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. In the quarter to June 2026, revenue grew 101.2%, EPS grew 263.2%, free cash flow grew 53.0% and total debt rose 37.1%, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for ten; insiders bought in the last twelve months.
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AAON, Inc. (AAON) Piotroski F-score
AAON, Inc.'s Piotroski F-score for fiscal 2025 is 2 out of 9: 2 of nine tests of profitability, leverage and efficiency passed, down from 3 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 2 | (1.00) |
| FY2024 | 3 | (4.00) |
| FY2023 | 7 | 2.00 |
| FY2022 | 5 | 2.00 |
| FY2021 | 3 | (4.00) |
| FY2020 | 7 | 0.00 |
| FY2019 | 7 | 2.00 |
| FY2018 | 5 | 0.00 |
| FY2017 | 5 | (4.00) |
| FY2016 | 9 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 7.52% | 15.93% | Pass | 1 |
| Positive operating cash flow | 534.00k | 192.53m | Pass | 1 |
| Rising return on assets | 7.52% | 15.93% | Fail | 0 |
| Cash flow above net income | (107.06m) | 23.97m | Fail | 0 |
| Falling long-term leverage | 0.28 | 0.13 | Fail | 0 |
| Rising current ratio | 2.63 | 2.79 | Fail | 0 |
| No new shares issued | 81,529,000 | 81,473,000 | Fail | 0 |
| Rising gross margin | 26.75% | 33.07% | Fail | 0 |
| Rising asset turnover | 1.01 | 1.13 | Fail | 0 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 2 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| AWI Armstrong World Industries, Inc. compare | 9 |
| SPXC SPX Technologies, Inc. compare | 6 |
| GFF Griffon Corporation compare | 6 |
| TREX Trex Company, Inc. compare | 6 |
| LPX Louisiana-Pacific Corporation compare | 5 |
| BLDR Builders FirstSource, Inc. compare | 5 |
| FBIN Fortune Brands Innovations, Inc. compare | 5 |
| OC Owens Corning Inc compare | 4 |
| AAON AAON, Inc. | 2 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover