A. O. Smith

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

                    Revenue
                    FY2025
                
$3.8B
                    3y CAGR +0.7%
                    
                    P27
                    
                    +0.3%
                    
                    Net income
                    FY2025
                
$546.2M
                    Net margin +14.3%
                    
                    P64
                    
                    +2.4%
                    
                    Total assets
                    FY2025
                
$3.1B
                    ROA +17.4%
                    
                    P91
                    
                    -3.0%
                    
                    Operating cash flow
                    FY2025
                
$616.8M
                    FCF margin +14.3%
                    
                    P59
                    
                    +6.0%

18 yrs · FY2008–FY2025 8 filed · 0 derived · 1 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

27 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	$174.5M -27.2%	$239.6M -29.5%	$339.9M -13.1%	$391.2M -11.8%	$443.3M -22.6%	$573.1M 53.2%	$374.0M 44.0%	$259.7M -25.1%	$346.6M 4.9%	$330.4M
Short Term Investments	$18.7M -48.8%	$36.5M 55.3%	$23.5M -74.1%	$90.6M -51.8%	$188.1M 61.5%	$116.5M -34.3%	$177.4M -54.0%	$385.3M -18.6%	$473.4M 11.6%	$424.2M
Accounts Receivable	$582.3M 7.6%	$541.4M -9.2%	$596.0M 2.5%	$581.2M -8.4%	$634.4M 8.4%	$585.0M -0.8%	$589.5M -8.9%	$647.3M 9.2%	$592.7M 14.3%	$518.7M
Inventory	$479.3M -9.9%	$532.1M 7.0%	$497.4M -3.7%	$516.4M 15.3%	$447.7M 49.2%	$300.1M -1.0%	$303.0M -0.6%	$304.7M 2.6%	$297.0M 18.3%	$251.1M
Other Current Assets	$36.7M -15.2%	$43.3M -0.5%	$43.5M -19.9%	$54.3M 38.9%	$39.1M -9.7%	$43.3M -23.4%	$56.5M 36.1%	$41.5M -27.4%	$57.2M 52.1%	$37.6M
Total Current Assets	$1.3B -7.3%	$1.4B -7.2%	$1.5B -8.2%	$1.6B -6.8%	$1.8B 8.3%	$1.6B 7.8%	$1.5B -8.4%	$1.6B -7.3%	$1.8B 13.1%	$1.6B
Property,Plant and Equipment	$635.1M 1.0%	$628.7M 5.2%	$597.5M 1.2%	$590.7M -2.6%	$606.7M 12.1%	$541.3M -0.8%	$545.4M 1.0%	$540.0M 2.1%	$528.9M 14.5%	$461.9M
Operating Lease Assets	$46.3M 41.2%	$32.8M -12.1%	$37.3M 25.2%	$29.8M -8.3%	$32.5M -21.9%	$41.6M -11.3%	$46.9M	—	—	—
Goodwill	$710.6M -6.7%	$761.7M 20.3%	$633.4M 2.2%	$619.7M -1.3%	$627.8M 14.8%	$546.8M 0.1%	$546.0M 6.4%	$513.0M -0.7%	$516.7M 5.1%	$491.5M
