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Side-by-side financial comparison of ARMSTRONG WORLD INDUSTRIES INC (AWI) and CASELLA WASTE SYSTEMS INC (CWST). Click either name above to swap in a different company.
CASELLA WASTE SYSTEMS INC is the larger business by last-quarter revenue ($557.2M vs $388.3M, roughly 1.4× ARMSTRONG WORLD INDUSTRIES INC). ARMSTRONG WORLD INDUSTRIES INC runs the higher net margin — 16.9% vs -1.0%, a 17.9% gap on every dollar of revenue. On growth, CASELLA WASTE SYSTEMS INC posted the faster year-over-year revenue change (9.6% vs 5.6%). ARMSTRONG WORLD INDUSTRIES INC produced more free cash flow last quarter ($62.2M vs $30.7M). Over the past eight quarters, CASELLA WASTE SYSTEMS INC's revenue compounded faster (21.5% CAGR vs 9.1%).
Armstrong World Industries, Inc. is an international designer and manufacturer of wall and ceiling building materials based in Lancaster, Pennsylvania. As of 2014, AWI had 3,100 employees and a global manufacturing network of 17 facilities, down from 26, including nine plants dedicated to its WAVE joint venture, in 2012.
Casella Waste Systems, Inc. is a waste management company based in Rutland, Vermont, United States. Founded in 1975 with a single truck, Casella is a regional, vertically integrated solid waste services company. Casella provides resource management expertise and services to residential, commercial, municipal and industrial customers, primarily in the areas of solid waste collection and disposal, transfer, recycling and organics services. The company provides integrated solid waste services in...
AWI vs CWST — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $388.3M | $557.2M |
| Net Profit | $65.5M | $-5.5M |
| Gross Margin | 39.8% | — |
| Operating Margin | 23.7% | 0.9% |
| Net Margin | 16.9% | -1.0% |
| Revenue YoY | 5.6% | 9.6% |
| Net Profit YoY | 5.3% | -15.2% |
| EPS (diluted) | $1.51 | $-0.09 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $557.2M | ||
| Q4 25 | $388.3M | $469.1M | ||
| Q3 25 | $425.2M | $485.4M | ||
| Q2 25 | $424.6M | $465.3M | ||
| Q1 25 | $382.7M | $417.1M | ||
| Q4 24 | $367.7M | $427.5M | ||
| Q3 24 | $386.6M | $411.6M | ||
| Q2 24 | $365.1M | $377.2M |
| Q1 26 | — | $-5.5M | ||
| Q4 25 | $65.5M | $-2.5M | ||
| Q3 25 | $86.3M | $10.0M | ||
| Q2 25 | $87.8M | $5.2M | ||
| Q1 25 | $69.1M | $-4.8M | ||
| Q4 24 | $62.2M | $4.9M | ||
| Q3 24 | $76.9M | $5.8M | ||
| Q2 24 | $65.9M | $7.0M |
| Q1 26 | — | — | ||
| Q4 25 | 39.8% | 33.3% | ||
| Q3 25 | 42.0% | 35.0% | ||
| Q2 25 | 41.4% | 33.8% | ||
| Q1 25 | 39.2% | 32.8% | ||
| Q4 24 | 39.1% | 33.2% | ||
| Q3 24 | 42.4% | 35.1% | ||
| Q2 24 | 40.9% | 35.4% |
| Q1 26 | — | 0.9% | ||
| Q4 25 | 23.7% | 2.5% | ||
| Q3 25 | 27.6% | 6.1% | ||
| Q2 25 | 29.0% | 4.1% | ||
| Q1 25 | 25.7% | 0.8% | ||
| Q4 24 | 22.3% | 4.3% | ||
| Q3 24 | 28.8% | 5.9% | ||
| Q2 24 | 26.0% | 6.1% |
| Q1 26 | — | -1.0% | ||
| Q4 25 | 16.9% | -0.5% | ||
| Q3 25 | 20.3% | 2.1% | ||
| Q2 25 | 20.7% | 1.1% | ||
| Q1 25 | 18.1% | -1.2% | ||
| Q4 24 | 16.9% | 1.1% | ||
| Q3 24 | 19.9% | 1.4% | ||
| Q2 24 | 18.0% | 1.9% |
| Q1 26 | — | $-0.09 | ||
| Q4 25 | $1.51 | $-0.04 | ||
| Q3 25 | $1.98 | $0.16 | ||
| Q2 25 | $2.01 | $0.08 | ||
| Q1 25 | $1.58 | $-0.08 | ||
