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Armstrong World Industries vs Karat Packaging: revenue, profit, margins and growth compared

Armstrong World Industries brought in $1.6B of revenue in fiscal 2025, Karat Packaging $467.7M in fiscal 2025. Revenue changed by +12.1% at Armstrong World Industries and +10.7% at Karat Packaging on the year before, so Armstrong World Industries grew faster. Armstrong World Industries kept 19.0% of its revenue as net profit, Karat Packaging 6.7%. Free cash flow was $246.1M at Armstrong World Industries and $33.1M at Karat Packaging.

Side by side, latest fiscal year

AWIKRT
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$1.6B$467.7M
Revenue growth+12.1%+10.7%
Net income$308.7M$31.5M
Net margin19.0%6.7%
Free cash flow$246.1M$33.1M
Free cash flow margin15.2%7.1%
Earnings per share (diluted)$7.08$1.56
Cash$112.7M$37.9M
Debt$406.7M$12.9M
Price to earnings23.034.0
Market value$6.9B$1.1B
Dividend yield0.78%3.39%
Rank by revenue in sector#238 of 451 · Industrials#328 of 451 · Industrials

Over the years

Revenue
AWI FY2018: $975.3MAWI FY2019: $1BAWI FY2020: $936.9MAWI FY2021: $1.1BAWI FY2022: $1.2BAWI FY2023: $1.3BAWI FY2024: $1.4BAWI FY2025: $1.6BKRT FY2021: $295.5MKRT FY2021: $364.2MKRT FY2022: $423MKRT FY2023: $405.7MKRT FY2024: $422.6MKRT FY2025: $467.7MFY18FY19FY20FY21FY22FY23FY24FY25
AWI $1.6BKRT $467.7M
Net income
AWI FY2018: $185.9MAWI FY2019: $214.5MAWI FY2020: -$99.1MAWI FY2021: $183.2MAWI FY2022: $202.9MAWI FY2023: $223.8MAWI FY2024: $264.9MAWI FY2025: $308.7MKRT FY2021: $17.5MKRT FY2021: $20.8MKRT FY2022: $23.6MKRT FY2023: $32.5MKRT FY2024: $30MKRT FY2025: $31.5MFY18FY19FY20FY21FY22FY23FY24FY25
AWI $308.7MKRT $31.5M
Net margin
AWI FY2018: 19.1%AWI FY2019: 20.7%AWI FY2020: -10.6%AWI FY2021: 16.6%AWI FY2022: 16.5%AWI FY2023: 17.3%AWI FY2024: 18.3%AWI FY2025: 19.0%KRT FY2021: 5.9%KRT FY2021: 5.7%KRT FY2022: 5.6%KRT FY2023: 8.0%KRT FY2024: 7.1%KRT FY2025: 6.7%FY18FY19FY20FY21FY22FY23FY24FY25
AWI 19.0%KRT 6.7%
Revenue growth
AWI FY2019: +6.4%AWI FY2020: -9.7%AWI FY2021: +18.1%AWI FY2022: +11.4%AWI FY2023: +5.0%AWI FY2024: +11.6%AWI FY2025: +12.1%KRT FY2021: +23.3%KRT FY2022: +16.1%KRT FY2023: -4.1%KRT FY2024: +4.2%KRT FY2025: +10.7%FY19FY20FY21FY22FY23FY24FY25
AWI +12.1%KRT +10.7%
Free cash flow
AWI FY2018: $131.3MAWI FY2019: $111.4MAWI FY2020: $163.4MAWI FY2021: $107.4MAWI FY2022: $107.6MAWI FY2023: $149.7MAWI FY2024: $184MAWI FY2025: $246.1MKRT FY2021: -$15MKRT FY2021: $4.5MKRT FY2022: $26.8MKRT FY2023: $50.5MKRT FY2024: $47MKRT FY2025: $33.1MFY18FY19FY20FY21FY22FY23FY24FY25
AWI $246.1MKRT $33.1M

Fiscal years as each company reports them; the two may end in different months.

Questions about Armstrong World Industries and Karat Packaging

Which is bigger by revenue, Armstrong World Industries or Karat Packaging?

Armstrong World Industries is bigger by revenue: $1.6B in fiscal 2025, against $467.7M for Karat Packaging in fiscal 2025.

Which keeps more of its revenue as profit, Armstrong World Industries or Karat Packaging?

Armstrong World Industries had a net margin of 19.0% in fiscal 2025; Karat Packaging had 6.7% in fiscal 2025.

Which grew revenue faster, Armstrong World Industries or Karat Packaging?

In their latest fiscal years revenue changed by +12.1% at Armstrong World Industries and +10.7% at Karat Packaging.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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