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Side-by-side financial comparison of ARMSTRONG WORLD INDUSTRIES INC (AWI) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $388.3M, roughly 1.6× ARMSTRONG WORLD INDUSTRIES INC). ARMSTRONG WORLD INDUSTRIES INC runs the higher net margin — 16.9% vs -4.5%, a 21.4% gap on every dollar of revenue. On growth, ARMSTRONG WORLD INDUSTRIES INC posted the faster year-over-year revenue change (5.6% vs -0.3%). Over the past eight quarters, ARMSTRONG WORLD INDUSTRIES INC's revenue compounded faster (9.1% CAGR vs 7.9%).
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.
Forward Air Corp is a leading North American asset-light logistics and transportation provider. It offers core services including expedited less-than-truckload freight delivery, final-mile logistics, intermodal transport, warehousing, and supply chain solutions, serving key sectors such as e-commerce, retail, manufacturing, and automotive across the U.S., Canada, and Mexico.
AWI vs FWRD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $388.3M | $631.2M |
| Net Profit | $65.5M | $-28.3M |
| Gross Margin | 39.8% | — |
| Operating Margin | 23.7% | -0.5% |
| Net Margin | 16.9% | -4.5% |
| Revenue YoY | 5.6% | -0.3% |
| Net Profit YoY | 5.3% | 22.2% |
| EPS (diluted) | $1.51 | $-0.90 |
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.
| Q4 25 | $388.3M | $631.2M | ||
| Q3 25 | $425.2M | $631.8M | ||
| Q2 25 | $424.6M | $618.8M | ||
| Q1 25 | $382.7M | $613.3M | ||
| Q4 24 | $367.7M | $632.8M | ||
| Q3 24 | $386.6M | $655.9M | ||
| Q2 24 | $365.1M | $643.7M | ||
| Q1 24 | $326.3M | $541.8M |
| Q4 25 | $65.5M | $-28.3M | ||
| Q3 25 | $86.3M | $-16.3M | ||
| Q2 25 | $87.8M | $-12.6M | ||
| Q1 25 | $69.1M | $-50.6M | ||
| Q4 24 | $62.2M | $-36.4M | ||
| Q3 24 | $76.9M | $-73.4M | ||
| Q2 24 | $65.9M | $-645.4M | ||
| Q1 24 | $59.9M | $-61.7M |
| Q4 25 | 39.8% | — | ||
| Q3 25 | 42.0% | — | ||
| Q2 25 | 41.4% | — | ||
| Q1 25 | 39.2% | — | ||
| Q4 24 | 39.1% | — | ||
| Q3 24 | 42.4% | — | ||
| Q2 24 | 40.9% | — | ||
| Q1 24 | 38.1% | — |
| Q4 25 | 23.7% | -0.5% | ||
| Q3 25 | 27.6% | 2.4% | ||
| Q2 25 | 29.0% | 3.2% | ||
| Q1 25 | 25.7% | 0.8% | ||
| Q4 24 | 22.3% | 12.0% | ||
| Q3 24 | 28.8% | 3.5% | ||
| Q2 24 | 26.0% | -170.2% | ||
| Q1 24 | 26.4% | -12.1% |
| Q4 25 | 16.9% | -4.5% | ||
| Q3 25 | 20.3% | -2.6% | ||
| Q2 25 | 20.7% | -2.0% | ||
| Q1 25 | 18.1% | -8.3% | ||
| Q4 24 | 16.9% | -5.8% | ||
| Q3 24 | 19.9% | -11.2% | ||
| Q2 24 | 18.0% | -100.3% | ||
| Q1 24 | 18.4% | -11.4% |
| Q4 25 | $1.51 | $-0.90 | ||
| Q3 25 | $1.98 | $-0.52 | ||
| Q2 25 | $2.01 | $-0.41 | ||
| Q1 25 | $1.58 | $-1.68 | ||
| Q4 24 | $1.41 | $-1.69 | ||
| Q3 24 | $1.75 | $-2.66 | ||
| Q2 24 | $1.50 | $-23.47 | ||
| Q1 24 | $1.36 | $-2.81 |
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 | $106.0M |
| Total DebtLower is stronger | — | $1.7B |
| Stockholders' EquityBook value | $900.7M | $113.3M |
| Total Assets | $1.9B | $2.7B |
| Debt / EquityLower = less leverage | — | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $112.7M | $106.0M | ||
| Q3 25 | $90.1M | $140.4M | ||
| Q2 25 | $81.1M | $95.1M | ||
| Q1 25 | $82.8M | $116.3M | ||
| Q4 24 | $79.3M | $104.9M | ||
| Q3 24 | $73.7M | $136.6M | ||
| Q2 24 | $73.6M | $84.9M | ||
| Q1 24 | $69.6M | $152.0M |
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $1.7B |
| Q4 25 | $900.7M | $113.3M | ||
| Q3 25 | $889.2M | $139.8M | ||
| Q2 25 | $837.8M | $151.8M | ||
| Q1 25 | $793.4M | $154.6M | ||
| Q4 24 | $757.1M | $201.7M | ||
| Q3 24 | $717.0M | $226.1M | ||
| Q2 24 | $669.0M | $283.8M | ||
| Q1 24 | $626.8M | $926.1M |
| Q4 25 | $1.9B | $2.7B | ||
| Q3 25 | $1.9B | $2.8B | ||
| Q2 25 | $1.9B | $2.8B | ||
| Q1 25 | $1.9B | $2.8B | ||
| Q4 24 | $1.8B | $2.8B | ||
| Q3 24 | $1.8B | $3.1B | ||
| Q2 24 | $1.8B | $3.1B | ||
| Q1 24 | $1.7B | $4.0B |
| Q4 25 | — | 14.89× | ||
| Q3 25 | — | 12.05× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.81× |
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 | — |
| Free Cash FlowOCF − Capex | $62.2M | — |
| FCF MarginFCF / Revenue | 16.0% | — |
| Capex IntensityCapex / Revenue | 12.3% | 1.3% |
| Cash ConversionOCF / Net Profit | 1.68× | — |
| TTM Free Cash FlowTrailing 4 quarters | $246.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $110.0M | — | ||
| Q3 25 | $122.9M | $52.7M | ||
| Q2 25 | $81.6M | — | ||
| Q1 25 | $41.0M | $27.6M | ||
| Q4 24 | $86.6M | $-23.2M | ||
| Q3 24 | $96.5M | $51.2M | ||
| Q2 24 | $57.3M | $-45.2M | ||
| Q1 24 | $26.4M | $-51.7M |
| Q4 25 | $62.2M | — | ||
| Q3 25 | $100.3M | $48.6M | ||
| Q2 25 | $61.7M | — | ||
| Q1 25 | $21.9M | $15.7M | ||
| Q4 24 | $57.8M | $-30.5M | ||
| Q3 24 | $77.1M | $40.7M | ||
| Q2 24 | $37.4M | $-59.6M | ||
| Q1 24 | $11.7M | $-56.7M |
| Q4 25 | 16.0% | — | ||
| Q3 25 | 23.6% | 7.7% | ||
| Q2 25 | 14.5% | — | ||
| Q1 25 | 5.7% | 2.6% | ||
| Q4 24 | 15.7% | -4.8% | ||
| Q3 24 | 19.9% | 6.2% | ||
| Q2 24 | 10.2% | -9.3% | ||
| Q1 24 | 3.6% | -10.5% |
| Q4 25 | 12.3% | 1.3% | ||
| Q3 25 | 5.3% | 0.7% | ||
| Q2 25 | 4.7% | 0.8% | ||
| Q1 25 | 5.0% | 1.9% | ||
| Q4 24 | 7.8% | 1.1% | ||
| Q3 24 | 5.0% | 1.6% | ||
| Q2 24 | 5.5% | 2.2% | ||
| Q1 24 | 4.5% | 0.9% |
| Q4 25 | 1.68× | — | ||
| Q3 25 | 1.42× | — | ||
| Q2 25 | 0.93× | — | ||
| Q1 25 | 0.59× | — | ||
| Q4 24 | 1.39× | — | ||
| Q3 24 | 1.25× | — | ||
| Q2 24 | 0.87× | — | ||
| Q1 24 | 0.44× | — |
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% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
