 0.3% | 31.6% | 21.36% | 8.79% | 14.73% | 13.62% | 15.24% | 22.22% | 13.97% | 11.33% | -25.53% | -9.38% | -20.83% | -9.16% | 7.81% | 16.39% | 18.47% | 12.91% | 19.77% | 7.58% | 18.44% | 35.31% | 10.15% | 11.83% | -0.61% |
| Cost of Goods Sold | 1.29B | 1.4B | 1.47B | 1.71B | 1.63B | 1.42B | 1.32B | 1.3B | 994.87M | 805.61M | 747.35M | 672.93M | 602.34M | 527.78M | 449.34M | 399.84M | 357.62M | 456.44M | 499.3M | 605.11M | 687.98M | 624.61M | 530.04M | 430.73M | 370.37M | 291.58M | 271.15M | 233.41M | 168.45M | 158.36M | 146.2M |
| COGS % of Revenue | - | 82.07% | 79.55% | 82.7% | 87.81% | 81.69% | 80.05% | 78.94% | 79.57% | 78.2% | 78.91% | 81.52% | 82.91% | 83.72% | 87.11% | 88.34% | 87.97% | 83.61% | 82.88% | 79.52% | 82.13% | 80.39% | 79.4% | 76.44% | 74.22% | 69.98% | 70.01% | 71.38% | 69.7% | 72.18% | 74.52% |
| Gross Profit | 233.35M | 306.55M | 377.81M | 357.52M | 226.44M | 322.12M | 329.19M | 346.47M | 255.4M | 224.64M | 199.69M | 152.53M | 124.18M | 102.66M | 66.47M | 52.75M | 48.92M | 89.49M | 103.13M | 155.82M | 149.69M | 152.38M | 137.51M | 132.74M | 128.68M | 125.09M | 116.15M | 93.6M | 73.22M | 61.05M | 50M |
| Gross Margin % | 15.33% | 17.93% | 20.45% | 17.3% | 12.19% | 18.47% | 19.95% | 21.06% | 20.43% | 21.8% | 21.09% | 18.48% | 17.09% | 16.28% | 12.89% | 11.66% | 12.03% | 16.39% | 17.12% | 20.48% | 17.87% | 19.61% | 20.6% | 23.56% | 25.78% | 30.02% | 29.99% | 28.62% | 30.3% | 27.82% | 25.48% |
| Gross Profit Growth % | - | -18.86% | 5.67% | 57.89% | -29.7% | -2.15% | -4.99% | 35.66% | 13.7% | 12.49% | 30.92% | 22.83% | 20.96% | 54.43% | 26.02% | 7.83% | -45.33% | -13.22% | -33.82% | 4.09% | -1.76% | 10.81% | 3.59% | 3.16% | 2.87% | 7.69% | 24.1% | 27.82% | 19.95% | 22.09% | -7.75% |
| Operating Expenses | 170.38M | 166.31M | 216.61M | 219.65M | 190.1M | 207.38M | 196.94M | 202.79M | 147.7M | 116.4M | 106.53M | 98.08M | 90.42M | 84.98M | 83.6M | 83.74M | 83.37M | 86.91M | 98.75M | 106.41M | 96.27M | 94.01M | 85.11M | 78.48M | 74.95M | 92.72M | 89.96M | 65.69M | 51.9M | 43.44M | 42.8M |
| OpEx % of Revenue | - | 9.73% | 11.72% | 10.63% | 10.24% | 11.89% | 11.93% | 12.33% | 11.81% | 11.3% | 11.25% | 11.88% | 12.45% | 13.48% | 16.21% | 18.5% | 20.51% | 15.92% | 16.39% | 13.98% | 11.49% | 12.1% | 12.75% | 13.93% | 15.02% | 22.25% | 23.23% | 20.09% | 21.47% | 19.8% | 21.81% |
| Selling, General & Admin | 166.61M | 161.7M | 216.61M | 219.65M | 190.1M | 201.75M | 196.94M | 202.79M | 147.7M | 116.4M | 106.53M | 98.08M | 90.42M | 84.98M | 83.6M | 83.74M | 83.37M | 86.91M | 98.75M | 106.41M | 96.27M | 94.01M | 85.11M | 78.48M | 74.95M | 73.09M | 75.25M | 65.69M | 51.9M | 43.44M | 35M |
