A. O. Smith Corporation

AOS · Industrials · $8.4B mkt cap · FY2025 filings · Wide moat

Wonderful & reasonably priced

Wide moat

The four filters

Pricing power65

Median gross margin 38.7% over 10y, very stable.

Returns on capital100

Median ROIC 28.6%, above the 9% hurdle in 100% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline79

Owner earnings +6.2%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

13% below value

Owner earnings (normalized): $533.6M
Est. intrinsic value / share: $67.42
Recent price: $58.91
Discount to value: 13% below value

Conservative model: 9% discount rate, 3% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell AOS. See the disclaimer.