A. O. Smith Corporation

AOS · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$9,312	$9,890	$12,261	$8,745	$13,664	$8,725	$7,582	$6,796	$9,753	$7,536	$6,739	$5,044	$4,921	$2,915	$1,839	$1,745	$940	$887	$1,071	$1,142	$1,043	$877	$1,017	$729	$461	$399	$508	$578	$785	$556	$387	$456	$665	$393	$184	$157	$133	$157	$124	$210	$241
Enterprise value	$9,311	$9,831	$12,052	$8,630	$13,252	$8,183	$7,354	$6,373	$9,344	$7,105	$6,342	$4,726	$4,627	$2,696	$1,674	$1,887	$1,136	$1,186	$1,411	$1,555	$1,188	$1,133	$1,274	$947	$847	$711	$854	$676	$746	$800	$583	$620	$858	$636	$363	$318	$287	$294	$261	$370	$319
P/E (TTM) at period end	17.05×	18.53×	22.03×	37.10×	28.05×	25.30×	20.49×	15.30×	32.90×	23.08×	23.82×	24.27×	29.00×	18.37×	6.01×	15.63×	11.56×	40.87×	12.14×	14.93×	22.42×	24.76×	19.49×	14.20×	31.80×	13.40×	11.97×	12.98×	5.11×	8.50×	6.30×	7.94×	15.58×	–	36.86×	5.16×	–	8.28×	8.06×	7.24×	8.68×
P/S (TTM) at period end	2.43×	2.59×	3.18×	2.33×	3.86×	3.01×	2.53×	2.13×	3.25×	2.81×	2.66×	2.14×	2.29×	1.50×	1.07×	1.17×	0.68×	0.38×	0.46×	0.53×	0.62×	0.53×	0.66×	0.50×	0.40×	0.32×	0.47×	0.72×	1.16×	0.71×	0.56×	0.70×	0.56×	0.38×	0.21×	0.17×	0.14×	0.16×	0.13×	0.23×	0.27×
P/B at period end	5.01×	5.25×	6.65×	5.00×	7.46×	4.72×	4.55×	3.96×	5.93×	4.99×	4.67×	3.65×	3.70×	2.44×	1.69×	1.98×	1.22×	1.38×	1.41×	1.67×	1.70×	1.48×	1.77×	1.43×	1.02×	0.89×	1.18×	1.44×	1.97×	1.31×	1.04×	1.46×	2.47×	1.60×	0.64×	0.55×	0.49×	0.54×	0.43×	0.74×	1.02×
EV / EBITDA (TTM)	11.44×	12.50×	14.63×	19.66×	17.44×	14.03×	12.11×	9.30×	14.42×	12.25×	12.29×	11.67×	12.87×	8.59×	6.88×	10.87×	8.88×	6.74×	6.48×	7.75×	7.76×	9.76×	–	6.58×	8.76×	5.36×	6.39×	6.32×	8.74×	9.61×	4.41×	4.99×	6.88×	36.34×	–	15.80×	–	–	–	–	–
EV / Sales (TTM)	2.43×	2.57×	3.13×	2.30×	3.74×	2.83×	2.46×	2.00×	3.12×	2.65×	2.50×	2.01×	2.15×	1.39×	0.98×	1.27×	0.83×	0.51×	0.61×	0.72×	0.70×	0.69×	0.83×	0.64×	0.74×	0.57×	0.80×	0.84×	1.10×	1.02×	0.84×	0.96×	0.72×	0.61×	0.41×	0.34×	0.29×	0.29×	0.27×	0.41×	0.36×
Returns
Return on equity	29.4%	28.3%	30.2%	13.5%	26.6%	18.7%	22.2%	25.9%	18.0%	21.6%	19.6%	15.0%	12.8%	13.3%	28.2%	12.7%	10.6%	3.4%	11.6%	11.2%	7.6%	6.0%	9.1%	10.0%	3.2%	6.6%	9.8%	11.1%	38.5%	15.4%	16.5%	18.3%	15.8%	(7.1%)	1.7%	10.7%	(1.8%)	6.5%	5.3%	10.3%	11.8%
Return on invested capital	29.7%	29.0%	34.1%	21.0%	33.0%	27.5%	25.7%	29.1%	19.3%	24.2%	23.3%	19.5%	18.9%	15.4%	12.5%	10.0%	7.3%	9.2%	12.1%	9.3%	8.9%	5.5%	7.3%	8.4%	3.8%	7.4%	8.1%	10.3%	11.2%	5.3%	12.4%	13.7%	10.7%	7.5%	2.7%	8.7%	6.9%	6.2%	4.5%	6.1%	10.0%
Dividend yield	2.1%	1.9%	1.5%	2.0%	1.2%	1.8%	2.0%	1.9%	1.0%	1.1%	1.0%	1.1%	0.9%	1.1%	1.5%	1.4%	2.3%	2.1%	2.0%	1.8%	1.8%	2.1%	–	2.0%	2.7%	2.9%	2.2%	1.9%	1.6%	2.5%	3.1%	2.3%	1.8%	2.2%	5.3%	6.3%	7.5%	–	–	–	–
Financial health
Current ratio	1.50×	1.55×	1.59×	1.75×	1.57×	1.83×	1.96×	2.09×	2.23×	2.04×	2.15×	2.18×	2.04×	2.20×	2.36×	1.67×	1.51×	1.55×	1.62×	1.74×	1.87×	2.39×	1.62×	1.87×	1.87×	2.38×	2.31×	2.17×	2.86×	1.73×	1.65×	1.53×	1.36×	1.36×	1.21×	1.25×	1.38×	1.68×	1.62×	1.42×	1.36×
Debt / equity	0.08×	0.10×	0.07×	0.20×	0.11×	0.06×	0.17×	0.13×	0.25×	0.21×	0.17×	0.16×	0.14×	0.20×	0.43×	0.30×	0.33×	0.52×	0.52×	0.64×	0.28×	0.48×	0.48×	0.49×	0.90×	0.73×	0.84×	0.34×	0.27×	0.59×	0.53×	0.55×	0.76×	1.02×	0.63×	0.58×	0.59×	0.49×	0.48×	0.59×	0.39×
Effective tax rate	23.6%	23.9%	24.1%	(5.4%)	22.1%	22.3%	21.6%	20.4%	43.1%	29.4%	29.7%	27.5%	28.2%	30.5%	31.1%	23.3%	20.8%	36.8%	11.7%	27.3%	32.3%	25.5%	33.9%	34.5%	35.5%	36.0%	34.8%	36.3%	36.4%	40.4%	35.9%	36.1%	39.7%	35.7%	35.9%	27.7%	(38.9%)	37.3%	39.1%	47.2%	40.6%
Share count
Diluted shares outstanding	142	147	151	156	161	163	167	172	175	177	179	182	186	186	186	185	138	182	186	186	182	179	178	166	143	142	143	145	167	167	167	167	167	184	184	184	184	184	184	184	184

