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Side-by-side financial comparison of A. O. Smith (AOS) and Polaris Inc. (PII). Click either name above to swap in a different company.
Polaris Inc. is the larger business by last-quarter revenue ($1.9B vs $912.5M, roughly 2.1× A. O. Smith). A. O. Smith runs the higher net margin — 13.7% vs -15.8%, a 29.5% gap on every dollar of revenue. On growth, Polaris Inc. posted the faster year-over-year revenue change (9.5% vs 0.0%). A. O. Smith produced more free cash flow last quarter ($165.5M vs $114.0M). Over the past eight quarters, Polaris Inc.'s revenue compounded faster (5.2% CAGR vs -3.4%).
A. O. Smith Corporation is an American manufacturer of both residential and commercial water heaters and boilers, and the largest manufacturer and marketer of water heaters in North America. It also supplies water treatment and purification products in the Asian market. The company has 27 locations worldwide, including five manufacturing facilities in North America, as well as plants in Bengaluru in India, Nanjing in China and Veldhoven in The Netherlands.
Polaris Inc. is an American automotive manufacturer headquartered in Medina, Minnesota, United States. Polaris was founded in Roseau, Minnesota, where it still has engineering and manufacturing facilities. The company manufactured motorcycles through its Victory Motorcycles subsidiary until January 2017, then produced motorcycles through the Indian Motorcycle subsidiary, which it purchased in April 2011 and announced its divestiture in October 2025. Polaris produced personal watercraft from 1...
AOS vs PII — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $912.5M | $1.9B |
| Net Profit | $125.4M | $-303.6M |
| Gross Margin | 38.4% | 20.0% |
| Operating Margin | 17.9% | -16.7% |
| Net Margin | 13.7% | -15.8% |
| Revenue YoY | 0.0% | 9.5% |
| Net Profit YoY | 14.3% | -2964.2% |
| EPS (diluted) | $0.89 | $-5.34 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $912.5M | $1.9B | ||
| Q3 25 | $942.5M | $1.8B | ||
| Q2 25 | $1.0B | $1.9B | ||
| Q1 25 | $963.9M | $1.5B | ||
| Q4 24 | $912.4M | $1.8B | ||
| Q3 24 | $902.6M | $1.7B | ||
| Q2 24 | $1.0B | $2.0B | ||
| Q1 24 | $978.8M | $1.7B |
| Q4 25 | $125.4M | $-303.6M | ||
| Q3 25 | $132.0M | $-15.8M | ||
| Q2 25 | $152.2M | $-79.3M | ||
| Q1 25 | $136.6M | $-66.8M | ||
| Q4 24 | $109.7M | $10.6M | ||
| Q3 24 | $120.1M | $27.7M | ||
| Q2 24 | $156.2M | $68.7M | ||
| Q1 24 | $147.6M | $3.8M |
| Q4 25 | 38.4% | 20.0% | ||
| Q3 25 | 38.7% | 20.7% | ||
| Q2 25 | 39.3% | 19.4% | ||
| Q1 25 | 38.9% | 16.0% | ||
| Q4 24 | 37.1% | 20.4% | ||
| Q3 24 | 37.4% | 20.6% | ||
| Q2 24 | 38.7% | 21.6% | ||
| Q1 24 | 39.3% | 19.0% |
| Q4 25 | 17.9% | -16.7% | ||
| Q3 25 | 18.6% | 1.1% | ||
| Q2 25 | 20.4% | -0.7% | ||
| Q1 25 | 19.1% | -2.4% | ||
| Q4 24 | 10.1% | 3.7% | ||
| Q3 24 | 19.5% | 3.8% | ||
| Q2 24 | 21.9% | 6.1% | ||
| Q1 24 | 22.0% | 2.2% |
| Q4 25 | 13.7% | -15.8% | ||
| Q3 25 | 14.0% | -0.9% | ||
| Q2 25 | 15.0% | -4.3% | ||
| Q1 25 | 14.2% | -4.3% | ||
| Q4 24 | 12.0% | 0.6% | ||
| Q3 24 | 13.3% | 1.6% | ||
| Q2 24 | 15.2% | 3.5% | ||
| Q1 24 | 15.1% | 0.2% |
| Q4 25 | $0.89 | $-5.34 | ||
| Q3 25 | $0.94 | $-0.28 | ||
| Q2 25 | $1.07 | $-1.39 | ||
| Q1 25 | $0.95 | $-1.17 | ||
| Q4 24 | $0.75 | $0.18 | ||
| Q3 24 | $0.82 | $0.49 | ||
