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AAON, Inc. (AAON) stock

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NASDAQ: AAON Nasdaq Building Products Next results ~November 5, 2026

C Fundamentals grade

AAON, Inc. is a US-listed company in the building products industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: latest balance sheet has no long-term debt figure we can read (last reported 2025-09-30).

Price vs value

Under review: latest balance sheet has no long-term debt figure we can read (last reported 2025-09-30). We'll show the comparison once resolved.

AAON, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders3 buying, 5 selling5 purchases and 25 sales by directors and officers, last 12 monthsInsider trades
  • Funds234 adding, 213 cuttingOf 59 active managers that changed their stake, 25 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter AAON files

Where Aaon stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.93bn, up 53.5% on a year earlier, faster than 28.3% a quarter earlier. That growth ranks 41 of 931 among all the companies we cover. Free-cash-flow margin rose to 4.5% from 2.7% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 1 of our 1 financial-health checks. At that price, our model says the market is pricing in about 21.0% a year of cash-flow growth for five years, slower than the 29.3% a year revenue growth it has delivered.

Our model value for AAON is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 10, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

AAON, Inc.'s trailing-twelve-month revenue grew 53.5% year on year, with a free-cash-flow margin of -0.4%. Where it stands out: change in growth rate of +25.3pp ranks 1 of 46 building products companies we cover. Where it lags: free-cash-flow margin of -0.4% ranks 39 of 46 building products companies we cover.

Our discounted-cash-flow model values the business at ~$9.2 per share in the base case (~$7.0–$12 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 53.5% (+25.3pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 53.5% over the last 12 months, against a median of 4.0% for building products companies we cover.
  • Growth speeding up. The growth rate is 25.3 points higher than a quarter earlier.

Things to watch

  • Results due soon. Results are expected around 14 November; the share price can move sharply on the day.
  • Burning cash. Free cash flow was -0.4% of revenue over the last 12 months.
  • Volatile shares. Over the past year the shares showed annualised volatility of 62% and a beta of 2.2 against the S&P 500.
  • Gross margin slipping. Gross margin is down 3.1 points on a year ago.
  • Weak cash conversion. Free cash flow was -5% of net income over the last 12 months.
  • Below peers: days sales outstanding. Days sales outstanding of 68 days ranks 28 of 34 building products companies we cover (median 53 days).

Latest results: FY2026 Q2

Filed August 10, 2026
Earnings per share
$0.69 against an average estimate of $0.49: beat by 39.7%
Revenue
$627m, up 101.2% on a year earlier
Share reaction
-9.5% in the first session after the results on August 10, 2026, against -0.3% for the S&P 500
Guidance given
yoY Sales Growth growth 55% to 60% (FY26); gross Profit Margin 25% to 26% (FY26)
Next report
November 5, 2026; average EPS estimate $0.58

AAON's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.9%
  • 1 week-4.0%
  • 1 month-18.3%
  • This year-10.5%
  • 1 year-30.6%
  • 5 years+44.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.9B
Operating margin
11.0%
Net margin
8.2%
EPS (TTM, diluted)
$1.91

Growth

Revenue growth
+53.5%
Change in growth rate
+25.3 pts
Share count change
+0.0%

Cash

Free cash flow (TTM)
-$7.9M
FCF margin
-0.4%
Stock pay % of revenue
1.0%

Earnings

Last results
August 10, 2026
Next results (est.)
November 14, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Announcement
  3. Announcement
  4. Announcement
  5. Announcement
  6. Results
  7. Guidance
  8. Leadership
  9. Announcement
  10. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

