A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
AAON, INC.
AAON
$8.6B
Mkt Cap
$102.67
-4.65%
AAON, INC. (AAON) has a current P/E ratio of 79.6, compared to its historical median P/E of 42.8. The stock is currently considered Expensive based on its historical valuation range.
AAON, INC. (AAON) has a 5-year average return on invested capital (ROIC) of 17.7%. This indicates strong capital allocation and a potential competitive advantage.
AAON, INC. (AAON) has a market capitalization of $8.4B. It is classified as a mid-cap stock.
Yes, AAON, INC. (AAON) pays a dividend with a trailing twelve-month yield of 0.39%. The company also returns capital through share buybacks, with a buyback yield of 0.36%.
Based on historical P/E analysis, AAON, INC. (AAON) appears expensive. The current P/E of 79.6 is 86% above its historical median of 42.8. The estimated fair value CAGR (P/E method) is 19.8%.
AAON, INC. (AAON) operates in the Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip industry, within the Industrials sector.
AAON, INC. (AAON) generated $-190 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
AAON is a leader in designing and manufacturing highly configurable heating, ventilation, air conditioning, and liquid cooling solutions for commercial, industrial, data center, and cleanroom markets. The company operates through three segments: AAON Oklahoma, which engineers and manufactures HVAC systems and controls solutions with manufacturing facilities in Tulsa, Memphis, and Parkville; AAON Coil Products, which manufactures semi-custom and custom HVAC coils and systems from Longview, Texas; and BASX, which produces custom high-performance cooling solutions for hyperscale data centers and ventilation solutions for cleanroom environments from Redmond, Oregon, with additional support from Memphis and Longview facilities. AAON's business model centers on mass semi-customization, leveraging flexible, computer-aided manufacturing systems to deliver highly configurable equipment that combines the cost efficiency of scaled production with the precision of individual customization, building to order with pre-specified systems before production begins. The company competes on technical excellence and customer outcomes rather than price, supported by continuous research and development, rigorous adherence to industry standards and certifications, and a network of independent sales representatives who receive strategic investment in business planning, technical training, and service network development. To date, sales have been primarily derived from the domestic market, with foreign sales representing a smaller portion of revenue.
【Strong backlog-driven growth】 Management expects continued strong demand across both AAON and BASX brands, with production ramping throughout 2026 to convert elevated backlog levels into sales and normalize extended lead times. The company anticipates accelerating margin improvement as production volumes increase, fixed cost absorption improves, and temporary cost pressures from outsourcing and facility ramp-up diminish, with operating leverage building as internal capacity expands. Capital investments in people, processes, and tools are expected to yield accelerating benefits throughout the year, supporting sustained higher growth rates while expanding margins over time. Management remains focused on execution and delivery reliability to restore normal business cadence, particularly for the AAON brand, while continuing to capture market share gains in the data center thermal management market where BASX operates.
| Metric | Target | Period |
|---|---|---|
| Sales growth | 40%-45% | FY2026 |
| Gross margin | 27%-28% | FY2026 |
| Depreciation and amortization expenses | $95 million-$100 million | FY2026 |
| Capital expenditures | $190 million | FY2026 |
Sales growth (FY2026): “For the year, we now anticipate sales growth of 40%-45% at a gross margin of 27%-28%.”
Gross margin (FY2026): “For the year, we now anticipate sales growth of 40%-45% at a gross margin of 27%-28%.”
