A. O. Smith Corporation manufactures and markets residential and commercial gas and electric water heaters, boilers, heat pumps, tanks, and water treatment products in North America, China, Europe, and India. The company offers water heaters for residences, restaurants, hotels, office buildings, laundries, car washes, and small businesses; boilers for hospitals, schools, hotels, homes, apartments, and condominiums, and other large commercial buildings; and water treatment products comprising point-of-entry water softeners, well water solutions, and whole-home water filtration products, and point-of-use carbon and reverse osmosis products for residences, restaurants, hotels, and offices. It also provides commercial water treatment and filtration products; expansion tanks, commercial solar water heating systems, swimming pool and spa heaters, and related products and parts; and electric wall-hung, gas tankless, combi-boiler, and heat pump and solar water heaters. The company offers its products under the A. O. Smith, State, Lochinvar, Hague, Water-Right, Master Water, Atlantic Filter, Impact, and Water Tec brands. It distributes its products through independent wholesale plumbing distributors, as well as to retail channels consisting of hardware and home center chains, and manufacturer representative firms, as well as offers Aquasana branded products directly to consumers through e-commerce channels; and A. O. Smith branded water treatment products through dealer network and Amazon. A. O. Smith Corporation was founded in 1874 and is headquartered in Milwaukee, Wisconsin.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $3.8B | $814M | $546M | $546M | 29.4% | 0.3% | 2.4% |
| 2024 | $3.8B | $787M | $534M | $474M | 28.3% | -0.9% | -4.1% |
| 2023 | $3.9B | $824M | $557M | $598M | 30.2% | 2.6% | 136.1% |
| 2022 | $3.8B | $310M | $236M | $321M | 13.5% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 3,753.90 | 3,852.80 | 3,818.10 | 3,830.20 |
| Operating Revenue | - | 3,753.90 | 3,852.80 | 3,818.10 | 3,830.20 |
| Cost Of Revenue | - | 2,424.30 | 2,368 | 2,362 | 2,342.80 |
| Gross Profit | - | 1,329.60 | 1,484.80 | 1,456.10 | 1,487.40 |
| Operating Expense | - | 670.90 | 727.40 | 739.30 | 759.40 |
| Selling General And Administration | - | 670.90 | 727.40 | 739.30 | 759.40 |
| Total Expenses | - | 3,095.20 | 3,095.40 | 3,101.30 | 3,102.20 |
| Operating Income | - | 658.70 | 757.40 | 716.80 | 728 |
| EBITDA | - | 310 | 823.80 | 786.50 | 813.70 |
| Normalized EBITDA | - | 310 | 842.60 | 804.10 | 813.70 |
| EBIT | - | 233.10 | 745.50 | 707.70 | 728.60 |
| Interest Expense | - | 9.40 | 12 | 6.70 | 13.50 |
| Net Interest Income | - | -9.40 | -12 | -6.70 | -13.50 |
| Other Non Operating Income Expenses | - | -425.60 | 6.90 | 8.50 | 0.60 |
| Other Income Expense | - | -425.60 | -11.90 | -9.10 | 0.60 |
| Interest Expense Non Operating | - | 9.40 | 12 | 6.70 | 13.50 |
| Net Non Operating Interest Income Expense | - | -9.40 | -12 | -6.70 | -13.50 |
| Pretax Income | - | 223.70 | 733.50 | 701 | 715.10 |
| Tax Provision | - | -12 | 176.90 | 167.40 | 168.90 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | -4.53 | -4.21 | 0 |
| Net Income Continuous Operations | - | 235.70 | 556.60 | 533.60 | 546.20 |
| Net Income From Continuing And Discontinued Operation | - | 235.70 | 556.60 | 533.60 | 546.20 |
| Net Income From Continuing Operation Net Minority Interest | - | 235.70 | 556.60 | 533.60 | 546.20 |
| Net Income | - | 235.70 | 556.60 | 533.60 | 546.20 |
| Net Income Common Stockholders | - | 235.70 | 556.60 | 533.60 | 546.20 |
| Net Income Including Noncontrolling Interests | - | 235.70 | 556.60 | 533.60 | 546.20 |
| Normalized Income | - | 235.70 | 570.87 | 546.99 | 546.20 |
| Diluted NI Availto Com Stockholders | - | 235.70 | 556.60 | 533.60 | 546.20 |
| Basic Average Shares | - | 151.18 | 151.02 | 147.08 | 141.92 |
| Diluted Average Shares | - | 155.78 | 151.02 | 147.08 | 141.92 |
| Reconciled Depreciation | - | 76.90 | 78.30 | 78.80 | 85.10 |
| Reconciled Cost Of Revenue | - | 2,424.30 | 2,368 | 2,362 | 2,342.80 |
| Total Unusual Items | - | 0 | -18.80 | -17.60 | 0 |
| Total Unusual Items Excluding Goodwill | - | 0 | -18.80 | -17.60 | 0 |
| Special Income Charges | - | 0 | -18.80 | -17.60 | 0 |
| Restructuring And Mergern Acquisition | - | 0 | 18.80 | 17.60 | 0 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| A. O. Smith Corporationthis co. | AOS | $7.9B | 14.39β discount | 4.23 | 29.4% | 9.66 |
| Builders FirstSource, Inc. | BLDR | $8.1B | 18.53 | 1.85 | 10.0% | 9.42 |
| Zurn Elkay Water Solutions Corporation | ZWS | $7.9B | 40.15 | 4.96 | 12.3% | 21.96 |
| Everus Construction Group, Inc. | ECG | $7.9B | 39.15 | 12.54 | 32.0% | 26.30 |
| Mercury Systems, Inc. | MRCY |
| - |
| - |
| - |
| - |
| - |
| - |
| $7.1B |
| -186.64 |
| 4.80 |
| -2.6% |
| 113.93 |
| MYR Group Inc. | MYRG | $7.0B | 59.36 | 10.64 | 17.9% | 29.91 |
| Primoris Services Corporation | PRIM | $6.9B | 25.19 | 4.12 | 16.4% | 14.55 |
| Enpro Inc. | NPO | $6.7B | 165.58 | 4.34 | 2.6% | 37.34 |
| Pool Corporation | POOL | $6.7B | 16.43 | 5.63 | 34.3% | 12.83 |
| Peer Median | - | 32.17 | 4.88 | 14.4% | 24.13 | |