Armstrong World Industries, Inc. (AWI) Key Metrics
AWI valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $7.11B
- Enterprise value
- $7.43B
- P/E (TTM)
- 23.0 10-yr median 19.7
- Forward P/E
- 17.1
- PEG ratio
- 2.02
- Price / sales
- 4.2 10-yr median 3.7
- Price / book
- 7.8 10-yr median 8.5
- EV / EBITDA
- 13.2 10-yr median 11.5
- Dividend yield
- 0.81% $1.36 a year
- Beta
- 1.16
AWI key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsAWI valuation Price multiples at each fiscal year-end price.
AWI returns How much profit the business earns on the capital it uses.
AWI per-share figures Results divided by the shares outstanding at year-end.
AWI financial health Debt, liquidity and how easily interest is covered.
AWI efficiency & capital use Working capital cycle and where the cash goes.
AWI valuation history
AWI returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
AWI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
AWI cash returned to shareholders
AWI price vs earnings per share
AWI key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $8.33B | $6.22B | $4.40B | $3.18B | $5.56B | $3.56B | $4.65B | $3.03B | $3.26B | $2.33B |
| Enterprise value | $8.75B | $6.74B | $4.97B | $3.76B | $6.14B | $4.18B | $5.25B | $3.53B | $3.95B | $3.06B |
| P/E ratio | 27.0 | 23.5 | 19.7 | 15.9 | 30.1 | — | 19.4 | 15.3 | 14.6 | 26.1 |
| Price / sales | 5.1 | 4.3 | 3.4 | 2.6 | 5.0 | 3.8 | 4.5 | 3.1 | 3.7 | 2.8 |
| Price / book | 9.3 | 8.2 | 7.4 | 5.9 | 10.7 | 7.9 | 12.7 | 11.6 | 7.8 | 8.7 |
| Price / free cash flow | 33.9 | 33.8 | 29.4 | 29.6 | 51.8 | 21.8 | 41.8 | 23.1 | 40.4 | — |
| Price / operating cash flow | 23.4 | 23.3 | 18.9 | 17.4 | 29.7 | 16.3 | 25.5 | 14.9 | 19.2 | 47.2 |
| EV / sales | 5.4 | 4.7 | 3.8 | 3.1 | 5.5 | 4.5 | 5.1 | 3.6 | 4.4 | 3.7 |
| EV / EBITDA | 15.8 | 17.4 | 11.5 | 10.2 | 16.6 | — | 12.9 | 10.2 | 11.4 | 10.9 |
| EV / free cash flow | 35.6 | 36.6 | 33.2 | 35.0 | 57.1 | 25.6 | 47.1 | 26.9 | 49.0 | — |
| Earnings yield | 3.7% | 4.3% | 5.1% | 6.3% | 3.3% | −2.4% | 5.2% | 6.5% | 6.9% | 3.8% |
| Free cash flow yield | 3.0% | 3.0% | 3.4% | 3.4% | 1.9% | 4.6% | 2.4% | 4.3% | 2.5% | −2.4% |
| Dividend yield | 0.7% | 0.8% | 1.1% | 1.4% | 0.7% | 1.1% | 0.8% | 0.3% | 0.3% | 0.0% |
| Shareholder yield (dividends + buybacks) | 2.2% | 1.8% | 4.1% | 6.6% | 2.2% | 2.3% | 3.6% | 10.4% | 2.7% | 1.9% |
| Share price at fiscal year-end | $191.10 | $141.33 | $98.32 | $68.59 | $116.12 | $74.39 | $93.97 | $58.21 | $60.55 | $41.80 |
| Per share | ||||||||||
| Revenue per share | $37.17 | $32.86 | $28.91 | $26.58 | $23.10 | $19.56 | $20.97 | $18.72 | $16.58 | $15.01 |
| Earnings per share | $7.08 | $6.02 | $4.99 | $4.30 | $3.86 | −$1.76 | $4.85 | $3.81 | $4.16 | $1.60 |
| Operating cash flow per share | $8.15 | $6.06 | $5.21 | $3.93 | $3.91 | $4.57 | $3.69 | $3.90 | $3.16 | $0.89 |
| Free cash flow per share | $5.64 | $4.18 | $3.34 | $2.32 | $2.24 | $3.41 | $2.25 | $2.52 | $1.50 | −$0.99 |
| Cash per share | $2.58 | $1.80 | $1.58 | $2.28 | $2.05 | $2.86 | $0.92 | $6.25 | $2.96 | $2.55 |
| Book value per share | $20.66 | $17.21 | $13.21 | $11.53 | $10.85 | $9.41 | $7.37 | $5.01 | $7.78 | $4.78 |
| Tangible book value per share | $5.91 | $2.25 | $0.09 | −$0.86 | −$1.43 | −$3.50 | −$2.02 | −$3.47 | −$0.40 | −$2.90 |
| Dividends per share | $1.27 | $1.15 | $1.05 | $0.95 | $0.86 | $0.82 | $0.72 | $0.17 | $0.16 | $0.00 |
| Capex per share | $2.51 | $1.88 | $1.87 | $1.61 | $1.67 | $1.16 | $1.44 | $1.38 | $1.66 | $1.87 |
| Debt per share | $12.20 | $13.63 | $14.29 | $14.81 | $14.02 | $15.78 | $13.05 | $15.74 | $15.77 | $15.68 |
| Shares outstanding | 43.6M | 44.0M | 44.8M | 46.4M | 47.9M | 47.9M | 49.5M | 52.1M | 53.9M | 55.7M |
| Change in shares outstanding | −0.9% | −1.8% | −3.4% | −3.1% | 0.0% | −3.2% | −5.0% | −3.3% | −3.2% | −0.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 37.2% | 39.3% | 39.7% | 37.8% | 38.1% | −20.6% | 76.7% | 58.4% | 65.4% | 17.2% |
| Return on invested capital (ROIC) | 25.6% | 23.4% | 15.5% | 14.9% | 11.9% | 13.2% | 22.6% | 14.6% | 17.0% | 7.8% |
| Return on assets (ROA) | 16.4% | 15.1% | 13.3% | 11.8% | 10.8% | −5.2% | 14.3% | 10.6% | 12.3% | 4.0% |
| Return on tangible assets | 24.1% | 22.4% | 20.6% | 17.9% | 16.5% | −7.7% | 23.3% | 13.9% | 15.6% | 6.7% |
| Free cash flow margin | 15.2% | 12.7% | 11.6% | 8.7% | 9.7% | 17.4% | 10.7% | 13.5% | 9.0% | −6.6% |
| Income quality (OCF / net income) | 1.15 | 1.01 | 1.04 | 0.91 | 1.01 | — | 0.76 | 1.02 | 0.76 | 0.55 |
| Financial health | ||||||||||
| Total debt | $531.8M | $599.9M | $640.4M | $687.0M | $671.6M | $755.7M | $646.1M | $819.8M | $850.2M | $873.6M |
| Cash & short-term investments | $112.7M | $79.3M | $70.8M | $106.0M | $98.1M | $136.9M | $45.3M | $325.7M | $159.6M | $142.3M |
| Net debt | $419.1M | $520.6M | $569.6M | $581.0M | $573.5M | $618.8M | $600.8M | $494.1M | $690.6M | $731.3M |
| Debt / equity | 0.59 | 0.79 | 1.08 | 1.28 | 1.29 | 1.68 | 1.77 | 3.14 | 2.03 | 3.28 |
| Debt / assets | 0.28 | 0.33 | 0.38 | 0.41 | 0.39 | 0.44 | 0.43 | 0.44 | 0.45 | 0.50 |
| Net debt / EBITDA | 0.76 | 1.34 | 1.31 | 1.58 | 1.55 | — | 1.47 | 1.43 | 2.00 | 2.60 |
| Current ratio | 1.46 | 1.40 | 1.61 | 1.95 | 1.54 | 1.81 | 1.57 | 1.37 | 2.40 | 1.81 |
| Quick ratio | 1.00 | 0.96 | 1.07 | 1.35 | 1.11 | 1.34 | 1.13 | 1.26 | 2.20 | 1.33 |
| Interest coverage | 13.1 | 8.3 | 5.0 | 7.8 | 5.4 | 5.7 | 6.5 | 4.6 | 5.2 | 3.6 |
| Working capital | $124.1M | $99.2M | $118.5M | $173.8M | $112.3M | $139.5M | $89.2M | $203.3M | $379.0M | $182.1M |
| Invested capital | $1.32B | $1.28B | $1.16B | $1.12B | $1.09B | $1.07B | $965.7M | $755.3M | $1.11B | $997.7M |
