Smith A O
Smith A O returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | 24.21% | 25.74% | — | 27.13% | 14.52% | 16.5 pp |
| FY 2026 Q1 | Mar 31, 2026 | 25.4% | 27.39% | — | 28.27% | 15.25% | 17.7 pp |
| FY 2025 Q4 | Dec 31, 2025 | — | — | — | — | — | — |
| FY 2025 Q3 | Sep 30, 2025 | — | — | — | — | — | — |
| FY 2025 Q2 | Jun 30, 2025 | — | — | — | — | — | — |
| FY 2025 Q1 | Mar 31, 2025 | — | — | — | — | — | — |
| FY 2024 Q3 | Sep 30, 2024 | 35.01% | 35.15% | 213.56% | 29.54% | 17.66% | 27.3 pp |
| FY 2024 Q2 | Jun 30, 2024 | 35.72% | 35.14% | 181.32% | 30.34% | 17.89% | 28 pp |
| FY 2024 Q1 | Mar 31, 2024 | 36.59% | 35.08% | — | 31.44% | 17.71% | 28.9 pp |
| FY 2023 Q4 | Dec 31, 2023 | 36.87% | 34.7% | — | 30.99% | 17.01% | 29.2 pp |
| FY 2023 Q3 | Sep 30, 2023 | 25.66% | 19.78% | -201.81% | 16.48% | 9.3% | 18 pp |
| FY 2023 Q2 | Jun 30, 2023 | 24.14% | 17.94% | — | 14.87% | 8.33% | 16.4 pp |
| FY 2023 Q1 | Mar 31, 2023 | — | 15.57% | — | 13.49% | 7.17% | — |
| FY 2022 Q4 | Dec 31, 2022 | — | 15.23% | — | 13.17% | 6.93% | — |
| FY 2022 Q3 | Sep 30, 2022 | 34.23% | 30.78% | 20.88% | 27.19% | 15.17% | 26.5 pp |
| FY 2022 Q2 | Jun 30, 2022 | 35.13% | 31.57% | 30.25% | 28.66% | 16.01% | 27.4 pp |
| FY 2022 Q1 | Mar 31, 2022 | 36.15% | 30.46% | 37.23% | 27.84% | 15.57% | 28.5 pp |
| FY 2021 Q4 | Dec 31, 2021 | 35.71% | 29.46% | 71.01% | 26.47% | 14.68% | 28 pp |
| FY 2021 Q3 | Sep 30, 2021 | 34.21% | 29.18% | 454.63% | 25.66% | 14.91% | 26.5 pp |
| FY 2021 Q2 | Jun 30, 2021 | 32.74% | 27.9% | — | 25.4% | 14.41% | 25 pp |
| FY 2021 Q1 | Mar 31, 2021 | 29.88% | 24.61% | — | 22.56% | 12.84% | 22.2 pp |
| FY 2020 Q4 | Dec 31, 2020 | 26.37% | 22.04% | — | 19.62% | 11.09% | 18.7 pp |
| FY 2020 Q3 | Sep 30, 2020 | 22.23% | 20.61% | — | 18.58% | 10.47% | 14.5 pp |
| FY 2020 Q2 | Jun 30, 2020 | 20.75% | 18.74% | — | 17.62% | 9.68% | 13.1 pp |
| FY 2020 Q1 | Mar 31, 2020 | 23.29% | 20.71% | — | 19.75% | 10.85% | 15.6 pp |
| FY 2019 Q4 | Dec 31, 2019 | 25.48% | 23.12% | — | 21.87% | 12.07% | 17.8 pp |
| FY 2019 Q3 | Sep 30, 2019 | — | 24.5% | — | 23.74% | 13.29% | — |
| FY 2019 Q2 | Jun 30, 2019 | 26.49% | 24.58% | 121.6% | 24.44% | 13.49% | 18.8 pp |
| FY 2019 Q1 | Mar 31, 2019 | 27.74% | 25.27% | — | 25.14% | 13.91% | 20 pp |
| FY 2018 Q4 | Dec 31, 2018 | 28.81% | 26.13% | — | 26.39% | 14.17% | 21.1 pp |
| FY 2018 Q3 | Sep 30, 2018 | — | 25.84% | — | 19.91% | 11.11% | — |
| FY 2018 Q2 | Jun 30, 2018 | 21.44% | 26.17% | -56.12% | 19.72% | 10.86% | 13.7 pp |
