A. O. Smith (AOS) Financials

$55.95 -0.75 (-1.32%)

Closing price 03:59 PM Eastern

Extended Trading

$56.48 +0.53 (+0.95%)

As of 07:34 PM Eastern

Annual Income Statements for A. O. Smith

This table shows A. O. Smith's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	283	327	297	444	370	345	487	236	557	534	546
Consolidated Net Income / (Loss)	283	327	297	444	370	345	487	236	557	534	546
Net Income / (Loss) Continuing Operations	283	327	297	444	370	345	487	236	557	534	546
Total Pre-Tax Income	403	463	521	558	472	444	626	224	734	701	715
Total Operating Income	399	452	510	545	465	440	610	659	739	699	728
Total Gross Profit	1,010	1,114	1,232	1,306	1,181	1,108	1,311	1,330	1,485	1,456	1,487
Total Revenue	2,537	2,686	2,997	3,188	2,993	2,895	3,539	3,754	3,853	3,818	3,830
Operating Revenue	2,537	2,686	2,997	3,188	2,993	2,895	3,539	3,754	3,853	3,818	3,830
Total Cost of Revenue	1,527	1,572	1,764	1,882	1,812	1,787	2,228	2,424	2,368	2,362	2,343
Operating Cost of Revenue	1,527	1,572	1,764	1,882	1,812	1,787	2,228	2,424	2,368	2,362	2,343
Total Operating Expenses	611	663	723	761	716	668	701	671	746	757	759
Selling, General & Admin Expense	611	663	723	754	716	660	701	671	727	739	759
Restructuring Charge	-	0.00	0.00	6.70	0.00	7.70	0.00	0.00	19	18	0.00
Total Other Income / (Expense), net	3.40	11	11	13	7.00	3.70	16	-435	-5.10	1.80	-13
Interest Expense	7.40	7.30	10	8.40	11	7.30	4.30	9.40	12	6.70	14
Other Income / (Expense), net	11	18	21	21	18	11	20	-426	6.90	8.50	0.60
Income Tax Expense	120	136	224	114	102	99	139	-12	177	167	169
Basic Earnings per Share	$1.59	$1.87	$1.72	$2.60	$2.24	$2.13	$3.05	$1.52	$3.71	$3.65	$3.87
Weighted Average Basic Shares Outstanding	177.62M	174.71M	172.67M	170.59M	161.97M	161.78M	157.39M	150.88M	147.20M	143.96M	138.29M
Diluted Earnings per Share	$1.58	$1.85	$1.70	$2.58	$2.22	$2.12	$3.02	$1.51	$3.69	$3.63	$3.85
Weighted Average Diluted Shares Outstanding	177.62M	174.71M	172.67M	170.59M	161.97M	161.78M	157.39M	150.88M	147.20M	143.96M	138.29M
Weighted Average Basic & Diluted Shares Outstanding	177.62M	174.71M	172.67M	170.59M	161.97M	161.78M	157.39M	150.88M	147.20M	143.96M	138.29M
Cash Dividends to Common per Share	$0.38	$0.48	$0.56	$0.76	$0.90	$0.98	$1.06	$1.14	$1.22	$1.30	$1.38

This table shows A. O. Smith's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	135	137	148	156	120	110	137	152	132	125	118
Consolidated Net Income / (Loss)	135	137	148	156	120	110	137	152	132	125	118
Net Income / (Loss) Continuing Operations	135	137	148	156	120	110	137	152	132	125	118
Total Pre-Tax Income	176	177	193	207	157	145	181	202	172	161	155
Total Operating Income	181	182	193	208	161	139	183	206	176	164	162
Total Gross Profit	356	370	385	396	337	338	375	397	365	350	366
Total Revenue	938	988	979	1,024	903	912	964	1,011	943	913	946
Operating Revenue	938	988	979	1,024	903	912	964	1,011	943	913	946
Total Cost of Revenue	581	618	594	628	565	574	589	614	578	562	580
Operating Cost of Revenue	581	618	594	628	565	574	589	614	578	562	580
Total Operating Expenses	175	188	192	189	177	200	193	191	189	187	204
Selling, General & Admin Expense	175	185	192	189	177	182	193	191	189	187	204
Total Other Income / (Expense), net	-4.90	-4.70	0.20	-0.90	-4.10	6.60	-1.70	-4.20	-3.80	-3.20	-7.10
Interest Expense	2.40	1.10	1.00	1.80	1.50	2.40	2.90	4.60	3.60	2.40	7.10
Other Income / (Expense), net	-2.50	-3.60	1.20	0.90	-2.60	9.00	1.20	0.40	-0.20	-0.80	0.00
Income Tax Expense	41	40	45	50	37	35	45	49	40	35	37
Basic Earnings per Share	$0.90	$0.93	$1.00	$1.07	$0.82	$0.76	$0.95	$1.07	$0.94	$0.91	$0.85
Weighted Average Basic Shares Outstanding	148.72M	147.20M	146.67M	145.85M	145.00M	143.96M	142.11M	140.13M	139.24M	138.29M	137.83M
Diluted Earnings per Share	$0.90	$0.91	$1.00	$1.06	$0.82	$0.75	$0.95	$1.07	$0.94	$0.89	$0.85
Weighted Average Diluted Shares Outstanding	148.72M	147.20M	146.67M	145.85M	145.00M	143.96M	142.11M	140.13M	139.24M	138.29M	137.83M
Weighted Average Basic & Diluted Shares Outstanding	148.72M	147.20M	146.67M	145.85M	145.00M	143.96M	142.11M	140.13M	139.24M	138.29M	137.83M
Cash Dividends to Common per Share	$0.30	-	$0.32	$0.32	$0.32	-	$0.34	$0.34	$0.34	-	$0.36

This table details how cash moves in and out of A. O. Smith's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	4.20	6.80	16	-87	114	199	-130	-52	-51	-100	-65
Net Cash From Operating Activities	352	447	326	449	456	562	641	391	670	582	617
Net Cash From Continuing Operating Activities	352	447	326	449	456	562	641	391	670	582	617
Net Income / (Loss) Continuing Operations	283	327	297	444	370	345	487	236	557	534	546
Consolidated Net Income / (Loss)	283	327	297	444	370	345	487	236	557	534	546
Depreciation Expense	63	65	70	72	78	80	78	77	78	79	85
Non-Cash Adjustments To Reconcile Net Income	8.90	9.40	92	10	13	13	12	261	26	20	14
Changes in Operating Assets and Liabilities, net	-3.10	46	-132	-77	-5.40	125	64	-182	9.00	-50	-28
Net Cash From Investing Activities	-186	-300	-158	-13	34	12	-350	8.10	-24	-267	-53
Net Cash From Continuing Investing Activities	-186	-300	-158	-13	34	12	-350	8.10	-24	-267	-53
Purchase of Property, Plant & Equipment	-73	-81	-94	-85	-64	-57	-75	-70	-73	-108	-71
Acquisitions	0.00	-91	-43	0.00	-107	0.00	-208	-8.00	-17	-146	0.00
Purchase of Investments	-429	-564	-584	-523	-273	-157	-185	-92	-63	-74	-43
Sale and/or Maturity of Investments	315	435	563	596	478	226	118	178	128	61	61
Net Cash From Financing Activities	-161	-140	-152	-523	-376	-375	-421	-431	-685	-408	-633
Net Cash From Continuing Financing Activities	-161	-140	-152	-523	-376	-375	-421	-431	-685	-408	-633
Repayment of Debt	-	-	-	-189	0.00	-171	84	-	-906	-1,030	-1,125
Repurchase of Common Equity	-128	-135	-139	-203	-288	-57	-367	-404	-307	-306	-401
Payment of Dividends	-68	-84	-97	-130	-149	-159	-170	-177	-184	-190	-196
Issuance of Debt	28	74	87	0.00	63	0.00	-	151	688	1,100	1,087
Other Financing Activities, net	6.40	5.70	-2.60	-1.40	-1.50	11	32	-0.70	23	18	1.00
Effect of Exchange Rate Changes	-	-	-	-	-	0.00	0.00	-21	-13	-6.60	4.20

This table details how cash moves in and out of A. O. Smith's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-98	59	-88	-36	3.20	20	-67	4.90	-25	22	11
Net Cash From Operating Activities	179	231	107	57	196	222	39	140	255	183	129
Net Cash From Continuing Operating Activities	179	231	107	57	196	222	39	140	255	183	129
Net Income / (Loss) Continuing Operations	135	137	148	156	120	110	137	152	132	125	118
Consolidated Net Income / (Loss)	135	137	148	156	120	110	137	152	132	125	118
Depreciation Expense	19	21	20	20	20	19	21	21	22	22	24
Non-Cash Adjustments To Reconcile Net Income	1.50	5.20	8.30	2.10	2.30	6.90	6.10	2.50	2.70	2.50	6.60
Changes in Operating Assets and Liabilities, net	23	68	-69	-121	53	86	-125	-36	99	33	-19
Net Cash From Investing Activities	-65	6.70	-71	11	-51	-156	-11	9.00	-35	-16	-481
Net Cash From Continuing Investing Activities	-65	6.70	-71	11	-51	-156	-11	9.00	-35	-16	-481
Purchase of Property, Plant & Equipment	-19	-30	-22	-23	-33	-31	-21	-17	-15	-18	-11
Acquisitions	-16	-0.70	-21	-0.20	-	-125	0.00	-	-	-	-470
Purchase of Investments	-48	-	-48	-2.80	-22	-0.80	-23	-	-20	-	0.00
Sale and/or Maturity of Investments	18	37	20	37	3.50	-	33	26	-	1.30	0.00
Net Cash From Financing Activities	-210	-184	-121	-103	-144	-41	-95	-146	-246	-147	361
Net Cash From Continuing Financing Activities	-210	-184	-121	-103	-144	-41	-95	-146	-246	-147	361
Repayment of Debt	-76	-3.20	-6.80	6.80	-6.90	77	-164	32	-115	-1,118	-101
Repurchase of Common Equity	-92	-145	-75	-79	-84	-69	-121	-131	-84	-65	-51
Payment of Dividends	-45	-48	-47	-47	-47	-50	-49	-48	-48	-51	-50
Issuance of Debt	-	-	-	-	-	-	241	-	-	-	564
Other Financing Activities, net	3.00	12	8.00	1.40	7.80	0.90	-1.80	1.30	1.20	0.30	-0.50
Effect of Exchange Rate Changes	-2.60	4.90	-3.10	-0.90	2.30	-4.90	0.60	2.30	-0.20	1.50	0.50

This table presents A. O. Smith's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	2,629	2,891	3,197	3,072	3,058	3,161	3,474	3,332	3,214	3,240	3,143
Total Current Assets	1,403	1,562	1,767	1,639	1,500	1,618	1,753	1,634	1,500	1,393	1,292
Cash & Equivalents	324	330	347	260	374	573	443	391	340	240	175
Short-Term Investments	322	424	473	385	177	117	188	91	24	37	19
Accounts Receivable	501	519	593	647	590	585	634	581	596	541	582
Inventories, net	223	251	297	305	303	300	448	516	497	532	479
Other Current Assets	34	38	57	42	57	43	39	54	44	43	37
Plant, Property, & Equipment, net	443	462	529	540	545	541	607	591	598	629	635
Plant, Property & Equipment, gross	-	-	-	-	-	-	-	-	-	-	1,565
Accumulated Depreciation	-	-	-	-	-	-	-	-	-	-	929
Total Noncurrent Assets	783	867	902	893	1,012	1,001	1,115	1,108	1,116	1,218	1,216
Goodwill	421	492	517	513	546	547	628	620	633	762	711
Intangible Assets	291	308	309	293	338	324	365	348	337	321	362
Other Noncurrent Operating Assets	71	67	76	87	128	131	123	140	146	136	143
Total Liabilities & Shareholders' Equity	2,629	2,891	3,197	3,072	3,058	3,161	3,474	3,332	3,214	3,240	3,143
Total Liabilities	1,187	1,376	1,553	1,355	1,391	1,312	1,642	1,585	1,370	1,357	1,285
Total Current Liabilities	653	766	794	785	767	886	1,119	934	945	897	863
Short-Term Debt	13	7.20	7.50	-	6.80	6.80	6.80	10	10	10	42
Accounts Payable	425	529	535	544	510	595	746	626	600	589	504
Accrued Expenses	134	146	161	162	186	210	253	223	243	220	223
Current Employee Benefit Liabilities	82	84	91	79	65	75	113	76	92	79	94
Total Noncurrent Liabilities	534	610	759	569	625	426	523	650	424	459	422
Long-Term Debt	236	316	403	221	277	106	190	335	117	183	113
Other Noncurrent Operating Liabilities	163	185	308	298	320	306	318	306	296	265	310
Total Equity & Noncontrolling Interests	1,442	1,515	1,645	1,717	1,667	1,848	1,832	1,748	1,844	1,884	1,858
Total Preferred & Common Equity	1,442	1,515	1,645	1,717	1,667	1,848	1,832	1,748	1,844	1,884	1,858
Total Common Equity	1,442	1,515	1,645	1,717	1,667	1,848	1,832	1,748	1,844	1,884	1,858
Common Stock	766	774	782	661	804	816	840	851	873	896	909
Retained Earnings	1,351	1,593	1,789	2,103	2,323	2,510	2,827	2,885	3,258	3,601	3,952
Treasury Stock	-361	-488	-627	-827	-1,113	-1,156	-1,503	-1,906	-2,203	-2,502	-2,904
Accumulated Other Comprehensive Income / (Loss)	-313	-363	-300	-351	-348	-321	-331	-82	-84	-112	-99

