A. O. Smith Corporation (AOS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q3 26	$0.92	$1.03	+12.0%	—	—	—
Q2 26	$0.94	$0.85	-9.6%	—	—	—
Q1 26	$0.84	$0.9	+7.1%	—	—	—
Q4 25	$0.91	$0.94	+3.3%	—	—	—
Q3 25	$0.99	$1.07	+8.1%	—	—	—
Q2 25	$0.91	$0.95	+4.4%	—	—	—
Q1 25	$0.89	$0.85	-4.5%	—	—	—
Q4 24	$0.82	$0.82	0.0%	—	—	—
Q3 24	$1.06	$1.06	0.0%	—	—	—
Q2 24	$0.99	$1	+1.0%	—	—	—
Q1 24	$0.96	$0.97	+1.0%	—	—	—
Q4 23	$0.79	$0.9	+13.9%	—	—	—
Q3 23	$0.9	$1.01	+12.2%	—	—	—
Q2 23	$0.78	$0.94	+20.5%	—	—	—
Q1 23	$0.79	$0.86	+8.9%	—	—	—
Q4 22	$0.69	$0.69	0.0%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.85	—	—	$3.8B	—
FY24	—	$3.63	—	—	$3.8B	—
FY23	—	$3.71	—	—	$3.9B	—
FY22	—	$1.56	—	—	$3.8B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.7B	$3B	$3.2B	$3B	$2.9B	$3.5B	$3.8B	$3.9B	$3.8B	$3.8B
YoY change	+5.89%	+11.6%	+6.38%	-6.12%	-3.25%	+22.2%	+6.08%	+2.63%	-0.9%	+0.32%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.7B	3B	3.2B	3B	2.9B	3.5B	3.8B	3.9B	3.8B	3.8B
Cost of revenue	1.6B	1.8B	1.9B	1.8B	1.8B	2.2B	2.4B	2.4B	2.4B	2.3B
Gross profit	1.1B	1.2B	1.3B	1.2B	1.1B	1.3B	1.3B	1.5B	1.5B	1.5B
Gross margin	41.5%	41.1%	41%	39.5%	38.3%	37%	35.4%	38.5%	38.1%	38.8%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	662.5M	722.8M	753.8M	715.6M	660.3M	701.4M	670.9M	727.4M	739.3M	759.4M
Operating expenses	662.5M	722.8M	753.8M	715.6M	660.3M	701.4M	670.9M	727.4M	739.3M	759.4M
Operating income	451.7M	509.6M	551.7M	465.1M	447.9M	609.5M	658.7M	757.4M	716.8M	728M
Operating margin	16.8%	17%	17.3%	15.5%	15.5%	17.2%	17.5%	19.7%	18.8%	19%
Non-operating income, net	18.1M	21.3M	14.5M	18M	3.3M	20.4M	-425.6M	-11.9M	-9.1M	600K
Pretax income	462.5M	520.8M	557.8M	472.1M	443.9M	625.6M	223.7M	733.5M	701M	715.1M
Income tax	136M	224.3M	113.6M	102.1M	99M	138.5M	-12M	176.9M	167.4M	168.9M
Net income	326.5M	296.5M	444.2M	370M	344.9M	487.1M	235.7M	556.6M	533.6M	546.2M
Net margin	12.2%	9.89%	13.9%	12.4%	11.9%	13.8%	6.28%	14.4%	14%	14.3%
EBITDA	534.9M	601M	644.8M	561.4M	538.9M	707.8M	310M	842.6M	804.1M	813.7M
EPS	1.88	1.73	2.64	2.28	2.13	3.09	1.56	3.71	3.63	3.85
Diluted EPS	1.85	1.7	2.58	2.22	2.12	3.02	1.51	3.69	3.63	3.85

