Saturday 17 October 2026 Export AAON’s income statement to Excel — free account

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.

73.73 3.57 −4.62%

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Market cap: $6.4B
P/E: 37.8×
Fwd P/E: 57.5×
Dividend yield: 0.54%
F-score: 2/9
Altman Z: 6.93
Beneish M: −1.39
Dividend safety: 49/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.59

Total sells 23.17

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	1	—	—	—	—	—	—	—	1	1	—
Sell	2	—	—	—	1	4	8	1	—	—	—	—

Insider Ownership 16.18%

Capital & Financial Ratios $m

Market Cap 6,370.00

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 37.81

Fwd P/E 57.50

P/S ratio 3.14

P/B ratio 6.00

Past 5Y EPS Growth 5.37%

This Y EPS Growth 75.77%

Next Y EPS Growth 51.54%

Next Y revenue growth 60.46%

Next 5Y EPS Growth 49.88%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 30.78%

10-year low 10-year high

P/S against its own 10 years 0.74%

10-year low 10-year high

P/B against its own 10 years 3.28%

10-year low 10-year high

EV/Sales against its own 10 years 1.36%

10-year low 10-year high

Dividends

Payout Ratio 0.21

Annual Dividend Rate 0.40

Annual Dividend Yield 0.54%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	0.40	0.10 0.10 0.10
2025	0.40	0.10 0.10 0.10 0.10
2024	0.32	0.08 0.08 0.08 0.08
2023	0.32	0.08 0.08 0.08 0.08
2022	0.29	0.13 0.16
2021	0.25	0.13 0.13
2020	0.25	0.13 0.13
2019	0.21	0.11 0.11
2018	0.21	0.11 0.11
2017	0.17	0.09 0.09
2016	0.16	0.07 0.09

predictions special payouts not included in total or ratios

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%

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.

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	12.71	19.97	19.37	22.35	26.99	39.48	31.67	46.87	68.38	62.00	Analyst estimates 2026–2028 Powerpack
	High	22.60	25.47	29.93	35.51	46.27	55.86	55.33	75.24	144.07	137.90
People
People	Employees	1,619	1,991	2,221	2,290	2,268	2,881	3,666	3,856	4,812	5,897
	Revenue/emp, $m	0.24	0.20	0.20	0.20	0.23	0.19	0.24	0.30	0.25	0.24
Income, $m
Income, $m	Revenue	384	405	434	469	515	535	889	1,169	1,201	1,442
	Gross margin, %	30.75	30.51	23.86	25.45	30.29	25.79	26.73	34.15	33.07	26.75
	EBT	80	75	56	67	102	69	125	223	207	129
	EBT margin, %	20.83	18.42	12.79	14.28	19.82	12.94	14.01	19.10	17.21	8.93
	Net income	53	54	42	54	79	59	100	178	169	108
	Depreciation	13	15	18	23	26	30	35	47	63	80
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
	Earnings	0.67	0.69	0.54	0.69	1.01	0.75	1.26	2.19	2.07	1.32
	Cash flow	0.81	0.74	0.70	1.25	1.65	0.78	0.77	1.96	2.36	0.01
	Capex	(0.33)	(0.53)	(0.47)	(0.47)	(0.87)	(0.70)	(0.96)	(1.35)	(2.62)	(2.51)
	Free cash flow	0.47	0.21	0.22	0.78	0.78	0.07	(0.18)	0.61	(0.25)	(2.51)
	Book value	2.59	3.01	3.18	3.71	4.48	5.93	7.05	9.06	10.12	10.98
	Shares, m	79	79	78	78	78	79	80	81	81	82
Valuation, ×
Valuation, ×	P/E	33.68	35.87	43.28	46.61	44.12	70.91	39.59	33.74	56.85	57.77
	P/S	4.60	4.79	4.22	5.48	6.76	7.79	4.47	5.13	7.99	4.31
	P/B	8.57	8.19	7.35	8.87	9.91	8.93	7.08	8.16	11.63	6.95
	EV/Sales	4.48	4.72	4.22	5.40	6.61	7.86	4.54	5.16	8.10	4.59
	EV/FCF	46.08	117.36	104.02	41.68	55.67	718.96	(274.63)	110.12	(471.99)	(32.37)
Cash, $m
Cash, $m	Operating cash flow	64	58	55	98	129	61	61	159	193	1
	Capex	(27)	(42)	(37)	(37)	(68)	(55)	(76)	(109)	(213)	(205)
	Free cash flow	37	16	18	61	61	6	(15)	50	(21)	(204)
Balance, $m
Balance, $m	Working capital	102	104	93	132	161	131	204	282	313	538
	Total debt	—	—	—	6	6	40	71	38	139	398
	Net debt	(44)	(30)	(2)	(38)	(76)	37	65	29	132	397
	Shareholders’ equity	206	237	249	290	351	466	561	735	825	895
Returns, %
Returns, %	ROA	21.81	19.46	14.00	15.81	19.26	10.69	13.71	20.24	15.93	7.52
	ROIC	30.68	22.43	13.98	16.61	23.15	8.61	12.66	18.60	13.66	7.07
	ROE	27.74	24.30	17.40	19.91	24.65	14.38	19.55	27.41	21.61	12.51

