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Side-by-side financial comparison of ARMSTRONG WORLD INDUSTRIES INC (AWI) and ESAB Corp (ESAB). Click either name above to swap in a different company.
ESAB Corp is the larger business by last-quarter revenue ($745.6M vs $388.3M, roughly 1.9× ARMSTRONG WORLD INDUSTRIES INC). ARMSTRONG WORLD INDUSTRIES INC runs the higher net margin — 16.9% vs 6.6%, a 10.3% gap on every dollar of revenue. On growth, ESAB Corp posted the faster year-over-year revenue change (9.9% vs 5.6%). Over the past eight quarters, ARMSTRONG WORLD INDUSTRIES INC's revenue compounded faster (9.1% CAGR vs 4.0%).
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.
ESAB, Elektriska Svetsnings-Aktiebolaget, is an American-Swedish industrial company.
AWI vs ESAB — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $388.3M | $745.6M |
| Net Profit | $65.5M | $49.2M |
| Gross Margin | 39.8% | 36.9% |
| Operating Margin | 23.7% | 12.1% |
| Net Margin | 16.9% | 6.6% |
| Revenue YoY | 5.6% | 9.9% |
| Net Profit YoY | 5.3% | -29.3% |
| EPS (diluted) | $1.51 | $0.78 |
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 | — | $745.6M | ||
| Q4 25 | $388.3M | $727.8M | ||
| Q3 25 | $425.2M | $715.6M | ||
| Q2 25 | $424.6M | $678.1M | ||
| Q1 25 | $382.7M | — | ||
| Q4 24 | $367.7M | $670.8M | ||
| Q3 24 | $386.6M | $673.3M | ||
| Q2 24 | $365.1M | $707.1M |
| Q1 26 | — | $49.2M | ||
| Q4 25 | $65.5M | $54.8M | ||
| Q3 25 | $86.3M | $66.9M | ||
| Q2 25 | $87.8M | $67.4M | ||
| Q1 25 | $69.1M | — | ||
| Q4 24 | $62.2M | $53.7M | ||
| Q3 24 | $76.9M | $68.2M | ||
| Q2 24 | $65.9M | $82.9M |
| Q1 26 | — | 36.9% | ||
| Q4 25 | 39.8% | 37.0% | ||
| Q3 25 | 42.0% | 37.2% | ||
| Q2 25 | 41.4% | 37.6% | ||
| Q1 25 | 39.2% | — | ||
| Q4 24 | 39.1% | 38.5% | ||
| Q3 24 | 42.4% | 37.7% | ||
| Q2 24 | 40.9% | 38.2% |
| Q1 26 | — | 12.1% | ||
| Q4 25 | 23.7% | 14.6% | ||
| Q3 25 | 27.6% | 15.2% | ||
| Q2 25 | 29.0% | 16.2% | ||
| Q1 25 | 25.7% | — | ||
| Q4 24 | 22.3% | 16.6% | ||
| Q3 24 | 28.8% | 15.7% | ||
| Q2 24 | 26.0% | 16.9% |
| Q1 26 | — | 6.6% | ||
| Q4 25 | 16.9% | 7.5% | ||
| Q3 25 | 20.3% | 9.3% | ||
| Q2 25 | 20.7% | 9.9% | ||
| Q1 25 | 18.1% | — | ||
| Q4 24 | 16.9% | 8.0% | ||
| Q3 24 | 19.9% | 10.1% | ||
| Q2 24 | 18.0% | 11.7% |
| Q1 26 | — | $0.78 | ||
| Q4 25 | $1.51 | $0.90 | ||
| Q3 25 | $1.98 | $1.09 | ||
| Q2 25 | $2.01 | $1.10 | ||
| Q1 25 | $1.58 | — | ||
| Q4 24 | $1.41 | $0.87 | ||
| Q3 24 | $1.75 | $1.11 | ||
| Q2 24 | $1.50 | $1.35 |
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 | $1.0B |
| Total DebtLower is stronger | — | $2.0B |
| Stockholders' EquityBook value | $900.7M | $2.2B |
