A. O. Smith vs MillerKnoll
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The short version
- MillerKnoll is the larger business, with $3.8B of revenue in fiscal 2026 against $3.8B for A. O. Smith.
- MillerKnoll grew revenue faster (4.7%, against 0.3%).
- A. O. Smith kept more of each dollar of sales as operating profit (19.0% operating margin, against 5.2%).
- A. O. Smith turned more of its sales into free cash flow (14.3% FCF margin, against 2.0%).
- A. O. Smith earned a higher return on the capital invested in it (30.7%, against 6.1%).
- Investors pay more for each dollar of A. O. Smith’s earnings: a P/E of 17.1x against 15.0x for MillerKnoll.
| Latest fiscal year | AOS · FY25 | MLKN · FY26 |
|---|---|---|
| Size | ||
| Market cap | $8.5B | $1.5B |
| Revenue | $3.8B | $3.8B |
| Free cash flow | $546M | $77.6M |
| Net income | $546M | $91.5M |
| Growth | ||
| Revenue growth | 0.3% | 4.7% |
| 5-year growth | 5.8% | 9.3% |
| Share count change | −3.5% | 0.5% |
| Profitability | ||
| Gross margin | 38.8% | 38.8% |
| Operating margin | 19.0% | 5.2% |
| Net margin | 14.3% | 2.4% |
| FCF margin | 14.3% | 2.0% |
| Return on capital | 30.7% | 6.1% |
| Return on equity | 29.2% | 7.0% |
| Balance sheet | ||
| Net debt | −$38.2M | $1.1B |
| Net debt / EBITDA | −0.1x | 3.2x |
| Dividends and buybacks | $597M | $51.1M |
| Valuation & quality | ||
| P/E | 17.1x | 15.0x |
| Piotroski F-score | 7 | 7 |
Revenue
FY17
AOS $3.0B
MLKN $2.3B
FY18
AOS $3.2B
MLKN $2.4B
FY19
AOS $3.0B
MLKN $2.6B
FY20
AOS $2.9B
MLKN $2.5B
FY21
AOS $3.5B
MLKN $2.5B
FY22
AOS $3.8B
MLKN $3.9B
FY23
AOS $3.9B
MLKN $4.1B
FY24
AOS $3.8B
MLKN $3.6B
FY25
AOS $3.8B
MLKN $3.7B
FY26
AOS —
MLKN $3.8B
AOS
MLKN
Operating margin
FY17
AOS 19.3%
MLKN 8.4%
FY18
AOS 19.2%
MLKN 7.5%
FY19
AOS 17.7%
MLKN 7.9%
FY20
AOS 17.4%
MLKN −1.5%
FY21
AOS 19.3%
MLKN 9.4%
FY22
AOS 9.6%
MLKN 1.0%
FY23
AOS 19.4%
MLKN 3.0%
FY24
AOS 18.5%
MLKN 4.6%
FY25
AOS 19.0%
MLKN 1.4%
FY26
AOS —
MLKN 5.2%
AOS
MLKN
Free cash flow
FY17
AOS $232M
MLKN $115M
FY18
AOS $364M
MLKN $95.9M
FY19
AOS $392M
MLKN $131M
FY20
AOS $505M
MLKN $153M
FY21
AOS $566M
MLKN $273M
FY22
AOS $321M
MLKN −$107M
FY23
AOS $598M
MLKN $79.6M
FY24
AOS $474M
MLKN $274M
FY25
AOS $546M
MLKN $102M
FY26
AOS —
MLKN $77.6M
AOS
MLKN
Return on capital
FY17
AOS 28.4%
MLKN 19.6%
FY18
AOS 38.6%
MLKN 18.7%
FY19
AOS 30.8%
MLKN 20.5%
FY20
AOS 29.3%
MLKN −3.7%
FY21
AOS 39.8%
MLKN 24.5%
FY22
AOS 24.1%
MLKN 1.9%
FY23
AOS 35.2%
MLKN 4.3%
FY24
AOS 31.6%
MLKN 5.6%
FY25
AOS 30.7%
MLKN 1.7%
FY26
AOS —
MLKN 6.1%
AOS
MLKN
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.