This table presents A. O. Smith's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	3,249	3,200	3,214	3,182	3,198	3,154	3,240	3,268	3,247	3,171	3,650
Total Current Assets	1,561	1,505	1,500	1,462	1,481	1,413	1,393	1,422	1,389	1,316	1,368
Cash & Equivalents	379	281	340	252	216	219	240	173	178	153	185
Short-Term Investments	31	61	24	52	17	36	37	27	0.00	20	19
Accounts Receivable	589	587	596	585	650	558	541	642	640	589	634
Inventories, net	509	519	497	522	545	555	532	533	519	507	489
Other Current Assets	54	56	44	52	53	44	43	48	51	47	42
Plant, Property, & Equipment, net	577	581	598	599	603	625	629	634	637	633	632
Plant, Property & Equipment, gross	1,372	1,382	-	1,430	1,447	1,487	-	1,518	1,539	1,547	1,580
Accumulated Depreciation	795	801	-	831	844	862	-	883	902	914	948
Total Noncurrent Assets	1,111	1,115	1,116	1,122	1,113	1,117	1,218	1,211	1,221	1,222	1,650
Goodwill	622	631	633	652	650	652	762	707	714	710	920
Intangible Assets	343	339	337	334	330	327	321	374	372	366	599
Other Noncurrent Operating Assets	146	145	146	137	133	138	136	130	136	146	131
Total Liabilities & Shareholders' Equity	3,249	3,200	3,214	3,182	3,198	3,154	3,240	3,268	3,247	3,171	3,650
Total Liabilities	1,360	1,318	1,370	1,300	1,286	1,238	1,357	1,413	1,401	1,326	1,772
Total Current Liabilities	861	896	945	883	872	844	897	882	843	853	878
Short-Term Debt	10	10	10	10	10	10	10	10	19	19	42
Accounts Payable	545	562	600	558	575	556	589	541	522	521	543
Accrued Expenses	232	237	243	261	217	207	220	268	222	227	233
Current Employee Benefit Liabilities	74	87	92	54	70	72	79	63	80	86	61
Total Noncurrent Liabilities	500	422	424	417	414	393	459	531	558	474	894
Long-Term Debt	196	120	117	110	130	110	183	260	284	167	574
Other Noncurrent Operating Liabilities	304	303	296	307	283	284	265	271	274	307	320
Total Equity & Noncontrolling Interests	1,888	1,882	1,844	1,882	1,912	1,917	1,884	1,855	1,846	1,845	1,878
Total Preferred & Common Equity	1,888	1,882	1,844	1,882	1,912	1,917	1,884	1,855	1,846	1,845	1,878
Total Common Equity	1,888	1,882	1,844	1,882	1,912	1,917	1,884	1,855	1,846	1,845	1,878
Common Stock	863	866	873	884	888	895	896	901	904	907	914
Retained Earnings	3,078	3,169	3,258	3,359	3,468	3,541	3,601	3,689	3,793	3,877	4,020
Treasury Stock	-1,971	-2,062	-2,203	-2,273	-2,352	-2,434	-2,502	-2,624	-2,755	-2,839	-2,955
Accumulated Other Comprehensive Income / (Loss)	-82	-90	-84	-88	-92	-85	-112	-110	-96	-100	-101