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$3,805	$3,830	$3,818	$3,853	$3,754	$3,539	$2,895	$2,993	$3,188	$2,997	$2,686	$2,536	$2,356	$2,154	$1,939	$1,710	$1,489	$1,375	$2,305	$2,312	$2,161	$1,689	$1,653	$1,531	$1,469	$1,151	$1,248	$1,070	$801	$678	$781	$697	$648	$1,194	$1,046	$880	$935	$976	$1,015	$970	$911	$898
Cost of revenue	($2,336)	($2,343)	($2,362)	($2,368)	($2,424)	($2,228)	($1,787)	($1,812)	($1,882)	($1,758)	($1,567)	($1,527)	($1,497)	($1,380)	($1,287)	($1,198)	($1,043)	–	($1,807)	($1,799)	($1,697)	($1,337)	($1,355)	($1,232)	($1,169)	($949)	($1,000)	–	–	–	($614)	–	–	($1,015)	($864)	($755)	($780)	($852)	($877)	($846)	($775)	($764)
Gross profit	$1,468	$1,487	$1,456	$1,485	$1,330	$1,311	$1,108	$1,181	$1,306	$1,232	$1,114	$1,010	$859	$774	$652	$513	$446	–	$498	$513	$464	$352	$298	$299	$300	$202	$248	–	–	–	$167	–	–	$178	$182	$125	$155	$124	$138	$124	$136	$133
Operating expenses
Research and development	–	($95)	($102)	($98)	($89)	($94)	($81)	($88)	($94)	($86)	($80)	($74)	($68)	($58)	($52)	($43)	($37)	($31)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($777)	($759)	($739)	($727)	($671)	($701)	($660)	($716)	($754)	($723)	($662)	($611)	($572)	($524)	($450)	($373)	($329)	($292)	($283)	($363)	($324)	($252)	($236)	($206)	($206)	($146)	($154)	($111)	($107)	($107)	($107)	($113)	($109)	($96)	($86)	($69)	($68)	($63)	($65)	($64)	($59)	($59)
Total operating expenses	($802)	($759)	($748)	($739)	($968)	($629)	($605)	($652)	($692)	($654)	($599)	($557)	($514)	($474)	($393)	($316)	($313)	–	($357)	($363)	($324)	($252)	($236)	($206)	($206)	($153)	($161)	–	–	–	($107)	–	–	($96)	($125)	($105)	($102)	($94)	($95)	($92)	($85)	($81)
Total costs and expenses	($3,139)	($3,102)	($3,110)	($3,107)	($3,392)	($2,857)	($2,392)	($2,464)	($2,574)	($2,419)	($2,171)	($2,084)	($2,011)	($1,854)	($1,680)	($1,514)	($1,356)	($1,285)	($2,165)	($2,162)	($2,021)	($1,589)	($1,591)	($1,438)	($1,376)	($1,102)	($1,160)	($974)	($720)	($614)	($722)	($587)	($545)	($1,112)	($989)	($860)	($882)	($947)	($973)	($939)	($860)	($845)
Operating income	$666	$729	$708	$746	$362	$682	$503	$529	$613	$578	$515	$453	$345	$300	$259	$196	$133	$90	$140	$150	$140	$100	$62	$92	$93	$50	$87	$96	$80	$64	$60	$110	$103	$82	$57	$20	$54	$30	$43	$32	$51	$53
Earnings
EBITDA	$759	$814	$786	$824	$439	$760	$583	$607	$685	$648	$580	$516	$405	$360	$314	$244	$174	$128	$176	$218	$201	$153	$116	–	$144	$97	$133	$134	$107	$85	$83	$132	$124	$125	$18	($16)	$20	($2)	–	–	–	–