| Tangible asset value | $257.7M | $98.9M | $3.9M | −$40.0M | −$68.7M | −$167.7M | −$100.0M | −$180.8M | −$21.8M | −$161.3M |
| Net current asset value | −$632.5M | −$736.7M | −$767.6M | −$795.7M | −$868.4M | −$955.8M | −$884.0M | −$859.5M | −$805.3M | −$1.09B |
| Graham number | $57.37 | $48.28 | $38.52 | $33.41 | $30.71 | — | $28.36 | $20.74 | $26.98 | $13.12 |
| Graham net-net per share | −$17.23 | −$19.27 | −$19.51 | −$19.52 | −$20.13 | −$21.49 | −$19.44 | −$22.93 | −$21.83 | −$22.51 |
| Capital allocation | ||||||||||
| Dividends paid | $55.2M | $50.6M | $46.9M | $44.2M | $41.4M | $39.2M | $35.6M | $8.6M | $8.6M | $0 |
| Share buybacks (net) | $128.9M | $59.9M | $132.0M | $165.0M | $80.0M | $44.4M | $131.3M | $306.6M | $80.4M | $43.8M |
| Dividend payout ratio | 17.9% | 19.1% | 21.0% | 22.1% | 22.4% | — | 14.8% | 4.3% | 3.8% | 0.0% |
| Dividends + buybacks / free cash flow | 74.8% | 60.1% | 119.5% | 194.4% | 113.0% | 51.2% | 149.8% | 240.1% | 110.3% | — |
| Capex / revenue | 6.7% | 5.7% | 6.5% | 6.1% | 7.2% | 5.9% | 6.9% | 7.4% | 10.0% | 12.5% |
| Capex / operating cash flow | 30.8% | 31.0% | 35.9% | 41.0% | 42.6% | 25.3% | 39.0% | 35.4% | 52.6% | 211.4% |
| Capex / depreciation | 0.91 | 0.80 | 0.94 | 0.89 | 0.83 | 0.66 | 0.99 | 0.91 | 1.01 | 1.17 |
| Stock-based compensation / revenue | 1.4% | 1.3% | 1.5% | 1.2% | 1.0% | 0.7% | 0.9% | 1.4% | 1.1% | 1.5% |
| R&D / revenue | — | 1.1% | 0.3% | 0.3% | 1.3% | 1.6% | 1.4% | 1.7% | 1.9% | 2.1% |
| SG&A / revenue | 20.9% | 21.3% | 20.3% | 19.2% | 21.0% | 17.4% | 16.8% | 16.3% | 15.2% | 26.9% |
| Efficiency | ||||||||||
| Days sales outstanding | 30.2 | 31.6 | 31.8 | 33.3 | 31.5 | 38.1 | 34.6 | 38.0 | 36.1 | 39.4 |
| Days of inventory on hand | 44.5 | 45.2 | 48.9 | 46.6 | 44.7 | 45.3 | 36.8 | 32.7 | 51.7 | 156.0 |
| Days payables outstanding | 43.5 | 41.6 | 44.8 | 49.1 | 48.7 | 48.6 | 45.9 | 42.6 | 43.3 | 67.5 |
| Cash conversion cycle (days) | 31.2 | 35.2 | 36.0 | 30.8 | 27.5 | 34.9 | 25.5 | 28.1 | 44.5 | 127.8 |
| Receivables turnover | 12.07 | 11.56 | 11.46 | 10.98 | 11.58 | 9.57 | 10.56 | 9.60 | 10.12 | 9.27 |
| Payables turnover | 8.39 | 8.78 | 8.14 | 7.44 | 7.49 | 7.51 | 7.95 | 8.57 | 8.43 | 5.41 |
| Inventory turnover | 8.21 | 8.08 | 7.46 | 7.83 | 8.16 | 8.05 | 9.91 | 11.16 | 7.06 | 2.34 |
| Asset turnover | 0.86 | 0.82 | 0.77 | 0.73 | 0.65 | 0.58 | 0.62 | 0.52 | 0.49 | 0.38 |
| Average receivables | $134.3M | $125.0M | $113.0M | $112.3M | $95.5M | $97.8M | $98.3M | $101.5M | $88.2M | $90.2M |
| Average payables | $114.7M | $98.4M | $98.0M | $105.4M | $93.5M | $80.3M | $80.8M | $74.9M | $68.2M | $98.1M |
| Average inventory | $117.2M | $106.9M | $107.0M | $100.1M | $85.8M | $75.0M | $64.8M | $57.5M | $81.4M | $226.6M |
| Intangibles / total assets | 33.4% | 35.7% | 35.2% | 34.1% | 34.4% | 36.0% | 31.1% | 23.6% | 23.5% | 24.3% |
