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Side-by-side financial comparison of ARMSTRONG WORLD INDUSTRIES INC (AWI) and IPG PHOTONICS CORP (IPGP). 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 $274.5M, roughly 1.4× IPG PHOTONICS CORP). ARMSTRONG WORLD INDUSTRIES INC runs the higher net margin — 16.9% vs 4.8%, a 12.0% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 5.6%). ARMSTRONG WORLD INDUSTRIES INC produced more free cash flow last quarter ($62.2M vs $10.9M). Over the past eight quarters, ARMSTRONG WORLD INDUSTRIES INC's revenue compounded faster (9.1% CAGR vs 4.4%).
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.
IPG Photonics Corporation is a manufacturer of fiber lasers. IPG Photonics developed and commercialized optical fiber lasers, which are used in a variety of applications including materials processing, medical applications and telecommunications. IPG has manufacturing facilities in the United States, Germany, Russia and Italy.
AWI vs IPGP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $388.3M | $274.5M |
| Net Profit | $65.5M | $13.3M |
| Gross Margin | 39.8% | 36.1% |
| Operating Margin | 23.7% | 1.2% |
| Net Margin | 16.9% | 4.8% |
| Revenue YoY | 5.6% | 17.1% |
| Net Profit YoY | 5.3% | 69.8% |
| EPS (diluted) | $1.51 | $0.30 |
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 | $274.5M | ||
| Q3 25 | $425.2M | $250.8M | ||
| Q2 25 | $424.6M | $250.7M | ||
| Q1 25 | $382.7M | $227.8M | ||
| Q4 24 | $367.7M | $234.3M | ||
| Q3 24 | $386.6M | $233.1M | ||
| Q2 24 | $365.1M | $257.6M | ||
| Q1 24 | $326.3M | $252.0M |
| Q4 25 | $65.5M | $13.3M | ||
| Q3 25 | $86.3M | $7.5M | ||
| Q2 25 | $87.8M | $6.6M | ||
| Q1 25 | $69.1M | $3.8M | ||
| Q4 24 | $62.2M | $7.8M | ||
| Q3 24 | $76.9M | $-233.6M | ||
| Q2 24 | $65.9M | $20.2M | ||
| Q1 24 | $59.9M | $24.1M |
| Q4 25 | 39.8% | 36.1% | ||
| Q3 25 | 42.0% | 39.5% | ||
| Q2 25 | 41.4% | 37.3% | ||
| Q1 25 | 39.2% | 39.4% | ||
| Q4 24 | 39.1% | 38.6% | ||
| Q3 24 | 42.4% | 23.2% | ||
| Q2 24 | 40.9% | 37.3% | ||
| Q1 24 | 38.1% | 38.7% |
| Q4 25 | 23.7% | 1.2% | ||
| Q3 25 | 27.6% | 3.1% | ||
| Q2 25 | 29.0% | 0.0% | ||
| Q1 25 | 25.7% | 0.8% | ||
| Q4 24 | 22.3% | 6.0% | ||
| Q3 24 | 28.8% | -108.7% | ||
| Q2 24 | 26.0% | 4.7% | ||
| Q1 24 | 26.4% | 7.6% |
| Q4 25 | 16.9% | 4.8% | ||
| Q3 25 | 20.3% | 3.0% | ||
| Q2 25 | 20.7% | 2.6% | ||
| Q1 25 | 18.1% | 1.6% | ||
| Q4 24 | 16.9% | 3.3% | ||
| Q3 24 | 19.9% | -100.2% | ||
| Q2 24 | 18.0% | 7.8% | ||
| Q1 24 | 18.4% | 9.6% |
| Q4 25 | $1.51 | $0.30 | ||
| Q3 25 | $1.98 | $0.18 | ||
| Q2 25 | $2.01 | $0.16 | ||
| Q1 25 | $1.58 | $0.09 | ||
| Q4 24 | $1.41 | $0.27 | ||
