A. O. Smith
Maker of water-heating, treatment, and flow-control systems for homes and commercial buildings.
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Profile
Manufactures water heaters, boilers, heat pumps, water-treatment systems, and water-management controls for residential, commercial, and institutional customers. Most sales come from North America, where replacement demand and wholesale distribution anchor the business, while China remains the largest international market.
Manufactures residential and commercial water heaters, boilers, heat pumps, water-treatment systems, and water-management controls. North America provides most sales: A. O. Smith and State products move through plumbing wholesalers and retailers, Lochinvar serves boiler and commercial-heating applications, Aquasana covers direct-to-consumer filtration, and Leonard Valve adds temperature and flow controls.
Broad distribution, replacement-driven water-heater demand, and gas, electric, tankless, heat-pump, and condensing platforms support the business across varied applications and efficiency standards.
China anchors the Rest of World segment, with India expanded through Pureit and smaller operations across Europe and other Asian markets. Demand also follows construction activity; steel costs, large-customer concentration, local consumer conditions, and energy-efficiency and building rules shape volumes and product mix. The China business remains under strategic review.
Company facts
Categories
Key statistics
Year to date −11.6% · Average volume (30d) 1.5M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 31, 2026 | Stifel Nicolaus | Target | $76 | $70 | ||
| Jul 20, 2026 | Stifel Nicolaus | Target | $75 | $76 | ||
| Jun 10, 2026 | Oppenheimer | Reiterate | Outperform | $80 | $75 | |
| May 15, 2026 | JP Morgan | Downgrade | Neutral | Underweight | ||
| May 4, 2026 | DA Davidson | Reiterate | Neutral | $75 | $67 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $0.96 | $1.03 | +7.6% | $994.9M | $1.00B | +0.9% | −3.59% |
| Apr 30, 2026Q1 FY26 | $0.94 | $0.85 | −9.6% | $974.1M | $945.6M | −2.9% | −2.41% |
| Jan 29, 2026Q4 FY25 | $0.84 | $0.90 | +7.1% | $928.3M | $912.5M | −1.7% | +0.44% |
| Oct 28, 2025Q3 FY25 | $0.91 | $0.94 | +3.6% | $948.0M | $942.5M | −0.6% | −1.89% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $963.9M | $1.01B | $942.5M | $912.5M | $945.6M | $1.00B | |
| Gross profit | $375.4M | $397.1M | $364.5M | $350.4M | $365.7M | $387.8M | |
| Operating income | $182.8M | $205.8M | $175.6M | $163.8M | $161.8M | $167.5M | |
| Net income | $136.6M | $152.2M | $132.0M | $125.4M | $118.0M | $124.9M | |
| Diluted EPS | $0.95 | $1.07 | $0.94 | $0.90 | $0.85 | $0.90 | |
| Gross margin | 38.9% | 39.3% | 38.7% | 38.4% | 38.7% | 38.6% | |
| Operating margin | 19.0% | 20.4% | 18.6% | 18.0% | 17.1% | 16.7% |
Fiscal years (4-quarter sums)FY21 $3.54B · FY22 $3.75B · FY23 $3.85B · FY24 $3.82B · FY25 $3.83B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $181.3M · Total debt $676.7M · Total assets $3.64B · Shareholders' equity $1.84B
Dividends
Raised for 39 straight years — most recently to $0.36 from $0.34 in Oct 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 31, 2026 | Jul 31 | Aug 17 | $0.36 | |
| Apr 30, 2026 | Apr 30 | May 15 | $0.36 | |
| Jan 30, 2026 | Jan 30 | Feb 17 | $0.36 | |
| Oct 31, 2025 | Oct 31 | Nov 17 | $0.36 | raised from $0.34 |
| Jul 31, 2025 | Jul 31 | Aug 15 | $0.34 | |
| Apr 30, 2025 | Apr 30 | May 15 | $0.34 | |
| Jan 31, 2025 | Jan 31 | Feb 18 | $0.34 | |
| Oct 31, 2024 | Oct 31 | Nov 15 | $0.34 | raised from $0.32 |
Ownership
Shares outstanding 138.59M · Float 110.38M · 79.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| FMR LLC | 10.42M | 7.52% | 13F | Aug 13, 2026 |
| BlackRock, Inc. | 8.06M | 5.81% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 7.29M | 5.26% | 13F | Aug 13, 2026 |
| Vanguard Portfolio Management LLC | 7.05M | 5.09% | 13F | Aug 13, 2026 |
| State Street Corp | 6.58M | 4.75% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Mar 4, 2026 | Darrell W. Schuh | officer: SVP; President & GM Lochinvar | −1,104 | $74.39 |
| Feb 13, 2026 | Darrell W. Schuh | officer: SVP; President & GM Lochinvar | −356 | $79.89 |
Peers
- Pentair
Principal US water treatment competitor, named in AOS 10-K; $4.1B revenue.
- Watts Water Technologies
AERCO boilers and Watts water quality systems compete with AOS in North America.
- Aris Mining
Racold (India) and HTP (NA) brands contest AOS in water heating globally.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| A. O. Smith | $60.38 | +0.02% | $8.37B | 16.8 | 15.5 | 2.2 | −0.7% |
| Pentair | $61.28 | −0.67% | $9.84B | 15.5 | 12.7 | 2.5 | −17.0% |
| Watts Water Technologies | $366.88 | +0.12% | $12.23B | 32.0 | 27.5 | 4.6 | +18.6% |
| Aris Mining | $20.25 | −0.10% | $4.18B | 14.8 | 7.8 | 3.3 | +57.8% |
| Median | 15.5 | 12.7 | 3.3 | +18.6% |