AAON, Inc.(AAON)Earnings, Financials & Key Ratios

AAON•NASDAQ

106.0× P/E·Price updated Jun 19, 2026

SectorIndustrials IndustryConstruction Sub-IndustryBuilding systems and controls

AboutAAON, 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.Show more

Revenue$1.44B+20.1%
EBITDA$232M-14.8%
Net Income$108M-36.2%
EPS (Diluted)1.29-36.1%
Gross Margin26.75%-19.1%
EBITDA Margin16.07%-29.1%
Operating Margin10.56%-39.3%
Net Margin7.46%-46.9%
ROE12.51%-42.1%

AAON Key Insights

AAON, Inc. (AAON) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓Excellent 3Y average ROE of 20.5%
✓Momentum leader: RS Rating 90 (top 10%)
✓Strong 5Y sales CAGR of 22.9%
✓Healthy 5Y average net margin of 11.8%

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Expensive at 12.7x book value

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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AAON Price & Volume

AAON, Inc. (AAON) stock price & volume — 10-year historical chart

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AAON Growth Metrics

AAON, Inc. (AAON) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years14.93%

5 Years22.89%

3 Years17.51%

TTM28.27%

Profit CAGR

10 Years8.93%

5 Years6.37%

3 Years2.34%

TTM-25.64%

EPS CAGR

10 Years8.7%

5 Years5.44%

3 Years1.33%

TTM-25.26%

Return on Capital

10 Years24.68%

5 Years20.35%

3 Years22.22%

Last Year12.93%

AAON Recent Earnings

AAON, Inc. (AAON) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

●Beat EPS 8/12 qtrs (67%)●Beat Revenue 8/12 qtrs (67%)

Q2 2026Latest

May 7, 2026

Metric

Actual

Est

EPS

$0.48+64.6%

$0.29

Rev

$497M+30.4%

$381M

Q2 2026

Mar 2, 2026

Metric

Actual

Est

EPS

$0.39-13.3%

$0.45

Rev

$424M+13.9%

$372M

Q4 2025

Nov 6, 2025

Metric

Actual

Est

EPS

$0.37+12.1%

$0.33

Rev

$384M+2.7%

$374M

Q3 2025

Aug 11, 2025

Metric

Actual

Est

EPS

$0.22-29.0%

$0.31

Rev

$312M-13.8%

$361M

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q2 2026Latest	May 7, 2026	$0.48vs $0.29+64.6%	$497Mvs $381M+30.4%
Q2 2026	Mar 2, 2026	$0.39vs $0.45-13.3%	$424Mvs $372M+13.9%
Q4 2025	Nov 6, 2025	$0.37vs $0.33+12.1%	$384Mvs $374M+2.7%
Q3 2025	Aug 11, 2025	$0.22vs $0.31-29.0%	$312Mvs $361M-13.8%

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	Debt / Equity
LIILennox International Inc.Direct Competitor	18.53B	532.43	23.96	-2.73%	14.89%	72.05%	1.77
CARRCarrier Global CorporationDirect Competitor	59.99B	71.81	42.24	-3.29%	6.03%	9.13%	0.90
TTTrane Technologies plcDirect Competitor	106.99B	483.40	37.24	7.48%	13.42%	34.69%	0.54
JCIJohnson Controls International plcDirect Competitor	88.36B	144.82	55.06	2.81%	14.45%	24.88%	0.86
MODModine Manufacturing CompanyProduct Competitor	15.71B	297.37	132.75	23.13%	3.83%	11.04%	0.48
NDSNNordson CorporationProduct Competitor	16.49B	295.92	34.77	3.78%	18.19%	17.12%	0.71
GTLSChart Industries, Inc.Product Competitor	9.96B	207.99	630.27	2.49%	-0.63%	-0.78%	1.11
HONHoneywell International Inc.Supply Chain	145.11B	229.01	31.12	7.85%	11.16%	23.05%	2.24

Compare AAON vs Peers

AAON, Inc. (AAON) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs LII

Most directly comparable listed peer for AAON.

Scale Benchmark

vs HON

Larger-name benchmark to compare AAON against a more recognizable public peer.

