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 revenue.

Balance Sheet

Assets, liabilities, and equity

30 accounts · 3 years

Total assets $3.1B

Total liabilities $1.3B

Shareholders equity $1.9B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	4.6%	6.3%	8.8%
Accounts Receivable	15.2%	0.0%	15.5%
Inventory	12.5%	0.0%	12.9%
Prepaid Expenses	1.0%	—	1.1%
Other Current Assets	1.0%	—	1.1%
Total Current Assets	33.7%	—	38.9%
Property,Plant and Equipment	16.6%	0.0%	15.5%
Operating Lease Assets	1.2%	—	1.0%
Goodwill	18.6%	3.4%	16.4%
Intangible Assets	9.5%	0.0%	8.7%
Other Noncurrent Assets	2.5%	—	2.8%
Total Assets	82.1%	—	83.4%
Liabilities
Accounts Payable	13.2%	—	15.6%
Accrued Liabilities	3.9%	0.0%	4.6%
Deferred Revenue	0.9%	—	1.5%
Current Portion of Long Term Debt	1.1%	—	0.3%
Other Current Liabilities	3.4%	—	3.8%
Total Current Liabilities	22.5%	—	24.5%
Long Term Debt	2.9%	—	3.0%
Operating Lease Liabilities Noncurrent	1.0%	—	0.7%
Deferred Tax Liabilities	0.0%	0.0%	0.0%
Other Noncurrent Liabilities	3.4%	—	3.8%
Total Liabilities	33.5%	—	35.5%
Equity
Common Stock	16.0%	0.0%	15.0%
Additional Paid In Capital	16.0%	—	15.0%
Retained Earnings	103.2%	—	84.6%
Treasury Stock	75.8%	8.0%	57.2%
Accumulated Other Comprehensive Income	-2.6%	-0.1%	-2.2%
Total Stockholders Equity	48.5%	—	47.9%
Total Liabilitiesand Equity	82.1%	—	83.4%

Income Statement

Revenue, expense, and profitability

19 accounts · 3 years

Revenue $3.8B

Operating income $728.6M

Net income $546.2M

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%
Expenses Cost of Revenue	61.2%	61.9%	61.5%
Expenses Research and Development	2.5%	2.7%	2.5%
Expenses Selling,General and Administrative	19.8%	19.4%	18.9%
Expenses Depreciation and Amortization	2.2%	2.1%	2.0%
Expenses Share Based Compensation	0.4%	0.4%	0.3%
Expenses Restructuring and Asset Impairment	0.0%	0.5%	—
Other Income Expense Gross Profit	38.8%	38.1%	38.5%
Other Income Expense Operating Income	19.0%	18.5%	19.3%
Other Income Expense Interest Expense	0.4%	0.2%	0.3%
Other Income Expense Other Income/expense	0.0%	0.2%	0.2%
Other Income Expense Income Before Tax	18.7%	18.4%	19.0%
Income Tax Income Tax Expense	4.4%	4.4%	4.6%
net Income net Income	14.3%	14.0%	14.4%
net Income Comprehensive Income	14.6%	13.3%	14.4%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	3.7%	3.8%	3.9%
Earnings Per Share Weighted Average Shares Diluted	3.7%	3.9%	3.9%

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 3 years

Operating cash flow $616.8M

Investing cash flow $-53.0M

Financing cash flow $-633.1M

Account	2025	2024	2023
CashFlow
Operating Activities net Income	14.3%	14.0%	14.4%
Operating Activities Depreciation and Amortization	2.2%	2.1%	2.0%
Operating Activities Stock Based Compensation	0.4%	0.4%	0.3%
Operating Activities Deferred Income Taxes	-0.1%	0.0%	0.1%
Operating Activities Changes In Operating Assets and Liabilities	-3.1%	-0.4%	-0.6%
Operating Activities net Cash From Operating Activities	16.1%	15.2%	17.4%
Investing Activities Capital Expenditures	1.8%	2.8%	1.9%
Investing Activities Business Acquisitions	0.0%	3.8%	0.4%
Investing Activities Purchases of Investments	1.1%	1.9%	1.6%
Investing Activities Proceeds From Sale of Investments	1.6%	1.6%	3.3%
Investing Activities net Cash From Investing Activities	-1.4%	-7.0%	-0.6%
Financing Activities Proceeds From Debt	28.4%	28.8%	17.9%
Financing Activities Repayment of Debt	29.4%	27.0%	23.5%
Financing Activities Repurchase of Common Stock	10.5%	8.0%	8.0%
Financing Activities Dividends Paid	5.1%	5.0%	4.8%
Financing Activities Proceeds From Stock Issuance	0.0%	0.0%	0.0%
Financing Activities net Cash From Financing Activities	-16.5%	-10.7%	-17.8%
Cash Reconciliation Effect of Exchange Rate On Cash	0.1%	-0.2%	-0.3%
Cash Reconciliation net Change In Cash	-1.7%	-2.6%	-1.3%
Cash Reconciliation Cash At Beginning of Period	4.6%	6.3%	8.8%
Cash Reconciliation Cash At End of Period	4.6%	6.3%	8.8%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+38.8%	+38.1%	+38.5%
Operating margin	+19.0%	+18.5%	+19.3%
Net margin	+14.3%	+14.0%	+14.4%
FCF margin	+14.3%	+12.4%	+15.5%
Growth
Revenue CAGR (3y)	+0.7%	+2.6%	+10.0%
Returns
ROE	+29.4%	—	+30.2%
ROA	+17.4%	—	+17.3%
ROIC	+30.3%	—	+34.7%
Liquidity
Current ratio	1.50x	—	1.59x
Quick ratio	0.88x	—	0.99x
Leverage
D/E	0.69x	—	0.74x
Interest coverage	53.97x	105.63x	62.12x
Efficiency
Asset turnover	1.22x	—	1.20x
Cash conversion cycle	+52d	—	+41d

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

Your annotations

Not watched