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

Year-over-year change per cell; first column has no prior.

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	-27.2%	-29.5%	—
Accounts Receivable	—	-100.0%	—
Inventory	—	-100.0%	—
Prepaid Expenses	—	—	—
Other Current Assets	—	—	—
Total Current Assets	—	—	—
Property,Plant and Equipment	—	-100.0%	—
Operating Lease Assets	—	—	—
Goodwill	+453.9%	-79.7%	—
Intangible Assets	—	-100.0%	—
Other Noncurrent Assets	—	—	—
Total Assets	—	—	—
Liabilities
Accounts Payable	—	—	—
Accrued Liabilities	—	-100.0%	—
Deferred Revenue	—	—	—
Current Portion of Long Term Debt	—	—	—
Other Current Liabilities	—	—	—
Total Current Liabilities	—	—	—
Long Term Debt	—	—	—
Operating Lease Liabilities Noncurrent	—	—	—
Deferred Tax Liabilities	—	—	—
Other Noncurrent Liabilities	—	—	—
Total Liabilities	—	—	—
Equity
Common Stock	—	-100.0%	—
Additional Paid In Capital	—	—	—
Retained Earnings	—	—	—
Treasury Stock	+849.7%	-86.1%	—
Accumulated Other Comprehensive Income	-4381.8%	+97.4%	—
Total Stockholders Equity	—	—	—
Total Liabilitiesand Equity	—	—	—

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	+0.3%	-0.9%	—
Expenses Cost of Revenue	-0.8%	-0.3%	—
Expenses Research and Development	-6.6%	+4.3%	—
Expenses Selling,General and Administrative	+2.7%	+1.6%	—
Expenses Depreciation and Amortization	+8.0%	+0.6%	—
Expenses Share Based Compensation	-7.4%	+29.6%	—
Expenses Restructuring and Asset Impairment	-100.0%	—	—
Other Income Expense Gross Profit	+2.1%	-1.9%	—
Other Income Expense Operating Income	+3.0%	-5.1%	—
Other Income Expense Interest Expense	+101.5%	-44.2%	—
Other Income Expense Other Income/expense	-92.9%	+23.2%	—
Other Income Expense Income Before Tax	+2.0%	-4.4%	—
Income Tax Income Tax Expense	+0.9%	-5.4%	—
net Income net Income	+2.4%	-4.1%	—
net Income Comprehensive Income	+10.6%	-8.8%	—
Earnings Per Share Basic Eps	+6.0%	-1.6%	—
Earnings Per Share Diluted Eps	+6.1%	-1.6%	—
Earnings Per Share Weighted Average Shares Basic	-3.4%	-2.6%	—
Earnings Per Share Weighted Average Shares Diluted	-3.5%	-2.6%	—

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	+2.4%	-4.1%	—
Operating Activities Depreciation and Amortization	+8.0%	+0.6%	—
Operating Activities Stock Based Compensation	-7.4%	+29.6%	—
Operating Activities Deferred Income Taxes	-1800.0%	-89.3%	—
Operating Activities Changes In Operating Assets and Liabilities	-722.2%	+37.7%	—
Operating Activities net Cash From Operating Activities	+6.0%	-13.2%	—
Investing Activities Capital Expenditures	-34.4%	+48.8%	—
Investing Activities Business Acquisitions	-100.0%	+768.5%	—
Investing Activities Purchases of Investments	-42.1%	+16.8%	—
Investing Activities Proceeds From Sale of Investments	+0.0%	-52.9%	—
Investing Activities net Cash From Investing Activities	+80.2%	-1008.3%	—
Financing Activities Proceeds From Debt	-1.2%	+59.9%	—
Financing Activities Repayment of Debt	+9.2%	+13.7%	—
Financing Activities Repurchase of Common Stock	+31.1%	-0.2%	—
Financing Activities Dividends Paid	+2.8%	+3.8%	—
Financing Activities Proceeds From Stock Issuance	-82.3%	-21.1%	—
Financing Activities net Cash From Financing Activities	-55.0%	+40.4%	—
Cash Reconciliation Effect of Exchange Rate On Cash	+163.6%	+48.4%	—
Cash Reconciliation net Change In Cash	+35.1%	-95.5%	—
Cash Reconciliation Cash At Beginning of Period	-27.2%	-29.5%	—
Cash Reconciliation Cash At End of Period	-27.2%	-29.5%	—

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

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