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Side-by-side financial comparison of ARMSTRONG WORLD INDUSTRIES INC (AWI) and WillScot Holdings Corp (WSC). Click either name above to swap in a different company.
WillScot Holdings Corp is the larger business by last-quarter revenue ($566.0M vs $388.3M, roughly 1.5× ARMSTRONG WORLD INDUSTRIES INC). ARMSTRONG WORLD INDUSTRIES INC runs the higher net margin — 16.9% vs -33.1%, a 50.0% gap on every dollar of revenue. On growth, ARMSTRONG WORLD INDUSTRIES INC posted the faster year-over-year revenue change (5.6% vs -6.1%). WillScot Holdings Corp produced more free cash flow last quarter ($149.7M vs $62.2M). Over the past eight quarters, ARMSTRONG WORLD INDUSTRIES INC's revenue compounded faster (9.1% CAGR vs -1.8%).
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.
WillScot Holdings Corp is a leading provider of modular space solutions and portable storage services across North America. It serves a wide range of sectors including construction, commercial development, education, healthcare, government projects, and special events, offering flexible, scalable temporary and semi-permanent space solutions tailored to diverse client needs.
AWI vs WSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $388.3M | $566.0M |
| Net Profit | $65.5M | $-187.3M |
| Gross Margin | 39.8% | 50.4% |
| Operating Margin | 23.7% | -32.5% |
| Net Margin | 16.9% | -33.1% |
| Revenue YoY | 5.6% | -6.1% |
| Net Profit YoY | 5.3% | -310.0% |
| EPS (diluted) | $1.51 | $-1.02 |
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 | $566.0M | ||
| Q3 25 | $425.2M | $566.8M | ||
| Q2 25 | $424.6M | $589.1M | ||
| Q1 25 | $382.7M | $559.6M | ||
| Q4 24 | $367.7M | $602.5M | ||
| Q3 24 | $386.6M | $601.4M | ||
| Q2 24 | $365.1M | $604.6M | ||
| Q1 24 | $326.3M | $587.2M |
| Q4 25 | $65.5M | $-187.3M | ||
| Q3 25 | $86.3M | $43.3M | ||
| Q2 25 | $87.8M | $47.9M | ||
| Q1 25 | $69.1M | $43.1M | ||
| Q4 24 | $62.2M | $89.2M | ||
| Q3 24 | $76.9M | $-70.5M | ||
| Q2 24 | $65.9M | $-46.9M | ||
| Q1 24 | $59.9M | $56.2M |
| Q4 25 | 39.8% | 50.4% | ||
| Q3 25 | 42.0% | 49.7% | ||
| Q2 25 | 41.4% | 50.3% | ||
| Q1 25 | 39.2% | 53.7% | ||
| Q4 24 | 39.1% | 55.8% | ||
| Q3 24 | 42.4% | 53.5% | ||
| Q2 24 | 40.9% | 54.1% | ||
| Q1 24 | 38.1% | 54.0% |
| Q4 25 | 23.7% | -32.5% | ||
| Q3 25 | 27.6% | 21.0% | ||
| Q2 25 | 29.0% | 21.5% | ||
| Q1 25 | 25.7% | 21.3% | ||
| Q4 24 | 22.3% | 28.9% | ||
| Q3 24 | 28.8% | -5.9% | ||
| Q2 24 | 26.0% | -0.9% | ||
| Q1 24 | 26.4% | 22.1% |
| Q4 25 | 16.9% | -33.1% | ||
| Q3 25 | 20.3% | 7.6% | ||
| Q2 25 | 20.7% | 8.1% | ||
| Q1 25 | 18.1% | 7.7% | ||
| Q4 24 | 16.9% | 14.8% | ||
| Q3 24 | 19.9% | -11.7% | ||
| Q2 24 | 18.0% | -7.7% | ||
| Q1 24 | 18.4% | 9.6% |
| Q4 25 | $1.51 | $-1.02 | ||
| Q3 25 | $1.98 | $0.24 | ||
| Q2 25 | $2.01 | $0.26 | ||
| Q1 25 | $1.58 | $0.23 | ||
| Q4 24 | $1.41 | $0.48 | ||
| Q3 24 | $1.75 | $-0.37 | ||
| Q2 24 | $1.50 | $-0.25 | ||
| Q1 24 | $1.36 | $0.29 |
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 | $14.6M |
| Total DebtLower is stronger | — | $3.6B |
| Stockholders' EquityBook value | $900.7M | $856.3M |