Depreciation and amortization expenses (FY2026): “depreciation and amortization expenses are expected to be in the $95 million-$100 million range”
Capital expenditures (FY2026): “we're still seeing $190 million is our current expectation for the year”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.6B | - | - | - | - | - |
| Net Income | 118M | 108M | 169M | 178M | 100M | 59M |
| EPS | $1.45 | $1.29 | $2.02 | $2.13 | $1.24 | $0.73 |
| Free Cash Flow | -145M | -190M | -3.1M | 55M | 7.3M | 5.8M |
| ROIC | 9.9% | 10.7% | 19.3% | 25.7% | 18.0% | 14.7% |
| Gross Margin | 26.2% | - | - | - | - | - |
| Debt/Equity | 0.46 | 0.47 | 0.21 | 0.07 | 0.14 | 0.12 |
| Dividends/Share | $0.40 | $0.40 | $0.32 | $0.32 | $0.29 | $0.25 |
| Operating Income | 168M | 146M | 209M | 227M | 127M | 69M |
| Operating Margin | 10.4% | - | - | - | - | - |
| ROE | 12.6% | 12.5% | 21.6% | 27.4% | 19.5% | 14.4% |
| Shares Outstanding | 82M | 83M | 83M | 83M | 81M | 80M |
| Metric | 2016 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.6B |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 26.2% |
| R&D | 6.3M | 7.5M | 12M | 13M | 14M | 15M | 17M | 17M | 47M | 44M | 47M | 58M | 58M |
| SG&A | 41M | 37M | 39M | 49M | 48M | 52M | 60M | 69M | 111M | 172M | 188M | 239M | 256M |
| EBIT | 68M | 71M | 80M | 74M | 55M | 67M | 102M | 69M | 127M | 227M | 209M | 146M | 168M |
| Op. Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 10.4% |
| Net Income | 44M | 46M | 53M | 54M | 42M | 54M | 79M | 59M | 100M | 178M | 169M | 108M | 118M |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 7.3% |
| Non-Recurring | 440K | 237K | 645K | 219K | 164K | 1.1M | 7.6M | 650K | 2.8M | 1.6M | 991K | 156K | 156K |
| Returns on Capital | |||||||||||||
| ROIC | 31.9% | 30.6% | 32.3% | 28.1% | 18.4% | 20.5% | 28.4% | 14.7% | 18.0% | 25.7% | 19.3% | 10.7% | 9.9% |
| ROE | 26.1% | 25.9% | 27.6% | 24.1% | 17.3% | 19.9% | 24.7% | 14.4% | 19.5% | 27.4% | 21.6% | 12.5% | 12.6% |
| ROA | 20.0% | 19.9% | 21.8% | 19.5% | 14.0% | 15.8% | 19.3% | 10.7% | 13.7% | 20.2% | 15.9% | 7.5% | 6.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 54M | 55M | 64M | 58M | 55M | 98M | 129M | 61M | 61M | 159M | 193M | 534K | 44M |
| Free Cash Flow | 37M | 34M | 37M | 16M | 18M | 61M | 61M | 5.8M | 7.3M | 55M | -3.1M | -190M | -145M |
| Owner Earnings | 40M | 41M | 47M | 37M | 29M | 63M | 92M | 19M | 13M | 96M | 113M | -97M | -59M |
| CapEx | 16M | 21M | 27M | 42M | 37M | 37M | 68M | 55M | 54M | 104M | 196M | 191M | 189M |
| Maint. CapEx | 12M | 12M | 13M | 15M | 18M | 23M | 26M | 30M | 35M | 46M | 63M | 79M | 81M |
| Growth CapEx | 4.6M | 9.2M | 14M | 27M | 20M | 14M | 42M | 25M | 19M | 58M | 133M | 111M | 108M |
| D&A | 12M | 12M | 13M | 15M | 18M | 23M | 26M | 30M | 35M | 46M | 63M | 79M | 81M |
| CapEx/OCF | 30.8% | 37.9% | 41.6% | 71.9% | 67.9% | 38.0% | 52.6% | 90.5% | 88.1% | 65.6% | 101.6% | 35686.0% | 432.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 9.7M | 12M | 13M | 14M | 17M | 17M | 20M | 20M | 23M | 26M | 26M | 33M | 33M |
| Dividend Yield | 1.4% | 1.6% | 1.4% | 1.2% | 1.4% | 1.1% | 1.0% | 0.5% | 0.7% | 0.5% | 0.3% | 0.4% | 0.4% |
| Share Buybacks | 29M | 37M | 19M | 17M | 27M | 20M | 30M | 21M | 13M | 25M | 100M | 30M | 30M |
| Buyback Yield | 2.5% | 3.0% | 1.1% | 0.9% | 1.5% | 0.8% | 0.9% | 0.5% | 0.3% | 0.4% | 1.0% | 0.5% | 0.4% |
| Stock-Based Comp | 2.2M | 2.9M | 4.4M | 6.3M | 7.9M | 12M | 11M | 12M | 14M | 16M | 17M | 18M | 22M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | N/A | N/A | -2.0M | -14M | -71M | 54M | 73M | 50M | 171M | 417M | 425M |
| Cash & Equiv. | 22M | 7.9M | 24M | 21M | 2.0M | 27M | 79M | 2.9M | 5.5M | 287K | 14K | 13K | 13K |
| Long-Term Debt | N/A | N/A | N/A | N/A | 0 | 6.3M | 6.4M | N/A | N/A | N/A | N/A | N/A | 425M |
| Debt/Equity | 0.30 | 0.30 | 0.23 | 0.24 | 0.00 | 0.04 | 0.02 | 0.12 | 0.14 | 0.07 | 0.21 | 0.47 | 0.46 |
| Interest Coverage | 246.4 | 442.9 | 272.6 | 249.1 | 282.4 | 1015.3 | 1157.2 | 524.6 | 48.3 | 47.0 | 72.0 | 8.3 | 8.3 |
| Equity | 174M | 179M | 208M | 239M | 249M | 290M | 351M | 466M | 561M | 735M | 825M | 895M | 934M |
| Total Assets | 227M | 233M | 257M | 297M | 308M | 371M | 449M | 650M | 814M | 941M | 1.2B | 1.7B | 1.8B |
| Total Liabilities | 53M | 54M | 48M | 58M | 59M | 81M | 98M | 184M | 253M | 206M | 351M | 792M | 4.5M |
| Intangibles | N/A | N/A | N/A | 0 | 506K | 272K | 38K | 70M | 65M | 68M | 78M | 84M | 90M |
| Retained Earnings | 174M | 179M | 206M | 237M | 249M | 286M | 345M | 384M | 462M | 613M | 755M | 830M | 862M |
| Working Capital | 82M | 81M | 102M | 104M | 93M | 132M | 161M | 131M | 204M | 282M | 313M | 538M | 584M |
| Current Assets | 125M | 124M | 141M | 154M | 141M | 188M | 220M | 218M | 349M | 409M | 488M | 869M | 944M |
| Current Liabilities | 43M | 43M | 39M | 50M | 47M | 56M | 59M | 87M | 146M | 127M | 175M | 331M | 360M |
| Per Share Data | |||||||||||||
| EPS | 0.80 | 0.84 | 1.00 | 1.01 | 0.80 | 1.02 | 1.49 | 0.73 | 1.24 | 2.13 | 2.02 | 1.29 | 1.45 |
| Owner EPS | 0.72 | 0.75 | 0.87 | 0.69 | 0.55 | 1.20 | 1.73 | 0.24 | 0.15 | 1.15 | 1.35 | -1.16 | -0.72 |
| Book Value | 3.15 | 3.29 | 3.90 | 4.48 | 4.71 | 5.51 | 6.62 | 5.79 | 6.93 | 8.82 | 9.88 | 10.73 | 11.41 |
| Cash Flow/Share | 0.97 | 1.02 | 1.20 | 1.09 | 1.04 | 1.86 | 2.43 | 0.76 | 0.76 | 1.91 | 2.31 | 0.01 | 2.43 |
| Dividends/Share | 0.18 | 0.22 | 0.24 | 0.26 | 0.32 | 0.32 | 0.38 | 0.25 | 0.29 | 0.32 | 0.32 | 0.40 | 0.40 |
| Shares Out. | 55.2M | 54.4M | 53.4M | 53.3M | 52.9M | 52.7M | 53.0M | 80.5M | 80.9M | 83.4M | 83.4M | 83.4M | 81.9M |
| Valuation | |||||||||||||
| P/E Ratio | 26.0 | 26.3 | 31.6 | 34.1 | 41.9 | 47.3 | 43.6 | 71.4 | 40.1 | 34.6 | 59.8 | 58.7 | 71.0 |
| P/FCF | 20.5 | 23.3 | 30.2 | 76.6 | 67.3 | 27.9 | 37.6 | 717.2 | 552.0 | 112.4 | N/A | N/A | N/A |
