AAON, Inc.AAON
NasdaqGS•Industrials•Building Products & Equipment
AAON, 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, 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, as well as online. AAON, Inc. was incorporated in 1987 and is headquartered in Tulsa, Oklahoma.
AAON, Inc. (AAON) reported trailing twelve months revenue of $1.62B as of March 2026, a 28.3% increase year-over-year. Quarterly revenue reached $496.94M, reflecting continued top-line momentum.
AAON, Inc. generated $118.12M in TTM net income, with quarterly EBITDA of $77.96M. The operating margin expanded from 10.9% to 11.5%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (11.5%) and net margin (8.0%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 9.1% a year ago, reflecting increased costs or interest expense.
AAON trades at a P/E of 92.3x (a premium multiple) and a P/S of 6.7x. The price-to-book ratio of 11.7x indicates a significant premium over book value.
The company reported negative free cash flow of $-18.94M, indicating cash consumption over the period. The balance sheet shows $1.79B in total assets with no in long-term debt against $934.21M in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~12.9% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE averages 17.5% but has fluctuated — the competitive advantage may be cyclical or emerging.
Only 1 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue shows resilience with 5 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 34.5% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 6 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation