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Side-by-side financial comparison of ARMSTRONG WORLD INDUSTRIES INC (AWI) and Latham Group, Inc. (SWIM). 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 $100.0M, roughly 3.9× Latham Group, Inc.). ARMSTRONG WORLD INDUSTRIES INC runs the higher net margin — 16.9% vs -7.0%, a 23.9% gap on every dollar of revenue. On growth, Latham Group, Inc. posted the faster year-over-year revenue change (14.5% vs 5.6%). ARMSTRONG WORLD INDUSTRIES INC produced more free cash flow last quarter ($62.2M vs $14.1M). Over the past eight quarters, ARMSTRONG WORLD INDUSTRIES INC's revenue compounded faster (9.1% CAGR vs -4.9%).
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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
AWI vs SWIM — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $388.3M | $100.0M |
| Net Profit | $65.5M | $-7.0M |
| Gross Margin | 39.8% | 28.0% |
| Operating Margin | 23.7% | -10.7% |
| Net Margin | 16.9% | -7.0% |
| Revenue YoY | 5.6% | 14.5% |
| Net Profit YoY | 5.3% | 76.0% |
| EPS (diluted) | $1.51 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $425.2M | $161.9M | ||
| Q2 25 | $424.6M | $172.6M | ||
| Q1 25 | $382.7M | $111.4M | ||
| Q4 24 | $367.7M | $87.3M | ||
| Q3 24 | $386.6M | $150.5M | ||
| Q2 24 | $365.1M | $160.1M | ||
| Q1 24 | $326.3M | $110.6M |
| Q4 25 | $65.5M | $-7.0M | ||
| Q3 25 | $86.3M | $8.1M | ||
| Q2 25 | $87.8M | $16.0M | ||
| Q1 25 | $69.1M | $-6.0M | ||
| Q4 24 | $62.2M | $-29.2M | ||
| Q3 24 | $76.9M | $5.9M | ||
| Q2 24 | $65.9M | $13.3M | ||
| Q1 24 | $59.9M | $-7.9M |
| Q4 25 | 39.8% | 28.0% | ||
| Q3 25 | 42.0% | 35.4% | ||
| Q2 25 | 41.4% | 37.1% | ||
| Q1 25 | 39.2% | 29.5% | ||
| Q4 24 | 39.1% | 24.6% | ||
| Q3 24 | 42.4% | 32.4% | ||
| Q2 24 | 40.9% | 33.1% | ||
| Q1 24 | 38.1% | 27.7% |
| Q4 25 | 23.7% | -10.7% | ||
| Q3 25 | 27.6% | 13.3% | ||
| Q2 25 | 29.0% | 14.3% | ||
| Q1 25 | 25.7% | -4.4% | ||
| Q4 24 | 22.3% | -14.9% | ||
| Q3 24 | 28.8% | 8.9% | ||
| Q2 24 | 26.0% | 12.5% | ||
| Q1 24 | 26.4% | -1.9% |
| Q4 25 | 16.9% | -7.0% | ||
| Q3 25 | 20.3% | 5.0% | ||
| Q2 25 | 20.7% | 9.3% | ||
| Q1 25 | 18.1% | -5.4% | ||
| Q4 24 | 16.9% | -33.4% | ||
| Q3 24 | 19.9% | 3.9% | ||
| Q2 24 | 18.0% | 8.3% | ||
| Q1 24 | 18.4% | -7.1% |
| Q4 25 | $1.51 | $-0.06 | ||
| Q3 25 | $1.98 | $0.07 | ||
| Q2 25 | $2.01 | $0.13 | ||
| Q1 25 | $1.58 | $-0.05 | ||
| Q4 24 | $1.41 | $-0.24 | ||
| Q3 24 | $1.75 | $0.05 | ||
| Q2 24 | $1.50 | $0.11 | ||
| Q1 24 | $1.36 | $-0.07 |
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 | — | $279.8M |
| Stockholders' EquityBook value | $900.7M | $405.9M |
| Total Assets | $1.9B | $823.2M |
| Debt / EquityLower = less leverage | — | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $112.7M | — | ||
| Q3 25 | $90.1M | — | ||
| Q2 25 | $81.1M | — | ||
| Q1 25 | $82.8M | — | ||
| Q4 24 | $79.3M | — | ||
| Q3 24 | $73.7M | — | ||
| Q2 24 | $73.6M | — | ||
| Q1 24 | $69.6M | — |
| Q4 25 | — | $279.8M | ||
| Q3 25 | — | $281.1M | ||
| Q2 25 | — | $281.5M | ||
| Q1 25 | — | $306.9M | ||
| Q4 24 | — | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | — | $282.4M | ||
| Q1 24 | — | $282.8M |
| Q4 25 | $900.7M | $405.9M | ||
| Q3 25 | $889.2M | $408.4M | ||
| Q2 25 | $837.8M | $398.4M | ||
| Q1 25 | $793.4M | $381.1M | ||
| Q4 24 | $757.1M | $387.2M | ||
| Q3 24 | $717.0M | $416.6M | ||
| Q2 24 | $669.0M | $408.1M | ||
| Q1 24 | $626.8M | $391.8M |
| Q4 25 | $1.9B | $823.2M | ||
| Q3 25 | $1.9B | $844.4M | ||
| Q2 25 | $1.9B | $822.1M | ||
| Q1 25 | $1.9B | $824.6M | ||
| Q4 24 | $1.8B | $794.2M | ||
| Q3 24 | $1.8B | $853.4M | ||
| Q2 24 | $1.8B | $830.0M | ||
| Q1 24 | $1.7B | $808.6M |
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 0.72× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $62.2M | $14.1M |
| FCF MarginFCF / Revenue | 16.0% | 14.1% |
| Capex IntensityCapex / Revenue | 12.3% | 9.2% |
| Cash ConversionOCF / Net Profit | 1.68× | — |
| TTM Free Cash FlowTrailing 4 quarters | $246.1M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $110.0M | $23.3M | ||
| Q3 25 | $122.9M | $51.0M | ||
| Q2 25 | $81.6M | $36.0M | ||
| Q1 25 | $41.0M | $-46.9M | ||
| Q4 24 | $86.6M | $6.2M | ||
| Q3 24 | $96.5M | $37.2M | ||
| Q2 24 | $57.3M | $52.4M | ||
| Q1 24 | $26.4M | $-34.5M |
| Q4 25 | $62.2M | $14.1M | ||
| Q3 25 | $100.3M | $45.2M | ||
| Q2 25 | $61.7M | $29.1M | ||
| Q1 25 | $21.9M | $-50.3M | ||
| Q4 24 | $57.8M | $-98.0K | ||
| Q3 24 | $77.1M | $33.2M | ||
| Q2 24 | $37.4M | $47.9M | ||
| Q1 24 | $11.7M | $-39.9M |
| Q4 25 | 16.0% | 14.1% | ||
| Q3 25 | 23.6% | 27.9% | ||
| Q2 25 | 14.5% | 16.8% | ||
| Q1 25 | 5.7% | -45.2% | ||
| Q4 24 | 15.7% | -0.1% | ||
| Q3 24 | 19.9% | 22.1% | ||
| Q2 24 | 10.2% | 29.9% | ||
| Q1 24 | 3.6% | -36.0% |
| Q4 25 | 12.3% | 9.2% | ||
| Q3 25 | 5.3% | 3.6% | ||
| Q2 25 | 4.7% | 4.0% | ||
| Q1 25 | 5.0% | 3.1% | ||
| Q4 24 | 7.8% | 7.2% | ||
| Q3 24 | 5.0% | 2.7% | ||
| Q2 24 | 5.5% | 2.8% | ||
| Q1 24 | 4.5% | 4.8% |
| Q4 25 | 1.68× | — | ||
| Q3 25 | 1.42× | 6.29× | ||
| Q2 25 | 0.93× | 2.25× | ||
| Q1 25 | 0.59× | — | ||
| Q4 24 | 1.39× | — | ||
| Q3 24 | 1.25× | 6.32× | ||
| Q2 24 | 0.87× | 3.95× | ||
| 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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
