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Side-by-side financial comparison of ARMSTRONG WORLD INDUSTRIES INC (AWI) and iRhythm Holdings, Inc. (IRTC). 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 $208.9M, roughly 1.9× iRhythm Holdings, Inc.). ARMSTRONG WORLD INDUSTRIES INC runs the higher net margin — 16.9% vs 2.7%, a 14.2% gap on every dollar of revenue. On growth, iRhythm Holdings, Inc. posted the faster year-over-year revenue change (27.1% vs 5.6%). ARMSTRONG WORLD INDUSTRIES INC produced more free cash flow last quarter ($62.2M vs $14.5M). Over the past eight quarters, iRhythm Holdings, Inc.'s revenue compounded faster (25.8% 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.
iRhythm Holdings is a digital healthcare company focused on cardiac care, developing and commercializing wearable ambulatory heart monitoring devices paired with AI-powered analytical tools. It primarily serves healthcare providers and patients across the United States, helping to detect undiagnosed arrhythmias such as atrial fibrillation through convenient long-term heart rhythm tracking that delivers actionable clinical insights.
AWI vs IRTC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $388.3M | $208.9M |
| Net Profit | $65.5M | $5.6M |
| Gross Margin | 39.8% | 70.9% |
| Operating Margin | 23.7% | 1.1% |
| Net Margin | 16.9% | 2.7% |
| Revenue YoY | 5.6% | 27.1% |
| Net Profit YoY | 5.3% | 518.5% |
| EPS (diluted) | $1.51 | $0.18 |
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 | $208.9M | ||
| Q3 25 | $425.2M | $192.9M | ||
| Q2 25 | $424.6M | $186.7M | ||
| Q1 25 | $382.7M | $158.7M | ||
| Q4 24 | $367.7M | $164.3M | ||
| Q3 24 | $386.6M | $147.5M | ||
| Q2 24 | $365.1M | $148.0M | ||
| Q1 24 | $326.3M | $131.9M |
| Q4 25 | $65.5M | $5.6M | ||
| Q3 25 | $86.3M | $-5.2M | ||
| Q2 25 | $87.8M | $-14.2M | ||
| Q1 25 | $69.1M | $-30.7M | ||
| Q4 24 | $62.2M | $-1.3M | ||
| Q3 24 | $76.9M | $-46.2M | ||
| Q2 24 | $65.9M | $-20.1M | ||
| Q1 24 | $59.9M | $-45.7M |
| Q4 25 | 39.8% | 70.9% | ||
| Q3 25 | 42.0% | 71.1% | ||
| Q2 25 | 41.4% | 71.2% | ||
| Q1 25 | 39.2% | 68.8% | ||
| Q4 24 | 39.1% | 70.0% | ||
| Q3 24 | 42.4% | 68.8% | ||
| Q2 24 | 40.9% | 69.9% | ||
| Q1 24 | 38.1% | 66.3% |
| Q4 25 | 23.7% | 1.1% | ||
| Q3 25 | 27.6% | -4.4% | ||
| Q2 25 | 29.0% | -10.0% | ||
| Q1 25 | 25.7% | -20.5% | ||
| Q4 24 | 22.3% | -2.5% | ||
| Q3 24 | 28.8% | -34.1% | ||
| Q2 24 | 26.0% | -15.5% | ||
| Q1 24 | 26.4% | -28.9% |
| Q4 25 | 16.9% | 2.7% | ||
| Q3 25 | 20.3% | -2.7% | ||
| Q2 25 | 20.7% | -7.6% | ||
| Q1 25 | 18.1% | -19.3% | ||
| Q4 24 | 16.9% | -0.8% | ||
| Q3 24 | 19.9% | -31.3% | ||
| Q2 24 | 18.0% | -13.6% | ||
| Q1 24 | 18.4% | -34.6% |
| Q4 25 | $1.51 | $0.18 | ||
