AO
A.O. Smith Corp
AOS—
A.O. Smith Corp AI Insights
Informational only. Not investment advice.Snapshot
- ROE TTM of 28.2% vs industry median 0.1% - exceptional capital efficiency from asset-light model with 0.12 debt/equity[Return on Equity]
- Goodwill of 710M is 38% of equity and 92% of tangible book - acquisition-dependent growth creates impairment risk[Goodwill]
- FCF TTM of 571.8M (87% of cash flow) with capex only 2.2% of revenue - minimal reinvestment needed[Free Cash Flow]
Watch Triggers
- Operating Margin: Falls below 15% — Current 18.8% margin is 94x industry median - any compression signals pricing power erosion
- Total Revenue 3Y Growth: Accelerates above 5% — Would invalidate mature-business thesis and justify premium multiple
- Goodwill: Impairment charge announced — 710M goodwill is 38% of equity - writedown materially impacts book value
Bull Case
ROIC of 25.7% TTM with near-zero leverage (0.12 D/E) generates durable compounding - 571.8M FCF funds 1.36 dividend plus buybacks
ROICDebt to EquityFree Cash Flow
Operating margin 18.8% vs industry median -0.2% reflects pricing power in replacement-driven water heater market
Operating MarginGross Margin
Bear Case
P/B of 12.5x on tangible book of only 768M - paying 9.6B for 530M earnings leaves no margin of safety
Price to BookTangible Book ValueP/E Ratio
Revenue CAGR of 2.5% (3Y) and 4.4% (5Y) trails industry - mature business with limited growth vectors
Total Revenue 3Y GrowthTotal Revenue 5Y Growth
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
55%
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Forward Thesis
FCF yield compression likely as 2.5% 3Y revenue CAGR limits organic growth optionality
1-3ymed
- Revenue growth 2.5% vs industry median 4.5%
- No M&A activity (purchase_of_business = 0)
- Net debt paydown of 115M signals limited deployment
3Y revenue CAGR 2.5% TTMNet long-term debt issuance -115MWorking capital increased 80.3M
Valuation Context
Caveats
Public Strategies Rankings
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AOS Fundamentals
Manufacturing → Electrical Equipment, Appliance, and Component Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$10.21B | — | ||
$10.28B | — | ||
19 | — | ||
$3.83B | -1.6% | — | |
$3.80 | -0.1% | — | |
18.8% | -0.3% | — | |
13.9% | -0.6% | — | |
$571.8M | +18.2% | — | |
0.28 | -1.3% | — | |
Beta 5Y (Monthly) | unknown | — |
AOS Dividend History
105 dividends
2026
$0.360001/30/26$0.3600
2025
$1.380010/31/25$0.3600
07/31/25$0.3400
04/30/25$0.3400
01/31/25$0.3400
2024
$1.300010/31/24$0.3400
07/31/24$0.3200
04/29/24$0.3200
01/30/24$0.3200
2023
