(AAON) AAON - Overview
Sector: Industrials | Industry: Building Products & Equipment | Exchange: NASDAQ (USA) | Market Cap: 10.844m USD | Total Return: 35.3% in 12m
Avg Turnover: 139M
EPS Trend: -92.1%
Qual. Beats: 0
Rev. Trend: 92.1%
Qual. Beats: 3
Warnings
P/E ratio 93.2
Below Avwap Earnings
Tailwinds
Confidence
AAON Inc. specializes in the engineering and manufacture of premium HVAC equipment, including rooftop units, air handling systems, and specialized data center cooling solutions. The company operates through three primary segments-AAON Oklahoma, AAON Coil Products, and BASX-serving diverse commercial and industrial end-markets such as healthcare, education, and retail.
The business model focuses on semi-custom manufacturing, allowing for higher energy efficiency and durability compared to standard commodity HVAC units. In the building products sector, demand is increasingly driven by decarbonization trends and stricter regulatory standards for indoor air quality and energy consumption.
For more detailed fundamental analysis, consider reviewing the latest valuation metrics on ValueRay.
Headquartered in Tulsa, Oklahoma, AAON distributes its products through a combination of independent representative organizations and an internal sales force. The company’s recent expansion into liquid cooling and modular mechanical rooms reflects a strategic pivot toward the high-growth data center infrastructure market.
- Data center cooling demand accelerates revenue growth in the BASX segment
- Adoption of low-GWP refrigerants drives premium equipment replacement cycles
- Tight labor markets and raw material costs pressure manufacturing operating margins
- Expansion of high-efficiency heat pump sales aligns with decarbonization mandates
- Commercial construction cyclicality influences long-term backlog and order intake rates
| Net Income: 118.1m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.08 > 0.02 and ΔFCF/TA 0.53 > 1.0 |
| NWC/Revenue: 36.12% < 20% (prev 28.96%; Δ 7.16% < -1%) |
| CFO/TA 0.02 > 3% & CFO 43.7m > Net Income 118.1m |
| Net Debt (451.5m) to EBITDA (249.6m): 1.81 < 3 |
| Current Ratio: 2.62 > 1.5 & < 3 |
| Outstanding Shares: last quarter (83.2m) vs 12m ago -0.21% < -2% |
| Gross Margin: 26.24% > 18% (prev 0.31%; Δ 2.59k% > 0.5%) |
| Asset Turnover: 104.7% > 50% (prev 96.95%; Δ 7.71% > 0%) |
| Interest Coverage Ratio: 17.05 > 6 (EBITDA TTM 249.6m / Interest Expense TTM 9.87m) |
| A: 0.33 (Total Current Assets 943.7m - Total Current Liabilities 359.6m) / Total Assets 1.79b |
| B: 0.48 (Retained Earnings 862.0m / Total Assets 1.79b) |
| C: 0.11 (EBIT TTM 168.3m / Avg Total Assets 1.54b) |
| D: 1.01 (Book Value of Equity 862.3m / Total Liabilities 855.5m) |
| Altman-Z'' = 5.50 = AAA |
| DSRI: 0.63 (Receivables 290.2m/361.1m, Revenue 1.62b/1.26b) |
| GMI: 1.18 (GM 26.24% / 31.04%) |
| AQI: 0.78 (AQ_t 0.10 / AQ_t-1 0.12) |
| SGI: 1.28 (Revenue 1.62b / 1.26b) |
| TATA: 0.04 (NI 118.1m - CFO 43.7m) / TA 1.79b) |
| Beneish M = -3.05 (Cap -4..+1) = AA |
As of May 24, 2026, the stock is trading at USD 134.60 with a total of 944,006 shares traded.
Over the past week, the price has changed by -0.66%,
over one month by +38.96%,
over three months by +33.30% and
over the past year by +35.30%.
AAON has received a consensus analysts rating of 3.83. Therefore, it is recommended to buy AAON.