Intangible Assets	$362.3M 12.8%	$321.1M -4.6%	$336.7M -3.2%	$347.9M -4.6%	$364.8M 12.6%	$323.9M -4.3%	$338.4M 15.5%	$293.1M -5.1%	$308.7M 0.1%	$308.3M
Other Noncurrent Assets	$97.0M -5.6%	$102.8M -5.4%	$108.7M -1.6%	$110.5M 22.8%	$90.0M 1.0%	$89.1M 10.1%	$80.9M -6.9%	$86.9M 14.0%	$76.2M 13.2%	$67.3M
Total Assets	$3.1B -3.0%	$3.2B 0.8%	$3.2B -3.6%	$3.3B -4.1%	$3.5B 9.9%	$3.2B 3.4%	$3.1B -0.4%	$3.1B -3.9%	$3.2B 10.6%	$2.9B
Liabilities
Accounts Payable	$504.1M -14.4%	$588.7M -1.9%	$600.4M -4.1%	$625.8M -16.1%	$745.9M 25.3%	$595.2M 16.8%	$509.6M -6.3%	$543.8M 1.6%	$535.0M 1.2%	$528.6M
Accrued Liabilities	$316.1M 5.9%	$298.5M -10.9%	$334.9M 12.2%	$298.4M -18.5%	$366.1M 28.8%	$284.3M 13.7%	$250.1M 3.6%	$241.5M -3.9%	$251.3M 9.4%	$229.8M
Current Portion of Long Term Debt	$42.3M 323.0%	$10.0M 0.0%	$10.0M 0.0%	$10.0M 47.1%	$6.8M 0.0%	$6.8M 0.0%	$6.8M	$0 -100.0%	$7.5M 4.2%	$7.2M
Total Current Liabilities	$862.5M -3.9%	$897.2M -5.1%	$945.3M 1.2%	$934.2M -16.5%	$1.1B 26.2%	$886.3M 15.6%	$766.5M -2.4%	$785.3M -1.1%	$793.8M 3.7%	$765.6M
Long Term Debt	$112.7M -38.5%	$183.2M 56.2%	$117.3M -64.9%	$334.5M 76.1%	$189.9M 78.5%	$106.4M -61.6%	$277.2M 25.2%	$221.4M -45.0%	$402.9M 27.3%	$316.4M
Operating Lease Liabilities Noncurrent	$37.1M 57.9%	$23.5M -15.8%	$27.9M 24.6%	$22.4M 0.4%	$22.3M -35.2%	$34.4M -11.1%	$38.7M	—	—	—
Other Noncurrent Liabilities	$272.5M 7.9%	$252.6M -9.5%	$279.0M -4.9%	$293.5M -5.7%	$311.2M 9.1%	$285.3M -7.6%	$308.8M -11.2%	$347.8M -2.2%	$355.8M 21.1%	$293.7M
Total Liabilities	$1.3B -5.3%	$1.4B -0.9%	$1.4B -13.6%	$1.6B -3.5%	$1.6B 25.1%	$1.3B -5.7%	$1.4B 2.7%	$1.4B -12.8%	$1.6B 12.9%	$1.4B
Equity
Preferred Stock	$0	$0	$0	$0	$0	$0	$0	—	—	—
Additional Paid In Capital	$614.4M 2.2%	$601.3M 4.0%	$578.2M 4.0%	$555.9M 2.0%	$545.2M 4.8%	$520.4M 2.2%	$509.0M 2.5%	$496.7M 2.1%	$486.5M 1.9%	$477.6M
Retained Earnings	$4.0B 9.7%	$3.6B 10.5%	$3.3B 12.9%	$2.9B 2.1%	$2.8B 12.6%	$2.5B 8.0%	$2.3B 10.5%	$2.1B 17.6%	$1.8B 12.3%	$1.6B
Treasury Stock	$2.9B 16.1%	$2.5B 13.6%	$2.2B 15.6%	$1.9B 26.8%	$1.5B 30.1%	$1.2B 3.9%	$1.1B 34.5%	$827.2M 32.0%	$626.5M 28.4%	$488.1M
Accumulated Other Comprehensive Income	$-98.6M 11.9%	$-111.9M -32.9%	$-84.2M -2.2%	$-82.4M 75.1%	$-331.4M -3.2%	$-321.2M 7.8%	$-348.3M 0.7%	$-350.8M -17.1%	$-299.5M 17.5%	$-363.2M
Total Stockholders Equity	$1.9B -1.4%	$1.9B 2.1%	$1.8B 5.5%	$1.7B -4.6%	$1.8B -0.9%	$1.8B 10.9%	$1.7B -2.9%	$1.7B 4.4%	$1.6B 8.6%	$1.5B
Total Liabilitiesand Equity	$3.1B -3.0%	$3.2B 0.8%	$3.2B -3.6%	$3.3B -4.1%	$3.5B 9.9%	$3.2B 3.4%	$3.1B -0.4%	$3.1B -3.9%	$3.2B 10.6%	$2.9B

