A. O. Smith

Industrials Building Products Milwaukee, Wisconsin Last filing Feb 10, 2026 · FY2025

                    Revenue
                    FY2025
                
$3.8B
                    3y CAGR +0.7%
                    
                    P26
                    
                    +0.3%
                    
                    Net income
                    FY2025
                
$546.2M
                    Net margin +14.3%
                    
                    P65
                    
                    +2.4%
                    
                    Total assets
                    FY2025
                
$3.1B
                    ROA +17.4%
                    
                    P92
                    
                    -2.2%
                    
                    Operating cash flow
                    FY2025
                
$616.8M
                    FCF margin +14.3%
                    
                    P56
                    
                    +6.0%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

30 accounts · 10 years

Total assets $3.1B

Total liabilities $1.3B

Shareholders equity $1.9B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	5.6%	—	10.6%	11.7%	12.8%	18.1%	12.2%	8.5%	10.8%	11.4%
Accounts Receivable	18.5%	—	18.5%	17.4%	18.3%	18.5%	19.3%	21.1%	18.7%	17.9%
Inventory	15.3%	—	15.5%	15.5%	12.9%	9.5%	9.9%	9.9%	9.1%	8.7%
Prepaid Expenses	1.2%	—	1.4%	1.6%	1.1%	1.4%	1.8%	1.4%	1.8%	1.3%
Other Current Assets	1.2%	—	1.4%	1.6%	1.1%	1.4%	1.8%	1.4%	1.8%	1.3%
Total Current Assets	41.1%	—	46.7%	49.0%	50.4%	51.2%	49.1%	53.3%	55.3%	54.0%
Property,Plant and Equipment	20.2%	—	18.6%	17.7%	17.5%	17.1%	17.8%	17.6%	16.5%	16.0%
Operating Lease Assets	1.5%	—	1.2%	0.9%	0.9%	1.3%	1.5%	1.8%	—	—
Goodwill	22.6%	—	19.7%	18.6%	18.1%	17.3%	17.9%	16.7%	16.2%	17.0%
Intangible Assets	11.5%	—	10.5%	10.4%	10.5%	10.2%	11.1%	9.5%	9.7%	10.7%
Other Noncurrent Assets	3.1%	—	3.4%	3.3%	2.6%	2.8%	2.6%	2.8%	2.4%	2.3%
Total Assets	100.0%	—	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	16.0%	—	18.7%	18.8%	21.5%	18.8%	16.7%	17.7%	16.7%	18.3%
Accrued Liabilities	4.7%	—	5.5%	4.8%	5.2%	5.1%	4.7%	3.9%	3.5%	3.5%
Deferred Revenue	1.1%	—	1.9%	2.6%	4.5%	2.8%	1.6%	1.5%	—	—
Current Portion of Long Term Debt	1.3%	—	0.3%	0.3%	0.2%	0.2%	0.2%	—	0.2%	0.2%
Other Current Liabilities	4.1%	—	4.5%	4.9%	5.2%	5.6%	6.2%	6.5%	6.6%	3.1%
Total Current Liabilities	27.4%	—	29.4%	28.0%	32.2%	28.0%	25.1%	25.6%	24.7%	26.5%
Long Term Debt	3.6%	—	3.6%	10.0%	5.5%	3.4%	9.1%	7.2%	12.6%	10.9%
Operating Lease Liabilities Noncurrent	1.2%	—	0.9%	0.7%	0.6%	1.1%	1.3%	—	—	—
Deferred Tax Liabilities	0.0%	—	0.0%	0.8%	0.6%	0.4%	0.7%	0.6%	3.9%	5.4%
Other Noncurrent Liabilities	4.1%	—	4.5%	4.9%	5.2%	5.6%	6.2%	6.5%	6.6%	3.1%
Total Liabilities	40.9%	—	42.6%	47.6%	47.3%	41.5%	45.5%	44.1%	48.4%	47.6%
Equity
Common Stock	19.5%	—	18.0%	16.7%	15.7%	16.5%	5.4%	5.4%	5.1%	5.7%
Additional Paid In Capital	19.5%	—	18.0%	16.7%	15.7%	16.5%	16.6%	16.2%	15.2%	16.5%
Retained Earnings	125.7%	—	101.4%	86.6%	81.4%	79.4%	76.0%	68.5%	56.1%	55.1%
Treasury Stock	92.4%	—	68.5%	57.2%	43.3%	36.6%	36.4%	26.9%	19.6%	16.9%
Accumulated Other Comprehensive Income	-3.1%	—	-2.6%	-2.5%	-9.5%	-10.2%	-11.4%	-11.4%	-9.4%	-12.6%
Total Stockholders Equity	59.1%	—	57.4%	52.4%	52.7%	58.5%	54.5%	55.9%	51.4%	52.4%
Total Liabilitiesand Equity	100.0%	—	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

