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A. O. Smith

AOS NYSE Building Products Financials FY2016–FY2025

A. O. Smith's revenue rose 0.3% to $3.8 billion in fiscal 2025. Its operating margin was 19.0%, up from 18.5% a year earlier. Free cash flow was $546 million, up 15.2%. It paid out $596 million in dividends and buybacks, 109% of free cash flow. The diluted share count fell 3.5%.

Last close · Oct 23, 2026

$61.65

1.3%
Value it Compare
Revenue Total sales reported in the income statement.
$3.8B
0.3% vs prior year
Operating margin Operating income as a share of revenue.
19.0%
0.5 pts
Net income Profit after all expenses, interest and tax.
$546M
2.4%
Free cash flow Cash from operations minus capital spending.
$546M
15.2%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
30.7%
0.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$8.5B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
17.1x
On $3.60 EPS (TTM)

What A. O. Smith does

No business description yet.

Legal name
A. O. Smith Corporation
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000091142-26-000008
0000091142

Revenue and margins

A. O. Smith had $3.8B of revenue in fiscal 2025, up 0.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 8.5% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $546M in fiscal 2025, 14.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

A. O. Smith returned $597M to shareholders in fiscal 2025, 109% of free cash flow. The diluted share count fell 3.5%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value A. O. Smith yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $38.2M and divides by 141.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 17.1x · peers 22.4x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably A. O. Smith can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $631M$482M$363M$276M$193M
Debt incl. finance leases $197M$345M$127M$193M$155M
Net debt / EBITDA −0.6x−0.3x−0.3x−0.1x−0.1x
Debt / equity 0.1x0.2x0.1x0.1x0.1x
Interest coverage 158.6x38.5x62.1x105.6x54.0x
Current ratio 1.6x1.8x1.6x1.6x1.5x
Quick ratio 1.2x1.2x1.1x1.0x0.9x
Total assets $3.5B$3.3B$3.2B$3.2B$3.1B
Total liabilities $1.6B$1.6B$1.4B$1.4B$1.3B
Shareholders' equity $1.8B$1.7B$1.8B$1.9B$1.9B
Net debt (− = net cash) −$435M−$137M−$236M−$82.9M−$38.2M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.1M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Mar 4, 2026 Darrell W. SchuhSVP; President & GM Lochinvar Sold 1,104 $74.39 $0.1M Form 4
Feb 13, 2026 Darrell W. SchuhSVP; President & GM Lochinvar Sold 356 $79.89 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✕ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✕ ✓
Revenue rose relative to assets ✓ ✓ ✕
F-score 8 / 95 / 97 / 9
Accruals ratio −3.5%−1.5%−2.2%
Altman Z'' 7.417.558.07

