olivLaw · US equity research
Armstrong World Industries, Inc. AWI
Plastics Products, NEC · SIC 3089 · Vertical: Plastics Products, NEC (SIC 3089)
Armstrong World Industries (AWI) designs and manufactures ceilings, specialty walls and exterior metal solutions, positioned as an Americas leader. It is extending its Architectural Specialties segment through acquisitions, and in the second quarter of 2026 reported record net sales and raised its 2026 guidance midpoints. Consolidated net sales in the second quarter of 2026 rose 11.2%.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Armstrong World Industries, Inc. (AWI) stock was 175.95 USD (+2.82% on the day), with market capitalisation 7.4 bn USD, P/E 23.5 on diluted EPS of 7.49 USD over the last 12 months, dividend yield 0.77%, beta 0.86, 52-week range 151.43–203.15 USD. Latest reported quarter (Q3 2026): revenue of 475.8 m USD (+11.9% YoY), net income of 91.9 m USD (+6.5% YoY), diluted EPS 2.17 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 63.3
- strong (55–70)
- Bollinger (20, 2)
- 156.47 – 175.75
- above the upper band · %B 1.01 · band width 11.6%
- SMA 50 / 200
- 165.76 / 169.15
- mixed trend
- MACD (12, 26, 9)
- 1.29 / 0.21
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +7.6% | −1.1% | +8.7 pp | — |
| 3 months | −5.4% | −0.5% | −5.0 pp | — |
| 6 months | +5.8% | +4.4% | +1.5 pp | — |
| Year to date | −7.9% | +12.3% | −20.2 pp | — |
| 1 year | −7.4% | +13.5% | −20.9 pp | +38.0% |
| 3 years | +118.1% | +76.4% | +41.6 pp | +27.2% |
| 5 years | +57.9% | +63.7% | −5.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 367.7 m | 382.7 m | 424.6 m | 425.2 m | 388.3 m | 409.9 m | 472.0 m | 475.8 m |
| Cost of revenue | 223.8 m | 232.8 m | 248.8 m | 246.7 m | 233.8 m | 254.6 m | 277.0 m | 285.1 m |
| Gross profit | 143.9 m | 149.9 m | 175.8 m | 178.5 m | 154.5 m | 155.3 m | 195.0 m | 190.7 m |
| SG&A | 85.4 m | 78.0 m | 84.4 m | 90.1 m | 87.4 m | 88.4 m | 93.7 m | 91.3 m |
| Operating income | 81.9 m | 98.5 m | 123.2 m | 117.2 m | 92.0 m | 94.2 m | 133.8 m | 131.2 m |
| Depreciation & amortisation | 27.3 m | 29.3 m | 30.5 m ≈ | 30.1 m | 30.5 m | 29.7 m | 30.2 m ≈ | 32.2 m |
| Interest expense | 9.2 m | 8.5 m | 8.6 m | 8.2 m | 7.7 m | 7.3 m | 7.8 m | 7.5 m |
| Pre-tax income | 76.0 m | 90.7 m | 115.3 m | 109.5 m | 84.8 m | 88.4 m | 126.9 m | 124.4 m |
| Income tax | 13.8 m | 21.6 m | 27.5 m | 23.2 m | 19.3 m | 21.6 m | 30.2 m | 32.5 m |
| Net income | 62.2 m | 69.1 m | 87.8 m | 86.3 m | 65.5 m | 66.8 m | 96.7 m | 91.9 m |
| Diluted EPS | 1.41 ≈ | 1.58 | 2.01 | 1.98 | 1.51 ≈ | 1.55 | 2.26 | 2.17 |
| Operating cash flow | 86.6 m | 41.0 m | 81.6 m ≈ | 122.9 m ≈ | 110.0 m | 32.1 m | 93.8 m ≈ | 96.2 m ≈ |
| Capex | 28.8 m | 19.1 m | 19.9 m ≈ | 22.6 m ≈ | 47.8 m | 17.7 m | 24.0 m ≈ | 24.7 m ≈ |
| Dividends paid | 13.5 m | 13.4 m | 13.8 m ≈ | 13.4 m ≈ | 14.6 m | 14.7 m | 15.5 m ≈ | 14.3 m ≈ |
| Share repurchases | 16.3 m | 22.0 m | 30.4 m ≈ | 27.0 m ≈ | 49.5 m | 60.6 m | 76.8 m ≈ | 75.7 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 64 percentile of its own 36-quarter history (min 14.4, median 22.5, max 30.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 975.3 m | 1.0 bn | 936.9 m | 1.1 bn | 1.2 bn | 1.3 bn | 1.4 bn | 1.6 bn |
| Revenue YoY | +9.1% | +6.4% | −9.7% | +18.1% | +11.4% | +5.0% | +11.6% | +12.1% |
| Net income | 185.9 m | 214.5 m | -99.1 m | 183.2 m | 202.9 m | 223.8 m | 264.9 m | 308.7 m |
| Net income YoY | +55.4% | +15.4% | −146.2% | unavailable | +10.8% | +10.3% | +18.4% | +16.5% |
| Diluted EPS | 3.56 | 4.32 | -2.07 | 3.82 | 4.37 | 4.99 | 6.02 | 7.08 |
| Diluted EPS YoY | +61.1% | +21.3% | −147.9% | unavailable | +14.4% | +14.2% | +20.6% | +17.6% |
| net % | 19.1% | 20.7% | -10.6% | 16.6% | 16.5% | 17.3% | 18.3% | 19.0% |
| Free cash flow | 131.3 m | 111.4 m | 163.4 m | 107.4 m | 107.6 m | 149.7 m | 184.0 m | 246.1 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 112.7 m USD
- Financial debt
- 406.7 m USD
- Net debt
- 294.0 m USD
- Equity
- 900.7 m USD
- Total assets
- 1.9 bn USD
- Debt / equity
- 0.45x
- Current ratio
- 1.46x
- ROE
- 37.2%
- ROA
- 16.4%
- FCF margin
- 15.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 936.9 m | 1.1 bn | 1.2 bn | 1.3 bn | 1.4 bn | 1.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Cost of revenue | 603.8 m | 701.0 m | 784.0 m | 798.2 m | 864.1 m | 962.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Gross profit | 333.1 m | 405.6 m | 449.1 m | 497.0 m | 581.6 m | 658.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Research & development | 14.7 m | 14.6 m | 14.9 m | 14.5 m | 15.7 m | 16.4 m | SEC (XBRL)· 24 Feb 2026verified |
| SG&A | 163.2 m | 237.4 m | 237.0 m | 262.5 m | 308.5 m | 339.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | 254.8 m | 260.0 m | 278.7 m | 323.7 m | 374.3 m | 430.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 84.0 m | 96.5 m | 83.7 m | 89.2 m | 103.2 m | 120.4 m | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | 338.8 m ≈ | 356.5 m ≈ | 362.4 m ≈ | 412.9 m ≈ | 477.5 m ≈ | 551.3 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Interest expense | 24.1 m | 22.9 m | 27.1 m | 35.3 m | 39.8 m | 33.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Pre-tax income | -126.7 m | 242.7 m | 257.6 m | 298.3 m | 347.1 m | 400.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | -42.6 m | 57.4 m | 57.7 m | 74.5 m | 82.2 m | 91.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | -99.1 m | 183.2 m | 202.9 m | 223.8 m | 264.9 m | 308.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | -2.07 | 3.82 | 4.37 | 4.99 | 6.02 | 7.08 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 47.9 m | 47.9 m | 46.4 m | 44.8 m | 44.0 m | 43.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividend per share | 0.81 | 0.86 | 0.95 | 1.04 | 1.15 | 1.26 | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 136.9 m | 98.1 m | 106.0 m | 70.8 m | 79.3 m | 112.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Inventories | 81.5 m | 90.2 m | 110.0 m | 104.0 m | 109.8 m | 124.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Current assets | 311.8 m | 321.9 m | 356.5 m | 313.0 m | 348.9 m | 391.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 529.9 m | 542.8 m | 554.4 m | 566.4 m | 598.8 m | 630.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Goodwill | 160.7 m | 167.0 m | 167.3 m | 175.5 m | 203.2 m | 217.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Intangibles (excl. goodwill) | 457.5 m | 421.4 m | 407.7 m | 412.4 m | 455.0 m | 425.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 1.7 bn | 1.7 bn | 1.7 bn | 1.7 bn | 1.8 bn | 1.9 bn | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | 136.5 m | 174.9 m | 172.5 m | 159.9 m | 215.3 m | 237.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Short-term debt | 25.0 m | 25.0 m | 0 | 22.5 m | 22.5 m | 10.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Long-term debt | 690.5 m | 606.4 m | 651.1 m | 564.3 m | 502.6 m | 396.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Current liabilities | 172.3 m | 209.6 m | 182.7 m | 194.5 m | 249.7 m | 267.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 450.9 m † | 519.7 m † | 535.0 m † | 591.8 m † | 757.1 m † | 900.7 m † | SEC (XBRL)· 24 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 218.8 m | 187.2 m | 182.4 m | 233.5 m | 266.8 m | 355.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 55.4 m | 79.8 m | 74.8 m | 83.8 m | 82.8 m | 109.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | 163.4 m ≈ | 107.4 m ≈ | 107.6 m ≈ | 149.7 m ≈ | 184.0 m ≈ | 246.1 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | -141.1 m | -13.9 m | 28.2 m | -10.4 m | -79.3 m | -3.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | 13.5 m | -212.1 m | -201.9 m | -258.6 m | -177.6 m | -319.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividends paid | 39.2 m | 41.4 m | 44.2 m | 46.9 m | 50.6 m | 55.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | 44.4 m | 80.0 m | 165.0 m | 132.0 m | 56.3 m | 128.9 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 73 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 7.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation56