$1.220010/30/23$0.3200
07/28/23$0.3000
04/27/23$0.3000
01/30/23$0.3000
2022
$1.140010/28/22$0.3000
07/28/22$0.2800
04/28/22$0.2800
01/28/22$0.2800
2021
$1.060010/28/21$0.2800
07/29/21$0.2600
04/29/21$0.2600
01/28/21$0.2600
2020
$0.980010/29/20$0.2600
07/30/20$0.2400
04/29/20$0.2400
01/30/20$0.2400
2019
$0.900010/30/19$0.2400
07/30/19$0.2200
04/29/19$0.2200
01/30/19$0.2200
2018
$0.760010/30/18$0.2200
07/30/18$0.1800
04/27/18$0.1800
01/30/18$0.1800
2017
$0.560010/30/17$0.1400
07/27/17$0.1400
04/26/17$0.1400
01/27/17$0.1400
2016
$0.480010/27/16$0.1200
07/27/16$0.1200
04/27/16$0.1200
02/03/16$0.1200
2015
$0.380010/28/15$0.0950
07/29/15$0.0950
04/28/15$0.0950
02/04/15$0.0950
2014
$0.300010/29/14$0.0750
07/29/14$0.0750
04/28/14$0.0750
02/05/14$0.0750
2013
$0.230010/29/13$0.0600
07/29/13$0.0600
04/25/13$0.0600
01/29/13$0.0500
2012
$0.180010/29/12$0.0500
07/27/12$0.0500
04/26/12$0.0400
01/27/12$0.0400
2011
$0.150010/27/11$0.0400
07/27/11$0.0400
04/27/11$0.0350
01/27/11$0.0350
2010
$0.135010/27/10$0.0350
07/28/10$0.0350
04/28/10$0.0325
01/27/10$0.0325
2009
$0.128310/28/09$0.0325
07/29/09$0.0325
04/28/09$0.0317
01/28/09$0.0317
2008
$0.123310/29/08$0.0317
07/29/08$0.0317
04/28/08$0.0300
01/29/08$0.0300
2007
$0.116710/29/07$0.0300
07/27/07$0.0300
04/26/07$0.0283
01/29/07$0.0283
2006
$0.110010/27/06$0.0283
07/27/06$0.0283
04/26/06$0.0267
01/27/06$0.0267
2005
$0.106710/27/05$0.0267
07/27/05$0.0267
04/27/05$0.0267
01/27/05$0.0267
2004
$0.103310/27/04$0.0267
07/28/04$0.0267
04/28/04$0.0250
01/28/04$0.0250
2003
$0.096710/29/03$0.0250
07/29/03$0.0250
04/28/03$0.0233
01/29/03$0.0233
2002
$0.090010/29/02$0.0233
07/29/02$0.0233
04/26/02$0.0217
01/29/02$0.0217
2001
$0.086710/29/01$0.0217
07/27/01$0.0217
04/26/01$0.0217
01/29/01$0.0217
2000
$0.083310/27/00$0.0217
07/27/00$0.0217
04/26/00$0.0200
01/27/00$0.0200
AOS Stock Splits
3 stock splits
10/06/161:2 split
05/16/130.5:1 split
11/16/100.666667:1 split
AOS SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
10/28/25 | 09/30/25 | 10-Q | |
07/24/25 | 06/30/25 | 10-Q | |
04/29/25 | 03/31/25 | 10-Q | |
02/11/25 | 12/31/24 | 10-K | |
10/23/24 | 09/30/24 | 10-Q | |
07/24/24 | 06/30/24 | 10-Q | |
04/26/24 | 03/31/24 | 10-Q | |
02/13/24 | 12/31/23 | 10-K | |
10/27/23 | 09/30/23 | 10-Q | |
07/28/23 | 06/30/23 | 10-Q | |
04/28/23 | 03/31/23 | 10-Q | |
02/14/23 | 12/31/22 | 10-K | |
10/28/22 | 09/30/22 | 10-Q | |
07/29/22 | 06/30/22 | 10-Q | |
05/02/22 | 03/31/22 | 10-Q | |
02/11/22 | 12/31/21 | 10-K | |
10/29/21 | 09/30/21 | 10-Q | |
07/30/21 | 06/30/21 | 10-Q | |
04/30/21 | 03/31/21 | 10-Q | |
02/12/21 | 12/31/20 | 10-K | |
11/06/20 | 09/30/20 | 10-Q | |
