Armstrong World Industries (AWI)
Market Price (8/24/2026): $178.625 | Market Cap: $7.6 BilSector: Industrials | Industry: Building Products
Armstrong World Industries (AWI)
Market Price (8/24/2026): $178.625Market Cap: $7.6 BilSector: IndustrialsIndustry: Building Products
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15% Low stock price volatilityVol 12M is 27% Megatrend and thematic driversMegatrends include Sustainable Resource Management, Sustainable & Green Buildings, and Advanced Materials. Themes include Green Building Materials, Show more. | Key risksAWI key risks include [1] significant financial dependence on the performance of its Worthington Armstrong Venture (WAVE) joint venture and [2] geographic revenue concentration in the United States. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15% |
| Low stock price volatilityVol 12M is 27% |
| Megatrend and thematic driversMegatrends include Sustainable Resource Management, Sustainable & Green Buildings, and Advanced Materials. Themes include Green Building Materials, Show more. |
| Key risksAWI key risks include [1] significant financial dependence on the performance of its Worthington Armstrong Venture (WAVE) joint venture and [2] geographic revenue concentration in the United States. |
Qualitative Assessment
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Armstrong World Industries (AWI) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat: Armstrong World Industries reported impressive financial results for its fiscal second quarter ended June 2026. On July 28, 2026, the company announced diluted earnings per share (EPS) of $2.36, which surpassed analyst consensus estimates by approximately 3.94% to 5%. Additionally, quarterly net sales reached a record $472 million, exceeding analyst estimates by about 2% to 2.97% and representing an 11.2% increase year-over-year. This strong performance demonstrated solid operational execution, driving a significant positive reaction in the stock.
2. Raised Full-Year 2026 Financial Guidance: Following the robust fiscal Q2 2026 results, Armstrong World Industries raised its full-year 2026 financial outlook. The company lifted its adjusted diluted EPS guidance to a midpoint of $8.40 and increased its full-year revenue guidance to a midpoint of $1.79 billion. This upward revision signaled management's confidence in sustained demand and operational momentum through the remainder of the fiscal year, which was a significant catalyst for the stock's appreciation.
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Armstrong World Industries (AWI) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat: Armstrong World Industries reported impressive financial results for its fiscal second quarter ended June 2026. On July 28, 2026, the company announced diluted earnings per share (EPS) of $2.36, which surpassed analyst consensus estimates by approximately 3.94% to 5%. Additionally, quarterly net sales reached a record $472 million, exceeding analyst estimates by about 2% to 2.97% and representing an 11.2% increase year-over-year. This strong performance demonstrated solid operational execution, driving a significant positive reaction in the stock.
2. Raised Full-Year 2026 Financial Guidance: Following the robust fiscal Q2 2026 results, Armstrong World Industries raised its full-year 2026 financial outlook. The company lifted its adjusted diluted EPS guidance to a midpoint of $8.40 and increased its full-year revenue guidance to a midpoint of $1.79 billion. This upward revision signaled management's confidence in sustained demand and operational momentum through the remainder of the fiscal year, which was a significant catalyst for the stock's appreciation.
3. Robust Performance in Key Segments and Analyst Optimism: The company's growth was fueled by strong performance across its core segments, particularly the higher-margin Architectural Specialties business, which saw double-digit order intake. This was supported by disciplined cost controls and an effective product mix. Concurrently, Wall Street analysts maintained a "Moderate Buy" consensus rating for AWI, with an average price target of $213.00, suggesting a potential upside of 19.78% from the stock's price of $177.83 as of August 18, 2026. Several analysts also increased their price targets for the stock following the positive earnings and guidance updates, further bolstering investor confidence.
