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 · 5 years

Total assets $3.1B

Total liabilities $1.3B

Shareholders equity $1.9B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	4.6%	6.3%	8.8%	10.4%	12.5%
Accounts Receivable	15.2%	0.0%	15.5%	15.5%	17.9%
Inventory	12.5%	0.0%	12.9%	13.8%	12.7%
Prepaid Expenses	1.0%	—	1.1%	1.4%	1.1%
Other Current Assets	1.0%	—	1.1%	1.4%	1.1%
Total Current Assets	33.7%	—	38.9%	43.5%	49.5%
Property,Plant and Equipment	16.6%	0.0%	15.5%	15.7%	17.1%
Operating Lease Assets	1.2%	—	1.0%	0.8%	0.9%
Goodwill	18.6%	3.4%	16.4%	16.5%	17.7%
Intangible Assets	9.5%	0.0%	8.7%	9.3%	10.3%
Other Noncurrent Assets	2.5%	—	2.8%	2.9%	2.5%
Total Assets	82.1%	—	83.4%	88.8%	98.2%
Liabilities
Accounts Payable	13.2%	—	15.6%	16.7%	21.1%
Accrued Liabilities	3.9%	0.0%	4.6%	4.2%	5.1%
Deferred Revenue	0.9%	—	1.5%	2.3%	4.4%
Current Portion of Long Term Debt	1.1%	—	0.3%	0.3%	0.2%
Other Current Liabilities	3.4%	—	3.8%	4.4%	5.1%
Total Current Liabilities	22.5%	—	24.5%	24.9%	31.6%
Long Term Debt	2.9%	—	3.0%	8.9%	5.4%
Operating Lease Liabilities Noncurrent	1.0%	—	0.7%	0.6%	0.6%
Deferred Tax Liabilities	0.0%	0.0%	0.0%	0.7%	0.6%
Other Noncurrent Liabilities	3.4%	—	3.8%	4.4%	5.1%
Total Liabilities	33.5%	—	35.5%	42.2%	46.4%
Equity
Common Stock	16.0%	0.0%	15.0%	14.8%	15.4%
Additional Paid In Capital	16.0%	—	15.0%	14.8%	15.4%
Retained Earnings	103.2%	—	84.6%	76.9%	79.9%
Treasury Stock	75.8%	8.0%	57.2%	50.8%	42.5%
Accumulated Other Comprehensive Income	-2.6%	-0.1%	-2.2%	-2.2%	-9.4%
Total Stockholders Equity	48.5%	—	47.9%	46.6%	51.8%
Total Liabilitiesand Equity	82.1%	—	83.4%	88.8%	98.2%

Income Statement

Revenue, expense, and profitability

19 accounts · 5 years

Revenue $3.8B

Operating income $728.6M

Net income $546.2M

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	61.2%	61.9%	61.5%	64.6%	63.0%
Expenses Research and Development	2.5%	2.7%	2.5%	2.4%	2.7%
Expenses Selling,General and Administrative	19.8%	19.4%	18.9%	17.9%	19.8%
Expenses Depreciation and Amortization	2.2%	2.1%	2.0%	2.0%	2.2%
Expenses Share Based Compensation	0.4%	0.4%	0.3%	0.3%	0.3%
Expenses Restructuring and Asset Impairment	0.0%	0.5%	—	0.0%	0.0%
Other Income Expense Gross Profit	38.8%	38.1%	38.5%	35.4%	37.0%
Other Income Expense Operating Income	19.0%	18.5%	19.3%	9.6%	19.3%
Other Income Expense Interest Expense	0.4%	0.2%	0.3%	0.3%	0.1%
Other Income Expense Other Income/expense	0.0%	0.2%	0.2%	-11.3%	0.6%
Other Income Expense Income Before Tax	18.7%	18.4%	19.0%	6.0%	17.7%
Income Tax Income Tax Expense	4.4%	4.4%	4.6%	-0.3%	3.9%
net Income net Income	14.3%	14.0%	14.4%	6.3%	13.8%
net Income Comprehensive Income	14.6%	13.3%	14.4%	12.9%	13.5%
Earnings Per Share Basic Eps	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%
Earnings Per Share Weighted Average Shares Basic	3.7%	3.8%	3.9%	4.1%	4.5%
Earnings Per Share Weighted Average Shares Diluted	3.7%	3.9%	3.9%	4.1%	4.6%