Income Statement

Revenue, expense, and profitability

13 accounts · 10 years

Revenue $3.8B

Operating income Not reported

Net income $546.2M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	$3.8B 0.3%	$3.8B -0.9%	$3.9B 2.6%	$3.8B 6.1%	$3.5B 22.2%	$2.9B -3.3%	$3.0B -6.1%	$3.2B 6.4%	$3.0B 11.6%	$2.7B
Expenses Cost of Revenue	$2.3B -0.8%	$2.4B -0.3%	$2.4B -2.3%	$2.4B 8.8%	$2.2B 24.7%	$1.8B -1.4%	$1.8B -3.7%	$1.9B 6.7%	$1.8B 12.3%	$1.6B
Other Income Expense Gross Profit	$1.5B 2.1%	$1.5B -1.9%	$1.5B 11.7%	$1.3B 1.4%	$1.3B 18.3%	$1.1B -6.1%	$1.2B -9.6%	$1.3B 5.9%	$1.2B 10.6%	$1.1B
Expenses Selling,General and Administrative	$759.4M 2.7%	$739.3M 1.6%	$727.4M 8.4%	$670.9M -4.3%	$701.4M 6.2%	$660.3M -7.7%	$715.6M -5.1%	$753.8M 4.3%	$722.8M 9.1%	$662.5M
Expenses Restructuring and Asset Impairment	$0 -100.0%	$17.6M -6.4%	$18.8M	$0	$0 -100.0%	$7.7M	$0	—	—	—
Other Income Expense Interest Expense	$13.5M 101.5%	$6.7M -44.2%	$12.0M 27.7%	$9.4M 118.6%	$4.3M -41.1%	$7.3M -33.6%	$11.0M 31.0%	$8.4M -16.8%	$10.1M 38.4%	$7.3M
Other Income Expense Other Income/expense	$600.0K -92.9%	$8.5M 23.2%	$6.9M 101.6%	$-425.6M -2186.3%	$20.4M 85.5%	$11.0M -38.9%	$18.0M 24.1%	$14.5M -31.9%	$21.3M 17.7%	$18.1M
Other Income Expense Income Before Tax	$715.1M 2.0%	$701.0M -4.4%	$733.5M 227.9%	$223.7M -64.2%	$625.6M 40.9%	$443.9M -6.0%	$472.1M -15.4%	$557.8M 7.1%	$520.8M 12.6%	$462.5M
Income Tax Income Tax Expense	$168.9M 0.9%	$167.4M -5.4%	$176.9M 1574.2%	$-12.0M -108.7%	$138.5M 39.9%	$99.0M -3.0%	$102.1M -10.1%	$113.6M -49.4%	$224.3M 64.9%	$136.0M
net Income net Income	$546.2M 2.4%	$533.6M -4.1%	$556.6M 136.1%	$235.7M -51.6%	$487.1M 41.2%	$344.9M -6.8%	$370.0M -16.7%	$444.2M 49.8%	$296.5M -9.2%	$326.5M
net Income Comprehensive Income	$559.5M 10.6%	$505.9M -8.8%	$554.8M 14.5%	$484.7M 1.6%	$476.9M 28.2%	$372.0M -0.1%	$372.5M -5.2%	$392.9M 9.1%	$360.2M 30.2%	$276.7M
Earnings Per Share Basic Eps	$4 6.0%	$4 -1.6%	$4 144.1%	$2 -50.2%	$3 43.2%	$2 -4.9%	$2 -13.8%	$3 51.2%	$2 -8.0%	$2
Earnings Per Share Diluted Eps	$4 6.1%	$4 -1.6%	$4 144.4%	$2 -50.0%	$3 42.5%	$2 -4.5%	$2 -14.0%	$3 51.8%	$2 -8.1%	$2