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Stock Movement Drivers
Fundamental Drivers
The 5.2% change in AWI stock from 4/30/2026 to 8/23/2026 was primarily driven by a 2.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 169.72 | 178.54 | 5.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,648 | 1,695 | 2.9% |
| Net Income Margin (%) | 18.6% | 18.6% | 0.0% |
| P/E Multiple | 23.7 | 24.1 | 1.5% |
| Shares Outstanding (Mil) | 43 | 42 | 0.7% |
| Cumulative Contribution | 5.2% |
Market Drivers
4/30/2026 to 8/23/2026| Return | Correlation | |
|---|---|---|
| AWI | 5.2% | |
| Market (SPY) | 6.5% | 30.4% |
| Sector (XLI) | 3.2% | 49.6% |
Fundamental Drivers
The -2.3% change in AWI stock from 1/31/2026 to 8/23/2026 was primarily driven by a -6.9% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 182.65 | 178.54 | -2.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,600 | 1,695 | 5.9% |
| Net Income Margin (%) | 19.1% | 18.6% | -2.6% |
| P/E Multiple | 25.8 | 24.1 | -6.9% |
| Shares Outstanding (Mil) | 43 | 42 | 1.6% |
| Cumulative Contribution | -2.3% |
Market Drivers
1/31/2026 to 8/23/2026| Return | Correlation | |
|---|---|---|
| AWI | -2.3% | |
| Market (SPY) | 11.0% | 32.7% |
| Sector (XLI) | 9.3% | 47.8% |
Fundamental Drivers
The -4.2% change in AWI stock from 7/31/2025 to 8/23/2026 was primarily driven by a -12.0% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 186.42 | 178.54 | -4.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,562 | 1,695 | 8.6% |
| Net Income Margin (%) | 19.0% | 18.6% | -1.9% |
| P/E Multiple | 27.3 | 24.1 | -12.0% |
| Shares Outstanding (Mil) | 43 | 42 | 2.1% |
| Cumulative Contribution | -4.2% |
Market Drivers
7/31/2025 to 8/23/2026| Return | Correlation | |
|---|---|---|
| AWI | -4.2% | |
| Market (SPY) | 22.2% | 37.0% |
| Sector (XLI) | 19.8% | 52.2% |
Fundamental Drivers
The 137.7% change in AWI stock from 7/31/2023 to 8/23/2026 was primarily driven by a 52.6% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 75.11 | 178.54 | 137.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,265 | 1,695 | 34.0% |
| Net Income Margin (%) | 16.9% | 18.6% | 10.0% |
| P/E Multiple | 15.8 | 24.1 | 52.6% |
| Shares Outstanding (Mil) | 45 | 42 | 5.6% |
| Cumulative Contribution | 137.7% |
Market Drivers
7/31/2023 to 8/23/2026| Return | Correlation | |
|---|---|---|
| AWI | 137.7% | |
| Market (SPY) | 73.2% | 51.5% |
| Sector (XLI) | 70.0% | 60.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AWI Return | 57% | -40% | 45% | 45% | 36% | -6% | 153% |
| Peers Return | 37% | -18% | 33% | -5% | -20% | 32% | 49% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| AWI Win Rate | 83% | 25% | 58% | 67% | 75% | 50% | |
| Peers Win Rate | 60% | 42% | 55% | 48% | 53% | 57% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| AWI Max Drawdown | -15% | -41% | -24% | -13% | -18% | -25% | |
| Peers Max Drawdown | -22% | -45% | -33% | -32% | -42% | -28% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: WTS, UFPI, GFF, NWL, HELE. See AWI Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/21/2026 (YTD)
How Low Can It Go
| Event | AWI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -17.0% | -18.8% |
| % Gain to Breakeven | 20.5% | 23.1% |
| Time to Breakeven | 31 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -11.2% | -9.5% |
| % Gain to Breakeven | 12.6% | 10.5% |
| Time to Breakeven | 10 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.6% | -6.7% |
| % Gain to Breakeven | 29.2% | 7.1% |
| Time to Breakeven | 155 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -35.9% | -24.5% |
| % Gain to Breakeven | 56.0% | 32.4% |
| Time to Breakeven | 607 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -35.7% | -33.7% |
| % Gain to Breakeven | 55.5% | 50.9% |
| Time to Breakeven | 401 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.9% | -19.2% |
| % Gain to Breakeven | 26.5% | 23.8% |
| Time to Breakeven | 53 days | 105 days |
In The Past
Armstrong World Industries's stock fell -17.0% during the 2025 US Tariff Shock. Such a loss loss requires a 20.5% gain to breakeven.
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| Event | AWI | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.6% | -6.7% |
| % Gain to Breakeven | 29.2% | 7.1% |
| Time to Breakeven | 155 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -35.9% | -24.5% |
| % Gain to Breakeven | 56.0% | 32.4% |
| Time to Breakeven | 607 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -35.7% | -33.7% |
| % Gain to Breakeven | 55.5% | 50.9% |
| Time to Breakeven | 401 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.9% | -19.2% |
| % Gain to Breakeven | 26.5% | 23.8% |
| Time to Breakeven | 53 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -39.1% | -12.2% |
| % Gain to Breakeven | 64.1% | 13.9% |
| Time to Breakeven | 594 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -37.1% | -6.8% |
| % Gain to Breakeven | 58.9% | 7.3% |
| Time to Breakeven | 575 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -22.5% | -17.9% |
| % Gain to Breakeven | 29.1% | 21.8% |
| Time to Breakeven | 74 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -34.3% | -15.4% |
| % Gain to Breakeven | 52.2% | 18.2% |
| Time to Breakeven | 118 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -74.1% | -53.4% |
| % Gain to Breakeven | 286.4% | 114.4% |
| Time to Breakeven | 218 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -29.7% | -8.6% |
| % Gain to Breakeven | 42.3% | 9.5% |
| Time to Breakeven | 819 days | 47 days |
In The Past
Armstrong World Industries's stock fell -17.0% during the 2025 US Tariff Shock. Such a loss loss requires a 20.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Armstrong World Industries (AWI)
Armstrong World Industries (AWI) is a prominent company specializing in the design, manufacture, and sale of various ceiling systems. These systems are integral to the construction and renovation of both residential and commercial buildings across the United States, Canada, and Latin America. The company operates through two main segments: Mineral Fiber and Architectural Specialties.
