AAON vs Trex
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The short version
- AAON is the larger business, with $1.4B of revenue in fiscal 2025 against $1.2B for Trex.
- AAON grew revenue faster (20.1%, against 2.0%).
- Trex kept more of each dollar of sales as operating profit (22.0% operating margin, against 10.1%).
- Investors pay more for each dollar of AAON’s earnings: a P/E of 36.0x against 29.8x for Trex.
| Latest fiscal year | AAON · FY25 | TREX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.8B | $5.2B |
| Revenue | $1.4B | $1.2B |
| Free cash flow | — | $135M |
| Net income | $108M | $190M |
| Growth | ||
| Revenue growth | 20.1% | 2.0% |
| 5-year growth | 22.9% | 5.9% |
| Share count change | −0.6% | −1.1% |
| Profitability | ||
| Gross margin | 26.8% | 39.2% |
| Operating margin | 10.1% | 22.0% |
| Net margin | 7.5% | 16.2% |
| FCF margin | — | 11.5% |
| Return on capital | 10.8% | — |
| Return on equity | 12.5% | 19.8% |
| Balance sheet | ||
| Net debt | $398M | — |
| Net debt / EBITDA | 1.8x | — |
| Dividends and buybacks | $62.6M | $54.5M |
| Valuation & quality | ||
| P/E | 36.0x | 29.8x |
| Piotroski F-score | 3 | — |
Revenue
FY16
AAON $384M
TREX $480M
FY17
AAON $405M
TREX $565M
FY18
AAON $434M
TREX $684M
FY19
AAON $469M
TREX $745M
FY20
AAON $515M
TREX $881M
FY21
AAON $535M
TREX $1.2B
FY22
AAON $889M
TREX $1.1B
FY23
AAON $1.2B
TREX $1.1B
FY24
AAON $1.2B
TREX $1.2B
FY25
AAON $1.4B
TREX $1.2B
AAON
TREX
Operating margin
FY16
AAON 20.7%
TREX 21.7%
FY17
AAON 18.3%
TREX 25.2%
FY18
AAON 12.8%
TREX 25.8%
FY19
AAON 14.3%
TREX 25.3%
FY20
AAON 19.8%
TREX 26.5%
FY21
AAON 13.0%
TREX 23.0%
FY22
AAON 14.3%
TREX 22.3%
FY23
AAON 19.5%
TREX 25.1%
FY24
AAON 17.4%
TREX 28.0%
FY25
AAON 10.1%
TREX 22.0%
AAON
TREX
Free cash flow
FY16
AAON $37.3M
TREX $70.7M
FY17
AAON $16.3M
TREX $86.8M
FY18
AAON $17.6M
TREX $104M
FY19
AAON $60.8M
TREX $89.1M
FY20
AAON $61.0M
TREX $14.5M
FY21
AAON $5.8M
TREX $98.7M
FY22
AAON $7.3M
TREX $40.0M
FY23
AAON —
TREX $223M
FY24
AAON —
TREX −$88.4M
FY25
AAON —
TREX $135M
AAON
TREX
Return on capital
FY16
AAON —
TREX —
FY17
AAON —
TREX —
FY18
AAON —
TREX —
FY19
AAON —
TREX —
FY20
AAON —
TREX —
FY21
AAON 15.2%
TREX —
FY22
AAON 18.1%
TREX —
FY23
AAON 25.9%
TREX —
FY24
AAON 19.5%
TREX —
FY25
AAON 10.8%
TREX —
AAON
TREX
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.