Industrials · Construction
Price
$126.78
Market Cap
$10.4B
Employees
4,812
Beta
1.40
Avg Volume
1,077,645
CEO
Matthew J. Tobolski
Business Description
AAON, Inc., along with its affiliated companies, focuses on the engineering, manufacturing, promotion, and sale of heating and air conditioning systems throughout the United States and Canada. The enterprise's operations are divided into three distinct divisions: AAON Oklahoma, AAON Coil Products, and BasX. Its comprehensive product portfolio features a wide array of HVAC solutions, including rooftop units, specialized data center cooling, cleanroom climate control, chillers, pre-packaged outdoor mechanical rooms, air handling units, fresh air supply units, energy recovery ventilation, condensing units, geothermal/water-source heat pumps, coils, and integrated control systems. AAON markets and sells these offerings to a diverse set of commercial sectors, such as retail, manufacturing, educational institutions, hospitality, supermarkets, data centers, and the medical and pharmaceutical industries. Product distribution is managed through a dual approach, utilizing a network of independent manufacturing representatives in addition to an in-house sales team. Established in 1987, AAON, Inc. is headquartered in Tulsa, Oklahoma.
Business History
Price Overview
Last updated: Jun 27, 2026 9:06am (just now)$126.78
-6.48 (-4.86%)
Day Range
$125.98 – $133.60
52-Week Range
$62.00 – $150.46
50-Day MA
$122.58
200-Day MA
$98.91
Volume
1,485,284.00
Analyst Price Targets
Low
$118.00
Consensus
$119.00
High
$120.00
(7 analysts)
Share Structure
Outstanding
81,911,700.00
Float
68,213,615.00
Free Float
83.3%
High free float
— 83.3% of shares trade freely, ~16.7% 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
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
APIStock Price / EPS (Diluted)
87.75
Stock Price: $126.78
EPS (Diluted): 1.32
EPS (Diluted): 1.32
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
6.95
Stock Price: $126.78
Total Equity: $894.99M
Shares: 83,105,538
Total Equity: $894.99M
Shares: 83,105,538
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
43.41
Market Cap: $10.38B
Total Debt: $405.86M
Cash: $13,000
EBITDA: $225.84M
Total Debt: $405.86M
Cash: $13,000
EBITDA: $225.84M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$6.6B
Market Cap: $10.38B
Total Debt: $405.86M
Cash: $13,000
Total Debt: $405.86M
Cash: $13,000
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
26.7%
Gross Profit: $385.72M
Revenue: $1.44B
Revenue: $1.44B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
10.6%
Operating Income: $152.35M
Revenue: $1.44B
Revenue: $1.44B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
7.5%
Net Income: $107.59M
Revenue: $1.44B
Revenue: $1.44B
ROE (Profit from shareholder equity)
APINet Income / Total Equity
13.4%
Net Income: $107.59M
Total Equity: $894.99M
Total Equity: $894.99M
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
9.3%
Operating Income: $152.35M
Tax Rate: 16.4%
Equity: $894.99M
Total Debt: $405.86M
Cash: $13,000
Tax Rate: 16.4%
Equity: $894.99M
Total Debt: $405.86M
Cash: $13,000
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
2.63
Current Assets: $869.18M
Current Liabilities: $330.86M
Current Liabilities: $330.86M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.45
Short-Term Debt: $7.54M
Long-Term Debt: $398.32M
Total Debt: $405.86M
Total Equity: $894.99M
Long-Term Debt: $398.32M
Total Debt: $405.86M
Total Equity: $894.99M
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$17.35
Revenue: $1.44B
Shares: 83,105,538
Shares: 83,105,538
Book Value/Share (Net assets per share)
CALC(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)
CALC(Operating Cash Flow + CapEx) / Shares
$-2.30
Operating CF: -$861,000
CapEx: -$190.56M
Shares: 83,105,538
CapEx: -$190.56M
Shares: 83,105,538
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.5%
Last Dividend: N/A
Stock Price: $126.78
Stock Price: $126.78
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $107.59M
Net Income: $107.59M
Dividends paid not available in cash flow statement
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)
Income Statement (Annual)
Last updated: Jun 24, 2026 9:30am (2d 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 | $233.4M |
| Operating Income | $69.3M | $126.8M | $227.5M | $209.1M | $152.3M |
| Net Income | $58.8M | $100.4M | $177.6M | $168.6M | $107.6M |
| EBITDA | $99.7M | $162.6M | $274.8M | $272.4M | $225.8M |