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	937.5M	988.1M	978.8M	1B	902.6M	912.4M	963.9M	1B	942.5M	912.5M	945.6M	1B
Cost of revenue	581.3M	618.3M	594.1M	628.3M	565.3M	574.3M	588.5M	614.2M	578M	562.1M	579.9M	616.5M
Gross profit	356.2M	369.8M	384.7M	396M	337.3M	338.1M	375.4M	397.1M	364.5M	350.4M	365.7M	387.8M
Gross margin	38%	37.4%	39.3%	38.7%	37.4%	37.1%	38.9%	39.3%	38.7%	38.4%	38.7%	38.6%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	174.9M	185M	192.2M	188.5M	176.6M	182M	192.6M	191.3M	188.9M	186.6M	203.9M	197.7M
Operating expenses	174.9M	185M	192.2M	188.5M	176.6M	182M	192.6M	191.3M	188.9M	186.6M	203.9M	197.7M
Operating income	181.3M	184.8M	192.5M	207.5M	160.7M	156.1M	182.8M	205.8M	175.6M	163.8M	161.8M	190.1M
Operating margin	19.3%	18.7%	19.7%	20.3%	17.8%	17.1%	19%	20.4%	18.6%	18%	17.1%	18.9%
Non-operating income, net	-2.5M	-6.8M	1.2M	900K	-2.6M	-8.6M	1.2M	400K	-200K	-800K	—	-24M
Pretax income	176.4M	176.9M	192.7M	206.6M	156.6M	145.1M	181.1M	201.6M	171.8M	160.6M	154.7M	158M
Income tax	41M	39.6M	45.1M	50.4M	36.5M	35.4M	44.5M	49.4M	39.8M	35.2M	36.7M	33.1M
Net income	135.4M	137.3M	147.6M	156.2M	120.1M	109.7M	136.6M	152.2M	132M	125.4M	118M	124.9M
Net margin	14.4%	13.9%	15.1%	15.2%	13.3%	12%	14.2%	15%	14%	13.7%	12.5%	12.4%
EBITDA	198.2M	202M	213.3M	228M	178.4M	184.4M	204.7M	226.7M	197M	185.3M	185.7M	213.3M
EPS	0.9	0.92	1	1.07	0.82	0.75	0.95	1.07	0.94	0.9	0.85	0.91
Diluted EPS	0.9	0.92	1	1.06	0.82	0.75	0.95	1.07	0.94	0.9	0.85	0.91

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	8.2B	10.5B	7.2B	7.7B	8.9B	13.5B	8.7B	12.4B	10B	9.5B	7.9B
Enterprise value	7.8B	10.1B	6.8B	7.5B	8.3B	13.1B	8.5B	12.2B	10B	9.5B	8.5B
Shares outstanding	173.4M	171.7M	168.2M	162.4M	161.8M	157.7M	151.2M	150M	147.1M	141.9M	141.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	25.2	35.5	16.2	20.9	25.7	27.8	36.7	22.2	18.8	17.4	16.3
P/S	3.06	3.51	2.25	2.58	3.06	3.82	2.31	3.21	2.63	2.48	2.09
P/B	5.42	6.4	4.18	4.64	4.8	7.39	4.95	6.7	5.33	5.11	4.31
EV/EBITDA	14.5	16.8	10.5	13.4	15.5	18.5	27.5	14.4	12.4	11.7	10.8
EV/Sales	2.9	3.37	2.12	2.51	2.88	3.71	2.27	3.15	2.61	2.48	2.23
Earnings yield	3.98%	2.82%	6.19%	4.78%	3.89%	3.6%	2.72%	4.5%	5.32%	5.75%	6.15%
FCF yield	4.46%	2.21%	5.07%	5.07%	5.7%	4.18%	3.71%	4.83%	4.72%	5.75%	6.11%
PEG	—	—	—	—	—	—	—	—	—	—	-1.07

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	41.5%	41.1%	41%	39.5%	38.3%	37%	35.4%	38.5%	38.1%	38.8%	38.6%
Operating margin	16.8%	17%	17.3%	15.5%	15.5%	17.2%	17.5%	19.7%	18.8%	19%	18.9%
Net margin	12.2%	9.89%	13.9%	12.4%	11.9%	13.8%	6.28%	14.4%	14%	14.3%	13.1%
ROE	21.5%	18%	25.9%	22.2%	18.7%	26.6%	13.5%	30.2%	28.3%	29.4%	27.1%
ROA	11.3%	9.27%	14.5%	12.1%	10.9%	14%	7.07%	17.3%	16.5%	17.4%	12.5%
ROIC	29.4%	23.5%	34%	25.3%	26.6%	33.4%	40.3%	35.1%	29.9%	29.9%	22.9%
Return on tangible assets	25.3%	19.2%	30.4%	28.7%	24.3%	32.7%	16.9%	43.7%	49.7%	54.8%	78.7%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.04	2.23	2.09	1.96	1.83	1.57	1.75	1.59	1.55	1.5	1.59
Quick ratio	1.71	1.85	1.7	1.56	1.49	1.17	1.2	1.06	0.96	0.94	1.04
Debt / equity	0.21	0.25	0.13	0.19	0.08	0.12	0.21	0.08	0.12	0.1	0.37
Debt / assets	0.11	0.13	0.07	0.11	0.05	0.06	0.11	0.05	0.07	0.06	0.19
Net debt / EBITDA	-0.81	-0.68	-0.66	-0.41	-1.01	-0.58	-0.37	-0.25	-0.07	-0	0.63
Interest coverage	64.4	52.6	67.4	43.9	61.8	146.5	24.8	62.1	105.6	54	31.4
Effective tax rate	29.4%	43.1%	20.4%	21.6%	22.3%	22.1%	0%	24.1%	23.9%	23.6%	22.4%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	15.5	17.5	19	18.4	17.9	22.4	24.8	25.7	26	27	27.5
EPS (basic)	1.88	1.73	2.64	2.28	2.13	3.09	1.56	3.71	3.63	3.85	3.85
EPS (diluted)	1.85	1.7	2.58	2.22	2.12	3.02	1.51	3.69	3.63	3.85	3.59
Book value per share	8.74	9.58	10.2	10.3	11.4	11.6	11.6	12.3	12.8	13.1	13.6
FCF per share	2.11	1.35	2.16	2.41	3.12	3.59	2.12	3.99	3.22	3.85	4.64
Cash per share	4.35	4.78	3.84	3.4	4.26	4.01	3.19	2.42	1.88	1.36	1.33
Capex per share	—	—	—	—	—	—	—	—	—	0.5	0.38

