SMITH A O CORP (AOS)

Household Appliances

Latest Price

$57.38

TTM P/E

15.99

Normalized P/E

17.79

Div Yield

2.47%

Book Value

13.37

P/B Ratio

4.29

Valuation metrics

EPS: $3.85

Book value / share: $13.09

Formula: √(22.5 × EPS × BVPS)

Graham Number

$33.68

41% downside

Norm. op. income: $606M (median of 6yr)

Tax rate: 22%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$33.42

42% downside

Base FCF: $546M (median of recent 5yr)

Growth: 12%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$110.70

+93% upside

EPS: $3.85

Target P/E: 18×

Formula: EPS × P/E

P/E Fair Value

$69.30

+21% upside

87.5% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
FMR LLC	10.42M	$653.0M	7.56%	+2.49M	2026-06-30
BlackRock, Inc.	8.06M	$505.0M	5.85%	+699.6K	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	7.29M	$456.0M	5.29%	-47.1K	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	7.05M	$442.0M	5.12%	-47.9K	2026-06-30
STATE STREET CORP	6.58M	$412.0M	4.78%	+822.6K	2026-06-30
Invesco Ltd.	5.54M	$347.0M	4.02%	+805.9K	2026-06-30
AMERICAN CENTURY COMPANIES INC	4.73M	$296.0M	3.43%	+511.2K	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	3.73M	$233.0M	2.71%	-207.8K	2026-06-30
Impax Asset Management Group plc	2.81M	$176.0M	2.04%	-1.46M	2026-06-30
MORGAN STANLEY	2.72M	$170.0M	1.97%	-862.5K	2026-06-30