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A. O. Smith (AOS) stock

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NYSE: AOS NYSE Building Products Next results ~January 28, 2027

B Fundamentals grade

A. O. Smith is a US-listed company in the building products industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$64

Cash-flow model

Base case. Range ~$47–$86 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 3% above our base value.

Price used: $65.42, November 2, 2026

A. O. Smith valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 1 selling0 purchases and 2 sales by directors and officers, last 12 monthsInsider trades
  • Funds304 adding, 320 cuttingOf 57 active managers that changed their stake, 28 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter A. O. Smith files

10-Q filed October 29: A. O. Smith

A. O. Smith's trailing twelve-month revenue to September 2026 came to $3.80bn, down 0.7% on the year, a reversal from the 0.4% growth recorded a quarter earlier. Free-cash-flow margin was steady at 14.8%. Share buybacks continued to shrink the diluted count, down 3.6% year-on-year, which boosts the value attributable to each remaining share. Our model puts fair value at $62.02, barely changed and close to the current $61.80 price, so the rating stays Hold. At that price, the market appears to be pricing in cash-flow growth of about 2.4% a year over five years, not far off the 1.4% a year revenue growth the company has actually delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where A. O. Smith stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $3.80bn, up 0.4% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 16.8% from 13.0% a year earlier. The diluted share count is down 3.7% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 5 of our 7 financial-health checks. Our cash-flow model value is $59.54 a share, against a share price of $59.15. At that price, our model says the market is pricing in about 2.0% a year of cash-flow growth for five years, close to the 1.5% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

A. O. Smith's trailing-twelve-month revenue fell 0.7% year on year, with a free-cash-flow margin of 14.8%. Where it stands out: change in share count of -3.6% ranks 7 of 44 building products companies we cover.

Our discounted-cash-flow model values the business at ~$64 per share in the base case (~$47–$86 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Long-term debt rising: Long-term debt rose 279% year over year, to 17% of total assets.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 3.6% in a year, so each share owns more of the business.

Things to watch

  • Revenue shrinking. Revenue fell 0.7% over the last 12 months.
  • Below peers: change in growth rate. Change in growth rate of -1.1pp ranks 35 of 46 building products companies we cover (median +0.8pp).
  • Heavily shorted. 11.2% of the shares available to trade are sold short (7.0 days of average volume to cover).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$0.93 against an average estimate of $0.89: beat by 3.9%
Revenue
$941m, down 0.2% on a year earlier
Share reaction
+4.3% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
net sales growth, excluding China growth 4% (full year 2026); adjusted EPS, excluding China $3.42 to $3.52 (full year 2026)
Next report
January 28, 2027; average EPS estimate $0.94

A. O. Smith's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.7%
  • 1 week+6.3%
  • 1 month+16.0%
  • This year+0.1%
  • 1 year+1.4%
  • 5 years-8.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3.8B
Operating margin
17.5%
Net margin
13.0%
EPS (TTM, diluted)
$3.58

Growth

Revenue growth
−0.7%
Change in growth rate
−1.1 pts
Share count change
−3.6%

Cash

Free cash flow (TTM)
$562M
FCF margin
14.8%
Stock pay % of revenue
0.4%

Earnings

Last results
October 29, 2026
Next results (est.)
January 28, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Announcement
  4. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

A. O. Smith valuation models and calculator

What the price is pricing in

The share price implies about 2.6% a year of cash-flow growth for five years.That is close to the 1.4% a year revenue growth A. O. Smith has delivered.

  • Priced in2.6%
  • Last 12 months-0.7%
  • 3 years a year0.0%
  • 5 years a year1.4%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($63.88, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$64
Price used
$63.88close November 3, 2026
Implied change
▲ +0%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of A. O. Smith's free cash flow after stock-based pay with after-tax interest added back ($531M, FY2026 Q3 TTM), growing 4.1% and 2.6% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$47–~$86 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of A. O. Smith's free cash flow after stock-based pay ( $531M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value A. O. Smith as an operating company, with every model that fits that kind of business. Cost of equity 9%: the 10-year Treasury yield (4.9%) plus a beta of 0.91 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$64 ~$47–$86 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$64 ~$57–$83 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$55 ~$41–$75 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$50 ~$43–$60 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$59 ~$50–$64 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare A. O. Smith with Building Products in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −26%
  • Revenue growth 5 points higher ▲ +35%
  • Free-cash-flow margin 1 point lower ▼ −7%
  • Last year's free-cash-flow margin change, if it persists ▼ −1%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $53$73$100$135$181$240
8.5% $40$54$74$99$132$174
10% $32$43$58$77$102$134

