FirmAtlas
Company handbook · AOS · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
AOS · CIK 91142 · LATEST FILING: 10-Q JUN '26 · FILED JUL 30, 2026
A. O. Smith Corporation
$59.22
−0.25 (−0.42%)
Close, Oct 16, 2026 · 52-week $54–82
Last fiscal year
A. O. Smith Corporation reported revenue of $3.8B for the year ended Dec 31, 2025 (FY25), up 0.3% from FY24. Net income was $546M, operating cash flow $617M and free cash flow $546M. Source: 10-K filed Feb 10, 2026.
Market cap
$8.4B
P/E
16.8
EV/EBITDA
10.3x
P/B
4.6
Div yield
2.43%
ROIC
30.3%
Revenue 1Y
0.3%/yr
EPS 1Y
6.1%/yr
Shares 1Y
−4%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOStephen M. Shafer
HQMilwaukee, WI
AuditorErnst & Young LLP
Employees11,500
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
1.9%
−2.1%
−6.3%
−14.6%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$1.4B deployed
Capex
$179M
12.6%
Acquisitions
$146M
10.3%
Dividends
$386M
27.2%
Buybacks
$707M
49.9%
Operating cash flow over the period: $1.2B. Total debt changed by −$6M. R&D of $197M is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
3,818
3,830+0.3%
3,805
YoY
+0.3%
Gross profit
1,456
1,487+2.1%
1,468
Gross margin
38.1%
38.8%+0.7 pp
—
Operating income
708
729+3.0%
666
Operating margin
18.5%
19.0%+0.5 pp
—
EBITDA
786
814+3.5%
—
EBITDA margin
20.6%
21.2%+0.6 pp
—
Interest expense
7
14+101.5%
—
Interest coverage
117.39x
60.27x−57.11x
—
Net income
534
546+2.4%
500
YoY
+2.4%
Net margin
14.0%
14.3%+0.3 pp
—
EPS (diluted, $)
3.63
3.85+6.1%
3.58
YoY
+6.1%
Balance sheet
Total assets
3,240
3,143−3.0%
3,644
Cash & short-term investments
276
193−30.0%
—
Accounts receivable
541
582+7.6%
—
Inventory
532
479−9.9%
—
Net PP&E
629
635+1.0%
—
Other assets
1,262
1,253−0.7%
—
Total liabilities
1,356
1,285−5.3%
1,803
Total debt
203
197−2.9%
638
Other liabilities
1,153
1,088−5.7%
—
Shareholders’ equity
1,884
1,858−1.4%
1,842
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
582
617+6.0%
692
Net income
534
546+2.4%
—
Depreciation & amortization
79
85+8.0%
—
Stock-based compensation
15
14−7.4%
—
Working capital & other
(46)
(28)n/m
—
Cash from investing
(267)
(53)n/m
—
Capex
(108)
(71)n/m
—
Acquisitions
(146)
0n/m
—
Investments bought
(74)
(43)n/m
—
Investments sold / matured
60
60+0.0%
—
Other investing
0
0n/m
—
Cash from financing
(408)
(633)n/m
—
Debt raised
1,100
1,087−1.2%
—
Debt repaid
(1,030)
(1,125)n/m
—
Dividends
(190)
(196)n/m
—
Buybacks
(306)
(401)n/m
—
Other financing
18
1−94.5%
—
Net change in cash
(100)
(65)n/m
—
Free cash flow (OCF − capex)
474
546+15.2%
639
Where the cash went
Operating cash flow
582
617+6.0%
692
Reinvested in the business
254
71−72.1%
—
% of operating cash flow
43.6%
11.5%
Capex
108
71−34.4%
53
Acquisitions
146
0−100.0%
—
R&D (memo, already in costs)
102
95−6.6%
—
Free cash flow
474
546+15.2%
639
YoY
+15.2%
Returned to shareholders
496
596+20.2%
—
% of free cash flow
104.7%
109.2%
Dividends
190
196+2.8%
—
Buybacks
306
401+31.1%
—
Change in total debt
—
(6)
—
Cash left over
—
(56)
—
FCF conversion (FCF ÷ net income)
88.8%
100.0%+11.2 pp
—
Owner earnings
—
572
—
Owner earnings margin
—
14.9%
—
Buyback yield
3.0%
4.2%+1.2 pp
—
Returns & ratios
ROIC (all capital)
29.8%
30.3%+0.6 pp
—
ROIC (operating)
31.6%
32.7%+1.1 pp
—
Net debt / EBITDA
−0.09x
0.01x+0.10x
—
Debt / equity
0.11x
0.11x−0.00x
—
ROE
28.3%
29.4%+1.1 pp
—
ROA
16.5%
17.4%+0.9 pp
—
ROCE
30.2%
32.0%+1.7 pp
—
NOPAT
539
557+3.3%
—
Invested capital (operating)
1,702
1,697−0.3%
—
Invested capital (all)
1,811
1,862+2.8%
—
Reinvestment rate
—
−1.0%
—
Debtor days
52
55+4 d
—
Inventory days
82
75−8 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
942
912
946
1,004
vs year-ago quarter
Gross profit
364
350
366
388
Gross margin
38.7%
38.4%
38.7%
38.6%
Operating income
175
163
162
166
Net income
132
125
118
125
vs year-ago quarter
Net margin
14.0%
13.7%
12.5%
12.4%
EPS (diluted, $)
0.94
0.88
0.85
0.91
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
3,171
3,143
3,650
3,644
Cash & equivalents
153
193
185
181
Total debt
186
197
616
638
Shareholders’ equity
1,844
1,858
1,878
1,842
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
255
183
129
124
Capex
15
18
10
10
Free cash flow
241
165
119
114
vs year-ago quarter