A.O. Smith
AOSActiveCIK 91142 · Water Infrastructure & Treatment Equipment
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, AOS filings, SEC EDGAR
$8,187
Market cap ($MM)
$8,658
Enterprise value ($MM)
$3,812
Revenue · LTM ($MM)
$795
EBITDA · LTM ($MM)
21%
EBITDA margin
2.3x
EV / revenue
10.9x
EV / EBITDA
0.5x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01AOS is a scaled public consolidator in Water Infra, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is XYL, VLTO, WTS, WMS, MWA, PNR.
Balance sheet & capacity
Indicative capacity read: 0.5x net debt / EBITDA with EBITDA of $795MM.
$185
Cash & equiv. ($MM)
$616
Total debt ($MM)
$431
Net debt ($MM)
0.5x
Net debt / EBITDA
Valuation
Where it trades against its peer set
AOS versus the scaled public Water Infrastructure & Treatment Equipment comparables.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| A. O. Smith Corporation | AOS | $3,812 | $795 | 21% | $8,187 | $8,658 | 2.3x | 10.9x | 0.5x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
AOS's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
51
Active years
13
Named deals
10
Avg / active year
3.9
Acq. cash outflow ($MM)
N/A
Annual acquisition count
named acquisitionAOS cadence shown by annual acquisition count because verified spend is N/A.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Jan 6, 2026 | LVC Holdco LLC (Leonard Valve) | Water infrastructure, treatment, and equipment | $470 | Consistent with our stated strategic priorities, we continue to seek acquisitions that enable growth, expand our core business, and establish adjacencies. In November 2025, we a... | 10-K† |
| Aug 1, 2011 | Lochinvar | Water infrastructure, treatment, and equipment | $435 | We acquired Lochinvar in 2011 for approximately $435 million including an earn-out provision that resulted in a payment of $13.5 million in December 2012. Our Lochinvar brand is... | 10-K† |
| Apr 3, 2006 | GSW | Water infrastructure, treatment, and equipment | $339 | Our acquisition of the common stock of GSW was completed on April 3, 2006 for $339.3 million. The purchase was made with a combination of borrowing under our credit facility, co... | 10-K† |
| Oct 19, 2021 | Giant Factories, Inc. | Water infrastructure, treatment, and equipment | $199 | We acquired Giant, a Canada-based manufacturer of residential and commercial water heaters, on October 19, 2021, for $199 million subject to customary adjustments using a combin... | 10-K† |
| Nov 1, 2024 | Pureit | Water infrastructure, treatment, and equipment | $125 | On November 1, 2024, we acquired Pureit from Unilever for approximately $125 million, subject to customary adjustments. Pureit, a leading water purification business in South As... | 10-K† |
| Apr 8, 2019 | Water-Right, Inc. | Water infrastructure, treatment, and equipment | $107 | On April 8, 2019, the Company acquired 100 percent of the shares of Water-Right, Inc. and its affiliated entities (Water-Right), a Wisconsin-based water treatment company. With... | 10-K† |
| Aug 8, 2016 | Aquasana, Inc. | Water infrastructure, treatment, and equipment | $85 | On August 8, 2016, the Company acquired 100 percent of the shares of Aquasana, Inc. (Aquasana), a Texas-based water treatment company. With the addition of Aquasana, the Company... | 10-K† |
| Sep 5, 2017 | Hague Quality Water International | Water infrastructure, treatment, and equipment | $43 | On September 5, 2017, the Company acquired 100 percent of the shares of Hague Quality Water International (Hague), an Ohio-based water softener company. With the addition of Hag... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 16 SEC-backed facts across 9 cited filings.
Strategy
In management's own words
The acquisition thesis as management frames it in its filings and why each line matters.
| Theme | Excerpt | Why it matters | Source |
|---|---|---|---|
| Management language | N/A | N/A until a source excerpt is available. | N/A |
Excerpts drawn from SEC filings; the right-hand read turns each into a coverage talking point.
Evidence
Source ledger
Every figure above traces to a dated SEC filing.
| Claim | Excerpt | Source type | Filing date | Evidence | Source |
|---|---|---|---|---|---|
| Leonard Valve | Consistent with our stated strategic priorities, we continue to seek acquisitions that enable growth, expand our core business, and establish adjacencies. In November 2025, we announced that we sig... | 10-K | Feb 10, 2026 | Medium | SEC source |
| Lochinvar acquisition | We acquired Lochinvar in 2011 for approximately $435 million including an earn-out provision that resulted in a payment of $13.5 million in December 2012. Our Lochinvar brand is one of the leading ... | 10-K | Feb 17, 2015 | Medium | SEC source |
| GSW acquisition | Our acquisition of the common stock of GSW was completed on April 3, 2006 for $339.3 million. The purchase was made with a combination of borrowing under our credit facility, commercial paper and C... | 10-K | Feb 16, 2007 | Medium | SEC source |
| Giant Factories, Inc. | We acquired Giant, a Canada-based manufacturer of residential and commercial water heaters, on October 19, 2021, for $199 million subject to customary adjustments using a combination of cash and de... | 10-K | Feb 14, 2023 | Medium | SEC source |
| Pureit | On November 1, 2024, we acquired Pureit from Unilever for approximately $125 million, subject to customary adjustments. Pureit, a leading water purification business in South Asia, offers a broad r... | 10-K | Feb 10, 2026 | Medium | SEC source |
| Water-Right, Inc. | On April 8, 2019, the Company acquired 100 percent of the shares of Water-Right, Inc. and its affiliated entities (Water-Right), a Wisconsin-based water treatment company. With the addition of Wate... | 10-K | Feb 24, 2020 | Medium | SEC source |