This table displays calculated financial ratios and metrics derived from A. O. Smith's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.66%	5.89%	11.57%	6.38%	-6.12%	-3.25%	22.23%	6.08%	2.63%	-0.90%	0.32%
EBITDA Growth	34.27%	13.11%	12.36%	6.17%	-12.02%	-5.38%	33.25%	-56.20%	165.74%	-4.53%	3.46%
EBIT Growth	40.18%	14.61%	13.01%	6.65%	-14.68%	-6.60%	39.61%	-62.99%	219.82%	-5.07%	2.95%
NOPAT Growth	34.76%	13.68%	-9.02%	49.59%	-16.01%	-6.17%	38.75%	46.25%	-19.24%	-5.04%	4.48%
Net Income Growth	36.14%	15.41%	-9.19%	49.81%	-16.70%	-6.78%	41.23%	-51.61%	136.15%	-4.13%	2.36%
EPS Growth	36.14%	17.09%	-8.11%	51.76%	-13.95%	-4.50%	42.45%	-50.00%	144.37%	-1.63%	6.06%
Operating Cash Flow Growth	33.22%	26.98%	-26.91%	37.53%	1.63%	23.21%	14.05%	-38.95%	71.26%	-13.20%	6.02%
Free Cash Flow Firm Growth	65.74%	-5.69%	-50.43%	170.20%	-31.23%	81.62%	-25.68%	37.88%	16.93%	-39.58%	57.93%
Invested Capital Growth	-1.61%	3.65%	13.93%	4.70%	8.20%	-9.11%	9.88%	15.23%	-0.13%	11.96%	1.07%
Revenue Q/Q Growth	0.50%	2.23%	2.41%	1.40%	-2.02%	2.97%	4.77%	-1.56%	1.37%	-1.94%	0.00%
EBITDA Q/Q Growth	8.17%	1.52%	4.80%	2.15%	-6.20%	6.84%	4.56%	-57.66%	102.96%	-3.91%	2.33%
EBIT Q/Q Growth	9.45%	1.58%	5.09%	2.33%	-7.40%	8.38%	5.05%	-64.46%	127.29%	-4.13%	2.17%
NOPAT Q/Q Growth	10.02%	-0.96%	-15.47%	30.28%	-8.11%	9.54%	3.19%	38.60%	-20.23%	-6.38%	4.35%
Net Income Q/Q Growth	10.38%	0.90%	-16.83%	30.42%	-8.64%	9.08%	4.19%	-52.42%	86.03%	-4.92%	2.96%
EPS Q/Q Growth	10.38%	-0.54%	-17.87%	29.00%	-10.48%	9.28%	4.86%	-52.06%	83.58%	-4.22%	3.77%
Operating Cash Flow Q/Q Growth	4.27%	18.09%	-2.04%	-3.55%	3.75%	10.96%	5.36%	-18.29%	8.87%	-1.59%	-5.92%
Free Cash Flow Firm Q/Q Growth	4.73%	30.08%	-22.07%	7.66%	-3.10%	11.30%	-29.39%	140.63%	-13.58%	-25.76%	17.69%
Invested Capital Q/Q Growth	-2.85%	-8.34%	-8.34%	-2.88%	-4.26%	-5.92%	6.06%	-0.50%	-3.71%	1.11%	-2.03%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	39.81%	41.48%	41.13%	40.95%	39.45%	38.28%	37.04%	35.42%	38.54%	38.14%	38.83%
EBITDA Margin	18.64%	19.92%	20.06%	20.02%	18.76%	18.35%	20.00%	8.26%	21.38%	20.60%	21.24%
Operating Margin	15.73%	16.82%	17.01%	17.10%	15.54%	15.20%	17.22%	17.55%	19.17%	18.31%	19.01%
EBIT Margin	16.16%	17.49%	17.72%	17.76%	16.14%	15.58%	17.80%	6.21%	19.35%	18.54%	19.02%
Profit (Net Income) Margin	11.15%	12.16%	9.89%	13.93%	12.36%	11.91%	13.76%	6.28%	14.45%	13.98%	14.26%
Tax Burden Percent	70.29%	70.59%	56.93%	79.63%	78.37%	77.70%	77.86%	105.36%	75.88%	76.12%	76.38%
Interest Burden Percent	98.19%	98.45%	98.10%	98.52%	97.72%	98.38%	99.32%	95.97%	98.39%	99.05%	98.15%
Effective Tax Rate	29.71%	29.41%	43.07%	20.37%	21.63%	22.30%	22.14%	-5.36%	24.12%	23.88%	23.62%
Return on Invested Capital (ROIC)	26.60%	29.94%	25.02%	34.33%	27.07%	25.61%	35.56%	46.15%	34.83%	31.23%	30.72%
ROIC Less NNEP Spread (ROIC-NNEP)	25.93%	28.09%	23.50%	31.88%	25.49%	24.93%	33.08%	206.40%	36.90%	30.37%	46.99%
Return on Net Nonoperating Assets (RNNOA)	-6.56%	-7.86%	-6.25%	-7.90%	-5.20%	-5.98%	-9.09%	-32.98%	-3.84%	-2.60%	-1.52%
Return on Equity (ROE)	20.04%	22.08%	18.76%	26.43%	21.87%	19.62%	26.47%	13.17%	30.99%	28.63%	29.20%
Cash Return on Invested Capital (CROIC)	28.22%	26.35%	12.00%	29.73%	19.20%	35.15%	26.15%	31.99%	34.96%	19.94%	29.66%
Operating Return on Assets (OROA)	15.94%	17.02%	17.44%	18.06%	15.76%	14.51%	18.99%	6.85%	22.78%	21.93%	22.83%
Return on Assets (ROA)	11.00%	11.83%	9.74%	14.17%	12.07%	11.09%	14.68%	6.93%	17.01%	16.54%	17.11%
Return on Common Equity (ROCE)	20.04%	22.08%	18.76%	26.43%	21.87%	19.62%	26.47%	13.17%	30.99%	28.63%	29.20%
Return on Equity Simple (ROE_SIMPLE)	19.61%	21.55%	18.03%	25.87%	22.20%	18.66%	26.59%	13.49%	30.18%	28.33%	0.00%
Net Operating Profit after Tax (NOPAT)	281	319	290	434	365	342	475	694	560	532	556
NOPAT Margin	11.06%	11.87%	9.68%	13.61%	12.18%	11.81%	13.41%	18.49%	14.55%	13.94%	14.52%
Net Nonoperating Expense Percent (NNEP)	0.67%	1.84%	1.52%	2.45%	1.59%	0.68%	2.48%	-160.26%	-2.07%	0.86%	-16.27%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	33.17%	28.43%	25.63%	27.62%
Cost of Revenue to Revenue	60.19%	58.52%	58.87%	59.05%	60.55%	61.72%	62.96%	64.58%	61.46%	61.86%	61.17%
SG&A Expenses to Revenue	24.08%	24.67%	24.12%	23.65%	23.91%	22.81%	19.82%	17.87%	18.88%	19.36%	19.83%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	24.08%	24.67%	24.12%	23.86%	23.91%	23.07%	19.82%	17.87%	19.37%	19.82%	19.83%
Earnings before Interest and Taxes (EBIT)	410	470	531	566	483	451	630	233	746	708	729
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	473	535	601	638	561	531	708	310	824	787	814
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.09	4.81	5.73	3.84	4.31	4.52	7.16	4.81	6.51	5.22	4.99
Price to Tangible Book Value (P/TBV)	8.08	10.20	11.51	7.23	9.18	8.55	15.62	10.78	13.73	12.29	11.80
Price to Revenue (P/Rev)	2.33	2.72	3.15	2.07	2.40	2.89	3.71	2.24	3.12	2.58	2.42
Price to Earnings (P/E)	20.87	22.35	31.81	14.83	19.42	24.23	26.93	35.67	21.57	18.44	16.97
Dividend Yield	1.13%	1.14%	1.02%	1.96%	2.04%	1.89%	1.29%	2.07%	1.51%	1.92%	2.07%
Earnings Yield	4.79%	4.48%	3.14%	6.74%	5.15%	4.13%	3.71%	2.80%	4.64%	5.42%	5.89%
Enterprise Value to Invested Capital (EV/IC)	5.27	6.33	7.30	4.77	4.94	6.12	9.08	5.14	7.32	5.42	5.07
Enterprise Value to Revenue (EV/Rev)	2.17	2.56	3.01	1.93	2.31	2.69	3.58	2.20	3.05	2.56	2.41
Enterprise Value to EBITDA (EV/EBITDA)	11.65	12.83	15.01	9.66	12.32	14.64	17.92	26.68	14.29	12.41	11.34
Enterprise Value to EBIT (EV/EBIT)	13.44	14.61	17.00	10.89	14.32	17.24	20.14	35.48	15.79	13.79	12.67
Enterprise Value to NOPAT (EV/NOPAT)	19.64	21.53	31.10	14.20	18.98	22.74	26.73	11.92	21.00	18.33	16.60
Enterprise Value to Operating Cash Flow (EV/OCF)	15.66	15.37	27.65	13.73	15.17	13.84	19.78	21.13	17.56	16.77	14.96
Enterprise Value to Free Cash Flow (EV/FCFF)	18.51	24.46	64.86	16.40	26.76	16.57	36.35	17.19	20.92	28.70	17.19
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.17	0.21	0.25	0.13	0.17	0.06	0.11	0.20	0.07	0.10	0.08
Long-Term Debt to Equity	0.16	0.21	0.24	0.13	0.17	0.06	0.10	0.19	0.06	0.10	0.06
Financial Leverage	-0.25	-0.28	-0.27	-0.25	-0.20	-0.24	-0.27	-0.16	-0.10	-0.09	-0.03
Leverage Ratio	1.82	1.87	1.93	1.86	1.81	1.77	1.80	1.90	1.82	1.73	1.71
Compound Leverage Factor	1.79	1.84	1.89	1.84	1.77	1.74	1.79	1.82	1.79	1.71	1.67
Debt to Total Capital	14.72%	17.60%	19.97%	11.42%	14.56%	5.77%	9.69%	16.47%	6.46%	9.30%	7.70%
Short-Term Debt to Total Capital	0.76%	0.39%	0.36%	0.00%	0.35%	0.35%	0.34%	0.48%	0.51%	0.48%	2.10%
Long-Term Debt to Total Capital	13.96%	17.21%	19.60%	11.42%	14.21%	5.42%	9.36%	15.99%	5.95%	8.82%	5.60%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	85.28%	82.40%	80.03%	88.58%	85.44%	94.23%	90.31%	83.53%	93.54%	90.70%	92.30%
Debt to EBITDA	0.53	0.61	0.68	0.35	0.51	0.21	0.28	1.11	0.15	0.25	0.19
Net Debt to EBITDA	-0.84	-0.81	-0.68	-0.66	-0.48	-1.09	-0.61	-0.44	-0.29	-0.11	-0.05
Long-Term Debt to EBITDA	0.50	0.59	0.67	0.35	0.49	0.20	0.27	1.08	0.14	0.23	0.14
Debt to NOPAT	0.89	1.01	1.41	0.51	0.78	0.33	0.41	0.50	0.23	0.36	0.28
Net Debt to NOPAT	-1.41	-1.35	-1.41	-0.98	-0.73	-1.69	-0.92	-0.20	-0.42	-0.16	-0.07
Long-Term Debt to NOPAT	0.84	0.99	1.39	0.51	0.76	0.31	0.40	0.48	0.21	0.34	0.20
Altman Z-Score	5.53	5.75	6.28	5.86	5.95	6.60	7.77	6.00	8.85	7.99	8.24
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.15	2.04	2.23	2.09	1.96	1.83	1.57	1.75	1.59	1.55	1.50
Quick Ratio	1.76	1.66	1.78	1.65	1.49	1.44	1.13	1.14	1.01	0.91	0.90
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	298	281	139	376	259	470	349	481	563	340	537
Operating Cash Flow to CapEx	483.77%	553.41%	346.50%	526.88%	708.39%	989.61%	853.66%	556.76%	923.28%	538.70%	871.19%
Free Cash Flow to Firm to Interest Expense	40.22	38.45	13.77	44.75	23.50	64.32	81.15	51.18	46.88	50.74	39.77
Operating Cash Flow to Interest Expense	47.53	61.18	32.32	53.44	41.47	77.00	149.09	41.64	55.86	86.84	45.69
Operating Cash Flow Less CapEx to Interest Expense	37.70	50.12	22.99	43.30	35.62	69.22	131.63	34.16	49.81	70.72	40.44
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.99	0.97	0.98	1.02	0.98	0.93	1.07	1.10	1.18	1.18	1.20
Accounts Receivable Turnover	5.19	5.27	5.39	5.14	4.84	4.93	5.80	6.18	6.55	6.71	6.82
Inventory Turnover	7.08	6.63	6.44	6.26	5.96	5.93	5.96	5.03	4.67	4.59	4.63
Fixed Asset Turnover	5.83	5.94	6.05	5.96	5.51	5.33	6.17	6.27	6.49	6.23	6.06
Accounts Payable Turnover	3.73	3.30	3.32	3.49	3.44	3.24	3.32	3.53	3.86	3.97	4.29
Days Sales Outstanding (DSO)	70.28	69.31	67.68	70.99	75.42	74.03	62.88	59.10	55.76	54.37	53.54
Days Inventory Outstanding (DIO)	51.55	55.04	56.70	58.34	61.21	61.59	61.25	72.58	78.13	79.54	78.79
Days Payable Outstanding (DPO)	97.87	110.72	110.02	104.59	106.10	112.82	109.85	103.26	94.50	91.88	85.13
Cash Conversion Cycle (CCC)	23.96	13.64	14.36	24.73	30.53	22.80	14.29	28.41	39.39	42.03	47.20
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,046	1,084	1,235	1,293	1,399	1,272	1,398	1,610	1,608	1,801	1,820
Invested Capital Turnover	2.41	2.52	2.58	2.52	2.22	2.17	2.65	2.50	2.39	2.24	2.12
Increase / (Decrease) in Invested Capital	-17	38	151	58	106	-128	126	213	-2.10	192	19
Enterprise Value (EV)	5,509	6,865	9,023	6,164	6,918	7,779	12,684	8,270	11,769	9,757	9,228
Market Capitalization	5,905	7,296	9,433	6,588	7,186	8,355	13,118	8,408	12,005	9,840	9,266
Book Value per Share	$16.39	$8.71	$9.57	$10.10	$10.22	$11.45	$11.51	$11.44	$12.40	$12.99	$13.34
Tangible Book Value per Share	$8.30	$4.11	$4.77	$5.36	$4.80	$6.05	$5.28	$5.11	$5.88	$5.52	$5.64
Total Capital	1,691	1,839	2,055	1,938	1,951	1,962	2,029	2,092	1,972	2,077	2,013
Total Debt	249	324	410	221	284	113	197	345	127	193	155
Total Long-Term Debt	236	316	403	221	277	106	190	335	117	183	113
Net Debt	-396	-431	-410	-424	-267	-576	-435	-137	-236	-83	-38
Capital Expenditures (CapEx)	73	81	94	85	64	57	75	70	73	108	71
Debt-free, Cash-free Net Working Capital (DFCFNWC)	118	49	161	208	189	49	9.20	228	202	230	278
Debt-free Net Working Capital (DFNWC)	763	804	981	853	741	739	641	710	565	506	471
Net Working Capital (NWC)	750	796	973	853	734	732	634	700	555	496	429
Net Nonoperating Expense (NNE)	-2.39	-7.62	-6.38	-10	-5.49	-2.87	-13	458	3.87	-1.37	9.85
Net Nonoperating Obligations (NNO)	-396	-431	-410	-424	-267	-576	-435	-137	-236	-83	-38
Total Depreciation and Amortization (D&A)	63	65	70	72	78	80	78	77	78	79	85
Debt-free, Cash-free Net Working Capital to Revenue	4.64%	1.82%	5.36%	6.53%	6.33%	1.69%	0.26%	6.07%	5.23%	6.01%	7.26%
Debt-free Net Working Capital to Revenue	30.08%	29.92%	32.72%	26.76%	24.75%	25.51%	18.10%	18.90%	14.66%	13.24%	12.30%
Net Working Capital to Revenue	29.57%	29.65%	32.47%	26.76%	24.52%	25.27%	17.91%	18.63%	14.41%	12.98%	11.20%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.60	$1.87	$1.72	$2.60	$2.24	$2.13	$3.05	$1.52	$3.71	$3.65	$3.87
Adjusted Weighted Average Basic Shares Outstanding	175.60M	173.25M	171.51M	167.91M	161.97M	161.78M	157.39M	150.88M	147.20M	143.96M	138.29M
Adjusted Diluted Earnings per Share	$1.58	$1.85	$1.70	$2.58	$2.22	$2.12	$3.02	$1.51	$3.69	$3.63	$3.85
Adjusted Weighted Average Diluted Shares Outstanding	175.60M	173.25M	171.51M	167.91M	161.97M	161.78M	157.39M	150.88M	147.20M	143.96M	138.29M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	175.60M	173.25M	171.51M	167.91M	161.97M	161.78M	157.39M	150.88M	147.20M	143.96M	138.29M
Normalized Net Operating Profit after Tax (NOPAT)	281	319	290	439	365	348	475	461	575	546	556
Normalized NOPAT Margin	11.06%	11.87%	9.68%	13.78%	12.18%	12.02%	13.41%	12.28%	14.92%	14.29%	14.52%
Pre Tax Income Margin	15.87%	17.22%	17.38%	17.50%	15.78%	15.33%	17.68%	5.96%	19.04%	18.36%	18.67%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	55.39	64.36	52.56	67.40	43.92	61.81	146.49	24.80	62.13	105.63	53.97
NOPAT to Interest Expense	37.91	43.68	28.73	51.67	33.14	46.85	110.36	73.83	46.71	79.44	41.19
EBIT Less CapEx to Interest Expense	45.57	53.30	43.24	57.26	38.06	54.03	129.02	17.32	56.08	89.51	48.73
NOPAT Less CapEx to Interest Expense	28.08	32.63	19.40	41.52	27.28	39.07	92.90	66.35	40.66	63.32	35.94
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	23.97%	25.79%	32.68%	29.29%	40.32%	46.01%	34.92%	75.18%	32.97%	35.68%	35.83%
Augmented Payout Ratio	69.25%	67.20%	79.60%	74.90%	118.08%	62.45%	110.16%	246.37%	88.03%	92.99%	109.21%