| EPS | $0.75 | $1.26 | $2.19 | $2.07 | $1.32 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 24, 2026 9:30am (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $2.9M | $5.5M | $287,000 | $14,000 | $13,000 |
| Total Current Assets | $218.1M | $349.1M | $409.0M | $488.2M | $869.2M |
| Total Assets | $650.2M | $813.9M | $941.4M | $1.2B | $1.7B |
| Current Liabilities | $86.8M | $145.6M | $126.7M | $174.9M | $330.9M |
| Long-Term Debt | $40.0M | $71.0M | $38.3M | $138.9M | $398.3M |
| Total Liabilities | $184.0M | $253.2M | $206.2M | $350.7M | $791.5M |
| Total Equity | $466.2M | $560.7M | $735.2M | $824.6M | $895.0M |
| Retained Earnings | $384.3M | $461.7M | $612.8M | $755.3M | $830.3M |
Cash Flow (Annual)
Last updated: Jun 24, 2026 9:30am (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $61.2M | $61.3M | $158.9M | $192.5M | $-861,000 |
| Capital Expenditure | -$55.4M | -$54.0M | -$104.3M | -$195.7M | -$190.6M |
| Free Cash Flow | $5.8M | $7.3M | $54.6M | -$3.1M | -$191.4M |
| Acquisitions (net) | -$103.4M | $-249,000 | $0 | $0 | $40,000 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$20.9M | -$12.7M | -$25.0M | -$100.0M | -$30.0M |
| Net Change in Cash | -$78.8M | $2.5M | $3.1M | -$2.5M | -$5.3M |
Analyst Estimates (Annual)
Last updated: Jun 27, 2026 9:06am (just now)| Metric | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|
| Revenue |
$1.4B $1.4B – $1.4B
|
$2.1B $2.0B – $2.1B
|
$2.4B $2.3B – $2.5B
|
$2.8B $2.6B – $2.9B
|
| EBITDA |
$274.8M $272.8M – $276.7M
|
$408.6M $404.6M – $410.6M
|
$477.4M $463.4M – $495.3M
|
$557.5M $520.1M – $579.7M
|
| Net Income |
$118.1M $112.9M – $122.1M
|
$190.4M $178.9M – $194.1M
|
$282.3M $260.4M – $322.3M
|
$373.8M $347.4M – $400.3M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 24, 2026 9:30am (2d 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% | -27.1% |
| Net Income Growth | +70.8% | +77.0% | -5.1% | -36.2% |
| EBITDA Growth | +63.0% | +69.0% | -0.9% | -17.1% |
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-Exempt | 3,000.00 | $27.58 | $82,740 |
| 2026-05-26 | Wichman Gordon Douglas | M-Exempt | 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-Exempt | 21,173.00 | $48.91 | $1.0M |
| 2026-05-26 | Fields Gary D | S-Sale | 21,173.00 | $140.34 | $3.0M |
| 2026-05-26 | Fields Gary D | M-Exempt | 21,173.00 | $48.91 | $1.0M |
| 2026-04-20 | Cheung Chung Kin | A-Award | 15,507.00 | $0.00 | $0 |
| 2026-05-14 | Kidwell Casey | M-Exempt | 2,084.00 | $79.73 | $166,157 |
| 2026-05-14 | Kidwell Casey | M-Exempt | 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 |
| 2026-05-14 | Kidwell Casey | M-Exempt | 1,069.00 | $82.39 | $88,075 |
| 2026-05-14 | Kidwell Casey | M-Exempt | 2,084.00 | $79.73 | $166,157 |
| 2026-05-12 | ASBJORNSON NORMAN H | A-Award | 1,290.00 | $0.00 | $0 |
| 2026-05-13 | Tobolski Matthew Joseph | S-Sale | 8,000.00 | $135.37 | $1.1M |
| 2026-05-13 | Tobolski Matthew Joseph | F-InKind | 467.00 | $135.37 | $63,218 |
Dividend History (Last 20)
Last updated: Jun 24, 2026 9:30am (2d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-06-05 | $0.10 | 2026-05-12 | 2026-06-05 | 2026-06-26 |
| 2026-03-18 | $0.10 | 2026-03-03 | 2026-03-18 | 2026-03-30 |
| 2025-11-26 | $0.10 | 2025-11-10 | 2025-11-26 | 2025-12-18 |
| 2025-09-05 | $0.10 | 2025-08-13 | 2025-09-05 | 2025-09-26 |
| 2025-06-06 | $0.10 | 2025-05-13 | 2025-06-06 | 2025-06-27 |
| 2025-03-18 | $0.10 | 2025-03-03 | 2025-03-18 | 2025-03-28 |
| 2024-11-29 | $0.08 | 2024-11-13 | 2024-11-29 | 2024-12-19 |
| 2024-09-06 | $0.08 | 2024-08-15 | 2024-09-06 | 2024-09-27 |
| 2024-06-07 | $0.08 | 2024-05-24 | 2024-06-07 | 2024-06-28 |
| 2024-03-15 | $0.08 | 2024-03-01 | 2024-03-18 | 2024-03-29 |
| 2023-11-28 | $0.08 | 2023-11-10 | 2023-11-29 | 2023-12-18 |
| 2023-09-07 | $0.08 | 2023-08-18 | 2023-09-08 | 2023-09-29 |
| 2023-06-08 | $0.12 | 2023-05-18 | 2023-06-09 | 2023-06-30 |
| 2023-03-10 | $0.12 | 2023-03-01 | 2023-03-13 | 2023-03-31 |
| 2022-11-25 | $0.24 | 2022-11-08 | 2022-11-28 | 2022-12-16 |
| 2022-06-02 | $0.19 | 2022-05-18 | 2022-06-03 | 2022-07-01 |
| 2021-11-24 | $0.19 | 2021-11-09 | 2021-11-26 | 2021-12-17 |
| 2021-06-02 | $0.19 | 2021-05-17 | 2021-06-03 | 2021-07-01 |
| 2020-11-25 | $0.19 | 2020-11-10 | 2020-11-27 | 2020-12-18 |
| 2020-06-02 | $0.19 | 2020-05-12 | 2020-06-03 | 2020-07-01 |
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).
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My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30