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Side-by-side financial comparison of ARMSTRONG WORLD INDUSTRIES INC (AWI) and P3 Health Partners Inc. (PIII). 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 $384.8M, roughly 1.0× P3 Health Partners Inc.). ARMSTRONG WORLD INDUSTRIES INC runs the higher net margin — 16.9% vs -19.6%, a 36.5% gap on every dollar of revenue. On growth, ARMSTRONG WORLD INDUSTRIES INC posted the faster year-over-year revenue change (5.6% vs 3.8%). Over the past eight quarters, ARMSTRONG WORLD INDUSTRIES INC's revenue compounded faster (9.1% CAGR vs -0.5%).
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.
P3 Health Partners Inc. is a population health management and value-based care services firm operating primarily in the United States. It partners with primary care providers and health systems to deliver coordinated, high-quality care for patient populations, especially Medicare Advantage beneficiaries, focusing on improving health outcomes and lowering unnecessary healthcare costs.
AWI vs PIII — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $388.3M | $384.8M |
| Net Profit | $65.5M | $-75.5M |
| Gross Margin | 39.8% | — |
| Operating Margin | 23.7% | -40.0% |
| Net Margin | 16.9% | -19.6% |
| Revenue YoY | 5.6% | 3.8% |
| Net Profit YoY | 5.3% | -28.8% |
| EPS (diluted) | $1.51 | $-23.08 |
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 | $384.8M | ||
| Q3 25 | $425.2M | $345.3M | ||
| Q2 25 | $424.6M | $355.8M | ||
| Q1 25 | $382.7M | $373.2M | ||
| Q4 24 | $367.7M | $370.7M | ||
| Q3 24 | $386.6M | $362.1M | ||
| Q2 24 | $365.1M | $379.2M | ||
| Q1 24 | $326.3M | $388.5M |
| Q4 25 | $65.5M | $-75.5M | ||
| Q3 25 | $86.3M | $-31.6M | ||
| Q2 25 | $87.8M | $-20.4M | ||
| Q1 25 | $69.1M | $-20.5M | ||
| Q4 24 | $62.2M | $-58.6M | ||
| Q3 24 | $76.9M | $-46.5M | ||
| Q2 24 | $65.9M | $-12.0M | ||
| Q1 24 | $59.9M | $-18.7M |
| 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% | -40.0% | ||
| Q3 25 | 27.6% | -12.8% | ||
| Q2 25 | 29.0% | -9.6% | ||
| Q1 25 | 25.7% | -10.2% | ||
| Q4 24 | 22.3% | -37.4% | ||
| Q3 24 | 28.8% | -29.5% | ||
| Q2 24 | 26.0% | -8.3% | ||
| Q1 24 | 26.4% | -11.3% |
| Q4 25 | 16.9% | -19.6% | ||
| Q3 25 | 20.3% | -9.1% | ||
| Q2 25 | 20.7% | -5.7% | ||
| Q1 25 | 18.1% | -5.5% | ||
| Q4 24 | 16.9% | -15.8% | ||
| Q3 24 | 19.9% | -12.8% | ||
| Q2 24 | 18.0% | -3.2% | ||
| Q1 24 | 18.4% | -4.8% |
| Q4 25 | $1.51 | $-23.08 | ||
| Q3 25 | $1.98 | $-9.67 | ||
| Q2 25 | $2.01 | $-6.23 | ||
| Q1 25 | $1.58 | $-6.28 | ||
| Q4 24 | $1.41 | $-23.13 | ||
| Q3 24 | $1.75 | $-15.70 | ||
| Q2 24 | $1.50 | $-7.37 | ||
| Q1 24 | $1.36 | $-7.86 |
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 | $25.0M |
| Total DebtLower is stronger | — | $228.4M |
| Stockholders' EquityBook value | $900.7M | $-155.2M |
| Total Assets | $1.9B | $656.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $112.7M | $25.0M | ||
| Q3 25 | $90.1M | $37.7M | ||
| Q2 25 | $81.1M | $38.6M | ||
| Q1 25 | $82.8M | $40.1M | ||
| Q4 24 | $79.3M | $38.8M | ||
| Q3 24 | $73.7M | $63.0M | ||
| Q2 24 | $73.6M | $73.1M | ||
| Q1 24 | $69.6M | $27.3M |
| Q4 25 | — | $228.4M | ||
| Q3 25 | — | $252.8M | ||
| Q2 25 | — | $182.0M | ||
| Q1 25 | — | $171.1M | ||
| Q4 24 | — | $108.9M | ||
| Q3 24 | — | $133.2M | ||
| Q2 24 | — | $133.1M | ||
| Q1 24 | — | $118.1M |
| Q4 25 | $900.7M | $-155.2M | ||
| Q3 25 | $889.2M | $-18.7M | ||
| Q2 25 | $837.8M | $44.5M | ||
| Q1 25 | $793.4M | $63.3M | ||
| Q4 24 | $757.1M | $75.9M | ||
| Q3 24 | $717.0M | $120.5M | ||
| Q2 24 | $669.0M | $166.8M | ||
| Q1 24 | $626.8M | $146.6M |
| Q4 25 | $1.9B | $656.6M | ||
| Q3 25 | $1.9B | $683.6M | ||
| Q2 25 | $1.9B | $731.6M | ||
| Q1 25 | $1.9B | $783.9M | ||
| Q4 24 | $1.8B | $783.4M | ||
| Q3 24 | $1.8B | $833.3M | ||
| Q2 24 | $1.8B | $892.8M | ||
| Q1 24 | $1.7B | $855.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 4.09× | ||
| Q1 25 | — | 2.71× | ||
| Q4 24 | — | 1.43× | ||
| Q3 24 | — | 1.11× | ||
| Q2 24 | — | 0.80× | ||
| Q1 24 | — | 0.81× |
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 | $-25.7M |
| 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.
| Q4 25 | $110.0M | $-25.7M | ||
| Q3 25 | $122.9M | $-15.4M | ||
| Q2 25 | $81.6M | $-16.6M | ||
| Q1 25 | $41.0M | $-33.5M | ||
| Q4 24 | $86.6M | $-57.2M | ||
| Q3 24 | $96.5M | $-22.6M | ||
| Q2 24 | $57.3M | $-10.2M | ||
| Q1 24 | $26.4M | $-20.0M |
| 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 24 | $11.7M | — |
| 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 24 | 3.6% | — |
| Q4 25 | 12.3% | — | ||
| Q3 25 | 5.3% | — | ||
| Q2 25 | 4.7% | — | ||
| Q1 25 | 5.0% | — | ||
| Q4 24 | 7.8% | 0.0% | ||
| Q3 24 | 5.0% | 0.0% | ||
| Q2 24 | 5.5% | 0.0% | ||
| Q1 24 | 4.5% | 0.0% |
| Q4 25 | 1.68× | — | ||
| 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% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