AAON, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: latest balance sheet has no long-term debt figure we can read (last reported 2025-09-30): held for review.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value AAON, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.31 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. — Does not apply: This model is withheld pending its input or assumption review.
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$56 ~$50–$74 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$29 ~$21–$40 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$26 ~$23–$30 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare AAON, Inc. with Building Products in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$14.50$20.80$23.26$22.43$31.82$43.18$51.75$49.40$73.03$116.77$76.00$67.99
Market value$1.2bn$1.7bn$1.9bn$1.8bn$2.5bn$3.4bn$4.2bn$4.0bn$6.1bn$9.8bn$6.3bn$5.7bn
+ Net debt (− = net cash)−$8m−$24m−$21m−$2m−$20m−$73m$37m$66m$38m$155m$360m−$13000
Enterprise value$1.2bn$1.6bn$1.8bn$1.8bn$2.5bn$3.4bn$4.2bn$4.1bn$6.1bn$9.9bn$6.7bn$5.7bn
Multiples
Price / sales 3.3x4.3x4.6x4.1x5.4x6.7x7.8x4.5x5.2x8.1x4.4x2.9x
Price / earnings 25.9x31.2x34.4x41.9x46.8x43.5x71.0x39.9x34.2x57.9x58.7x35.5x
Price / free cash flow 34.5x44.7x113.8x100.7x41.3x56.3xn/mn/m38.3x50.7xn/m65.4x
EV / EBITDA 14.2x17.7x20.5x24.2x27.8x26.4x42.2x25.2x22.3x36.5x29.6x19.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

62 /100

Moderate moat

How hard AAON's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 15.4% of total assets over 10 years.

  • Pricing power 9 / 20

    Gross margin has been a median 28.8%, moving by 3.5 percentage points (standard deviation) across 10 years.

  • Durability 14 / 20

    Operating margin has been a median 15.9%; its worst year was 10.4%.

  • Cash conversion 9 / 20

    Free cash flow was positive in 7 of 10 years, at a median 4.6% of revenue.

  • Discipline 15 / 20

    The diluted share count rose 5.6% over five years; stock-based pay has been a median 1.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (67 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $602m and EPS of $0.58 (range $0.55 to $0.62) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.38 +77% $2.3bn +60%
Next $3.57 +50% $2.7bn +19%

Next year's EPS estimate has moved +4.9% in 90 days, across 6 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +5.8% on 90 days ago. In the last 30 days, 0 analysts raised AAON, Inc.'s forecast and 1 cut it.

Consensus EPS forecast AAON, Inc., last 90 days
$2.00 $2.50 $3.00 $3.50 $4.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.25 Current fiscal year, 60 days ago: $2.37 Current fiscal year, 30 days ago: $2.36 Current fiscal year, 7 days ago: $2.38 Current fiscal year, Now: $2.38 $2.38 Next fiscal year, 90 days ago: $3.40 Next fiscal year, 60 days ago: $3.53 Next fiscal year, 30 days ago: $3.50 Next fiscal year, 7 days ago: $3.57 Next fiscal year, Now: $3.57 $3.57

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.25$3.40
60 days ago $2.37$3.53
30 days ago $2.36$3.50
7 days ago $2.38$3.57
Now $2.38$3.57

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.49 $0.69 +39.7%
Mar 2026 $0.29 $0.48 +63.3%
Dec 2025 $0.46 $0.39 −15.2%
Sept 2025 $0.32 $0.37 +14.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 10, 2026
  • YoY Sales Growth FY26 55% growth to 60% growth Raised
    “YoY Sales Growth 55%-60% 40%-45%” source
  • Gross Profit Margin FY26 25% to 26% Lowered
    “Gross Profit Margin 25%-26% 27%-28%” source
  • SG&A as a % of sales FY26 13% to 14% Lowered
    “SG&A as a % of sales 13%-14% 14%-15%” source
  • Depreciation & Amortization FY26 $95m to $100m Maintained
    “Depreciation & Amortization $95M-$100M $95M-$100M” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

6 analysts, Oct 2026
Buy583%
Hold117%
Sell00%

Monthly trend

  1. Oct 20261416
  2. Sep 20261416
  3. Aug 20261315
  4. Jul 20261315

Counts of recommendations published by analysts covering AAON, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
9.2%
of tradable shares
Days to cover
5.66
at average volume
Short interest, 1 month
+30%
to October 15, 2026
Held by institutions
86%
of shares
Held by insiders
16.7%
of shares
Employees
5,897
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −30.6%

$97.97 on October 31, 2025 to $67.99

ThenNowEffect
Revenue (last 12 months) $1.3bn $1.9bn +53.5%
Net margin 9.7% 8.2% −15.0%
P/E multiple 66.8x 35.5x −46.8%
Share count 83m 83m 0.0%

Biggest factor: p/e multiple.