- Returns77
- Quality81
- Balance sheet69
- Growth90
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 77.96 – 278.08 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)77.96 – 126.19 (Mid 96.56)WACC 9.0% · starting FCFF 240.8 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 37.2%
- Peers: EV/EBITDA155.34 – 182.08 (Mid 168.64)6 companies used · median multiple 13.0x · quartiles 12.0x – 14.0xATR, CMT, KRT, MYE, NWL, SWIM
- Peers: P/E169.56 – 278.08 (Mid 231.40)6 companies used · median multiple 30.9x · quartiles 22.6x – 37.1xATR, CMT, DSWL, ENTG, KRT, MYE
- Dividend discount (DDM)outside the aggregate16.60 – 22.32 (Mid 19.04)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 73/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 27.3% | 86 (vs peers) | 10% |
| Net margin · Quality | 18.4% | 100 (vs peers) | 6% |
| FCF conversion · Quality | 67.9% | 54 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 9.5% | 80 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 17.4% | 100 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 0.7x | 57 (vs peers) | 10% |
| Interest coverage · Balance sheet | 14.9x | 100 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 1.5x | 54 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 23.5x | 71 (vs peers) | 10% |
| EV/EBITDA · Valuation | 13.5x | 57 (vs peers) | 10% |
| FCF yield · Valuation | 3.0% | 37 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 4.4% | 62 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 27.1% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet69/100 · 3/3 factors with a value
- Growth90/100 · 2/2 factors with a value
- Quality81/100 · 3/3 factors with a value
- Returns77/100 · 2/2 factors with a value
- Valuation56/100 · 3/3 factors with a value
Memo
ARMSTRONG WORLD INDUSTRIES, INC. (AWI). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 1.6 bn USD in 2025; YoY growth 12.1%; net margin 18.4%; ROE 36.0%; net debt/EBITDA 0.7x.
The estimated value range is 155.34–182.08 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 168.64 USD, the price of 175.95 USD leaves a potential of -4.2% (value / price − 1) and a margin of safety of -4.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 73/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 27.3%
- Net margin: 18.4%
- Revenue CAGR 3Y: 9.5%
- EPS CAGR 3Y: 17.4%
- Interest coverage: 14.9x
- P/E (TTM): 23.5x
- Payout ratio (FCF): 27.1%
What contradicts it
- The valuation methods diverge
Versus the vertical median
Plastics Products, NEC (SIC 3089) · same industry (4-digit SIC) · compared with 8 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ENTGEntegris, Inc. | 21.8 bn | 55.7 | 9.6% | 11.1% | −1.4% | +85% / +37% |
| ATRAptarGroup, Inc | 9.3 bn | 35.6 | 9.9% | 6.7% | +5.4% | +18% / +16% |
| AWIArmstrong World Industries, Inc. | 7.4 bn | 23.5 | 36.0% | 18.4% | +12.1% | −7% / +118% |
| NWLNewell Brands Inc | 2.5 bn | — | -12.8% | -4.4% | −5.0% | +61% / −23% |
| MYEMyers Industries, Inc. | 1.1 bn | 37.6 | 9.7% | 3.3% | −1.3% | +58% / +62% |
| KRTKarat Packaging Inc. | 1.1 bn | 21.5 | 31.2% | 10.2% | +10.7% | +143% / +149% |
| SWIMLatham Group, Inc. | 963.2 m | 100.2 | 2.2% | 1.6% | +7.4% | +14% / +262% |
| CMTCore Molding Technologies, Inc. | 187.1 m | 26.1 | 4.4% | 2.4% | −9.5% | +12% / +18% |
| DSWLDeswell Industries, Inc. | 46.5 m | 4.4 | 10.0% | 17.3% | −9.3% | −19% / +12% |
1- and 3-year price returns: for AWI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 111.87 Total return -36% · Per year -36% | 197.32 Total return 13% · Per year 13% | 296.60 Total return 70% · Per year 70% |
| 3 years | 119.85 Total return -30% · Per year -11% | 236.77 Total return 37% · Per year 11% | 389.13 Total return 125% · Per year 31% |
| 5 years | 128.40 Total return -24% · Per year -5% | 284.11 Total return 67% · Per year 11% | 510.52 Total return 197% · Per year 24% |
- Exit P/E± 59.19
- Net margin± 41.44
- Annual revenue growth± 32.44
- Annual dilution± 3.48
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Jul 2026; since then the company filed 8-K (27 Oct 2026 · results), 10-Q (27 Oct 2026).