| EV/EBIT | 16.4 | 16.6 | 20.7 | 24.7 | 32.0 | 37.2 | 32.3 | 61.1 | 32.2 | 27.0 | 48.4 | 43.2 | 52.5 |
| Price/Book | 6.6 | 6.7 | 8.2 | 7.8 | 7.1 | 8.8 | 9.8 | 9.0 | 7.2 | 8.4 | 12.2 | 7.1 | 9.0 |
| Price/Sales | 2.8 | 3.2 | 3.6 | 4.3 | 4.2 | 5.0 | 5.6 | 6.9 | 3.6 | 4.3 | 6.5 | 5.3 | 5.2 |
| FCF Yield | 3.3% | 2.9% | 2.2% | 0.9% | 1.0% | 2.4% | 1.8% | 0.1% | 0.2% | 0.9% | -0.0% | -3.0% | -1.7% |
| Market Cap | 1.1B | 1.2B | 1.7B | 1.9B | 1.8B | 2.5B | 3.4B | 4.2B | 4.0B | 6.1B | 10.1B | 6.3B | 8.4B |
| Avg. Price | 12.26 | 14.10 | 17.07 | 22.13 | 22.95 | 29.57 | 36.11 | 45.43 | 39.68 | 60.05 | 92.83 | 91.26 | 102.67 |
| Year-End Price | 13.89 | 14.73 | 21.09 | 23.40 | 22.37 | 32.18 | 43.31 | 51.87 | 49.74 | 73.63 | 120.87 | 75.77 | 102.67 |
AAON, INC. passes 4 of 9 quality checks, suggesting mixed fundamentals.
AAON, INC. trades at 79.6x trailing earnings, compared to its 15-year median P/E of 42.8x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average ROIC is 17.7%. Total shareholder yield (dividends + buybacks) is 0.7%. At current prices, the estimated annualized return to fair value is +6.3%.
AAON, INC. (AAON) has a debt-to-equity ratio of 0.47. This indicates a conservatively financed balance sheet.
AAON, INC. (AAON) reported earnings per share (EPS) of $1.29 in its most recent fiscal year.
AAON, INC. (AAON) has a return on equity (ROE) of 12.5%. This indicates moderate shareholder returns.
The Ledger Terminal provides 17 years of financial data for AAON, INC. (AAON), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
AAON, INC. (AAON) has a book value per share of $10.73, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued strong demand across both AAON and BASX brands, with production ramping throughout 2026 to convert elevated backlog levels into sales and normalize extended lead times. The company anticipates accelerating margin improvement as production volumes increase, fixed cost absorption improves, and temporary cost pressures from outsourcing and facility ramp-up diminish, with operating leverage building as internal capacity expands. Capital investments in people, processes, and tools are expected to yield accelerating benefits throughout the year, supporting sustained higher growth rates while expanding margins over time. Management remains focused on execution and delivery reliability to restore normal business cadence, particularly for the AAON brand, while continuing to capture market share gains in the data center thermal management market where BASX operates.
Based on recent SEC filings and earnings calls, AAON, INC. (AAON) has provided the following forward guidance: Sales growth: 40%-45% (FY2026); Gross margin: 27%-28% (FY2026); Depreciation and amortization expenses: $95 million-$100 million (FY2026); Capital expenditures: $190 million (FY2026).