Business Description
AAON Inc. is a manufacturer of heating, ventilation, and air conditioning (HVAC) equipment for commercial, industrial, and data center environments. Operating primarily in the United States and Canada, the company specializes in highly configurable, semi-custom HVAC systems designed for energy efficiency and performance. AAON is distinctive for its mass semi-customization approach, which combines the cost efficiency of scaled production with the precision of individual customization.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 1,442,076 | 1,200,635 | 1,168,518 | 888,788 |
| Cost of Sales | 1,056,352 | 803,526 | 769,498 | 651,216 |
| Gross Profit | 385,724 | 397,109 | 399,020 | 237,572 |
| Selling, General & Administrative Expenses | 239,480 | 188,014 | 171,539 | 110,823 |
| Other Operating Expenses | (4) | (23) | (13) | (12) |
| Operating Profit | 146,248 | 209,118 | 227,494 | 126,761 |
| Non-Operating Income | (17,496) | (2,527) | (4,340) | (2,228) |
| Total Non-Operating Income | (17,496) | (2,527) | (4,340) | (2,228) |
| Income Before Provision for Income Taxes | 128,752 | 206,591 | 223,154 | 124,533 |
| Provision for Income Taxes | 21,159 | 38,032 | 45,531 | 24,157 |
| Consolidated Net Income | 107,593 | 168,559 | 177,623 | 100,376 |
| Net Income Attributable to Common Shareholders | 107,593 | 168,559 | 177,623 | 100,376 |
| Basic EPS | 1.32 | 2.07 | 2.19 | 1.26 |
| Diluted EPS | 1.29 | 2.02 | 2.13 | 1.24 |
| Basic Weighted Average Shares Outstanding | 81,529 | 81,473 | 81,156 | 79,582 |
| Diluted Weighted Average Shares Outstanding | 83,106 | 83,630 | 83,295 | 81,146 |
| Shares Outstanding | 81,691 | 81,437 | 81,508 | 80,138 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 1,239 | 6,514 | 9,023 | 5,949 |
| Total Cash and Cash Equivalents | 1,239 | 6,514 | 9,023 | 5,949 |
| Accounts Receivable | 314,387 | 147,434 | 138,108 | 127,158 |
| Other Receivables | 27,445 | 4,115 | — | — |
| Total Trade Receivables | 341,832 | 151,549 | 138,108 | 127,158 |
| Inventories | 261,151 | 187,420 | 213,532 | 198,939 |
| Other Current Assets | 264,958 | 142,729 | 48,291 | 17,070 |
| Total Current Assets | 869,180 | 488,212 | 408,954 | 349,116 |
| Net Property, Plant & Equipment | 649,250 | 525,792 | 381,721 | 311,868 |
| Net Intangible Assets | 165,799 | 160,152 | 149,945 | 64,606 |
| Goodwill | — | — | — | 81,892 |
| Other Long-Term Assets | 2,281 | 1,078 | 816 | 6,421 |
| Total Assets | 1,686,510 | 1,175,234 | 941,436 | 813,903 |
| Accounts Payable | 110,437 | 44,645 | 27,484 | 45,513 |
| Accrued Expenses | 132,213 | 99,347 | 85,508 | 78,630 |
| Short-Term Debt | — | 16,000 | — | — |
| Unearned Revenue | 80,670 | 14,913 | 13,757 | 21,424 |
| Other Current Liabilities | 7,535 | — | — | — |
| Total Current Liabilities | 330,855 | 174,905 | 126,749 | 145,567 |
| Long-Term Debt | 398,320 | 138,891 | 38,328 | 71,004 |
| Other Long-Term Liabilities | 62,350 | 36,856 | 41,135 | 36,618 |
| Total Long-Term Liabilities | 460,670 | 175,747 | 79,463 | 107,622 |
| Total Liabilities | 791,525 | 350,652 | 206,212 | 253,189 |
| Common Stock | 327 | 326 | 326 | 322 |
| Additional Paid-in Capital | 64,358 | 68,946 | 122,063 | 98,735 |
