SMITH A O CORP
AOS · Household Appliances · 75.7M shares · -2%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $295M (gross $306M, SBC $12M)
Reference price $74.39 · est. market cap ~$5.6B — last insider sale, 2026-03-04 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B82Market-leading water heater and boiler maker with top-decile returns and a clean balance sheet, but a real growth stall.
Strengths
- ROA 95.4th pct (17.4%) and ROE 83.1st pct (29.4%); operating margin 85.7th pct
- Near debt-free (debt/equity 0.06) with interest coverage 54x and leadership in NA water heating
Risks
- Revenue essentially flat (0.3%, 29.8th pct) with China third-party sales down 12% and ongoing strategic review
- Steel/tariff input-cost volatility and DOE regulatory transition
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Strong balance sheetStrong balance sheet — $193M cash & investments
- Buying back stockNet buyback — share count -2%/yr over 4y
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
38.8%
Operating margin
19.0%
Net margin
14.3%
Return on equity
29.4%
Return on assets
17.4%
ROIC
29.2%
Revenue growth (QoQ)
3.6%
Net-income growth
2.4%
Debt / equity
0.1×
Net debt / EBITDA
-0.1×
Interest coverage
54.0×
Current ratio
1.5×
EBITDA
$814M
Tangible book value
$785M
Cash & investments
$193M
Stock comp / revenue
0.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-04-13 | Fister Todd W | Grant | 2.3K | $66.32 |
| 2026-04-13 | Kadri Ilham | Grant | 2.3K | $66.32 |
| 2026-04-13 | MARTIN LOIS M | Grant | 2.3K | $66.32 |
| 2026-04-13 | MAPES CHRISTOPHER L | Grant | 2.3K | $66.32 |
| 2026-04-13 | SMITH MARK D | Grant | 2.3K | $66.32 |
| 2026-03-04 | Schuh Darrell W. | Sell | 1.1K | $74.39 |
| 2026-02-23 | Carver Samuel M. | Gift | 1.1K | — |
| 2026-02-13 | STERN JAMES F | Grant | 1.6K | $79.89 |
| 2026-02-13 | Schuh Darrell W. | Option exercise | 1.5K | — |
| 2026-02-13 | Schuh Darrell W. | Sell | 356 | $79.89 |
| 2026-02-13 | Otchere Benjamin A | Tax withheld | 545 | $79.89 |
| 2026-02-13 | O'Brien Stephen D. | Option exercise | 2.9K | — |
| 2026-02-13 | O'Brien Stephen D. | Tax withheld | 1.1K | — |
| 2026-02-13 | O'Brien Stephen D. | Grant | 791 | — |
| 2026-02-13 | Lauber Charles T | Option exercise | 9.5K | — |
| 2026-02-13 | Lauber Charles T | Tax withheld | 4.4K | $79.89 |
| 2026-02-13 | Lauber Charles T | Grant | 2.3K | $79.89 |
| 2026-02-13 | Karge Douglas Samuel | Option exercise | 1.4K | — |
| 2026-02-13 | Karge Douglas Samuel | Tax withheld | 666 | $79.89 |
| 2026-02-13 | Karge Douglas Samuel | Grant | 338 | $79.89 |
| 2026-02-13 | Carver Samuel M. | Option exercise | 2.6K | — |
| 2026-02-13 | Carver Samuel M. | Tax withheld | 1.0K | $79.89 |
| 2026-02-13 | Carver Samuel M. | Grant | 709 | $79.89 |
| 2026-02-13 | Otchere Benjamin A | Option exercise | 1.5K | — |
| 2026-02-13 | Schuh Darrell W. | Tax withheld | 356 | $79.89 |
| 2026-02-13 | Wheeler Kevin J. | Option exercise | 36K | — |
| 2026-02-13 | Wheeler Kevin J. | Tax withheld | 17K | $79.89 |
| 2026-02-13 | Wheeler Kevin J. | Grant | 8.6K | $79.89 |
| 2026-02-13 | STERN JAMES F | Option exercise | 6.8K | — |
| 2026-02-13 | STERN JAMES F | Tax withheld | 3.2K | $79.89 |
| 2025-12-01 | STERN JAMES F | Gift | 2.5K | — |
| 2025-08-07 | STERN JAMES F | Sell | 17K | $71.24 |
