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AAON

AAON Nasdaq Building Products Financials FY2016–FY2025

AAON's revenue rose 20.1% to $1.4 billion in fiscal 2025. Its operating margin was 10.1%, down from 17.4% a year earlier. It paid out $63 million in dividends and buybacks. The diluted share count fell 0.6%.

Last close · Oct 23, 2026

$68.85

1.1%
Value it Compare
Revenue Total sales reported in the income statement.
$1.4B
20.1% vs prior year
Operating margin Operating income as a share of revenue.
10.1%
7.3 pts
Net income Profit after all expenses, interest and tax.
$108M
36.2%
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
10.8%
8.7 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$5.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
36.1x
On $1.91 EPS (TTM)

About these figures. Debt is AAON's credit line, its only borrowing on the balance sheet. AAON's cash flow statement shows its capital spending under its own label from 2023, so capital spending and free cash flow are blank for those years. Share counts and per-share figures for earlier years are restated for a stock split (1.5-for-1), so every year is on today's share basis.

What AAON does

No business description yet.

Legal name
AAON, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000824142-26-000005
0000824142

Revenue and margins

AAON had $1.4B of revenue in fiscal 2025, up 20.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 7.6% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

AAON returned $62.6M to shareholders in fiscal 2025. The diluted share count fell 0.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value AAON yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$398M and divides by 83.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 36.0x · peers 30.6x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably AAON can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $2.9M$5.5M$0.3M$0.0M$0.0M
Debt incl. finance leases $40.0M$71.0M$38.3M$155M$398M
Net debt / EBITDA 0.4x0.4x0.1x0.6x1.8x
Debt / equity 0.1x0.1x0.1x0.2x0.5x
Interest coverage —52.6x47.2x74.4x8.8x
Current ratio 2.5x2.4x3.2x2.8x2.6x
Quick ratio 1.0x1.0x1.5x1.7x1.8x
Total assets $650M$814M$941M$1.2B$1.7B
Total liabilities $184M$253M$206M$351M$792M
Shareholders' equity $466M$561M$735M$825M$895M
Net debt (− = net cash) $37.1M$65.5M$38.0M$155M$398M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.1M

2 insiders

Sold, 12 months

$16.4M

5 insiders

Of sales under plans

8%

$1.4M

DateInsiderTradeSharesPriceValueFiling
Sep 15, 2026 David Raymond StewartDirector Bought 1,000 $74.66 $0.1M Form 4
Aug 28, 2026 Matthew ShaubExecutive Vice President Bought 457 $76.42 $0.0M Form 4
Jun 2, 2026 Rebecca ThompsonChief Accounting Officer Sold 4,230 $143.42 $0.6M Form 4
May 29, 2026 Gary D FieldsDirector Sold 19,000 $140.20 $2.7M Form 4
May 26, 2026 Gary D FieldsDirector Sold 21,173 $140.34 $3.0M Form 4
May 26, 2026 Gordon Douglas WichmanExecutive Vice President Sold 3,000 $140.39 $0.4M Form 4
May 14, 2026 Casey KidwellChief Administration Officer Sold 3,153 $138.30 $0.4M Form 4
May 13, 2026 Gary D FieldsDirector Sold 19,081 $137.60 $2.6M Form 4
May 13, 2026 Matthew Joseph TobolskiChief Executive Officer, Director Sold 8,000 $135.37 $1.1M Form 4
May 12, 2026 Gary D FieldsDirector Sold 31,271 $134.07 $4.2M Form 4
May 7, 2026 Rebecca ThompsonChief Accounting Officer Sold plan 9,672 $136.59 $1.3M Form 4
Apr 27, 2026 Rebecca ThompsonChief Accounting Officer Sold plan 400 $100.27 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✕ ✓ ✕
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✕ ✕ ✓
Gross margin rose ✓ ✕ ✕
Revenue rose relative to assets ✓ ✕ ✕
F-score 7 / 93 / 93 / 9
Accruals ratio 2.1%−2.3%7.5%
Altman Z'' 9.467.515.47