| SG&A % of Revenue | - | 9.46% | 11.72% | 10.63% | 10.24% | 11.57% | 11.93% | 12.33% | 11.81% | 11.3% | 11.25% | 11.88% | 12.45% | 13.48% | 16.21% | 18.5% | 20.51% | 15.92% | 16.39% | 13.98% | 11.49% | 12.1% | 12.75% | 13.93% | 15.02% | 17.54% | 19.43% | 20.09% | 21.47% | 19.8% | 17.84% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.82M | 4.61M | 0 | 0 | 0 | 5.63M | 0 | 0 | 109K | 0 | -996K | 207K | 310K | 162K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19.64M | 14.71M | 0 | 0 | 0 | 7.8M |
| Operating Income | 62.97M | 140.24M | 161.39M | 136.35M | 36.16M | 114.74M | 130.13M | 141.69M | 107.7M | 108.24M | 93.16M | 54.7M | 34.09M | 17.22M | -33.45M | -31.05M | -37.26M | -7.16M | 4.38M | 49.41M | 53.42M | 58.37M | 52.4M | 54.26M | 53.72M | 32.37M | 24.66M | 27.91M | 21.33M | 17.61M | 7.2M |
| Operating Margin % | 4.14% | 8.2% | 8.74% | 6.6% | 1.95% | 6.58% | 7.89% | 8.61% | 8.61% | 10.51% | 9.84% | 6.63% | 4.69% | 2.73% | -6.48% | -6.86% | -9.16% | -1.31% | 0.73% | 6.49% | 6.38% | 7.51% | 7.85% | 9.63% | 10.77% | 7.77% | 6.37% | 8.54% | 8.82% | 8.02% | 3.67% |
| Operating Income Growth % | - | -13.11% | 18.37% | 277.09% | -68.49% | -11.83% | -8.16% | 31.56% | -0.49% | 16.19% | 70.33% | 60.45% | 97.94% | 151.49% | -7.7% | 16.65% | -420.26% | -263.42% | -91.13% | -7.51% | -8.48% | 11.38% | -3.42% | 1% | 65.99% | 31.24% | -11.64% | 30.87% | 21.14% | 144.53% | -33.33% |
| EBITDA | 125.53M | 195.4M | 240.18M | 230.1M | 132.76M | 240.92M | 254.05M | 236.14M | 150.41M | 125.84M | 108.16M | 67.8M | 47.29M | 30.42M | -11.05M | -5.05M | -6.96M | 27.94M | 39.59M | 85.32M | 90.43M | 91.77M | 80.1M | 81.98M | 77.52M | 52M | 39.37M | 37.6M | 29.09M | 25.42M | 15M |
| EBITDA Margin % | 8.25% | 11.43% | 13% | 11.14% | 7.15% | 13.81% | 15.39% | 14.35% | 12.03% | 12.21% | 11.42% | 8.21% | 6.51% | 4.83% | -2.14% | -1.12% | -1.71% | 5.12% | 6.57% | 11.21% | 10.8% | 11.81% | 12% | 14.55% | 15.53% | 12.48% | 10.17% | 11.5% | 12.04% | 11.58% | 7.65% |
| EBITDA Growth % | -37.97% | -18.64% | 4.38% | 73.31% | -44.89% | -5.17% | 7.59% | 57% | 19.52% | 16.34% | 59.54% | 43.37% | 55.45% | 375.4% | -118.56% | 27.34% | -124.9% | -29.42% | -53.6% | -5.66% | -1.46% | 14.57% | -2.29% | 5.76% | 49.07% | 32.07% | 4.71% | 29.27% | 14.44% | 69.44% | -19.35% |
| D&A (Non-Cash Add-back) | 62.56M | 55.16M | 78.78M | 93.74M | 96.61M | 126.18M | 123.92M | 94.45M | 42.7M | 17.6M | 15M | 13.1M | 13.2M | 13.2M | 22.4M | 26M | 30.3M | 35.1M | 35.2M | 35.91M | 37.01M | 33.41M | 27.7M | 27.72M | 23.79M | 19.64M | 14.71M | 9.69M | 7.76M | 7.81M | 7.8M |
| EBIT | 39.07M | 144.85M | 160.18M | 134.88M | -32.79M | 103.82M | 129.57M | 143.68M | 107.81M | 108.92M | 93.16M | 54.9M | 34.4M | 17.38M | -32.76M | -29.39M | -36.42M | -5.43M | 4.38M | 49.41M | 53.42M | 58.37M | 52.4M | 54.26M | 53.72M | 32.37M | 24.66M | 37.6M | 21.33M | 17.61M | 7.2M |
