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Side-by-side financial comparison of ARMSTRONG WORLD INDUSTRIES INC (AWI) and INDEPENDENT BANK CORP (INDB). Click either name above to swap in a different company.
ARMSTRONG WORLD INDUSTRIES INC is the larger business by last-quarter revenue ($388.3M vs $212.5M, roughly 1.8× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 16.9%, a 18.6% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 5.6%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $62.2M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% 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.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
AWI vs INDB — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $388.3M | $212.5M |
| Net Profit | $65.5M | $75.3M |
| Gross Margin | 39.8% | — |
| Operating Margin | 23.7% | — |
| Net Margin | 16.9% | 35.5% |
| Revenue YoY | 5.6% | 46.9% |
| Net Profit YoY | 5.3% | 50.6% |
| EPS (diluted) | $1.51 | $1.51 |
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 | $212.5M | ||
| Q3 25 | $425.2M | $203.3M | ||
| Q2 25 | $424.6M | $147.5M | ||
| Q1 25 | $382.7M | $145.5M | ||
| Q4 24 | $367.7M | $144.7M | ||
| Q3 24 | $386.6M | $141.7M | ||
| Q2 24 | $365.1M | $137.9M | ||
| Q1 24 | $326.3M | $137.4M |
| Q4 25 | $65.5M | $75.3M | ||
| Q3 25 | $86.3M | $34.3M | ||
| Q2 25 | $87.8M | $51.1M | ||
| Q1 25 | $69.1M | $44.4M | ||
| Q4 24 | $62.2M | $50.0M | ||
| Q3 24 | $76.9M | $42.9M | ||
| Q2 24 | $65.9M | $51.3M | ||
| Q1 24 | $59.9M | $47.8M |
| 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% | — | ||
| Q3 25 | 27.6% | 21.8% | ||
| Q2 25 | 29.0% | 44.6% | ||
| Q1 25 | 25.7% | 39.3% | ||
| Q4 24 | 22.3% | — | ||
| Q3 24 | 28.8% | 39.0% | ||
| Q2 24 | 26.0% | 48.1% | ||
| Q1 24 | 26.4% | 45.5% |
| Q4 25 | 16.9% | 35.5% | ||
| Q3 25 | 20.3% | 16.8% | ||
| Q2 25 | 20.7% | 34.6% | ||
| Q1 25 | 18.1% | 30.5% | ||
| Q4 24 | 16.9% | 34.6% | ||
| Q3 24 | 19.9% | 30.3% | ||
| Q2 24 | 18.0% | 37.2% | ||
| Q1 24 | 18.4% | 34.8% |
| Q4 25 | $1.51 | $1.51 | ||
| Q3 25 | $1.98 | $0.69 | ||
| Q2 25 | $2.01 | $1.20 | ||
| Q1 25 | $1.58 | $1.04 | ||
| Q4 24 | $1.41 | $1.18 | ||
| Q3 24 | $1.75 | $1.01 | ||
| Q2 24 | $1.50 | $1.21 | ||
| Q1 24 | $1.36 | $1.12 |
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 | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $900.7M | $3.6B |
| Total Assets | $1.9B | $24.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $112.7M | — | ||
| Q3 25 | $90.1M | — | ||
| Q2 25 | $81.1M | — | ||
| Q1 25 | $82.8M | — | ||
| Q4 24 | $79.3M | — | ||
| Q3 24 | $73.7M | — | ||
| Q2 24 | $73.6M | — | ||
| Q1 24 | $69.6M | — |
| Q4 25 | $900.7M | $3.6B | ||
| Q3 25 | $889.2M | $3.5B | ||
| Q2 25 | $837.8M | $3.1B | ||
| Q1 25 | $793.4M | $3.0B | ||
| Q4 24 | $757.1M | $3.0B | ||
| Q3 24 | $717.0M | $3.0B | ||
| Q2 24 | $669.0M | $2.9B | ||
| Q1 24 | $626.8M | $2.9B |
| Q4 25 | $1.9B | $24.9B | ||
| Q3 25 | $1.9B | $25.0B | ||
| Q2 25 | $1.9B | $20.0B | ||
| Q1 25 | $1.9B | $19.9B | ||
| Q4 24 | $1.8B | $19.4B | ||
| Q3 24 | $1.8B | $19.4B | ||
| Q2 24 | $1.8B | $19.4B | ||
| Q1 24 | $1.7B | $19.3B |
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 | $78.9M |
| Free Cash FlowOCF − Capex | $62.2M | $75.5M |
| FCF MarginFCF / Revenue | 16.0% | 35.5% |
| Capex IntensityCapex / Revenue | 12.3% | 1.6% |
| Cash ConversionOCF / Net Profit | 1.68× | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | $246.1M | $239.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $110.0M | $78.9M | ||
| Q3 25 | $122.9M | $52.2M | ||
| Q2 25 | $81.6M | $106.7M | ||
| Q1 25 | $41.0M | $13.3M | ||
| Q4 24 | $86.6M | $42.9M | ||
| Q3 24 | $96.5M | $70.2M | ||
| Q2 24 | $57.3M | $65.6M | ||
| Q1 24 | $26.4M | $51.1M |
| Q4 25 | $62.2M | $75.5M | ||
| Q3 25 | $100.3M | $49.7M | ||
| Q2 25 | $61.7M | $102.5M | ||
| Q1 25 | $21.9M | $11.3M | ||
| Q4 24 | $57.8M | $36.5M | ||
| Q3 24 | $77.1M | $64.4M | ||
| Q2 24 | $37.4M | $61.9M | ||
| Q1 24 | $11.7M | $46.7M |
| Q4 25 | 16.0% | 35.5% | ||
| Q3 25 | 23.6% | 24.4% | ||
| Q2 25 | 14.5% | 69.5% | ||
| Q1 25 | 5.7% | 7.8% | ||
| Q4 24 | 15.7% | 25.2% | ||
| Q3 24 | 19.9% | 45.4% | ||
| Q2 24 | 10.2% | 44.9% | ||
| Q1 24 | 3.6% | 34.0% |
| Q4 25 | 12.3% | 1.6% | ||
| Q3 25 | 5.3% | 1.2% | ||
| Q2 25 | 4.7% | 2.9% | ||
| Q1 25 | 5.0% | 1.4% | ||
| Q4 24 | 7.8% | 4.4% | ||
| Q3 24 | 5.0% | 4.1% | ||
| Q2 24 | 5.5% | 2.7% | ||
| Q1 24 | 4.5% | 3.2% |
| Q4 25 | 1.68× | 1.05× | ||
| Q3 25 | 1.42× | 1.52× | ||
| Q2 25 | 0.93× | 2.09× | ||
| Q1 25 | 0.59× | 0.30× | ||
| Q4 24 | 1.39× | 0.86× | ||
| Q3 24 | 1.25× | 1.64× | ||
| Q2 24 | 0.87× | 1.28× | ||
| Q1 24 | 0.44× | 1.07× |
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% |
INDB
Segment breakdown not available.