Last 3 years +19.0%

$57.14 on November 3, 2023 to $67.99

ThenNowEffect
Revenue (last 12 months) $1.0bn $1.9bn +84.5%
Net margin 14.2% 8.2% −42.0%
P/E multiple 31.5x 35.5x +13.0%
Share count 82m 83m −1.6%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
AAON+20%−5%+48%+60%−35%−11%
Industry peers (median)+24%−24%+44%+10%−11%+5%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AAON58%42%67%75%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AAON−26%−40%−26%−24%−48%−54%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 54% from June 3, 2026 to October 30, 2026. Getting back needed a 120% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$67.40 – $147.96
From 52-week high
−54.0%
vs 50-day average
−13.3%
vs 200-day average
−30.3%
Volatility (1 year)
62%
Beta vs S&P 500
2.24

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±12.1%
After a week
6 up, 6 down
typical move ±11.0%
After a month
7 up, 5 down
typical move ±13.7%
Results releasedNext dayS&P 500 next day5 days21 days
August 10, 2026 −9.5% −0.3% −7.1% −18.7%
May 7, 2026 +42.1% +0.5% +42.4% +34.4%
March 2, 2026 −5.8% −0.8% −10.7% −18.1%
November 6, 2025 +12.9% −1.0% +1.8% −11.1%
August 11, 2025 +3.0% +0.9% +1.6% +5.7%
May 1, 2025 +8.9% +2.2% +8.9% +3.1%
February 27, 2025 −24.7% −0.1% −20.4% −23.4%
November 7, 2024 +15.0% +1.2% +10.8% +7.4%
August 1, 2024 −3.1% −3.3% −2.8% +7.9%
May 2, 2024 −17.0% +2.2% −17.7% −21.7%
February 28, 2024 −2.1% +0.2% −5.6% +2.8%
November 6, 2023 +1.6% +0.5% +2.0% +10.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

