AAON (AAON) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

AAON

NasdaqGS•Industrials•Building Products & Equipment

$77.59+2.03(0.03%)Market open

Market Cap

$6.28B

P/E

39.4x

P/S

3.3x

P/B

6.2x

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.

How this company scores

AverageMetricSide Score: 59/100

Strongest: Growth (24/25); weakest: Cash & Earnings Quality (3/25).

Profitability17/25

Growth24/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality3/25

Strengths

Growing revenueHigh ROERising earningsInterest easily covered

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 39.4x5y range 39.4x – 138.4x

Currently below its 20-quarter median.

P/S · 3.3x5y range 3.3x – 14.8x

Currently below its 20-quarter median.

P/B · 6.2x5y range 6.2x – 19.0x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Watch

Operating margins declined 8.7% — watch for continued compression, which may signal competitive or cost pressure.

Earnings Quality

Red Flag

Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $6.28B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $1.93B
Q. Revenue: $626.98M
TTM EBITDA: $338.42M
TTM Op. Income: $213.50M
Q. Op. Income: $68.88M
TTM Net Income: $159.29M
Q. Net Income: $56.66M
EPS: $0.69
Shares Out.: $82.19M

$1.93B in TTM revenue grew 53.5% YoY, reaching $626.98M last quarter. TTM EBITDA of $338.42M and TTM operating income of $213.50M show growth is flowing through to the bottom line. TTM net income of $159.29M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 4 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 24.3%
EBITDA Margin: 14.8%
Op. Margin: 11.0%
Net Margin: 9.0%

Op. margin of 11.0% is up 3.4% YoY — cost efficiency is improving. Net margin at 9.0% and gross margin of 24.3% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 45% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 39.4x
P/S Ratio: 3.3x
P/B Ratio: 6.2x

At 39.4x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 3.3x and P/B of 6.2x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has fallen for 3 consecutive quarters — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $1.86B
Cash: $13,000
Long-Term Debt: N/A
Book Value: $1.01B
D/E Ratio: N/A
Debt/EBITDA: 0.0

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $20.97M
TTM Free Cash Flow: $-131.37M
FCF Margin: -6.8%
FCF / Net Income: -0.8

TTM FCF of $-131.37M on $20.97M in operating cash flow. The FCF / Net Income ratio of -0.8x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has risen for 3 consecutive quarters — an improving trend.