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
AAON AAON $5.8B 20.1% 10.1% — 10.8% 36.1x 3
Trex TREX $5.2B 2.0% 22.0% 11.5% — 29.8x — Compare →
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10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $384M $405M $434M $469M $515M $535M $889M $1.2B $1.2B $1.4B
Gross profit $118M $124M $104M $119M $156M $138M $238M $399M $397M $386M
Research and development $12.0M $13.0M $13.5M $14.8M $17.4M $16.6M $46.8M $43.7M $47.3M $58.2M
Operating income $79.6M $74.2M $55.4M $67.0M $102M $69.3M $127M $228M $209M $146M
Interest expense $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $2.4M $4.8M $2.8M $16.6M
Pretax income $80.0M $74.6M $55.5M $67.0M $102M $69.2M $125M $223M $207M $129M
Income tax $26.6M $20.8M $13.2M $13.3M $23.0M $10.4M $24.2M $45.5M $38.0M $21.2M
Net income $53.4M $53.8M $42.3M $53.7M $79.0M $58.8M $100M $178M $169M $108M
Diluted EPS $0.67 $0.67 $0.53 $0.68 $0.99 $0.73 $1.24 $2.13 $2.02 $1.29
Diluted shares 0.08B 0.08B 0.08B 0.08B 0.08B 0.08B 0.08B 0.08B 0.08B 0.08B
Cash flow
Cash from operations $63.9M $58.0M $54.9M $97.9M $129M $61.2M $61.3M $159M $193M $0.5M
Capital expenditure $26.6M $41.7M $37.3M $37.2M $67.8M $55.4M $54.0M — — —
Free cash flow $37.3M $16.3M $17.6M $60.8M $61.0M $5.8M $7.3M — — —
Depreciation and amortization $13.0M $15.0M $17.7M $22.8M $25.6M $30.3M $35.1M $46.5M $62.7M $79.2M
Stock-based compensation $4.4M $6.3M $7.9M $11.8M $11.3M $11.8M $13.7M $16.4M $16.7M $18.0M
Acquisitions $0.0M $0.0M $6.4M $0.0M $0.0M $103M $0.2M $0.0M $0.0M $0.0M
Share buybacks $19.3M $16.6M $26.8M $19.6M $30.1M $20.9M $12.7M $25.0M $100M $30.0M
Dividends paid $12.7M $13.7M $16.7M $16.6M $19.8M $19.9M $22.9M $26.4M $26.1M $32.6M
Dividends and buybacks $32.0M $30.3M $43.6M $36.2M $49.9M $40.8M $35.6M $51.4M $126M $62.6M
Balance sheet
Cash and short-term investments $24.2M $21.5M $2.0M $26.8M $79.0M $2.9M $5.5M $0.3M $0.0M $0.0M
Total debt — — — — $0.0M $40.0M $71.0M $38.3M $155M $398M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $141M $154M $141M $188M $220M $218M $349M $409M $488M $869M
Current liabilities $39.0M $50.1M $47.5M $56.0M $59.0M $86.8M $146M $127M $175M $331M
Inventory $47.4M $70.8M $77.6M $73.6M $82.2M $130M $199M $214M $187M $261M
Property and equipment, net $115M $142M $163M $178M $223M $258M $305M $370M $510M $631M
Total assets $257M $297M $308M $371M $449M $650M $814M $941M $1.2B $1.7B
Total liabilities $48.1M $57.9M $58.6M $81.3M $98.1M $184M $253M $206M $351M $792M
Shareholders' equity $208M $239M $249M $290M $351M $466M $561M $735M $825M $895M
Margins
Gross margin 30.8% 30.5% 23.9% 25.5% 30.3% 25.8% 26.7% 34.2% 33.1% 26.8%
Operating margin 20.7% 18.3% 12.8% 14.3% 19.8% 13.0% 14.3% 19.5% 17.4% 10.1%
EBITDA margin 24.1% 22.0% 16.8% 19.1% 24.8% 18.6% 18.2% 23.5% 22.6% 15.6%
Net margin 13.9% 13.3% 9.8% 11.4% 15.4% 11.0% 11.3% 15.2% 14.0% 7.5%
FCF margin 9.7% 4.0% 4.1% 13.0% 11.9% 1.1% 0.8% — — —
Returns
Return on capital — — — — — 15.2% 18.1% 25.9% 19.5% 10.8%
Return on capital employed 39.1% 32.0% 21.8% 23.3% 28.9% 14.5% 20.6% 30.7% 23.0% 12.4%
Return on equity 27.6% 24.1% 17.3% 19.9% 24.7% 14.4% 19.6% 27.4% 21.6% 12.5%
Return on assets 21.8% 19.5% 14.0% 15.8% 19.3% 10.7% 13.7% 20.2% 15.9% 7.5%
Growth
Revenue growth 7.1% 5.5% 7.1% 8.2% 9.6% 3.9% 66.3% 31.5% 2.8% 20.1%
Net income growth 16.7% 0.9% −21.4% 26.9% 47.1% −25.6% 70.8% 77.0% −5.1% −36.2%
EPS growth 19.1% 1.0% −20.8% 27.5% 46.1% −26.5% 69.9% 71.8% −5.2% −36.1%
FCF growth 8.5% −56.4% 8.0% 245.5% 0.4% −90.5% 25.3% — — —
Share count change −1.9% −0.7% −0.8% −0.1% 0.8% 1.3% 0.7% 2.7% 0.4% −0.6%
Financial health
Net debt / EBITDA — — — — −0.6x 0.4x 0.4x 0.1x 0.6x 1.8x
Debt / equity — — — — 0.0x 0.1x 0.1x 0.1x 0.2x 0.5x
Interest coverage — — 9,225.2x — — — 52.6x 47.2x 74.4x 8.8x
Current ratio 3.6x 3.1x 3.0x 3.4x 3.7x 2.5x 2.4x 3.2x 2.8x 2.6x
Quick ratio 2.4x 1.7x 1.3x 2.0x 2.3x 1.0x 1.0x 1.5x 1.7x 1.8x
Capital allocation
Capex / revenue 6.9% 10.3% 8.6% 7.9% 13.2% 10.4% 6.1% — — —
Stock comp / revenue 1.1% 1.6% 1.8% 2.5% 2.2% 2.2% 1.5% 1.4% 1.4% 1.3%
Payouts / FCF 85.8% 186.2% 247.6% 59.6% 81.7% 700.5% 488.6% — — —
Quality scores
Piotroski F-score — — — — — 3.0 5.0 7.0 3.0 3.0
Altman Z'' 11.9 10.9 10.3 9.8 10.1 6.6 6.9 9.5 7.5 5.5
Accruals ratio −4.3% −1.5% −4.1% −13.0% −12.1% −0.4% 5.3% 2.1% −2.3% 7.5%

Source: SEC EDGAR XBRL filings (CIK 0000824142). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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