AWI's extensive product portfolio includes a wide array of ceiling and wall systems made from diverse materials such as suspended mineral fiber, soft fiber, fiberglass wool, metal, wood, glass-reinforced-gypsum, and felt. Additionally, the company produces essential ceiling component products like perimeters, trims, and grid products that support drywall ceiling systems. Its offerings also extend to acoustical controls, facades, and partitions for commercial applications.
The company serves distinct customer groups based on its product lines. Commercial ceiling and architectural specialties products are distributed to resale distributors and ceiling system contractors. For residential ceiling products, AWI sells to wholesalers and retailers, including large home centers, making its products accessible for home renovation and building projects.
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Here are 1-3 brief analogies for Armstrong World Industries (AWI):
- The Sherwin-Williams of ceilings: Just as Sherwin-Williams specializes in paints and coatings for interior and exterior surfaces, Armstrong World Industries is a leading manufacturer focused on ceiling and wall systems.
- The Kohler of ceilings and wall systems: Similar to how Kohler is a well-known manufacturer of specialized plumbing fixtures for homes and commercial buildings, Armstrong World Industries specializes in producing essential and decorative ceiling and wall systems.
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- Mineral Fiber Ceiling Systems: These systems include suspended mineral fiber and soft fiber, primarily for construction and renovation.
- Fiberglass Wool Ceiling Systems: Ceilings made with fiberglass wool, known for their acoustical and thermal properties.
- Metal Ceiling Systems: Durable ceiling solutions crafted from metal, often used for their aesthetic and performance characteristics.
- Architectural Specialty Ceiling and Wall Systems: Diverse systems made from materials like wood, wood fiber, glass-reinforced-gypsum, and felt for specialized design and functional needs.
- Ceiling Component Products: Essential components such as perimeters, trims, and grid systems that support various ceiling installations.
- Acoustical Controls: Products specifically designed to manage sound and improve acoustics within interior spaces.
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Armstrong World Industries (AWI) primarily sells its products to other companies (B2B) rather than directly to individuals. The provided background description does not list specific names of customer companies. However, it identifies the following categories of businesses as AWI's major customers:
- Resale distributors: These entities purchase commercial ceiling and architectural specialties products from AWI for further sale.
- Ceiling system contractors: These professionals acquire AWI's commercial ceiling and architectural specialties products for direct use in their construction and renovation projects.
- Wholesalers: These businesses buy residential ceiling products from AWI for distribution to various retail outlets or other commercial clients.
- Retailers, such as large home centers: These businesses sell AWI's residential ceiling products directly to end-consumers. While specific company names are not provided in the background, this category includes large chains.
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Victor D. Grizzle, President & Chief Executive Officer
Victor D. Grizzle has served as president and chief executive officer of Armstrong World Industries since March 2016. He joined the company in January 2011 as executive vice president. Prior to joining AWI, Mr. Grizzle served from 2005 to 2010 as president of Global Structures, Coatings and Tubing for Valmont Industries. He also previously served as president of the commercial power division of EaglePicher Corporation. Early in his career, he spent 16 years at General Electric in various operational roles across Asia, Europe, and North America. Mr. Grizzle is also a member of the board of directors of Franklin Electric.
Christopher J. Calzaretta, Senior Vice President & Chief Financial Officer
Christopher J. Calzaretta was appointed chief financial officer of Armstrong World Industries in 2022. He joined the company in 2018 as vice president of Finance, Americas. Mr. Calzaretta brings over 20 years of finance and public accounting experience to his role. Prior to AWI, he spent 10 years at E.I. DuPont de Nemours and Company in finance and accounting roles of increasing responsibility. He also held various accounting and financial reporting roles at FMC Corporation, American Meter Company, and Delta Airlines, and began his career in public accounting at Ernst and Young.
Mark A. Hershey, Senior Vice President & Chief Operating Officer
Mark A. Hershey has served as Senior Vice President & Chief Operating Officer since April 2025. He will succeed Vic Grizzle as President and Chief Executive Officer effective April 1, 2026. Mr. Hershey joined Armstrong in 2011 as general counsel and secretary, and has subsequently served as chief compliance officer and head of the company's sustainability efforts. He played a lead role in the separation of the company's flooring business in 2016 and the divestitures of AWI's European and Pacific Rim businesses in 2019. He has been instrumental in all 14 acquisitions that have transformed the company's Architectural Specialties segment since 2016.