AAON, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) AAON, Inc.
$1B $1.5B $2B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $1.1B Revenue (TTM), FY23 Q4: $1.2B Revenue (TTM), FY24 Q1: $1.2B Revenue (TTM), FY24 Q2: $1.2B Revenue (TTM), FY24 Q3: $1.2B Revenue (TTM), FY24 Q4: $1.2B Revenue (TTM), FY25 Q1: $1.3B Revenue (TTM), FY25 Q2: $1.3B Revenue (TTM), FY25 Q3: $1.3B Revenue (TTM), FY25 Q4: $1.4B Revenue (TTM), FY26 Q1: $1.6B Revenue (TTM), FY26 Q2: $1.9B $1.9B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $1.1B
FY23 Q4 $1.2B
FY24 Q1 $1.2B
FY24 Q2 $1.2B
FY24 Q3 $1.2B
FY24 Q4 $1.2B
FY25 Q1 $1.3B
FY25 Q2 $1.3B
FY25 Q3 $1.3B
FY25 Q4 $1.4B
FY26 Q1 $1.6B
FY26 Q2 $1.9B
Revenue growth, TTM YoY AAON, Inc.
0% 20% 40% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 44.9% Revenue growth, TTM YoY, FY23 Q4: 31.5% Revenue growth, TTM YoY, FY24 Q1: 19.8% Revenue growth, TTM YoY, FY24 Q2: 14.1% Revenue growth, TTM YoY, FY24 Q3: 8.3% Revenue growth, TTM YoY, FY24 Q4: 2.7% Revenue growth, TTM YoY, FY25 Q1: 8.2% Revenue growth, TTM YoY, FY25 Q2: 5.4% Revenue growth, TTM YoY, FY25 Q3: 8.8% Revenue growth, TTM YoY, FY25 Q4: 20.1% Revenue growth, TTM YoY, FY26 Q1: 28.3% Revenue growth, TTM YoY, FY26 Q2: 53.5% 53.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 44.9%
FY23 Q4 31.5%
FY24 Q1 19.8%
FY24 Q2 14.1%
FY24 Q3 8.3%
FY24 Q4 2.7%
FY25 Q1 8.2%
FY25 Q2 5.4%
FY25 Q3 8.8%
FY25 Q4 20.1%
FY26 Q1 28.3%
FY26 Q2 53.5%
Operating margin (TTM) AAON, Inc.
10% 15% 20% 25% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 18.8% Operating margin (TTM), FY23 Q4: 19.5% Operating margin (TTM), FY24 Q1: 19.8% Operating margin (TTM), FY24 Q2: 20.3% Operating margin (TTM), FY24 Q3: 20.1% Operating margin (TTM), FY24 Q4: 17.4% Operating margin (TTM), FY25 Q1: 15.6% Operating margin (TTM), FY25 Q2: 12.2% Operating margin (TTM), FY25 Q3: 10.0% Operating margin (TTM), FY25 Q4: 10.1% Operating margin (TTM), FY26 Q1: 10.4% Operating margin (TTM), FY26 Q2: 11.0% 11.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 18.8%
FY23 Q4 19.5%
FY24 Q1 19.8%
FY24 Q2 20.3%
FY24 Q3 20.1%
FY24 Q4 17.4%
FY25 Q1 15.6%
FY25 Q2 12.2%
FY25 Q3 10.0%
FY25 Q4 10.1%
FY26 Q1 10.4%
FY26 Q2 11.0%
FCF margin (TTM) AAON, Inc.
-10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 2.7% FCF margin (TTM), FY23 Q4: 9.3% FCF margin (TTM), FY24 Q1: 16.2% FCF margin (TTM), FY24 Q2: 13.5% FCF margin (TTM), FY24 Q3: 14.1% FCF margin (TTM), FY24 Q4: 9.7% FCF margin (TTM), FY25 Q1: 0.8% FCF margin (TTM), FY25 Q2: -4.0% FCF margin (TTM), FY25 Q3: -8.0% FCF margin (TTM), FY25 Q4: -6.2% FCF margin (TTM), FY26 Q1: -3.3% FCF margin (TTM), FY26 Q2: -0.4% -0.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 2.7%
FY23 Q4 9.3%
FY24 Q1 16.2%
FY24 Q2 13.5%
FY24 Q3 14.1%
FY24 Q4 9.7%
FY25 Q1 0.8%
FY25 Q2 -4.0%
FY25 Q3 -8.0%
FY25 Q4 -6.2%
FY26 Q1 -3.3%
FY26 Q2 -0.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 245 245 266 303 321 356 359 384 405 434 469 515 535 889 1,169 1,201 1,442 1,932
Gross profit 68 55 46 70 90 108 109 118 124 104 119 156 138 238 399 397 386 494
EBITDA 53 43 34 58 68 80 83 93 89 73 90 127 100 162 274 272 225 295
Operating income 44 33 22 44 56 68 71 80 74 55 67 102 69 127 227 209 146 213
Net income 28 22 14 27 38 44 46 53 54 42 54 79 59 100 178 169 108 159
Diluted EPS $0.32 $0.26 $0.16 $0.33 $0.45 $0.53 $0.56 $0.67 $0.67 $0.53 $0.68 $0.99 $0.73 $1.24 $2.13 $2.02 $1.29 $1.91
Growth (year on year)
Revenue — −0.3% +8.9% +13.9% +5.9% +11.0% +0.6% +7.1% +5.5% +7.1% +8.2% +9.6% +3.9% +66.3% +31.5% +2.7% +20.1% +53.5%
EBITDA — −19.3% −21.2% +71.7% +18.2% +16.8% +4.4% +11.5% −3.7% −18.2% +23.0% +42.0% −21.9% +62.5% +69.3% −0.8% −17.1% +32.4%
Operating income — −25.2% −32.2% +99.5% +26.2% +21.8% +4.8% +11.6% −6.7% −25.4% +21.1% +52.0% −32.0% +83.0% +79.5% −8.1% −30.1% +39.0%
Net income — −21.0% −36.1% +96.3% +36.8% +17.6% +3.6% +16.7% +0.9% −21.4% +26.9% +47.1% −25.6% +70.8% +77.0% −5.1% −36.2% +30.5%
Diluted EPS — −18.7% −36.2% +98.6% +38.8% +17.6% +5.0% +19.0% +1.0% −20.8% +27.5% +46.1% −26.5% +69.9% +71.8% −5.2% −36.1% +30.5%
Margins
Gross margin 27.5% 22.6% 17.4% 23.3% 28.0% 30.4% 30.3% 30.8% 30.5% 23.9% 25.4% 30.3% 25.8% 26.7% 34.1% 33.1% 26.7% 25.6%
EBITDA margin 21.5% 17.4% 12.6% 19.0% 21.2% 22.3% 23.2% 24.1% 22.0% 16.8% 19.1% 24.8% 18.6% 18.2% 23.4% 22.6% 15.6% 15.3%
Operating margin 17.8% 13.4% 8.3% 14.6% 17.4% 19.1% 19.9% 20.7% 18.3% 12.8% 14.3% 19.8% 13.0% 14.3% 19.5% 17.4% 10.1% 11.0%
Net margin 11.3% 9.0% 5.3% 9.1% 11.7% 12.4% 12.8% 13.9% 13.3% 9.8% 11.4% 15.4% 11.0% 11.3% 15.2% 14.0% 7.5% 8.2%
Free-cash-flow margin 14.4% 6.0% −3.5% 12.2% 13.9% 10.5% 9.6% 9.7% 4.0% 4.1% 12.9% 11.9% 1.1% 0.8% 13.6% 16.0% 0.0% 4.5%
Cash flow
Cash from operations 45 32 26 51 54 54 55 64 58 55 98 129 61 61 159 193 1 87
Capital spending 10 17 36 14 9 16 21 27 42 37 37 68 55 54 0 0 0 0
Free cash flow 35 15 −9 37 45 37 34 37 16 18 61 61 6 7 159 193 1 87
Stock-based pay 1 1 1 1 2 2 3 4 6 8 12 11 12 14 16 17 18 20
Free cash flow after stock pay 35 14 −10 36 43 35 31 33 10 10 49 50 −6 −6 143 176 −17 67
Balance sheet
Cash 26 2 0 3 12 22 8 24 21 2 27 79 3 5 0 0 0 0
Total debt 0 0 5 0 0 0 0 0 0 0 6 6 40 71 38 155 360 —
Net debt (negative = net cash) −26 −2 5 −3 −12 −22 −8 −24 −21 −2 −20 −73 37 66 38 155 360 −0
Diluted shares 88m 86m 84m 83m 83m 83m 82m 80m 80m 79m 79m 80m 81m 81m 83m 84m 83m 83m
Returned to shareholders
Dividends 6 9 6 9 7 10 12 13 14 17 17 20 20 23 26 26 33 33
Buybacks 3 19 4 7 8 29 37 19 17 27 20 30 21 13 25 100 30 —
Total returned 9 29 10 16 16 39 48 32 30 44 36 50 41 36 51 126 63 33

