Armstrong World Industries designs and manufactures ceiling and wall systems for commercial buildings in the Americas, selling primarily into office buildings, schools, healthcare facilities, transportation hubs, and retail spaces. Armstrong operates two segments: Mineral Fiber and Architectural Specialties. Mineral Fiber is the core business, producing suspended tile ceiling systems made from mineral fiber and fiberglass — the standard drop ceilings found throughout commercial buildings. These products offer acoustic control, fire protection, and energy efficiency, and the segment generates roughly 43% adjusted EBITDA margins. Architectural Specialties produces custom ceiling, wall, and exterior architectural products made from metal, wood, felt, resin, and glass, targeting high-design commercial spaces. This segment has grown at roughly a 20% CAGR over the past decade, driven by organic penetration and 12 bolt-on acquisitions since 2016. Armstrong also holds a 50/50 JV with Worthington Enterprises called WAVE, which manufactures the metal grid systems that hold ceiling tiles in place. Armstrong sells primarily through building materials distributors, which account for roughly 63% of net sales. Revenue in Mineral Fiber is driven by volume and average unit value (AUV), with AUV growth supported by regular price increases and product mix shift toward higher-value products. The majority of Mineral Fiber sales serve renovation rather than new construction, giving the business some resilience through cycles. Armstrong also runs two digital platforms — ProjectWorks, a design tool for architects, and Canopy, an online platform for smaller customers — both of which drive above-average AUVs.