Austin So, Senior Vice President, General Counsel, Head of Government Relations & Chief Sustainability Officer
Austin So joined Armstrong World Industries as senior vice president, general counsel and secretary in 2022. His position expanded in 2025 to include head of Government Relations, and he also directs the strategy and execution of AWI's sustainability and compliance programs. Mr. So brings over 20 years of broad legal experience from both corporate and private practice.
Jim Burge, Controller
Jim Burge is Controller and Vice President of Armstrong World Industries, having joined the company in 2015. Prior to assuming his current position in 2021, he held several finance roles of increasing responsibility, including controller for Armstrong Ceilings and Walls, external reporting and consolidations manager, and external reporting manager. Before joining Armstrong, Mr. Burge worked in auditing, controller, and financial reporting roles with Fulton Financial Corporation, York International, and the public accounting firm Grant Thornton LLP.
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Key Risks to Armstrong World Industries (AWI)
The primary risks to Armstrong World Industries (AWI) include:
- Softer Commercial Construction and Renovation Market Conditions: A significant risk to AWI is a projected softer market environment in the commercial construction and renovation sectors, which could negatively impact sales volumes and pricing power. Prolonged weakness in these areas could limit the company's volume growth and affect its financial performance.
- Volatile Material Costs and Supply Chain Disruptions: Armstrong World Industries faces potential headwinds from volatile material costs. Fluctuations in the prices of key raw materials like steel, copper, and aluminum, driven by factors such as tariffs, inflation, and energy costs, can squeeze profit margins. Additionally, broader supply chain dynamics pose a risk to the company's growth trajectory.
- Cybersecurity Threats: Cybersecurity is identified as a key risk management category within Armstrong World Industries' enterprise risk management program. Cybersecurity threats pose significant challenges to the company's operational stability and could impact its business.
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Armstrong World Industries (AWI) participates in significant addressable markets within the North American ceiling systems and architectural specialties sectors.
For its Architectural Specialties segment, which includes interior applications such as metal, wood, felt, glass-reinforced gypsum, and translucent ceiling and wall systems, the total addressable market (TAM) was approximately $1.5 billion in 2023. When including exterior metal solutions, this market expands to over $2.5 billion.
The broader North America ceiling tiles market, encompassing many of AWI's products, was estimated at approximately $2.74 billion in 2024. This market is projected to grow to about $6.14 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 9.4% from 2025 to 2033. The U.S. plays a dominant role within this region, holding an 82.75% revenue share in 2024. Mineral wool products, a key offering from AWI, constituted 42.6% of the North American ceiling tiles market by revenue in 2024. The non-residential sector accounted for the largest share, at 91.0%, in 2024.
Within the North America metal ceilings market, which is a component of AWI's offerings, a CAGR of 4.2% is projected from 2024 to 2031. The U.S. metal ceilings market alone is forecast to reach $706.5 million by 2031.
Additionally, Armstrong World Industries is involved in the acoustic solutions market. The North America acoustic panel market accounts for approximately 30% of the global market. The U.S. acoustic panel industry was valued at $2.2 billion in 2025 and is estimated to grow at a CAGR of 6.6% from 2026 to 2035. The global acoustic panel market, which includes products relevant to AWI's acoustical controls, was valued at $14.33 billion in 2025 and is projected to reach $27 billion by 2034.
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Armstrong World Industries (AWI) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Market-Driven Product Innovation and New Product Launches: AWI consistently invests in research and development to launch new products, particularly those focused on sustainability, energy efficiency, and solutions for specialized sectors like data centers. Recent examples include the expansion of its Templok® Energy Saving Ceilings portfolio and the introduction of Ultima® Low Embodied Carbon ceiling panels, designed to reduce energy costs and carbon emissions. This approach is crucial for maintaining a competitive edge and meeting evolving customer needs in the building materials market.
- Expansion of Architectural Specialties Segment through Strategic Acquisitions and Organic Growth: The company is actively expanding its high-value Architectural Specialties segment through strategic acquisitions and organic growth. Key acquisitions in 2024 included 3form, LLC, Zahner, and BOK Modern, LLC, with Eventscape and Parallel Architectural Products acquired in 2025 and 2026 respectively. These moves bolster AWI's offerings in custom architectural projects and specialty wall solutions, diversifying revenue streams and capitalizing on emerging opportunities within the building materials sector.
