Pricing Log in Create free account
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%
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 (at or above 1.5: strong)
Debt/Equity 0.43 (at or below 0.5: strong)
P/E ratio 37.81 (above 35: high)
Fwd P/E 57.50 (above 35: high)
P/S ratio 3.14
P/B ratio 6.00
Past 5Y EPS Growth 5.37%
This Y EPS Growth 75.77% (at or above 15%: strong)
Next Y EPS Growth 51.54% (at or above 15%: strong)
Next Y revenue growth 60.46% (at or above 10%: strong)
Next 5Y EPS Growth 49.88% (at or above 15%: strong)

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.4×, against a ten-year median of 5.2×; over the ten years it ranged from 3.2× in 2016 to 9.2× in 2024.
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.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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 $9.0B — (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.

Source: company filings (standardised) and stockrow calculations.

AAON, Inc. (AAON) Latest News

7 May

Impact 5 ·
stockrow.com/AAON · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com