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
A. O. Smith AOS $8.5B 0.3% 19.0% 14.3% 30.7% 17.1x 7
Allegion ALLE $15.2B 7.8% 21.1% 16.9% 21.5% 22.3x 8 Compare →
Fortune Brands Innovations FBIN $5.1B −3.2% 11.6% 8.2% 7.7% 34.7x 6 Compare →
Advanced Drainage Systems WMS $10.0B 5.0% 20.3% 18.7% 15.8% 22.5x 4 Compare →
Lennox International LII $13.2B −2.7% 20.1% 12.3% 40.1% 16.7x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.7B $3.0B $3.2B $3.0B $2.9B $3.5B $3.8B $3.9B $3.8B $3.8B
Gross profit $1.1B $1.2B $1.3B $1.2B $1.1B $1.3B $1.3B $1.5B $1.5B $1.5B
Research and development $80.1M $86.4M $94.0M $87.9M $80.7M $94.2M $89.0M $97.5M $102M $95.0M
Operating income $515M $578M $613M $529M $503M $682M $362M $746M $708M $729M
Interest expense $7.3M $10.1M $8.4M $11.0M $7.3M $4.3M $9.4M $12.0M $6.7M $13.5M
Pretax income $463M $521M $558M $472M $444M $626M $224M $734M $701M $715M
Income tax $136M $224M $114M $102M $99.0M $139M −$12.0M $177M $167M $169M
Net income $327M $297M $444M $370M $345M $487M $236M $557M $534M $546M
Diluted EPS $1.85 $1.70 $2.58 $2.22 $2.12 $3.02 $1.51 $3.69 $3.63 $3.85
Diluted shares 0.18B 0.17B 0.17B 0.17B 0.16B 0.16B 0.16B 0.15B 0.15B 0.14B
Cash flow
Cash from operations $447M $326M $449M $456M $562M $641M $391M $670M $582M $617M
Capital expenditure $80.7M $94.2M $85.2M $64.4M $56.8M $75.1M $70.3M $72.6M $108M $70.8M
Free cash flow $366M $232M $364M $392M $505M $566M $321M $598M $474M $546M
Depreciation and amortization $65.1M $70.1M $71.9M $78.3M $80.0M $77.9M $76.9M $78.3M $78.8M $85.1M
Stock-based compensation $9.4M $9.9M $10.1M $13.3M $12.7M $11.9M $11.1M $11.5M $14.9M $13.8M
Acquisitions $90.8M $43.1M $0.0M $107M $0.0M $208M $8.0M $16.8M $146M $0.0M
Share buybacks $135M $139M $203M $288M $56.7M $367M $404M $307M $306M $401M
Dividends paid $84.2M $96.9M $130M $149M $159M $170M $177M $184M $190M $196M
Dividends and buybacks $219M $236M $333M $437M $215M $537M $581M $490M $496M $597M
Balance sheet
Cash and short-term investments $755M $820M $645M $551M $690M $631M $482M $363M $276M $193M
Total debt $324M $410M $221M $284M $113M $197M $345M $127M $193M $155M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $1.6B $1.8B $1.6B $1.5B $1.6B $1.8B $1.6B $1.5B $1.4B $1.3B
Current liabilities $766M $794M $785M $767M $886M $1.1B $934M $945M $897M $863M
Inventory $251M $297M $305M $303M $300M $448M $516M $497M $532M $479M
Property and equipment, net $462M $529M $540M $545M $541M $607M $591M $598M $629M $635M
Total assets $2.9B $3.2B $3.1B $3.1B $3.2B $3.5B $3.3B $3.2B $3.2B $3.1B
Total liabilities $1.4B $1.6B $1.4B $1.4B $1.3B $1.6B $1.6B $1.4B $1.4B $1.3B
Shareholders' equity $1.5B $1.6B $1.7B $1.7B $1.8B $1.8B $1.7B $1.8B $1.9B $1.9B
Margins
Gross margin 41.5% 41.1% 41.0% 39.5% 38.3% 37.0% 35.4% 38.5% 38.1% 38.8%
Operating margin 19.2% 19.3% 19.2% 17.7% 17.4% 19.3% 9.6% 19.4% 18.5% 19.0%
EBITDA margin 21.6% 21.6% 21.5% 20.3% 20.1% 21.5% 11.7% 21.4% 20.6% 21.2%
Net margin 12.2% 9.9% 13.9% 12.4% 11.9% 13.8% 6.3% 14.5% 14.0% 14.3%
FCF margin 13.6% 7.8% 11.4% 13.1% 17.5% 16.0% 8.6% 15.5% 12.4% 14.3%
Returns
Return on capital 34.2% 28.4% 38.6% 30.8% 29.3% 39.8% 24.1% 35.2% 31.6% 30.7%
Return on capital employed 25.1% 25.5% 26.2% 23.1% 22.0% 29.5% 15.2% 32.0% 30.7% 31.5%
Return on equity 22.1% 18.8% 26.4% 21.9% 19.6% 26.5% 13.2% 31.0% 28.6% 29.2%
Return on assets 11.8% 9.7% 14.2% 12.1% 11.1% 14.7% 6.9% 17.0% 16.5% 17.1%
Growth
Revenue growth 5.9% 11.6% 6.4% −6.1% −3.3% 22.2% 6.1% 2.6% −0.9% 0.3%
Net income growth 15.4% −9.2% 49.8% −16.7% −6.8% 41.2% −51.6% 136.2% −4.1% 2.4%
EPS growth 17.1% −8.1% 51.8% −14.0% −4.5% 42.5% −50.0% 144.4% −1.6% 6.1%
FCF growth 31.2% −36.5% 56.6% 7.7% 29.0% 12.0% −43.3% 86.1% −20.7% 15.2%
Share count change −1.2% −1.3% −1.4% −3.2% −2.5% −0.8% −3.4% −3.1% −2.6% −3.5%
Financial health
Net debt / EBITDA −0.7x −0.6x −0.6x −0.4x −1.0x −0.6x −0.3x −0.3x −0.1x −0.1x
Debt / equity 0.2x 0.3x 0.1x 0.2x 0.1x 0.1x 0.2x 0.1x 0.1x 0.1x
Interest coverage 70.6x 57.2x 73.0x 48.1x 68.9x 158.6x 38.5x 62.1x 105.6x 54.0x
Current ratio 2.0x 2.2x 2.1x 2.0x 1.8x 1.6x 1.8x 1.6x 1.6x 1.5x
Quick ratio 1.7x 1.9x 1.7x 1.6x 1.5x 1.2x 1.2x 1.1x 1.0x 0.9x
Capital allocation
Capex / revenue 3.0% 3.1% 2.7% 2.2% 2.0% 2.1% 1.9% 1.9% 2.8% 1.9%
Stock comp / revenue 0.4% 0.3% 0.3% 0.4% 0.4% 0.3% 0.3% 0.3% 0.4% 0.4%
Payouts / FCF 60.0% 101.6% 91.5% 111.5% 42.6% 94.8% 180.9% 82.0% 104.7% 109.3%
Quality scores
Piotroski F-score 7.0 6.0 6.0 4.0 5.0 6.0 5.0 8.0 5.0 7.0
Altman Z'' 6.0 6.2 6.7 6.5 6.7 6.3 6.1 7.4 7.6 8.1
Accruals ratio −4.4% −1.0% −0.2% −2.8% −7.0% −4.6% −4.6% −3.5% −1.5% −2.2%

Source: SEC EDGAR XBRL filings (CIK 0000091142). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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