Peer Set

Compare Top 5

vs LII, CARR, TT, JCI

AAON Income Statement

AAON, Inc. (AAON) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Metric	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Sales/Revenue	405.23M	433.95M	469.33M	514.55M	534.52M	888.79M	1.17B	1.2B	1.44B	1.62B
Revenue Growth %	5.54%	7.09%	8.15%	9.63%	3.88%	66.28%	31.47%	2.75%	20.11%	28.27%
Cost of Goods Sold	281.58M	330.41M	349.91M	358.7M	396.69M	651.22M	769.5M	803.53M	1.06B	1.19B
COGS % of Revenue	69.49%	76.14%	74.55%	69.71%	74.21%	73.27%	65.85%	66.93%	73.25%	-
Gross Profit	123.65M▲ 0%	103.53M▼ 16.3%	119.42M▲ 15.3%	155.85M▲ 30.5%	137.83M▼ 11.6%	237.57M▲ 72.4%	399.02M▲ 68.0%	397.11M▼ 0.5%	385.72M▼ 2.9%	424.32M▲ 0%
Gross Margin %	30.51%	23.86%	25.45%	30.29%	25.79%	26.73%	34.15%	33.07%	26.75%	26.24%
Gross Profit Growth %	4.72%	-16.27%	15.35%	30.5%	-11.56%	72.37%	67.96%	-0.48%	-2.87%	-
Operating Expenses	49.42M	48.18M	52.41M	54.01M	68.58M	110.81M	171.53M	187.99M	233.38M	256.09M
OpEx % of Revenue	12.19%	11.1%	11.17%	10.5%	12.83%	12.47%	14.68%	15.66%	16.18%	-
Selling, General & Admin	48.47M	47.07M	50.55M	60.49M	68.6M	110.82M	157.78M	167.47M	205.66M	231.86M
SG&A % of Revenue	11.96%	10.85%	10.77%	11.76%	12.83%	12.47%	13.5%	13.95%	14.26%	-
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	1.49M	1.87M	1.86M	-6.48M	-21K	-12K	13.75M	20.52M	27.71M	3M
Operating Income	74.23M▲ 0%	55.35M▼ 25.4%	67.01M▲ 21.1%	101.84M▲ 52.0%	69.25M▼ 32.0%	126.76M▲ 83.0%	227.49M▲ 79.5%	209.12M▼ 8.1%	152.35M▼ 27.1%	168.23M▲ 0%
Operating Margin %	18.32%	12.76%	14.28%	19.79%	12.96%	14.26%	19.47%	17.42%	10.56%	10.4%
Operating Income Growth %	-6.73%	-25.44%	21.07%	51.97%	-32%	83.04%	79.47%	-8.08%	-27.15%	-
EBITDA	89.24M	73.01M	89.78M	127.47M	99.67M	162.19M	274.29M	272.04M	231.71M	249.56M
EBITDA Margin %	22.02%	16.82%	19.13%	24.77%	18.65%	18.25%	23.47%	22.66%	16.07%	15.43%
EBITDA Growth %	-3.66%	-18.19%	22.97%	41.99%	-21.81%	62.73%	69.11%	-0.82%	-14.83%	-6.07%
D&A (Non-Cash Add-back)	15.01M	17.66M	22.77M	25.63M	30.42M	35.43M	46.79M	62.92M	79.36M	81.33M
EBIT	74.46M	55.51M	67.35M	95.36M	69.31M	127.16M	228M	209.5M	146.48M	168.25M
Net Interest Income	298K	196K	66K	88K	-132K	-2.63M	-4.84M	-2.9M	-17.73M	-9.87M
Interest Income	298K	196K	66K	88K	0	0	0	0	0	0
Interest Expense	0	0	0	0	132K	2.63M	4.84M	2.9M	17.73M	9.87M
Other Income/Expense	389K	149K	20K	139K	-71K	-2.23M	-4.34M	-2.53M	-23.6M	-19.88M
Pretax Income	74.62M▲ 0%	55.5M▼ 25.6%	67.03M▲ 20.8%	101.97M▲ 52.1%	69.18M▼ 32.2%	124.53M▲ 80.0%	223.15M▲ 79.2%	206.59M▼ 7.4%	128.75M▼ 37.7%	148.35M▲ 0%
Pretax Margin %	18.42%	12.79%	14.28%	19.82%	12.94%	14.01%	19.1%	17.21%	8.93%	9.17%
Income Tax	20.79M	13.17M	13.32M	22.97M	10.42M	24.16M	45.53M	38.03M	21.16M	30.23M
Effective Tax Rate %	27.87%	23.73%	19.87%	22.52%	15.07%	19.4%	20.4%	18.41%	16.43%	20.38%
Net Income	54.5M▲ 0%	42.33M▼ 22.3%	53.71M▲ 26.9%	79.01M▲ 47.1%	58.76M▼ 25.6%	100.38M▲ 70.8%	177.62M▲ 77.0%	168.56M▼ 5.1%	107.59M▼ 36.2%	118.12M▲ 0%
Net Margin %	13.45%	9.75%	11.44%	15.35%	10.99%	11.29%	15.2%	14.04%	7.46%	7.3%
Net Income Growth %	2.1%	-22.33%	26.89%	47.1%	-25.63%	70.83%	76.96%	-5.1%	-36.17%	-25.64%
Net Income (Continuing)	53.83M	42.33M	53.71M	79.01M	58.76M	100.38M	177.62M	168.56M	107.59M	118.12M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	0.69▲ 0%	0.54▼ 21.7%	0.68▲ 25.9%	0.99▲ 45.6%	0.73▼ 26.3%	1.24▲ 69.9%	2.13▲ 71.8%	2.02▼ 5.2%	1.29▼ 36.1%	1.42▲ 0%
EPS Growth %	2.99%	-21.74%	25.93%	45.59%	-26.26%	69.86%	71.77%	-5.16%	-36.14%	-25.26%
EPS (Basic)	0.69	0.54	0.69	1.01	0.75	1.26	2.19	2.07	1.32	-
Diluted Shares Outstanding	79.62M	79M	78.95M	79.59M	80.59M	81.15M	83.3M	83.63M	83.11M	83.18M
Basic Shares Outstanding	79.62M	79M	78.12M	78.25M	78.61M	79.58M	81.16M	81.47M	81.53M	81.76M
Dividend Payout Ratio	25.07%	39.52%	30.99%	25.08%	33.95%	22.83%	14.89%	15.47%	30.3%	-