| Net Interest Income | -15.13M | -10.34M | -8.21M | -15.99M | -10.19M | -23.13M | -29.03M | -35.65M | -13.05M | 521K | -129K | -515K | -728K | -643K | -527K | -572K | -637K | -716K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 521K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 15.13M | 10.34M | 8.21M | 15.99M | 10.19M | 23.13M | 29.03M | 35.65M | 12.95M | 0 | 378K | 515K | 728K | 643K | 527K | 572K | 637K | 716K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -39.03M | -13.7M | -9.43M | -13.67M | -79.14M | -34.05M | -31.21M | -30.81M | -12.95M | 687K | -1.37M | -308K | -418K | -481K | 158K | 1.09M | 201K | 1.01M | 1.3M | 1.77M | 282K | -22K | -408K | -368K | -609K | -1.59M | -106K | 636K | -40K | -492K | -1M |
| Pretax Income | 23.93M | 126.54M | 151.97M | 122.69M | -42.98M | 80.69M | 98.93M | 110.89M | 94.76M | 108.92M | 91.79M | 54.39M | 33.67M | 16.74M | -33.29M | -29.96M | -37.05M | -6.15M | 5.68M | 51.18M | 53.7M | 58.34M | 52M | 53.89M | 53.12M | 30.77M | 24.55M | 28.55M | 21.29M | 17.11M | 6.2M |
| Pretax Margin % | 1.57% | 7.4% | 8.23% | 5.94% | -2.31% | 4.63% | 5.99% | 6.74% | 7.58% | 10.57% | 9.69% | 6.59% | 4.63% | 2.66% | -6.45% | -6.62% | -9.11% | -1.13% | 0.94% | 6.73% | 6.41% | 7.51% | 7.79% | 9.56% | 10.64% | 7.39% | 6.34% | 8.73% | 8.81% | 7.8% | 3.16% |
| Income Tax | 6.39M | 27.08M | 35.75M | 28.96M | -13.26M | 19.5M | 25.69M | 27.2M | 31.62M | 37.73M | 33.06M | 18.89M | 13.21M | 6.98M | -12.5M | -9.94M | -14.71M | -2.92M | 1.41M | 18.62M | 20.49M | 22.75M | 20.29M | 21.19M | 20.96M | 11.77M | 10.09M | 11.04M | 8.26M | 6.57M | 2.4M |
| Effective Tax Rate % | 26.71% | 21.4% | 23.53% | 23.61% | 30.85% | 24.17% | 25.97% | 24.53% | 33.37% | 34.63% | 36.02% | 34.73% | 39.23% | 41.71% | 37.56% | 33.18% | 39.71% | 47.42% | 24.87% | 36.38% | 38.16% | 39% | 39.02% | 39.32% | 39.46% | 38.25% | 41.08% | 38.67% | 38.79% | 38.37% | 38.71% |
| Net Income | 17.54M | 99.46M | 116.22M | 93.72M | -29.72M | 61.19M | 73.65M | 83.69M | 63.14M | 71.2M | 58.72M | 35.5M | 20.46M | 9.76M | -20.79M | -20.02M | -22.34M | -3.23M | 4.27M | 32.56M | 33.21M | 35.59M | 31.71M | 32.7M | 32.16M | 17.42M | 14.47M | 17.51M | 13.03M | 10.55M | 3.8M |
| Net Margin % | 1.15% | 5.82% | 6.29% | 4.54% | -1.6% | 3.51% | 4.46% | 5.09% | 5.05% | 6.91% | 6.2% | 4.3% | 2.82% | 1.55% | -4.03% | -4.42% | -5.5% | -0.59% | 0.71% | 4.28% | 3.96% | 4.58% | 4.75% | 5.8% | 6.44% | 4.18% | 3.74% | 5.35% | 5.39% | 4.81% | 1.94% |
| Net Income Growth % | -82.58% | -14.42% | 24% | 415.33% | -148.57% | -16.92% | -11.99% | 32.54% | -11.32% | 21.25% | 65.42% | 73.5% | 109.68% | 146.95% | -3.84% | 10.4% | -590.82% | -175.72% | -86.88% | -1.95% | -6.69% | 12.25% | -3.05% | 1.71% | 84.59% | 20.41% | -17.37% | 34.36% | 23.54% | 177.58% | -29.63% |
