Leonard Valve
10-K - Feb 10, 2026
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...
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
A. O. Smith Corporation
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, PNR, WTS, WMS, MWA.
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.
Indexed share-price performance
AOS versus available Water Infrastructure & Treatment Equipment peers and SPY.
-18%
AOS
N/A
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| 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 | $8,658 | 2.3x | 10.9x | 0.5x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
AOS's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
52
Active years
13
Named deals
9
Avg / active year
4.0
Acq. cash outflow ($MM)
N/A
Banker read
- 01AOS reads as a programmatic acquirer: 52 disclosed acquisitions across 13 active years, or 4.0 per active year. The chart shows activity in 11 of the last 12 visible years.
- 02In the last three years, the file shows 4 acquisitions versus 3 in the prior three; recent activity is running above the prior three-year period.
- 03Spend changes the read: $1.5B of disclosed spend is concentrated in lumpy years, with FY11 the largest year at $438MM. Recent spend is below the prior three-year period.
Annual acquisitions + disclosed spend
count spend named deal
AOS count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
4 / 3
Last three years is up 33% vs prior three.
Peak count year
FY10
3 disclosed acquisitions in the peak visible year.
Recent spend
$146MM
is down 58% vs prior three; peak FY11 at $438MM.
Named evidence
9 rows
17% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($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† |
| Aug 26, 2011 | Lochinvar Corporation | Water infrastructure, treatment, and equipment | $421 | On August 26, 2011, we acquired Lochinvar Corporation, of Lebanon, Tennessee (Lochinvar) which added $75.9 million to sales. The impact of the Lochinvar acquisition and pricing... | 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† |
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 15 SEC-backed facts across 8 cited filings.
Evidence
Source archive
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
23
Named deal filings
8
Recent SEC filings
0
Evidence clips
6
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.23 rows+-
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Feb 10, 2026 | Annual M&A 10-K | quarantined (1 issue) | 1 | N/A | $125MM | SEC filing |
| FY2024 | Feb 11, 2025 | Annual M&A 10-K | quarantined (1 issue) | 2 | $146MM | $146MM | SEC filing |
| FY2023 | Feb 13, 2024 | Annual M&A 10-K | warning (1 warn) | 1 | $16.8MM | N/A | SEC filing |
| FY2022 | Feb 14, 2023 | Annual M&A 10-K | warning (1 warn) | N/A | $8.0MM | N/A | SEC filing |
| FY2021 | Feb 11, 2022 | Annual M&A 10-K | accepted | 1 | $199MM | $199MM | SEC filing |
| FY2020 | Feb 12, 2021 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2019 | Feb 24, 2020 | Annual M&A 10-K | accepted | 1 | $107MM | $107MM | SEC filing |
| FY2018 | Feb 15, 2019 | Annual M&A 10-K | quarantined (1 warn, 1 issue) | 0 | N/A | N/A | SEC filing |
| FY2017 | Feb 16, 2018 | Annual M&A 10-K | accepted | 1 | $43.1MM | $43.1MM | SEC filing |
| FY2016 | Feb 17, 2017 | Annual M&A 10-K | accepted | 1 | $90.8MM | $88.1MM | SEC filing |
| FY2015 | Feb 17, 2016 | Annual M&A 10-K | quarantined (1 issue) | N/A | N/A | N/A | SEC filing |
| FY2014 | Feb 17, 2015 | Annual M&A 10-K | warning (1 warn) | N/A | $-4.0MM | N/A | SEC filing |
| FY2013 | Feb 20, 2014 | Annual M&A 10-K | accepted | 1 | $4.0MM | $6.8MM | SEC filing |
| FY2012 | Feb 27, 2013 | Annual M&A 10-K | accepted | 1 | $13.5MM | $435MM | SEC filing |
| FY2011 | Feb 27, 2012 | Annual M&A 10-K | accepted | 1 | $421MM | $443MM | SEC filing |
| FY2010 | Feb 24, 2011 | Annual M&A 10-K | quarantined (1 issue) | 3 | $11.8MM | $83.0MM | SEC filing |
| FY2009 | Feb 26, 2010 | Annual M&A 10-K | accepted | 2 | $71.4MM | $77.4MM | SEC filing |
| FY2008 | Feb 25, 2009 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2007 | Feb 20, 2008 | Annual M&A 10-K | quarantined (1 warn, 1 issue) | N/A | $341MM | N/A | SEC filing |
| FY2006 | Feb 16, 2007 | Annual M&A 10-K | accepted | 1 | $341MM | $339MM | SEC filing |
| FY2005 | Feb 24, 2006 | Annual M&A 10-K | accepted | 1 | $14.8MM | $17.9MM | SEC filing |
| FY2004 | Feb 18, 2005 | Annual M&A 10-K | accepted | N/A | $2.3MM | $4.0MM | SEC filing |
| FY2003 | Feb 23, 2004 | Annual M&A 10-K | accepted | 1 | $4.8MM | $4.0MM | SEC filing |
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.8 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Feb 10, 2026 | 10-K | LVC Holdco LLC (Leonard Valve); Pureit | Annual M&ANamed deals | SEC filing |
| Feb 14, 2023 | 10-K | Giant Factories, Inc. | Annual M&ANamed deals | SEC filing |
| Feb 24, 2020 | 10-K | Water-Right, Inc. | Annual M&ANamed deals | SEC filing |
| Feb 16, 2018 | 10-K | Hague Quality Water International | Annual M&ANamed deals | SEC filing |
| Feb 17, 2017 | 10-K | Aquasana, Inc. | Annual M&ANamed deals | SEC filing |
| Feb 17, 2015 | 10-K | Lochinvar | Annual M&ANamed deals | SEC filing |
| Feb 27, 2012 | 10-K | Lochinvar Corporation | Annual M&ANamed deals | SEC filing |
| Feb 16, 2007 | 10-K | GSW | Annual M&ANamed deals | SEC filing |
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+-
No filing source clears this category.
Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+-
Medium
Lochinvar acquisition
10-K - Feb 17, 2015
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 ...
Lochinvar Corporation acquisition
10-K - Feb 27, 2012
On August 26, 2011, we acquired Lochinvar Corporation, of Lebanon, Tennessee (Lochinvar) which added $75.9 million to sales. The impact of the Lochinvar acquisition and pricing actions related to h...
GSW acquisition
10-K - Feb 16, 2007
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...
Giant Factories, Inc.
10-K - Feb 14, 2023
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...
Pureit
10-K - Feb 10, 2026
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...
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.