AAON, Inc. (AAON) Financial Ratios
30 years of historical data (1996–2025) · Industrials · Construction
EV/EBITDA
↓
48.81
↑+54% vs avg
5yr avg: 31.64
30Y Low4.1·High43.2
P/FCF
↓
N/A
—
5yr avg: 468.13
30Y Low9.5·High134.5
P/B Ratio
↓
12.00
↑+37% vs avg
5yr avg: 8.76
30Y Low1.3·High11.9
ROE
↓
12.5%
↑-34% vs avg
5yr avg: 19.1%
30Y Low11%·High36%
Debt/EBITDA
↑
1.92
↑+164% vs avg
5yr avg: 0.73
30Y Low0.0·High1.9
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
AAON Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
AAON, Inc. trades at 100.2x earnings, 89% above its 5-year average of 53.0x, sitting at the 100th percentile of its historical range. Compared to the Industrials sector median P/E of 25.5x, the stock trades at a premium of 292%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $10.6B | $6.3B | $9.8B | $6.2B | $4.1B | $4.3B | $3.5B | $2.6B | $1.8B | $1.9B | $1.8B |
| Enterprise Value | $11.0B | $6.8B | $10.0B | $6.2B | $4.1B | $4.3B | $3.5B | $2.6B | $1.8B | $1.9B | $1.7B |
| P/E Ratio → | 100.19 | 59.11 | 58.26 | 34.68 | 40.49 | 72.53 | 44.87 | 48.44 | 43.28 | 35.46 | 32.88 |
| P/S Ratio | 7.34 | 4.39 | 8.20 | 5.27 | 4.58 | 7.98 | 6.87 | 5.54 | 4.25 | 4.81 | 4.60 |
| P/B Ratio | 12.00 | 7.08 | 11.94 | 8.37 | 7.27 | 9.15 | 10.08 | 8.96 | 7.40 | 8.21 | 8.58 |
| P/FCF | — | — | — | 112.69 | 558.59 | 733.11 | 57.95 | 42.80 | 104.97 | 119.66 | 47.33 |
| P/OCF | — | — | 51.12 | 38.72 | 66.45 | 69.75 | 27.45 | 26.56 | 33.66 | 33.59 | 27.63 |
P/E links to full P/E history page with 30-year chart
AAON EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
AAON, Inc.'s enterprise value stands at 48.8x EBITDA, 54% above its 5-year average of 31.6x. The Industrials sector median is 13.8x, placing the stock at a 255% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.69 | 8.34 | 5.31 | 4.67 | 8.06 | 6.72 | 5.48 | 4.25 | 4.75 | 4.54 |
| EV / EBITDA | 48.81 | 30.01 | 36.80 | 22.62 | 25.57 | 43.20 | 27.12 | 28.67 | 25.26 | 21.59 | 18.81 |
| EV / EBIT | 75.29 | 46.22 | 47.79 | 27.21 | 32.61 | 62.13 | 36.25 | 38.22 | 33.22 | 25.88 | 21.91 |
| EV / FCF | — | — | — | 113.61 | 568.57 | 739.76 | 56.66 | 42.36 | 104.86 | 118.35 | 46.68 |
AAON Profitability
Margins and return-on-capital ratios measuring operating efficiency
AAON, Inc. earns an operating margin of 10.1%, above the Industrials sector average of 4.9%. Operating margins have compressed from 19.5% to 10.1% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 12.5% is modest. ROIC of 9.4% represents adequate returns on invested capital versus a sector median of 6.3%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 26.7% | 26.7% | 33.1% | 34.1% | 26.7% | 25.8% | 30.3% | 25.4% | 23.9% | 30.5% | 30.8% |
| Operating Margin | 10.1% | 10.1% | 17.4% | 19.5% | 14.3% | 13.0% | 19.8% | 14.3% | 12.8% | 18.3% | 20.7% |
| Net Profit Margin | 7.5% | 7.5% | 14.0% | 15.2% | 11.3% | 11.0% | 15.4% | 11.4% | 9.8% | 13.4% | 13.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.5% | 12.5% | 21.6% | 27.4% | 19.5% | 14.4% | 24.7% | 19.9% | 17.4% | 24.6% | 27.7% |
| ROA | 7.5% | 7.5% | 15.9% | 20.2% | 13.7% | 10.7% | 19.3% | 15.8% | 14.0% | 19.7% | 21.8% |
| ROIC | 9.4% | 9.4% | 17.6% | 24.0% | 16.7% | 13.4% | 28.5% | 19.7% | 17.9% | 28.0% | 33.8% |
| ROCE | 12.4% | 12.4% | 23.0% | 30.7% | 20.6% | 14.5% | 28.9% | 23.3% | 21.8% | 32.0% | 39.1% |
AAON Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
AAON, Inc. carries a Debt/EBITDA ratio of 1.9x, which is manageable (40% below the sector average of 3.2x). Net debt stands at $433M ($433M total debt minus $13000 cash). Interest coverage of 8.3x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.48 | 0.48 | 0.21 | 0.07 | 0.14 | 0.09 | 0.00 | — | — | — | — |
| Debt / EBITDA | 1.92 | 1.92 | 0.63 | 0.18 | 0.48 | 0.42 | 0.00 | — | — | — | — |
| Net Debt / Equity | — | 0.48 | 0.21 | 0.07 | 0.13 | 0.08 | -0.22 | -0.09 | -0.01 | -0.09 | -0.12 |
| Net Debt / EBITDA | 1.92 | 1.92 | 0.63 | 0.18 | 0.45 | 0.39 | -0.62 | -0.30 | -0.03 | -0.24 | -0.26 |