19 accounts · 10 years

Revenue $3.8B

Operating income $728.6M

Net income $546.2M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	121.9%	—	119.9%	112.7%	101.9%	91.6%	97.9%	103.8%	93.7%	92.9%
Expenses Cost of Revenue	74.5%	—	73.7%	72.8%	64.1%	56.5%	59.3%	61.3%	55.2%	54.4%
Expenses Research and Development	3.0%	—	3.0%	2.7%	2.7%	2.6%	2.9%	3.1%	2.7%	2.8%
Expenses Selling,General and Administrative	24.2%	—	22.6%	20.1%	20.2%	20.9%	23.4%	24.5%	22.6%	22.9%
Expenses Depreciation and Amortization	2.7%	—	2.4%	2.3%	2.2%	2.5%	2.6%	2.3%	2.2%	2.3%
Expenses Share Based Compensation	0.4%	—	0.4%	0.3%	0.3%	0.4%	0.4%	0.3%	0.3%	0.3%
Expenses Restructuring and Asset Impairment	0.0%	—	—	0.0%	0.0%	0.2%	0.0%	0.2%	0.0%	0.0%
Other Income Expense Gross Profit	47.3%	—	46.2%	39.9%	37.7%	35.1%	38.6%	42.5%	38.5%	38.5%
Other Income Expense Operating Income	23.2%	—	23.2%	10.9%	19.6%	15.9%	17.3%	20.0%	18.1%	17.8%
Other Income Expense Interest Expense	0.4%	—	0.4%	0.3%	0.1%	0.2%	0.4%	0.3%	0.3%	0.3%
Other Income Expense Other Income/expense	0.0%	—	0.2%	-12.8%	0.6%	0.3%	0.6%	0.7%	0.7%	0.6%
Other Income Expense Income Before Tax	22.8%	—	22.8%	6.7%	18.0%	14.0%	15.4%	18.2%	16.3%	16.0%
Income Tax Income Tax Expense	5.4%	—	5.5%	-0.4%	4.0%	3.1%	3.3%	3.7%	7.0%	4.7%
net Income net Income	17.4%	—	17.3%	7.1%	14.0%	10.9%	12.1%	14.5%	9.3%	11.3%
net Income Comprehensive Income	17.8%	—	17.3%	14.5%	13.7%	11.8%	12.2%	12.8%	11.3%	9.6%
Earnings Per Share Basic Eps	0.0%	—	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	—	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	4.5%	—	4.7%	4.6%	4.6%	5.1%	5.4%	5.6%	5.4%	6.0%
Earnings Per Share Weighted Average Shares Diluted	4.5%	—	4.7%	4.7%	4.6%	5.1%	5.5%	5.6%	5.5%	6.1%