| Net Income (Continuing) | 17.54M | 99.46M | 116.22M | 93.72M | -29.72M | 61.19M | 74.86M | 83.69M | 63.14M | 71.2M | 58.72M | 35.5M | 20.46M | 9.76M | -20.79M | -20.02M | -22.34M | -3.23M | 4.27M | 32.56M | 33.21M | 35.59M | 31.71M | 32.7M | 32.16M | 19M | 14.47M | 17.51M | 13.03M | 10.55M | 3.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.20 | 6.50 | 7.15 | 5.62 | -1.79 | 3.59 | 4.42 | 4.83 | 3.61 | 4.34 | 3.57 | 2.21 | 1.31 | 0.66 | -1.44 | -1.40 | -1.58 | -0.23 | 0.29 | 2.04 | 2.00 | 2.11 | 1.90 | 1.95 | 1.91 | 1.07 | 0.90 | 1.09 | 0.83 | 0.69 | 0.25 |
| EPS Growth % | -82.04% | -9.09% | 27.22% | 413.97% | -149.86% | -18.78% | -8.49% | 33.79% | -16.82% | 21.57% | 61.54% | 68.7% | 98.48% | 145.83% | -2.86% | 11.39% | -586.96% | -179.31% | -85.78% | 2% | -5.21% | 11.05% | -2.56% | 2.09% | 78.5% | 18.89% | -17.43% | 31.33% | 20.29% | 176% | -30.56% |
| EPS (Basic) | - | 6.55 | 7.20 | 5.64 | -1.79 | 3.61 | 4.43 | 4.84 | 3.80 | 4.39 | 3.62 | 2.21 | 1.32 | 0.66 | -1.44 | -1.40 | -1.58 | -0.23 | 0.30 | 2.08 | 2.04 | 2.16 | 1.96 | 2.00 | 1.97 | 1.08 | 0.91 | 1.12 | 0.84 | 0.69 | 0.26 |
| Diluted Shares Outstanding | 14.57M | 15.3M | 16.26M | 16.68M | 16.59M | 17.04M | 16.95M | 17.33M | 17.5M | 16.4M | 16.44M | 16.08M | 15.65M | 14.83M | 14.39M | 14.3M | 14.15M | 14.05M | 14.54M | 15.98M | 16.61M | 16.87M | 16.69M | 16.77M | 16.87M | 16.28M | 16.16M | 16.06M | 15.79M | 15.51M | 15.2M |
| Basic Shares Outstanding | 14.57M | 15.3M | 16.26M | 16.61M | 16.59M | 16.97M | 16.91M | 17.29M | 16.63M | 16.23M | 16.24M | 16.06M | 15.48M | 14.82M | 14.39M | 14.3M | 14.14M | 14.05M | 14.47M | 15.69M | 16.28M | 16.48M | 16.18M | 16.35M | 16.35M | 16.13M | 15.9M | 15.7M | 15.51M | 15.35M | 14.9M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 111.71% | 10.13% | 5.9% | 5.33% | 5.11% | 5% | 5.09% | 9.25% | 10.46% | 6.74% | 6.55% | 4.37% | - |
Housing market volume sensitivity
As indicated by the most recent quarterly filings, American Woodmark's revenue has experienced a sustained decline, culminating in an 18.4% year-over-year contraction in 2026Q3, which highlights the company's acute vulnerability to the current slowdown in residential housing turnover and discretionary remodeling activity across the United States.
The consistent negative growth trajectory suggests that the company's reliance on the home center channel is currently a significant headwind as consumers delay large-scale kitchen and bath projects. This trend appears to reflect a broader cyclical downturn rather than idiosyncratic performance issues, as the lack of recurring revenue streams leaves the top line entirely exposed to macro-driven housing starts.
Based on the latest financial disclosures, gross margins have deteriorated significantly to 11.6% in 2026Q3, a sharp decline from the 21.8% levels observed in 2024Q2, suggesting that the company lacks the pricing power necessary to offset rising input costs and lower production volumes in a competitive environment.
