A. O. Smith (AOS)
Maker of water-heating, treatment, and flow-control systems for homes and commercial buildings.
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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
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jul 31, 2026 | Stifel Nicolaus | Target | Target: $76 | Target: $70 |
| Jul 20, 2026 | Stifel Nicolaus | Target | Target: $75 | Target: $76 |
| Jun 10, 2026 | Oppenheimer | Reiterate | Rating: —Target: $80 | Target: $75 |
| May 15, 2026 | JP Morgan | Downgrade | ||
| May 4, 2026 | DA Davidson | Reiterate | Rating: —Target: $75 | Target: $67 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $181.3M · Total debt $676.7M · Total assets $3.64B · Shareholders' equity $1.84B
- Revenue
- $1.00B
- Operating income
- $167.5M
- Net income
- $124.9M
HistoryDividendAnnual yield
| Institutions | 93.54% | 127.13M shares | |
|---|---|---|---|
| 632 holders · as of Jun 30, 2026 | |||
| Insiders | 0.35% | 470.3K shares | |
| 16 holders · as of Apr 15, 2026 | |||
| Other | 6.11% | 8.31M shares | |
| remainder | |||
135.91M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
FMR LLCInstitution | 7.67% | 10.42M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 5.93% | 8.06M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 5.36% | 7.29M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 5.19% | 7.05M | as of Jun 30, 2026 |
State Street CorpInstitution | 4.84% | 6.58M | as of Jun 30, 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 |
- 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.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| A. O. Smith | $58.10 | +1.99% | $7.89B | 15.9 | 14.9 | 2.1 | −0.7% |
| Pentair | $55.68 | −0.18% | $8.90B | 14.0 | 11.4 | 2.2 | −17.0% |
| Watts Water Technologies | $354.34 | +1.06% | $11.71B | 30.6 | 26.6 | 4.4 | +18.6% |
| Aris Mining | $19.90 | +4.57% | $3.93B | 13.9 | 7.6 | 3.1 | +57.8% |
| Median | 14.0 | 11.4 | 3.1 | +18.6% |