AAON Balance Sheet

AAON, Inc. (AAON) balance sheet — assets, liabilities & shareholders' equity

Metric	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Total Current Assets	153.73M	140.66M	187.55M	220.25M	218.08M	349.12M	408.95M	488.21M	869.18M	943.7M
Cash & Short-Term Investments	30.41M	1.99M	26.8M	79.03M	2.86M	5.45M	287K	14K	13K	13K
Cash Only	21.46M	1.99M	26.8M	79.03M	2.86M	5.45M	287K	14K	13K	13K
Short-Term Investments	8.96M	0	0	0	0	0	0	0	0	0
Accounts Receivable	52.01M	54.08M	68.2M	47.39M	82.25M	142.31M	183.3M	286.97M	588.87M	290.16M
Days Sales Outstanding	46.85	45.49	53.04	33.61	56.17	58.44	57.26	87.24	149.05	100.96
Inventory	70.79M	77.61M	73.6M	82.22M	130.27M	198.94M	213.53M	187.42M	261.15M	313.2M
Days Inventory Outstanding	91.76	85.74	76.78	83.66	119.86	111.5	101.29	85.14	90.24	81.09
Other Current Assets	0	5.93M	17.58M	7.85M	628K	498K	8.74M	13.81M	19.15M	340.32M
Total Non-Current Assets	143.05M	167.34M	183.88M	228.76M	432.1M	464.79M	532.48M	687.02M	817.33M	846.01M
Property, Plant & Equipment	142.38M	163M	179.78M	224.91M	275.04M	311.87M	381.72M	525.79M	649.25M	672.19M
Fixed Asset Turnover	2.85x	2.66x	2.61x	2.29x	1.94x	2.85x	3.06x	2.28x	2.22x	2.58x
Goodwill	0	3.23M	3.23M	3.23M	85.73M	81.89M	81.89M	81.89M	81.89M	171.91M
Intangible Assets	0	506K	272K	38K	70.12M	64.61M	68.05M	78.26M	83.91M	0
Long-Term Investments	0	598K	597K	579K	1.22M	0	0	0	0	0
Other Non-Current Assets	678K	0	0	0	0	6.42M	816K	242K	2.28M	1.91M
Total Assets	296.78M▲ 0%	307.99M▲ 3.8%	371.42M▲ 20.6%	449.01M▲ 20.9%	650.18M▲ 44.8%	813.9M▲ 25.2%	941.44M▲ 15.7%	1.18B▲ 24.8%	1.69B▲ 43.5%	1.79B▲ 0%
Asset Turnover	1.37x	1.41x	1.26x	1.15x	0.82x	1.09x	1.24x	1.02x	0.86x	1.01x
Asset Growth %	15.69%	3.78%	20.59%	20.89%	44.8%	25.18%	15.67%	24.83%	43.5%	168.46%
Total Current Liabilities	50.06M	47.49M	56.03M	59.03M	86.77M	145.57M	126.75M	174.91M	330.86M	359.63M
Accounts Payable	10.97M	10.62M	11.76M	12.45M	29.02M	45.51M	27.48M	44.65M	110.44M	160.14M
Days Payables Outstanding	14.22	11.73	12.27	12.67	26.7	25.51	13.04	20.28	38.16	35.35
Short-Term Debt	0	0	0	0	0	0	0	16M	10.8M	0
Deferred Revenue (Current)	2.84M	2.37M	4.63M	5.07M	13.47M	25.17M	16.38M	22.63M	0	61.24M
Other Current Liabilities	11.07M	5M	13.01M	6.82M	14.15M	30.12M	24.51M	15.32M	209.62M	199.5M
Current Ratio	3.07x	2.96x	3.35x	3.73x	2.51x	2.40x	3.23x	2.79x	2.63x	2.62x
Quick Ratio	1.66x	1.33x	2.03x	2.34x	1.01x	1.03x	1.54x	1.72x	1.84x	1.75x
Cash Conversion Cycle	124.39	119.49	117.55	104.61	149.33	144.44	145.51	152.1	201.12	146.7
Total Non-Current Liabilities	9.49M	11.06M	25.26M	39.11M	97.24M	107.62M	79.46M	175.75M	460.67M	495.87M
Long-Term Debt	0	0	0	0	40M	71M	38.33M	138.89M	407.06M	0
Capital Lease Obligations	0	0	0	0	0	5.99M	10.2M	13.59M	15.53M	46.08M
Deferred Tax Liabilities	7.98M	9.26M	15.3M	28.32M	31.99M	18.66M	12.13M	0	30.31M	87.41M
Other Non-Current Liabilities	0	146K	9.96M	10.79M	25.25M	11.96M	18.8M	23.26M	7.77M	460.97M
Total Liabilities	59.55M	58.55M	81.28M	98.14M	184.01M	253.19M	206.21M	350.65M	791.52M	855.5M
Total Debt	0	0	0	202K	41.58M	78.25M	50.55M	170.96M	433.38M	0
Net Debt	-21.46M	-1.99M	-26.8M	-78.82M	38.72M	72.8M	50.26M	170.95M	433.37M	-13K
Debt / Equity	-	-	-	0.00x	0.09x	0.14x	0.07x	0.21x	0.48x	0.00x
Debt / EBITDA	-	-	-	0.00x	0.42x	0.48x	0.18x	0.63x	1.87x	0.00x
Net Debt / EBITDA	-0.24x	-0.03x	-0.30x	-0.62x	0.39x	0.45x	0.18x	0.63x	1.87x	-0.00x
Interest Coverage	-	-	-	-	525.11x	48.41x	47.08x	72.12x	8.26x	17.05x
Total Equity	237.23M▲ 0%	249.44M▲ 5.1%	290.14M▲ 16.3%	350.87M▲ 20.9%	466.17M▲ 32.9%	560.71M▲ 20.3%	735.22M▲ 31.1%	824.58M▲ 12.2%	894.99M▲ 8.5%	934.21M▲ 0%
Equity Growth %	15.22%	5.15%	16.32%	20.93%	32.86%	20.28%	31.12%	12.15%	8.54%	43.82%
Book Value per Share	2.98	3.16	3.67	4.41	5.78	6.91	8.83	9.86	10.77	11.23
Total Shareholders' Equity	237.23M	249.44M	290.14M	350.87M	466.17M	560.71M	735.22M	824.58M	894.99M	934.21M
Common Stock	210K	208K	208K	209K	210K	322K	326K	326K	327K	327K
Retained Earnings	237.02M	249.24M	286.3M	345.5M	384.31M	461.66M	612.84M	755.31M	830.3M	861.97M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