The erosion of gross margins implies that the company's value-tier positioning is struggling to absorb inflationary pressures while simultaneously facing pressure to maintain competitive pricing for its retail partners. Investors should monitor whether this margin compression is a temporary byproduct of inventory destocking or a more permanent shift in the company's ability to command premiums for its cabinetry products.
According to reported income statements, the company has transitioned into a state of negative operating leverage, with operating margins falling to -0.2% in 2026Q3, demonstrating that the fixed-cost manufacturing base is failing to scale efficiently as revenue volumes continue to retreat from historical peaks.
The inability to maintain positive operating income during periods of revenue decline suggests that the company's cost structure remains heavily weighted toward fixed manufacturing overhead. This dynamic warrants further investigation into management's ability to rationalize capacity, as the current operating profile appears increasingly sensitive to even minor fluctuations in top-line demand.
While the company maintains a conservative balance sheet, the recent net loss of $28.7 million reported in 2026Q3 raises significant questions regarding the sustainability of the current business model if the housing market remains stagnant for an extended period, potentially forcing a re-evaluation of capital allocation priorities.
Short-term observers may focus on the rapid deterioration of net income as a sign that the company's logistical moat is insufficient to protect profitability during cyclical troughs. The transition from consistent profitability to a net loss suggests that the company may be reaching an inflection point where structural cost-cutting measures are no longer optional but necessary to preserve long-term solvency.
Quick answers to the most common questions about buying AMWD stock.
For fiscal year 2025, American Woodmark Corporation (AMWD) reported total revenue of $1.71B. This represents a 771.3% increase compared to $196.2M in 1996.
American Woodmark Corporation (AMWD) is profitable, generating $99.5M in net income for the fiscal year ending 2025 with a net profit margin of 5.8%.
American Woodmark Corporation (AMWD) reported an operating income of $140.2M, resulting in an operating profit margin of 8.2%. This margin reflects the operational efficiency of the business before interest and taxes.
American Woodmark Corporation (AMWD) generated $306.6M in gross profit for the year, representing a gross profit margin of 17.9%. This demonstrates the company's core pricing power and production efficiency.