SMITH A O CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data SMITH A O CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2025	FY2025
Revenue	2,686	2,997	3,188	2,993	2,895	3,539	3,754	3,853	3,818	3,830
Cost of revenue	1,572	1,764	1,882	1,812	1,787	2,228	2,424	2,368	2,362	2,343
Gross profit	1,114	1,232	1,306	1,181	1,108	1,311	1,330	1,485	1,456	1,487
Research and development	80.1	86.4	94	87.9	80.7	94.2	89	97.5	102	95
Selling, general and administrative	663	723	754	716	660	701	671	727	739	759
Operating income	515	578	613	529	503	682	362	746	708	729
Interest expense	7.3	10.1	8.4	11	7.3	4.3	9.4	12	6.7	13.5
Other non-operating income	18.1	21.3	21.2	18	11	20.4	-426	6.9	8.5	0.6
Pre-tax income	463	521	558	472	444	626	224	734	701	715
Income tax	136	224	114	102	99	139	-12	177	167	169
Net income	327	297	444	370	345	487	236	557	534	546
EBITDA	580	648	685	607	583	760	439	824	787	814
EPS, basic	1.87	1.72	2.60	2.24	2.13	3.05	1.52	3.71	3.65	3.87
EPS, diluted	1.85	1.70	2.58	2.22	2.12	3.02	1.51	3.69	3.63	3.85
Shares, basic (weighted)	175	173	171	165	162	160	155	150	146	141
Shares, diluted (weighted)	177	175	172	167	163	161	156	151	147	142
Dividend per share	0.48	0.56	0.76	0.90	0.98	1.06	1.14	1.22	1.30	1.38

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2025	FY2025
Cash and equivalents	330	347	260	374	573	443	391	340	240	175
Short-term investments	424	473	385	177	117	188	90.6	23.5	36.5	18.7
Receivables	519	593	647	590	585	634	581	596	541	582
Inventory	251	297	305	303	300	448	516	497	532	479
Other current assets	37.6	57.2	41.5	56.5	43.3	39.1	54.3	43.5	43.3	36.7
Total current assets	1,562	1,767	1,639	1,500	1,618	1,753	1,634	1,500	1,393	1,292
Property, plant and equipment	462	529	540	545	541	607	591	598	629	635
Lease right-of-use assets			0	46.9	41.6	32.5	29.8	37.3	32.8	46.3
Goodwill	492	517	513	546	547	628	620	633	762	711
Intangible assets	308	309	293	338	324	365	348	337	321	362
Other non-current assets	67.3	76.2	86.9	80.9	89.1	90	111	109	103	97
Total assets	2,891	3,197	3,072	3,058	3,161	3,474	3,332	3,214	3,240	3,143
Accounts payable	529	535	544	510	595	746	626	600	589	504
Accrued liabilities	101	116	120	144	162	182	159	177	153	148
Deferred revenue		56	47	49.6	90	155	85.7	59.7	54.4	34.2
Short-term debt	7.2	7.5	0	6.8	6.8	6.8	10	10	10	42.3
Total current liabilities	766	794	785	767	886	1,119	934	945	897	863
Long-term debt	316	403	221	277	106	190	335	117	183	113
Lease liabilities			0	38.7	34.4	22.3	22.4	27.9	23.5	37.1
Other non-current liabilities	88.3	210	201	189	177	182	165	156	118	138
Total liabilities	1,376	1,553	1,355	1,391	1,312	1,642	1,585	1,370	1,357	1,285
Total debt	324	410	221	284	113	197	345	127	193	155
Paid-in capital	478	487	497	509	520	545	556	578	601	614
Retained earnings	1,593	1,789	2,103	2,323	2,510	2,827	2,885	3,258	3,601	3,952
Treasury stock	-488	-627	-827	-1,113	-1,156	-1,503	-1,906	-2,203	-2,502	-2,904
Other comprehensive income	-363	-300	-351	-348	-321	-331	-82.4	-84.2	-112	-98.6
Shareholders' equity	1,511	1,645	1,717	1,667	1,848	1,832	1,748	1,844	1,884	1,858
Total equity	1,511	1,645	1,717	1,667	1,848	1,832	1,748	1,844	1,884	1,858
Total liabilities and equity	2,891	3,197	3,072	3,058	3,161	3,474	3,332	3,214	3,240	3,143

