# Armstrong World Industries, Inc. (AWI)

> Source: Nexqual · https://nexqual.com/AWI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Armstrong World Industries, Inc. (AWI), nexqual.com/AWI" · informational, not investment advice.

**Price:** USD 171.39 (+1.57% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 168.74 · day 168.08–173.3 · 52w 150.28–206.08 · market cap $7.24B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.70B, net income $315M (18.6% margin), free cash flow $247M (SEC filings).
- Valuation: P/E 23.0x (avg 23.4x at the last 3 fiscal year-ends), EV/EBITDA 13.7x, net debt $413M.
- 2 of 80 tracked superinvestors hold AWI (13F, Q3 2026 (1 investor on Q2 2026, filed early)): 0 new, 2 added, 0 reduced, 0 unchanged.
- Analysts: Buy (mean 2.20 on a 1–5 scale) (10 analysts), mean target USD 207.64 (range 182–230).
- Total return with dividends: 1Y -14.9% vs S&P 500 +14.9%; 5Y +77.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 2.39, revenue estimate $473M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.11B | $1.23B | $1.30B | $1.45B | $1.62B | $1.70B |
| Gross profit | $406M | $449M | $497M | $582M | $659M | — |
| Operating income | $260M | $279M | $324M | $374M | $431M | $437M |
| Net income | $183M | $203M | $224M | $265M | $309M | $315M |
| EPS (diluted) | $3.82 | $4.37 | $4.99 | $6.02 | $7.08 | — |
| Free cash flow | $107M | $108M | $150M | $184M | $246M | $247M |
| Gross margin | 36.7% | 36.4% | 38.4% | 40.2% | 40.6% | — |
| Operating margin | 23.5% | 22.6% | 25.0% | 25.9% | 26.6% | 25.8% |
| Net margin | 16.6% | 16.5% | 17.3% | 18.3% | 19.0% | 18.6% |
| Revenue growth | +18.1% | +11.4% | +5.0% | +11.6% | +12.1% | — |
| Cash + short-term investments | $98.1M | $106M | $70.8M | $79.3M | $113M | — |
| Total debt | $631M | $651M | $587M | $525M | $407M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 23.0x · P/S 4.3x · EV/EBITDA 13.7x · EV/Sales 4.5x · P/FCF 29.4x · P/B 8.2x · FCF yield 3.41% · Earnings yield 4.35% · Dividend yield (paid, TTM) 0.80% · Buyback yield (TTM) 2.95% · Net debt $413M · EV $7.66B
P/E at fiscal year-ends: Dec 2025 27.0x, Dec 2024 23.5x, Dec 2023 19.7x.

## Superinvestors (SEC 13F-HR, Q3 2026)
2 of 80 tracked investors hold AWI (1 investor on Q2 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| John Armitage | Egerton Capital | 1.64% | $161M | Added +7.3% | Q3 2026 |
| Yacktman Asset Management |  | 1.50% | $121M | Added +1.8% | Q2 2026 |

## Analysts
Consensus Buy (mean 2.20 on a 1–5 scale), 10 analysts; mean target USD 207.64 (low 182, high 230).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-01 | DA Davidson | Maintained | Buy | $215 |
| 2026-08-25 | DA Davidson | Initiated | Buy | $215 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -14.9% | +77.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -15.0% | +12.1% |
| Volatility (annualized) | 27.3% | 26.9% |
| Max drawdown | -25.1% (Feb 2026→Jul 2026) | -44.3% (Dec 2021→May 2023) |

## Peers (Building Products & Equipment)
SPXC (SPX Technologies, Inc.) USD 160.01 -4.83% · BLDR (Builders FirstSource, Inc.) USD 57.54 +7.53% · AAON (AAON, Inc.) USD 69.62 -7.46% · OC (Owens Corning Inc) USD 116.49 +3.80% · WMS (Advanced Drainage Systems, Inc.) USD 130.92 +0.71% · LPX (Louisiana-Pacific Corporation) USD 74.85 +3.21%

## More
Full page: https://nexqual.com/AWI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in AWI's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/7431/000119312526065183/awi-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Home Depot (HD) | "In September 2025, GMS, Inc., one of our largest distributor customers, was acquired by The Home Depot, Inc. In addition, in October 2025, Foundation Building Materials, Inc., another one of our largest distributor custo…" |
| Customer | Lowe's (LOW) | "In September 2025, GMS, Inc., one of our largest distributor customers, was acquired by The Home Depot, Inc. In addition, in October 2025, Foundation Building Materials, Inc., another one of our largest distributor custo…" |
| Customer | Foundation Building Materials | "Gross sales to Lowe's Companies, Inc. (including sales to Foundation Building Materials, Inc.) and The Home Depot, Inc. (including sales to GMS, Inc.) totaled $937.8 million and each individually exceeded 10% of our reve…" |
| Customer | GMS | "Gross sales to Lowe's Companies, Inc. (including sales to Foundation Building Materials, Inc.) and The Home Depot, Inc. (including sales to GMS, Inc.) totaled $937.8 million and each individually exceeded 10% of our reve…" |
| Customer | Companies | "Gross sales to Lowe's Companies, Inc. (including sales to Foundation Building Materials, Inc.) and The Home Depot, Inc. (including sales to GMS, Inc.) totaled $937.8 million and each individually exceeded 10% of our reve…" |
| Partner | WORTHINGTON ENTERPRISES, INC. (WOR) | "financial contribution of Worthington Armstrong Venture ("WAVE"), our joint venture with Worthington Enterprises, Inc.;" |
| Partner | Overcast Innovations | "In January 2024, we entered into a strategic partnership and equity investment in Overcast Innovations LLC ("Overcast") with McKinstry Essention, LLC whereby we contributed $5.5 million in exchange for an initial 19.5% o…" |
| Partner | McKinstry Essention | "In January 2024, we entered into a strategic partnership and equity investment in Overcast Innovations LLC ("Overcast") with McKinstry Essention, LLC whereby we contributed $5.5 million in exchange for an initial 19.5% o…" |
| Partner | Skydance Corp (SKYD) | "In 2007, we and Paramount entered into an agreement with the Navy whereby the Navy agreed to pay one third of defined past and future investigative costs up to a certain amount, which has now been exhausted." |

Other companies that name AWI in their own reports (relationship from AWI's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | WORTHINGTON ENTERPRISES, INC. (WOR) | 10-K 2026-07-30 | "WAVE, a 50%-owned joint venture with Armstrong World Industries, Inc., is the largest of the four North American manufacturers of ceiling suspension systems for concealed and lay-in panel ceilings use…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Mineral Fiber | $288.2M | 61.1% | +7.9% | $105.3M | 36.5% |
| Architectural Specialties | $183.8M | 38.9% | +16.6% | $29.4M | 16.0% |
| Total revenue | $472.0M | 100% | — | $133.8M | 28.3% |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.39 | $2.39 | -0.2% | $472.6M | 11 |
| Next quarter (ends 2026-12-31) | $1.99 | $1.98 | +0.7% | $432.2M | 11 |
| Current fiscal year (ends 2026-12-31) | $8.43 | $8.31 | +1.5% | $1.79B | 11 |
| Next fiscal year (ends 2027-12-31) | $9.58 | $9.37 | +2.2% | $1.92B | 11 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-27): ±7.9%; last 8 reports averaged ±6.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 34.9% | ±7.9% |
| 2026-12-18 | 56 | 28.5% | ±9.0% |
| 2027-03-19 | 147 | 29.4% | ±14.8% |
| 2027-06-17 | 237 | 29.5% | ±18.9% |