| Q3 25 | $1.98 | $-0.16 | ||
| Q2 25 | $2.01 | $-0.44 | ||
| Q1 25 | $1.58 | $-0.97 | ||
| Q4 24 | $1.41 | $-0.03 | ||
| Q3 24 | $1.75 | $-1.48 | ||
| Q2 24 | $1.50 | $-0.65 | ||
| Q1 24 | $1.36 | $-1.47 |
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 | $583.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $900.7M | $152.7M |
| Total Assets | $1.9B | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $112.7M | $583.8M | ||
| Q3 25 | $90.1M | $565.2M | ||
| Q2 25 | $81.1M | $545.5M | ||
| Q1 25 | $82.8M | $520.6M | ||
| Q4 24 | $79.3M | $535.6M | ||
| Q3 24 | $73.7M | $522.0M | ||
| Q2 24 | $73.6M | $561.5M | ||
| Q1 24 | $69.6M | $569.1M |
| Q4 25 | $900.7M | $152.7M | ||
| Q3 25 | $889.2M | $121.9M | ||
| Q2 25 | $837.8M | $103.7M | ||
| Q1 25 | $793.4M | $86.7M | ||
| Q4 24 | $757.1M | $90.9M | ||
| Q3 24 | $717.0M | $71.8M | ||
| Q2 24 | $669.0M | $99.2M | ||
| Q1 24 | $626.8M | $90.3M |
| Q4 25 | $1.9B | $1.0B | ||
| Q3 25 | $1.9B | $995.2M | ||
| Q2 25 | $1.9B | $964.0M | ||
| Q1 25 | $1.9B | $926.1M | ||
| Q4 24 | $1.8B | $931.4M | ||
| Q3 24 | $1.8B | $909.7M | ||
| Q2 24 | $1.8B | $919.2M | ||
| Q1 24 | $1.7B | $909.8M |
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 | $26.2M |
| Free Cash FlowOCF − Capex | $62.2M | $14.5M |
| FCF MarginFCF / Revenue | 16.0% | 6.9% |
| Capex IntensityCapex / Revenue | 12.3% | 5.6% |
| Cash ConversionOCF / Net Profit | 1.68× | 4.70× |
| TTM Free Cash FlowTrailing 4 quarters | $246.1M | $34.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $110.0M | $26.2M | ||
| Q3 25 | $122.9M | $34.9M | ||
| Q2 25 | $81.6M | $27.7M | ||
| Q1 25 | $41.0M | $-7.9M | ||
| Q4 24 | $86.6M | $19.2M | ||
| Q3 24 | $96.5M | $24.3M | ||
| Q2 24 | $57.3M | $11.8M | ||
| Q1 24 | $26.4M | $-52.0M |
| Q4 25 | $62.2M | $14.5M | ||
| Q3 25 | $100.3M | $20.1M | ||
| Q2 25 | $61.7M | $17.3M | ||
| Q1 25 | $21.9M | $-17.3M | ||
| Q4 24 | $57.8M | $12.4M | ||
| Q3 24 | $77.1M | $15.5M | ||
| Q2 24 | $37.4M | $3.4M | ||
| Q1 24 | $11.7M | $-61.8M |
| Q4 25 | 16.0% | 6.9% | ||
| Q3 25 | 23.6% | 10.4% | ||
| Q2 25 | 14.5% | 9.3% | ||
| Q1 25 | 5.7% | -10.9% | ||
| Q4 24 | 15.7% | 7.5% | ||
| Q3 24 | 19.9% | 10.5% | ||
| Q2 24 | 10.2% | 2.3% | ||
| Q1 24 | 3.6% | -46.8% |
| Q4 25 | 12.3% | 5.6% | ||
| Q3 25 | 5.3% | 7.7% | ||
| Q2 25 | 4.7% | 5.6% | ||
| Q1 25 | 5.0% | 5.9% | ||
| Q4 24 | 7.8% | 4.2% | ||
| Q3 24 | 5.0% | 6.0% | ||
| Q2 24 | 5.5% | 5.7% | ||
| Q1 24 | 4.5% | 7.4% |
| Q4 25 | 1.68× | 4.70× | ||
| 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% |
IRTC
| Commercial Payors | $111.7M | 53% |
| Centers For Medicare And Medicaid | $49.2M | 24% |
| Healthcare Institutions | $34.3M | 16% |
| Non Contracted Third Party Payors | $13.7M | 7% |