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 1 checks passed · June 30, 2026
What it owns · $1.9bn
Short-term assets $995mLonger-term assets $869m
What it owes, and who funded it · $1.3bn
Short-term liabilities $330mShareholders' equity $1.0bn
  • Short-term assets cover short-term liabilities $995m of assets due within a year against $330m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From AAON, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q2 TTM
Buybacks (TTM)
$30M
Dividends (TTM)
$32.7M
Returned to shareholders
-118%
of free cash flow
Buybacks, last 3 fiscal years
$155M
Diluted share count
+0.0%
year over year
Total shareholder yield
1.1%
dividends 0.6% + buybacks 0.5% of market value
Dividend payout ratio
21%
of net income paid out
Sales & admin spending
14.5%
of revenue
Days sales outstanding
68 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in building products
Last 12 months unless stated AAON NX ZWS AWI HLMN SSD Median
Revenue, last 12 months $1.9bn $1.9bn $1.8bn $1.7bn $1.6bn $2.4bn $1.8bn
Revenue growth, last 12 months 53.5% 1.3% 10.1% 9.1% 6.5% 6.5% 3.7%
Revenue growth, 3-year average 22.7% 17.7% 6.5% 10.7% 3.2% 3.9% 3.6%
Revenue growth, latest quarter 101.2% 1.3% 8.7% 11.9% 9.8% 6.3% 8.0%
Gross margin 25.6% 26.6% 50.4% 39.8% — 45.7% 32.0%
Operating margin 11.0% 6.0% 22.1% 25.8% 6.9% 20.6% 7.0%
Operating margin, 3-year average 14.5% 0.6% 17.6% 26.0% 6.3% 20.0% 10.7%
Net margin 8.2% 2.4% 15.9% 18.4% 2.6% 15.6% 5.1%
Cash from operations / revenue 4.5% 7.8% 22.6% 19.0% 7.8% 23.7% 12.4%
Free-cash-flow margin −0.4% 4.9% 21.1% 12.5% 3.8% 19.3% 8.9%
Free-cash-flow margin, 3-year average 3.0% 4.9% 18.4% 13.0% 5.8% 10.9% 8.5%
Stock pay / revenue 1.0% 0.2% 2.4% 1.1% 0.9% 0.9% 0.7%
Change in share count 0.0% −2.4% −1.2% −2.1% −0.3% −1.4% −0.6%