| FY 2018 Q1 | Mar 31, 2018 | 20.06% | 25.59% | -32.08% | 18.79% | 10.17% | 12.4 pp |
| FY 2017 Q4 | Dec 31, 2017 | 20.43% | 25.49% | -16.93% | 18.74% | 9.74% | 12.7 pp |
| FY 2017 Q3 | Sep 30, 2017 | 23.32% | 24.35% | 16.77% | 22.34% | 12.03% | 15.6 pp |
| FY 2017 Q2 | Jun 30, 2017 | 24.37% | 24.79% | 17.04% | 22.36% | 12.23% | 16.7 pp |
| FY 2017 Q1 | Mar 31, 2017 | 24.42% | 24.97% | 24.73% | 22.38% | 12.19% | 16.7 pp |
| FY 2016 Q4 | Dec 31, 2016 | 25.28% | 25.01% | 32.13% | 22.08% | 11.79% | 17.6 pp |
| FY 2016 Q3 | Sep 30, 2016 | 24.13% | 24.68% | 34.7% | 21.95% | 11.93% | 16.4 pp |
| FY 2016 Q2 | Jun 30, 2016 | 23.75% | 24.32% | 1,033.37% | 21.53% | 11.93% | 16.1 pp |
| FY 2016 Q1 | Mar 31, 2016 | 23.14% | 23.6% | 205.32% | 20.67% | 11.43% | 15.4 pp |
| FY 2015 Q4 | Dec 31, 2015 | 23.99% | 23.21% | 82.99% | 20.04% | 10.96% | 16.3 pp |
| FY 2015 Q3 | Sep 30, 2015 | 22.39% | 21.76% | — | 18.32% | 10.08% | 14.7 pp |
| FY 2015 Q2 | Jun 30, 2015 | 20.45% | 19.88% | — | — | 9.29% | 12.7 pp |
| FY 2015 Q1 | Mar 31, 2015 | 19.89% | 19% | — | — | 8.87% | 12.2 pp |
| FY 2014 Q4 | Dec 31, 2014 | 20.64% | 18.61% | 24% | 15.34% | 8.47% | 12.9 pp |
| FY 2014 Q3 | Sep 30, 2014 | — | 17.65% | — | — | 8.15% | — |
| FY 2014 Q2 | Jun 30, 2014 | — | 17.53% | — | — | 8.15% | — |
| FY 2014 Q1 | Mar 31, 2014 | — | 16.94% | — | — | 7.63% | — |
| FY 2013 Q4 | Dec 31, 2013 | 18.63% | 16.82% | — | — | 7.29% | 10.9 pp |
| FY 2013 Q3 | Sep 30, 2013 | 18.73% | 16.96% | — | — | 7.26% | 11 pp |
| FY 2013 Q2 | Jun 30, 2013 | 17.64% | 16.35% | — | — | 7.01% | 9.9 pp |
| FY 2013 Q1 | Mar 31, 2013 | 17.07% | 15.56% | 66.71% | — | 6.65% | 9.4 pp |
| FY 2012 Q4 | Dec 31, 2012 | 16% | 14.43% | 39.36% | — | 6.88% | 8.3 pp |
| FY 2012 Q3 | Sep 30, 2012 | 15.57% | 13.77% | — | — | 6.6% | 7.9 pp |
| FY 2012 Q2 | Jun 30, 2012 | 13.09% | 13.07% | — | — | 13.7% | 5.4 pp |
| FY 2012 Q1 | Mar 31, 2012 | 13.33% | 12.01% | — | — | 14.01% | 5.6 pp |
| FY 2011 Q4 | Dec 31, 2011 | 13.87% | 11.54% | 73.06% | — | 13.71% | 6.2 pp |
| FY 2011 Q3 | Sep 30, 2011 | — | — | — | — | 14.01% | — |
| FY 2011 Q2 | Jun 30, 2011 | — | — | — | — | 7.57% | — |
| FY 2011 Q1 | Mar 31, 2011 | — | — | — | — | — | — |
| FY 2010 Q4 | Dec 31, 2010 | — | — | — | — | — | — |
| FY 2010 Q3 | Sep 30, 2010 | — | — | — | — | — | — |
| FY 2010 Q2 | Jun 30, 2010 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · AOS, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.