Computed from AWI's annual financial statements (latest annual report filed February 24, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
AWI valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Armstrong World Industries traded at 27.0 times earnings, against a 10-year median of 19.7. Based on the latest twelve months, the trailing P/E is 23.0 and the forward P/E is 17.1. Armstrong World Industries earned a return on equity of 37.2% and a return on invested capital of 25.6% in fiscal 2025. It ended the year with $531.8 million of debt and $112.7 million in cash and short-term investments, net debt of $419.1 million. It returned $184.1 million to shareholders: $55.2 million in dividends and $128.9 million in share buybacks, 75% of free cash flow. The share count fell 21.7% from 55.7M to 43.6M over 9 years.
See the AWI income statement, the AWI chart for price history, or the AWI stock overview for the latest quote and news.
AWI key metrics FAQ
What is Armstrong World Industries's P/E ratio?
Armstrong World Industries's trailing P/E ratio is 23.0 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 17.1. At the end of fiscal 2025 it was 27.0, compared with a 10-year median of 19.7.
What is Armstrong World Industries's EV/EBITDA?
Armstrong World Industries's enterprise value was 15.8 times EBITDA at the end of fiscal 2025 (enterprise value $8.8 billion, EBITDA $553.7 million); the current EV/EBITDA is 13.2.
What is Armstrong World Industries's return on equity?
Armstrong World Industries's return on equity (ROE) was 37.2% in fiscal 2025: net income of $308.7 million on average shareholders' equity of $828.9 million.
What is Armstrong World Industries's ROIC?
Armstrong World Industries's return on invested capital was 25.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Armstrong World Industries have?
Armstrong World Industries had total debt of $531.8 million at the end of fiscal 2025, a debt-to-equity ratio of 0.59 and $419.1 million of net debt (0.76 times EBITDA).
What is Armstrong World Industries's dividend yield?
Armstrong World Industries's forward dividend yield is 0.81%. Armstrong World Industries paid $55.2 million in dividends in fiscal 2025 ($1.27 per share), a payout ratio of 17.9%.
Does Armstrong World Industries buy back its shares?
Yes. Armstrong World Industries spent $128.9 million on net share repurchases in fiscal 2025 Shares outstanding changed −0.9% over the year, to 43.6M..
What is Armstrong World Industries's free cash flow yield?
Armstrong World Industries generated $246.1 million of free cash flow in fiscal 2025, a free cash flow yield of 3.0% on its market value at year-end ($8.3 billion).
What is Armstrong World Industries's current ratio?
Armstrong World Industries's current ratio was 1.46 at the end of fiscal 2025: current assets were 1.46 times current liabilities.