NYSE: AOS
A. O. Smith
Industrials · Household Appliances
52-week range
$54.16$81.87
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$7.57B
Show tableHide table
| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $8.20B |
| FY2017, ended Dec 31, 2017 | $10.5B |
| FY2018, ended Dec 31, 2018 | $7.17B |
| FY2019, ended Dec 31, 2019 | $7.72B |
| FY2020, ended Dec 31, 2020 | $8.87B |
| FY2021, ended Dec 31, 2021 | $13.5B |
| FY2022, ended Dec 31, 2022 | $8.64B |
| FY2023, ended Dec 31, 2023 | $12.1B |
| FY2024, ended Dec 31, 2024 | $9.69B |
| FY2025, ended Dec 31, 2025 | $9.25B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $7.57B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$3.80B
Show tableHide table
| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $2.69B |
| FY2017, ended Dec 31, 2017 | $3.00B |
| FY2018, ended Dec 31, 2018 | $3.19B |
| FY2019, ended Dec 31, 2019 | $2.99B |
| FY2020, ended Dec 31, 2020 | $2.90B |
| FY2021, ended Dec 31, 2021 | $3.54B |
| FY2022, ended Dec 31, 2022 | $3.75B |
| FY2023, ended Dec 31, 2023 | $3.85B |
| FY2024, ended Dec 31, 2024 | $3.82B |
| FY2025, ended Dec 31, 2025 | $3.83B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $3.80B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $327M | $366M |
| FY2017, ended Dec 31, 2017 | $297M | $232M |
| FY2018, ended Dec 31, 2018 | $444M | $364M |
| FY2019, ended Dec 31, 2019 | $370M | $392M |
| FY2020, ended Dec 31, 2020 | $345M | $505M |
| FY2021, ended Dec 31, 2021 | $487M | $566M |
| FY2022, ended Dec 31, 2022 | $236M | $321M |
| FY2023, ended Dec 31, 2023 | $557M | $598M |
| FY2024, ended Dec 31, 2024 | $534M | $474M |
| FY2025, ended Dec 31, 2025 | $546M | $546M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $495M | $562M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$235M
Show tableHide table
| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $330M |
| FY2017, ended Dec 31, 2017 | $347M |
| FY2018, ended Dec 31, 2018 | $260M |
| FY2019, ended Dec 31, 2019 | $374M |
| FY2020, ended Dec 31, 2020 | $573M |
| FY2021, ended Dec 31, 2021 | $443M |
| FY2022, ended Dec 31, 2022 | $391M |
| FY2023, ended Dec 31, 2023 | $340M |
| FY2024, ended Dec 31, 2024 | $240M |
| FY2025, ended Dec 31, 2025 | $175M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $235M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$673M
Show tableHide table
| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $324M |
| FY2017, ended Dec 31, 2017 | $410M |
| FY2018, ended Dec 31, 2018 | $221M |
| FY2019, ended Dec 31, 2019 | $284M |
| FY2020, ended Dec 31, 2020 | $113M |
| FY2021, ended Dec 31, 2021 | $197M |
| FY2022, ended Dec 31, 2022 | $345M |
| FY2023, ended Dec 31, 2023 | $127M |
| FY2024, ended Dec 31, 2024 | $193M |
| FY2025, ended Dec 31, 2025 | $155M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $673M |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 22.5% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.134M
Show tableHide table
| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 173M |
| FY2017, ended Dec 31, 2017 | 172M |
| FY2018, ended Dec 31, 2018 | 168M |
| FY2019, ended Dec 31, 2019 | 162M |
| FY2020, ended Dec 31, 2020 | 162M |
| FY2021, ended Dec 31, 2021 | 157M |
| FY2022, ended Dec 31, 2022 | 151M |
| FY2023, ended Dec 31, 2023 | 147M |
| FY2024, ended Dec 31, 2024 | 142M |
| FY2025, ended Dec 31, 2025 | 138M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 134M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $311M more bought back than issued
Show tableHide table
| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $135M | $9.40M |
| FY2017, ended Dec 31, 2017 | $139M | $9.90M |
| FY2018, ended Dec 31, 2018 | $203M | $10.1M |
| FY2019, ended Dec 31, 2019 | $288M | $13.3M |
| FY2020, ended Dec 31, 2020 | $56.7M | $12.7M |
| FY2021, ended Dec 31, 2021 | $367M | $11.9M |
| FY2022, ended Dec 31, 2022 | $404M | $11.1M |
| FY2023, ended Dec 31, 2023 | $307M | $11.5M |
| FY2024, ended Dec 31, 2024 | $306M | $14.9M |
| FY2025, ended Dec 31, 2025 | $401M | $13.8M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $326M | $15.2M |
Revenue (TTM)
$3.80B
−0.7% YoY
Net income (TTM)
$495M
−6.8% YoY
Cash
$235M
+53.6% YoY
Total debt
$673M
+262% YoY
Valuation
At current price- Market Cap
- $8.47B
- P/E
- 17.1×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 2.2×
- Price / Book
- 4.6×
- EV / EBITDA
- 11.7×
Growth
Trailing 12 months- Revenue (TTM)
- $3.80B
- Revenue Growth YoY
- −0.7%
- Revenue CAGR 3Y
- 0.7%
- Revenue CAGR 5Y
- 5.8%
- EPS Growth YoY
- −3.5%
- Net Income Growth YoY
- −6.8%
Profitability
Trailing 12 months- Gross Margin
- 38.6%
- Operating Margin
- 17.5%
- Net Margin
- 13.0%
- FCF Margin
- 14.8%
- Return on Equity
- 27.0%
Earnings
Trailing 12 months- Net Income
- $495M
- EPS (diluted)
- $3.58
- EBITDA
- $760M
- Operating Income
- $665M
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $235M
- Total Debt
- $673M
- Net Debt
- $439M
- Total Assets
- $3.65B
- Total Liabilities
- $1.83B
- Shareholders' Equity
- $1.82B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $613M
- Capital Expenditure
- $50.8M
- Free Cash Flow
- $562M
Dividends and risk
Last 12 months- Dividend Yield
- 2.9%
- Dividend / Share
- $1.82
- Beta (5Y)
- 1.11
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $3.80B.
