SMITH A O CORP (AOS)

Household Appliances

Latest Price

$60.13

TTM P/E

16.03

Normalized P/E

18.77

Div Yield

2.33%

Book Value

13.58

P/B Ratio

4.43

Valuation metrics

EPS: $3.85

Book value / share: $13.09

Formula: √(22.5 × EPS × BVPS)

Graham Number

$33.68

44% 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

44% 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

+84% upside

EPS: $3.85

Target P/E: 19×

Formula: EPS × P/E

P/E Fair Value

$73.15

+22% upside

80.1% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
FMR LLC	7.93M	$522.0M	5.73%	+2.20M	2026-03-31
BlackRock, Inc.	7.36M	$485.0M	5.32%	+24.7K	2026-03-31
VANGUARD CAPITAL MANAGEMENT LLC	7.33M	$483.0M	5.30%	--	2026-03-31
VANGUARD PORTFOLIO MANAGEMENT LLC	7.10M	$468.0M	5.13%	--	2026-03-31
STATE STREET CORP	5.76M	$379.0M	4.16%	-152.6K	2026-03-31
Invesco Ltd.	4.73M	$311.0M	3.42%	+169.8K	2026-03-31
Impax Asset Management Group plc	4.28M	$282.0M	3.09%	-371.3K	2026-03-31
AMERICAN CENTURY COMPANIES INC	4.22M	$277.0M	3.05%	+218.2K	2026-03-31
GEODE CAPITAL MANAGEMENT, LLC	3.94M	$259.0M	2.85%	+441.5K	2026-03-31
MORGAN STANLEY	3.58M	$236.0M	2.59%	+670.7K	2026-03-31