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AAON, Inc.

AAON Industrials Building Products & Equipment

AAON, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.4 billion, up 20.1% from fiscal 2024.

Revenue
+101.2%
EPS
+263.2%
Free cash flow
+53.0%
Total debt
+37.1%

Quarter to June 2026, against a year earlier

55.60 1.18 +2.17%
Market cap
$4.5B
P/E
27.7×
Fwd P/E
28.0×
Dividend yield
0.74%
F-score
2/9
Altman Z
6.93
Beneish M
−1.39
Dividend safety
49/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • AAON Oklahoma
  • AAON Coil Products
  • BasX

Every year since 2016 →

Insider Decisions last twelve months

Bought, $m 0.59
Sold, $m 19.99
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 1 — — — — — — — 1 1 — —
Sell — — — 1 4 8 1 — — — — —
Insider Ownership 16.16%

Capital & Financial Ratios $m

Size
Market Cap 4,490.00
Revenue ttm 1,932.37
Net income ttm 159.29
Free cash flow ttm (129.72)
Net debt Q 422.27
Valuation
P/E 27.72
Forward P/E 28.00
Price / sales 2.30
Forward P/S Powerpack
Price / FCF 0.00
Price / book 4.40
Financial health
Current ratio Q 3.01 (at or above 1.5: strong)
Debt / equity Q 0.43 (at or below 0.5: strong)
Interest coverage Q 11.12
Growth
Revenue growth Q +101.23% (above 0%: growing)
Operating income growth Q +192.10% (above 0%: growing)
EPS, this year +75.77% (at or above 15%: strong)
EPS, next year A +51.54% (at or above 15%: strong)
Revenue, next year A +60.46% (at or above 10%: strong)
EPS, past 5 yrs +5.37%
EPS, next 5 yrs A +49.88% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.5×, against a ten-year median of 5.2×; over the ten years it ranged from 2.5× in 2026 to 9.2× in 2024.
P/E against its own 10 years 2.46%
10-year low 10-year high
P/S against its own 10 years 0.04%
10-year low 10-year high
P/B against its own 10 years 0.04%
10-year low 10-year high
EV/Sales against its own 10 years 0.04%
10-year low 10-year high

Dividends

Yield
0.74%
Annual rate
0.40
Payout ratio
20.8%
Growth, 2017–25
+11.0%/yr
  1. 0.17 ’17
  2. 0.21 ’18 +23
  3. 0.21 ’19 +0
  4. 0.25 ’20 +19
  5. 0.25 ’21 +0
  6. 0.29 ’22 +13
  7. 0.32 ’23 +12
  8. 0.32 ’24 +0
  9. 0.40 ’25 +25
  10. 0.40 ’26e +0
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 9 7 1 13
Receivables 138 152 342 380
Inventory 214 187 261 331
Other 45 135 247 259
409 488 869 995
2023 2024 2025 Q'26
Payables 27 45 110 172
ST’ Debt — — — —
Other 14 15 81 13
127 175 331 330

Compound Annual Growth %

10y 5y 3y
Sales 14.93% 22.89% 17.51%
Cash Flow (37.13%) (66.62%) (79.43%)
Earnings 8.93% 6.37% 2.34%
Book Value 17.47% 20.60% 16.87%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.52 Actual 0.69

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.33 0.37 Beat by 0.04
Q4 FY25 0.45 0.39 Miss by 0.06
Q1 FY26 0.31 0.48 Beat by 0.17
Q2 FY26 0.52 0.69 Beat by 0.17
Q3 FY26 0.57 — Reports 9 November 2026

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
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 497 627 — — —
’25 322 312 384 424 1,442
’24 262 314 327 298 1,201
’23 266 284 312 307 1,169
’22 183 209 243 255 889
’21 116 144 139 136 535
’20 137 126 135 117 515
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 34 21 — — —
’25 (9) (22) 12 19 1
’24 92 36 64 1 193
’23 5 55 47 52 159
’22 (7) 5 45 18 61
’21 29 34 12 (14) 61
’20 38 25 34 32 129
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (17) (29) — — —
’25 (60) (61) (37) (47) (204)
’24 54 (1) 25 (98) (21)
’23 (24) 23 25 25 50
’22 (21) (30) 31 5 (15)
’21 12 17 2 (26) 6
’20 16 14 19 13 61
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 12.9% a year for ten years.

