Armstrong World Industries

AWI

Construction · Industrials

Price

$178.54

+0.43 (+0.24%)

Market Cap

$7.55B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Strong

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

Dividends

Good

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Share count falling — buybacks

−9.0% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 47.9M (2021) → 43.6M (2025)

Winston Score History

The full picture

Armstrong World Industries makes ceiling systems and wall panels used inside buildings. Its main products are ceiling tiles, ceiling grids, and specialty walls sold to commercial customers like offices, schools, hospitals, and retail stores. Armstrong is one of the largest manufacturers of commercial ceilings in the United States.

The company earns money by selling its products to contractors, distributors, and building owners, mostly across North America. Armstrong has a strong competitive position because its brand is well recognized in the industry and switching costs are relatively high once a building project specifies a particular ceiling system. Its healthy margins reflect pricing power and a focus on higher-value products. The key growth driver is demand for commercial building renovation and new construction, but a slowdown in commercial real estate activity remains the main risk to its business.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+12.9% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

1.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$79M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Armstrong World Industries is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

41.3%

Healthy — 41.3% gross margin

Profit after running costs

Operating Margin

28.3%

Excellent — 28.3% operating margin

Return on the money invested

ROCE

23.5%

Exceptional — 23.5% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+8.6%

Steady sales growth (+8.6% YoY)

Profit growth

EPS YoY

+7.5%

Modest earnings growth (+7.5% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

114%

Turns 114% of profit into real cash

Spare cash per sale

FCF Margin

15.4%

Converts sales into free cash efficiently (15.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.05

Conservative — low debt load (0.05)

Covers its interest

Interest Cover

15.78x

Comfortably covers interest (15.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

24.4x

Growth-priced — P/E 24.4

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+3.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (24.4 → 21.3)

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Dividends

Dividend

Dividend Yield

0.74%

Small dividend — 0.74% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+10.1%

Dividend growing fast (10.1% YoY)

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