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What this page is: Delvantic's full research page for Aaon Inc. (AAON) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
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profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
price-history,income-trend,key-metrics,financials(statement tables),insider-trading. The analysis above is public; the raw data tables require a free account.
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Aaon Inc.
AAON NASDAQ
Industrials · Building Products & Equipment
Tulsa, OK 74107, United States
aaon.com
Price
$87.67
Market Cap
$7.2B
Employees
4,812
Beta
1.44
Avg Volume
1,173,929
Last Dividend
$0.40
CEO
Dr. Matthew J. Tobolski Ph.D., SE
Aaon Inc. is a U.S.-based manufacturer of commercial and industrial heating, ventilation, and air conditioning (HVAC) equipment. The company focuses on engineering and producing semi-custom and custom HVAC systems designed for energy-efficient climate control in commercial, institutional, and industrial buildings. Its product portfolio includes rooftop units, chillers, packaged outdoor mechanical rooms, air-handling units, makeup air units, energy-recovery units, condensing units, geothermal heat pumps, self-contained units, and coils. Aaon Inc. operates through segments such as AAON Oklahoma, AAON Coil Products, and BASX, covering system manufacturing, specialized coil production, and modular data center and cleanroom solutions. The company also designs control solutions and supplies replacement and retail parts through physical and online channels, supporting ongoing system operation and maintenance. Headquartered in Tulsa, Oklahoma, Aaon Inc. plays a notable role in the building products and equipment industry, serving customers that require reliable, high-performance HVAC solutions for complex and large-scale facilities.
Runs with full report
Earnings Schedule
Checked daily · calendar updated Aug 14 No upcoming print on the calendar yet — companies typically confirm a few weeks ahead. Last print was Aug 10, 2026.
EPS surprise history — vs analyst consensus · 5 prints of vendor history
+4.2%
Feb '26
-15.2%
Mar '26
+3.1%
Apr '26
+65.5%
May '26
+40.8%
Aug '26
| Print date | EPS est. | EPS actual | Revenue est. | Revenue actual |
|---|---|---|---|---|
| Aug 10, 2026 | $0.49 | $0.69 +40.8% | — | — |
| May 7, 2026 | $0.29 | $0.48 +65.5% | — | — |
| Apr 28, 2026 | $4.82 | $4.97 +3.1% | — | — |
| Mar 2, 2026 | $0.46 | $0.39 -15.2% | — | — |
| Feb 10, 2026 | $0.96 | $1.00 +4.2% | — | — |
Green = beat the estimate, red = missed. An earnings print is the fastest way a thesis changes — our designations should be re-read after each one.
Recent SEC Filings
| Filed | Form | Document |
|---|---|---|
| Aug 13, 2026 | SCHEDULE 13G/A | View |
| Aug 13, 2026 | 8-K | View |
| Aug 10, 2026 | 10-Q | View |
| Aug 10, 2026 | 8-K | View |
| Aug 6, 2026 | 3 | View |
| Aug 6, 2026 | 3 | View |
| Jul 30, 2026 | 8-K | View |
| Jun 8, 2026 | 8-K | View |
| Jun 5, 2026 | 4 | View |
| Jun 1, 2026 | 4 | View |
| Jun 1, 2026 | 4 | View |
| May 29, 2026 | 144 | View |
Filings link to the SEC’s EDGAR system. Annual/quarterly reports (10-K, 10-Q, 20-F) carry the full story; 8-K/6-K current reports are the fastest signal that something material happened.
