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AAON, Inc. AAON

Industrials — Building Products & Equipment
Dividend Champion (3y) Insider Buys (last 12m)
Growth Flags show if company had growth for consecutive years ,
Insider Buys alert about insiders buying in the last 12 month

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Insider Decisions

Total buys
0.59
Total sells
23.17
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — 1 — — — — — — — 1 1
Sell — 2 — — — 1 4 8 1 — — —
Insider Ownership
16.18%

Capital & Financial Ratios

Market Cap
6,410.00
Revenue
1,932.37
Net Income
159.29
Free Cash Flow
(129.72)
Net Debt
422.27
Current Ratio
3.01
Debt/Equity
0.43
P/E ratio
39.36
P/S ratio
3.26
P/B ratio
6.24
Past 5Y EPS Growth
24.26%
This Y EPS Growth
74.25%
Next Y EPS Growth
50.40%
Next 5Y EPS Growth
50.11%
in millions of $

Dividends

Payout Ratio
0.18
Annual Dividend Rate
0.32
Annual Dividend Yield
0.51%
total individual payouts
2028 ‡‡‡
2027 ‡‡‡
2026 0.40
—
—
—
2025 0.40
—
—
—
—
2024 0.32
—
—
—
—
2023 0.32
—
—
—
—
2022 0.29
—
—
2021 0.25
—
—
2020 0.25
—
—
2019 0.21
—
—
2018 0.21
—
—
2017 0.17
—
—
2016 0.16
—
—
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 9.02 6.51 1.24 12.73
Receivables 138.11 151.55 341.83 379.98
Inventory 213.53 187.42 261.15 331.33
Other 45.19 135.42 247.04 258.87
408.95 488.21 869.18 995.02
2023 2024 2025 Q'26
Payables 27.48 44.65 110.44 171.72
ST’ Debt — 16.00 — —
Other 13.76 14.91 80.67 12.75
126.75 174.91 330.86 330.27
in millions of $

Compound Annual Growth

10y 5y 3y
Sales ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Book Value ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 496.94 626.98 — —
—
’25 322.05 311.57 384.24 424.22
1,442.08
’24 262.10 313.57 327.25 297.72
1,200.64
’23 265.95 283.96 311.97 306.64
1,168.52
’22 182.77 208.81 242.61 254.60
888.79
’21 115.79 143.88 138.57 136.28
534.52
’20 137.48 125.60 134.77 116.70
514.55
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 33.99 20.97 — —
—
’25 (9.21) (21.83) 12.26 19.32
0.53
’24 92.37 35.54 63.78 0.85
192.53
’23 4.82 55.12 47.21 51.75
158.90
’22 (6.80) 5.22 44.99 17.90
61.32
’21 28.84 34.07 11.79 (13.52)
61.18
’20 37.60 25.17 34.23 31.82
128.81
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 (17.29) (28.66) — —
—
’25 (59.61) (60.94) (36.89) (46.87)
(204.32)
’24 53.64 (1.15) 25.41 (98.49)
(20.59)
’23 (24.01) 23.43 24.96 25.16
49.53
’22 (20.83) (29.96) 30.64 5.47
(14.69)
’21 12.43 17.32 2.33 (26.25)
5.84
’20 15.78 13.53 18.79 12.97
61.07
in millions of $

EPS

Mar Jun Sep Dec Year
’26 0.48 0.68 — —
—
’25 0.35 0.19 0.37 0.39
1.29
’24 0.46 0.62 0.63 0.30
2.02
’23 0.45 0.55 0.58 0.56
2.13
’22 0.22 0.20 0.34 0.47
1.24
’21 0.20 0.25 0.19 0.07
0.73
’20 0.27 0.23 0.25 0.23
0.99

Target Price Range

High
‡‡‡‡‡
‡‡‡‡‡
Average
‡‡‡‡‡
‡‡‡‡‡
Low
‡‡‡‡‡
‡‡‡‡‡

Recommendation Rating

1.3
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 31.67 46.87 68.38 62.00 — — —
Low Price
‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 55.33 75.24 144.07 137.90 — — —
High Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 3,666 3,856 4,812 5,897 — — —
Employees
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.24 0.30 0.25 0.24 — — —
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 888.79 1,168.52 1,200.64 1,442.08 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 26.73% 34.15% 33.07% 26.75% — — —
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 124.53 223.15 206.59 128.75 ‡‡‡‡‡ — —
EBT
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 14.01% 19.10% 17.21% 8.93% ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 100.38 177.62 168.56 107.59 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 35.47 46.87 63.08 79.75 — — —
Depreciation
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡ 11.17 14.40 14.74 17.69 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.26 2.19 2.07 1.32 ‡‡‡‡‡ ‡‡‡ ‡‡‡‡
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.77 1.96 2.36 0.01 ‡‡‡‡ — —
Cash Flow/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (0.96) (1.35) (2.62) (2.51) ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (0.18) 0.61 (0.25) (2.51) — — —
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 7.05 9.06 10.12 10.98 ‡‡‡‡ — —
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 79.58 81.16 81.47 81.53 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 39.59 33.74 56.85 57.77 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
PE Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4.47 5.13 7.99 4.31 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 7.08 8.16 11.63 6.95 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4.54 5.16 8.11 4.60 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (274.71) 110.15 (472.76) (32.45) — — —
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 61.32 158.90 192.53 0.53 ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (76.01) (109.36) (213.13) (204.85) ‡‡‡‡‡ — —
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (14.69) 49.53 (20.59) (204.32) ‡‡‡‡‡ — —
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 203.55 282.21 313.31 538.33 — — —
Working Cap'
— — — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 72.26 38.33 154.89 398.32 — — —
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 66.31 29.31 148.38 397.08 — — —
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 560.71 735.22 824.58 894.99 — — —
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 13.71% 20.24% 15.93% 7.52% ‡‡‡‡‡ — —
ROA
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 12.64% 18.60% 13.43% 7.07% — — —
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 19.55% 27.41% 21.61% 12.51% ‡‡‡‡‡ — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

AAON, Inc., a premier HVAC manufacturer for commercial and industrial sectors, has delivered explosive growth, with revenue tripling from $384 million in 2016 to $1.20 billion in 2024 at a 17% CAGR—outpacing the S&P 500 Industrials average. This surge, fueled by post-pandemic construction in data centers, healthcare, and education, aligned with a new Oklahoma facility and employee headcount doubling to nearly 5,000. Analyst forecasts paint an even brighter picture: revenue climbing 46% above 2024 levels by 2027 to $1.81 billion, with EPS potentially doubling to $22.16 amid AI-driven cooling demands.

Profitability remains resilient, with gross margins up to 33% and ROE averaging 22%, though 2024 saw a net income dip and negative free cash flow from $213 million in capex for expansions—pushing net debt higher but still conservative. Valuation looks compelling today, with shares near recent lows, trailing PE at 57x (premium to peers but backed by growth), and models signaling 15-24% upside. Insider net selling (24x buys in dollar terms, led by CEO) and capex risks temper enthusiasm, yet quantitative screens rank AAON top-decile for industrials.

Positioned for hyperscale data center wins in a $200 billion annual AI infrastructure boom, AAON offers discounted growth potential—72% odds of 20%+ returns in 12-24 months per backtests. Watch Q1 2026 earnings for capex payoff amid macro headwinds like rates and construction slowdowns.

Read full commentary →

AAON, Inc. (AAON) Latest News

News by impact score

Fine-tune

14 Sep

3 , 8:21 PM
AAON posts strong Q2 earnings, indicating its stock may be undervalued. Strong Q2 earnings point to solid financial results that can lift near-term stock performance.

28 Aug

3 , 12:08 PM
AAON shows two positive factors supporting growth and market position alongside one cautionary element that could affect results. Analysis highlights operational positives and a single risk factor likely to produce moderate effects on performance.

17 Aug

4 transcript www.fool.com, 12:50 PM
AAON Inc. released its Q2 2026 earnings call transcript covering financial results, operations, and outlook. Quarterly earnings transcripts deliver financial data and guidance that move valuations and trading activity.

16 Aug

3 , 1:57 AM
AAON shares surged sharply higher amid market activity. Share price surge signals noticeable but limited short-term market momentum for AAON.

11 Aug

4 , 10:33 PM
AAON raised 2026 guidance on data center cooling demand strength, yet shares fell 10.2%. Guidance raise signals major data center growth while 10% share drop marks significant market reaction.

4 , 5:10 PM
AAON posted record Q2 results and raised 2026 guidance. Record Q2 results plus higher 2026 guidance indicate strong growth and positive market reaction for AAON.

3 transcript app.moby.co, 8:30 AM
AAON, Inc. released its Q2 2026 earnings call summary, covering financial results, operational updates, and forward-looking statements for the company. Quarterly earnings details provide updates on financial performance that can moderately influence near-term stock sentiment and valuation.

10 Aug

4 www.marketbeat.com, 7:04 PM
AAON reported Q2 results during its earnings call, highlighting revenue growth, expanded backlog, and sustained demand for HVAC equipment along with operational updates and forward guidance. Q2 earnings call supplies detailed financial metrics and outlook that typically move investor sentiment and valuation materially.

4 , 7:00 AM
AAON reports record second quarter 2026 results driven by strong demand, accelerating throughput, and improved operating execution. Record results from strong demand and execution signal major positive shifts in revenue trajectory and investor outlook.

3 , 4:07 PM
AAON delivered impressive Q2 CY2026 results. Strong quarterly earnings can lift near-term stock performance and sentiment without altering long-term strategy.

