• A O Smith average return on tangible equity for 2023 was 40.3, a 21.75% increase from 2022.
• A O Smith average return on tangible equity for 2022 was 51.5, a 9.2% decline from 2021.
• A O Smith average return on tangible equity for 2021 was 47.16, a 16.65% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.