AAON, Inc. (AAON)
AAON, Inc., together with its subsidiaries, engages in engineering, manufacturing, marketing, and selling air conditioning and heating equipment in the United States and Canada. The company operates through three segments: AAON Oklahoma, AAON Coil Products, and BASX. It offers rooftop units, data center cooling solutions, cleanroom systems, packaged outdoor mechanical rooms, air handling units, makeup air units, energy recovery units, condensing units, geothermal/water-source heat pumps, coils, and controls. The company markets and sells its products to retail, manufacturing, educational, lodging, supermarket, data centers, medical and pharmaceutical, and other commercial industries. It sells its products through a network of independent manufacturer representative organizations and internal sales force, as well as online. AAON, Inc. was incorporated in 1987 and is headquartered in Tulsa, Oklahoma.
- Symbol
- AAON
- Exchange
- Nasdaq
- Sector
- Industrials
- Industry
- Building Products & Equipment
- Market cap
- $6.79B
- 52 week range
- 73.19 - 150.46
Valuation
- Share price
- $82.36 (close of 2026-09-23)
- P/E (TTM)
- 42.24x
- Price to book
- 6.72x
- Price to free cash flow
- 78.46x
- Enterprise value
- $7.24B
- Book value per share
- $12.26
Price performance
| Period | Change |
|---|
| 1 day | +7.80% |
| 5 days | +10.82% |
| 1 month | +3.68% |
| 3 months | -36.38% |
| 6 months | +2.58% |
| Year to date | +8.01% |
| 1 year | -12.62% |
| 3 years | +44.62% |
| 5 years | +81.45% |
| 10 years | +334.84% |
Profitability and growth
- Return on equity
- 12.02%
- Return on invested capital
- 9.48%
- Return on assets
- 6.38%
- Return on capital employed
- 10.79%
- Gross margin
- 26.75%
- Net margin
- 7.46%
- EBITDA margin
- 15.63%
- Revenue growth
- 20.11%
- Net income growth
- -36.17%
- Free cash flow growth
- -99.72%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- 1.27%
- Current ratio
- 3.01x
- Net debt to EBITDA
- 1.51x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- Revenue
- $1.44B
- Cost of revenue
- $1.06B
- Gross profit
- $385.72M
- EBITDA
- $225.44M
- Net income
- $107.59M
- Earnings per share
- $1.32
- Research and development
- $58.20M
- Shares outstanding
- 81.53M
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|
| 2025-12-31 | $1.44B | $385.72M | $107.59M | $1.32 |
| 2024-12-31 | $1.20B | $397.11M | $168.56M | $2.07 |
| 2023-12-31 | $1.17B | $399.02M | $177.62M | $2.19 |
| 2022-12-31 | $888.79M | $237.57M | $100.38M | $1.26 |
| 2021-12-31 | $534.52M | $137.83M | $58.76M | $0.75 |
| 2020-12-31 | $514.55M | $155.85M | $79.01M | $1.01 |
| 2019-12-31 | $469.33M | $119.42M | $53.71M | $0.69 |
| 2018-12-31 | $433.95M | $103.53M | $42.33M | $0.54 |
| 2017-12-31 | $405.23M | $123.65M | $53.83M | $0.68 |
| 2016-12-31 | $383.98M | $118.08M | $53.38M | $0.67 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|
| 2025-12-31 | 26.75% | 7.46% | 12.02% | 9.48% |
| 2024-12-31 | 33.07% | 14.04% | 20.44% | 17.19% |
| 2023-12-31 | 34.15% | 15.20% | 24.16% | 23.17% |
| 2022-12-31 | 26.73% | 11.29% | 17.90% | 16.20% |
| 2021-12-31 | 25.79% | 10.99% | 12.60% | 11.31% |
| 2020-12-31 | 30.29% | 15.35% | 22.52% | 28.85% |
| 2019-12-31 | 25.45% | 11.44% | 18.51% | 20.39% |
| 2018-12-31 | 23.86% | 9.75% | 16.97% | 16.92% |
| 2017-12-31 | 30.51% | 13.28% | 22.53% | 24.57% |
| 2016-12-31 | 30.75% | 13.90% | 25.61% | 28.75% |
Cash and debt by year
| Period end | Cash | Debt |
|---|
| 2025-12-31 | $13.00K | $398.32M |
| 2024-12-31 | $14.00K | $138.89M |
| 2023-12-31 | $287.00K | $38.33M |
| 2022-12-31 | $5.45M | $71.00M |
| 2021-12-31 | $2.86M | $40.00M |
| 2020-12-31 | $79.03M | - |
| 2019-12-31 | $26.80M | - |
| 2018-12-31 | $1.99M | - |
| 2017-12-31 | $21.46M | - |
| 2016-12-31 | $24.15M | - |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|
| 2025-12-31 | $534.00K | $17.99M |
| 2024-12-31 | $192.53M | $16.73M |
| 2023-12-31 | $158.90M | $16.38M |
| 2022-12-31 | $7.29M | $13.70M |
| 2021-12-31 | $5.82M | $11.81M |
| 2020-12-31 | $61.01M | $11.34M |
| 2019-12-31 | $60.76M | $11.80M |
| 2018-12-31 | $17.59M | $7.86M |
| 2017-12-31 | $16.28M | $6.31M |
| 2016-12-31 | $37.32M | $4.36M |
Dividend history
- Most recent payment
- 2026-09-04
- Paid in the last twelve months
- $0.40
| Payment date | Dividend per share |
|---|
| 2026-09-04 | $0.10 |
| 2026-06-05 | $0.10 |
| 2026-03-18 | $0.10 |
| 2025-11-26 | $0.10 |
| 2025-09-05 | $0.10 |
| 2025-06-06 | $0.10 |
| 2025-03-18 | $0.10 |
| 2024-11-29 | $0.08 |
Investor relations
Next earnings report
- Next confirmed report
- 2026-11-05
- Consensus EPS estimate
- $0.57
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-08-10 | Jun/2026 | $0.52 |
| 2026-05-07 | - | - |
| 2026-03-02 | - | - |
| 2025-11-06 | - | - |
| 2025-08-11 | - | - |
| 2025-04-30 | - | - |
| 2025-02-27 | - | - |
| 2025-02-26 | - | - |
Filings and sources
- Company website
- aaon.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
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