MeritValue

ARMSTRONG WORLD INDUSTRIES INC

AWIdata completeness 100%17 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.11B1$1.23B2$1.3B3$1.45B3$1.62B3
Net income$183.2M4$202.9M5$223.8M6$264.9M6$308.7M6
Operating cash flow$187.2M7$182.4M8$233.5M9$266.8M9$355.5M9
Capital expenditure$79.8M10$74.8M11$83.8M12$82.8M12$109.4M12
Free cash flow (derived)$107.4M7$107.6M8$149.7M9$184M9$246.1M9
Total debt$631.4M13$651.1M14$586.8M15$525.1M16$406.7M16
Cash & equivalents$98.1M17$106M18$70.8M19$79.3M20$112.7M20
Diluted shares47.9M46.4M44.8M44.0M43.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.000023%
of the whole company
Your share of last year’s profit
$70.8
Your share of its debt
$93.28
Your share of free cash flow
$56.44
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$244.67
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth19.6%
  • fcfBase$184M
DCF · Growth Exit 5Y
$132.21
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth19.6%
  • fcfBase$184M
Earnings Power Value
$54.09
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$223.8M
  • growthAssumed0.0%
Graham Number
$57.37
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years19.6%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $132.21

Default growth 19.6%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-016792 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-026060 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-065183 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-016792 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-026060 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-065183 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-016792 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-026060 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-065183 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-016792 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-026060 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-065183 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-003298 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-016792 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-026060 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-065183 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-23-003298 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-24-016792 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000950170-25-026060 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001193125-26-065183 (CashAndCashEquivalentsAtCarryingValue)