AAON vs Louisiana-Pacific
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The short version
- Louisiana-Pacific is the larger business, with $2.7B of revenue in fiscal 2025 against $1.4B for AAON, about 1.9 times as much.
- AAON grew revenue faster (20.1%, against −7.9%).
- AAON kept more of each dollar of sales as operating profit (10.1% operating margin, against 7.7%).
- AAON earned a higher return on the capital invested in it (10.8%, against 9.0%).
- Investors pay more for each dollar of Louisiana-Pacific’s earnings: a P/E of 94.6x against 36.0x for AAON.
| Latest fiscal year | AAON · FY25 | LPX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.8B | $5.2B |
| Revenue | $1.4B | $2.7B |
| Free cash flow | — | $91.0M |
| Net income | $108M | $146M |
| Growth | ||
| Revenue growth | 20.1% | −7.9% |
| 5-year growth | 22.9% | 2.5% |
| Share count change | −0.6% | −1.4% |
| Profitability | ||
| Gross margin | 26.8% | 21.8% |
| Operating margin | 10.1% | 7.7% |
| Net margin | 7.5% | 5.4% |
| FCF margin | — | 3.4% |
| Return on capital | 10.8% | 9.0% |
| Return on equity | 12.5% | 8.6% |
| Balance sheet | ||
| Net debt | $398M | $56.0M |
| Net debt / EBITDA | 1.8x | 0.2x |
| Dividends and buybacks | $62.6M | $139M |
| Valuation & quality | ||
| P/E | 36.0x | 94.6x |
| Piotroski F-score | 3 | 5 |
Revenue
FY16
AAON $384M
LPX $2.2B
FY17
AAON $405M
LPX $2.7B
FY18
AAON $434M
LPX $2.8B
FY19
AAON $469M
LPX $2.3B
FY20
AAON $515M
LPX $2.4B
FY21
AAON $535M
LPX $3.9B
FY22
AAON $889M
LPX $3.9B
FY23
AAON $1.2B
LPX $2.6B
FY24
AAON $1.2B
LPX $2.9B
FY25
AAON $1.4B
LPX $2.7B
AAON
LPX
Operating margin
FY16
AAON 20.7%
LPX 9.4%
FY17
AAON 18.3%
LPX 19.5%
FY18
AAON 12.8%
LPX 18.6%
FY19
AAON 14.3%
LPX −0.9%
FY20
AAON 19.8%
LPX 25.6%
FY21
AAON 13.0%
LPX 44.3%
FY22
AAON 14.3%
LPX 32.4%
FY23
AAON 19.5%
LPX 11.1%
FY24
AAON 17.4%
LPX 18.0%
FY25
AAON 10.1%
LPX 7.7%
AAON
LPX
Free cash flow
FY16
AAON $37.3M
LPX $218M
FY17
AAON $16.3M
LPX $325M
FY18
AAON $17.6M
LPX $297M
FY19
AAON $60.8M
LPX −$4.0M
FY20
AAON $61.0M
LPX $588M
FY21
AAON $5.8M
LPX $1.2B
FY22
AAON $7.3M
LPX $730M
FY23
AAON —
LPX $16.0M
FY24
AAON —
LPX $422M
FY25
AAON —
LPX $91.0M
AAON
LPX
Return on capital
FY16
AAON —
LPX 16.5%
FY17
AAON —
LPX 41.6%
FY18
AAON —
LPX 36.2%
FY19
AAON —
LPX −1.4%
FY20
AAON —
LPX 44.6%
FY21
AAON 15.2%
LPX 116.7%
FY22
AAON 18.1%
LPX 72.5%
FY23
AAON 25.9%
LPX 13.1%
FY24
AAON 19.5%
LPX 23.7%
FY25
AAON 10.8%
LPX 9.0%
AAON
LPX
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.