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Side-by-side financial comparison of ARMSTRONG WORLD INDUSTRIES INC (AWI) and Millrose Properties, Inc. (MRP). 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 $194.9M, roughly 2.0× Millrose Properties, Inc.). Millrose Properties, Inc. runs the higher net margin — 63.0% vs 16.9%, a 46.2% gap on every dollar of revenue. On growth, Millrose Properties, Inc. posted the faster year-over-year revenue change (135.7% vs 5.6%).
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.
Millrose Properties, Inc. is a U.S.-based real estate enterprise primarily focused on the acquisition, ownership, operation, and management of income-generating multi-family residential assets. Its core markets span the U.S. Mid-Atlantic and Southeast regions, and it also offers professional property management services to select third-party property owners.
AWI vs MRP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $388.3M | $194.9M |
| Net Profit | $65.5M | $122.9M |
| Gross Margin | 39.8% | — |
| Operating Margin | 23.7% | 85.2% |
| Net Margin | 16.9% | 63.0% |
| Revenue YoY | 5.6% | 135.7% |
| Net Profit YoY | 5.3% | 208.7% |
| EPS (diluted) | $1.51 | $0.74 |
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 | — | $194.9M | ||
| Q4 25 | $388.3M | $189.5M | ||
| Q3 25 | $425.2M | $179.3M | ||
| Q2 25 | $424.6M | $149.0M | ||
| Q1 25 | $382.7M | $82.7M | ||
| Q4 24 | $367.7M | — | ||
| Q3 24 | $386.6M | — | ||
| Q2 24 | $365.1M | — |
| Q1 26 | — | $122.9M | ||
| Q4 25 | $65.5M | $122.2M | ||
| Q3 25 | $86.3M | $105.1M | ||
| Q2 25 | $87.8M | $112.8M | ||
| Q1 25 | $69.1M | $39.8M | ||
| Q4 24 | $62.2M | — | ||
| Q3 24 | $76.9M | — | ||
| Q2 24 | $65.9M | — |
| Q1 26 | — | — | ||
| 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 26 | — | 85.2% | ||
| Q4 25 | 23.7% | 84.8% | ||
| Q3 25 | 27.6% | 85.3% | ||
| Q2 25 | 29.0% | 85.1% | ||
| Q1 25 | 25.7% | 55.2% | ||
| Q4 24 | 22.3% | — | ||
| Q3 24 | 28.8% | — | ||
| Q2 24 | 26.0% | — |
| Q1 26 | — | 63.0% | ||
| Q4 25 | 16.9% | 64.5% | ||
| Q3 25 | 20.3% | 58.6% | ||
| Q2 25 | 20.7% | 75.7% | ||
| Q1 25 | 18.1% | 48.1% | ||
| Q4 24 | 16.9% | — | ||
| Q3 24 | 19.9% | — | ||
| Q2 24 | 18.0% | — |
| Q1 26 | — | $0.74 | ||
| Q4 25 | $1.51 | $0.74 | ||
| Q3 25 | $1.98 | $0.63 | ||
| Q2 25 | $2.01 | $0.68 | ||
| Q1 25 | $1.58 | $0.39 | ||
| Q4 24 | $1.41 | — | ||
| Q3 24 | $1.75 | — | ||
| Q2 24 | $1.50 | — |
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 | $5.9B |
| Total Assets | $1.9B | $9.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $112.7M | $35.0M | ||
| Q3 25 | $90.1M | $242.6M | ||
| Q2 25 | $81.1M | $66.6M | ||
| Q1 25 | $82.8M | $89.5M | ||
| Q4 24 | $79.3M | — | ||
| Q3 24 | $73.7M | — | ||
| Q2 24 | $73.6M | — |
| Q1 26 | — | $5.9B | ||
| Q4 25 | $900.7M | $5.9B | ||
| Q3 25 | $889.2M | $5.9B | ||
| Q2 25 | $837.8M | $5.9B | ||
| Q1 25 | $793.4M | $5.9B | ||
| Q4 24 | $757.1M | — | ||
| Q3 24 | $717.0M | — | ||
| Q2 24 | $669.0M | — |
| Q1 26 | — | $9.6B | ||
| Q4 25 | $1.9B | $9.3B | ||
| Q3 25 | $1.9B | $9.0B | ||
| Q2 25 | $1.9B | $8.0B | ||
| Q1 25 | $1.9B | $7.2B | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.8B | — |
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% | — |
| Cash ConversionOCF / Net Profit | 1.68× | — |
| TTM Free Cash FlowTrailing 4 quarters | $246.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $110.0M | $3.7B | ||
| Q3 25 | $122.9M | $123.1M | ||
| Q2 25 | $81.6M | $109.1M | ||
| Q1 25 | $41.0M | $21.3M | ||
| Q4 24 | $86.6M | — | ||
| Q3 24 | $96.5M | — | ||
| Q2 24 | $57.3M | — |
| Q1 26 | — | — | ||
| Q4 25 | $62.2M | — | ||
| Q3 25 | $100.3M | — | ||
| Q2 25 | $61.7M | — | ||
| Q1 25 | $21.9M | — | ||
| Q4 24 | $57.8M | — | ||
| Q3 24 | $77.1M | — | ||
| Q2 24 | $37.4M | — |
| Q1 26 | — | — | ||
| Q4 25 | 16.0% | — | ||
| Q3 25 | 23.6% | — | ||
| Q2 25 | 14.5% | — | ||
| Q1 25 | 5.7% | — | ||
| Q4 24 | 15.7% | — | ||
| Q3 24 | 19.9% | — | ||
| Q2 24 | 10.2% | — |
| Q1 26 | — | — | ||
| Q4 25 | 12.3% | — | ||
| Q3 25 | 5.3% | — | ||
| Q2 25 | 4.7% | — | ||
| Q1 25 | 5.0% | — | ||
| Q4 24 | 7.8% | — | ||
| Q3 24 | 5.0% | — | ||
| Q2 24 | 5.5% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.68× | 30.05× | ||
| Q3 25 | 1.42× | 1.17× | ||
| Q2 25 | 0.93× | 0.97× | ||
| Q1 25 | 0.59× | 0.53× | ||
| Q4 24 | 1.39× | — | ||
| Q3 24 | 1.25× | — | ||
| Q2 24 | 0.87× | — |
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% |
MRP
| Option fee revenues | $185.3M | 95% |
| Development loan income | $9.6M | 5% |
