AOS Financials A. O. Smith

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Nov 1, 2026, 10:30 UTC Overview →

Growth & profitability

Revenue has grown 5.8% per year over the past 5 years.
Net income has grown faster than revenue (9.6% vs 5.8% per year).
Operating margin has expanded, at 19.0% in the latest year.
Free cash flow has grown 1.6% per year over the past 5 years.

Financial health

The company holds more cash ($175M) than total debt ($155M).
Total debt has grown in line with revenue (6.5% vs 5.8% per year).
Operating income covered interest expense 54× in the latest year, down from 69× 5 years ago.
Total debt is 0.2× EBITDA.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 35.8% of earnings and 35.8% of free cash flow.
The dividend has grown 4.3% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$3.8B	$546M	38.8%	19.0%	29.4%	17.4%	$546M	$155M	$175M
2024	$3.8B	$534M	38.1%	18.5%	28.3%	16.5%	$474M	$193M	$240M
2023	$3.9B	$557M	38.5%	19.3%	30.2%	17.3%	$598M	$127M	$340M
2022	$3.8B	$236M	35.4%	9.6%	13.5%	7.1%	$321M	$345M	$391M
2021	$3.5B	$487M	37.0%	19.3%	26.6%	14.0%	$566M	$197M	$443M
2020	$2.9B	$345M	38.3%	17.4%	18.7%	10.9%	$505M	$113M	$573M
2019	$3.0B	$370M	39.5%	17.7%	22.2%	12.1%	$392M	$284M	$374M
2018	$3.2B	$444M	41.0%	19.2%	25.9%	14.5%	$364M	$221M	$260M
2017	$3.0B	$297M	41.1%	19.3%	18.0%	9.3%	$232M	$410M	$347M
2016	$2.7B	$327M	41.5%	19.2%	21.6%	11.3%	$366M	$324M	$330M
2015	—	$283M	—	—	19.6%	10.8%	$279M	$249M	$324M
2014	—	$208M	—	—	15.0%	8.3%	$178M	$224M	$319M
2013	—	$170M	—	—	12.8%	7.1%	$182M	$192M	$381M
2012	—	$159M	—	—	—	7.0%	$74M	$244M	$267M
2011	—	$306M	—	—	—	13.0%	$5M	$462M	$463M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Sep '26	$941M	$126M	38.8%	18.5%	6.9%	3.5%	$163M	$673M	$235M
Jun '26	$1.0B	$125M	38.6%	16.5%	6.8%	3.4%	$114M	$638M	$181M
Mar '26	$946M	$118M	38.7%	17.1%	6.3%	3.2%	$119M	$616M	$185M
Dec '25	$913M	$125M	38.4%	17.9%	6.7%	4.0%	$166M	$155M	$175M
Sep '25	$943M	$132M	38.7%	18.6%	7.2%	4.2%	$241M	$186M	$153M
Jun '25	$1.0B	$152M	39.3%	20.4%	8.2%	4.7%	$123M	$303M	$178M
Mar '25	$964M	$137M	38.9%	19.1%	7.4%	4.2%	$17M	$270M	$173M
Dec '24	$912M	$110M	37.1%	16.2%	5.8%	3.4%	$191M	$193M	$240M
Sep '24	$903M	$120M	37.4%	17.5%	6.3%	3.8%	$163M	$120M	$219M
Jun '24	$1.0B	$156M	38.7%	20.3%	8.2%	4.9%	$35M	$140M	$216M
Mar '24	$979M	$148M	39.3%	19.8%	7.8%	4.6%	$85M	$120M	$252M
Dec '23	$988M	$137M	37.4%	19.7%	7.4%	4.3%	$201M	$127M	$340M
Sep '23	$938M	$135M	38.0%	20.6%	7.2%	4.2%	$160M	$130M	$281M
Jun '23	$961M	$157M	40.0%	23.7%	8.3%	4.8%	$127M	$206M	$379M
Mar '23	$966M	$127M	38.7%	20.1%	7.1%	3.8%	$109M	$341M	$406M
Dec '22	$936M	-$120M	37.2%	-16.7%	-6.9%	-3.6%	$157M	$345M	$391M
Sep '22	$874M	$110M	34.9%	18.7%	6.3%	3.4%	$140M	$288M	$359M
Jun '22	$966M	$126M	34.6%	18.4%	7.0%	3.8%	$20M	$298M	$359M
Mar '22	$978M	$120M	34.9%	18.1%	6.6%	3.5%	$4M	$295M	$406M
Dec '21	$996M	$140M	36.2%	19.8%	7.6%	4.0%	$235M	$197M	$443M

Valuation over time

How the market has priced AOS against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 39.4× (Mar '23) to 16.1× (Nov '26).
The price-to-sales ratio has fallen from 2.5× (Mar '23) to 2.3× (Nov '26).
The dividend yield has risen from 1.9% (Mar '23) to 2.2% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is AOS growing its revenue and profit?

Over the past 5 years, A. O. Smith's revenue has grown 5.8% per year, and net income grown 9.6% per year. These are computed facts, not advice.

How much debt does AOS have?

As of FY2025, A. O. Smith reported $155M of total debt against $175M of cash; operating income covered interest expense 54×.

What is AOS's profit margin?

In FY2025, gross margin was 38.8%, operating margin 19.0%, and net margin 14.3%.

What is AOS's P/E ratio?

A. O. Smith's P/E (TTM) is 17.77 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the AOS stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 16.1× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.