| Total Assets | $1.9B | $5.8B |
| Debt / EquityLower = less leverage | — | 4.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $112.7M | $14.6M | ||
| Q3 25 | $90.1M | $14.8M | ||
| Q2 25 | $81.1M | $12.8M | ||
| Q1 25 | $82.8M | $10.7M | ||
| Q4 24 | $79.3M | $9.0M | ||
| Q3 24 | $73.7M | $11.0M | ||
| Q2 24 | $73.6M | $5.9M | ||
| Q1 24 | $69.6M | $13.1M |
| Q4 25 | — | $3.6B | ||
| Q3 25 | — | $3.6B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | — | $3.6B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $3.5B | ||
| Q1 24 | — | $3.5B |
| Q4 25 | $900.7M | $856.3M | ||
| Q3 25 | $889.2M | $1.1B | ||
| Q2 25 | $837.8M | $1.0B | ||
| Q1 25 | $793.4M | $1.0B | ||
| Q4 24 | $757.1M | $1.0B | ||
| Q3 24 | $717.0M | $1.1B | ||
| Q2 24 | $669.0M | $1.2B | ||
| Q1 24 | $626.8M | $1.3B |
| Q4 25 | $1.9B | $5.8B | ||
| Q3 25 | $1.9B | $6.1B | ||
| Q2 25 | $1.9B | $6.1B | ||
| Q1 25 | $1.9B | $6.0B | ||
| Q4 24 | $1.8B | $6.0B | ||
| Q3 24 | $1.8B | $6.0B | ||
| Q2 24 | $1.8B | $6.0B | ||
| Q1 24 | $1.7B | $6.2B |
| Q4 25 | — | 4.15× | ||
| Q3 25 | — | 3.39× | ||
| Q2 25 | — | 3.55× | ||
| Q1 25 | — | 3.56× | ||
| Q4 24 | — | 3.62× | ||
| Q3 24 | — | 3.42× | ||
| Q2 24 | — | 2.88× | ||
| Q1 24 | — | 2.63× |
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 | $158.9M |
| Free Cash FlowOCF − Capex | $62.2M | $149.7M |
| FCF MarginFCF / Revenue | 16.0% | 26.5% |
| Capex IntensityCapex / Revenue | 12.3% | 1.6% |
| Cash ConversionOCF / Net Profit | 1.68× | — |
| TTM Free Cash FlowTrailing 4 quarters | $246.1M | $737.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $110.0M | $158.9M | ||
| Q3 25 | $122.9M | $191.2M | ||
| Q2 25 | $81.6M | $205.3M | ||
| Q1 25 | $41.0M | $206.6M | ||
| Q4 24 | $86.6M | $178.9M | ||
| Q3 24 | $96.5M | $-1.6M | ||
| Q2 24 | $57.3M | $175.6M | ||
| Q1 24 | $26.4M | $208.7M |
| Q4 25 | $62.2M | $149.7M | ||
| Q3 25 | $100.3M | $186.9M | ||
| Q2 25 | $61.7M | $199.0M | ||
| Q1 25 | $21.9M | $202.0M | ||
| Q4 24 | $57.8M | $176.6M | ||
| Q3 24 | $77.1M | $-4.9M | ||
| Q2 24 | $37.4M | $169.4M | ||
| Q1 24 | $11.7M | $202.1M |
| Q4 25 | 16.0% | 26.5% | ||
| Q3 25 | 23.6% | 33.0% | ||
| Q2 25 | 14.5% | 33.8% | ||
| Q1 25 | 5.7% | 36.1% | ||
| Q4 24 | 15.7% | 29.3% | ||
| Q3 24 | 19.9% | -0.8% | ||
| Q2 24 | 10.2% | 28.0% | ||
| Q1 24 | 3.6% | 34.4% |
| Q4 25 | 12.3% | 1.6% | ||
| Q3 25 | 5.3% | 0.7% | ||
| Q2 25 | 4.7% | 1.1% | ||
| Q1 25 | 5.0% | 0.8% | ||
| Q4 24 | 7.8% | 0.4% | ||
| Q3 24 | 5.0% | 0.6% | ||
| Q2 24 | 5.5% | 1.0% | ||
| Q1 24 | 4.5% | 1.1% |
| Q4 25 | 1.68× | — | ||
| Q3 25 | 1.42× | 4.41× | ||
| Q2 25 | 0.93× | 4.28× | ||
| Q1 25 | 0.59× | 4.80× | ||
| Q4 24 | 1.39× | 2.01× | ||
| Q3 24 | 1.25× | — | ||
| Q2 24 | 0.87× | — | ||
| Q1 24 | 0.44× | 3.71× |
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% |
WSC
| Modular Space Leasing | $249.8M | 44% |
| Value Added Product And Services | $101.0M | 18% |
| Portable Storage Leasing | $83.0M | 15% |
| Delivery Revenue | $48.2M | 9% |
| Installation Revenue | $45.0M | 8% |
| Rental Units | $19.7M | 3% |
| New Units | $15.5M | 3% |
| Value Added Services | $10.3M | 2% |
| Other Leasing Related Products And Services | $3.8M | 1% |