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$31.74$39.70$51.92$36.68$41.69$48.97$78.00$52.98$77.71$65.34$65.38$65.42
Market value$5.7bn$7.0bn$9.1bn$6.3bn$7.0bn$8.0bn$12.6bn$8.3bn$11.7bn$9.6bn$9.3bn$9.0bn
+ Net debt (− = net cash)−$75m−$7m$64m−$38m−$90m−$460m−$247m−$47m−$213m−$46m−$20m$439m
Enterprise value$5.6bn$7.0bn$9.1bn$6.3bn$6.9bn$7.5bn$12.3bn$8.2bn$11.5bn$9.6bn$9.3bn$9.5bn
Multiples
Price / sales 2.2x2.6x3.0x2.0x2.3x2.8x3.6x2.2x3.0x2.5x2.4x2.4x
Price / earnings 20.1x21.5x30.6x14.2x18.8x23.1x25.8x35.0x21.1x18.0x17.0x18.3x
Price / free cash flow 20.4x19.2x39.0x17.4x17.7x15.8x22.2x25.7x19.6x20.3x17.0x16.1x
EV / EBITDA 10.9x12.1x14.1x9.2x11.3x12.9x16.2x18.7x14.0x12.2x11.4x12.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

80 /100

Strong moat

How hard A. O. Smith's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 13.4% of total assets over 10 years.

  • Pricing power 14 / 20

    Gross margin has been a median 38.5%, moving by 1.6 percentage points (standard deviation) across 10 years.

  • Durability 15 / 20

    Operating margin has been a median 18.6%; its worst year was 12.1%.

  • Cash conversion 17 / 20

    Free cash flow was positive in 10 of 10 years, at a median 13.5% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 14.7% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (85 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 28, 2027, before the open. Analysts expect revenue of $974m and EPS of $0.94 (range $0.85 to $0.99) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.72 −3% $3.9bn +2%
Next $4.03 +9% $4.0bn +4%

Next year's EPS estimate has moved −3.1% in 90 days, across 12 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −1.0% on 90 days ago. In the last 30 days, 0 analysts raised A. O. Smith's forecast and 1 cut it.

Consensus EPS forecast A. O. Smith, last 90 days
$3.60 $3.80 $4.00 $4.20 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.76 Current fiscal year, 60 days ago: $3.74 Current fiscal year, 30 days ago: $3.74 Current fiscal year, 7 days ago: $3.72 Current fiscal year, Now: $3.72 $3.72 Next fiscal year, 90 days ago: $4.16 Next fiscal year, 60 days ago: $4.09 Next fiscal year, 30 days ago: $4.09 Next fiscal year, 7 days ago: $4.04 Next fiscal year, Now: $4.03 $4.03

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.76$4.16
60 days ago $3.74$4.09
30 days ago $3.74$4.09
7 days ago $3.72$4.04
Now $3.72$4.03

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.89 $0.93 +3.9%
Jun 2026 $0.92 $1.03 +11.5%
Mar 2026 $0.94 $0.85 −9.9%
Dec 2025 $0.84 $0.90 +7.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • Net sales growth, excluding China full year 2026 about 4% growth Non-GAAP
    “Net sales growth, excluding China, of approximately 4%” source
  • Adjusted EPS, excluding China full year 2026 $3.42 to $3.52 Non-GAAP Lowered vs 3.7 to 3.85
    “Adjusted EPS 1 , excluding China, of between $3.42 and $3.52” source
  • Full-year 2026 share repurchases full year 2026 about $300m
    “The Company projects its full-year 2026 share repurchases to total approximately $300 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows A. O. Smith's revenue by +4.1% next year and +2.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.1%, weight 68%) and the company's own record (+2.0%, weight 32%) . How the weights are set.