- Pricing and Average Unit Value (AUV) Growth in the Mineral Fiber Segment: AWI has a proven ability to achieve average unit value (AUV) growth in its Mineral Fiber segment, driven by favorable pricing and product mix. This consistent AUV growth is expected to continue to more than offset input cost inflation and contribute significantly to overall revenue expansion.
- Digital Initiatives and Enhanced Customer Engagement: The company is investing in digital advancements and platforms, such as ProjectWorks, to improve customer experience and streamline project execution. These digital tools enhance engagement with designers and architects, contributing to growth objectives by improving efficiency and market penetration.
- Focus on Sustainability and Energy-Efficient Solutions: AWI's commitment to sustainability is a core element of its growth strategy. This includes its ceiling recycling program and the introduction of energy-saving and low-carbon products. This focus aligns with increasing market demand and regulatory requirements for environmentally conscious building materials and energy efficiency, positioning Armstrong to benefit from trends in building decarbonization.
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Share Repurchases
- Armstrong World Industries repurchased approximately $605.73 million of its common stock from Q1 2021 to Q4 2025.
- The company repurchased $50 million of shares in the fourth quarter of 2025.
- As of December 31, 2025, $533 million remained authorized under the existing share repurchase program, which extends through the end of 2026.
Share Issuance
- The number of shares outstanding has generally decreased over the past few years, indicating no significant share issuances.
Outbound Investments
- The company made strategic acquisitions in 2024, including 3form and Zahner.
- In the fourth quarter of 2025, Armstrong World Industries acquired Parallel Architectural Products and announced the acquisition of Eventscape.
- Armstrong World Industries has made a strategic equity investment in Overcast Innovations.
Capital Expenditures
- Capital expenditures for the full year 2025 were $109.4 million, following $82.8 million in 2024, $83.8 million in 2023, $74.8 million in 2022, and $79.8 million in 2021.
- A $26 million increase in capital expenditures in 2025 was primarily focused on enhancing manufacturing productivity, expanding capabilities at a Mineral Fiber facility to support the TEMPLOK energy-saving ceiling offering, and advancing IT and digital initiatives.
- Capital expenditures in Q4 2025 were $47.8 million.
Peer Outperformance in Building Products
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| AWI | Armstrong World Industries | 10.3% | 24.1x | -8.8% | 148.2% | 76.7% | — |
| TT | Trane Technologies | 9.7% | 34.0x | 7.9% | 134.7% | 145.8% | +69pp |
| WTS | Watts Water Technologies | 10.5% | 32.8x | 34.8% | 112.4% | 135.6% | +59pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 25.2% | 124.7% | 202.2% | CDNL 3246% · STRL 2190% · FIX 2132% |
| Marine Transportation | 4 | 57.9% | 61.9% | 150.7% | MATX 212% · KEX 154% · SFL 148% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 12.3% | 66.8% | 120.6% | CAT 324% · ALSN 285% · WAB 252% |
| Aerospace & Defense | 55 | 11.1% | 70.2% | 79.6% | DFNS 2047% · ATI 1042% · FTAI 968% |
| Passenger Ground Transportation | 3 | -5.7% | 65.1% | 69.3% | UBER 96% · CAR 69% · LYFT -63% |
| Industrial Machinery & Supplies & Components | 71 | 11.5% | 56.0% | 56.3% | CRS 1440% · PSIX 846% · GHM 735% |
| Rail Transportation | 7 | 38.3% | 76.2% | 50.1% | FSTR 115% · CSX 65% · UNP 56% |
| Cargo Ground Transportation | 16 | 35.7% | 16.1% | 45.4% | XPO 270% · R 264% · CVLG 222% |
| Diversified Support Services | 34 | 8.9% | 37.5% | 34.9% | LIME 4674% · TH 369% · WLFC 347% |
| Trading Companies & Distributors | 18 | 2.2% | 36.4% | 32.1% | DXPE 523% · AIT 303% · URI 232% |
| Building Products ← | 33 | -8.8% | 15.9% | 28.8% | LMB 436% · GFF 413% · PPIH 289% |
| Electrical Components & Equipment | 41 | 26.1% | 44.8% | 28.3% | POWL 2374% · VRT 856% · BE 849% |
| Industrial Conglomerates | 17 | 15.8% | 26.3% | 4.9% | RCMT 727% · CSW 153% · TTI 145% |
| Office Services & Supplies | 10 | 14.0% | 25.0% | 3.8% | TILE 188% · PBI 159% · EBF 56% |
| Environmental & Facilities Services | 28 | -8.3% | 20.9% | 0.8% | CECO 863% · ADUR 661% · GEO 324% |
| Research & Consulting Services | 13 | -7.2% | -18.4% | -1.6% | HURN 220% · CRAI 97% · GRNQ 31% |
| Agricultural & Farm Machinery | 17 | -1.2% | -3.9% | -14.4% | BLBD 200% · DE 88% · GENC 65% |
| Data Processing & Outsourced Services | 6 | -30.4% | -9.5% | -24.5% | EXLS 59% · BR 16% · G -23% |
| Passenger Airlines | 11 | 5.9% | -4.6% | -29.3% | LTM 2324% · UAL 140% · SKYW 130% |
| Human Resource & Employment Services | 20 | 4.5% | -19.4% | -36.1% | BBSI 89% · ADP 51% · KFY 36% |
| Air Freight & Logistics | 12 | -16.2% | -24.2% | -39.1% | CHRW 78% · FDX 67% · EXPD 62% |
| Security & Alarm Services | 10 | -36.2% | -14.3% | -43.4% | CIX 107% · MG 93% · BCO 52% |
| Airport Services | 3 | -69.1% | -69.0% | -58.3% | JOBY -31% · ASLE -58% · UP -100% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 94.67 |
| Mkt Cap | 4.6 |
| Rev LTM | 2,715 |
| Op Inc LTM | 392 |
| FCF LTM | 257 |
| FCF 3Y Avg | 253 |
| CFO LTM | 345 |
| CFO 3Y Avg | 365 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.3% |
| Rev Chg 3Y Avg | -1.1% |
| Rev Chg Q | 7.6% |
| QoQ Delta Rev Chg LTM | 1.4% |
| Op Inc Chg LTM | 6.2% |
| Op Inc Chg 3Y Avg | 13.9% |
| Op Mgn LTM | 12.8% |
| Op Mgn 3Y Avg | 13.9% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 9.6% |
| CFO/Rev 3Y Avg | 12.1% |
| FCF/Rev LTM | 7.1% |
| FCF/Rev 3Y Avg | 9.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 4.6 |
| P/S | 1.2 |
| P/Op Inc | 12.4 |
| P/EBIT | 15.2 |
| P/E | 21.6 |
| P/CFO | 11.9 |
| Total Yield | 4.3% |
| Dividend Yield | 0.8% |
| FCF Yield 3Y Avg | 6.3% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 10.0% |
| 3M Rtn | 16.2% |
| 6M Rtn | 14.7% |
| 12M Rtn | 16.7% |
| 3Y Rtn | 51.9% |
| 1M Excs Rtn | 7.6% |
| 3M Excs Rtn | 15.1% |
| 6M Excs Rtn | 3.6% |
| 12M Excs Rtn | -2.0% |
| 3Y Excs Rtn | -26.2% |
Comparison Analyses
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| ANDA217953 | IPRATROPIUM BROMIDE | ipratropium bromide | aerosol, metered | 2232026 | -18.0% | -6.9% | -6.9% | -6.9% | -6.9% |
| ANDA212447 | ALBUTEROL SULFATE | albuterol sulfate | aerosol, metered | 5212024 | 5.8% | 34.1% | 36.8% | 38.9% | 58.1% |
| NDA205920 | PRIMATENE MIST | epinephrine | aerosol, metered | 11072018 | -3.3% | 24.5% | 34.6% | -11.5% | 174.2% |
| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| ANDA217953 | IPRATROPIUM BROMIDE | ipratropium bromide | aerosol, metered | 2232026 | -18.0% | -6.9% | -6.9% | -6.9% | -6.9% |
| ANDA212447 | ALBUTEROL SULFATE | albuterol sulfate | aerosol, metered | 5212024 | 5.8% | 34.1% | 36.8% | 38.9% | 58.1% |
| NDA205920 | PRIMATENE MIST | epinephrine | aerosol, metered | 11072018 | -3.3% | 24.5% | 34.6% | -11.5% | 174.2% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Mineral Fiber | 1,031 | 986 | 932 | 887 | 818 |
| Architectural Specialties | 590 | 460 | 363 | 346 | 288 |
| Unallocated Corporate | 0 | 0 | 0 | 0 | 0 |
| Total | 1,621 | 1,446 | 1,295 | 1,233 | 1,107 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Mineral Fiber | 362 | 322 | 286 | 261 | 261 |
| Architectural Specialties | 72 | 55 | 41 | 22 | 4 |
| Unallocated Corporate | -3 | -4 | -3 | -4 | -5 |
| Total | 431 | 374 | 324 | 279 | 260 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Mineral Fiber | 1,096 | 1,064 | 1,092 | 1,097 | 1,134 |
| Architectural Specialties | 613 | 602 | 421 | 388 | 366 |
