With almost 60% of U.S households and 20% of Annual Fuel Use, the Water Heater is a piece of technology quintessential to a home. Founded in 1874 and formerly known for its steel frame, bomb-casing, and welding capabilities, Milwaukee-based A.O. Smith Corporation (NYSE: AOS) currently manufactures residential and commercial gas, tankless and electric water heaters. With a current market capitalization of $11.56 billion and 13,900 employees, the company is a Standard and Poors 500 component and a Dividend Aristocrat. In this essay, I examine the Share Price starting 2000 against the Producer Price Index for Domestic Water Heaters against New Houses Sold and the Segment-based Quarterly Net Sales to identify Water Treatment Segment as a new driver for revenue growth. Shares of A.O. Smith have comfortably outperformed the Standard and Poors 500 Index and the Standard and Poors 500 Dividend Aristocrats index while raising dividends.