In brief
Armstrong World Industries (AWI) designs and manufactures ceilings, specialty walls and exterior metal solutions, positioned as an Americas leader. It is extending its Architectural Specialties segment through acquisitions, and in the second quarter of 2026 reported record net sales and raised its 2026 guidance midpoints 123. Consolidated net sales in the second quarter of 2026 rose 11.2% 3.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Dependence on large customershigh
Loss or decline of sales to key customers could significantly affect results 1.
- Indebtedness and covenantsmedium
A breach of covenants in the senior credit facility could allow lenders to call outstanding borrowings 1.
- Input costs and supply chainmedium
Shortages or higher costs of raw materials and energy could compress margins 1.
- Acquisition integrationmedium
Integrating acquired businesses can face difficulties and unforeseen costs 1.
- Climate and regulatory riskslow
Emission rules and customer expectations could raise costs or require product changes 1.
Investment thesis
What would need to be true (bull case)
- Sales rose in both segments in the second quarter of 2026 and management raised full-year guidance, which could support further profit growth 3.
- Recent acquisitions and the expansion strategy in Architectural Specialties could open new revenue sources 12.
- The share repurchase program extended through 2029 signals management confidence in cash generation 3.
What would break the thesis
- Dependence on a few distributors and home center chains could expose the company to abrupt changes in buying behavior 1.
- Indebtedness and credit restrictions could limit the ability to invest and return capital to shareholders 1.
- Architectural Specialties margins are lower and could remain under pressure from steel and aluminum costs 3.
What to watch
- Operating margin trend and the effect of raw material costsQ3 2026
- Integration of Eventscape and acquisition contribution in Architectural Specialties2026
- Delivery against the raised guidance for net sales and adjusted EBITDA2026
- Evolution of sales concentration among distributors and large chainsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Jul 2026; since then the company filed 8-K (27 Oct 2026 · results), 10-Q (27 Oct 2026).
The business
AWI is a Pennsylvania corporation incorporated in 1891 that designs and manufactures interior and exterior architectural solutions, including ceilings, specialty walls and exterior metal solutions 1. It reports through two segments, Mineral Fiber and Architectural Specialties, plus Unallocated Corporate, and holds a 50% equity interest in the WAVE joint venture with Worthington Enterprises 1. As of June 30, 2026 it operated 24 manufacturing plants, 20 in the U.S. and four in Canada 2.
The company sells mainly through building materials distributors, which resell to commercial contractors, and a significant share of sales goes to large home center chains 1. Sales to Lowe's and The Home Depot, including through their distributor acquisitions, each exceeded 10% of consolidated gross sales in 2025 1. Recent acquisitions such as Zahner, 3form, Geometrik, Parallel and Eventscape have expanded the Architectural Specialties portfolio 12.
Segments
Mineral Fiber
The segment makes suspended mineral fiber and fiberglass ceiling systems with acoustic, fire-protection and energy-efficiency attributes, and includes the results of WAVE 1. In the second quarter of 2026 segment net sales rose 7.9%, supported by favorable average unit value and higher volumes 3.
Market context
AWI serves building markets in the Americas, mainly commercial new construction and renovation across office, education, healthcare and retail sectors 1. Demand is tracked through indicators such as the Architecture Billings Index and commercial construction starts, and revenue from new construction can lag starts by as much as 24 months 1. Its products compete with other ceiling products and with drywall 1.
Trends
- Average unit value growthtailwind
Favorable AUV lifted revenue in the second quarter of 2026 through price and mix at the high end 23. If cost pressures persist, further price increases could prove harder to pass through 1.
- Acquisitions in Architectural Specialtiesmixed
The recent acquisition series has added revenue and capabilities, but integration can bring extra costs 12. If integration does not go smoothly, the expected benefits could be delayed 1.