This table displays calculated financial ratios and metrics derived from A. O. Smith's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	138,289,917.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	138,289,917.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.85
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.24%	5.56%	1.28%	6.61%	-3.72%	-7.66%	-1.52%	-1.27%	4.42%	0.01%	-1.90%
EBITDA Growth	19.90%	190.73%	9.67%	-1.85%	-9.99%	-16.10%	-4.03%	-0.57%	10.43%	11.09%	-9.28%
EBIT Growth	21.55%	174.32%	10.50%	-2.34%	-11.58%	-17.13%	-5.01%	-1.06%	10.94%	10.51%	-12.07%
NOPAT Growth	22.67%	12.05%	16.19%	2.12%	-11.44%	-25.71%	-6.49%	-0.96%	9.47%	22.15%	-10.49%
Net Income Growth	23.32%	214.32%	16.31%	-0.51%	-11.30%	-20.10%	-7.45%	-2.56%	9.91%	14.31%	-13.62%
EPS Growth	26.76%	218.18%	19.05%	1.92%	-8.89%	-17.58%	-5.00%	0.94%	14.63%	18.67%	-10.53%
Operating Cash Flow Growth	11.54%	30.90%	-11.09%	-59.09%	9.56%	-4.06%	-63.70%	143.21%	30.37%	-17.49%	234.37%
Free Cash Flow Firm Growth	146.68%	264.22%	400.28%	-77.21%	-85.54%	-161.23%	-205.20%	-88.33%	360.44%	224.10%	-173.34%
Invested Capital Growth	3.19%	-0.13%	3.88%	7.95%	6.62%	11.96%	13.32%	8.40%	4.31%	1.07%	18.97%
Revenue Q/Q Growth	-2.43%	5.40%	-0.94%	4.65%	-11.88%	1.09%	5.64%	4.92%	-6.80%	-3.18%	3.63%
EBITDA Q/Q Growth	-14.68%	0.30%	7.29%	6.89%	-21.75%	-6.50%	22.72%	10.75%	-13.10%	-5.94%	0.22%
EBIT Q/Q Growth	-16.21%	-0.45%	8.82%	7.59%	-24.14%	-6.70%	24.75%	12.07%	-14.94%	-7.07%	-0.74%
NOPAT Q/Q Growth	-9.41%	1.28%	4.61%	6.40%	-21.44%	-15.04%	31.68%	12.68%	-13.16%	-5.20%	-3.51%
Net Income Q/Q Growth	-13.76%	1.40%	7.50%	5.83%	-23.11%	-8.66%	24.52%	11.42%	-13.27%	-5.00%	-5.90%
EPS Q/Q Growth	-13.46%	1.11%	9.89%	6.00%	-22.64%	-8.54%	26.67%	12.63%	-12.15%	-5.32%	-4.49%
Operating Cash Flow Q/Q Growth	27.44%	29.36%	-53.91%	-46.15%	241.29%	13.27%	-82.56%	260.72%	82.95%	-28.31%	-29.33%
Free Cash Flow Firm Q/Q Growth	-12.90%	63.56%	-41.25%	-72.78%	-44.74%	-792.72%	-0.95%	103.02%	2,079.83%	86.70%	-322.34%
Invested Capital Q/Q Growth	-0.86%	-3.71%	5.60%	7.08%	-2.08%	1.11%	6.89%	2.43%	-5.78%	-2.03%	25.83%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	37.99%	37.43%	39.30%	38.66%	37.37%	37.06%	38.95%	39.27%	38.67%	38.40%	38.67%
EBITDA Margin	21.14%	20.12%	21.79%	22.26%	19.77%	18.28%	21.24%	22.42%	20.90%	20.31%	19.64%
Operating Margin	19.34%	18.38%	19.67%	20.26%	17.80%	15.18%	18.96%	20.35%	18.63%	17.95%	17.11%
EBIT Margin	19.07%	18.01%	19.79%	20.35%	17.52%	16.17%	19.09%	20.39%	18.61%	17.86%	17.11%
Profit (Net Income) Margin	14.44%	13.90%	15.08%	15.25%	13.31%	12.02%	14.17%	15.05%	14.01%	13.74%	12.48%
Tax Burden Percent	76.76%	77.61%	76.60%	75.61%	76.69%	75.60%	75.43%	75.50%	76.83%	78.08%	76.28%
Interest Burden Percent	98.66%	99.38%	99.48%	99.14%	99.05%	98.37%	98.42%	97.77%	97.95%	98.53%	95.61%
Effective Tax Rate	23.24%	22.39%	23.40%	24.40%	23.31%	24.40%	24.57%	24.50%	23.17%	21.92%	23.72%
Return on Invested Capital (ROIC)	34.31%	34.15%	34.93%	34.35%	30.81%	25.71%	30.03%	30.73%	30.14%	29.66%	23.61%
ROIC Less NNEP Spread (ROIC-NNEP)	36.51%	36.10%	34.84%	34.81%	32.62%	22.58%	32.28%	11.27%	34.89%	33.78%	21.36%
Return on Net Nonoperating Assets (RNNOA)	-3.43%	-3.75%	-3.21%	-2.72%	-2.99%	-1.93%	-0.98%	0.10%	-1.14%	-1.09%	2.76%
Return on Equity (ROE)	30.88%	30.40%	31.72%	31.63%	27.82%	23.78%	29.05%	30.83%	29.00%	28.56%	26.36%
Cash Return on Invested Capital (CROIC)	39.59%	34.96%	31.06%	25.71%	26.54%	19.94%	16.36%	19.44%	25.07%	29.66%	8.38%
Operating Return on Assets (OROA)	22.54%	21.20%	23.47%	24.80%	21.47%	19.13%	22.51%	23.98%	22.54%	21.44%	18.86%
Return on Assets (ROA)	17.07%	16.36%	17.88%	18.59%	16.31%	14.23%	16.71%	17.70%	16.96%	16.49%	13.75%
Return on Common Equity (ROCE)	30.88%	30.40%	31.72%	31.63%	27.82%	23.78%	29.05%	30.83%	29.00%	28.56%	26.36%
Return on Equity Simple (ROE_SIMPLE)	15.89%	0.00%	30.68%	30.16%	29.28%	0.00%	28.17%	28.09%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	139	141	147	157	123	105	138	155	135	128	123
NOPAT Margin	14.84%	14.26%	15.06%	15.32%	13.65%	11.48%	14.30%	15.36%	14.32%	14.02%	13.05%
Net Nonoperating Expense Percent (NNEP)	-2.20%	-1.95%	0.09%	-0.46%	-1.81%	3.13%	-2.25%	19.45%	-4.75%	-4.13%	2.25%
Return On Investment Capital (ROIC_SIMPLE)	-	7.15%	-	-	-	5.04%	6.49%	7.23%	6.65%	6.35%	4.95%
Cost of Revenue to Revenue	62.01%	62.57%	60.70%	61.34%	62.63%	62.94%	61.05%	60.73%	61.33%	61.60%	61.33%
SG&A Expenses to Revenue	18.66%	18.72%	19.64%	18.40%	19.57%	19.95%	19.98%	18.92%	20.04%	20.45%	21.56%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	18.66%	19.05%	19.64%	18.40%	19.57%	21.88%	19.98%	18.92%	20.04%	20.45%	21.56%
Earnings before Interest and Taxes (EBIT)	179	178	194	208	158	148	184	206	175	163	162
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	198	199	213	228	178	167	205	227	197	185	186
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.20	6.51	7.00	6.27	6.84	5.22	5.07	5.05	5.58	4.99	4.83
Price to Tangible Book Value (P/TBV)	10.72	13.73	14.68	12.88	13.97	12.29	12.16	12.26	13.39	11.80	25.24
Price to Revenue (P/Rev)	2.58	3.12	3.41	3.05	3.36	2.58	2.47	2.46	2.69	2.42	2.38
Price to Earnings (P/E)	32.73	21.57	22.81	20.81	23.35	18.44	18.00	17.97	19.39	16.97	17.19
Dividend Yield	1.84%	1.51%	1.39%	1.54%	1.42%	1.92%	2.02%	2.04%	1.85%	2.07%	2.14%
Earnings Yield	3.06%	4.64%	4.38%	4.81%	4.28%	5.42%	5.55%	5.57%	5.16%	5.89%	5.82%
Enterprise Value to Invested Capital (EV/IC)	5.74	7.32	7.65	6.54	7.28	5.42	4.92	4.79	5.55	5.07	4.14
Enterprise Value to Revenue (EV/Rev)	2.52	3.05	3.36	3.03	3.33	2.56	2.49	2.49	2.69	2.41	2.49
Enterprise Value to EBITDA (EV/EBITDA)	23.60	14.29	15.41	14.20	15.84	12.41	12.19	12.16	12.95	11.34	11.93
Enterprise Value to EBIT (EV/EBIT)	29.20	15.79	17.00	15.68	17.56	13.79	13.58	13.57	14.44	12.67	13.42
Enterprise Value to NOPAT (EV/NOPAT)	13.63	21.00	22.35	20.37	22.81	18.33	18.14	18.12	19.33	16.60	17.50
Enterprise Value to Operating Cash Flow (EV/OCF)	15.56	17.56	19.76	20.73	21.93	16.77	18.44	15.84	15.71	14.96	13.40
Enterprise Value to Free Cash Flow (EV/FCFF)	14.72	20.92	25.08	26.43	28.32	28.70	31.98	25.63	22.58	17.19	53.70
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.07	0.07	0.06	0.07	0.06	0.10	0.15	0.16	0.10	0.08	0.33
