AAON

AAON, Inc.

Fundamental data last updated:June 3, 2026

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company profile

SECTOR

Industrials

industry

Construction

Exchange

NASDAQ

County of HQ

US

Next Earnings Date

08/10/2026

Business Summary

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. The company was incorporated in 1987 and is based in Tulsa, Oklahoma.

 


Analyze AAON on TradingView

VALUATION

P/E

97.04

Market Cap ($M USD)

$11.48B

Forward P/E

30.61

PEG

0.14

PRICE TO SALES

7.10

PRICE TO BOOK

12.27

EV / EBITDA

47.82

5-Year Average P/E

Free Cash Flow Yield

-1.26%

DCF Value

$3.66

Graham Number

$19.27

Price to FCF

-79.08

EV to FCF

-82.18

Earnings Yield

1.03%

FCF Yield

-1.26%

DIVIDEND

Yield

0.29%

Annual Payout

$0.40

Payout Ratio

27.65%

Consecutive Years of Dividend Growth

5-Year Dividend Growth Rate

Financial Health & Profitability

Earnings Per Share

$1.44

Next Year EPS Growth Estimate

$4.58

Next Year Revenue Growth Estimate

$282.10B

Return on Equity (ROE)

13.40%

FREE CASH FLOW

Operating Margin

10.40%

Debt-to-Equity

0.47

Piotroski F-Score

3

Altman Z-Score

10.45

Return on Invested Capital (ROIC)

11.76%

Current Ratio

2.62

Quick Ratio

1.75

Net Debt to EBITDA

1.81

Interest Coverage

17.05

Gross Profit margin

26.24%

FCF PER SHARE

$-1.78

REVENUE PER SHARE

$19.78

Analyze AAON on TradingView

Gainseekers Quantitative Analysis

Summary

AAON’s valuation is a paradox of extremes. Despite a staggering Price/Earnings ratio, the Forward P/E suggests a more grounded future outlook. The market appears to be pricing in explosive growth, yet the DCF Value and Graham Number suggest a stark overvaluation. The Altman Z-score indicates robust financial health, but the Earnings Yield is alarmingly low, hinting at potential overextension. This stock is a high-risk, high-reward play, with the market betting heavily on its growth trajectory.

AI Exposure / Tech Reliance

In the construction industry, AAON is uniquely positioned to leverage AI and modern technology to enhance operational efficiency. The integration of smart systems in HVAC solutions could provide a competitive edge. However, the industry's traditional nature may slow tech adoption compared to more agile sectors.

The Bull Case

For the bullish investor, AAON's ROIC of 11.76% signals efficient capital use, while a solid operating margin of 10.40% underscores its pricing power. Despite a negative FCF Yield, the company's Piotroski F-Score of 4 suggests moderate financial health. These metrics paint a picture of a company with strong institutional backing and potential for sustained growth, appealing to those who value capital efficiency and operational strength.

The Bear Case

The bear case is glaringly evident in AAON's lofty valuation multiples. A Price/Book ratio of 12.22 and Price/Sales of 7.07 suggest the stock is priced for perfection. The negative FCF Yield and Price to FCF ratio highlight significant cash flow challenges. With the stock trading close to its 52-week high, it appears technically overextended, posing a risk for those wary of inflated valuations.

Market Sentiment & Smart Money

Short Interest %

Analyst Consensus

Buy

Average Analyst Price Target

$119.00

Institutional Ownership %

1-Year Beta

1.25

Insider Buying % (6 Mo)

Distance to 52-Week High

6.28%

Distance to 52-Week Low

55.78%

EARNINGS SURPRISE %

54.84%

50-DAY SMA

$104.22

200-DAY SMA

$94.07

⚠️ Financial Disclaimer:
This content is for informational purposes only and is not financial advice. Information may be delayed or inaccurate. We may earn a commission from partner links.