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

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	$174.5M -27.2%	$239.6M -29.5%	$339.9M
Accounts Receivable	$582.3M	$0 -100.0%	$596.0M
Inventory	$479.3M	$0 -100.0%	$497.4M
Prepaid Expenses	$36.7M	—	$43.5M
Other Current Assets	$36.7M	—	$43.5M
Total Current Assets	$1.3B	—	$1.5B
Property,Plant and Equipment	$635.1M	$0 -100.0%	$597.5M
Operating Lease Assets	$46.3M	—	$37.3M
Goodwill	$710.6M 453.9%	$128.3M -79.7%	$633.4M
Intangible Assets	$362.3M	$0 -100.0%	$336.7M
Other Noncurrent Assets	$97.0M	—	$108.7M
Total Assets	$3.1B	—	$3.2B
Liabilities
Accounts Payable	$504.1M	—	$600.4M
Accrued Liabilities	$147.5M	$0 -100.0%	$177.4M
Deferred Revenue	$34.2M	—	$59.7M
Current Portion of Long Term Debt	$42.3M	—	$10.0M
Other Current Liabilities	$130.4M	—	$145.7M
Total Current Liabilities	$862.5M	—	$945.3M
Long Term Debt	$112.7M	—	$117.3M
Operating Lease Liabilities Noncurrent	$37.1M	—	$27.9M
Deferred Tax Liabilities	$0	$0	$0
Other Noncurrent Liabilities	$130.4M	—	$145.7M
Total Liabilities	$1.3B	—	$1.4B
Equity
Common Stock	$614.4M	$0 -100.0%	$578.2M
Additional Paid In Capital	$614.4M	—	$578.2M
Retained Earnings	$4.0B	—	$3.3B
Treasury Stock	$2.9B 849.7%	$305.8M -86.1%	$2.2B
Accumulated Other Comprehensive Income	$-98.6M -4381.8%	$-2.2M 97.4%	$-84.2M
Total Stockholders Equity	$1.9B	—	$1.8B
Total Liabilitiesand Equity	$3.1B	—	$3.2B

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	$3.8B 0.3%	$3.8B -0.9%	$3.9B
Expenses Cost of Revenue	$2.3B -0.8%	$2.4B -0.3%	$2.4B
Expenses Research and Development	$95.0M -6.6%	$101.7M 4.3%	$97.5M
Expenses Selling,General and Administrative	$759.4M 2.7%	$739.3M 1.6%	$727.4M
Expenses Depreciation and Amortization	$85.1M 8.0%	$78.8M 0.6%	$78.3M
Expenses Share Based Compensation	$13.8M -7.4%	$14.9M 29.6%	$11.5M
Expenses Restructuring and Asset Impairment	$0 -100.0%	$17.6M	—
Other Income Expense Gross Profit	$1.5B 2.1%	$1.5B -1.9%	$1.5B
Other Income Expense Operating Income	$728.6M 3.0%	$707.7M -5.1%	$745.5M
Other Income Expense Interest Expense	$13.5M 101.5%	$6.7M -44.2%	$12.0M
Other Income Expense Other Income/expense	$600.0K -92.9%	$8.5M 23.2%	$6.9M
Other Income Expense Income Before Tax	$715.1M 2.0%	$701.0M -4.4%	$733.5M
Income Tax Income Tax Expense	$168.9M 0.9%	$167.4M -5.4%	$176.9M
net Income net Income	$546.2M 2.4%	$533.6M -4.1%	$556.6M
net Income Comprehensive Income	$559.5M 10.6%	$505.9M -8.8%	$554.8M
Earnings Per Share Basic Eps	$4 6.0%	$4 -1.6%	$4
Earnings Per Share Diluted Eps	$4 6.1%	$4 -1.6%	$4
Earnings Per Share Weighted Average Shares Basic	$141.0M -3.4%	$146.0M -2.6%	$150.0M
Earnings Per Share Weighted Average Shares Diluted	$141.9M -3.5%	$147.1M -2.6%	$151.0M

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	$546.2M 2.4%	$533.6M -4.1%	$556.6M
Operating Activities Depreciation and Amortization	$85.1M 8.0%	$78.8M 0.6%	$78.3M
Operating Activities Stock Based Compensation	$13.8M -7.4%	$14.9M 29.6%	$11.5M
Operating Activities Deferred Income Taxes	$-5.1M -1800.0%	$300.0K -89.3%	$2.8M
Operating Activities Changes In Operating Assets and Liabilities	$-118.4M -722.2%	$-14.4M 37.7%	$-23.1M
Operating Activities net Cash From Operating Activities	$616.8M 6.0%	$581.8M -13.2%	$670.3M
Investing Activities Capital Expenditures	$70.8M -34.4%	$108.0M 48.8%	$72.6M
Investing Activities Business Acquisitions	$0 -100.0%	$145.9M 768.5%	$16.8M
Investing Activities Purchases of Investments	$42.7M -42.1%	$73.7M 16.8%	$63.1M
Investing Activities Proceeds From Sale of Investments	$60.5M 0.0%	$60.5M -52.9%	$128.4M
Investing Activities net Cash From Investing Activities	$-53.0M 80.2%	$-267.1M -1008.3%	$-24.1M
Financing Activities Proceeds From Debt	$1.1B -1.2%	$1.1B 59.9%	$688.0M
Financing Activities Repayment of Debt	$1.1B 9.2%	$1.0B 13.7%	$906.1M
Financing Activities Repurchase of Common Stock	$400.8M 31.1%	$305.8M -0.2%	$306.5M
Financing Activities Dividends Paid	$195.7M 2.8%	$190.4M 3.8%	$183.5M
Financing Activities Proceeds From Stock Issuance	$83.7K -82.3%	$473.5K -21.1%	$600.3K
Financing Activities net Cash From Financing Activities	$-633.1M -55.0%	$-408.4M 40.4%	$-684.7M
Cash Reconciliation Effect of Exchange Rate On Cash	$4.2M 163.6%	$-6.6M 48.4%	$-12.8M
Cash Reconciliation net Change In Cash	$-65.1M 35.1%	$-100.3M -95.5%	$-51.3M
Cash Reconciliation Cash At Beginning of Period	$174.5M -27.2%	$239.6M -29.5%	$339.9M
Cash Reconciliation Cash At End of Period	$174.5M -27.2%	$239.6M -29.5%	$339.9M

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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