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 5 years

Operating cash flow $616.8M

Investing cash flow $-53.0M

Financing cash flow $-633.1M

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	14.3%	14.0%	14.4%	6.3%	13.8%
Operating Activities Depreciation and Amortization	2.2%	2.1%	2.0%	2.0%	2.2%
Operating Activities Stock Based Compensation	0.4%	0.4%	0.3%	0.3%	0.3%
Operating Activities Deferred Income Taxes	-0.1%	0.0%	0.1%	0.0%	-0.1%
Operating Activities Changes In Operating Assets and Liabilities	-3.1%	-0.4%	-0.6%	-1.3%	7.9%
Operating Activities net Cash From Operating Activities	16.1%	15.2%	17.4%	10.4%	18.1%
Investing Activities Capital Expenditures	1.8%	2.8%	1.9%	1.9%	2.1%
Investing Activities Business Acquisitions	0.0%	3.8%	0.4%	0.2%	5.9%
Investing Activities Purchases of Investments	1.1%	1.9%	1.6%	2.4%	5.2%
Investing Activities Proceeds From Sale of Investments	1.6%	1.6%	3.3%	4.7%	3.3%
Investing Activities net Cash From Investing Activities	-1.4%	-7.0%	-0.6%	0.2%	-9.9%
Financing Activities Proceeds From Debt	28.4%	28.8%	17.9%	4.0%	2.4%
Financing Activities Repayment of Debt	29.4%	27.0%	23.5%	—	—
Financing Activities Repurchase of Common Stock	10.5%	8.0%	8.0%	10.7%	10.4%
Financing Activities Dividends Paid	5.1%	5.0%	4.8%	4.7%	4.8%
Financing Activities Proceeds From Stock Issuance	0.0%	0.0%	0.0%	0.0%	0.0%
Financing Activities net Cash From Financing Activities	-16.5%	-10.7%	-17.8%	-11.5%	-11.9%
Cash Reconciliation Effect of Exchange Rate On Cash	0.1%	-0.2%	-0.3%	-0.6%	0.0%
Cash Reconciliation net Change In Cash	-1.7%	-2.6%	-1.3%	-1.4%	-3.7%
Cash Reconciliation Cash At Beginning of Period	4.6%	6.3%	8.8%	10.4%	12.5%
Cash Reconciliation Cash At End of Period	4.6%	6.3%	8.8%	10.4%	12.5%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+38.8%	+38.1%	+38.5%	+35.4%	+37.0%
Operating margin	+19.0%	+18.5%	+19.3%	+9.6%	+19.3%
Net margin	+14.3%	+14.0%	+14.4%	+6.3%	+13.8%
FCF margin	+14.3%	+12.4%	+15.5%	+8.6%	+16.0%
Growth
Revenue CAGR (3y)	+0.7%	+2.6%	+10.0%	+7.8%	+3.5%
Returns
ROE	+29.4%	—	+30.2%	+13.5%	+26.6%
ROA	+17.4%	—	+17.3%	+7.1%	+14.0%
ROIC	+30.3%	—	+34.7%	+21.3%	+33.5%
Liquidity
Current ratio	1.50x	—	1.59x	1.75x	1.57x
Quick ratio	0.88x	—	0.99x	1.04x	0.96x
Leverage
D/E	0.69x	—	0.74x	0.91x	0.90x
Interest coverage	53.97x	105.63x	62.12x	38.51x	158.60x
Efficiency
Asset turnover	1.22x	—	1.20x	1.13x	1.02x
Cash conversion cycle	+52d	—	+41d	+40d	+17d

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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