| Total Assets | $1.9B | $5.6B |
| Debt / EquityLower = less leverage | — | 0.91× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.0B | ||
| Q4 25 | $112.7M | $218.2M | ||
| Q3 25 | $90.1M | $258.2M | ||
| Q2 25 | $81.1M | $291.3M | ||
| Q1 25 | $82.8M | — | ||
| Q4 24 | $79.3M | $249.4M | ||
| Q3 24 | $73.7M | $253.7M | ||
| Q2 24 | $73.6M | $228.5M |
| Q1 26 | — | $2.0B | ||
| Q4 25 | — | $1.3B | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.1B |
| Q1 26 | — | $2.2B | ||
| Q4 25 | $900.7M | $2.1B | ||
| Q3 25 | $889.2M | $2.1B | ||
| Q2 25 | $837.8M | $1.9B | ||
| Q1 25 | $793.4M | — | ||
| Q4 24 | $757.1M | $1.8B | ||
| Q3 24 | $717.0M | $1.8B | ||
| Q2 24 | $669.0M | $1.7B |
| Q1 26 | — | $5.6B | ||
| Q4 25 | $1.9B | $4.9B | ||
| Q3 25 | $1.9B | $4.4B | ||
| Q2 25 | $1.9B | $4.2B | ||
| Q1 25 | $1.9B | — | ||
| Q4 24 | $1.8B | $4.0B | ||
| Q3 24 | $1.8B | $4.1B | ||
| Q2 24 | $1.8B | $4.0B |
| Q1 26 | — | 0.91× | ||
| Q4 25 | — | 0.63× | ||
| Q3 25 | — | 0.51× | ||
| Q2 25 | — | 0.55× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.60× | ||
| Q3 24 | — | 0.59× | ||
| Q2 24 | — | 0.63× |
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 | $46.9M |
| Free Cash FlowOCF − Capex | $62.2M | — |
| FCF MarginFCF / Revenue | 16.0% | — |
| Capex IntensityCapex / Revenue | 12.3% | — |
| Cash ConversionOCF / Net Profit | 1.68× | 0.95× |
| TTM Free Cash FlowTrailing 4 quarters | $246.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $46.9M | ||
| Q4 25 | $110.0M | $81.5M | ||
| Q3 25 | $122.9M | $46.6M | ||
| Q2 25 | $81.6M | $35.4M | ||
| Q1 25 | $41.0M | — | ||
| Q4 24 | $86.6M | $126.9M | ||
| Q3 24 | $96.5M | $101.0M | ||
| Q2 24 | $57.3M | $83.0M |
| Q1 26 | — | — | ||
| Q4 25 | $62.2M | $70.3M | ||
| Q3 25 | $100.3M | $37.4M | ||
| Q2 25 | $61.7M | $28.1M | ||
| Q1 25 | $21.9M | — | ||
| Q4 24 | $57.8M | $102.2M | ||
| Q3 24 | $77.1M | $90.4M | ||
| Q2 24 | $37.4M | $74.0M |
| Q1 26 | — | — | ||
| Q4 25 | 16.0% | 9.7% | ||
| Q3 25 | 23.6% | 5.2% | ||
| Q2 25 | 14.5% | 4.1% | ||
| Q1 25 | 5.7% | — | ||
| Q4 24 | 15.7% | 15.2% | ||
| Q3 24 | 19.9% | 13.4% | ||
| Q2 24 | 10.2% | 10.5% |
| Q1 26 | — | — | ||
| Q4 25 | 12.3% | 1.5% | ||
| Q3 25 | 5.3% | 1.3% | ||
| Q2 25 | 4.7% | 1.1% | ||
| Q1 25 | 5.0% | — | ||
| Q4 24 | 7.8% | 3.7% | ||
| Q3 24 | 5.0% | 1.6% | ||
| Q2 24 | 5.5% | 1.3% |
| Q1 26 | — | 0.95× | ||
| Q4 25 | 1.68× | 1.49× | ||
| Q3 25 | 1.42× | 0.70× | ||
| Q2 25 | 0.93× | 0.53× | ||
| Q1 25 | 0.59× | — | ||
| Q4 24 | 1.39× | 2.36× | ||
| Q3 24 | 1.25× | 1.48× | ||
| Q2 24 | 0.87× | 1.00× |
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% |
ESAB
Segment breakdown not available.
