TSR driver bridge · · built from SEC filings

That is the trend. The next exhibit is the level.

Normalized SG&A · % of revenue · US-GAAP building products peers

What "normalized" means. Reported SG&A less the disclosed advertising and R&D lines (SEC XBRL). Restructuring and stock-based compensation are benchmarked in Exhibit 3 but not stripped. What remains is the residual overhead line, on the same footing across the building products peers. Every adjustment traceable to the 10-K. Each bar is one peer.

Advertising, R&D, stock comp, restructuring · total filed spend, any P&L line

What the gap is worth · vs FY2027 analyst estimates

On the record · verbatim from the earnings calls

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A.O. Smith SG&A versus peers, in text

A.O. Smith (AOS) reports revenue of $3,830 million. On a normalized basis its SG&A runs 14.7% of revenue, against a median of 15.9% across 27 building products peers; 17 of the 27 run heavier. Reported SG&A less the disclosed lines that distort comparison: advertising, R&D, pension, stock-based compensation, restructuring and one-time items, plus logistics reclassed where filers park it in SG&A.

Disclosed lines held outside the normalized figure: Advertising 2.6% of revenue (18 of 28 companies disclose it); R&D 2.5% of revenue (10 of 28 companies disclose it).

Over 10 years (FY2016 to FY2025), A.O. Smith's total shareholder return was +65% against +298% for the peer composite; SG&A contributed +10.5 points of that return.

Built from SEC filings. Machine-readable copy: https://sgabenchmarking.com/r/AOS.json. Function-level headcount benchmarks by industry: https://sgabenchmarking.com/catalog.json.