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 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
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
FCF
Total debt
Cash
2025
$3.8B
$546M
38.8%
19.0%
$546M
$155M
$175M
2024
$3.8B
$534M
38.1%
18.5%
$474M
$193M
$240M
2023
$3.9B
$557M
38.5%
19.3%
$598M
$127M
$340M
2022
$3.8B
$236M
35.4%
9.6%
$321M
$345M
$391M
2021
$3.5B
$487M
37.0%
19.3%
$566M
$197M
$443M
2020
$2.9B
$345M
38.3%
17.4%
$505M
$113M
$573M
2019
$3.0B
$370M
39.5%
17.7%
$392M
$284M
$374M
2018
$3.2B
$444M
41.0%
19.2%
$364M
$221M
$260M
2017
$3.0B
$297M
41.1%
19.3%
$232M
$410M
$347M
2016
$2.7B
$327M
41.5%
19.2%
$366M
$324M
$330M
2015
—
$283M
—
—
$279M
$249M
$324M
2014
—
$208M
—
—
$178M
$224M
$319M
2013
—
$170M
—
—
$182M
$192M
$381M
2012
—
$159M
—
—
$74M
$244M
$267M
2011
—
$306M
—
—
$5M
$462M
$463M
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
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
FCF
Total debt
Cash
Mar '26
$946M
$118M
38.7%
17.1%
$119M
$616M
$185M
Dec '25
$913M
$125M
38.4%
17.9%
$166M
$155M
$175M
Sep '25
$943M
$132M
38.7%
18.6%
$241M
$186M
$153M
Jun '25
$1.0B
$152M
39.3%
20.4%
$123M
$303M
$178M
Mar '25
$964M
$137M
38.9%
19.1%
$17M
$270M
$173M
Dec '24
$912M
$110M
37.1%
16.2%
$191M
$193M
$240M
Sep '24
$903M
$120M
37.4%
17.5%
$163M
$120M
$219M
Jun '24
$1.0B
$156M
38.7%
20.3%
$35M
$140M
$216M
Mar '24
$979M
$148M
39.3%
19.8%
$85M
$120M
$252M
Dec '23
$988M
$137M
37.4%
19.7%
$201M
$127M
$340M
Sep '23
$938M
$135M
38.0%
20.6%
$160M
$130M
$281M
Jun '23
$961M
$157M
40.0%
23.7%
$127M
$206M
$379M
Mar '23
$966M
$127M
38.7%
20.1%
$109M
$341M
$406M
Dec '22
$936M
-$120M
37.2%
-16.7%
$157M
$345M
$391M
Sep '22
$874M
$110M
34.9%
18.7%
$140M
$288M
$359M
Jun '22
$966M
$126M
34.6%
18.4%
$20M
$298M
$359M
Mar '22
$978M
$120M
34.9%
18.1%
$4M
$295M
$406M
Dec '21
$996M
$140M
36.2%
19.8%
$235M
$197M
$443M
Sep '21
$915M
$132M
37.2%
19.5%
$166M
$106M
$486M
Jun '21
$860M
$118M
37.4%
19.1%
$78M
$106M
$445M
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 40.6× (Mar '23) to 15.5× (Jun '26).
The price-to-sales ratio has fallen from 2.5× (Mar '23) to 2.2× (Jun '26).
The dividend yield has risen from 1.9% (Mar '23) to 2.3% (Jun '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?
As of Jun '26, A. O. Smith traded at a price-to-earnings ratio of about 15.5× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. 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), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.