vs
Side-by-side financial comparison of ARMSTRONG WORLD INDUSTRIES INC (AWI) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
NATIONAL FUEL GAS CO is the larger business by last-quarter revenue ($425.9M vs $388.3M, roughly 1.1× ARMSTRONG WORLD INDUSTRIES INC). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs 16.9%, a 18.8% gap on every dollar of revenue. On growth, ARMSTRONG WORLD INDUSTRIES INC posted the faster year-over-year revenue change (5.6% vs 1.7%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% 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.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
AWI vs NFG — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $388.3M | $425.9M |
| Net Profit | $65.5M | $152.0M |
| Gross Margin | 39.8% | — |
| Operating Margin | 23.7% | 81.5% |
| Net Margin | 16.9% | 35.7% |
| Revenue YoY | 5.6% | 1.7% |
| Net Profit YoY | 5.3% | — |
| EPS (diluted) | $1.51 | $1.59 |
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 | — | $425.9M | ||
| Q4 25 | $388.3M | $637.9M | ||
| Q3 25 | $425.2M | $443.1M | ||
| Q2 25 | $424.6M | $527.4M | ||
| Q1 25 | $382.7M | $734.8M | ||
| Q4 24 | $367.7M | $513.8M | ||
| Q3 24 | $386.6M | $310.0M | ||
| Q2 24 | $365.1M | $338.6M |
| Q1 26 | — | $152.0M | ||
| Q4 25 | $65.5M | $181.6M | ||
| Q3 25 | $86.3M | $107.3M | ||
| Q2 25 | $87.8M | $149.8M | ||
| Q1 25 | $69.1M | $216.4M | ||
| Q4 24 | $62.2M | $45.0M | ||
| Q3 24 | $76.9M | $-167.6M | ||
| Q2 24 | $65.9M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | 39.8% | 86.6% | ||
| Q3 25 | 42.0% | — | ||
| Q2 25 | 41.4% | 94.7% | ||
| Q1 25 | 39.2% | 81.6% | ||
| Q4 24 | 39.1% | 87.3% | ||
| Q3 24 | 42.4% | — | ||
| Q2 24 | 40.9% | 98.5% |
| Q1 26 | — | 81.5% | ||
| Q4 25 | 23.7% | 43.3% | ||
| Q3 25 | 27.6% | 40.6% | ||
| Q2 25 | 29.0% | 43.7% | ||
| Q1 25 | 25.7% | 43.2% | ||
| Q4 24 | 22.3% | 16.8% | ||
| Q3 24 | 28.8% | -63.4% | ||
| Q2 24 | 26.0% | -15.2% |
| Q1 26 | — | 35.7% | ||
| Q4 25 | 16.9% | 28.5% | ||
| Q3 25 | 20.3% | 24.2% | ||
| Q2 25 | 20.7% | 28.4% | ||
| Q1 25 | 18.1% | 29.4% | ||
| Q4 24 | 16.9% | 8.8% | ||
| Q3 24 | 19.9% | -54.1% | ||
| Q2 24 | 18.0% | -16.0% |
| Q1 26 | — | $1.59 | ||
| Q4 25 | $1.51 | $1.98 | ||
| Q3 25 | $1.98 | $1.18 | ||
| Q2 25 | $2.01 | $1.64 | ||
| Q1 25 | $1.58 | $2.37 | ||
| Q4 24 | $1.41 | $0.49 | ||
| Q3 24 | $1.75 | $-1.81 | ||
| Q2 24 | $1.50 | $-0.59 |
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 | — | $300.0M |
| Stockholders' EquityBook value | $900.7M | — |
| Total Assets | $1.9B | $9.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $112.7M | $271.4M | ||
| Q3 25 | $90.1M | $43.2M | ||
| Q2 25 | $81.1M | $39.3M | ||
| Q1 25 | $82.8M | $40.0M | ||
| Q4 24 | $79.3M | $48.7M | ||
| Q3 24 | $73.7M | $38.2M | ||
| Q2 24 | $73.6M | $81.4M |
| Q1 26 | — | $300.0M | ||
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | $900.7M | $3.6B | ||
| Q3 25 | $889.2M | $3.1B | ||
| Q2 25 | $837.8M | $3.0B | ||
| Q1 25 | $793.4M | $2.8B | ||
| Q4 24 | $757.1M | $-76.2M | ||
| Q3 24 | $717.0M | $-15.5M | ||
| Q2 24 | $669.0M | $5.0M |
| Q1 26 | — | $9.1B | ||
| Q4 25 | $1.9B | $9.2B | ||
| Q3 25 | $1.9B | $8.7B | ||
| Q2 25 | $1.9B | $8.4B | ||
| Q1 25 | $1.9B | $8.5B | ||
| Q4 24 | $1.8B | $8.3B | ||
| Q3 24 | $1.8B | $8.3B | ||
| Q2 24 | $1.8B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.87× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 532.10× |
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 | $657.3M |
| Free Cash FlowOCF − Capex | $62.2M | — |
| FCF MarginFCF / Revenue | 16.0% | — |
| Capex IntensityCapex / Revenue | 12.3% | 117.0% |
| Cash ConversionOCF / Net Profit | 1.68× | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | $246.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | $110.0M | $274.9M | ||
| Q3 25 | $122.9M | $237.8M | ||
| Q2 25 | $81.6M | $388.4M | ||
| Q1 25 | $41.0M | $253.8M | ||
| Q4 24 | $86.6M | $220.1M | ||
| Q3 24 | $96.5M | $197.9M | ||
| Q2 24 | $57.3M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $62.2M | $-2.7M | ||
| Q3 25 | $100.3M | $-47.8M | ||
| Q2 25 | $61.7M | $195.3M | ||
| Q1 25 | $21.9M | $59.9M | ||
| Q4 24 | $57.8M | $-20.3M | ||
| Q3 24 | $77.1M | $-49.1M | ||
| Q2 24 | $37.4M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | 16.0% | -0.4% | ||
| Q3 25 | 23.6% | -10.8% | ||
| Q2 25 | 14.5% | 37.0% | ||
| Q1 25 | 5.7% | 8.2% | ||
| Q4 24 | 15.7% | -4.0% | ||
| Q3 24 | 19.9% | -15.8% | ||
| Q2 24 | 10.2% | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | 12.3% | 43.5% | ||
| Q3 25 | 5.3% | 64.4% | ||
| Q2 25 | 4.7% | 36.6% | ||
| Q1 25 | 5.0% | 26.4% | ||
| Q4 24 | 7.8% | 46.8% | ||
| Q3 24 | 5.0% | 79.7% | ||
| Q2 24 | 5.5% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | 1.68× | 1.51× | ||
| Q3 25 | 1.42× | 2.21× | ||
| Q2 25 | 0.93× | 2.59× | ||
| Q1 25 | 0.59× | 1.17× | ||
| Q4 24 | 1.39× | 4.89× | ||
| 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% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