Price Overview
Last updated: Aug 14, 2026 9:29am (just now)
Current data · timestamped when a report runs
$87.67
Change · Aug 14
+2.44 (+2.86%)
Day Range
$85.35 – $91.02
52-Week Range
$73.19 – $150.46
50-Day MA
$112.82
200-Day MA
$100.15
Volume
1,644,282.00
Share Structure
Outstanding
81,851,483.00
Float
66,783,734.00
Free Float
81.6%
High free float
— 81.6% of shares trade freely, ~18.4% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
TD Twelve Data statement
HEX SEC filing
P/E Ratio (Price per dollar of earnings)
HEXStock Price / EPS (Diluted)
67.96
Stock Price: $87.67
EPS (Diluted): 1.29
EPS (Diluted): 1.29
P/B Ratio (Price vs net asset value)
HEXStock Price / Book Value Per Share
8.14
Stock Price: $87.67
Total Equity: $894.99M
Shares: 83,105,538
Total Equity: $894.99M
Shares: 83,105,538
EV/EBITDA (Total value vs operating profit)
HEXEnterprise Value / EBITDA
31.96
Market Cap: $7.23B
Total Debt: $0.00
Cash: $13,000
EBITDA: $225.44M
Total Debt: $0.00
Cash: $13,000
EBITDA: $225.44M
Enterprise Value (Takeover price (cap + debt - cash))
HEXMarket Cap + Total Debt - Cash
$7.2B
Market Cap: $7.23B
Total Debt: $0.00
Cash: $13,000
Total Debt: $0.00
Cash: $13,000
Gross Margin (Revenue left after direct costs)
HEXGross Profit / Revenue
26.7%
Gross Profit: $385.72M
Revenue: $1.44B
Revenue: $1.44B
Operating Margin (Revenue left after all operations)
HEXOperating Income / Revenue
10.1%
Operating Income: $146.25M
Revenue: $1.44B
Revenue: $1.44B
Net Margin (Revenue left as actual profit)
HEXNet Income / Revenue
7.5%
Net Income: $107.59M
Revenue: $1.44B
Revenue: $1.44B
ROE (Profit from shareholder equity)
HEXNet Income / Total Equity
12.0%
Net Income: $107.59M
Total Equity: $894.99M
Total Equity: $894.99M
ROIC (Profit from all invested capital)
HEXNOPAT / Invested Capital
13.7%
Operating Income: $146.25M
Tax Rate: 16.4%
Equity: $894.99M
Total Debt: $0.00
Cash: $13,000
Tax Rate: 16.4%
Equity: $894.99M
Total Debt: $0.00
Cash: $13,000
Zero debt — invested capital = equity minus cash (very efficient)
Current Ratio (Can it pay short-term bills)
HEXCurrent Assets / Current Liabilities
2.63
Current Assets: $869.18M
Current Liabilities: $330.86M
Current Liabilities: $330.86M
Debt/Equity (Leverage — debt vs equity)
HEXTotal Debt / Total Equity
0.00
Short-Term Debt: $0.00
Long-Term Debt: $0.00
Total Debt: $0.00
Total Equity: $894.99M
Long-Term Debt: $0.00
Total Debt: $0.00
Total Equity: $894.99M
Zero debt — this company carries no debt obligations. Strongest possible score.
Rev/Share (Top-line per share)
HEXRevenue / Shares Outstanding
$17.35
Revenue: $1.44B
Shares: 83,105,538
Shares: 83,105,538
Book Value/Share (Net assets per share)
HEX(Total Assets - Total Liabilities) / Shares
$10.77
Total Equity: $894.99M
Shares: 83,105,538
Shares: 83,105,538
FCF/Share (Real cash generated per share)
HEX(Operating Cash Flow + CapEx) / Shares
$0.01
Operating CF: $534,000
CapEx: $0.00
Shares: 83,105,538
CapEx: $0.00
Shares: 83,105,538
Div Yield (Annual income from holding)
TDLast Annual Dividend / Stock Price
0.5%
Last Dividend: $0.40
Stock Price: $87.67
Stock Price: $87.67
Payout Ratio (Earnings paid out as dividends)
HEXDividends Paid / Net Income
30.3%
Dividends Paid: -$32.60M
Net Income: $107.59M
Net Income: $107.59M
Income Statement (Annual)
Last updated: Aug 10, 2026 9:59pm (3d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $534.5M | $888.8M | $1.2B | $1.2B | $1.4B |
| Cost of Revenue | $396.7M | $651.2M | $769.5M | $803.5M | $1.1B |
| Gross Profit | $137.8M | $237.6M | $399.0M | $397.1M | $385.7M |
| Operating Expenses | $68.6M | $110.8M | $171.5M | $188.0M | $239.5M |
| Operating Income | $69.3M | $126.8M | $227.5M | $209.1M | $146.2M |
| Net Income | $58.8M | $100.4M | $177.6M | $168.6M | $107.6M |
| EBITDA | $99.6M | $161.9M | $274.0M | $271.9M | $225.4M |
| EPS | $1.12 | $1.89 | $2.19 | $2.07 | $1.32 |
| EPS (Diluted) | $1.09 | $1.86 | $2.13 | $2.02 | $1.29 |
Balance Sheet (Annual)
Last updated: Aug 10, 2026 9:59pm (3d ago)| Metric | 2022 | 2023 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $5.5M | — | $287,000 | $14,000 | $13,000 |
| Total Current Assets | $349.1M | — | $409.0M | $488.2M | $869.2M |
| Total Assets | $813.9M | — | $941.4M | $1.2B | $1.7B |
| Current Liabilities | $145.6M | — | $126.7M | $174.9M | $330.9M |
| Long-Term Debt | — | — | — | — | — |
| Total Liabilities | $253.2M | — | $206.2M | $350.7M | $791.5M |
| Total Equity | $560.7M | — | $735.2M | $824.6M | $895.0M |
| Retained Earnings | $461.8M | $100,000 | $612.8M | $755.3M | $830.3M |
Cash Flow (Annual)
Last updated: Aug 10, 2026 9:59pm (3d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $61.2M | $61.3M | $158.9M | $192.5M | $534,000 |
| Capital Expenditure | -$55.4M | -$54.0M | — | — | — |
| Free Cash Flow | $5.8M | $7.3M | — | — | — |
| Acquisitions (net) | -$103.4M | $-249,000 | $0 | $0 | — |
| Net Debt Issued / (Repaid) | — | — | — | — | — |
| Dividends Paid | -$19.9M | -$22.9M | -$26.4M | -$26.1M | -$32.6M |
| Stock Buybacks | — | — | — | — | — |
| Net Change in Cash | — | — | — | — | — |
Growth Trends (YoY %)
Last updated: Aug 10, 2026 9:59pm (3d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +66.3% | +31.5% | +2.7% | +20.1% |
| Gross Profit Growth | +72.4% | +68.0% | -0.5% | -2.9% |
| Operating Income Growth | +83.0% | +79.5% | -8.1% | -30.1% |
| Net Income Growth | +70.8% | +77.0% | -5.1% | -36.2% |
| EBITDA Growth | +62.5% | +69.3% | -0.8% | -17.1% |
Dividend History (Last 20)
Last updated: Aug 10, 2026 9:59pm (3d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 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 | — | — | — |
| 2024-09-06 | $0.08 | — | — | — |
| 2024-06-07 | $0.08 | — | — | — |
| 2024-03-15 | $0.08 | — | — | — |
| 2023-11-28 | $0.08 | — | — | — |
| 2023-09-07 | $0.08 | — | — | — |
| 2023-06-08 | $0.08 | — | — | — |
| 2023-03-10 | $0.08 | — | — | — |
| 2022-11-25 | $0.16 | — | — | — |
| 2022-06-02 | $0.13 | — | — | — |
| 2021-11-24 | $0.13 | — | — | — |
| 2021-06-02 | $0.13 | — | — | — |
| 2020-11-25 | $0.13 | — | — | — |
| 2020-06-02 | $0.13 | — | — | — |
Insider Trading (Recent)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-02 | Thompson Rebecca | S-Sale | 4,230.00 | $143.42 | $606,667 |
| 2026-05-29 | Fields Gary D | S-Sale | 19,000.00 | $140.20 | $2.7M |
| 2026-05-29 | ASBJORNSON NORMAN H | G-Gift | 101,441.00 | $0.00 | $0 |
| 2026-05-29 | ASBJORNSON NORMAN H | G-Gift | 88,000.00 | $0.00 | $0 |
| 2026-05-26 | Wichman Gordon Douglas | M-OptionExercise | 3,000.00 | $27.58 | $82,740 |
| 2026-05-26 | Wichman Gordon Douglas | S-Sale | 3,000.00 | $140.39 | $421,170 |
| 2026-05-26 | Fields Gary D | M-OptionExercise | 21,173.00 | $48.91 | $1.0M |
| 2026-05-26 | Fields Gary D | S-Sale | 21,173.00 | $140.34 | $3.0M |
| 2026-05-14 | Kidwell Casey | M-OptionExercise | 2,084.00 | $79.73 | $166,157 |
| 2026-05-14 | Kidwell Casey | M-OptionExercise | 1,069.00 | $82.39 | $88,075 |
| 2026-05-14 | Kidwell Casey | S-Sale | 2,084.00 | $138.30 | $288,217 |
| 2026-05-14 | Kidwell Casey | S-Sale | 1,069.00 | $138.31 | $147,853 |
| 2026-05-13 | Tobolski Matthew Joseph | F-InKind | 467.00 | $135.37 | $63,218 |
| 2026-05-13 | Tobolski Matthew Joseph | S-Sale | 8,000.00 | $135.37 | $1.1M |
| 2026-05-13 | Fields Gary D | M-OptionExercise | 19,081.00 | $36.13 | $689,397 |
| 2026-05-13 | Fields Gary D | S-Sale | 19,081.00 | $137.60 | $2.6M |
| 2026-05-12 | Fields Gary D | M-OptionExercise | 26,018.00 | $48.91 | $1.3M |
| 2026-05-12 | Fields Gary D | M-OptionExercise | 5,253.00 | $31.69 | $166,468 |
| 2026-05-12 | Fields Gary D | S-Sale | 26,018.00 | $134.07 | $3.5M |
| 2026-05-12 | Fields Gary D | S-Sale | 5,253.00 | $134.05 | $704,165 |
Industry Benchmarks
Compares AAON against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for AAON — it's generated by the pipeline (
market-narrative step).
Claude Reading
No AI findings yet for AAON — they're generated by the
pipeline (
ai-findings step) when a report is run on this ticker.
GPT Reading
No GPT reading yet for AAON — it's generated by the
pipeline (
gpt-critique step) after the other Big-3 seats, when a
report is run on this ticker.
Grok Reading
No Grok reading yet for AAON — it's generated by the
pipeline (
grok-critique step) alongside the other Big-3 seats, when a
report is run on this ticker.
Advanced Analysis Forensic deep-dive · four lenses
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My Notes
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Data via Financial Modeling Prep · Cached for performance · twelvedata
v1.1.532 · 1ec19de8 · 2026-08-13 17:53:37