08/05/20 | 06/30/20 | 10-Q | |
05/05/20 | 03/31/20 | 10-Q | |
02/24/20 | 12/31/19 | 10-K | |
11/06/19 | 09/30/19 | 10-Q | |
08/08/19 | 06/30/19 | 10-Q | |
05/09/19 | 03/31/19 | 10-Q | |
02/15/19 | 12/31/18 | 10-K | |
11/08/18 | 09/30/18 | 10-Q | |
08/06/18 | 06/30/18 | 10-Q | |
05/07/18 | 03/31/18 | 10-Q | |
02/16/18 | 12/31/17 | 10-K | |
11/06/17 | 09/30/17 | 10-Q | |
08/08/17 | 06/30/17 | 10-Q | |
05/08/17 | 03/31/17 | 10-Q | |
02/17/17 | 12/31/16 | 10-K | |
11/08/16 | 09/30/16 | 10-Q | |
08/08/16 | 06/30/16 | 10-Q | |
05/09/16 | 03/31/16 | 10-Q | |
02/17/16 | 12/31/15 | 10-K | |
11/09/15 | 09/30/15 | 10-Q | |
08/10/15 | 06/30/15 | 10-Q | |
05/05/15 | 03/31/15 | 10-Q | |
02/18/15 | 12/31/14 | 10-K | |
11/03/14 | 09/30/14 | 10-Q | |
08/05/14 | 06/30/14 | 10-Q | |
05/05/14 | 03/31/14 | 10-Q | |
02/20/14 | 12/31/13 | 10-K | |
11/04/13 | 09/30/13 | 10-Q | |
08/05/13 | 06/30/13 | 10-Q | |
05/06/13 | 03/31/13 | 10-Q | |
02/27/13 | 12/31/12 | 10-K | |
11/06/12 | 09/30/12 | 10-Q | |
08/03/12 | 06/30/12 | 10-Q | |
05/07/12 | 03/31/12 | 10-Q | |
02/27/12 | 12/31/11 | 10-K | |
11/08/11 | 09/30/11 | 10-Q | |
08/08/11 | 06/30/11 | 10-Q | |
05/10/11 | 03/31/11 | 10-Q | |
02/24/11 | 12/31/10 | 10-K | |
11/04/10 | 09/30/10 | 10-Q | |
08/04/10 | 06/30/10 | 10-Q | |
05/05/10 | 03/31/10 | 10-Q | |
02/26/10 | 12/31/09 | 10-K | |
11/03/09 | 09/30/09 | 10-Q | |
08/04/09 | 06/30/09 | 10-Q | |
05/05/09 | 03/30/09 | 10-Q | |
02/25/09 | 12/31/08 | 10-K | |
10/30/08 | 09/30/08 | 10-Q | |
08/06/08 | 06/30/08 | 10-Q | |
05/02/08 | 03/30/08 | Unknown | -- |
02/20/08 | 12/31/07 | 10-K | |
10/31/07 | 09/30/07 | 10-Q | |
08/01/07 | 06/30/07 | 10-Q | |
05/04/07 | 03/30/07 | Unknown | -- |
02/16/07 | 12/31/06 | 10-K | |
10/31/06 | 09/30/06 | 10-Q | |
08/03/06 | 06/30/06 | 10-Q | |
05/03/06 | 03/30/06 | Unknown | -- |
02/24/06 | 12/31/05 | 10-K | |
11/03/05 | 09/30/05 | 10-Q | |
08/02/05 | 06/30/05 | 10-Q | |
05/03/05 | 03/30/05 | Unknown | -- |
02/18/05 | 12/31/04 | 10-K | |
11/01/04 | 09/30/04 | 10-Q | |
08/02/04 | 06/30/04 | 10-Q | |
05/03/04 | 03/30/04 | Unknown | -- |
12/31/03 | 12/31/03 | ARS | |
10/30/03 | 09/30/03 | 10-Q | |
07/31/03 | 06/30/03 | 10-Q | |
05/01/03 | 03/30/03 | Unknown | -- |
02/20/03 | 12/31/02 | 10-K | |
11/06/02 | 09/30/02 | 10-Q | |
07/24/02 | 06/30/02 | 10-Q | |
04/19/02 | 03/30/02 | Unknown | -- |
02/21/02 | 12/31/01 | 10-K405 | |
10/24/01 | 09/30/01 | 10-Q | |
07/26/01 | 06/30/01 | 10-Q | |
04/24/01 | 03/30/01 | Unknown | -- |
02/22/01 | 12/31/00 | 10-K405 | |
10/26/00 | 09/30/00 | 10-Q | |
07/21/00 | 06/30/00 | 10-Q | |
04/20/00 | 03/30/00 | Unknown | -- |