Interest income	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($21)	($14)	($7)	($12)	($9)	($4)	($7)	($11)	($8)	($10)	($7)	($7)	($6)	($6)	($9)	($9)	($7)	($7)	($11)	($27)	–	–	–	($12)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$645	$715	$701	$734	$224	$626	$444	$472	$558	$521	$462	$402	$287	$236	$234	$162	$74	$149	$75	$100	$105	$69	$48	$79	$78	$22	$65	$77	$64	$50	$42	$37	$27	$71	$42	$8	$42	($4)	$30	$25	$49	$47
Income tax expense	($145)	($169)	($167)	($177)	$12	($138)	($99)	($102)	($114)	($224)	($136)	($120)	($79)	($67)	($71)	($50)	($17)	($31)	($28)	($12)	($29)	($22)	($12)	($27)	($27)	($8)	($23)	($27)	($23)	($18)	($17)	($13)	($10)	($28)	($15)	($3)	($12)	($1)	($11)	($10)	($23)	($19)
Net income	$500	$546	$534	$557	$236	$487	$345	$370	$444	$296	$326	$283	$208	$170	$159	$306	$112	$81	$22	$88	$76	$46	$35	$52	$51	$15	$30	$42	$44	$154	$65	$61	$57	$43	($17)	$5	$30	($5)	$19	$15	$29	$28
Per share
Diluted EPS (GAAP)	$3.60	$3.85	$3.63	$3.69	$1.51	$3.02	$2.12	$2.22	$2.58	$1.70	$1.85	$1.58	$1.14	$0.915	$0.855	$1.64	$0.605	$0.59	$0.45	$0.47	$0.41	$0.26	$0.20	$0.29	$0.31	$0.10	$0.21	$0.30	$0.31	$0.92	$0.39	$0.37	$0.34	$0.25	($0.0988)	$0.027	$0.17	($0.0271)	$0.10	$0.084	$0.16	$0.15
Basic EPS (GAAP)	$3.60	$3.87	$3.65	$3.71	$1.52	$3.05	$2.13	$2.24	$2.60	$1.72	$1.87	$1.59	$1.15	$0.92	$0.86	$1.66	$0.61	$0.5925	$0.45	$0.48	$0.42	$0.26	$0.20	$0.30	$0.32	$0.10	$0.21	$0.31	$0.32	$0.62	$0.39	$0.37	$0.34	$0.25	($0.0988)	$0.027	$0.17	($0.0271)	$0.10	$0.084	$0.16	$0.15
Basic shares outstanding	139	141	146	150	155	160	162	165	171	173	175	178	181	184	185	184	183	137	180	183	182	178	176	174	162	142	140	139	141	167	167	167	167	167	184	184	184	184	184	184	184	184
Margins
Gross margin	38.6%	38.8%	38.1%	38.5%	35.4%	37.0%	38.3%	39.5%	41.0%	41.1%	41.5%	39.8%	36.5%	35.9%	33.6%	30.0%	29.9%	–	21.6%	22.2%	21.5%	20.8%	18.0%	19.5%	20.4%	17.6%	19.9%	–	–	–	21.4%	–	–	14.9%	17.4%	14.2%	16.6%	12.7%	13.6%	12.8%	14.9%	14.8%
Operating margin	17.5%	19.0%	18.5%	19.3%	9.6%	19.3%	17.4%	17.7%	19.2%	19.3%	19.2%	17.9%	14.7%	13.9%	13.4%	11.5%	8.9%	6.5%	6.1%	6.5%	6.5%	5.9%	3.8%	6.0%	6.4%	4.3%	7.0%	9.0%	10.0%	9.4%	7.6%	15.8%	15.8%	6.9%	5.4%	2.2%	5.7%	3.0%	4.2%	3.3%	5.6%	5.9%
Net margin	13.1%	14.3%	14.0%	14.4%	6.3%	13.8%	11.9%	12.4%	13.9%	9.9%	12.2%	11.2%	8.8%	7.9%	8.2%	17.9%	7.5%	5.9%	0.9%	3.8%	3.5%	2.8%	2.1%	3.4%	3.5%	1.3%	2.4%	4.0%	5.6%	22.7%	8.4%	8.8%	8.8%	3.6%	(1.7%)	0.6%	3.3%	(0.5%)	1.9%	1.6%	3.2%	3.1%

