A. O. Smith manufactures water heaters and boilers for homes and businesses, a product most owners replace only when the old one fails. That replacement-driven demand makes revenue steadier than most industrial categories. North America is the profit core, where the company holds a leading share, while China and India provide the long growth runway as plumbing standards rise. Founded in 1874, A. O. Smith has also expanded into water treatment. Decades of consecutive dividend increases reflect the model's consistency.