- Raw material and tariff costsheadwind
Costs of inputs such as energy, steel and aluminum have risen and can weigh on margins 13. Tariffs have created pressure, although refunds recognized in the second quarter provided some offset 3.
- Customer concentration in distributionheadwind
Consolidation among distributors, with acquisitions by Home Depot and Lowe's, has changed relationships with key customers 1. The concentration means changes in a few customers' behavior could have a large impact 1.
Competitive position
The market is highly competitive, with product performance, styling, service and price as main factors, and competition from both domestic and international makers 1. Excess industry capacity for some products can intensify price competition 1. Primary competitors named include CertainTeed, Rockfon, USG and Ceilings Plus 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Iowa Democrat who quit race wins seat anywayThe Hill · 05 Nov 2026 · EN
- NASA navigation experiment shows promise for planetary landingsPhys.org · 04 Nov 2026 · EN
- Oklahoma live results: 2026 Senate electionThe Hill · 03 Nov 2026 · EN
- Dinamo i-a stabilit prețul lui Danny ArmstrongSpotMedia.ro · 03 Nov 2026 · RO
- Junior Caminero , Pete Crow - Armstrong , Jacob Misiorowski among award finalistsSurge — GDELT DOC · 03 Nov 2026 · RO
- Sezonul patru din „Epoca de Aur” ajunge pe HBO Max. Bertha Russell și familia sa se confruntă cu urmările ambițiilor sociale - Playtech.roSurge — Google News · 02 Nov 2026 · RO
- Ultrașii lui Dinamo se revoltă împotriva suveraniștilor. Mesajul dur anti-Georgescu: „Manipulații ce strigă numele unui șarlatan”Mediafax · 01 Nov 2026 · RO
- Dinamo a învins UTA Arad cu 2-0 și a revenit pe primul loc în SuperligaMediafax · 01 Nov 2026 · RO
- Ioan Ovidiu Sabău, foarte îngrijorat. Farul are un număr uriaş de absenţi la meciul cu FC Voluntari - PrimaSport.roSurge — Google News · 01 Nov 2026 · RO
- Coinbase revine pe plus după trei trimestre consecutive de pierderi. Compania a raportat un profit net de 719 milioane de dolari - Capital.roCapital.ro · 30 Oct 2026 · RO
- Brian Armstrong: Coinbase blochează tranzacțiile către portofele compromise și oferă sprijin Binance - Traders UnionSurge — Google News · 30 Oct 2026 · RO
- Atmospheric stabilization of the East Antarctic ice sheet under warmingNature Climate Change · 30 Oct 2026 · EN
- Nexus Luxembourg returns in March 2027 with sovereignty at the top of the agenda [Sponsored]Tech.eu · 29 Oct 2026 · EN
- Londra, preferată Parisului: explicația UEFA după șapte ani în care Balonul de Aur a fost decernat în Franța - Sport.roSurge — Google News · 26 Oct 2026 · RO
- Dinamo rămâne lider după ce a terminat la egalitate cu CFR Cluj. Revenire de senzație în trei minuteLibertatea.ro · 25 Oct 2026 · RO
- CFR Cluj și Dinamo au terminat la egalitate 2-2, în etapa a 13-a din SuperligaMediafax · 25 Oct 2026 · RO
- How Market Trade & Civil Unrest Coming To united states ? | Armstrong EconomicsSurge — GDELT DOC · 25 Oct 2026 · RO
- How tech billionaires are disrupting biomedical scienceNature · 21 Oct 2026 · EN
- „Era ca și cum fantoma lui Armstrong ar fi fost acolo”: un fost pilot a plătit 400.000 de dolari pentru casa copilăriei lui Neil Armstrong. Motivul din spatele gestuluiMediafax · 19 Oct 2026 · RO
- Retired pilot helps historical society buy Neil Armstrong's boyhood home for toursPhys.org · 19 Oct 2026 · EN
SEC filings
- Quarterly report27 Oct 2026
- Current report27 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report21 Oct 2026Other events · Financial statements and exhibits
- Current report07 Oct 2026Departure or appointment of officers
- Current report01 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report30 Jul 2026Other events · Financial statements and exhibits
- Quarterly report28 Jul 2026
- Current report28 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report21 Jul 2026Other events · Financial statements and exhibits
- Current report17 Jun 2026Shareholder vote · Other events
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Armstrong World Industries, Inc. · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Armstrong World Industries, Inc. · 28 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Armstrong World Industries, Inc. · 28 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.