Analyst recommendations

13 analysts, Oct 2026
Buy323%
Hold862%
Sell215%

Monthly trend

  1. Oct 20261281113
  2. Sep 20261461113
  3. Aug 20261461113
  4. Jul 20261461113

Counts of recommendations published by analysts covering A. O. Smith, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
11.2%
of tradable shares
Days to cover
6.99
at average volume
Short interest, 1 month
+4%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.5%
of shares
Employees
11,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +1.4%

$64.51 on October 31, 2025 to $65.42

ThenNowEffect
Revenue (last 12 months) $3.8bn $3.8bn +0.4%
Net margin 13.7% 13.1% −3.9%
P/E multiple 18.0x 18.2x +1.2%
Share count 145m 139m +3.9%

Biggest factor: net margin.

Last 3 years −3.0%

$67.46 on November 3, 2023 to $65.42

ThenNowEffect
Revenue (last 12 months) $3.7bn $3.8bn +1.8%
Net margin 7.3% 13.1% +79.6%
P/E multiple 37.7x 18.2x −51.6%
Share count 153m 139m +9.6%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
AOS+59%−32%+47%−16%+0%+0%
Industry peers (median)+22%−24%+44%+12%−12%+5%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AOS75%33%58%42%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AOS−17%−43%−16%−25%−18%−30%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 47% from January 26, 2018 to March 20, 2020. Getting back needed a 88% gain, reached on March 10, 2021, 355 days after the low.

Price behaviour

52-week range
$55.01 – $79.06
From 52-week high
−17.2%
vs 50-day average
+11.5%
vs 200-day average
+4.5%
Volatility (1 year)
28%
Beta vs S&P 500
0.69

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±4.2%
After a week
3 up, 8 down
typical move ±4.9%
After a month
3 up, 8 down
typical move ±6.1%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +4.3% −2.1% — —
July 30, 2026 −2.5% +2.4% +2.1% −2.1%
April 30, 2026 −4.7% +1.3% −4.9% −11.9%
January 29, 2026 +6.3% −0.5% +13.0% +12.7%
October 28, 2025 −4.4% +0.3% −4.5% −2.8%
July 24, 2025 +1.0% +0.5% −0.3% +3.6%
April 29, 2025 +5.3% +0.7% +4.7% +0.4%
January 30, 2025 −2.3% 0.0% −4.9% −3.6%
October 22, 2024 −1.7% −1.0% −2.9% −8.3%
October 11, 2024 −4.2% +1.4% −8.7% −12.5%
July 23, 2024 −9.1% −2.4% −3.8% −7.5%
April 25, 2024 −4.4% +0.6% −3.6% −2.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How A. O. Smith’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

