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 · 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	$174.5M -27.2%	$239.6M -29.5%	$339.9M -13.1%	$391.2M -11.8%	$443.3M
Accounts Receivable	$582.3M	$0 -100.0%	$596.0M 2.5%	$581.2M -8.4%	$634.4M
Inventory	$479.3M	$0 -100.0%	$497.4M -3.7%	$516.4M 15.3%	$447.7M
Prepaid Expenses	$36.7M	—	$43.5M -19.9%	$54.3M 38.9%	$39.1M
Other Current Assets	$36.7M	—	$43.5M -19.9%	$54.3M 38.9%	$39.1M
Total Current Assets	$1.3B	—	$1.5B -8.2%	$1.6B -6.8%	$1.8B
Property,Plant and Equipment	$635.1M	$0 -100.0%	$597.5M 1.2%	$590.7M -2.6%	$606.7M
Operating Lease Assets	$46.3M	—	$37.3M 25.2%	$29.8M -8.3%	$32.5M
Goodwill	$710.6M 453.9%	$128.3M -79.7%	$633.4M 2.2%	$619.7M -1.3%	$627.8M
Intangible Assets	$362.3M	$0 -100.0%	$336.7M -3.2%	$347.9M -4.6%	$364.8M
Other Noncurrent Assets	$97.0M	—	$108.7M -1.6%	$110.5M 22.8%	$90.0M
Total Assets	$3.1B	—	$3.2B -3.6%	$3.3B -4.1%	$3.5B
Liabilities
Accounts Payable	$504.1M	—	$600.4M -4.1%	$625.8M -16.1%	$745.9M
Accrued Liabilities	$147.5M	$0 -100.0%	$177.4M 11.5%	$159.1M -12.5%	$181.8M
Deferred Revenue	$34.2M	—	$59.7M -30.3%	$85.7M -44.8%	$155.2M
Current Portion of Long Term Debt	$42.3M	—	$10.0M 0.0%	$10.0M 47.1%	$6.8M
Other Current Liabilities	$130.4M	—	$145.7M -11.5%	$164.7M -9.4%	$181.8M
Total Current Liabilities	$862.5M	—	$945.3M 1.2%	$934.2M -16.5%	$1.1B
Long Term Debt	$112.7M	—	$117.3M -64.9%	$334.5M 76.1%	$189.9M
Operating Lease Liabilities Noncurrent	$37.1M	—	$27.9M 24.6%	$22.4M 0.4%	$22.3M
Deferred Tax Liabilities	$0	$0	$0 -100.0%	$25.0M 18.5%	$21.1M
Other Noncurrent Liabilities	$130.4M	—	$145.7M -11.5%	$164.7M -9.4%	$181.8M
Total Liabilities	$1.3B	—	$1.4B -13.6%	$1.6B -3.5%	$1.6B
Equity
Common Stock	$614.4M	$0 -100.0%	$578.2M 4.0%	$555.9M 2.0%	$545.2M
Additional Paid In Capital	$614.4M	—	$578.2M 4.0%	$555.9M 2.0%	$545.2M
Retained Earnings	$4.0B	—	$3.3B 12.9%	$2.9B 2.1%	$2.8B
Treasury Stock	$2.9B 849.7%	$305.8M -86.1%	$2.2B 15.6%	$1.9B 26.8%	$1.5B
Accumulated Other Comprehensive Income	$-98.6M -4381.8%	$-2.2M 97.4%	$-84.2M -2.2%	$-82.4M 75.1%	$-331.4M
Total Stockholders Equity	$1.9B	—	$1.8B 5.5%	$1.7B -4.6%	$1.8B
Total Liabilitiesand Equity	$3.1B	—	$3.2B -3.6%	$3.3B -4.1%	$3.5B