Median of all 46 companies we cover in building products. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

46 building products companies
Measure Company Peer median Rank
Revenue growth Growth 53.5% 4.0% 2 of 46
Change in growth rate Growth +25.3pp +0.8pp 1 of 46
Gross margin Profitability 25.6% 32.1% 30 of 43
Operating margin Profitability 11.0% 7.2% 20 of 45
Net margin Profitability 8.2% 5.6% 22 of 46
Free-cash-flow margin Cash generation -0.4% 9.1% 39 of 46
Stock pay as % of revenue Cash generation 1.0% 0.7% 28 of 41
Change in share count Balance sheet 0.0% -0.6% 31 of 44
Days sales outstanding Balance sheet 68 days 53 days 28 of 34

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
AAON Oklahoma $801M 55.6% ▼ 6.7%
AAON Coil Products $325M 22.6% ▲ 126.1%
Bas X $316M 21.9% ▲ 59.3%
Products and services
Line of business Revenue YoY
AAON Products $894M ▼ 8.3%
BASX Products $548M ▲ 143.5%
Part Sales $80.2M ▲ 4.3%

These categories overlap or exclude eliminations, so shares aren't shown.

From AAON, Inc.'s 10-K filed March 2, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$8.3B
Institutions reporting
472
Shares held vs prior quarter
▼ 6.7%
Positions opened / closed
105 / 36