A. O. Smith in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) A. O. Smith
$3.8B $3.8B $3.9B $3.9B $4B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $3.9B Revenue (TTM), FY24 Q1: $3.9B Revenue (TTM), FY24 Q2: $3.9B Revenue (TTM), FY24 Q3: $3.9B Revenue (TTM), FY24 Q4: $3.8B Revenue (TTM), FY25 Q1: $3.8B Revenue (TTM), FY25 Q2: $3.8B Revenue (TTM), FY25 Q3: $3.8B Revenue (TTM), FY25 Q4: $3.8B Revenue (TTM), FY26 Q1: $3.8B Revenue (TTM), FY26 Q2: $3.8B Revenue (TTM), FY26 Q3: $3.8B $3.8B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $3.9B
FY24 Q1 $3.9B
FY24 Q2 $3.9B
FY24 Q3 $3.9B
FY24 Q4 $3.8B
FY25 Q1 $3.8B
FY25 Q2 $3.8B
FY25 Q3 $3.8B
FY25 Q4 $3.8B
FY26 Q1 $3.8B
FY26 Q2 $3.8B
FY26 Q3 $3.8B
Revenue growth, TTM YoY A. O. Smith
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 2.6% Revenue growth, TTM YoY, FY24 Q1: 3.3% Revenue growth, TTM YoY, FY24 Q2: 5.1% Revenue growth, TTM YoY, FY24 Q3: 2.4% Revenue growth, TTM YoY, FY24 Q4: -0.9% Revenue growth, TTM YoY, FY25 Q1: -1.6% Revenue growth, TTM YoY, FY25 Q2: -3.5% Revenue growth, TTM YoY, FY25 Q3: -1.6% Revenue growth, TTM YoY, FY25 Q4: 0.3% Revenue growth, TTM YoY, FY26 Q1: 0.2% Revenue growth, TTM YoY, FY26 Q2: 0.4% Revenue growth, TTM YoY, FY26 Q3: -0.7% -0.7%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 2.6%
FY24 Q1 3.3%
FY24 Q2 5.1%
FY24 Q3 2.4%
FY24 Q4 -0.9%
FY25 Q1 -1.6%
FY25 Q2 -3.5%
FY25 Q3 -1.6%
FY25 Q4 0.3%
FY26 Q1 0.2%
FY26 Q2 0.4%
FY26 Q3 -0.7%
Operating margin (TTM) A. O. Smith
17% 17.5% 18% 18.5% 19% 19.5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 19.3% Operating margin (TTM), FY24 Q1: 19.3% Operating margin (TTM), FY24 Q2: 18.5% Operating margin (TTM), FY24 Q3: 17.8% Operating margin (TTM), FY24 Q4: 18.5% Operating margin (TTM), FY25 Q1: 18.4% Operating margin (TTM), FY25 Q2: 18.4% Operating margin (TTM), FY25 Q3: 18.6% Operating margin (TTM), FY25 Q4: 19.0% Operating margin (TTM), FY26 Q1: 18.5% Operating margin (TTM), FY26 Q2: 17.5% Operating margin (TTM), FY26 Q3: 17.5% 17.5%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 19.3%
FY24 Q1 19.3%
FY24 Q2 18.5%
FY24 Q3 17.8%
FY24 Q4 18.5%
FY25 Q1 18.4%
FY25 Q2 18.4%
FY25 Q3 18.6%
FY25 Q4 19.0%
FY26 Q1 18.5%
FY26 Q2 17.5%
FY26 Q3 17.5%
FCF margin (TTM) A. O. Smith
10% 12% 14% 16% 18% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 15.5% FCF margin (TTM), FY24 Q1: 14.8% FCF margin (TTM), FY24 Q2: 12.2% FCF margin (TTM), FY24 Q3: 12.4% FCF margin (TTM), FY24 Q4: 12.4% FCF margin (TTM), FY25 Q1: 10.7% FCF margin (TTM), FY25 Q2: 13.0% FCF margin (TTM), FY25 Q3: 14.9% FCF margin (TTM), FY25 Q4: 14.3% FCF margin (TTM), FY26 Q1: 17.0% FCF margin (TTM), FY26 Q2: 16.8% FCF margin (TTM), FY26 Q3: 14.8% 14.8%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 15.5%
FY24 Q1 14.8%
FY24 Q2 12.2%
FY24 Q3 12.4%
FY24 Q4 12.4%
FY25 Q1 10.7%
FY25 Q2 13.0%
FY25 Q3 14.9%
FY25 Q4 14.3%
FY26 Q1 17.0%
FY26 Q2 16.8%
FY26 Q3 14.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 1,375 1,489 1,711 1,939 2,154 2,356 2,537 2,686 2,997 3,188 2,993 2,895 3,539 3,754 3,853 3,818 3,830 3,803
Gross profit 395 446 513 652 774 859 1,010 1,114 1,232 1,306 1,181 1,108 1,311 1,330 1,485 1,456 1,487 1,469
EBITDA — 174 244 314 360 405 516 580 648 685 607 583 760 439 824 787 814 760
Operating income — 133 197 259 300 345 453 515 578 613 529 503 682 362 746 708 729 665
Net income 81 112 306 159 170 208 283 327 297 444 370 345 487 236 557 534 546 495
Diluted EPS $0.59 $0.60 $1.64 $0.85 $0.92 $1.14 $1.58 $1.85 $1.70 $2.58 $2.22 $2.12 $3.02 $1.51 $3.69 $3.63 $3.85 $3.58
Growth (year on year)
Revenue −5.3% +8.3% +14.9% +13.4% +11.1% +9.4% +7.7% +5.9% +11.6% +6.4% −6.1% −3.3% +22.2% +6.1% +2.6% −0.9% +0.3% −0.7%
EBITDA — — +40.2% +29.0% +14.5% +12.7% +27.4% +12.4% +11.7% +5.8% −11.4% −4.0% +30.3% −42.2% +87.7% −4.5% +3.5% −4.4%
Operating income — — +47.9% +32.0% +15.6% +15.1% +31.2% +13.7% +12.2% +6.1% −13.7% −4.9% +35.5% −46.9% +105.9% −5.1% +3.0% −6.7%
Net income — +37.4% +173.7% −48.1% +6.9% +22.5% +36.1% +15.4% −9.2% +49.8% −16.7% −6.8% +41.2% −51.6% +136.1% −4.1% +2.4% −6.8%
Diluted EPS — +2.5% +171.1% −47.9% +7.0% +24.6% +38.6% +17.1% −8.1% +51.8% −14.0% −4.5% +42.5% −50.0% +144.4% −1.6% +6.1% −3.3%
Margins
Gross margin 28.7% 29.9% 30.0% 33.6% 35.9% 36.5% 39.8% 41.5% 41.1% 41.0% 39.5% 38.3% 37.0% 35.4% 38.5% 38.1% 38.8% 38.6%
EBITDA margin — 11.7% 14.2% 16.2% 16.7% 17.2% 20.3% 21.6% 21.6% 21.5% 20.3% 20.1% 21.5% 11.7% 21.4% 20.6% 21.2% 20.0%
Operating margin — 8.9% 11.5% 13.4% 13.9% 14.7% 17.9% 19.2% 19.3% 19.2% 17.7% 17.4% 19.3% 9.6% 19.3% 18.5% 19.0% 17.5%
Net margin 5.9% 7.5% 17.9% 8.2% 7.9% 8.8% 11.2% 12.2% 9.9% 13.9% 12.4% 11.9% 13.8% 6.3% 14.4% 14.0% 14.3% 13.0%
Free-cash-flow margin 16.0% 4.8% 0.3% 3.8% 8.4% 7.6% 11.0% 13.6% 7.7% 11.4% 13.1% 17.5% 16.0% 8.6% 15.5% 12.4% 14.3% 14.8%
Cash flow
Cash from operations 263 125 59 144 280 264 352 447 326 449 456 562 641 391 670 582 617 613
Capital spending 43 54 54 70 98 86 73 81 94 85 64 57 75 70 73 108 71 51
Free cash flow 220 71 5 74 182 178 279 366 232 364 392 505 566 321 598 474 546 562
Stock-based pay — — 6 7 11 11 9 9 10 10 13 13 12 11 12 15 14 15
Free cash flow after stock pay — — −1 67 171 167 270 357 222 354 379 493 554 310 586 459 532 547
Balance sheet
Cash 76 119 463 267 381 319 324 330 347 260 374 573 443 391 340 240 175 235
Total debt 253 261 462 244 192 — 249 324 410 221 284 113 197 345 127 193 155 673
Net debt (negative = net cash) 177 142 −2 −23 −189 −319 −75 −7 64 −38 −90 −460 −247 −47 −213 −46 −20 439
Diluted shares 138m 185m 186m 186m 186m 182m 179m 177m 175m 172m 167m 163m 161m 156m 151m 147m 142m 138m
Returned to shareholders
Dividends 21 25 28 33 43 54 68 84 97 130 149 159 170 177 184 190 196 199
Buybacks — — 24 22 74 104 128 135 139 203 288 57 367 404 307 306 401 326
Total returned 21 25 51 55 116 158 196 219 236 333 437 215 537 581 490 496 597 525

