logo
Twitter
Discord
Email
logo
AAON, Inc.

AAON, Inc.

NASDAQ•AAON
CEO: Mr. Gary D. Fields
Sector: Industrials
Industry: Construction
Listing Date: 1992-12-16
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, chillers, 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. The company was incorporated in 1987 and is based in Tulsa, Oklahoma.
Contact Information
2425 South Yukon Avenue, Tulsa, OK, 74107, United States
918-583-2266
www.aaon.com
Market Cap
$8.63B
P/E (TTM)
86.0
69.6
Dividend Yield
0.4%
52W High
$144.07
52W Low
$62.00
52W Range
53%
5.3
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Average • 5.3 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$384.24M+17.41%
4-Quarter Trend

EPS

$0.38-41.54%
4-Quarter Trend

FCF

-$33.30M-508.79%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Net Sales Increased 17.4% Nine months net sales reached $1.018 B, growing 12.7% versus prior year; Q3 sales grew 17.4% to $384.2 M.
Backlog Shows Strong Growth Consolidated backlog totaled $1.320 B as of September 30, 2025, marking a 103.8% increase from the prior year period.
BASX Segment Driving Sales BASX segment net sales increased 42.2% for nine months to $209.4 M, driven by data center liquid cooling demand.
Capital Expenditures Investment Capital expenditures for nine months totaled $128.1 M, reflecting investment in future growth and new production capacity.

Risk Factors

Net Income Declined Sharply Nine months net income fell to $75.6 M from $143.9 M, a decrease of 47.5% year-to-date due to margin compression.
Operating Cash Flow Negative Net cash used in operating activities was ($18.8 M) for nine months, contrasting sharply with $191.7 M provided last year.
Gross Profit Margin Compression Consolidated gross profit margin dropped from 35.4% to 27.1% for nine months, impacted by tariffs and overhead absorption.
Raw Material Cost Volatility Copper costs rose 20.5% Q3 average versus Q2 average; stainless steel dropped 27.9% year-to-date.

Outlook

ERP Implementation Recovery Segments saw sequential net sales increases in Q3 as the company overcame disruptions from the new ERP system rollout.
Future Capital Investment Planned 2025 capital expenditure program estimated at $180.0 M for growth projects, subject to CEO and Board review.
Debt Covenants Compliance Leverage ratio stood at 1.73 to 1.0 as of September 30, 2025, meeting financial covenant requirements.
Tariff Surcharge Realization Expect surcharge realized to cover additional tariff costs by year-end, despite Q3 realization not fully covering costs.

Peer Comparison

Revenue (TTM)

Oshkosh CorporationOSK
$10.33B
-2.5%
AGCO CorporationAGCO
$10.05B
-20.1%
Tetra Tech, Inc.TTEK
$5.49B
+7.9%

Gross Margin (Latest Quarter)

Simpson Manufacturing Co., Inc.SSD
46.4%
-0.5 pp
Armstrong World Industries, Inc.AWI
42.0%
-0.5 pp
SPX Technologies, Inc.SPXC
40.4%
-0.5 pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
SPXC$10.56B48.513.7%14.5%
GTLS$9.12B136.72.2%37.3%
CAE$8.73B29.58.8%31.3%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
+8.9%
Steady Growth
4Q Net Income CAGR
+7.6%
Profitability Improving
Cash Flow Stability
25%
Cash Flow Needs Attention

Research & Insights

Reports
All Years

  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 6, 2025|
    Revenue: $384.24M+17.4%
    |
    EPS: $0.38-41.5%
    Beat

  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 11, 2025|
    Revenue: $311.57M-0.6%
    |
    EPS: $0.19-70.3%
    Miss

  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 1, 2025|
    Revenue: $322.05M+22.9%
    |
    EPS: $0.36-25.0%
    Beat

  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 27, 2025|
    Revenue: $1.20B+2.7%
    |
    EPS: $2.07-5.5%
    Beat

  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 7, 2024|
    Revenue: $327.25M+4.9%
    |
    EPS: $0.65+10.2%
    Beat

  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 1, 2024|
    Revenue: $313.57M+10.4%
    |
    EPS: $0.64+14.3%
    Beat

  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 2, 2024|
    Revenue: $262.10M-1.4%
    |
    EPS: $0.48+4.3%
    Miss

  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Feb 28, 2024|
    Revenue: $1.17B+31.5%
    |
    EPS: $2.19+73.8%
    Beat