AAON Cash Flow Statement

AAON, Inc. (AAON) cash flow — operating, investing & free cash flow history

Metric	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Cash from Operations	57.99M	54.86M	97.92M	128.81M	61.18M	61.32M	158.9M	192.53M	-861K	43.74M
Operating CF Margin %	14.31%	12.64%	20.86%	25.03%	11.45%	6.9%	13.6%	16.04%	-0.06%	-
Operating CF Growth %	-9.28%	-5.41%	78.51%	31.54%	-52.5%	0.22%	159.13%	21.17%	-100.45%	2412.9%
Net Income	54.5M	42.33M	53.71M	79.01M	58.76M	100.38M	177.62M	168.56M	107.59M	118.12M
Depreciation & Amortization	15.01M	17.66M	22.77M	25.63M	30.42M	35.43M	46.79M	189K	79.36M	61.4M
Stock-Based Compensation	6.31M	7.86M	11.8M	11.34M	11.81M	13.7M	16.38M	16.73M	17.99M	17.82M
Deferred Taxes	-749K	2.64M	6.04M	13.03M	3.67M	-13.33M	-6.53M	-6.61M	31.15M	29.76M
Other Non-Cash Items	-209K	318K	1.84M	-5.21M	669K	2.72M	1.52M	63.03M	-594K	25.06M
Working Capital Changes	-16.87M	-15.95M	1.77M	5.01M	-44.14M	-77.57M	-76.89M	-49.37M	-236.36M	-208.4M
Change in Receivables	-7.52M	-2.83M	174K	16.04M	-9.74M	-47.51M	-9.98M	-10.04M	-167.02M	-123.01M
Change in Inventory	-23.7M	-5.6M	2.56M	-9.73M	-45.95M	-71.41M	-16.23M	27.08M	-73.88M	-115.15M
Change in Payables	3.04M	-1.18M	280K	-2.15M	10.9M	11.57M	-18.32M	16.96M	52.9M	81.65M
Cash from Investing	-31.05M	-34.63M	-37.05M	-61.27M	-158.72M	-76.21M	-109.31M	-213.07M	-192.42M	-193.31M
Capital Expenditures	-41.71M	-37.27M	-37.17M	-67.8M	-55.36M	-54.02M	-109.49M	-213.15M	-204.89M	-199.58M
CapEx % of Revenue	10.29%	8.59%	7.92%	13.18%	10.36%	6.08%	9.37%	17.75%	14.21%	12.34%
Acquisitions	10K	-6.38M	0	0	-103.43M	-249K	0	0	40K	-235K
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	60K	66K	120K	6.53M	73K	-21.94M	180K	76K	12.44M	6.26M
Cash from Financing	-29.64M	-39.68M	-18.5M	-29.63M	18.73M	17.36M	-46.51M	18.03M	188M	148.29M
Debt Issued (Net)	0	0	6.61M	0	40M	30.89M	-26.61M	120.99M	243.19M	172.51M
Equity Issued (Net)	-14.36M	-21.86M	-6.96M	-8.64M	272K	10.4M	8.25M	-68.17M	-12.85M	17.39M
Dividends Paid	-13.66M	-16.73M	-16.64M	-19.82M	-19.95M	-22.92M	-26.45M	-26.08M	-32.6M	-32.65M
Share Repurchases	-16.62M	-26.85M	-19.59M	-30.06M	-20.88M	-12.74M	-25.01M	-100.03M	-30M	1.54M
Other Financing	-1.61M	-1.1M	-1.51M	-1.17M	-1.59M	-1.02M	-1.7M	-8.7M	-9.73M	-8.96M
Net Change in Cash	-2.7M▲ 0%	-19.46M▼ 621.9%	42.38M▲ 317.7%	37.91M▼ 10.5%	-78.8M▼ 307.8%	2.46M▲ 103.1%	3.07M▲ 24.9%	-2.51M▼ 181.6%	-5.28M▼ 110.2%	-1.28M▲ 0%
Free Cash Flow	16.28M▲ 0%	17.59M▲ 8.0%	60.76M▲ 245.5%	61.01M▲ 0.4%	5.82M▼ 90.5%	7.29M▲ 25.3%	54.6M▲ 648.6%	-3.13M▼ 105.7%	-191.42M▼ 6019.7%	-145.22M▲ 0%
FCF Margin %	4.02%	4.05%	12.95%	11.86%	1.09%	0.82%	4.67%	-0.26%	-13.27%	-8.98%
FCF Growth %	-56.37%	8.03%	245.46%	0.42%	-90.46%	25.3%	648.57%	-105.73%	-6019.69%	-29.24%
FCF per Share	0.20	0.22	0.77	0.77	0.07	0.09	0.66	-0.04	-2.30	-1.75
FCF Conversion (FCF/Net Income)	1.06x	1.30x	1.82x	1.63x	1.04x	0.61x	0.89x	1.14x	-0.01x	-1.23x
Interest Paid	0	6K	0	0	0	2.41M	4.82M	2.81M	0	3.71M
Taxes Paid	16.95M	14.98M	0	0	7.89M	19.29M	63.38M	49.92M	0	12.28M

AAON Key Ratios

AAON, Inc. (AAON) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Return on Equity (ROE)	24.6%	17.4%	19.91%	24.65%	14.38%	19.55%	27.41%	21.61%	12.51%	13.4%
Return on Invested Capital (ROIC)	28.01%	17.92%	19.68%	28.53%	13.37%	16.7%	24.05%	17.61%	9.83%	10.8%
Gross Margin	30.51%	23.86%	25.45%	30.29%	25.79%	26.73%	34.15%	33.07%	26.75%	26.24%
Net Margin	13.45%	9.75%	11.44%	15.35%	10.99%	11.29%	15.2%	14.04%	7.46%	7.3%
Debt / Equity	-	-	-	0.00x	0.09x	0.14x	0.07x	0.21x	0.48x	0.00x
Interest Coverage	-	-	-	-	525.11x	48.41x	47.08x	72.12x	8.26x	17.05x
FCF Conversion	1.06x	1.30x	1.82x	1.63x	1.04x	0.61x	0.89x	1.14x	-0.01x	-1.23x
Revenue Growth	5.54%	7.09%	8.15%	9.63%	3.88%	66.28%	31.47%	2.75%	20.11%	28.27%