| Debt / FCF | — | — | — | 0.92 | 9.98 | 6.65 | -1.29 | -0.44 | -0.11 | -1.32 | -0.65 |
| Interest Coverage | 8.26 | 8.26 | 72.12 | 47.08 | 48.41 | 525.11 | — | — | — | — | — |
AAON Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
AAON, Inc.'s current ratio of 2.63x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 1.84x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has declined from 3.23x to 2.63x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.63 | 2.63 | 2.79 | 3.23 | 2.40 | 2.51 | 3.73 | 3.35 | 2.96 | 3.07 | 3.61 |
| Quick Ratio | 1.84 | 1.84 | 1.72 | 1.54 | 1.03 | 1.01 | 2.34 | 2.03 | 1.33 | 1.66 | 2.40 |
| Cash Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.04 | 0.03 | 1.34 | 0.48 | 0.04 | 0.61 | 1.12 |
| Asset Turnover | — | 0.86 | 1.02 | 1.24 | 1.09 | 0.82 | 1.15 | 1.26 | 1.41 | 1.37 | 1.50 |
| Inventory Turnover | 4.04 | 4.04 | 4.29 | 3.60 | 3.27 | 3.05 | 4.36 | 4.75 | 4.26 | 3.98 | 5.62 |
| Days Sales Outstanding | — | 149.05 | 87.24 | 57.26 | 58.44 | 56.17 | 33.61 | 53.04 | 45.49 | 46.85 | 46.83 |
AAON Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
AAON, Inc. returns 0.6% to shareholders annually — split between a 0.3% dividend yield and 0.3% buyback yield. The payout ratio of 30.3% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 1.0% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.3% | 0.5% | 0.3% | 0.4% | 0.6% | 0.5% | 0.6% | 0.6% | 0.9% | 0.7% | 0.7% |
| Payout Ratio | 30.3% | 30.3% | 15.5% | 14.9% | 22.8% | 33.9% | 25.1% | 31.0% | 39.5% | 25.1% | 23.7% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.0% | 1.7% | 1.7% | 2.9% | 2.5% | 1.4% | 2.2% | 2.1% | 2.3% | 2.8% | 3.0% |
| FCF Yield | — | — | — | 0.9% | 0.2% | 0.1% | 1.7% | 2.3% | 1.0% | 0.8% | 2.1% |
| Buyback Yield | 0.3% | 0.5% | 1.0% | 0.4% | 0.3% | 0.5% | 0.9% | 0.8% | 1.5% | 0.9% | 1.1% |
| Total Shareholder Yield | 0.6% | 1.0% | 1.3% | 0.8% | 0.9% | 1.0% | 1.4% | 1.4% | 2.4% | 1.6% | 1.8% |
| Shares Outstanding | — | $83M | $84M | $83M | $81M | $81M | $80M | $79M | $79M | $80M | $80M |
Peer Comparison
Compare AAON with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 AAONYou | $11B | 100.2 | 48.8 | — | 26.7% | 10.1% | 12.5% | 9.4% | 1.9 |
 LII | $18B | 23.7 | 18.2 | 28.7 | 33.0% | 19.5% | 78.1% | 29.8% | 1.8 |
 CARR | $56B | 39.5 | 21.7 | 33.0 | 25.9% | 9.9% | 10.5% | 6.7% | 4.1 |
 TT | $104B | 36.2 | 25.3 | 37.0 | 36.2% | 18.6% | 36.3% | 26.2% | 1.1 |
 JCI | $85B | 52.9 | 26.0 | 88.3 | 36.4% | 12.0% | 21.7% | 8.5% | 3.0 |
 MOD | $14B | 78.8 | 40.4 | 110.0 | 25.0% | 11.0% | 22.0% | 17.6% | 1.2 |
 NDSN | $16B | 33.4 | 20.7 | 23.9 | 55.2% | 25.5% | 16.2% | 10.5% | 2.4 |
 GTLS | $10B | 628.5 | 14.3 | 48.9 | 29.2% | 15.2% | 1.3% | 7.4% | 4.0 |
 HON | $137B | 29.4 | 20.0 | 25.4 | 36.9% | 17.5% | 27.3% | 12.6% | 4.3 |
 EMR | $79B | 34.9 | 18.1 | 29.6 | 52.8% | 19.6% | 9.6% | 8.2% | 2.7 |
 GWW | $58B | 34.9 | 20.7 | 43.9 | 39.1% | 15.0% | 43.5% | 32.1% | 1.1 |
| Industrials Median | — | 25.5 | 13.8 | 20.7 | 32.7% | 4.9% | 8.2% | 6.3% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonAAON — Frequently Asked Questions
Quick answers to the most common questions about buying AAON stock.
What is AAON, Inc.'s P/E ratio?
AAON, Inc.'s current P/E ratio is 100.2x. The historical average is 26.4x. This places it at the 100th percentile of its historical range.
What is AAON, Inc.'s EV/EBITDA?
AAON, Inc.'s current EV/EBITDA is 48.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.5x.
What is AAON, Inc.'s ROE?
AAON, Inc.'s return on equity (ROE) is 12.5%. The historical average is 22.4%.
Is AAON stock overvalued?
Based on historical data, AAON, Inc. is trading at a P/E of 100.2x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is AAON, Inc.'s dividend yield?
AAON, Inc.'s current dividend yield is 0.30% with a payout ratio of 30.3%.
What are AAON, Inc.'s profit margins?
AAON, Inc. has 26.7% gross margin and 10.1% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does AAON, Inc. have?
AAON, Inc.'s Debt/EBITDA ratio is 1.9x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.