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	$3.8B 0.3%	$3.8B -0.9%	$3.9B 2.6%	$3.8B 6.1%	$3.5B
Expenses Cost of Revenue	$2.3B -0.8%	$2.4B -0.3%	$2.4B -2.3%	$2.4B 8.8%	$2.2B
Expenses Research and Development	$95.0M -6.6%	$101.7M 4.3%	$97.5M 9.6%	$89.0M -5.5%	$94.2M
Expenses Selling,General and Administrative	$759.4M 2.7%	$739.3M 1.6%	$727.4M 8.4%	$670.9M -4.3%	$701.4M
Expenses Depreciation and Amortization	$85.1M 8.0%	$78.8M 0.6%	$78.3M 1.8%	$76.9M -1.3%	$77.9M
Expenses Share Based Compensation	$13.8M -7.4%	$14.9M 29.6%	$11.5M 3.6%	$11.1M -6.7%	$11.9M
Expenses Restructuring and Asset Impairment	$0 -100.0%	$17.6M	—	$0	$0
Other Income Expense Gross Profit	$1.5B 2.1%	$1.5B -1.9%	$1.5B 11.7%	$1.3B 1.4%	$1.3B
Other Income Expense Operating Income	$728.6M 3.0%	$707.7M -5.1%	$745.5M 105.9%	$362.0M -46.9%	$682.0M
Other Income Expense Interest Expense	$13.5M 101.5%	$6.7M -44.2%	$12.0M 27.7%	$9.4M 118.6%	$4.3M
Other Income Expense Other Income/expense	$600.0K -92.9%	$8.5M 23.2%	$6.9M 101.6%	$-425.6M -2186.3%	$20.4M
Other Income Expense Income Before Tax	$715.1M 2.0%	$701.0M -4.4%	$733.5M 227.9%	$223.7M -64.2%	$625.6M
Income Tax Income Tax Expense	$168.9M 0.9%	$167.4M -5.4%	$176.9M 1574.2%	$-12.0M -108.7%	$138.5M
net Income net Income	$546.2M 2.4%	$533.6M -4.1%	$556.6M 136.1%	$235.7M -51.6%	$487.1M
net Income Comprehensive Income	$559.5M 10.6%	$505.9M -8.8%	$554.8M 14.5%	$484.7M 1.6%	$476.9M
Earnings Per Share Basic Eps	$4 6.0%	$4 -1.6%	$4 144.1%	$2 -50.2%	$3
Earnings Per Share Diluted Eps	$4 6.1%	$4 -1.6%	$4 144.4%	$2 -50.0%	$3
Earnings Per Share Weighted Average Shares Basic	$141.0M -3.4%	$146.0M -2.6%	$150.0M -3.1%	$154.8M -3.2%	$159.9M
Earnings Per Share Weighted Average Shares Diluted	$141.9M -3.5%	$147.1M -2.6%	$151.0M -3.1%	$155.8M -3.4%	$161.3M

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	$546.2M 2.4%	$533.6M -4.1%	$556.6M 136.1%	$235.7M -51.6%	$487.1M
Operating Activities Depreciation and Amortization	$85.1M 8.0%	$78.8M 0.6%	$78.3M 1.8%	$76.9M -1.3%	$77.9M
Operating Activities Stock Based Compensation	$13.8M -7.4%	$14.9M 29.6%	$11.5M 3.6%	$11.1M -6.7%	$11.9M
Operating Activities Deferred Income Taxes	$-5.1M -1800.0%	$300.0K -89.3%	$2.8M 2700.0%	$100.0K 105.6%	$-1.8M
Operating Activities Changes In Operating Assets and Liabilities	$-118.4M -722.2%	$-14.4M 37.7%	$-23.1M 53.0%	$-49.1M -117.7%	$277.9M
Operating Activities net Cash From Operating Activities	$616.8M 6.0%	$581.8M -13.2%	$670.3M 71.3%	$391.4M -38.9%	$641.1M
Investing Activities Capital Expenditures	$70.8M -34.4%	$108.0M 48.8%	$72.6M 3.3%	$70.3M -6.4%	$75.1M
Investing Activities Business Acquisitions	$0 -100.0%	$145.9M 768.5%	$16.8M 110.0%	$8.0M -96.1%	$207.6M
Investing Activities Purchases of Investments	$42.7M -42.1%	$73.7M 16.8%	$63.1M -31.1%	$91.6M -50.6%	$185.4M
Investing Activities Proceeds From Sale of Investments	$60.5M 0.0%	$60.5M -52.9%	$128.4M -27.9%	$178.0M 50.6%	$118.2M
Investing Activities net Cash From Investing Activities	$-53.0M 80.2%	$-267.1M -1008.3%	$-24.1M -397.5%	$8.1M 102.3%	$-349.9M
Financing Activities Proceeds From Debt	$1.1B -1.2%	$1.1B 59.9%	$688.0M 356.8%	$150.6M 80.4%	$83.5M
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 -24.0%	$403.5M 10.1%	$366.5M
Financing Activities Dividends Paid	$195.7M 2.8%	$190.4M 3.8%	$183.5M 3.6%	$177.2M 4.2%	$170.1M
Financing Activities Proceeds From Stock Issuance	$83.7K -82.3%	$473.5K -21.1%	$600.3K 800.1%	$66.7K -92.5%	$889.3K
Financing Activities net Cash From Financing Activities	$-633.1M -55.0%	$-408.4M 40.4%	$-684.7M -58.9%	$-430.8M -2.3%	$-421.0M
Cash Reconciliation Effect of Exchange Rate On Cash	$4.2M 163.6%	$-6.6M 48.4%	$-12.8M 38.5%	$-20.8M	$0
Cash Reconciliation net Change In Cash	$-65.1M 35.1%	$-100.3M -95.5%	$-51.3M 1.5%	$-52.1M 59.9%	$-129.8M
Cash Reconciliation Cash At Beginning of Period	$174.5M -27.2%	$239.6M -29.5%	$339.9M -13.1%	$391.2M -11.8%	$443.3M
Cash Reconciliation Cash At End of Period	$174.5M -27.2%	$239.6M -29.5%	$339.9M -13.1%	$391.2M -11.8%	$443.3M

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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