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

$6.85B

P/E (TTM)

63.6

64.8

Dividend Yield

0.5%

52W High

$116.04

52W Low

$62.00

52W Range

41%

Rank33Top 25.7%

4.8

F-Score

Modified Piotroski Analysis

Based on 10-year fundamentals

Average • 4.8 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2016-2025

Financial Dashboard

Q4 2025 Data

Revenue

$424.22M+0.00%

4-Quarter Trend

EPS

$0.39+0.00%

4-Quarter Trend

FCF

-$43.18M+0.00%

4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Net Sales Growth Net sales reached $1.44B USD, growing 20.1% driven by strong BASX segment expansion efforts.

Backlog Surge Consolidated backlog hit $1.83B USD, marking a substantial 110.9% increase from prior year levels.

BASX Segment Strength BASX sales grew 59.3% to $315.5M USD, fueled by continued data center cooling demand.

R&D Investment R&D spending increased to $58.2M USD in 2025, supporting continuous product leadership goals.

Risk Factors

Gross Profit Decline Gross profit fell 2.9% to $385.7M USD despite revenue growth; overall margin compressed.

AAON Sales Softness AAON-branded sales decreased 8.3% due to challenging macroeconomic factors and slowing construction starts.

Supply Chain/Refrigerant Risk Supply chain constraints noted due to refrigerant transition and coil shortages experienced in 2025.

Customer Concentration Three major customers represented 10% or greater revenue concentration as of December 31, 2025.

Outlook

Capital Expenditure Plans Capital expenditures estimated at $190.0M USD for 2026 to support accelerating growth trajectory expansion.

ERP Implementation New ERP system went live in 2025, causing initial operational disruptions for Coil Products segment.

Sustainability Achievement Achieved Platinum level in sustainability benchmarking for both 2025 and 2024 reporting cycles.

Debt Management Leverage ratio 1.77 to 1.0 at year-end; Revolver capacity expanded to $600.0M USD.

Peer Comparison

Revenue (TTM)

FLR

$15.50B

-5.0%

OSK

$10.42B

-2.9%

AGCO

$10.08B

-13.5%

Gross Margin (Latest Quarter)

SSD

43.6%

-0.5pp

ZWS

40.8%

-2.1pp

AWI

39.8%

-0.5pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
AEIS	$11.40B	76.5	11.5%	26.7%
DY	$10.41B	35.9	18.8%	50.0%
SPXC	$9.95B	39.0	13.3%	13.8%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

9.6%

Steady Growth

4Q Net Income CAGR

3.0%

Profitability Slowly Improving

Cash Flow Stability

50%

Cash Flow Needs Attention

Deep Research

Next earnings:Apr 28, 2026

EPS:-

Revenue:-

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data