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A. O. Smith Corporation

AOS Industrials Specialty Industrial Machinery

A. O. Smith Corporation’s revenue for fiscal 2025 (year ended December 2025) was $3.8 billion, roughly unchanged from fiscal 2024.

Revenue
−0.21%
EPS
−0.74%
Free cash flow
−32.3%
Total debt
+262.3%

Quarter to September 2026, against a year earlier

66.34 0.73 −1.09%
Market cap
$8.9B
P/E
18.5×
Fwd P/E
17.8×
Dividend yield
2.20%
F-score
8/9
Altman Z
8.31
Beneish M
−2.50
Dividend safety
93/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Reportable Segments

Every year since 2016 →

Insider Decisions last twelve months

Sold, $m 0.11
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 1 1 — — — — — — — —
Insider Ownership 21.03%

Capital & Financial Ratios $m

Size
Market Cap 8,940.00
Revenue ttm 3,802.90
Net income ttm 494.60
Free cash flow ttm 561.70
Net debt Q 438.60
Valuation
P/E 18.46
Forward P/E 17.80
Price / sales 2.36
Forward P/S Powerpack
Price / FCF 15.99
Price / book 4.93
Financial health
Current ratio Q 1.64 (at or above 1.5: strong)
Debt / equity Q 0.37 (at or below 0.5: strong)
Interest coverage Q 22.75
Growth
Revenue growth Q −0.21% (below 0%: shrinking)
Operating income growth Q −0.23% (below 0%: shrinking)
EPS, this year −7.88% (below 0%: weak)
EPS, next year A +7.40%
Revenue, next year A −4.08% (below 0%: weak)
EPS, past 5 yrs +12.67%
EPS, next 5 yrs A +2.20%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.5×, against a ten-year median of 2.7×; over the ten years it ranged from 1.9× in 2022 to 3.8× in 2021.
P/E against its own 10 years 18.81%
10-year low 10-year high
P/S against its own 10 years 12.94%
10-year low 10-year high
P/B against its own 10 years 27.43%
10-year low 10-year high
EV/Sales against its own 10 years 26.26%
10-year low 10-year high
EV/FCF against its own 10 years 10.19%
10-year low 10-year high

Dividends raised 2 years running

Yield
2.20%
Annual rate
1.46
Payout ratio
40.7%
Growth, 2018–26
+8.50%/yr
  1. 0.76 ’18
  2. 0.90 ’19 +18
  3. 0.98 ’20 +9
  4. 1.06 ’21 +8
  5. 1.14 ’22 +8
  6. 1.52 ’23 +33
  7. 1.30 ’24 −14
  8. 1.38 ’25 +6
  9. 1.46 ’26 +6
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 363 276 193 235
Receivables 596 541 582 613
Inventory 497 532 479 509
Other 44 43 37 54
1,500 1,393 1,292 1,411
2023 2024 2025 Q'26
Payables 600 589 504 517
ST’ Debt 10 10 42 41
Other 65 67 75 71
945 897 863 862

Compound Annual Growth %

10y 5y 3y
Sales 4.21% 5.76% 0.67%
Cash Flow 5.78% 1.87% 16.37%
Earnings 6.80% 9.63% 32.33%
Book Value 2.56% 0.10% 2.06%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.90 Actual 0.93

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.84 0.90 Beat by 0.06
Q1 FY26 0.94 0.85 Miss by 0.09
Q2 FY26 0.96 1.03 Beat by 0.07
Q3 FY26 0.90 0.93 Beat by 0.03
Q4 FY26 0.92 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.85 0.91 0.93 — —
’25 0.95 1.07 0.94 0.90 3.85
’24 1.00 1.06 0.82 0.75 3.63
’23 0.84 1.04 0.90 0.92 3.69
’22 0.76 0.81 0.71 (0.78) 1.51
’21 0.60 0.73 0.82 0.87 3.02
’20 0.32 0.42 0.65 0.74 2.12
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 946 1,004 941 — —
’25 964 1,011 943 912 3,830
’24 979 1,024 903 912 3,818
’23 966 961 938 988 3,853
’22 978 966 874 936 3,754
’21 769 860 915 995 3,539
’20 637 664 760 835 2,895
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 129 124 176 — —
’25 39 140 255 183 617
’24 107 57 196 222 582
’23 120 140 179 231 670
’22 17 38 160 177 391
’21 104 92 181 264 641
’20 54 125 151 232 562
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 119 114 163 — —
’25 17 123 241 166 546
’24 85 35 163 191 474
’23 109 127 160 201 598
’22 4 20 140 157 321
’21 87 78 166 235 566
’20 41 113 139 212 505
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 4.0% a year for ten years. It grew 5.2% a year over the last ten.