Long-Term Debt to Equity	0.06	0.06	0.06	0.07	0.06	0.10	0.14	0.15	0.09	0.06	0.31
Financial Leverage	-0.09	-0.10	-0.09	-0.08	-0.09	-0.09	-0.03	0.01	-0.03	-0.03	0.13
Leverage Ratio	1.77	1.82	1.78	1.70	1.67	1.73	1.73	1.72	1.68	1.71	1.85
Compound Leverage Factor	1.75	1.81	1.77	1.68	1.66	1.70	1.70	1.68	1.65	1.68	1.77
Debt to Total Capital	6.44%	6.46%	5.98%	6.84%	5.88%	9.30%	12.70%	14.12%	9.15%	7.70%	24.69%
Short-Term Debt to Total Capital	0.50%	0.51%	0.50%	0.49%	0.49%	0.48%	0.47%	0.89%	0.94%	2.10%	1.67%
Long-Term Debt to Total Capital	5.94%	5.95%	5.48%	6.35%	5.39%	8.82%	12.23%	13.22%	8.22%	5.60%	23.03%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	93.56%	93.54%	94.02%	93.16%	94.12%	90.70%	87.30%	85.88%	90.85%	92.30%	75.31%
Debt to EBITDA	0.32	0.15	0.14	0.17	0.15	0.25	0.35	0.39	0.23	0.19	0.77
Net Debt to EBITDA	-0.52	-0.29	-0.22	-0.11	-0.17	-0.11	0.09	0.16	0.02	-0.05	0.52
Long-Term Debt to EBITDA	0.29	0.14	0.13	0.16	0.13	0.23	0.33	0.37	0.21	0.14	0.72
Debt to NOPAT	0.18	0.23	0.21	0.24	0.21	0.36	0.52	0.58	0.35	0.28	1.14
Net Debt to NOPAT	-0.30	-0.42	-0.32	-0.16	-0.24	-0.16	0.13	0.24	0.02	-0.07	0.76
Long-Term Debt to NOPAT	0.17	0.21	0.19	0.22	0.19	0.34	0.50	0.55	0.31	0.20	1.06
Altman Z-Score	7.45	8.27	9.19	8.79	9.54	7.42	7.12	7.21	7.93	7.64	5.96
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.68	1.59	1.65	1.70	1.67	1.55	1.61	1.65	1.54	1.50	1.56
Quick Ratio	1.04	1.01	1.00	1.01	0.96	0.91	0.95	0.97	0.89	0.90	0.95
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	87	143	84	23	13	-88	-88	2.67	58	109	-242
Operating Cash Flow to CapEx	966.49%	773.58%	484.55%	250.66%	602.77%	725.16%	181.69%	816.37%	1,725.68%	1,040.34%	1,232.38%
Free Cash Flow to Firm to Interest Expense	36.44	130.04	84.05	12.71	8.43	-36.50	-30.49	0.58	16.17	45.29	-34.04
Operating Cash Flow to Interest Expense	74.50	210.27	106.60	31.89	130.60	92.46	13.34	30.35	70.94	76.29	18.23
Operating Cash Flow Less CapEx to Interest Expense	66.79	183.09	84.60	19.17	108.93	79.71	6.00	26.63	66.83	68.96	16.75
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.18	1.18	1.19	1.22	1.23	1.18	1.18	1.18	1.21	1.20	1.10
Accounts Receivable Turnover	6.60	6.55	6.60	6.34	6.80	6.71	6.20	5.88	6.68	6.82	5.98
Inventory Turnover	4.47	4.67	4.62	4.60	4.48	4.59	4.47	4.40	4.43	4.63	4.57
Fixed Asset Turnover	6.53	6.49	6.53	6.66	6.46	6.23	6.17	6.11	6.09	6.06	6.02
Accounts Payable Turnover	4.04	3.86	4.28	4.33	4.31	3.97	4.29	4.27	4.37	4.29	4.31
Days Sales Outstanding (DSO)	55.30	55.76	55.31	57.55	53.69	54.37	58.84	62.12	54.66	53.54	61.07
Days Inventory Outstanding (DIO)	81.57	78.13	79.01	79.36	81.46	79.54	81.70	82.90	82.31	78.79	79.84
Days Payable Outstanding (DPO)	90.38	94.50	85.34	84.37	84.78	91.88	85.09	85.43	83.49	85.13	84.75
Cash Conversion Cycle (CCC)	46.49	39.39	48.99	52.54	50.37	42.03	55.44	59.60	53.49	47.20	56.15
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,670	1,608	1,698	1,819	1,781	1,801	1,925	1,971	1,858	1,820	2,290
Invested Capital Turnover	2.31	2.39	2.32	2.24	2.26	2.24	2.10	2.00	2.11	2.12	1.81
Increase / (Decrease) in Invested Capital	52	-2.10	63	134	111	192	226	153	77	19	365
Enterprise Value (EV)	9,579	11,769	12,985	11,902	12,965	9,757	9,479	9,444	10,300	9,228	9,479
Market Capitalization	9,791	12,005	13,168	11,995	13,101	9,840	9,409	9,318	10,287	9,266	9,067
Book Value per Share	$12.51	$12.40	$12.78	$13.03	$13.14	$12.99	$12.89	$12.99	$13.16	$13.34	$13.58
Tangible Book Value per Share	$6.07	$5.88	$6.09	$6.35	$6.43	$5.52	$5.38	$5.35	$5.48	$5.64	$2.60
Total Capital	2,012	1,972	2,002	2,052	2,036	2,077	2,125	2,149	2,030	2,013	2,494
Total Debt	130	127	120	140	120	193	270	303	186	155	616
Total Long-Term Debt	120	117	110	130	110	183	260	284	167	113	574
Net Debt	-212	-236	-183	-93	-136	-83	70	126	13	-38	412
Capital Expenditures (CapEx)	19	30	22	23	33	31	21	17	15	18	11
Debt-free, Cash-free Net Working Capital (DFCFNWC)	277	202	285	386	323	230	350	387	310	278	328
Debt-free Net Working Capital (DFNWC)	619	565	588	619	578	506	550	565	483	471	532
Net Working Capital (NWC)	609	555	578	609	568	496	540	546	464	429	490
Net Nonoperating Expense (NNE)	3.76	3.65	-0.15	0.68	3.14	-4.99	1.28	3.17	2.92	2.50	5.42
Net Nonoperating Obligations (NNO)	-212	-236	-183	-93	-136	-83	70	126	13	-38	412
Total Depreciation and Amortization (D&A)	19	21	20	20	20	19	21	21	22	22	24
Debt-free, Cash-free Net Working Capital to Revenue	7.29%	5.23%	7.37%	9.82%	8.29%	6.01%	9.20%	10.21%	8.09%	7.26%	8.60%
Debt-free Net Working Capital to Revenue	16.28%	14.66%	15.22%	15.75%	14.85%	13.24%	14.46%	14.90%	12.60%	12.30%	13.95%
Net Working Capital to Revenue	16.02%	14.41%	14.96%	15.50%	14.60%	12.98%	14.20%	14.39%	12.10%	11.20%	12.86%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.90	$0.93	$1.00	$1.07	$0.82	$0.76	$0.95	$1.07	$0.94	$0.91	$0.85
Adjusted Weighted Average Basic Shares Outstanding	148.72M	147.20M	146.67M	145.85M	145.00M	143.96M	142.11M	140.13M	139.24M	138.29M	137.83M
Adjusted Diluted Earnings per Share	$0.90	$0.91	$1.00	$1.06	$0.82	$0.75	$0.95	$1.07	$0.94	$0.89	$0.85
Adjusted Weighted Average Diluted Shares Outstanding	148.72M	147.20M	146.67M	145.85M	145.00M	143.96M	142.11M	140.13M	139.24M	138.29M	137.83M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	148.72M	147.20M	146.67M	145.85M	145.00M	143.96M	142.11M	140.13M	139.24M	138.29M	137.83M
Normalized Net Operating Profit after Tax (NOPAT)	139	141	147	157	123	105	138	155	135	128	123
Normalized NOPAT Margin	14.84%	14.26%	15.06%	15.32%	13.65%	11.48%	14.30%	15.36%	14.32%	14.02%	13.05%
Pre Tax Income Margin	18.82%	17.90%	19.69%	20.17%	17.35%	15.90%	18.79%	19.93%	18.23%	17.60%	16.36%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	74.50	161.82	193.70	115.78	105.40	61.46	63.45	44.83	48.72	67.92	22.79
NOPAT to Interest Expense	57.98	128.13	147.45	87.16	82.16	43.63	47.55	33.78	37.48	53.29	17.38
EBIT Less CapEx to Interest Expense	66.79	134.64	171.70	103.06	83.73	48.71	56.10	41.11	44.61	60.58	21.31
NOPAT Less CapEx to Interest Expense	50.28	100.95	125.45	74.43	60.50	30.88	40.20	30.06	33.37	45.96	15.90
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	60.76%	32.97%	32.12%	32.45%	33.62%	35.68%	36.80%	37.35%	36.68%	35.83%	37.28%
Augmented Payout Ratio	155.31%	88.03%	88.91%	100.12%	101.73%	92.99%	104.13%	115.23%	112.86%	109.21%	100.11%