Implied
12.9%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 384 405 434 469 515 535 889 1,169 1,201 1,442 1,932 +15.8% 2,314 2,744 3,148 +29.7%
Gross margin, % 30.75 30.51 23.86 25.45 30.29 25.79 26.73 34.15 33.07 26.75 25.57 (4.0) pt
EBT 80 75 56 67 102 69 125 223 207 129 192 +5.4%
EBT margin, % 20.83 18.42 12.79 14.28 19.82 12.94 14.01 19.10 17.21 8.93 9.92 (11.9) pt
Net income 53 54 42 54 79 59 100 178 169 108 159 +8.1%
Per share, $
Per share, $ Revenue 4.84 5.14 5.53 6.01 6.58 6.80 11.17 14.40 14.74 17.69 23.51 +15.5%
Earnings 0.67 0.69 0.54 0.69 1.01 0.75 1.26 2.19 2.07 1.32 1.95 +7.8%
Cash flow 0.81 0.74 0.70 1.25 1.65 0.78 0.77 1.96 2.36 0.01 1.05 (41.5%)
Capex (0.33) (0.53) (0.47) (0.47) (0.87) (0.70) (0.96) (1.35) (2.62) (2.51) (2.63) +25.1%
Free cash flow 0.47 0.21 0.22 0.78 0.78 0.07 (0.18) 0.61 (0.25) (2.51) (1.58) n/m
Book value 2.59 3.01 3.18 3.71 4.48 5.93 7.05 9.06 10.12 10.98 12.29 +17.4%
Shares, m 79 79 78 78 78 79 80 81 81 82 82 +0.3%
Valuation, ×
Valuation, × P/E 33.68 35.87 43.28 46.61 44.12 70.91 39.59 33.74 56.85 57.77 27.72 46.2
P/S 4.60 4.79 4.22 5.48 6.76 7.79 4.47 5.13 7.99 4.31 2.30 5.6
P/B 8.57 8.19 7.35 8.87 9.91 8.93 7.08 8.16 11.63 6.95 4.40 8.6
EV/Sales 4.48 4.72 4.22 5.40 6.61 7.86 4.54 5.16 8.10 4.59 2.52 5.6
EV/FCF 46.08 117.36 104.02 41.68 55.67 718.96 (274.63) 110.12 (471.99) (32.37) (37.51) 41.5
Cash, $m
Cash, $m Operating cash flow 64 58 55 98 129 61 61 159 193 1 87 (41.2%)
Capex (27) (42) (37) (37) (68) (55) (76) (109) (213) (205) (216) +25.5%
Free cash flow 37 16 18 61 61 6 (15) 50 (21) (204) (130) n/m
Balance, $m
Balance, $m Working capital 102 104 93 132 161 131 204 282 313 538 665 +20.3%
Net debt (44) (30) (2) (38) (76) 37 65 29 132 397 422 n/m
Shareholders’ equity 206 237 249 290 351 466 561 735 825 895 1,010 +17.7%
Returns, %
Returns, % ROA 21.81 19.46 14.00 15.81 19.26 10.69 13.71 20.24 15.93 7.52 9.76 (14.3) pt
ROIC 30.68 22.43 13.98 16.61 23.15 8.61 12.66 18.60 13.66 7.07 9.31 (23.6) pt
ROE 27.74 24.30 17.40 19.91 24.65 14.38 19.55 27.41 21.61 12.51 17.28 (15.2) pt
People
People Employees 1,619 1,991 2,221 2,290 2,268 2,881 3,666 3,856 4,812 5,897 — +15.4%
Revenue/emp, $m 0.24 0.20 0.20 0.20 0.23 0.19 0.24 0.30 0.25 0.24 — +0.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

AAON designs and manufactures heating, ventilation, air conditioning and liquid cooling equipment for commercial and industrial environments. Its customers use the equipment to control temperatures, airflow and indoor conditions in buildings ranging from schools and hospitals to factories and data centers. Founded in 1988 and headquartered in Tulsa, Oklahoma, AAON is led by President and CEO Matt Tobolski.