Top buyers and sellers, Q2 2026: 234 institutions bought and 213 sold ; the biggest buyer was Jane Street Group, LLC (+965K shares) and the biggest seller Wellington Management Group LLP (−2.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $848M 6.7M 10.3% ▲ 1.9%
Wellington Management Group LLP $732M 5.8M 8.9% ▼ 27.6%
Vanguard Capital Management LLC $396M 3.1M 4.8% ▲ 0.7%
Vanguard Portfolio Management LLC $373M 2.9M 4.5% ▲ 1.1%
State Street Corp $333M 2.6M 4.0% ▲ 27.3%
Wasatch Advisors LP $297M 2.3M 3.6% ▲ 3.1%
First Trust Advisors LP $200M 1.6M 2.4% ▼ 21.6%
Blair William & Co $195M 1.5M 2.4% ▼ 5.5%
Geode Capital Management, LLC $182M 1.4M 2.2% ▲ 0.4%
Dimensional Fund Advisors LP $172M 1.4M 2.1% ▼ 2.3%
Geneva Capital Management LLC $152M 1.2M 1.8% ▼ 30.2%
Morgan Stanley $142M 1.1M 1.7% ▼ 10.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not AAON, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $593,984 5 trades by 3 insiders, last 12 months Insider sales History → $26.3M 25 trades by 5 insiders · 17% under pre-set plans
Net ▼ $25.7M net selling
Insider Date Trade Shares Price Value
Stewart David Raymond Director September 15, 2026 Buy 1,000 $74.66 $74,660
Shaub Matthew Executive Vice President August 28, 2026 Buy 457 $76.42 $34,924
Thompson Rebecca Chief Accounting Officer June 2, 2026 Sell 4,230 $143.42 $606,667
Fields Gary D Director May 29, 2026 Sell 19,000 $140.20 $2.7M
Fields Gary D Director May 26, 2026 Sell 21,173 $140.34 $3M
Wichman Gordon Douglas Executive Vice President May 26, 2026 Sell 3,000 $140.39 $421,170
Kidwell Casey Chief Administration Officer May 14, 2026 Sell 1,069 $138.31 $147,853
Kidwell Casey Chief Administration Officer May 14, 2026 Sell 2,084 $138.30 $288,217
Fields Gary D Director May 13, 2026 Sell 19,081 $137.60 $2.6M
Tobolski Matthew Joseph Chief Executive Officer May 13, 2026 Sell 8,000 $135.37 $1.1M
Fields Gary D Director May 12, 2026 Sell 5,253 $134.05 $704,165
Fields Gary D Director May 12, 2026 Sell 26,018 $134.07 $3.5M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 2 trades and filings

No trades in AAON, Inc. disclosed in the last 12 months; 2 earlier trades on record.

  • Robert P. Bresnahan, Jr.(R-PA 8):Sale (full), $1,001 - $15,000, traded January 13, 2025, filed February 13, 2025
  • Robert P. Bresnahan, Jr.(R-PA 8):Sale (full), $1,001 - $15,000, traded January 13, 2025, filed February 13, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 14, 2026 estimated from the company's past filing pattern, not announced

  • August 10, 2026
  • May 7, 2026
  • March 2, 2026
  • November 6, 2025
  • August 11, 2025
  • May 1, 2025

Recent SEC filings

Data status

When each part of this page on AAON, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

AAON, Inc. in brief

What does AAON, Inc. do?
AAON, Inc. is a US-listed company in the building products industry. Its financial year ends in December.
What is AAON, Inc.'s stock ticker?
AAON, Inc. trades under the ticker AAON on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is AAON, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, AAON, Inc. reported revenue of $1.9B, 53.5% higher than a year earlier, according to its SEC filings.
What is AAON, Inc.'s free cash flow?
AAON, Inc.'s free-cash-flow margin is -0.4% of revenue over the trailing twelve months, ranking 39 of the 46 building products companies we cover.
Who are AAON, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Wellington Management Group LLP and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is AAON, Inc. buying back stock, and does it pay a dividend?
AAON, Inc. spent $30M on share repurchases over the trailing twelve months, and its diluted share count still rose 0.0% over the year.
What is AAON, Inc.'s market cap?
On November 2, 2026, AAON, Inc.'s market capitalisation was about $5.7B, with a price-to-earnings ratio of 35.5 and net debt of -$13,000. Market figures come from third-party market data and may be delayed.
Does AAON, Inc. pay a dividend?
Yes: AAON, Inc. paid $32.7M in dividends over the trailing twelve months, a dividend yield of 0.58% and a payout ratio of 20.5%.
Who are AAON, Inc.'s competitors?
In our Building Products peer group, the companies closest to AAON, Inc. are Quanex Building Products Corp, Zurn Elkay Water Solutions Corp, Armstrong World Industries Inc, Hillman Solutions Corp. and Simpson Manufacturing Co., Inc. The side-by-side comparison below sets their revenue, margins and growth against AAON, Inc.'s.
Are insiders buying or selling AAON, Inc. stock?
Over the last 12 months, AAON, Inc.'s directors and officers reported 5 open-market purchases and 25 sales on Form 4. The insider trading page charts every trade.
When is AAON, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — AAON, Inc. announces its own schedule.