| Q2 24 | $1.06 | $1.21 | ||
| Q1 24 | $1.00 | $0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $193.2M | $138.0M |
| Total DebtLower is stronger | $155.0M | $1.5B |
| Stockholders' EquityBook value | $1.9B | $828.4M |
| Total Assets | $3.1B | $4.9B |
| Debt / EquityLower = less leverage | 0.08× | 1.82× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $193.2M | $138.0M | ||
| Q3 25 | $172.8M | $335.5M | ||
| Q2 25 | $177.9M | $324.3M | ||
| Q1 25 | $200.2M | $291.7M | ||
| Q4 24 | $276.1M | $287.8M | ||
| Q3 24 | $255.6M | $291.3M | ||
| Q2 24 | $233.3M | $322.7M | ||
| Q1 24 | $303.1M | $318.8M |
| Q4 25 | $155.0M | $1.5B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | $193.2M | $1.6B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $2.1B | ||
| Q1 24 | — | $2.0B |
| Q4 25 | $1.9B | $828.4M | ||
| Q3 25 | $1.8B | $1.1B | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $1.9B | $1.2B | ||
| Q4 24 | $1.9B | $1.3B | ||
| Q3 24 | $1.9B | $1.3B | ||
| Q2 24 | $1.9B | $1.3B | ||
| Q1 24 | $1.9B | $1.4B |
| Q4 25 | $3.1B | $4.9B | ||
| Q3 25 | $3.2B | $5.3B | ||
| Q2 25 | $3.2B | $5.4B | ||
| Q1 25 | $3.3B | $5.5B | ||
| Q4 24 | $3.2B | $5.5B | ||
| Q3 24 | $3.2B | $5.6B | ||
| Q2 24 | $3.2B | $5.7B | ||
| Q1 24 | $3.2B | $5.6B |
| Q4 25 | 0.08× | 1.82× | ||
| Q3 25 | — | 1.13× | ||
| Q2 25 | — | 1.17× | ||
| Q1 25 | — | 1.32× | ||
| Q4 24 | 0.10× | 1.27× | ||
| Q3 24 | — | 1.29× | ||
| Q2 24 | — | 1.56× | ||
| Q1 24 | — | 1.46× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $183.1M | $178.7M |
| Free Cash FlowOCF − Capex | $165.5M | $114.0M |
| FCF MarginFCF / Revenue | 18.1% | 5.9% |
| Capex IntensityCapex / Revenue | 1.9% | 3.4% |
| Cash ConversionOCF / Net Profit | 1.46× | — |
| TTM Free Cash FlowTrailing 4 quarters | $546.0M | $558.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.1M | $178.7M | ||
| Q3 25 | $255.4M | $158.8M | ||
| Q2 25 | $139.6M | $320.3M | ||
| Q1 25 | $38.7M | $83.2M | ||
| Q4 24 | $221.9M | $206.3M | ||
| Q3 24 | $195.9M | $21.0M | ||
| Q2 24 | $57.4M | $146.3M | ||
| Q1 24 | $106.6M | $-105.4M |
| Q4 25 | $165.5M | $114.0M | ||
| Q3 25 | $240.6M | $116.7M | ||
| Q2 25 | $122.5M | $279.8M | ||
| Q1 25 | $17.4M | $47.6M | ||
| Q4 24 | $191.3M | $137.3M | ||
| Q3 24 | $163.4M | $-32.4M | ||
| Q2 24 | $34.5M | $79.1M | ||
| Q1 24 | $84.6M | $-177.5M |
| Q4 25 | 18.1% | 5.9% | ||
| Q3 25 | 25.5% | 6.3% | ||
| Q2 25 | 12.1% | 15.1% | ||
| Q1 25 | 1.8% | 3.1% | ||
| Q4 24 | 21.0% | 7.8% | ||
| Q3 24 | 18.1% | -1.9% | ||
| Q2 24 | 3.4% | 4.0% | ||
| Q1 24 | 8.6% | -10.2% |
| Q4 25 | 1.9% | 3.4% | ||
| Q3 25 | 1.6% | 2.3% | ||
| Q2 25 | 1.7% | 2.2% | ||
| Q1 25 | 2.2% | 2.3% | ||
| Q4 24 | 3.4% | 3.9% | ||
| Q3 24 | 3.6% | 3.1% | ||
| Q2 24 | 2.2% | 3.4% | ||
| Q1 24 | 2.2% | 4.2% |
| Q4 25 | 1.46× | — | ||
| Q3 25 | 1.93× | — | ||
| Q2 25 | 0.92× | — | ||
| Q1 25 | 0.28× | — | ||
| Q4 24 | 2.02× | 19.46× | ||
| Q3 24 | 1.63× | 0.76× | ||
| Q2 24 | 0.37× | 2.13× | ||
| Q1 24 | 0.72× | -27.74× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AOS
| North America Segment | $713.7M | 78% |
| Rest Of World | $158.3M | 17% |
| Other | $40.5M | 4% |
PII
| Wholegoods | $1.1B | 58% |
| Other | $243.3M | 13% |
| On Road Segment | $187.2M | 10% |
| Marine Segment | $138.3M | 7% |
| CA | $134.5M | 7% |
| APLA | $76.7M | 4% |
| Financial Service | $19.7M | 1% |
