AAON, Inc.

AAON, Inc.

AAON
AAON, Inc.US flagNASDAQ Global Select
148.25
USD
+4.75
- -
12.14BMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
3.88
4.33
4.42
4.84
5.14
5.53
6.01
6.58
6.8
11.17
14.4
14.74
17.69
19.82
Basic EPS, GAAP
0.45
0.54
0.56
0.67
0.68
0.54
0.69
1.01
0.75
1.26
2.19
2.07
1.32
1.45
Free Cash Flow per Basic Share
0.65
0.65
0.68
0.81
0.74
0.7
0.96
1.32
0.39
0.05
1.32
1.38
-0.17
0.2
Dividend per Share
0.09
0.12
0.15
0.16
0.17
0.21
0.21
0.25
0.25
0.29
0.33
0.32
0.4
0.4
Book Value per Share
1.98
2.12
2.21
2.59
3.01
3.18
3.67
4.42
4.89
5.81
7.56
9.27
10.19
10.57
Tangible Book Value per Share
1.98
2.12
2.21
2.59
3.01
3.13
3.67
4.44
3.95
5.2
7.21
8.16
8.94
9.34
Basic Weighted Avg Shares
83
82
81
79
79
78
78
78
79
80
81
81
82
82
Sales/Revenue/Turnover
321
356
359
384
405
434
469
515
535
889
1,169
1,201
1,442
1,617
Operating Margin (%)
17.38
19
19.85
20.71
18.37
12.79
14.35
18.53
12.95
14.26
19.47
17.42
10.56
10.61
Depreciation Expense
12
12
12
13
15
18
- -
- -
- -
- -
- -
- -
79
61
Net Income, GAAP
38
44
46
53
54
42
54
79
59
100
178
169
108
118
Effective Tax Rate (%)
33.3
35.3
35.9
33.27
27.87
23.73
19.87
22.52
15.07
19.4
20.4
18.41
16.43
20.38
Profit Margin (%)
11.69
12.39
12.75
13.9
13.28
9.75
11.44
15.35
10.99
11.29
15.2
14.04
7.46
7.3
Working Capital
77
82
81
102
104
93
132
161
131
204
282
313
538
584
LT Debt
- -
- -
- -
- -
- -
- -
- -
- -
40
77
49
152
414
440
Total Equity
164
174
179
206
237
249
290
351
466
561
735
825
895
934
Return on Invested Capital (%)
24.65
25.94
25.88
27.6
24.25
17.41
20.03
23.08
13.71
17.64
25.19
19.16
11.01
11.07
Return on Capital (%)
24.85
26.12
25.91
27.74
24.3
17.4
20.04
24.99
15.25
21.21
30.15
21.5
11.22
11.37
Return on Common Equity (%)
24.85
26.12
25.91
27.74
24.3
17.4
20.04
24.99
16.09
23.72
33.04
24.63
13.57
14.41

Capital Structure

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
3
11
11
LT Borrowings
360
398
425
LT Finance Leases
15
16
15
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
82
82
82
Market Capitalization
7,611
6,217
6,752

Working Capital

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
759
869
944
Cash, Cash Equivalents & STI
1
- -
- -
Accounts Receivable, Net
266
314
290
Inventories
251
261
313
Total Current Liabilities
250
331
360
Payables & Accruals
205
213
269
ST Debt
3
11
11
Deferred Revenue
24
88
57

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
17.77%
20.99%
8.54%
Free Cash Flow
225.69%
436.36%
-112.28%
Net Income, GAAP
15.11%
16.18%
-36.17%
Sales/Revenue/Turnover
16.2%
24.9%
20.11%
Total Cash Common Dividend
11.02%
10.91%
24.99%

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
262
314
327
298
1,201
2025
322
312
384
424
1,442
2026
497
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.48
0.64
0.65
0.3
2.07
2025
0.36
0.19
0.38
0.39
1.32
2026
0.49
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.08
0.08
0.08
0.08
0.32
2025
0.1
0.1
0.1
0.1
0.4
2026
0.1
- -
- -
- -
- -

Company Description

APIChat
CEO
Matthew J. Tobolski
Full Time Employees
4,812
Sector
Industrials
Industry
Construction
Address
2425 South Yukon Avenue Tulsa OK United States of America 74107
IPO Date
Dec 16, 1992
Website
aaon.com
Business
AAON, Inc. (NASDAQ: AAON) engineers, manufactures, markets and sells semi-custom and custom heating, ventilation, and air conditioning (HVAC) equipment for commercial and industrial applications across North America; core products include packaged rooftop units such as RQ, RN, RZ and Delta Class series with high energy efficiency ratings, variable speed compressors and low-GWP R-454B refrigerant; split system condensing units including CF Series paired with SA air handlers; air handling units and coils with customizable fans, filters, energy recovery and thermal break construction; chillers and outdoor mechanical rooms for data centers, healthcare and industrial uses; makeup air units, geothermal/water-source heat pumps, dedicated outdoor air systems (DOAS), controls via WattMaster integration, and cleanroom systems through BASX Solutions subsidiary. Founded in 1988 through the acquisition of John Zink Company's HVAC division and headquartered in Tulsa, Oklahoma, the company operates manufacturing facilities in Longview, Texas; Parkville, Missouri; Redmond, Oregon; and expansions in Tulsa and a new Memphis facility ramping up in late 2025, serving retail, education, healthcare, data centers, pharmaceutical and industrial sectors via independent representatives in the United States, Canada and Mexico. Recent developments encompass the 2021 acquisition of BasX Solutions expanding high-performance data center cooling and custom air handlers with ongoing synergies driving 30% growth projections; 2018 integration of WattMaster Controls for advanced system optimization; facility expansions in 2023-2024 to support record net sales exceeding $1.1 billion; introduction of Alpha Class heat pumps, low ambient air-source units and A2L refrigerant transitions; and strong Q3 2025 earnings with order backlog growth in airside and liquids-side products amid national account expansions up 90% year-to-date.

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