| Unallocated Corporate | 216 | 177 | 159 | 203 | 210 |
| Total | 1,925 | 1,843 | 1,672 | 1,687 | 1,710 |
Price Behavior
| Market Price | $178.54 | |
| Market Cap ($ Bil) | 7.6 | |
| First Trading Date | 10/18/2006 | |
| Distance from 52W High | -11.7% | |
| 50 Days | 200 Days | |
| DMA Price | $165.78 | $174.35 |
| DMA Trend | down | up |
| Distance from DMA | 7.7% | 2.4% |
| 3M | 1YR | |
| Volatility | 31.2% | 26.8% |
| Downside Capture | 40.00 | 85.56 |
| Upside Capture | 94.10 | 56.87 |
| Correlation (SPY) | 26.0% | 37.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.83 | 0.50 | 0.65 | 0.70 | 0.75 | 0.88 |
| Up Beta | -2.30 | -0.41 | 0.15 | 0.84 | 0.89 | 0.87 |
| Down Beta | 1.07 | 0.64 | 0.74 | 0.80 | 0.72 | 0.87 |
| Up Capture | 241% | 110% | 74% | 45% | 47% | 92% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 13 | 24 | 33 | 64 | 127 | 396 |
| Down Capture | 100% | 40% | 79% | 76% | 88% | 94% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 9 | 19 | 30 | 62 | 125 | 355 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AWI | |
|---|---|---|---|---|
| AWI | -7.2% | 26.8% | -0.30 | - |
| Sector ETF (XLI) | 20.5% | 17.1% | 0.92 | 52.4% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 37.4% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | 16.5% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | -25.9% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 38.6% |
| Bitcoin (BTCUSD) | -31.6% | 44.1% | -0.73 | 15.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AWI | |
|---|---|---|---|---|
| AWI | 11.3% | 26.6% | 0.39 | - |
| Sector ETF (XLI) | 13.1% | 17.6% | 0.57 | 65.8% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 60.1% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 8.8% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | 4.0% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 55.4% |
| Bitcoin (BTCUSD) | 10.4% | 52.8% | 0.38 | 24.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AWI | |
|---|---|---|---|---|
| AWI | 15.8% | 30.0% | 0.54 | - |
| Sector ETF (XLI) | 13.8% | 20.0% | 0.60 | 65.0% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 60.2% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | 3.1% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 17.3% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 55.8% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 16.4% |
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Returns Analyses
Earnings Returns History
Updated 8/6/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/28/2026 | 8.1% | 8.6% | |
| 4/28/2026 | -4.5% | -7.9% | -9.9% |
| 2/24/2026 | -9.6% | -10.8% | -13.9% |
| 10/28/2025 | -4.5% | -5.0% | -6.2% |
| 7/29/2025 | 9.4% | 12.3% | 17.2% |
| 4/29/2025 | 4.6% | 8.1% | 12.2% |
| 2/25/2025 | 5.2% | 4.4% | 0.4% |
| 10/29/2024 | 2.0% | 4.2% | 18.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 12 |
| # Negative | 11 | 11 | 11 |
| Median Positive | 4.6% | 8.1% | 13.8% |
| Median Negative | -4.1% | -6.7% | -6.2% |
| Max Positive | 11.8% | 16.5% | 22.5% |
| Max Negative | -9.6% | -10.8% | -14.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/28/2026 | 8.1% | 8.6% | |
| 4/28/2026 | -4.5% | -7.9% | -9.9% |
| 2/24/2026 | -9.6% | -10.8% | -13.9% |
| 10/28/2025 | -4.5% | -5.0% | -6.2% |
| 7/29/2025 | 9.4% | 12.3% | 17.2% |
| 4/29/2025 | 4.6% | 8.1% | 12.2% |
| 2/25/2025 | 5.2% | 4.4% | 0.4% |
| 10/29/2024 | 2.0% | 4.2% | 18.2% |
| 7/30/2024 | 1.1% | -7.5% | -4.4% |
| 4/30/2024 | -3.3% | -1.7% | -3.1% |
| 2/20/2024 | 11.8% | 16.5% | 18.0% |
| 10/24/2023 | 7.1% | 8.5% | 21.1% |
| 7/25/2023 | 2.5% | 1.6% | -3.1% |
| 4/25/2023 | -6.5% | -7.0% | -10.1% |
| 2/21/2023 | -4.1% | -1.5% | -14.4% |
| 10/25/2022 | -3.1% | -5.1% | -3.8% |
| 7/26/2022 | 1.0% | 8.2% | 7.2% |
| 4/26/2022 | -6.0% | -5.8% | -13.0% |
| 2/22/2022 | -2.6% | -6.7% | -0.8% |