| 2025-07-31 | Lauber Charles T | Tax withheld | 2.1K | $70.79 |
| 2025-07-31 | Lauber Charles T | Option exercise | 2.9K | $31.67 |
| 2025-07-30 | Wheeler Kevin J. | Option exercise | 22K | $31.67 |
| 2025-07-30 | Wheeler Kevin J. | Sell | 22K | $71.26 |
| 2025-07-29 | SMITH MARK D | Sell | 2.4K | $71.36 |
| 2025-06-04 | STERN JAMES F | Gift | 1.2K | — |
| 2025-04-08 | SMITH MARK D | Grant | 2.5K | $60.78 |
| 2025-04-08 | MARTIN LOIS M | Grant | 2.5K | $60.78 |
| 2025-04-08 | MAPES CHRISTOPHER L | Grant | 2.5K | $60.78 |
| 2025-04-08 | Kadri Ilham | Grant | 2.5K | $60.78 |
| 2025-04-08 | Fister Todd W | Grant | 2.5K | $60.78 |
| 2025-04-01 | O'Brien Stephen D. | Option exercise | 1.9K | — |
| 2025-04-01 | O'Brien Stephen D. | Tax withheld | 760 | $65.22 |
| 2025-02-27 | Carver Samuel M. | Sell | 3.5K | $66.51 |
| 2025-02-21 | Carver Samuel M. | Gift | 369 | — |
| 2025-02-07 | Wheeler Kevin J. | Option exercise | 20K | — |
| 2025-02-07 | Wheeler Kevin J. | Tax withheld | 9.7K | $65.65 |
| 2025-02-07 | STERN JAMES F | Option exercise | 3.9K | — |
| 2025-02-07 | STERN JAMES F | Tax withheld | 1.9K | $65.65 |
| 2025-02-07 | Schuh Darrell W. | Option exercise | 660 | — |
| 2025-02-07 | Schuh Darrell W. | Tax withheld | 196 | $65.65 |
| 2025-02-07 | Scheppele Stephanie Melissa | Option exercise | 1.5K | — |
| 2025-02-07 | Scheppele Stephanie Melissa | Tax withheld | 686 | $65.65 |
| 2025-02-07 | Otchere Benjamin A | Option exercise | 660 | — |
| 2025-02-07 | Otchere Benjamin A | Tax withheld | 247 | $65.65 |
| 2025-02-07 | O'Brien Stephen D. | Option exercise | 1.1K | — |
| 2025-02-07 | O'Brien Stephen D. | Tax withheld | 496 | $65.65 |
| 2025-02-07 | Lauber Charles T | Option exercise | 5.3K | — |
| 2025-02-07 | Lauber Charles T | Tax withheld | 2.6K | $65.65 |
| 2025-02-07 | Karge Douglas Samuel | Option exercise | 800 | — |
| 2025-02-07 | Karge Douglas Samuel | Sell | 419 | $65.65 |
| 2025-02-07 | Heideman Robert J | Option exercise | 2.0K | — |
| 2025-02-07 | Heideman Robert J | Sell | 1.0K | $65.65 |
| 2025-02-07 | Carver Samuel M. | Option exercise | 1.3K | — |
| 2025-02-07 | Carver Samuel M. | Tax withheld | 597 | $65.65 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-22 | Exec/director changeExhibits | filing ↗ |
| 2026-05-19 | Exec/director changeExhibits | filing ↗ |
| 2026-04-30 | ResultsExhibits | filing ↗ |
| 2026-04-17 | Shareholder voteOther | filing ↗ |
| 2026-01-29 | ResultsExhibits | filing ↗ |
| 2026-01-06 | Debt obligationOtherExhibits | filing ↗ |
| 2025-11-12 | OtherExhibits | filing ↗ |
| 2025-10-28 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-22 | 2026-06-22 | 0000091142-26-000091 ↗ |
| 8-K | 2026-05-19 | 2026-05-19 | 0000091142-26-000086 ↗ |
| 10-Q | 2026-04-30 | 2026-03-31 | 0000091142-26-000084 ↗ |
| 8-K | 2026-04-30 | 2026-04-30 | 0000091142-26-000082 ↗ |
| 8-K | 2026-04-17 | 2026-04-13 | 0000091142-26-000078 ↗ |
| 10-K | 2026-02-10 | 2025-12-31 | 0000091142-26-000008 ↗ |
| 8-K | 2026-01-29 | 2026-01-29 | 0000091142-26-000005 ↗ |
| 8-K | 2026-01-06 | 2026-01-05 | 0000091142-26-000003 ↗ |
| 8-K | 2025-11-12 | 2025-11-12 | 0000091142-25-000153 ↗ |
| 8-K | 2025-10-28 | 2025-10-28 | 0000091142-25-000148 ↗ |
| 10-Q | 2025-10-28 | 2025-09-30 | 0000091142-25-000150 ↗ |
| 8-K | 2025-08-28 | 2025-08-28 | 0000091142-25-000112 ↗ |