The company makes equipment to order rather than relying only on standardized models. Its AAON-branded products include rooftop units, which combine heating and cooling equipment in a package installed on a building’s roof, as well as air handlers, heat pumps, coils and controls. Customers can configure equipment for the needs of a particular building or application.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
AAON Oklahoma 801 55.56%
AAON Coil Products 325 22.56%
BasX 316 21.88%
Gross margin 26.75%
Operating margin 10.14%
Pre-tax margin 8.93%

Revenue by segment since 2016

AAON, Inc. vs peers in Building Products & Equipment (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
OC Owens Corning Inc $9.8B — (loss-making) 15.2× −7.27% (below 0%: shrinking) n/m −16.47% (below 0%: shrinking) 24.71% (6.11%) Compare
AWI Armstrong World Industries, Inc. $7.1B 22.8× 21.0× +11.90% (above 0%: growing) +10.25% (above 0%: growing) −29.42% (below 0%: shrinking) 40.08% 27.57% Compare
BLDR Builders FirstSource, Inc. $7.1B 176× — (loss-making) −2.21% (below 0%: shrinking) −49.42% (below 0%: shrinking) −83.67% (below 0%: shrinking) 27.82% 2.57% Compare
SPXC SPX Technologies, Inc. $6.9B 23.3× 24.6× +20.53% (above 0%: growing) +26.15% (above 0%: growing) −79.92% (below 0%: shrinking) 39.12% 16.14% Compare
TREX Trex Company, Inc. $5.7B 32.8× 29.5× +25.99% (above 0%: growing) +7.52% (above 0%: growing) −3.69% (below 0%: shrinking) 36.01% 20.17% Compare
FBIN Fortune Brands Innovations, Inc. $5.6B 44.4× 30.8× −3.09% (below 0%: shrinking) −28.81% (below 0%: shrinking) +95.25% (above 0%: growing) 45.43% 5.42% Compare
LPX Louisiana-Pacific Corporation $5.4B 77.9× 70.6× +4.22% (above 0%: growing) +152.77% (above 0%: growing) +1,040.00% (above 0%: growing) 16.64% 4.34% Compare
GFF Griffon Corporation $4.6B 25.6× 20.1× −21.55% (below 0%: shrinking) n/m +5.99% (above 0%: growing) 46.96% 23.99% Compare
AAON AAON, Inc. $4.5B 27.7× 28.0× +101.23% (above 0%: growing) +263.16% (above 0%: growing) +52.96% (above 0%: growing) 24.32% 10.99%
Median of peers $6.3B 32.8× 24.6× +1.01% +8.89% −10.08% 37.57% 10.78%

All 34 Building Products & Equipment stocks →

From the latest earnings call

Updated

  • CEO Matthew Tobolski said BASX bookings eased from elevated levels, but attributed the variation to the size and timing of data center orders.
  • Tobolski said the Memphis ramp weighed on consolidated margins, while pricing in the backlog should support improvement later in the year.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 78.99%
Held by the ten largest 37.78%
Holder Shares Stake Change
BlackRock 6.69m 8.11% +125.82k
Vanguard 6.62m 8.03% +66.34k
Wellington Management 5.77m 7.00% −2.20m
State Street 2.63m 3.18% +562.93k
WASATCH ADVISORS LP 2.34m 2.84% +70.40k
First Trust 1.58m 1.92% −434.04k
BLAIR WILLIAM & CO/IL 1.53m 1.86% −88.77k
Geode Capital Management 1.43m 1.74% +6.14k
Dimensional Fund Advisors 1.35m 1.64% −31.88k
GENEVA CAPITAL MANAGEMENT LLC 1.20m 1.46% −520.79k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 1 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2024 4.15m 12.95m 366.97
2023 5.01m 9.62m 229.53
2022 3.40m 3.84m 155.24
2021 2.91m 5.48m 162.64

Ownership

Directors and executive officers, together 18.09%
Norman H. Asbjornson 16.80%
Wellington Management Group LLP 8.40%
BlackRock, Inc. 7.70%
The Vanguard Group 7.20%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

AAON, Inc. (AAON) Latest News

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26 Jun

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3 Jun

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AAON metrics, ten years each

stockrow.com/AAON · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com