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 7 checks passed · September 30, 2026
What it owns · $3.7bn
Short-term assets $1.4bnLonger-term assets $2.2bn
What it owes, and who funded it · $3.7bn
Short-term liabilities $862mLonger-term liabilities $970mShareholders' equity $1.8bn
  • Short-term assets cover short-term liabilities $1.4bn of assets due within a year against $862m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.4bn short-term assets against $970m of longer-dated liabilities.
  • More cash than debt $234m of cash against $673m of debt.
  • Debt below 40% of shareholders' equity Debt is 37% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 16% to 37% over five years.
  • A year's operating cash flow covers at least 20% of debt $612m of operating cash flow against $673m of debt.
  • Operating profit covers interest at least five times over Operating income of $665m against $25m of interest.

From A. O. Smith's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$326M
Dividends (TTM)
$199M
Returned to shareholders
94%
of free cash flow
Buybacks, last 3 fiscal years
$1B
Diluted share count
−3.6%
year over year
Total shareholder yield
5.9%
dividends 2.2% + buybacks 3.7% of market value
Dividend payout ratio
40%
of net income paid out
Sales & admin spending
20.5%
of revenue

Competitors: side by side with peers

Closest by revenue in building products
Last 12 months unless stated AOS MOD ALLE FBIN WMS JELD Median
Revenue, last 12 months $3.8bn $3.4bn $4.4bn $4.4bn $3.2bn $3.2bn $1.8bn
Revenue growth, last 12 months −0.7% 29.5% 10.3% −2.3% 10.4% −8.1% 3.7%
Revenue growth, 3-year average 0.0% 12.3% 6.7% −1.0% 3.2% −11.4% 3.6%
Revenue growth, latest quarter −0.2% 28.0% 9.6% −4.1% 20.6% −0.7% 8.0%
Gross margin 38.6% 22.2% 45.1% 45.9% 38.6% 15.5% 32.0%
Operating margin 17.5% 10.1% 21.5% 6.8% 20.7% −8.8% 7.0%
Operating margin, 3-year average 18.0% 10.4% 20.9% 11.9% 22.3% −5.6% 10.7%
Net margin 13.0% 4.3% 15.7% 3.4% 14.0% −16.4% 5.1%
Cash from operations / revenue 16.1% 7.8% 19.2% 11.3% 25.0% −1.8% 12.4%
Free-cash-flow margin 14.8% 3.0% 16.9% 9.1% 17.1% −5.1% 8.9%
Free-cash-flow margin, 3-year average 14.0% 4.0% 16.5% 9.4% 16.2% −2.5% 8.5%
Stock pay / revenue 0.4% 0.7% 0.7% 0.3% 1.2% 0.5% 0.7%
Change in share count −3.6% 0.0% −0.6% −2.7% −0.1% 1.1% −0.6%

Median of all 46 companies we cover in building products. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

46 building products companies
Measure Company Peer median Rank
Revenue growth Growth -0.7% 4.0% 33 of 46
Change in growth rate Growth -1.1pp +0.8pp 35 of 46
Gross margin Profitability 38.6% 32.1% 13 of 43
Operating margin Profitability 17.5% 7.2% 13 of 45
Net margin Profitability 13.0% 5.6% 14 of 46
Free-cash-flow margin Cash generation 14.8% 9.1% 9 of 46
Stock pay as % of revenue Cash generation 0.4% 0.7% 9 of 41
Long-term debt as % of assets Balance sheet 17.3% 25.7% 12 of 37
Change in share count Balance sheet -3.6% -0.6% 7 of 44

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Reportable Segments $3.8B 100.0% ▲ 0.3%
North America $3B 77.4% ▲ 1.2%
Rest of World $866M 22.6% ▼ 2.7%
Geography
Region Revenue Share YoY
United States $2.6B 68.4% ▲ 1.8%
China $673M 17.6% ▼ 11.5%
Canada $327M 8.5% ▼ 1.4%
Other Foreign $212M 5.5% ▲ 38.3%

From A. O. Smith's 10-K filed February 10, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$7.9B
Institutions reporting
608
Shares held vs prior quarter
▲ 7.5%
Positions opened / closed
67 / 92