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 10 years

Operating cash flow $616.8M

Investing cash flow $-53.0M

Financing cash flow $-633.1M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	17.4%	—	17.3%	7.1%	14.0%	10.9%	12.1%	14.5%	9.3%	11.3%
Operating Activities Depreciation and Amortization	2.7%	—	2.4%	2.3%	2.2%	2.5%	2.6%	2.3%	2.2%	2.3%
Operating Activities Stock Based Compensation	0.4%	—	0.4%	0.3%	0.3%	0.4%	0.4%	0.3%	0.3%	0.3%
Operating Activities Deferred Income Taxes	-0.2%	—	0.1%	0.0%	-0.1%	-0.6%	-0.0%	-0.0%	-0.2%	-0.0%
Operating Activities Changes In Operating Assets and Liabilities	-3.8%	—	-0.7%	-1.5%	8.0%	2.5%	-3.4%	2.3%	3.4%	4.8%
Operating Activities net Cash From Operating Activities	19.6%	—	20.9%	11.7%	18.5%	17.8%	14.9%	14.6%	10.2%	15.4%
Investing Activities Capital Expenditures	2.3%	—	2.3%	2.1%	2.2%	1.8%	2.1%	2.8%	2.9%	2.8%
Investing Activities Business Acquisitions	0.0%	—	0.5%	0.2%	6.0%	0.0%	3.5%	0.0%	1.3%	3.1%
Investing Activities Purchases of Investments	1.4%	—	2.0%	2.7%	5.3%	5.0%	8.9%	17.0%	18.2%	19.5%
Investing Activities Proceeds From Sale of Investments	1.9%	—	4.0%	5.3%	3.4%	7.2%	15.6%	19.4%	17.6%	15.1%
Investing Activities net Cash From Investing Activities	-1.7%	—	-0.7%	0.2%	-10.1%	0.4%	1.1%	-0.4%	-4.9%	-10.4%
Financing Activities Proceeds From Debt	34.6%	—	21.4%	4.5%	2.4%	—	2.0%	—	2.7%	2.6%
Financing Activities Repayment of Debt	35.8%	—	28.2%	—	—	5.4%	—	6.2%	—	—
Financing Activities Repurchase of Common Stock	12.8%	—	9.5%	12.1%	10.5%	1.8%	9.4%	6.6%	4.4%	4.7%
Financing Activities Dividends Paid	6.2%	—	5.7%	5.3%	4.9%	5.0%	4.9%	4.2%	3.0%	2.9%
Financing Activities Proceeds From Stock Issuance	0.0%	—	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Financing Activities net Cash From Financing Activities	-20.1%	—	-21.3%	-12.9%	-12.1%	-11.9%	-12.3%	-17.0%	-4.8%	-4.8%
Cash Reconciliation Effect of Exchange Rate On Cash	0.1%	—	-0.4%	-0.6%	0.0%	—	—	—	—	—
Cash Reconciliation net Change In Cash	-2.1%	—	-1.6%	-1.6%	-3.7%	6.3%	3.7%	-2.8%	0.5%	0.2%
Cash Reconciliation Cash At Beginning of Period	5.6%	—	10.6%	11.7%	12.8%	18.1%	12.2%	8.5%	10.8%	11.4%
Cash Reconciliation Cash At End of Period	5.6%	—	10.6%	11.7%	12.8%	18.1%	12.2%	8.5%	10.8%	11.4%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+38.8%	+38.1%	+38.5%	+35.4%	+37.0%	+38.3%	+39.5%	+41.0%	+41.1%	+41.5%
Operating margin	+19.0%	+18.5%	+19.3%	+9.6%	+19.3%	+17.4%	+17.7%	+19.2%	+19.3%	+19.2%
Net margin	+14.3%	+14.0%	+14.4%	+6.3%	+13.8%	+11.9%	+12.4%	+13.9%	+9.9%	+12.2%
FCF margin	+14.3%	+12.4%	+15.5%	+8.6%	+16.0%	+17.5%	+13.1%	+11.4%	+7.7%	+13.6%
Growth
Revenue CAGR (3y)	+0.7%	+2.6%	+10.0%	+7.8%	+3.5%	-1.1%	+3.7%	+7.9%	+8.3%	+7.6%
Returns
ROE	+29.4%	—	+30.2%	+13.5%	+26.6%	+18.7%	+22.2%	+25.9%	+18.0%	+21.5%
ROA	+17.4%	—	+17.3%	+7.1%	+14.0%	+10.9%	+12.1%	+14.5%	+9.3%	+11.3%
ROIC	+30.3%	—	+34.7%	+21.3%	+33.5%	+28.2%	+26.3%	+29.1%	+19.3%	+24.1%
Liquidity
Current ratio	1.50x	—	1.59x	1.75x	1.57x	1.83x	1.96x	2.09x	2.24x	2.04x
Quick ratio	0.88x	—	0.99x	1.04x	0.96x	1.31x	1.26x	1.15x	1.20x	1.11x
Leverage
D/E	0.69x	—	0.74x	0.91x	0.90x	0.71x	0.83x	0.79x	0.94x	0.91x
Interest coverage	53.97x	105.63x	62.12x	38.51x	158.60x	68.93x	48.10x	73.02x	57.22x	70.55x
Efficiency
Asset turnover	1.22x	—	1.20x	1.13x	1.02x	0.92x	0.98x	1.04x	0.94x	0.93x
Cash conversion cycle	+52d	—	+41d	+40d	+17d	+13d	+30d	+28d	+22d	+6d

Valuation

Price against fundamentals

AOS $73 · 2025-09-29 · 351d old · FY2025

Market cap $10.3B

P/E 18.90x

P/S 2.70x

P/B 5.56x

EV $10.3B

EV/EBITDA 12.66x

FCF yield +5.3%

Dividend yield +1.9%

Notes

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