AAON SEC Filings & Documents

AAON, Inc. (AAON) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

May 18, 2026·SEC

Material company update

May 7, 2026·SEC

Material company update

Apr 2, 2026·SEC

10-K Annual Reports

FY 2026

Mar 2, 2026·SEC

FY 2025

Feb 27, 2025·SEC

10-Q Quarterly Reports

FY 2026

May 7, 2026·SEC

FY 2025

Nov 6, 2025·SEC

FY 2025

Aug 11, 2025·SEC

AAON Frequently Asked Questions

AAON, Inc. (AAON) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

AAON, Inc. (AAON) reported $1.62B in revenue for fiscal year 2025. This represents a 2473% increase from $62.8M in 1996.

AAON, Inc. (AAON) grew revenue by 20.1% over the past year. This is strong growth.

Yes, AAON, Inc. (AAON) is profitable, generating $118.1M in net income for fiscal year 2025 (7.5% net margin).

Dividend & Returns

Yes, AAON, Inc. (AAON) pays a dividend with a yield of 0.29%. This makes it attractive for income-focused investors.

AAON, Inc. (AAON) has a return on equity (ROE) of 12.5%. This is reasonable for most industries.

AAON, Inc. (AAON) had negative free cash flow of $145.2M in fiscal year 2025, likely due to heavy capital investments.

What if you invested $1,000 in AAON back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →

How much would $100/month in AAON be worth today?

Dollar cost averaging calculator · DCA vs lump sum

Calculate →

Quarter

Date

EPS (Act vs Est)

Revenue (Act vs Est)

Q2 2026Latest

May 7, 2026

$0.48vs $0.29+64.6%

$497Mvs $381M+30.4%

Q2 2026

Mar 2, 2026

$0.39vs $0.45-13.3%

$424Mvs $372M+13.9%

Q4 2025

Nov 6, 2025

$0.37vs $0.33+12.1%

$384Mvs $374M+2.7%

Q3 2025

Aug 11, 2025

$0.22vs $0.31-29.0%

$312Mvs $361M-13.8%

Metric

Dec'17

Dec'18

Dec'19

Dec'20

Dec'21

Dec'22

Dec'23

Dec'24

Dec'25

TTM

Sales/Revenue

405.23M

433.95M

469.33M

514.55M

534.52M

888.79M

1.17B

1.2B

1.44B

1.62B

Revenue Growth %

5.54%

7.09%

8.15%

9.63%

3.88%

66.28%

31.47%

2.75%

20.11%

28.27%

Cost of Goods Sold

281.58M

330.41M

349.91M

358.7M

396.69M

651.22M

769.5M

803.53M

1.06B

1.19B

COGS % of Revenue

69.49%

76.14%

74.55%

69.71%

74.21%

73.27%

65.85%

66.93%

73.25%

Gross Profit

123.65M▲ 0%

103.53M▼ 16.3%

119.42M▲ 15.3%

155.85M▲ 30.5%

137.83M▼ 11.6%

237.57M▲ 72.4%

399.02M▲ 68.0%

397.11M▼ 0.5%

385.72M▼ 2.9%

424.32M▲ 0%

Gross Margin %

30.51%

23.86%

25.45%

30.29%

25.79%

26.73%

34.15%

33.07%

26.75%

26.24%

Gross Profit Growth %

4.72%

-16.27%

15.35%

30.5%

-11.56%

72.37%

67.96%

-0.48%

-2.87%

Operating Expenses

49.42M

48.18M

52.41M

54.01M

68.58M

110.81M

171.53M

187.99M

233.38M

256.09M

OpEx % of Revenue

12.19%

11.1%

11.17%

10.5%

12.83%

12.47%

14.68%

15.66%

16.18%

Selling, General & Admin

48.47M

47.07M

50.55M

60.49M

68.6M

110.82M

157.78M

167.47M

205.66M

231.86M

SG&A % of Revenue

11.96%

10.85%

10.77%

11.76%

12.83%

12.47%

13.5%

13.95%

14.26%

Research & Development

R&D % of Revenue

Other Operating Expenses

1.49M

1.87M

1.86M

-6.48M

-21K

-12K

13.75M

20.52M

27.71M

Operating Income

74.23M▲ 0%

55.35M▼ 25.4%

67.01M▲ 21.1%

101.84M▲ 52.0%

69.25M▼ 32.0%

126.76M▲ 83.0%

227.49M▲ 79.5%

209.12M▼ 8.1%

152.35M▼ 27.1%

168.23M▲ 0%

Operating Margin %

18.32%

12.76%

14.28%

19.79%

12.96%

14.26%

19.47%

17.42%

10.56%

10.4%

Operating Income Growth %

-6.73%

-25.44%

21.07%

51.97%

-32%

83.04%

79.47%

-8.08%

-27.15%

EBITDA

89.24M

73.01M

89.78M

127.47M

99.67M

162.19M

274.29M

272.04M

231.71M

249.56M

EBITDA Margin %

22.02%

16.82%

19.13%

24.77%

18.65%

18.25%

23.47%

22.66%

16.07%

15.43%

EBITDA Growth %

-3.66%

-18.19%

22.97%

41.99%

-21.81%

62.73%

69.11%

-0.82%

-14.83%

-6.07%

D&A (Non-Cash Add-back)