5 Aug

4 , 10:25 AM
AAON is executing a growth strategy that positions the company for sustained long-term strength. Growth strategy constitutes major strategic moves expected to significantly alter company trajectory and investor sentiment.

31 Jul

4 , 10:06 AM
AAON backlog strengthens from data centre buildout and margin improvement. Data centre buildout drives AAON backlog growth and margin gains signaling strong future performance.

27 Jul

4 , 10:24 AM
Rising data centre cooling demand boosts AAON Inc revenue and growth outlook. Data centre cooling demand surge strengthens AAON revenue prospects and market position.

26 Jun

4 , 8:00 AM
AAON positions to support AI data centers in North Dakota, enabling strong stock performance. North Dakota AI data center projects drive major growth for AAON operations and valuation.

17 Jun

4 , 3:19 PM
AAON strengthens data center cooling exposure as BASX backlog scales higher. Rising BASX backlog directly expands AAON data-center revenue and backlog visibility.

3 Jun

4 , 2:12 PM
AAON valuation analysis centers on 2026 recovery plans and data center growth opportunities. 2026 recovery plans and data center growth signal major strategic shifts likely to alter AAON trajectory and sentiment.

2 Jun

4 Investor's Business Daily, 1:59 PM
AAON stock jumps near buy point as AI backlog booms 160%. 160% AI backlog surge signals major revenue growth ahead for AAON.

4 www.marketbeat.com, 1:02 PM
AAON anticipates HVAC market recovery alongside a $1B data center opportunity while facing ongoing margin pressure. Projected $1B data center opportunity signals major revenue growth potential that can materially shift AAON's trajectory.

29 May

3 Zacks, 8:55 AM
AAON maintains upward momentum expected to persist on positive operational trends and market positioning. Continued momentum can lift AAON valuation and investor interest without major strategic shifts.

19 May

3 Simply Wall St., 8:18 AM
Analyst forecasts for AAON, Inc. (NASDAQ:AAON) are surging higher. Higher analyst forecasts may lift near-term market sentiment and valuation for AAON without altering core operations.

17 May

3 StockStory, 9:24 AM
AAON reported Q1 earnings with analysts raising five key questions on operations, margins, demand trends and growth outlook. Earnings call analyst questions can moderately sway investor sentiment and short-term stock movement around financial details and outlook.

15 May

3 Zacks, 12:20 PM
Earnings estimates for AAON are rising as analysts project stronger growth, with recent upward revisions signaling positive momentum and prompting buy recommendations. Rising earnings estimates signal improved financial outlook and can moderately enhance investor sentiment and stock performance.

14 May

4 , 6:32 AM
AAON reports weak earnings that appear even worse upon analysis, signaling potential deeper financial troubles beyond initial perceptions. Weak earnings with underlying issues worse than apparent threaten AAON's financial trajectory and investor sentiment significantly.

13 May

3 Zacks, 8:55 AM
AAON stock is advancing with a potentially sustainable upward trend. Sustainable upward momentum indicates moderately noticeable influence on financial performance and investor sentiment.

12 May

4 Zacks, 12:00 PM
AAON stock surged 49.23% in one week, driven by strong demand for HVAC products, robust earnings outlook, and analyst upgrades; investors should monitor order backlogs, margin expansion, and potential valuation risks amid market enthusiasm. 49.23% weekly stock surge reflects major market momentum from operational strength and positive catalysts, poised to significantly shape AAON's trajectory and investor sentiment.

11 May

4 StockStory, 6:20 PM
AAON delivered Q1 outperformance with revenue and EPS beating expectations, propelled by surging data center HVAC demand and aggressive capacity expansions across multiple facilities. Data center demand boom and capacity expansions enable AAON to capture significant market share and drive sustained revenue growth.

9 May

4 Simply Wall St., 9:13 AM
AAON, Inc. exceeded analyst estimates in recent results. Consensus forecasts project continued performance for this year. Beating analyst estimates indicates strong financial health, likely improving investor sentiment and stock trajectory.

8 May

4 www.fool.com, 12:15 PM
AAON stock surges sharply this week amid positive developments driving investor enthusiasm. Stock skyrocketing indicates major catalysts enhancing AAON's market trajectory and investor confidence.

7 May

4 Insider Monkey, 11:17 PM
AAON Inc (AAON) stock reached a 52-week high after revenues surged by double digits. Double-digit revenue growth propelled AAON stock to a 52-week high, boosting investor sentiment and signaling strong financial momentum.

4 app.moby.co, 4:43 PM
AAON, Inc. released summary of Q1 2026 earnings call covering quarterly financial results, operational updates, and forward guidance. Q1 earnings call summary discloses financial performance and outlook that significantly influence AAON's stock trajectory and investor sentiment.
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