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.

Ticker: AAON
Exchange: Nasdaq
Sector: Industrials
Industry: Building Products & Equipment
Market cap: $4.72B
52-week range: $53.13 - $150.46

Valuation

Share price: $57.19 (close of Nov 6, 2026)
P/E (TTM): 29.33x
Price to book: 4.67x
Price to free cash flow: 54.48x
Enterprise value: $5.17B
Book value per share: $12.26

Price performance

Period	Change
1 day	+5.09%
5 days	-15.15%
1 month	-35.06%
3 months	-36.65%
6 months	-41.82%
Year to date	-25.00%
1 year	-42.83%
3 years	-0.87%
5 years	+16.07%
10 years	+211.32%
All time	+85,888.36%

Short interest

As of: Oct 15, 2026
Short % of float: 9.20%
Shares short: 6.33M
Days to cover: 6.95
Change since prior report: +13.01%
Source: FINRA consolidated short interest

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): 1.84%
Current ratio: 3.01x
Net debt to EBITDA: 1.51x

Latest reported year

Period end: Dec 31, 2025
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
Interest expense: $17.73M
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%	23.16%
2022-12-31	26.73%	11.29%	17.90%	16.06%
2021-12-31	25.79%	10.99%	12.60%	11.24%
2020-12-31	30.29%	15.35%	22.52%	21.98%
2019-12-31	25.45%	11.44%	18.51%	18.11%
2018-12-31	23.86%	9.75%	16.97%	16.79%
2017-12-31	30.51%	13.28%	22.53%	22.37%
2016-12-31	30.75%	13.90%	25.61%	25.42%

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	$6.36M
2019-12-31	$26.80M	$6.32M
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: Sep 4, 2026
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: Nov 9, 2026
Consensus EPS estimate: $0.56

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-08-10	Jun 2026	$0.52
2026-05-07	Mar 2026	$0.31
2026-03-02	Dec 2025	$0.45
2025-11-06	Sep 2025	$0.33
2025-08-11	Jun 2025	$0.31
2025-04-30	Mar 2025	$0.25
2025-02-27	Dec 2024	$0.54
2024-11-07	Sep 2024	$0.58

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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