15.01M

17.66M

22.77M

25.63M

30.42M

35.43M

46.79M

62.92M

79.36M

81.33M

EBIT

74.46M

55.51M

67.35M

95.36M

69.31M

127.16M

228M

209.5M

146.48M

168.25M

Net Interest Income

298K

196K

66K

88K

-132K

-2.63M

-4.84M

-2.9M

-17.73M

-9.87M

Interest Income

298K

196K

66K

88K

Interest Expense

132K

2.63M

4.84M

2.9M

17.73M

9.87M

Other Income/Expense

389K

149K

20K

139K

-71K

-2.23M

-4.34M

-2.53M

-23.6M

-19.88M

Pretax Income

74.62M▲ 0%

55.5M▼ 25.6%

67.03M▲ 20.8%

101.97M▲ 52.1%

69.18M▼ 32.2%

124.53M▲ 80.0%

223.15M▲ 79.2%

206.59M▼ 7.4%

128.75M▼ 37.7%

148.35M▲ 0%

Pretax Margin %

18.42%

12.79%

14.28%

19.82%

12.94%

14.01%

19.1%

17.21%

8.93%

9.17%

Income Tax

20.79M

13.17M

13.32M

22.97M

10.42M

24.16M

45.53M

38.03M

21.16M

30.23M

Effective Tax Rate %

27.87%

23.73%

19.87%

22.52%

15.07%

19.4%

20.4%

18.41%

16.43%

20.38%

Net Income

54.5M▲ 0%

42.33M▼ 22.3%

53.71M▲ 26.9%

79.01M▲ 47.1%

58.76M▼ 25.6%

100.38M▲ 70.8%

177.62M▲ 77.0%

168.56M▼ 5.1%

107.59M▼ 36.2%

118.12M▲ 0%

Net Margin %

13.45%

9.75%

11.44%

15.35%

10.99%

11.29%

15.2%

14.04%

7.46%

7.3%

Net Income Growth %

2.1%

-22.33%

26.89%

47.1%

-25.63%

70.83%

76.96%

-5.1%

-36.17%

-25.64%

Net Income (Continuing)

53.83M

42.33M

53.71M

79.01M

58.76M

100.38M

177.62M

168.56M

107.59M

118.12M

Discontinued Operations

Minority Interest

EPS (Diluted)

0.69▲ 0%

0.54▼ 21.7%

0.68▲ 25.9%

0.99▲ 45.6%

0.73▼ 26.3%

1.24▲ 69.9%

2.13▲ 71.8%

2.02▼ 5.2%

1.29▼ 36.1%

1.42▲ 0%

EPS Growth %

2.99%

-21.74%

25.93%

45.59%

-26.26%

69.86%

71.77%

-5.16%

-36.14%

-25.26%

EPS (Basic)

0.69

0.54

0.69

1.01

0.75

1.26

2.19

2.07

1.32

Diluted Shares Outstanding

79.62M

79M

78.95M

79.59M

80.59M

81.15M

83.3M

83.63M

83.11M

83.18M

Basic Shares Outstanding

79.62M

79M

78.12M

78.25M

78.61M

79.58M

81.16M

81.47M

81.53M

81.76M

Dividend Payout Ratio

25.07%

39.52%

30.99%

25.08%

33.95%

22.83%

14.89%

15.47%

30.3%

Metric

Dec'17

Dec'18

Dec'19

Dec'20

Dec'21

Dec'22

Dec'23

Dec'24

Dec'25

TTM

Total Current Assets

153.73M

140.66M

187.55M

220.25M

218.08M

349.12M

408.95M

488.21M

869.18M

943.7M

Cash & Short-Term Investments

30.41M

1.99M

26.8M

79.03M

2.86M

5.45M

287K

14K

13K

Cash Only

21.46M

1.99M

26.8M

79.03M

2.86M

5.45M

287K

14K

13K

Short-Term Investments

8.96M

Accounts Receivable

52.01M

54.08M

68.2M

47.39M

82.25M

142.31M

183.3M

286.97M

588.87M

290.16M

Days Sales Outstanding

46.85

45.49

53.04

33.61

56.17

58.44

57.26

87.24

149.05

100.96

Inventory

70.79M

77.61M

73.6M

82.22M

130.27M

198.94M

213.53M

187.42M

261.15M

313.2M

Days Inventory Outstanding

91.76

85.74

76.78

83.66

119.86

111.5

101.29

85.14

90.24

81.09

Other Current Assets

5.93M

17.58M

7.85M

628K

498K

8.74M

13.81M

19.15M

340.32M

Total Non-Current Assets

143.05M

167.34M

183.88M

228.76M

432.1M

464.79M

532.48M

687.02M

817.33M

846.01M

Property, Plant & Equipment

142.38M

163M

179.78M

224.91M

275.04M

311.87M

381.72M

525.79M

649.25M

672.19M

Fixed Asset Turnover

2.85x

2.66x

2.61x

2.29x

1.94x

2.85x

3.06x

2.28x

2.22x

2.58x

Goodwill

3.23M

85.73M

81.89M

171.91M

Intangible Assets

506K

272K

38K

70.12M

64.61M

68.05M

78.26M

83.91M

Long-Term Investments

598K

597K

579K

1.22M

Other Non-Current Assets

678K

6.42M

816K

242K

2.28M

1.91M

Total Assets

296.78M▲ 0%

307.99M▲ 3.8%

371.42M▲ 20.6%

449.01M▲ 20.9%

650.18M▲ 44.8%

813.9M▲ 25.2%

941.44M▲ 15.7%

1.18B▲ 24.8%

1.69B▲ 43.5%

1.79B▲ 0%

Asset Turnover

1.37x

1.41x

1.26x

1.15x

0.82x

1.09x

1.24x

1.02x

0.86x

1.01x

Asset Growth %

15.69%

3.78%

20.59%

20.89%

44.8%

25.18%

15.67%

24.83%

43.5%

168.46%

Total Current Liabilities

50.06M

47.49M

56.03M

59.03M

86.77M

145.57M

126.75M

174.91M

330.86M

359.63M

Accounts Payable

10.97M

10.62M

11.76M

12.45M

29.02M

45.51M

27.48M

44.65M

110.44M

160.14M

Days Payables Outstanding

14.22

11.73

12.27

12.67

26.7

25.51

13.04

20.28

38.16

35.35

Short-Term Debt

16M

10.8M

Deferred Revenue (Current)

