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 · 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	-27.2%	-29.5%	-13.1%	-11.8%	—
Accounts Receivable	—	-100.0%	+2.5%	-8.4%	—
Inventory	—	-100.0%	-3.7%	+15.3%	—
Prepaid Expenses	—	—	-19.9%	+38.9%	—
Other Current Assets	—	—	-19.9%	+38.9%	—
Total Current Assets	—	—	-8.2%	-6.8%	—
Property,Plant and Equipment	—	-100.0%	+1.2%	-2.6%	—
Operating Lease Assets	—	—	+25.2%	-8.3%	—
Goodwill	+453.9%	-79.7%	+2.2%	-1.3%	—
Intangible Assets	—	-100.0%	-3.2%	-4.6%	—
Other Noncurrent Assets	—	—	-1.6%	+22.8%	—
Total Assets	—	—	-3.6%	-4.1%	—
Liabilities
Accounts Payable	—	—	-4.1%	-16.1%	—
Accrued Liabilities	—	-100.0%	+11.5%	-12.5%	—
Deferred Revenue	—	—	-30.3%	-44.8%	—
Current Portion of Long Term Debt	—	—	+0.0%	+47.1%	—
Other Current Liabilities	—	—	-11.5%	-9.4%	—
Total Current Liabilities	—	—	+1.2%	-16.5%	—
Long Term Debt	—	—	-64.9%	+76.1%	—
Operating Lease Liabilities Noncurrent	—	—	+24.6%	+0.4%	—
Deferred Tax Liabilities	—	—	-100.0%	+18.5%	—
Other Noncurrent Liabilities	—	—	-11.5%	-9.4%	—
Total Liabilities	—	—	-13.6%	-3.5%	—
Equity
Common Stock	—	-100.0%	+4.0%	+2.0%	—
Additional Paid In Capital	—	—	+4.0%	+2.0%	—
Retained Earnings	—	—	+12.9%	+2.1%	—
Treasury Stock	+849.7%	-86.1%	+15.6%	+26.8%	—
Accumulated Other Comprehensive Income	-4381.8%	+97.4%	-2.2%	+75.1%	—
Total Stockholders Equity	—	—	+5.5%	-4.6%	—
Total Liabilitiesand Equity	—	—	-3.6%	-4.1%	—

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	+0.3%	-0.9%	+2.6%	+6.1%	—
Expenses Cost of Revenue	-0.8%	-0.3%	-2.3%	+8.8%	—
Expenses Research and Development	-6.6%	+4.3%	+9.6%	-5.5%	—
Expenses Selling,General and Administrative	+2.7%	+1.6%	+8.4%	-4.3%	—
Expenses Depreciation and Amortization	+8.0%	+0.6%	+1.8%	-1.3%	—
Expenses Share Based Compensation	-7.4%	+29.6%	+3.6%	-6.7%	—
Expenses Restructuring and Asset Impairment	-100.0%	—	—	—	—
Other Income Expense Gross Profit	+2.1%	-1.9%	+11.7%	+1.4%	—
Other Income Expense Operating Income	+3.0%	-5.1%	+105.9%	-46.9%	—
Other Income Expense Interest Expense	+101.5%	-44.2%	+27.7%	+118.6%	—
Other Income Expense Other Income/expense	-92.9%	+23.2%	+101.6%	-2186.3%	—
Other Income Expense Income Before Tax	+2.0%	-4.4%	+227.9%	-64.2%	—
Income Tax Income Tax Expense	+0.9%	-5.4%	+1574.2%	-108.7%	—
net Income net Income	+2.4%	-4.1%	+136.1%	-51.6%	—
net Income Comprehensive Income	+10.6%	-8.8%	+14.5%	+1.6%	—
Earnings Per Share Basic Eps	+6.0%	-1.6%	+144.1%	-50.2%	—
Earnings Per Share Diluted Eps	+6.1%	-1.6%	+144.4%	-50.0%	—
Earnings Per Share Weighted Average Shares Basic	-3.4%	-2.6%	-3.1%	-3.2%	—
Earnings Per Share Weighted Average Shares Diluted	-3.5%	-2.6%	-3.1%	-3.4%	—

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	+2.4%	-4.1%	+136.1%	-51.6%	—
Operating Activities Depreciation and Amortization	+8.0%	+0.6%	+1.8%	-1.3%	—
Operating Activities Stock Based Compensation	-7.4%	+29.6%	+3.6%	-6.7%	—
Operating Activities Deferred Income Taxes	-1800.0%	-89.3%	+2700.0%	+105.6%	—
Operating Activities Changes In Operating Assets and Liabilities	-722.2%	+37.7%	+53.0%	-117.7%	—
Operating Activities net Cash From Operating Activities	+6.0%	-13.2%	+71.3%	-38.9%	—
Investing Activities Capital Expenditures	-34.4%	+48.8%	+3.3%	-6.4%	—
Investing Activities Business Acquisitions	-100.0%	+768.5%	+110.0%	-96.1%	—
Investing Activities Purchases of Investments	-42.1%	+16.8%	-31.1%	-50.6%	—
Investing Activities Proceeds From Sale of Investments	+0.0%	-52.9%	-27.9%	+50.6%	—
Investing Activities net Cash From Investing Activities	+80.2%	-1008.3%	-397.5%	+102.3%	—
Financing Activities Proceeds From Debt	-1.2%	+59.9%	+356.8%	+80.4%	—
Financing Activities Repayment of Debt	+9.2%	+13.7%	—	—	—
Financing Activities Repurchase of Common Stock	+31.1%	-0.2%	-24.0%	+10.1%	—
Financing Activities Dividends Paid	+2.8%	+3.8%	+3.6%	+4.2%	—
Financing Activities Proceeds From Stock Issuance	-82.3%	-21.1%	+800.1%	-92.5%	—
Financing Activities net Cash From Financing Activities	-55.0%	+40.4%	-58.9%	-2.3%	—
Cash Reconciliation Effect of Exchange Rate On Cash	+163.6%	+48.4%	+38.5%	—	—
Cash Reconciliation net Change In Cash	+35.1%	-95.5%	+1.5%	+59.9%	—
Cash Reconciliation Cash At Beginning of Period	-27.2%	-29.5%	-13.1%	-11.8%	—
Cash Reconciliation Cash At End of Period	-27.2%	-29.5%	-13.1%	-11.8%	—

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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