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	1.85%	1.39%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	11.5%	7.64%
Payout ratio	25.8%	32.7%	29.3%	40.3%	46%	34.9%	75.2%	33%	35.7%	35.8%	39.6%
Dividend yield	1.03%	0.92%	1.81%	1.93%	1.79%	1.26%	2.05%	1.48%	1.9%	2.06%	2.47%

Yield

2.47%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.36

ex-dividend Jul 31, 2026

Payout ratio

40%

of earnings

Dividend growth

13 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 31, 2026	$0.36
Apr 30, 2026	$0.36
Jan 30, 2026	$0.36

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$937.5M	$988.1M	$978.8M	$1B	$902.6M	$912.4M	$963.9M	$1B	$942.5M	$912.5M	$945.6M	$1B
YoY change	+7.24%	+5.55%	+1.28%	+6.61%	-3.72%	-7.66%	-1.52%	-1.27%	+4.42%	+0.01%	-1.9%	-0.69%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	754.6M	820M	645M	551.4M	689.6M	631.4M	481.8M	363.4M	276.1M	193.2M
Receivables	518.7M	592.7M	647.3M	589.5M	585M	634.4M	581.2M	596M	541.4M	582.3M
Inventory	251.1M	297M	304.7M	303M	300.1M	447.7M	516.4M	497.4M	532.1M	479.3M
Total current assets	1.6B	1.8B	1.6B	1.5B	1.6B	1.8B	1.6B	1.5B	1.4B	1.3B
Property, plant & equipment	175.5M	199M	216.7M	258.2M	233.7M	262.2M	247.3M	256.2M	253M	256.5M
Goodwill & intangibles	1.6B	1.7B	1.6B	1.8B	1.7B	2B	1.9B	1.9B	2.2B	2.1B
Total assets	2.9B	3.2B	3.1B	3.1B	3.2B	3.5B	3.3B	3.2B	3.2B	3.1B
Accounts payable	528.6M	535M	543.8M	509.6M	595.2M	745.9M	625.8M	600.4M	588.7M	504.1M
Short-term debt	7.2M	7.5M	—	6.8M	6.8M	6.8M	10M	10M	10M	42.3M
Total current liabilities	765.6M	793.8M	785.3M	766.5M	886.3M	1.1B	934.2M	945.3M	897.2M	862.5M
Long-term debt	316.4M	402.9M	221.4M	315.9M	140.8M	212.2M	356.9M	145.2M	206.7M	149.8M
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
Total debt	323.6M	410.4M	221.4M	322.7M	147.6M	219M	366.9M	155.2M	216.7M	192.1M
Net debt	-6.8M	63.8M	-38.3M	-51.3M	-425.5M	-224.3M	-24.3M	-184.7M	-22.9M	17.6M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	341.8M	363.4M	303.1M	233.3M	255.6M	276.1M	200.2M	177.9M	172.8M	193.2M	203.9M	181.3M
Receivables	587.4M	596M	584.6M	649.9M	558.2M	541.4M	641.5M	640.3M	589M	582.3M	634.1M	669.8M
Inventory	519M	497.4M	522.3M	544.7M	554.9M	532.1M	532.6M	519.3M	507.3M	479.3M	488.5M	482.7M
Total current assets	1.5B	1.5B	1.5B	1.5B	1.4B	1.4B	1.4B	1.4B	1.3B	1.3B	1.4B	1.4B
Property, plant & equipment	614.4M	256.2M	634.7M	636.8M	657M	253M	669M	674.5M	678.6M	256.5M	684M	668.7M
Goodwill & intangibles	1.9B	1.9B	2B	2B	2B	2.2B	2.2B	2.2B	2.2B	2.1B	3B	3B
Total assets	3.2B	3.2B	3.2B	3.2B	3.2B	3.2B	3.3B	3.2B	3.2B	3.1B	3.7B	3.6B
Accounts payable	561.8M	600.4M	557.7M	574.6M	555.9M	588.7M	541M	521.8M	521.4M	504.1M	543M	525.7M
Short-term debt	10M	10M	10M	10M	10M	10M	10M	19.2M	19M	42.3M	41.6M	39.5M
Total current liabilities	895.6M	945.3M	883.4M	872.4M	844.2M	897.2M	882.1M	843M	852.5M	862.5M	878.1M	871.7M