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2025	FY2025
Net income	327	297	444	370	345	487	236	557	534	546
Depreciation and amortization	65.1	70.1	71.9	78.3	80	77.9	76.9	78.3	78.8	85.1
Stock-based compensation	9.4	9.9	10.1	13.3	12.7	11.9	11.1	11.5	14.9	13.8
Deferred income tax						0	0	-3.8	-4.6	8.9
Change in receivables	-15.1	-75.8	-54.6	62.4	4.5	-25.5	42.5	-16.4	49	-36.4
Change in inventory	-23.4	-37.5	-7.7	6.3	2.9	-110	-82.8	18.1	-40.5	56.9
Change in payables	102	-5.1	8.8	-35.4	85.6	143	-89.4	-21.4	-5.9	-97.9
Cash from operations	447	326	449	456	562	641	391	670	582	617
Capital expenditures	-80.7	-94.2	-85.2	-64.4	-56.8	-75.1	-70.3	-72.6	-108	-70.8
Acquisitions	-90.8	-43.1	0	-107	0	-208	-8	-16.8	-146	0
Purchases of investments	-564	-584	-523	-273	-157	-185	-91.6	-63.1	-73.7	-42.7
Sales and maturities of investments	435	563	596	478	226	118	178	128	60.5	60.5
Cash from investing	-300	-158	-12.7	33.9	11.8	-350	8.1	-24.1	-267	-53
Debt issued	74.1	86.5		62.6		83.5	151	688	1,100	1,087
Debt repaid			-189		-171			-906	-1,030	-1,125
Share buybacks	-135	-139	-203	-288	-56.7	-367	-404	-307	-306	-401
Dividends paid	-84.2	-96.9	-130	-149	-159	-170	-177	-184	-190	-196
Cash from financing	-140	-152	-523	-376	-375	-421	-431	-685	-408	-633
Exchange rate effect						0	-20.8	-12.8	-6.6	4.2
Net change in cash	6.8	16.2	-86.9	114	199	-130	-52.1	-51.3	-100	-65.1
Free cash flow	366	232	364	392	505	566	321	598	474	546
Interest paid					7.6	4.2	9.3	12.3	6.7	13.5
Income taxes paid	117	131	116	117	114	131	175	190	188	165

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $58.65 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	38.6%	Gross profit / revenue.
Operating margin	17.5%	Operating income / revenue.
EBITDA margin	19.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	17.0%	Pre-tax income / revenue.
Net margin	13.1%	Net income / revenue.
FCF margin	16.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	18.2%	Cash from operations / revenue.
Effective tax rate	22.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	27.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	13.7%	Net income / average total assets.
Return on invested capital (ROIC)	22.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	20.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.4%	Capital expenditures / revenue.
D&A / revenue	2.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	2.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	3.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	6.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	3.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	26.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	7.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	3.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	22.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	6.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	2.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	32.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	9.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	6.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	36.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	12.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	6.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	16.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	1.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	15.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	19.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	1.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	6.2%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	6.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	7.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-1.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	0.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-3.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-0.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.59x	Current assets / current liabilities.
Quick ratio	0.98x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.21x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.35x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	17.5%	Total debt / total assets.
Liabilities / assets	49.5%	Total liabilities / total assets.
Net debt	$456.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.60x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	31.4x	Operating income / interest expense.
Working capital	$517.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	41.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$337.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.04x	Revenue / average total assets.
Fixed asset turnover	6.15x	Revenue / average property, plant and equipment.
Inventory turnover	4.84x	Cost of revenue / average inventory.
Days inventory	75 days	365 x average inventory / cost of revenue.
Receivables turnover	5.68x	Revenue / average receivables.
Days sales outstanding	64 days	365 x average receivables / revenue.
Days payables	82 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	58 days	Days inventory + days sales outstanding - days payables.
FCF conversion	127.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	7.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.63	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$27.60	Revenue / diluted weighted shares.
FCF per share	$4.64	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.02	Cash from operations / diluted weighted shares.
Book value per share	$13.36	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.45	Tangible book value / shares outstanding.
Cash per share	$1.32	(Cash + short-term investments) / shares outstanding.
Payout ratio	39.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	31.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	48.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$7.97B	Share price x shares outstanding.
Enterprise value	$8.43B	Market cap + total debt - cash - short-term investments.
P/E	15.9x	Market cap / net income. Only when net income is positive.
P/S	2.09x	Market cap / revenue.
P/B	4.33x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	23.6x	Market cap / tangible book value, when positive.
P/FCF	12.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.5x	Market cap / cash from operations, when positive.
EV/Sales	2.21x	Enterprise value / revenue.
EV/EBIT	12.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	13.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.0%	Free cash flow / market cap.
Earnings yield	6.3%	Net income / market cap (the inverse of P/E).
Dividend yield	2.5%	Dividends paid over the period / market cap.
Shareholder yield	6.4%	(Dividends paid + share buybacks) / market cap.
PEG	0.44x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was SMITH A O CORP's revenue in fiscal 2025?

SMITH A O CORP reported revenue of $3.83B for fiscal 2025, 0.3% higher than the year before.

Was SMITH A O CORP profitable in fiscal 2025?

Yes. Net income was $546.2M, a net margin of 14.3%.

How much free cash flow did SMITH A O CORP generate in fiscal 2025?

Cash from operations of $616.8M minus capital expenditures of $70.8M left free cash flow of $546.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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