| 10/26/2021 | -0.1% | 6.5% | 12.2% |
| 7/27/2021 | 0.7% | 1.4% | 0.8% |
| 4/27/2021 | 0.4% | 4.6% | 2.9% |
| 2/23/2021 | 9.1% | 12.8% | 15.5% |
| 10/27/2020 | -3.2% | -7.3% | 22.5% |
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 12 |
| # Negative | 11 | 11 | 11 |
| Median Positive | 4.6% | 8.1% | 13.8% |
| Median Negative | -4.1% | -6.7% | -6.2% |
| Max Positive | 11.8% | 16.5% | 22.5% |
| Max Negative | -9.6% | -10.8% | -14.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/28/2026 | 10-Q |
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 10/24/2023 | 10-Q |
| 06/30/2023 | 07/25/2023 | 10-Q |
| 03/31/2023 | 04/25/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 10/25/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/28/2026 | 10-Q |
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 10/24/2023 | 10-Q |
| 06/30/2023 | 07/25/2023 | 10-Q |
| 03/31/2023 | 04/25/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 10/25/2022 | 10-Q |
| 06/30/2022 | 07/26/2022 | 10-Q |
| 03/31/2022 | 04/26/2022 | 10-Q |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 10/26/2021 | 10-Q |
| 06/30/2021 | 07/27/2021 | 10-Q |
| 03/31/2021 | 04/27/2021 | 10-Q |
| 12/31/2020 | 02/23/2021 | 10-K |
| 09/30/2020 | 10/27/2020 | 10-Q |
| 06/30/2020 | 07/28/2020 | 10-Q |
| 03/31/2020 | 04/27/2020 | 10-Q |
| 12/31/2019 | 02/25/2020 | 10-K |
| 09/30/2019 | 10/28/2019 | 10-Q |
Recent Forward Guidance
Updated 7/29/2026Latest: Q2 2026 Earnings Reported 7/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Sales | 1.77 Bil | 1.78 Bil | 1.80 Bil | 1.1% | Raised | Guidance: 1.76 Bil for 2026 | |
| 2026 Adjusted EBITDA | 605.00 Mil | 612.50 Mil | 620.00 Mil | 0.4% | Raised | Guidance: 610.00 Mil for 2026 | |
| 2026 Adjusted Diluted EPS | 8.3 | 8.4 | 8.5 | 1.2% | Raised | Guidance: 8.3 for 2026 | |
| 2026 Adjusted Free Cash Flow | 380.00 Mil | 387.50 Mil | 395.00 Mil | 0.6% | Raised | Guidance: 385.00 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 4/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Sales | 1.75 Bil | 1.76 Bil | 1.78 Bil | 0 | Affirmed | Guidance: 1.76 Bil for 2026 | |
| 2026 Adjusted EBITDA | 600.00 Mil | 610.00 Mil | 620.00 Mil | 0 | Affirmed | Guidance: 610.00 Mil for 2026 | |
| 2026 Adjusted Diluted Net Earnings Per Share | 8.15 | 8.3 | 8.45 | 1.2% | Raised | Guidance: 8.2 for 2026 | |
| 2026 Adjusted Free Cash Flow | 375.00 Mil | 385.00 Mil | 395.00 Mil | 0 | Affirmed | Guidance: 385.00 Mil for 2026 | |
Q4 2025 Earnings Reported 2/24/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net sales | 1.75 Bil | 1.76 Bil | 1.78 Bil | 8.2% | Higher New | Actual: 1.63 Bil for 2025 | |
| 2026 Adjusted EBITDA | 600.00 Mil | 610.00 Mil | 620.00 Mil | 9.3% | Higher New | Actual: 558.00 Mil for 2025 | |
| 2026 Adjusted diluted net earnings per share | 8.05 | 8.2 | 8.35 | 9.3% | Higher New | Actual: 7.5 for 2025 | |
| 2026 Adjusted free cash flow | 375.00 Mil | 385.00 Mil | 395.00 Mil | 11.0% | Higher New | Actual: 347.00 Mil for 2025 | |
Q3 2025 Earnings Reported 10/28/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Net sales | 1.62 Bil | 1.63 Bil | 1.64 Bil | 1.0% | Raised | Guidance: 1.61 Bil for 2025 | |
| 2025 Adjusted EBITDA | 553.00 Mil | 558.00 Mil | 563.00 Mil | 1.0% | Raised | Guidance: 552.50 Mil for 2025 | |
| 2025 Adjusted diluted net earnings per share | 7.45 | 7.5 | 7.55 | 3.8% | Raised | Guidance: 7.22 for 2025 | |
| 2025 Adjusted free cash flow | 342.00 Mil | 347.00 Mil | 352.00 Mil | 2.8% | Raised | Guidance: 337.50 Mil for 2025 | |
Investor Activity (13F)
Updated Aug 24, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Building Products Resources |
| Building Design+Construction |
| Construction Dive |
| Architectural Record |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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