Implied
4.0%
10 years, reported
5.2%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 2,686 2,997 3,188 2,993 2,895 3,539 3,754 3,853 3,818 3,830 3,803 +4.0% 3,674 4,031 3,749 (0.7%)
Gross margin, % 41.48 41.13 40.95 39.45 38.28 37.04 35.42 38.54 38.14 38.83 38.62 (2.7) pt
EBT 463 521 558 472 444 626 224 734 701 715 640 +5.0%
EBT margin, % 17.22 17.38 17.50 15.78 15.33 17.68 5.96 19.04 18.36 18.67 16.83 +1.5 pt
Net income 327 297 444 370 345 487 236 557 534 546 495 +5.9%
Per share, $
Per share, $ Revenue 15.37 17.36 18.69 18.09 17.92 22.13 24.25 25.69 26.15 27.16 28.09 +6.5%
Earnings 1.85 1.70 2.58 2.22 2.12 3.02 1.51 3.69 3.63 3.85 3.59 +8.5%
Cash flow 2.56 1.89 2.63 2.76 3.48 4.01 2.53 4.47 3.99 4.37 4.52 +6.1%
Capex (0.46) (0.55) (0.50) (0.39) (0.35) (0.47) (0.45) (0.48) (0.74) (0.50) (0.38) +0.9%
Free cash flow 2.09 1.34 2.13 2.37 3.13 3.54 2.07 3.99 3.25 3.87 4.15 +7.1%
Book value 8.67 9.53 10.07 10.07 11.44 11.46 11.29 12.30 12.90 13.17 13.47 +4.8%
Shares, m 175 173 171 165 162 160 155 150 146 141 138 (2.4%)
Valuation, ×
Valuation, × P/E 25.75 36.19 16.55 21.36 25.74 28.43 39.28 22.01 18.79 17.33 18.46 25.1
P/S 3.09 3.55 2.28 2.63 3.06 3.88 2.43 3.17 2.61 2.46 2.36 2.9
P/B 5.48 6.46 4.24 4.73 4.79 7.49 5.22 6.62 5.29 5.08 4.93 5.5
EV/Sales 2.93 3.41 2.15 2.54 2.86 3.76 2.39 3.11 2.59 2.45 2.48 2.8
EV/FCF 21.50 43.99 18.87 19.44 16.38 23.49 27.97 20.04 20.84 17.20 16.77 23.0
Cash, $m
Cash, $m Operating cash flow 447 326 449 456 562 641 391 670 582 617 613 +3.7%
Capex (81) (94) (85) (64) (57) (75) (70) (73) (108) (71) (51) (1.4%)
Free cash flow 366 232 364 392 505 566 321 598 474 546 562 +4.5%
Balance, $m
Balance, $m Working capital 796 973 853 734 732 634 700 555 496 429 549 (6.6%)
Net debt (431) (410) (424) (267) (576) (435) (137) (236) (83) (38) 439 (23.6%)
Shareholders’ equity 1,515 1,645 1,717 1,667 1,848 1,832 1,748 1,844 1,884 1,858 1,823 +2.3%
Returns, %
Returns, % ROA 11.83 9.74 14.17 12.07 11.09 14.68 6.93 17.01 16.54 17.11 14.49 +5.3 pt
ROIC 26.04 25.78 26.34 20.77 21.63 27.26 25.56 29.43 24.88 25.00 19.09 (1.0) pt
ROE 22.08 18.76 26.43 21.87 19.62 26.47 13.17 30.99 28.63 29.20 26.97 +7.1 pt
People
People Employees 15,500 16,100 16,300 15,100 13,900 13,700 12,000 12,000 12,700 11,500 — (3.3%)
Revenue/emp, $m 0.17 0.19 0.20 0.20 0.21 0.26 0.31 0.32 0.30 0.33 — +7.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

A. O. Smith is a Milwaukee-headquartered manufacturer of residential and commercial water-heating, space-heating and water-treatment equipment. Founded in 1889, it operates through North America and Rest of World segments and employed 11,500 people in FY2025.

