AAON vs Simpson Manufacturing
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The short version
- Simpson Manufacturing is the larger business, with $2.3B of revenue in fiscal 2025 against $1.4B for AAON, about 1.6 times as much.
- AAON grew revenue faster (20.1%, against 4.5%).
- Simpson Manufacturing kept more of each dollar of sales as operating profit (19.6% operating margin, against 10.1%).
- Simpson Manufacturing earned a higher return on the capital invested in it (17.5%, against 10.8%).
- Investors pay more for each dollar of AAON’s earnings: a P/E of 36.0x against 20.1x for Simpson Manufacturing.
| Latest fiscal year | AAON · FY25 | SSD · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.8B | $7.6B |
| Revenue | $1.4B | $2.3B |
| Free cash flow | — | $298M |
| Net income | $108M | $345M |
| Growth | ||
| Revenue growth | 20.1% | 4.5% |
| 5-year growth | 22.9% | 13.0% |
| Share count change | −0.6% | −1.2% |
| Profitability | ||
| Gross margin | 26.8% | 45.9% |
| Operating margin | 10.1% | 19.6% |
| Net margin | 7.5% | 14.8% |
| FCF margin | — | 12.8% |
| Return on capital | 10.8% | 17.5% |
| Return on equity | 12.5% | 18.0% |
| Balance sheet | ||
| Net debt | $398M | −$84.1M |
| Net debt / EBITDA | 1.8x | −0.2x |
| Dividends and buybacks | $62.6M | $168M |
| Valuation & quality | ||
| P/E | 36.0x | 20.1x |
| Piotroski F-score | 3 | 8 |
Revenue
FY16
AAON $384M
SSD $861M
FY17
AAON $405M
SSD $977M
FY18
AAON $434M
SSD $1.1B
FY19
AAON $469M
SSD $1.1B
FY20
AAON $515M
SSD $1.3B
FY21
AAON $535M
SSD $1.6B
FY22
AAON $889M
SSD $2.1B
FY23
AAON $1.2B
SSD $2.2B
FY24
AAON $1.2B
SSD $2.2B
FY25
AAON $1.4B
SSD $2.3B
AAON
SSD
Operating margin
FY16
AAON 20.7%
SSD 16.4%
FY17
AAON 18.3%
SSD 14.2%
FY18
AAON 12.8%
SSD 16.0%
FY19
AAON 14.3%
SSD 16.0%
FY20
AAON 19.8%
SSD 19.9%
FY21
AAON 13.0%
SSD 23.4%
FY22
AAON 14.3%
SSD 21.7%
FY23
AAON 19.5%
SSD 21.5%
FY24
AAON 17.4%
SSD 19.3%
FY25
AAON 10.1%
SSD 19.6%
AAON
SSD
Free cash flow
FY16
AAON $37.3M
SSD $57.0M
FY17
AAON $16.3M
SSD $61.0M
FY18
AAON $17.6M
SSD $131M
FY19
AAON $60.8M
SSD $173M
FY20
AAON $61.0M
SSD $175M
FY21
AAON $5.8M
SSD $108M
FY22
AAON $7.3M
SSD $337M
FY23
AAON —
SSD $338M
FY24
AAON —
SSD $158M
FY25
AAON —
SSD $298M
AAON
SSD
Return on capital
FY16
AAON —
SSD —
FY17
AAON —
SSD —
FY18
AAON —
SSD 17.9%
FY19
AAON —
SSD —
FY20
AAON —
SSD —
FY21
AAON 15.2%
SSD —
FY22
AAON 18.1%
SSD —
FY23
AAON 25.9%
SSD 22.0%
FY24
AAON 19.5%
SSD 17.7%
FY25
AAON 10.8%
SSD 17.5%
AAON
SSD
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.