Note
Net margin of 13.0% over the last 12 months.
Note
Net debt of $439M is 0.6× EBITDA, a manageable load.
Note
Free cash flow of $562M, 14.8% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 29, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K61Nothing notable
61Nothing notable
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 10, 2026 · Read the filing on EDGAR
- Sales were nearly flat at $3,830.2 million and net earnings rose 2.4% to $546.2 million, helped by price increases and commercial water heater and boiler volumes.
- China sales fell 12% in local currency, and the company began reviewing strategic options for the China business, including partnerships and other alternatives.
- The company bought Leonard Valve for $470 million in January 2026, funded entirely with a new three-year term loan.
- Management expects 2026 sales up 2% to 5% and earnings of $3.85 to $4.15 per share, and plans about $200 million of buybacks.
Business momentum
Stable
“Our sales in 2025 were $3,830.2 million, an increase of $12.1 million compared to 2024 sales of $3,818.1 million.”
Outlook
Positive
“Our 2025 full year earnings was $3.85 per share and we expect 2026 full-year earnings of between $3.85 and $4.15 per share.”
Financial stress
Low
“We believe the combination of available borrowing capacity and operating cash flows will provide sufficient funds to finance our existing operations for the foreseeable future.”
Tone against the previous report
More positive
Red flags
- Medium
Other
“In the third quarter of 2025, we initiated an assessment of strategic opportunities for our China business, including strategic partnerships and other alternatives.”
Positives
Profit margin improved on pricing and product mix
“Our 2025 gross profit margin of 38.8 percent increased compared to 38.1 percent in 2024.”
Free cash flow grew strongly
“Our free cash flow in 2025 and 2024 was $546.0 million and $473.8 million, respectively.”
Boiler sales grew, with more growth expected
“Our boiler sales grew eight percent in 2025 primarily due to higher volumes and pricing benefits.”
Concerns
China sales expected to keep falling
“For the full year 2026, we project our third-party sales in China to decrease mid-single digits in local currency compared to 2025 due to continued softness in consumer demand.”
Soft North American residential water heater market
“we project 2026 industry residential unit volumes will be flat to down, driven by softness in new construction.”
Tariffs and input costs require continued price increases
“In response to higher steel and other input costs, including tariffs, we announced price increases on most of our water heater and boiler products in the first half of 2025.”
New risks since the previous report
Uncertainty from the China business review
“This may lead to uncertain outcomes, costs, and impacts that could negatively affect the company.”
More debt after the Leonard Valve purchase
“The acquisition was funded under a new three-year, $470 million term loan with a group of eight banks.”
2026 commercial growth relies on buying ahead of a new efficiency rule
“We believe that the 2026 growth will come from the buy ahead of products that will be eliminated as a part of the DOE regulatory change for commercial water heaters that will take effect in October 2026.”
End of China's appliance subsidies hurt sales
“China third-party sales declined 12 percent in local currency in 2025 due to continued weak consumer demand and the cessation of the government appliance subsidy programs in the second half of the year.”
Biggest risks named
- Weak consumer demand, tougher competition and strategic review uncertainty in China
- Soft North American construction or replacement water heater demand
- Tariffs and volatile steel and material costs
- Loss of or reduced purchases by five largest customers, 41% of sales
- Efficiency and climate rules limiting gas products or raising costs
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | 0 | |
| Outlook | +3 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | −1.8 | |
| New risks | −2 | |
| Score | 61 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 29, 2026 | Pro | |||
| 10-K | Feb 10, 2026 | 61 | Stable | 1 medium | |
| 10-K | Feb 11, 2025 | 48 | Weakening | None | |
| 10-K | Feb 13, 2024 | 76 | Strong improvement | 1 minor | |
| 10-K | Feb 14, 2023 | 42 | Sharp deterioration | None | |
| 10-K | Feb 11, 2022 | 75 | Strong improvement | 1 medium | |
| 10-K | Feb 12, 2021 | 60 | Weakening | None | |
| 10-K | Feb 24, 2020 | 46 | Weakening | 1 medium | |
| 10-K | Feb 15, 2019 | 66 | Strong improvement | None | |
| 10-K | Feb 16, 2018 | 57 | Mixed | 1 medium |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 29, 2026. View filings on SEC EDGAR