Top buyers and sellers, Q2 2026: 304 institutions bought and 320 sold ; the biggest buyer was FMR LLC (+2.5M shares) and the biggest seller Impax Asset Management Group PLC (−1.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
FMR LLC $653M 10.4M 8.2% ▲ 31.4%
Blackrock, Inc. $505M 8.1M 6.4% ▲ 9.5%
Vanguard Capital Management LLC $457M 7.3M 5.8% ▼ 0.6%
Vanguard Portfolio Management LLC $442M 7.1M 5.6% ▼ 0.7%
State Street Corp $413M 6.6M 5.2% ▲ 14.3%
Invesco Ltd. $347M 5.5M 4.4% ▲ 17.0%
American Century Companies Inc $296M 4.7M 3.7% ▲ 12.1%
Geode Capital Management, LLC $234M 3.7M 2.9% ▼ 5.3%
Impax Asset Management Group PLC $176M 2.8M 2.2% ▼ 34.2%
Morgan Stanley $170M 2.7M 2.1% ▼ 24.1%
Proshare Advisors LLC $157M 2.5M 2.0% ▲ 8.4%
UBS Group AG $155M 2.5M 2.0% ▲ 168.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not A. O. Smith's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $110,565 2 trades by 1 insider · 0% under pre-set plans
Net ▼ $110,565 net selling
Insider Date Trade Shares Price Value
Schuh Darrell W. SVP; President & GM Lochinvar March 4, 2026 Sell 1,104 $74.39 $82,126
Schuh Darrell W. SVP; President & GM Lochinvar February 13, 2026 Sell 356 $79.89 $28,439

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 35 trades and filings

No trades in A. O. Smith disclosed in the last 12 months; 35 earlier trades on record.

  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded September 25, 2025, filed October 7, 2025
  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded September 23, 2025, filed August 5, 2026
  • Julie Johnson(D-TX 32):Purchase, $1,001 - $15,000, traded September 23, 2025, filed August 5, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • January 29, 2026
  • October 28, 2025
  • July 24, 2025

Recent SEC filings

Data status

When each part of this page on A. O. Smith was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

A. O. Smith in brief

What does A. O. Smith do?
A. O. Smith is a US-listed company in the building products industry. Its financial year ends in December.
What is A. O. Smith's stock ticker?
A. O. Smith trades under the ticker AOS on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is A. O. Smith's revenue, and how fast is it growing?
Over its most recent trailing twelve months, A. O. Smith reported revenue of $3.8B, 0.7% lower than a year earlier, according to its SEC filings.
What is A. O. Smith's free cash flow?
A. O. Smith's free-cash-flow margin is 14.8% of revenue over the trailing twelve months, ranking 9 of the 46 building products companies we cover.
What is A. O. Smith's fair value (intrinsic value) per share?
Our discounted-cash-flow model of A. O. Smith's free cash flow after stock-based pay gives ~$64 per share in the base case, and ~$47–$86 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are A. O. Smith's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are FMR LLC, Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is A. O. Smith buying back stock, and does it pay a dividend?
A. O. Smith spent $326M on share repurchases over the trailing twelve months, and its diluted share count fell 3.6% over the year.
What is A. O. Smith's market cap?
On November 2, 2026, A. O. Smith's market capitalisation was about $9B, with a price-to-earnings ratio of 18.3 and net debt of $439M. Market figures come from third-party market data and may be delayed.
Does A. O. Smith pay a dividend?
Yes: A. O. Smith paid $199M in dividends over the trailing twelve months, a dividend yield of 2.24% and a payout ratio of 40.3%.
How much debt does A. O. Smith have?
A. O. Smith's debt-to-equity ratio is 36.9%, from its latest balance sheet (16.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are A. O. Smith's competitors?
In our Building Products peer group, the companies closest to A. O. Smith are Modine Manufacturing Co, Allegion, Fortune Brands Innovations, Inc., Advanced Drainage Systems, Inc. and Jeld-wen Holding, Inc. The side-by-side comparison below sets their revenue, margins and growth against A. O. Smith's.
Are insiders buying or selling A. O. Smith stock?
Over the last 12 months, A. O. Smith's directors and officers reported 0 open-market purchases and 2 sales on Form 4. The insider trading page charts every trade.
When is A. O. Smith's next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — A. O. Smith announces its own schedule.