A. O. Smith Corp (AOS)

A. O. Smith Corporation manufactures and markets residential and commercial gas and electric water heaters, boilers, heat pumps, tanks, and water treatment products in North America, China, Europe, and India. The company offers water heaters for residences, restaurants, hotels, office buildings, laundries, car washes, and small businesses; boilers for hospitals, schools, hotels, homes, apartments, and condominiums, and other large commercial buildings; and water treatment products comprising point-of-entry water softeners, well water solutions, and whole-home water filtration products, and point-of-use carbon and reverse osmosis products for residences, restaurants, hotels, and offices. It also provides commercial water treatment and filtration products; expansion tanks, commercial solar water heating systems, swimming pool and spa heaters, and related products and parts; and electric wall-hung, gas tankless, combi-boiler, and heat pump and solar water heaters. The company offers its products under the A. O. Smith, State, Lochinvar, Hague, Water-Right, Master Water, Atlantic Filter, Impact, and Water Tec brands. It distributes its products through independent wholesale plumbing distributors, as well as to retail channels consisting of hardware and home center chains, and manufacturer representative firms, as well as offers Aquasana branded products directly to consumers through e-commerce channels; and A. O. Smith branded water treatment products through dealer network and Amazon. A. O. Smith Corporation was founded in 1874 and is headquartered in Milwaukee, Wisconsin.

Symbol
AOS
Exchange
NYSE
Sector
Industrials
Industry
Specialty Industrial Machinery
Market cap
$7.78B
52 week range
54.16 - 81.87

Valuation

Share price
$56.75 (close of 2026-10-02)
P/E (TTM)
15.72x
Price to book
4.23x
Price to free cash flow
12.17x
Enterprise value
$8.28B
Book value per share
$13.43

Price performance

PeriodChange
1 day+0.14%
5 days-3.24%
1 month-4.24%
3 months-9.52%
6 months-11.81%
Year to date-15.15%
1 year-22.83%
3 years-14.08%
5 years-7.71%
10 years+14.88%
All time+5154.63%

Members of Congress who disclosed AOS trades

April McClain Delaney · Julie Johnson · Robert Bresnahan

Super investors holding AOS

Ken Griffin (Citadel) · Ray Dalio (Bridgewater Associates)

Profitability and growth

Return on equity
29.40%
Return on invested capital
30.14%
Return on assets
17.38%
Return on capital employed
31.95%
Gross margin
38.83%
Net margin
14.26%
EBITDA margin
21.24%
Revenue growth
0.32%
Net income growth
2.36%
Free cash flow growth
15.24%

Cash flow and balance sheet

Free cash flow yield (TTM)
8.22%
Current ratio
1.59x
Net debt to EBITDA
0.65x

Latest reported year

Period end
2025-12-31
Fiscal year
2025
Revenue
$3.83B
Cost of revenue
$2.34B
Gross profit
$1.49B
EBITDA
$813.70M
Net income
$546.20M
Earnings per share
$3.87
Research and development
$95.00M
Interest expense
$13.50M
Shares outstanding
141.03M

Income statement by year

Period endRevenueGross profitNet incomeEPS
2025-12-31$3.83B$1.49B$546.20M$3.87
2024-12-31$3.82B$1.46B$533.60M$3.65
2023-12-31$3.85B$1.48B$556.60M$3.71
2022-12-31$3.75B$1.33B$235.70M$1.52
2021-12-31$3.54B$1.31B$487.10M$3.05
2020-12-31$2.90B$1.11B$344.90M$2.13
2019-12-31$2.99B$1.18B$370.00M$2.24
2018-12-31$3.19B$1.31B$444.20M$2.60
2017-12-31$3.00B$1.23B$296.50M$1.72
2016-12-31$2.69B$1.11B$326.50M$1.87

Margins and returns by year

Period endGross marginNet marginReturn on equityReturn on capital
2025-12-3138.83%14.26%29.40%30.14%
2024-12-3138.14%13.98%28.33%29.62%
2023-12-3138.54%14.45%30.18%34.75%
2022-12-3135.42%6.28%13.49%22.17%
2021-12-3137.04%13.76%26.59%37.97%
2020-12-3138.28%11.91%18.66%28.19%
2019-12-3139.45%12.36%22.20%26.24%
2018-12-3140.95%13.93%25.87%29.77%
2017-12-3141.13%9.89%18.03%20.69%
2016-12-3141.48%12.16%21.60%25.19%

Cash and debt by year

Period endCashDebt
2025-12-31$193.20M$112.70M
2024-12-31$276.10M$183.20M
2023-12-31$363.40M$117.30M
2022-12-31$481.80M$334.50M
2021-12-31$631.40M$189.90M
2020-12-31$573.10M$106.40M
2019-12-31$374.00M$277.20M
2018-12-31$259.70M$221.40M
2017-12-31$346.60M$402.90M
2016-12-31$330.40M$316.40M

Free cash flow by year

Period endFree cash flowStock-based compensation
2025-12-31$546.00M$13.80M
2024-12-31$473.80M$14.90M
2023-12-31$597.70M$11.50M
2022-12-31$321.10M$11.10M
2021-12-31$566.00M$11.90M
2020-12-31$505.30M$12.70M
2019-12-31$391.80M$13.30M
2018-12-31$363.70M$10.10M
2017-12-31$232.20M$9.90M
2016-12-31$365.90M$9.40M

Dividend history

Most recent payment
2026-07-31
Paid in the last twelve months
$1.44
Payment dateDividend per share
2026-07-31$0.36
2026-04-30$0.36
2026-01-30$0.36
2025-10-31$0.36
2025-07-31$0.34
2025-04-30$0.34
2025-01-31$0.34
2024-10-31$0.34

Investor relations

Next earnings report

Next confirmed report
2026-10-27
Consensus EPS estimate
$0.90

Past earnings dates

ReportedFiscal periodEPS estimate
2026-07-30Jun/2026$0.96
2026-04-30Mar/2026$0.94
2026-01-29Dec/2025$0.84
2025-10-28Sep/2025$0.89
2025-07-24Jun/2025$0.97
2025-07-21--
2025-04-29Mar/2025$0.90
2025-04-23--

Filings and sources

Company website
aosmith.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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