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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	$9.0B	— (loss-making)	13.4×	+0.33% (above 0%: growing)	−34.19% (below 0%: shrinking)	+61.87% (above 0%: growing)	28.77%	17.49%	Compare
SPXC SPX Technologies, Inc.	$8.4B	29.5×	34.3×	+22.92% (above 0%: growing)	+40.18% (above 0%: growing)	+96.84% (above 0%: growing)	40.18%	16.94%	Compare
AWI Armstrong World Industries, Inc.	$7.0B	23.0×	19.3×	+11.16% (above 0%: growing)	+12.44% (above 0%: growing)	+13.13% (above 0%: growing)	41.31%	28.35%	Compare
AAON AAON, Inc.	$6.4B	37.8×	57.5×	+101.23% (above 0%: growing)	+263.16% (above 0%: growing)	+52.96% (above 0%: growing)	24.32%	10.99%
BLDR Builders FirstSource, Inc.	$5.8B	59.4×	34.1×	−8.77% (below 0%: shrinking)	n/m	−87.35% (below 0%: shrinking)	28.14%	3.33%	Compare
LPX Louisiana-Pacific Corporation	$4.9B	88.7×	35.5×	−12.05% (below 0%: shrinking)	−50.65% (below 0%: shrinking)	−13.83% (below 0%: shrinking)	17.32%	4.52%	Compare
FBIN Fortune Brands Innovations, Inc.	$4.8B	32.6×	13.9×	−4.11% (below 0%: shrinking)	n/m	+51.05% (above 0%: growing)	51.19%	(0.78%)	Compare
TREX Trex Company, Inc.	$4.7B	27.2×	24.0×	+7.79% (above 0%: growing)	−15.49% (below 0%: shrinking)	−8.48% (below 0%: shrinking)	37.88%	20.62%	Compare
GFF Griffon Corporation	$4.2B	23.2×	16.6×	+7.04% (above 0%: growing)	n/m	+5.99% (above 0%: growing)	46.96%	23.99%	Compare
Median of peers	$5.3B	29.5×	21.7×	+3.69%	−15.49%	+9.56%	39.03%	17.22%

All 35 Building Products & Equipment stocks →

AAON, Inc. (AAON) key facts

Concern: Net income was $107.6 million, or $1.32 per share (basic), a net margin of 7.46%.
Strength: AAON, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.4 billion, up 20.1% from fiscal 2024.
AAON, Inc. (AAON) is a Building Products & Equipment company in the Industrials sector, listed on Nasdaq.
As of October 16, 2026, AAON traded at $73.73, a market capitalization of $6.4 billion.
At that price the stock trades at 37.8× trailing-twelve-month earnings and 3.1× sales; its P/E is higher than 31% of its own readings over the past ten years.
AAON, Inc. pays an annual dividend of $0.40 per share, a yield of 0.54%, with a payout ratio of 20.8%.
Return on equity was 12.5% and debt-to-equity 0.43.
Its Piotroski F-score is 2 out of 9 and its Altman Z-score is 6.93 (safe zone) for fiscal 2025.