| Q3 24 | $1.75 | $-5.33 | ||
| Q2 24 | $1.50 | $0.45 | ||
| Q1 24 | $1.36 | $0.52 |
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 | $839.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $900.7M | $2.1B |
| Total Assets | $1.9B | $2.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $112.7M | $839.3M | ||
| Q3 25 | $90.1M | $870.4M | ||
| Q2 25 | $81.1M | $899.6M | ||
| Q1 25 | $82.8M | $926.9M | ||
| Q4 24 | $79.3M | $930.2M | ||
| Q3 24 | $73.7M | $1.0B | ||
| Q2 24 | $73.6M | $1.1B | ||
| Q1 24 | $69.6M | $1.1B |
| Q4 25 | $900.7M | $2.1B | ||
| Q3 25 | $889.2M | $2.1B | ||
| Q2 25 | $837.8M | $2.1B | ||
| Q1 25 | $793.4M | $2.1B | ||
| Q4 24 | $757.1M | $2.0B | ||
| Q3 24 | $717.0M | $2.1B | ||
| Q2 24 | $669.0M | $2.3B | ||
| Q1 24 | $626.8M | $2.3B |
| Q4 25 | $1.9B | $2.4B | ||
| Q3 25 | $1.9B | $2.4B | ||
| Q2 25 | $1.9B | $2.4B | ||
| Q1 25 | $1.9B | $2.3B | ||
| Q4 24 | $1.8B | $2.3B | ||
| Q3 24 | $1.8B | $2.4B | ||
| Q2 24 | $1.8B | $2.5B | ||
| Q1 24 | $1.7B | $2.6B |
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 | $28.8M |
| Free Cash FlowOCF − Capex | $62.2M | $10.9M |
| FCF MarginFCF / Revenue | 16.0% | 4.0% |
| Capex IntensityCapex / Revenue | 12.3% | 6.5% |
| Cash ConversionOCF / Net Profit | 1.68× | 2.17× |
| TTM Free Cash FlowTrailing 4 quarters | $246.1M | $-3.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $110.0M | $28.8M | ||
| Q3 25 | $122.9M | $35.3M | ||
| Q2 25 | $81.6M | $-2.2M | ||
| Q1 25 | $41.0M | $13.4M | ||
| Q4 24 | $86.6M | $73.8M | ||
| Q3 24 | $96.5M | $66.1M | ||
| Q2 24 | $57.3M | $53.5M | ||
| Q1 24 | $26.4M | $54.6M |
| Q4 25 | $62.2M | $10.9M | ||
| Q3 25 | $100.3M | $14.6M | ||
| Q2 25 | $61.7M | $-17.6M | ||
| Q1 25 | $21.9M | $-11.4M | ||
| Q4 24 | $57.8M | $50.6M | ||
| Q3 24 | $77.1M | $43.0M | ||
| Q2 24 | $37.4M | $29.2M | ||
| Q1 24 | $11.7M | $26.5M |
| Q4 25 | 16.0% | 4.0% | ||
| Q3 25 | 23.6% | 5.8% | ||
| Q2 25 | 14.5% | -7.0% | ||
| Q1 25 | 5.7% | -5.0% | ||
| Q4 24 | 15.7% | 21.6% | ||
| Q3 24 | 19.9% | 18.4% | ||
| Q2 24 | 10.2% | 11.3% | ||
| Q1 24 | 3.6% | 10.5% |
| Q4 25 | 12.3% | 6.5% | ||
| Q3 25 | 5.3% | 8.3% | ||
| Q2 25 | 4.7% | 6.1% | ||
| Q1 25 | 5.0% | 10.9% | ||
| Q4 24 | 7.8% | 9.9% | ||
| Q3 24 | 5.0% | 9.9% | ||
| Q2 24 | 5.5% | 9.4% | ||
| Q1 24 | 4.5% | 11.1% |
| Q4 25 | 1.68× | 2.17× | ||
| Q3 25 | 1.42× | 4.73× | ||
| Q2 25 | 0.93× | -0.34× | ||
| Q1 25 | 0.59× | 3.58× | ||
| Q4 24 | 1.39× | 9.44× | ||
| Q3 24 | 1.25× | — | ||
| Q2 24 | 0.87× | 2.65× | ||
| Q1 24 | 0.44× | 2.27× |
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% |
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