Cash Flow Statement

Operating, investing, and financing flows

20 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	$546.2M 2.4%	$533.6M -4.1%	$556.6M 136.1%	$235.7M -51.6%	$487.1M 41.2%	$344.9M -6.8%	$370.0M -16.7%	$444.2M 49.8%	$296.5M -9.2%	$326.5M
Operating Activities Depreciation and Amortization	$85.1M 8.0%	$78.8M 0.6%	$78.3M 1.8%	$76.9M -1.3%	$77.9M -2.6%	$80.0M 2.2%	$78.3M 8.9%	$71.9M 2.6%	$70.1M 7.7%	$65.1M
Operating Activities Stock Based Compensation	$13.8M -7.4%	$14.9M 29.6%	$11.5M 3.6%	$11.1M -6.7%	$11.9M -6.3%	$12.7M -4.5%	$13.3M 31.7%	$10.1M 2.0%	$9.9M 5.3%	$9.4M
Operating Activities Deferred Income Taxes	$8.9M 293.5%	$-4.6M -21.1%	$-3.8M	$0	$0	—	—	$0 -100.0%	$81.8M	$0
Operating Activities Changes In Operating Assets and Liabilities	$-37.2M 18.4%	$-45.6M -456.3%	$12.8M 107.0%	$-181.9M -383.3%	$64.2M -48.4%	$124.5M 2405.6%	$-5.4M 93.0%	$-77.3M 41.4%	$-131.9M -389.3%	$45.6M
Operating Activities Other Non Cash Items	$0 -100.0%	$4.7M -68.5%	$14.9M -94.0%	$249.6M	$0	$0	—	—	—	—
Operating Activities net Cash From Operating Activities	$616.8M 6.0%	$581.8M -13.2%	$670.3M 71.3%	$391.4M -38.9%	$641.1M 14.1%	$562.1M 23.2%	$456.2M 1.6%	$448.9M 37.5%	$326.4M -26.9%	$446.6M
Investing Activities Capital Expenditures	$-70.8M 34.4%	$-108.0M -48.8%	$-72.6M -3.3%	$-70.3M 6.4%	$-75.1M -32.2%	$-56.8M 11.8%	$-64.4M 24.4%	$-85.2M 9.6%	$-94.2M -16.7%	$-80.7M
Investing Activities Business Acquisitions	$0 100.0%	$-145.9M -768.5%	$-16.8M -110.0%	$-8.0M 96.1%	$-207.6M	$0 100.0%	$-107.0M	$0 100.0%	$-43.1M 52.5%	$-90.8M
Investing Activities Purchases of Investments	$-42.7M 42.1%	$-73.7M -16.8%	$-63.1M 31.1%	$-91.6M 50.6%	$-185.4M -17.8%	$-157.4M 42.3%	$-272.7M 47.9%	$-523.4M 10.3%	$-583.5M -3.5%	$-563.8M
Investing Activities Proceeds From Sale of Investments	$60.5M 0.0%	$60.5M -52.9%	$128.4M -27.9%	$178.0M 50.6%	$118.2M -47.7%	$226.0M -52.7%	$478.0M -19.8%	$595.9M 5.9%	$562.7M 29.3%	$435.1M
Investing Activities net Cash From Investing Activities	$-53.0M 80.2%	$-267.1M -1008.3%	$-24.1M -397.5%	$8.1M 102.3%	$-349.9M -3065.3%	$11.8M -65.2%	$33.9M 366.9%	$-12.7M 92.0%	$-158.1M 47.3%	$-300.2M
Financing Activities Proceeds From Debt	$1.1B -1.2%	$1.1B 59.9%	$688.0M	—	—	—	$62.6M	—	—	—
Financing Activities Repayment of Debt	$-1.1B -9.2%	$-1.0B -13.7%	$-906.1M -701.7%	$150.6M 80.4%	$83.5M 148.9%	$-170.8M	—	$-189.0M -318.5%	$86.5M 16.7%	$74.1M
Financing Activities Repurchase of Common Stock	$-400.8M -31.1%	$-305.8M 0.2%	$-306.5M 24.0%	$-403.5M -10.1%	$-366.5M -546.4%	$-56.7M 80.3%	$-287.7M -42.0%	$-202.6M -45.7%	$-139.1M -2.9%	$-135.2M
Financing Activities Dividends Paid	$-195.7M -2.8%	$-190.4M -3.8%	$-183.5M -3.6%	$-177.2M -4.2%	$-170.1M -7.2%	$-158.7M -6.4%	$-149.2M -14.7%	$-130.1M -34.3%	$-96.9M -15.1%	$-84.2M
Financing Activities Other Financing Activities	$1.0M -94.5%	$18.1M -22.6%	$23.4M 3442.9%	$-700.0K -102.2%	$32.1M 181.6%	$11.4M 860.0%	$-1.5M -7.1%	$-1.4M 46.2%	$-2.6M -145.6%	$5.7M
Financing Activities net Cash From Financing Activities	$-633.1M -55.0%	$-408.4M 40.4%	$-684.7M -58.9%	$-430.8M -2.3%	$-421.0M -12.3%	$-374.8M 0.3%	$-375.8M 28.2%	$-523.1M -243.9%	$-152.1M -9.0%	$-139.6M
Cash Reconciliation Effect of Exchange Rate On Cash	$4.2M 163.6%	$-6.6M 48.4%	$-12.8M 38.5%	$-20.8M	$0	$0	—	—	—	—
Cash Reconciliation net Change In Cash	$-65.1M 35.1%	$-100.3M -95.5%	$-51.3M 1.5%	$-52.1M 59.9%	$-129.8M -165.2%	$199.1M 74.2%	$114.3M 231.5%	$-86.9M -636.4%	$16.2M 138.2%	$6.8M

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	—	—	—	—	—	—	—	—	—	—
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%	+28.3%	+30.2%	+13.5%	+26.6%	+18.7%	+22.2%	+25.9%	+18.0%	+21.5%
ROA	+17.4%	+16.5%	+17.3%	+7.1%	+14.0%	+10.9%	+12.1%	+14.5%	+9.3%	+11.3%
ROIC	—	—	—	—	—	—	—	—	—	—
Liquidity
Current ratio	1.50x	1.55x	1.59x	1.75x	1.57x	1.83x	1.96x	2.09x	2.23x	2.04x
Quick ratio	0.88x	0.87x	0.99x	1.04x	0.96x	1.31x	1.26x	1.15x	1.18x	1.11x
Leverage
D/E	0.69x	0.72x	0.74x	0.91x	0.90x	0.71x	0.83x	0.79x	0.94x	0.91x
Interest coverage	—	—	—	—	—	—	—	—	—	—
Efficiency
Asset turnover	1.22x	1.18x	1.20x	1.13x	1.02x	0.92x	0.98x	1.04x	0.94x	0.93x
Cash conversion cycle	+52d	+43d	+41d	+40d	+17d	+13d	+30d	+28d	+23d	+6d

Valuation

Price against fundamentals

FY2025 fundamentals · no price

No multiples without a share count — this filer reports no diluted or basic weighted-average shares.

Notes

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