- StrongBuy: 2
- Buy: 1
- Hold: 3
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 143.5 | 6.6% |
P/E Forward = 63.6943
P/S = 6.7066
P/B = 11.608
P/EG = 3.9781
Revenue TTM = 1.62b USD
EBIT TTM = 168.3m USD
EBITDA TTM = 249.6m USD
Long Term Debt = 425.2m USD (from longTermDebt, last quarter)
Short Term Debt = 7.54m USD (from shortLongTermDebt, last quarter)
Debt = 451.6m USD (from shortLongTermDebtTotal, last fiscal year) + Leases 18.2m
Net Debt = 451.5m USD (calculated: Debt 451.6m - CCE 13.0k)
Enterprise Value = 11.3b USD (10.8b + Debt 451.6m - CCE 13.0k)
Interest Coverage Ratio = 17.05 (Ebit TTM 168.3m / Interest Expense TTM 9.87m)
EV/FCF = -77.78x (Enterprise Value 11.3b / FCF TTM -145.2m)
FCF Yield = -1.29% (FCF TTM -145.2m / Enterprise Value 11.3b)
FCF Margin = -8.98% (FCF TTM -145.2m / Revenue TTM 1.62b)
Net Margin = 7.30% (Net Income TTM 118.1m / Revenue TTM 1.62b)
Gross Margin = 26.24% ((Revenue TTM 1.62b - Cost of Revenue TTM 1.19b) / Revenue TTM)
Gross Margin QoQ = 25.15% (prev 25.88%)
Tobins Q-Ratio = 6.31 (Enterprise Value 11.3b / Total Assets 1.79b)
Interest Expense / Debt = 2.19% (Interest Expense 9.87m / Debt 451.6m)
Taxrate = 23.55% (12.3m / 52.1m)
NOPAT = 128.6m (EBIT 168.3m * (1 - 23.55%))
Current Ratio = 2.62 (Total Current Assets 943.7m / Total Current Liabilities 359.6m)
Debt / Equity = 0.48 (Debt 451.6m / totalStockholderEquity, last quarter 934.2m)
Debt / EBITDA = 1.81 (Net Debt 451.5m / EBITDA 249.6m)
Debt / FCF = -3.11 (negative FCF - burning cash) (Net Debt 451.5m / FCF TTM -145.2m)
Total Stockholder Equity = 881.3m (last 4 quarters mean from totalStockholderEquity)
RoA = 7.65% (Net Income 118.1m / Total Assets 1.79b)
RoE = 13.40% (Net Income TTM 118.1m / Total Stockholder Equity 881.3m)
RoCE = 12.88% (EBIT 168.3m / Capital Employed (Equity 881.3m + L.T.Debt 425.2m))
RoIC = 8.93% (NOPAT 128.6m / Invested Capital 1.44b)
WACC = 12.18% (E(10.8b)/V(11.3b) * Re(12.62%) + D(451.6m)/V(11.3b) * Rd(2.19%) * (1-Tc(0.24)))
Discount Rate = 12.62% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -51.11 | Cagr: -0.14%
[DCF] Fair Price = unknown (Cash Flow -145.2m)
EPS Correlation: -92.13 | EPS CAGR: -22.82% | SUE: 0.26 | # QB: 0
Revenue Correlation: 92.10 | Revenue CAGR: 12.55% | SUE: 3.54 | # QB: 3
EPS current Quarter (2026-06-30): EPS=0.49 | Chg30d=+3.38% | Revisions=-14% | Analysts=4
EPS next Quarter (2026-09-30): EPS=0.66 | Chg30d=+9.27% | Revisions=+50% | Analysts=4
EPS current Year (2026-12-31): EPS=2.26 | Chg30d=+13.34% | Revisions=+50% | GrowthEPS=+67.4% | GrowthRev=+38.5%
EPS next Year (2027-12-31): EPS=3.29 | Chg30d=+11.14% | Revisions=+50% | GrowthEPS=+45.7% | GrowthRev=+14.2%
[Analyst] Revisions Ratio: +50%