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Maker of ceiling systems (acoustic ceiling tiles, suspension grids) and architectural wall solutions for commercial and residential buildings.
Maker of ceiling systems (acoustic ceiling tiles, suspension grids) and architectural wall solutions for commercial and residential buildings.
Sells ceiling tiles and grids through distributors to installers, with demand driven mainly by renovation of existing offices, schools and hospitals rather than new construction, since ceilings are replaced during a refit. Architects specify the product, which supports the brand. Over the last decade it has widened into custom ceiling and wall products through acquisitions. Its flooring business was separated in 2016.
Moat: narrow (brand, distribution, installed base). Leading brand and distributor relationships in a commercial ceiling-systems market with high renovation-driven repeat demand.
Headquarters: Lancaster, Pennsylvania, USA · Founded: 1860 · Employees: 3,800
Size Armstrong World Industries (AWI) is a United States Industrials company (Miscellaneous Manufacturing) with a market value of $7.16B, the 947th largest of 3,117 United States companies the cockpit tracks. Shares closed at $171.23 on 6 Nov 2026.
Performance Over six months the shares gained 5.8%, against -12.5% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 15 in its peer set.
Growth Revenue grew 9.1% over the last twelve months (peer median +4.9%); the operating margin is 19.4% (peer median 14.3%).
Valuation It trades at 18.6× forward earnings against a peer median of 20.4× (5th cheapest of 15).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is +5 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 9.2 points above its cost of capital (10.2% WACC).
Short interest Short interest is 3.4% of the free float (15 Oct 2026).
Next results Next results expected around 23 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.75B | $1.62B | $1.45B | $1.30B | $1.23B |
| Revenue growth | — | +12% | +12% | +5% | — |
| Gross profit | $696M | $659M | $582M | $497M | $449M |
| EBITDA | $460M | $441M | $376M | $324M | $296M |
| Net income | $321M | $309M | $265M | $224M | $200M |
| Free cash flow | $218M | $246M | $184M | $150M | $108M |
| Capital expenditure | $114M | $109M | $82.8M | $83.8M | $74.8M |
| Total debt | $554M | $494M | $600M | $640M | $687M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Armstrong World Industries AWI | $7.16B | +6% | +9% | 19% | 18.6× | 16.2% |
| Compagnie de Saint-Gobain SGO.PA | $40.7B | -3% | -2% | 10% | 12.1× | 5.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AWI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.0% | +0.7% | 6th highest of 15 |
| 6-month return | +5.8% | -12.5% | 5th highest of 15 |
| Distance from 52-week high | -16.9% | -28.9% | 3rd highest of 15 |
| Revenue growth (TTM) | +9.1% | +4.9% | 7th highest of 15 |
| Operating margin | 19.4% | 14.3% | 3rd highest of 15 |
| Forward P/E | 18.6× | 20.4× | 5th cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | 16.2% | 9.9% | 5th most demanding of 15 |
| Growth delivered (Del g) | +11.6% | +8.1% | 5th highest of 15 |
| Hurdle (Req g minus delivered) | +4.6 pp | +2.6 pp | 7th most demanding of 15 |
| ROIC minus cost of capital | +9.2 pp | +4.8 pp | 5th highest of 15 |
| EV / EBITDA | 16.6× | 12.2× | 3rd most expensive of 10 |
| Net debt / EBITDA | 1.1× | 0.7× | 5th most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Armstrong World Industries AWI | United States | $7.16B | +6% | +9% | 19% | 18.6× | 16.2% | +11.6% |
| Advanced Drainage Systems WMS | United States | $9.37B | -13% | +10% | 22% | 20.1× | 10.8% | +9.0% |
| Ansell ANN.AX | Australia | $4.42B | +79% | +2% | 15% | 19.2× | 10.3% | +3.0% |
| Focus Media Information Technology 002027.SZ | China | $12.0B | -12% | -2% | 30% | 14.4× | 1.2% | +1.1% |
| Supreme Industries SUPREMEIND.NS | India | $4.24B | -14% | +17% | 10% | 33.6× | 25.8% | +12.1% |
| Brady BRC | United States | $3.69B | 0% | +10% | 16% | 12.0× | 1.0% | +7.7% |
| Astral ASTRAL.NS | India | $3.57B | -20% | +17% | 12% | 46.8× | 32.5% | +15.6% |
| Kurita Water Industries 6370.T | Japan | $3.47B | -39% | +1% | 14% | 11.3× | 5.6% | +8.5% |
| TOMRA Systems TOM.OL | Norway | $3.17B | +6% | +7% | 11% | 31.8× | 9.5% | +9.2% |
| Hill & Smith HILS.L | United Kingdom | $2.88B | +10% | +3% | 16% | 19.5× | 19.4% | +5.6% |
| Daetwyler DAE.SW | Switzerland | $2.72B | -21% | +2% | 10% | 24.7× | 9.3% | +6.0% |
| Hanshow Technology 301275.SZ | China | $2.68B | -5% | +42% | 13% | 27.7× | 10.0% | +13.6% |
| Zhejiang Weixing New Building Materials 002372.SZ | China | $2.27B | -19% | -12% | 14% | 17.8× | 9.9% | +1.1% |
| Leyard Optoelectronic 300296.SZ | China | $2.20B | -14% | -14% | 4% | 28.8× | 17.1% | +1.2% |
| Zhejiang Weixing Industrial Development 002003.SZ | China | $2.17B | +28% | +14% | 16% | 20.7× | -4.2% | +14.0% |