The company sells gas, electric and heat-pump water heaters; boilers; tanks; water softeners; filtration and reverse-osmosis systems; and related parts. Water heaters supply hot water in homes and in settings such as restaurants, hotels, offices, laundries, schools and small businesses. Boilers are closed-loop systems used mainly for space or hydronic heating in homes, apartments and commercial buildings. Water-treatment offerings range from whole-home softening and filtration to point-of-use carbon and reverse-osmosis products.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Reportable Segments 3,830 100.00%
Gross margin 38.83%
Operating margin 19.01%
Pre-tax margin 18.67%

Revenue by segment since 2016

A. O. Smith Corporation vs peers in Specialty Industrial Machinery (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
WTS Watts Water Technologies, Inc. $11.6B 26.0× 28.0× +19.01% (above 0%: growing) +77.14% (above 0%: growing) +18.94% (above 0%: growing) 55.08% 26.21% Compare
PNR Pentair plc $11.1B 18.4× 17.5× −4.46% (below 0%: shrinking) −19.55% (below 0%: shrinking) −14.65% (below 0%: shrinking) 40.48% 20.06% Compare
GGG Graco Inc. $10.9B 21.5× 21.7× +7.92% (above 0%: growing) −9.64% (below 0%: shrinking) −16.87% (below 0%: shrinking) 50.52% 25.26% Compare
RRX Regal Rexnord Corporation $10.7B 46.2× 27.7× +6.08% (above 0%: growing) n/m +11.74% (above 0%: growing) 37.17% 5.13% Compare
GNRC Generac Holdings Inc. $10.2B 33.7× 25.5× +16.19% (above 0%: growing) +63.16% (above 0%: growing) +36.49% (above 0%: growing) 39.86% 12.40% Compare
INIO INNIO N.V. $10.0B 0.0× 51.4× +57.25% (above 0%: growing) +176.28% (above 0%: growing) +8.09% (above 0%: growing) 31.48% 16.58% Compare
FLS Flowserve Corporation $9.9B 39.1× 22.9× +5.39% (above 0%: growing) −52.07% (below 0%: shrinking) −67.06% (below 0%: shrinking) 33.48% 12.97% Compare
DCI Donaldson Company, Inc. $9.6B 21.3× 19.3× +7.96% (above 0%: growing) +13.27% (above 0%: growing) +23.80% (above 0%: growing) 36.26% 16.68% Compare
AOS A. O. Smith Corporation $8.9B 18.5× 17.8× −0.21% (below 0%: shrinking) −0.74% (below 0%: shrinking) −32.29% (below 0%: shrinking) 38.78% 18.63%
Median of peers $10.4B 23.8× 24.2× +7.94% +13.27% +9.92% 38.52% 16.63%

All 79 Specialty Industrial Machinery stocks →

From the latest earnings call

Updated

  • CEO Stephen Shafer said A. O. Smith agreed to sell an 81% interest in its China business, with closing planned for the first half of 2027.
  • CFO Carrie Anderson said higher input costs reduced North America earnings, while tariff refunds and cost savings partially offset the pressure.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 92.30%
Held by the ten largest 46.33%
Holder Shares Stake Change
Vanguard 15.36m 11.30% −94.13k
Fidelity (FMR) 10.42m 7.67% +2.49m
BlackRock 8.06m 5.93% +699.61k
State Street 6.58m 4.84% +822.56k
Invesco 5.54m 4.07% +805.87k
American Century 4.73m 3.48% +511.17k
Geode Capital Management 3.73m 2.75% −207.79k
UBS 3.03m 2.23% +1.55m
Impax Asset Management Group plc 2.81m 2.07% −1.46m
Morgan Stanley 2.72m 2.00% −862.54k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

A. O. Smith Corporation (AOS) Latest News

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AOS metrics, ten years each

stockrow.com/AOS · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com