Long-term debt	145.6M	145.2M	136.1M	155.1M	133.2M	206.7M	285M	312.4M	202.4M	149.8M	614.9M	637.2M
Total liabilities	1.3B	1.4B	1.3B	1.3B	1.2B	1.4B	1.4B	1.4B	1.3B	1.3B	1.8B	1.8B
Shareholders' equity	1.9B	1.8B	1.9B	1.9B	1.9B	1.9B	1.9B	1.8B	1.8B	1.9B	1.9B	1.8B
Total debt	155.6M	155.2M	146.1M	165.1M	143.2M	216.7M	295M	331.6M	221.4M	192.1M	656.5M	676.7M
Net debt	-125.4M	-184.7M	-105.5M	-51M	-76.1M	-22.9M	122M	153.7M	68.7M	17.6M	471.3M	495.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	326.5M	296.5M	444.2M	370M	344.9M	487.1M	235.7M	556.6M	533.6M	546.2M
Depreciation & amortization	65.1M	70.1M	71.9M	78.3M	80M	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
Change in working capital	36.9M	-144.1M	-73.8M	-19.6M	95.2M	7.9M	-135.4M	-15.6M	-12.7M	-53.7M
Operating cash flow	437.9M	314.2M	452.4M	442M	532.8M	584.8M	20.6M	627.2M	610M	616.8M
Capital expenditure	—	—	—	—	—	—	—	—	—	-70.8M
Investing cash flow	-219.5M	-63.9M	72.5M	98.3M	68.6M	-274.8M	78.4M	48.5M	-159.1M	-53M
Dividends paid	-84.2M	-96.9M	-130.1M	-149.2M	-158.7M	-170.1M	-177.2M	-183.5M	-190.4M	-195.7M
Share repurchases	-135.2M	-139.1M	-202.6M	-287.7M	-56.7M	-366.5M	-403.5M	-306.5M	-305.8M	-400.8M
Financing cash flow	-145.3M	-151.2M	-524M	-437.9M	-215.4M	-536.6M	-581.4M	-490M	-496.2M	-634.1M
Net change in cash	73.1M	99.1M	900K	102.4M	386M	-226.6M	-482.4M	185.7M	-45.3M	-70.3M
Free cash flow	365.9M	232.2M	363.7M	391.8M	505.3M	566M	321.1M	597.7M	473.8M	546M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	135.4M	137.3M	147.6M	156.2M	120.1M	109.7M	136.6M	152.2M	132M	125.4M	118M	124.9M
Depreciation & amortization	19.4M	20.8M	19.6M	19.6M	20.3M	19.3M	20.7M	20.5M	21.6M	22.3M	23.9M	24.6M
Stock-based compensation	1.5M	1.4M	8.3M	2.1M	2.3M	2.2M	6.1M	2.5M	2.7M	2.5M	6.6M	2.7M
Change in working capital	22.5M	55.9M	-71.8M	-116.1M	52.6M	112.9M	-119.7M	-31.5M	80.3M	86.3M	-37.4M	-47M
Operating cash flow	178.8M	215.4M	106.6M	57.4M	195.9M	240.4M	38.7M	139.6M	255.4M	183.1M	129.4M	124.4M
Capital expenditure	—	—	—	—	—	—	—	-17.1M	-14.8M	-17.6M	-10.5M	-10M
Investing cash flow	-46.1M	36.6M	-49.2M	34M	-18.5M	-125.4M	10.5M	9M	-34.9M	-16.3M	-480.5M	8.7M
Dividends paid	-45.1M	-47.8M	-47.3M	-46.9M	-46.7M	-49.5M	-49.2M	-48.3M	-47.6M	-50.6M	-50.2M	-49.6M
Share repurchases	-91.8M	-145.1M	-74.5M	-78.7M	-83.9M	-68.7M	-120.6M	-130.7M	-84.1M	-65.4M	-51.3M	-111.1M
Financing cash flow	-136.9M	-192.9M	-121.8M	-125.6M	-130.6M	-118.2M	-169.8M	-311.3M	364.6M	-1.2B	361.8M	-138.2M
Net change in cash	-4.2M	59.1M	-64.4M	-34.2M	46.8M	-3.2M	-120.6M	-162.7M	585.1M	-1.1B	10.7M	-5.1M
Free cash flow	160.3M	201.4M	84.6M	34.5M	163.4M	191.3M	17.4M	122.5M	240.6M	165.5M	118.9M	114.4M

Date	Ratio
Oct 6, 2016	2:1
Sep 19, 2016	2:1
May 16, 2013	2:1
Nov 16, 2010	3:2

A. O. Smith Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history