(AAON) AAON - Ratings and Ratios

Exchange: NASDAQ • Country: United States • Currency: USD • Type: Common Stock • ISIN: US0003602069

Rooftop Units, Chillers, Coils, Heat Pumps, Air Handlers

Building Products
Market Cap in USD: 6,515m

IPO / Inception: 1992-12-16
12m vs SPY: -43.8%

EPS (Earnings per Share)

EPS CAGR: -42.18%
EPS Trend: -46.0%

Last SUE: -3.63
Qual. Beats: 0

Revenue

Rev. CAGR: 31.84%
Rev. Trend: 84.9%

Last SUE: 1.95
Qual. Beats: 1

Dividends

Dividend Yield	0.46%
Yield on Cost 5y	0.89%
Yield CAGR 5y	1.29%
Payout Consistency	97.2%
Payout Ratio	31.8%

Risk via 5d forecast
Volatility	59.9%
Value at Risk 5%th	86.5%
Relative Tail Risk	-12.22%

Reward TTM
Sharpe Ratio	-0.35
Alpha	-58.06
CAGR/Max DD	0.36

Character TTM
Hurst Exponent	0.501
Beta	1.543
Beta Downside	1.190

Drawdowns 3y
Max DD	48.86%
Mean DD	16.89%
Median DD	11.00%

Description: AAON AAON January 09, 2026

AAON, Inc. (NASDAQ:AAON) designs, manufactures, markets and sells a broad portfolio of HVAC equipment-including rooftop units, data-center cooling, clean-room systems, chillers, heat-recovery units and geothermal heat pumps-to commercial customers across the United States and Canada. The business is organized into three operating segments: AAON Oklahoma (core HVAC units), AAON Coil Products (heat-exchange components) and BASX (building-automation and controls).

Key market drivers for AAON include sustained growth in U.S. commercial construction (the NAHB/Wells Fargo Housing Index has risen ~8 % YoY in 2024), expanding data-center capacity (global data-center power-usage-effectiveness demand is up ~12 % YoY), and increasing ESG pressure that favors high-efficiency, water-source heat-pump solutions. AAON’s product mix is positioned to capture these trends, especially in the data-center and clean-room segments where energy-recovery and precise temperature control command premium pricing.

Recent financial highlights (Q3 2024) show revenue of $1.08 bn, a 9 % year-over-year increase, and an adjusted EBITDA margin of 14.2 %, reflecting both higher unit volumes and modest pricing power. The company reported a $210 million order backlog, roughly 2.5 × its quarterly revenue, indicating near-term demand visibility.

AAON distributes its products through an independent manufacturer-representative network, an internal sales force and an expanding e-commerce platform, which together provide coverage across retail, manufacturing, education, hospitality, supermarkets, medical/pharma and other commercial sectors.

For a deeper quantitative assessment, see the AAON page on ValueRay.

Piotroski VR‑10 (Strict, 0-10) 4.0

Net Income (100.3m TTM) > 0 and > 6% of Revenue (6% = 78.9m TTM)

FCFTA -0.15 (>2.0%) and ΔFCFTA -25.89pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue 38.70% (prev 23.81%; Δ 14.89pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA -0.01 (>3.0%) and CFO -17.9m <= Net Income 100.3m (YES >=105%, WARN >=100%)

Net Debt (359.1m) to EBITDA (208.4m) ratio: 1.72 <= 3.0 (WARN <= 3.5)

Current Ratio 3.04 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (83.0m) change vs 12m ago -0.19% (target <= -2.0% for YES)

Gross Margin 26.88% (prev 35.65%; Δ -8.78pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 102.6% (prev 117.4%; Δ -14.77pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 10.01 (EBITDA TTM 208.4m / Interest Expense TTM 13.2m) >= 6 (WARN >= 3)

Altman Z'' 5.84

(A) 0.33 = (Total Current Assets 759.3m - Total Current Liabilities 250.2m) / Total Assets 1.53b

(B) 0.53 = Retained Earnings (Balance) 806.4m / Total Assets 1.53b

(D) 1.20 = Book Value of Equity 806.8m / Total Liabilities 671.0m

Total Rating: 5.84 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 46.85

1. Piotroski 4.0pt

2. FCF Yield -3.37%

3. FCF Margin -17.63%

4. Debt/Equity 0.42

5. Debt/Ebitda 1.72

6. ROIC - WACC (= -1.50)%

7. RoE 12.02%

8. Rev. Trend 84.92%

9. EPS Trend -46.02%

What is the price of AAON shares?