2.84M

2.37M

4.63M

5.07M

13.47M

25.17M

16.38M

22.63M

61.24M

Other Current Liabilities

11.07M

13.01M

6.82M

14.15M

30.12M

24.51M

15.32M

209.62M

199.5M

Current Ratio

3.07x

2.96x

3.35x

3.73x

2.51x

2.40x

3.23x

2.79x

2.63x

2.62x

Quick Ratio

1.66x

1.33x

2.03x

2.34x

1.01x

1.03x

1.54x

1.72x

1.84x

1.75x

Cash Conversion Cycle

124.39

119.49

117.55

104.61

149.33

144.44

145.51

152.1

201.12

146.7

Total Non-Current Liabilities

9.49M

11.06M

25.26M

39.11M

97.24M

107.62M

79.46M

175.75M

460.67M

495.87M

Long-Term Debt

40M

71M

38.33M

138.89M

407.06M

Capital Lease Obligations

5.99M

10.2M

13.59M

15.53M

46.08M

Deferred Tax Liabilities

7.98M

9.26M

15.3M

28.32M

31.99M

18.66M

12.13M

30.31M

87.41M

Other Non-Current Liabilities

146K

9.96M

10.79M

25.25M

11.96M

18.8M

23.26M

7.77M

460.97M

Total Liabilities

59.55M

58.55M

81.28M

98.14M

184.01M

253.19M

206.21M

350.65M

791.52M

855.5M

Total Debt

202K

41.58M

78.25M

50.55M

170.96M

433.38M

Net Debt

-21.46M

-1.99M

-26.8M

-78.82M

38.72M

72.8M

50.26M

170.95M

433.37M

-13K

Debt / Equity

0.00x

0.09x

0.14x

0.07x

0.21x

0.48x

0.00x

Debt / EBITDA

0.00x

0.42x

0.48x

0.18x

0.63x

1.87x

0.00x

Net Debt / EBITDA

-0.24x

-0.03x

-0.30x

-0.62x

0.39x

0.45x

0.18x

0.63x

1.87x

-0.00x

Interest Coverage

525.11x

48.41x

47.08x

72.12x

8.26x

17.05x

Total Equity

237.23M▲ 0%

249.44M▲ 5.1%

290.14M▲ 16.3%

350.87M▲ 20.9%

466.17M▲ 32.9%

560.71M▲ 20.3%

735.22M▲ 31.1%

824.58M▲ 12.2%

894.99M▲ 8.5%

934.21M▲ 0%

Equity Growth %

15.22%

5.15%

16.32%

20.93%

32.86%

20.28%

31.12%

12.15%

8.54%

43.82%

Book Value per Share

2.98

3.16

3.67

4.41

5.78

6.91

8.83

9.86

10.77

11.23

Total Shareholders' Equity

237.23M

249.44M

290.14M

350.87M

466.17M

560.71M

735.22M

824.58M

894.99M

934.21M

Common Stock

210K

208K

209K

210K

322K

326K

327K

Retained Earnings

237.02M

249.24M

286.3M

345.5M

384.31M

461.66M

612.84M

755.31M

830.3M

861.97M

Treasury Stock

Accumulated OCI

Minority Interest

Metric

Dec'17

Dec'18

Dec'19

Dec'20

Dec'21

Dec'22

Dec'23

Dec'24

Dec'25

TTM

Cash from Operations

57.99M

54.86M

97.92M

128.81M

61.18M

61.32M

158.9M

192.53M

-861K

43.74M

Operating CF Margin %

14.31%

12.64%

20.86%

25.03%

11.45%

6.9%

13.6%

16.04%

-0.06%

Operating CF Growth %

-9.28%

-5.41%

78.51%

31.54%

-52.5%

0.22%

159.13%

21.17%

-100.45%

2412.9%

Net Income

54.5M

42.33M

53.71M

79.01M

58.76M

100.38M

177.62M

168.56M

107.59M

118.12M

Depreciation & Amortization

15.01M

17.66M

22.77M

25.63M

30.42M

35.43M

46.79M

189K

79.36M

61.4M

Stock-Based Compensation

6.31M

7.86M

11.8M

11.34M

11.81M

13.7M

16.38M

16.73M

17.99M

17.82M

Deferred Taxes

-749K

2.64M

6.04M

13.03M

3.67M

-13.33M

-6.53M

-6.61M

31.15M

29.76M

Other Non-Cash Items

-209K

318K

1.84M

-5.21M

669K

2.72M

1.52M

63.03M

-594K

25.06M

Working Capital Changes

-16.87M

-15.95M

1.77M

5.01M

-44.14M

-77.57M

-76.89M

-49.37M

-236.36M

-208.4M

Change in Receivables

-7.52M

-2.83M

174K

16.04M

-9.74M

-47.51M

-9.98M

-10.04M

-167.02M

-123.01M

Change in Inventory

-23.7M

-5.6M

2.56M

-9.73M

-45.95M

-71.41M

-16.23M

27.08M

-73.88M

-115.15M

Change in Payables

3.04M

-1.18M

280K

-2.15M

10.9M

11.57M

-18.32M

16.96M

52.9M

81.65M

Cash from Investing

-31.05M

-34.63M

-37.05M

-61.27M

-158.72M

-76.21M

-109.31M

-213.07M

-192.42M

-193.31M

Capital Expenditures