Analyst consensus

Hold30 analysts

Bearish · 2 · Hold · 19 · Bullish · 9

Earnings history

	EPS	Estimate
Q3 2024	$0.82	$0.83	Miss
Q4 2024	$0.85	$0.90	Miss
Q1 2025	$0.95	$0.91	Beat
Q2 2025	$1.07	$0.97	Beat
Q3 2025	$0.94	$0.91	Beat
Q4 2025	$0.90	$0.84	Beat
Q1 2026	$0.85	$0.94	Miss
Q2 2026	$1.03	$0.96	Beat

Peers

Company overview

IPO dateSep 30, 1983

CEOStephen Shafer

Employees11,500

SectorIndustrials

IndustryIndustrial - Machinery

CountryUS

ExchangeNew York Stock Exchange

Websitewww.aosmith.com

A. O. Smith Corporation (AOS) is a global manufacturer and marketer specializing in a comprehensive array of water heating and treatment solutions. Its operations span North America, China, Europe, and India, organized into two primary geographic segments: North America and Rest of World. The company's product portfolio is extensive, featuring residential and commercial water heaters (gas, heat pump, and electric models), boilers, storage tanks, and various water treatment systems. These products cater to a wide range of applications, including homes, apartments, and condominiums, as well as commercial entities such as restaurants, hotels, office buildings, laundries, car washes, small businesses, hospitals, and schools. Specific offerings include diverse water treatment products like point-of-entry water softeners, well water purification systems, whole-home filtration units, portable filtration bottles, point-of-use carbon filters, and reverse osmosis systems, designed for residential, restaurant, hotel, and office use. A. O. Smith also supplies food and beverage filtration products, expansion tanks, commercial solar water heating installations, and heaters for swimming pools and spas, along with associated components. Advanced heating solutions further encompass heat pumps, electric wall-hung units, gas tankless heaters, combi-boilers, and integrated heat pump and solar water heaters. Products are primarily sold under established brands such as A. O. Smith, State, and Lochinvar, in addition to specialized water softener brands. The company leverages various distribution channels, including independent wholesale plumbing distributors, retail outlets like hardware and home center chains, and manufacturer representative firms. Its Aquasana-branded products are sold directly to consumers through e-commerce platforms and other online retailers. Founded in 1874, A. O. Smith Corporation maintains its corporate headquarters in Milwaukee, Wisconsin.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.