As of January 12, 2026, the stock is trading at USD 83.32 with a total of 832,894 shares traded.
Over the past week, the price has changed by +2.26%, over one month by -0.77%, over three months by -18.19% and over the past year by -32.17%.

Is AAON a buy, sell or hold?

AAON has received a consensus analysts rating of 3.83. Therefore, it is recommended to buy AAON.

Strong Buy: 2
Buy: 1
Hold: 3
Sell: 0
Strong Sell: 0

What are the forecasts/targets for the AAON price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	115.3	38.3%
Analysts Target Price	115.3	38.3%
ValueRay Target Price	85.7	2.8%

AAON Fundamental Data Overview January 10, 2026

P/E Trailing = 65.9587
P/E Forward = 38.0228
P/S = 4.9524
P/B = 7.3405
P/EG = 2.4452
Beta = 1.082
Revenue TTM = 1.32b USD
EBIT TTM = 131.9m USD
EBITDA TTM = 208.4m USD
Long Term Debt = 360.1m USD (from longTermDebt, last quarter)
Short Term Debt = 18.5m USD (from shortTermDebt, last fiscal year)
Debt = 360.1m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 359.1m USD (from netDebt column, last quarter)
Enterprise Value = 6.87b USD (6.52b + Debt 360.1m - CCE 1.04m)
Interest Coverage Ratio = 10.01 (Ebit TTM 131.9m / Interest Expense TTM 13.2m)
EV/FCF = -29.64x (Enterprise Value 6.87b / FCF TTM -231.9m)
FCF Yield = -3.37% (FCF TTM -231.9m / Enterprise Value 6.87b)
FCF Margin = -17.63% (FCF TTM -231.9m / Revenue TTM 1.32b)
Net Margin = 7.62% (Net Income TTM 100.3m / Revenue TTM 1.32b)
Gross Margin = 26.88% ((Revenue TTM 1.32b - Cost of Revenue TTM 962.0m) / Revenue TTM)
Gross Margin QoQ = 27.81% (prev 26.55%)
Tobins Q-Ratio = 4.48 (Enterprise Value 6.87b / Total Assets 1.53b)
Interest Expense / Debt = 1.43% (Interest Expense 5.15m / Debt 360.1m)
Taxrate = 19.93% (7.66m / 38.4m)
NOPAT = 105.6m (EBIT 131.9m * (1 - 19.93%))
Current Ratio = 3.04 (Total Current Assets 759.3m / Total Current Liabilities 250.2m)
Debt / Equity = 0.42 (Debt 360.1m / totalStockholderEquity, last quarter 863.1m)
Debt / EBITDA = 1.72 (Net Debt 359.1m / EBITDA 208.4m)
Debt / FCF = -1.55 (negative FCF - burning cash) (Net Debt 359.1m / FCF TTM -231.9m)
Total Stockholder Equity = 834.1m (last 4 quarters mean from totalStockholderEquity)
RoA = 7.82% (Net Income 100.3m / Total Assets 1.53b)
RoE = 12.02% (Net Income TTM 100.3m / Total Stockholder Equity 834.1m)
RoCE = 11.04% (EBIT 131.9m / Capital Employed (Equity 834.1m + L.T.Debt 360.1m))
RoIC = 9.55% (NOPAT 105.6m / Invested Capital 1.11b)
WACC = 11.05% (E(6.52b)/V(6.88b) * Re(11.60%) + D(360.1m)/V(6.88b) * Rd(1.43%) * (1-Tc(0.20)))
Discount Rate = 11.60% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -33.33 | Cagr: -0.30%
Fair Price DCF = unknown (Cash Flow -231.9m)
EPS Correlation: -46.02 | EPS CAGR: -42.18% | SUE: -3.63 | # QB: 0
Revenue Correlation: 84.92 | Revenue CAGR: 31.84% | SUE: 1.95 | # QB: 1
EPS next Quarter (2026-03-31): EPS=0.44 | Chg30d=+0.000 | Revisions Net=+3 | Analysts=4
EPS next Year (2026-12-31): EPS=1.99 | Chg30d=+0.000 | Revisions Net=+2 | Growth EPS=+39.8% | Growth Revenue=+12.2%

Additional Sources for AAON Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
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Fund Manager Positions: Dataroma | Stockcircle