-41.71M

-37.27M

-37.17M

-67.8M

-55.36M

-54.02M

-109.49M

-213.15M

-204.89M

-199.58M

CapEx % of Revenue

10.29%

8.59%

7.92%

13.18%

10.36%

6.08%

9.37%

17.75%

14.21%

12.34%

Acquisitions

10K

-6.38M

-103.43M

-249K

40K

-235K

Investments

Other Investing

60K

66K

120K

6.53M

73K

-21.94M

180K

76K

12.44M

6.26M

Cash from Financing

-29.64M

-39.68M

-18.5M

-29.63M

18.73M

17.36M

-46.51M

18.03M

188M

148.29M

Debt Issued (Net)

6.61M

40M

30.89M

-26.61M

120.99M

243.19M

172.51M

Equity Issued (Net)

-14.36M

-21.86M

-6.96M

-8.64M

272K

10.4M

8.25M

-68.17M

-12.85M

17.39M

Dividends Paid

-13.66M

-16.73M

-16.64M

-19.82M

-19.95M

-22.92M

-26.45M

-26.08M

-32.6M

-32.65M

Share Repurchases

-16.62M

-26.85M

-19.59M

-30.06M

-20.88M

-12.74M

-25.01M

-100.03M

-30M

1.54M

Other Financing

-1.61M

-1.1M

-1.51M

-1.17M

-1.59M

-1.02M

-1.7M

-8.7M

-9.73M

-8.96M

Net Change in Cash

-2.7M▲ 0%

-19.46M▼ 621.9%

42.38M▲ 317.7%

37.91M▼ 10.5%

-78.8M▼ 307.8%

2.46M▲ 103.1%

3.07M▲ 24.9%

-2.51M▼ 181.6%

-5.28M▼ 110.2%

-1.28M▲ 0%

Free Cash Flow

16.28M▲ 0%

17.59M▲ 8.0%

60.76M▲ 245.5%

61.01M▲ 0.4%

5.82M▼ 90.5%

7.29M▲ 25.3%

54.6M▲ 648.6%

-3.13M▼ 105.7%

-191.42M▼ 6019.7%

-145.22M▲ 0%

FCF Margin %

4.02%

4.05%

12.95%

11.86%

1.09%

0.82%

4.67%

-0.26%

-13.27%

-8.98%

FCF Growth %

-56.37%

8.03%

245.46%

0.42%

-90.46%

25.3%

648.57%

-105.73%

-6019.69%

-29.24%

FCF per Share

0.20

0.22

0.77

0.07

0.09

0.66

-0.04

-2.30

-1.75

FCF Conversion (FCF/Net Income)

1.06x

1.30x

1.82x

1.63x

1.04x

0.61x

0.89x

1.14x

-0.01x

-1.23x

Interest Paid

2.41M

4.82M

2.81M

3.71M

Taxes Paid

16.95M

14.98M

7.89M

19.29M

63.38M

49.92M

12.28M

Metric

2017

2018

2019

2020

2021

2022

2023

2024

2025

TTM

Return on Equity (ROE)

24.6%

17.4%

19.91%

24.65%

14.38%

19.55%

27.41%

21.61%

12.51%

13.4%

Return on Invested Capital (ROIC)

28.01%

17.92%

19.68%

28.53%

13.37%

16.7%

24.05%

17.61%

9.83%

10.8%

Gross Margin

30.51%

23.86%

25.45%

30.29%

25.79%

26.73%

34.15%

33.07%

26.75%

26.24%

Net Margin

13.45%

9.75%

11.44%

15.35%

10.99%

11.29%

15.2%

14.04%

7.46%

7.3%

Debt / Equity

0.00x

0.09x

0.14x

0.07x

0.21x

0.48x

0.00x

Interest Coverage

525.11x

48.41x

47.08x

72.12x

8.26x

17.05x

FCF Conversion

1.06x

1.30x

1.82x

1.63x

1.04x

0.61x

0.89x

1.14x

-0.01x

-1.23x

Revenue Growth

5.54%

7.09%

8.15%

9.63%

3.88%

66.28%

31.47%

2.75%

20.11%

28.27%

AAON, Inc.(AAON)Earnings, Financials & Key Ratios

AAON Key Insights

✓Strengths

✗Weaknesses

AAON Price & Volume

AAON Growth Metrics

Revenue CAGR

Profit CAGR

EPS CAGR

Return on Capital

AAON Recent Earnings

AAON Peer Comparison

Compare AAON vs Peers

vs LII

vs HON

Compare Top 5

AAON Income Statement

AAON Balance Sheet

AAON Cash Flow Statement

AAON Key Ratios

AAON SEC Filings & Documents

8-K Announcements

10-K Annual Reports

10-Q Quarterly Reports

AAON Frequently Asked Questions

AAON, Inc.(AAON)Earnings, Financials & Key Ratios

AAON Key Insights

✓Strengths

✗Weaknesses

AAON Price & Volume

AAON Growth Metrics

Revenue CAGR

Profit CAGR

EPS CAGR

Return on Capital

AAON Recent Earnings

AAON Peer Comparison

Compare AAON vs Peers

vs LII

vs HON

Compare Top 5

AAON Income Statement

AAON Balance Sheet

AAON Cash Flow Statement

AAON Key Ratios

AAON SEC Filings & Documents

8-K Announcements

10-K Annual Reports

10-Q Quarterly Reports

AAON Frequently Asked Questions