Financials Breakdown Chart

Key Financial Trends

Here are the key trends for A. O. Smith (NYSE: AOS) drawn from the last four years of quarterly statements. The focus is on how revenue, profitability, cash flow, and balance-sheet dynamics have evolved, with a view to potential implications for investors.

Profitability has stabilized after 2022’s loss, with positive net income from continuing operations in 2023–2025. After a reported loss in 2022, the company posted positive net income in 2023 and remained profitable through 2024 and 2025, indicating a sustained earnings base.
Gross margins have been steady in the mid-30s percent range, with slight improvements in 2025. Gross profit as a share of revenue generally hovers around 36%–39%, signaling stable product profitability despite quarterly fluctuations.
Operating margins and operating income have remained in the teens, contributing meaningfully to bottom-line profitability. Operating margins mid-teens suggest solid operating leverage and consistent profitability across recent quarters.
Cash flow from operations has remained positive across the period, with a peak in 2023 and a still-healthy trajectory into 2024–2025. Net cash from continuing operating activities was strongest in 2023, then remained positive in subsequent years, supporting capital returns and debt actions.
Shareholder-friendly actions include periodic stock repurchases and regular dividend payments, signaling confidence and capital return discipline. Buybacks occurred in several quarters (notably 2023–2025), complemented by cash dividends per share, reflecting an active approach to returning capital to shareholders.
Capex has been modest, mostly sustaining existing asset bases rather than driving growth. Purchases of property, plant & equipment are present but generally small relative to earnings, suggesting maintenance-level investment rather than aggressive expansion.
Revenue growth slowed after 2023, with 2024–2025 revenue roughly flat versus the 2023 peak. After a favorable 2023, revenue did not continue a clear uptrend in 2024–2025, indicating limited top-line expansion in the near term.
Significant debt repayments in certain quarters reduce near-term liquidity and cash on hand. For example, large debt repayments occurred in some periods, which can dampen cash balances in the short term and influence financing decisions.
Net financing cash flow has been negative in several quarters due to buybacks, dividends, and debt repayment activity. Repeated financing outflows, while common for capital returns and deleveraging, press on cash balances in those windows.

05/20/26 12:41 AM ETAI Generated. May Contain Errors.

A. O. Smith Financials - Frequently Asked Questions

According to the most recent income statement we have on file, A. O. Smith's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

A. O. Smith's net income appears to be on an upward trend, with a most recent value of $546.20 million in 2025, rising from $282.90 million in 2015. The previous period was $533.60 million in 2024. View A. O. Smith's forecast to see where analysts expect A. O. Smith to go next.

A. O. Smith's total operating income in 2025 was $728 million, based on the following breakdown:

Total Gross Profit: $1.49 billion
Total Operating Expenses: $759.40 million

Over the last 10 years, A. O. Smith's total revenue changed from $2.54 billion in 2015 to $3.83 billion in 2025, a change of 51.0%.

A. O. Smith's total liabilities were at $1.28 billion at the end of 2025, a 5.3% decrease from 2024, and a 8.2% increase since 2015.

In the past 10 years, A. O. Smith's cash and equivalents has ranged from $174.50 million in 2025 to $573.10 million in 2020, and is currently $174.50 million as of their latest financial filing in 2025.

Over the last 10 years, A. O. Smith's book value per share changed from 16.39 in 2015 to 13.34 in 2025, a change of -18.6%.

Related Companies

Financial statements for NYSE:AOS last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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A. O. Smith (AOS) Financials

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A. O. Smith Financials - Frequently Asked Questions

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A. O. Smith (AOS) Financials

Annual Income Statements for A. O. Smith

Quarterly Income Statements for A. O. Smith

Annual Cash Flow Statements for A. O. Smith

Quarterly Cash Flow Statements for A. O. Smith

Annual Balance Sheets for A. O. Smith

Quarterly Balance Sheets for A. O. Smith

Annual Metrics And Ratios for A. O. Smith

Quarterly Metrics And Ratios for A. O. Smith

Financials Breakdown Chart

Key Financial Trends

A. O. Smith Financials - Frequently Asked Questions

When does A. O. Smith's fiscal year end?

How has A. O. Smith's net income changed over the last 10 years?

What is A. O. Smith's operating income?

How has A. O. Smith's revenue changed over the last 10 years?

How much debt does A. O. Smith have?

How much cash does A. O. Smith have?

How has A. O. Smith's book value per share changed over the last 10 years?

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