| Retained Earnings | 830,300 | 755,310 | 612,835 | 461,657 |
| Total Common Shareholders' Equity | 894,985 | 824,582 | 735,224 | 560,714 |
| Total Shareholders' Equity | 894,985 | 824,582 | 735,224 | 560,714 |
| Total Liabilities and Shareholders' Equity | 1,686,510 | 1,175,234 | 941,436 | 813,903 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 107,593 | 168,559 | 177,623 | 100,376 |
| Depreciation & Amortization | 79,357 | 62,924 | 46,792 | 35,430 |
| Share-Based Compensation Expense | 17,994 | 16,729 | 16,384 | 13,700 |
| Other Adjustments | 31,950 | (6,310) | (5,010) | (10,614) |
| Changes in Trade Receivables | (167,023) | (10,041) | (9,978) | (56,306) |
| Changes in Inventories | (73,883) | 27,080 | (16,226) | (71,409) |
| Changes in Accounts Payable | 52,904 | 16,959 | (18,316) | 11,574 |
| Changes in Accrued Expenses | 31,873 | 13,259 | 15,086 | 16,945 |
| Changes in Income Taxes Payable | (23,330) | (5,285) | (11,302) | 18,195 |
| Changes in Unearned Revenue | 66,588 | 2,991 | (5,067) | 15,196 |
| Changes in Other Operating Activities | (123,489) | (94,333) | (31,091) | (11,769) |
| Cash from Operating Activities | 534 | 192,532 | 158,895 | 61,318 |
| Capital Expenditure | (190,563) | (195,660) | (104,294) | (76,024) |
| Proceeds from Sale of Property, Plant & Equipment | 48 | 25 | 129 | 12 |
| Purchases of Intangible Assets | (14,329) | (17,491) | (5,197) | — |
| Payments for Business Acquisitions | — | — | — | (249) |
| Other Investing Activities | 12,435 | 51 | 51 | 48 |
| Cash from Investing Activities | (192,417) | (213,075) | (109,311) | (76,213) |
| Issuance of Long-Term Debt | 915,391 | 722,083 | 603,172 | 225,758 |
| Repayments of Long-Term Debt | (672,204) | (601,091) | (629,787) | (194,754) |
| Net Issuance / (Repayments) of Long-Term Debt | 243,187 | 120,992 | (26,615) | 31,004 |
| Issuance of Common Shares | 17,144 | 31,861 | 33,259 | 23,140 |
| Repurchases of Common Shares | (39,725) | (108,071) | (26,311) | (13,755) |
| Net Issuance / (Repurchases) of Common Shares | (22,581) | (76,210) | 6,948 | 9,385 |
| Common Share Dividends Paid | (32,603) | (26,084) | (26,445) | (22,917) |
| Other Financing Activities | (1,395) | (664) | (398) | (115) |
| Cash from Financing Activities | 186,608 | 18,034 | (46,510) | 17,357 |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | (5,275) | (2,509) | 3,074 | 2,462 |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $6.23B |
| P/E | 59.11x |
| P/S | 4.32x |
| EV/EBITDA | 29.37x |
| Return on Equity | 12.5% |
| Return on Invested Capital | 10.3% |
| Current Ratio | 2.63x |
| Dividend Yield | 0.5% |
| Free Cash Flow Margin | -13.2% |
Margins
Gross margin
26.7%
Operating margin
10.1%
Net margin
7.5%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q1 2026 | $497M | +54.3% | 11.5% | $57M |
| Q4 2025 | $424M | +42.5% | 10.4% | $44M |
| Q3 2025 | $384M | +17.4% | 11.3% | $44M |
| Q2 2025 | $312M | -0.6% | 7.6% | $24M |
| Q1 2025 | $322M | — | 10.9% | $35M |
| Q4 2024 | $298M | — | 9.9% | $29M |
| Q3 2024 | $327M | — | 20.0% | $66M |
| Q2 2024 | $314M | — | 21.4% | $67M |
More on AAON, Inc.
Figures compiled from public company filings.
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