| Q4 24 | $1.41 | $0.08 | ||
| Q3 24 | $1.75 | $0.10 | ||
| Q2 24 | $1.50 | $0.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $112.7M | $126.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $900.7M | $1.6B |
| Total Assets | $1.9B | $3.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $126.9M | ||
| Q4 25 | $112.7M | $123.8M | ||
| Q3 25 | $90.1M | $192.7M | ||
| Q2 25 | $81.1M | $217.8M | ||
| Q1 25 | $82.8M | $267.7M | ||
| Q4 24 | $79.3M | $358.3M | ||
| Q3 24 | $73.7M | $519.0M | ||
| Q2 24 | $73.6M | $208.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $976.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $900.7M | $1.6B | ||
| Q3 25 | $889.2M | $1.6B | ||
| Q2 25 | $837.8M | $1.6B | ||
| Q1 25 | $793.4M | $1.5B | ||
| Q4 24 | $757.1M | $1.6B | ||
| Q3 24 | $717.0M | $1.5B | ||
| Q2 24 | $669.0M | $1.0B |
| Q1 26 | — | $3.3B | ||
| Q4 25 | $1.9B | $3.3B | ||
| Q3 25 | $1.9B | $3.3B | ||
| Q2 25 | $1.9B | $3.3B | ||
| Q1 25 | $1.9B | $3.2B | ||
| Q4 24 | $1.8B | $3.2B | ||
| Q3 24 | $1.8B | $3.1B | ||
| Q2 24 | $1.8B | $2.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.72× | ||
| Q3 25 | — | 0.72× | ||
| Q2 25 | — | 0.72× | ||
| Q1 25 | — | 0.72× | ||
| Q4 24 | — | 0.70× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.94× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $110.0M | $62.3M |
| Free Cash FlowOCF − Capex | $62.2M | $30.7M |
| FCF MarginFCF / Revenue | 16.0% | 5.5% |
| Capex IntensityCapex / Revenue | 12.3% | 9.0% |
| Cash ConversionOCF / Net Profit | 1.68× | — |
| TTM Free Cash FlowTrailing 4 quarters | $246.1M | $120.7M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $62.3M | ||
| Q4 25 | $110.0M | $96.6M | ||
| Q3 25 | $122.9M | $93.6M | ||
| Q2 25 | $81.6M | $89.5M | ||
| Q1 25 | $41.0M | $50.1M | ||
| Q4 24 | $86.6M | $109.8M | ||
| Q3 24 | $96.5M | $91.8M | ||
| Q2 24 | $57.3M | $72.1M |
| Q1 26 | — | $30.7M | ||
| Q4 25 | $62.2M | $39.3M | ||
| Q3 25 | $100.3M | $27.6M | ||
| Q2 25 | $61.7M | $23.1M | ||
| Q1 25 | $21.9M | $-5.4M | ||
| Q4 24 | $57.8M | $32.9M | ||
| Q3 24 | $77.1M | $40.4M | ||
| Q2 24 | $37.4M | $27.5M |
| Q1 26 | — | 5.5% | ||
| Q4 25 | 16.0% | 8.4% | ||
| Q3 25 | 23.6% | 5.7% | ||
| Q2 25 | 14.5% | 5.0% | ||
| Q1 25 | 5.7% | -1.3% | ||
| Q4 24 | 15.7% | 7.7% | ||
| Q3 24 | 19.9% | 9.8% | ||
| Q2 24 | 10.2% | 7.3% |
| Q1 26 | — | 9.0% | ||
| Q4 25 | 12.3% | 12.2% | ||
| Q3 25 | 5.3% | 13.6% | ||
| Q2 25 | 4.7% | 14.3% | ||
| Q1 25 | 5.0% | 13.3% | ||
| Q4 24 | 7.8% | 18.0% | ||
| Q3 24 | 5.0% | 12.5% | ||
| Q2 24 | 5.5% | 11.8% |
| Q1 26 | — | — | ||
| Q4 25 | 1.68× | — | ||
| Q3 25 | 1.42× | 9.37× | ||
| Q2 25 | 0.93× | 17.19× | ||
| Q1 25 | 0.59× | — | ||
| Q4 24 | 1.39× | 22.51× | ||
| Q3 24 | 1.25× | 15.91× | ||
| Q2 24 | 0.87× | 10.29× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AWI
| Distributors | $183.0M | 47% |
| Architectural Specialties | $143.7M | 37% |
| Home Centers | $27.2M | 7% |
| Retailers And Other | $21.7M | 6% |
| Direct Customers | $12.7M | 3% |
CWST
| Collection | $334.8M | 60% |
| Transfer station | $65.9M | 12% |
| Processing (ii) | $49.0M | 9% |
| Landfill | $48.0M | 9% |
| National Accounts (ii) | $45.6M | 8% |
| Transportation | $8.2M | 1% |
| Landfill gas-to-energy | $2.9M | 1% |
