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Side-by-side financial comparison of ARMSTRONG WORLD INDUSTRIES INC (AWI) and Walker & Dunlop, Inc. (WD). 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 $340.0M, roughly 1.1× Walker & Dunlop, Inc.). ARMSTRONG WORLD INDUSTRIES INC runs the higher net margin — 16.9% vs -12.9%, a 29.8% gap on every dollar of revenue. On growth, ARMSTRONG WORLD INDUSTRIES INC posted the faster year-over-year revenue change (5.6% vs -0.4%). ARMSTRONG WORLD INDUSTRIES INC produced more free cash flow last quarter ($62.2M vs $-680.1M). Over the past eight quarters, Walker & Dunlop, Inc.'s revenue compounded faster (22.1% 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.
Walker & Dunlop, Inc. is one of the largest commercial real estate finance and advisory services firms in the United States and internationally.
AWI vs WD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $388.3M | $340.0M |
| Net Profit | $65.5M | $-13.9M |
| Gross Margin | 39.8% | — |
| Operating Margin | 23.7% | -17.2% |
| Net Margin | 16.9% | -12.9% |
| Revenue YoY | 5.6% | -0.4% |
| Net Profit YoY | 5.3% | -131.0% |
| EPS (diluted) | $1.51 | $-0.41 |
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 | $340.0M | ||
| Q3 25 | $425.2M | $337.7M | ||
| Q2 25 | $424.6M | $319.2M | ||
| Q1 25 | $382.7M | $237.4M | ||
| Q4 24 | $367.7M | $341.5M | ||
| Q3 24 | $386.6M | $292.3M | ||
| Q2 24 | $365.1M | $270.7M | ||
| Q1 24 | $326.3M | $228.1M |
| Q4 25 | $65.5M | $-13.9M | ||
| Q3 25 | $86.3M | $33.5M | ||
| Q2 25 | $87.8M | $34.0M | ||
| Q1 25 | $69.1M | $2.8M | ||
| Q4 24 | $62.2M | $44.8M | ||
| Q3 24 | $76.9M | $28.8M | ||
| Q2 24 | $65.9M | $22.7M | ||
| Q1 24 | $59.9M | $11.9M |
| 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% | -17.2% | ||
| Q3 25 | 27.6% | 13.6% | ||
| Q2 25 | 29.0% | 14.5% | ||
| Q1 25 | 25.7% | 2.2% | ||
| Q4 24 | 22.3% | 15.3% | ||
| Q3 24 | 28.8% | 12.8% | ||
| Q2 24 | 26.0% | 10.4% | ||
| Q1 24 | 26.4% | 6.0% |
| Q4 25 | 16.9% | -12.9% | ||
| Q3 25 | 20.3% | 9.9% | ||
| Q2 25 | 20.7% | 10.6% | ||
| Q1 25 | 18.1% | 1.2% | ||
| Q4 24 | 16.9% | 13.1% | ||
| Q3 24 | 19.9% | 9.9% | ||
| Q2 24 | 18.0% | 8.4% | ||
| Q1 24 | 18.4% | 5.2% |
| Q4 25 | $1.51 | $-0.41 | ||
| Q3 25 | $1.98 | $0.98 | ||
| Q2 25 | $2.01 | $0.99 | ||
| Q1 25 | $1.58 | $0.08 | ||
| Q4 24 | $1.41 | $1.32 | ||
| Q3 24 | $1.75 | $0.85 | ||
| Q2 24 | $1.50 | $0.67 | ||
| Q1 24 | $1.36 | $0.35 |
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 | $299.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $900.7M | $1.7B |
| Total Assets | $1.9B | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $112.7M | $299.3M | ||
| Q3 25 | $90.1M | $274.8M | ||
| Q2 25 | $81.1M | $233.7M | ||
| Q1 25 | $82.8M | $181.0M | ||
| Q4 24 | $79.3M | $279.3M | ||
| Q3 24 | $73.7M | $179.8M | ||
| Q2 24 | $73.6M | $208.1M | ||
| Q1 24 | $69.6M | $216.5M |
| Q4 25 | $900.7M | $1.7B | ||
| Q3 25 | $889.2M | $1.8B | ||
| Q2 25 | $837.8M | $1.8B | ||
| Q1 25 | $793.4M | $1.7B | ||
| Q4 24 | $757.1M | $1.7B | ||
| Q3 24 | $717.0M | $1.7B | ||
| Q2 24 | $669.0M | $1.7B | ||
| Q1 24 | $626.8M | $1.7B |
| Q4 25 | $1.9B | $5.1B | ||
| Q3 25 | $1.9B | $5.8B | ||
| Q2 25 | $1.9B | $4.7B | ||
| Q1 25 | $1.9B | $4.5B | ||
| Q4 24 | $1.8B | $4.4B | ||
| Q3 24 | $1.8B | $4.6B | ||
| Q2 24 | $1.8B | $4.2B | ||
| Q1 24 | $1.7B | $3.8B |
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 | $-664.3M |
| Free Cash FlowOCF − Capex | $62.2M | $-680.1M |
| FCF MarginFCF / Revenue | 16.0% | -200.0% |
| Capex IntensityCapex / Revenue | 12.3% | 4.6% |
| Cash ConversionOCF / Net Profit | 1.68× | — |
| TTM Free Cash FlowTrailing 4 quarters | $246.1M | $-2.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $110.0M | $-664.3M | ||
| Q3 25 | $122.9M | $-948.1M | ||
| Q2 25 | $81.6M | $-238.5M | ||
| Q1 25 | $41.0M | $-281.1M | ||
| Q4 24 | $86.6M | $129.4M | ||
| Q3 24 | $96.5M | $-202.0M | ||
| Q2 24 | $57.3M | $-237.8M | ||
| Q1 24 | $26.4M | $38.4M |
| Q4 25 | $62.2M | $-680.1M | ||
| Q3 25 | $100.3M | $-950.4M | ||
| Q2 25 | $61.7M | $-241.0M | ||
| Q1 25 | $21.9M | $-284.7M | ||
| Q4 24 | $57.8M | $116.4M | ||
| Q3 24 | $77.1M | $-204.0M | ||
| Q2 24 | $37.4M | $-241.7M | ||
| Q1 24 | $11.7M | $35.2M |
| Q4 25 | 16.0% | -200.0% | ||
| Q3 25 | 23.6% | -281.5% | ||
| Q2 25 | 14.5% | -75.5% | ||
| Q1 25 | 5.7% | -120.0% | ||
| Q4 24 | 15.7% | 34.1% | ||
| Q3 24 | 19.9% | -69.8% | ||
| Q2 24 | 10.2% | -89.3% | ||
| Q1 24 | 3.6% | 15.4% |
| Q4 25 | 12.3% | 4.6% | ||
| Q3 25 | 5.3% | 0.7% | ||
| Q2 25 | 4.7% | 0.8% | ||
| Q1 25 | 5.0% | 1.5% | ||
| Q4 24 | 7.8% | 3.8% | ||
| Q3 24 | 5.0% | 0.7% | ||
| Q2 24 | 5.5% | 1.4% | ||
| Q1 24 | 4.5% | 1.4% |
| Q4 25 | 1.68× | — | ||
| Q3 25 | 1.42× | -28.34× | ||
| Q2 25 | 0.93× | -7.02× | ||
| Q1 25 | 0.59× | -102.07× | ||
| Q4 24 | 1.39× | 2.89× | ||
| Q3 24 | 1.25× | -7.01× | ||
| Q2 24 | 0.87× | -10.49× | ||
| Q1 24 | 0.44× | 3.24× |
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% |
WD
Segment breakdown not available.
