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AAON · NASDAQ · Industrial - Machinery

AAON

Builds configurable HVAC equipment and custom thermal-management systems for demanding commercial environments.

$76.50
After-hours close+0.61 (+0.80%)
At close$75.89(−2.89%)
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Profile

AAON, Inc.AAONIndustrials

Designs and manufactures configurable HVAC and liquid-cooling equipment for commercial and industrial indoor environments. Three segments—AAON Oklahoma, AAON Coil Products, and BASX—span semi-custom systems, coils, controls, and fully custom data-center and cleanroom solutions; independent representatives help specify configurable equipment.

Designs and manufactures highly configurable HVAC and liquid-cooling equipment for commercial and industrial indoor environments. AAON Oklahoma supplies semi-custom rooftop units, air handlers, controls, chillers, and aftermarket parts; AAON Coil Products makes heating and cooling coils; BASX builds fully custom data-center cooling and cleanroom systems.

Flexible computer-aided manufacturing and internal thermal and acoustic testing support configurable production. Independent representatives help specify customer requirements. Manufacturing is concentrated in the United States, with production across Oklahoma, Texas, Oregon, and Tennessee.

Demand depends on commercial and industrial construction activity, while execution depends on component and raw-material availability and timely conversion of configured manufacturing capacity. The portfolio spans comfort cooling and thermal management, with semi-custom AAON systems complemented by fully custom BASX equipment.

Company facts

CEOMatt J. Tobolski
ListedDec 16, 1992
ExchangeNASDAQ
HeadquartersTulsa, OK
CountryUnited States
Employees5,897
CIK0000824142
ISINUS0003602069

Categories

Key statistics

Market cap$6.21B
EPS (ttm)$1.91
P/E (ttm)39.72
ROE17.2%
P/B6.17
P/S3.22
Dividend yield0.53%
Beta2.04vs XLI 1.41

Year to date −4.2% · Average volume (30d) 1.2M

Analysts

Price target, next 12 months$118.00+55.5%Median of 5 analysts · vs the Aug 28 close
ConsensusBuy5 of 5 analysts rate it buy or better

Ratings

Target range

Latest analyst notes

DateFirmActionPrior ratingRatingPrior targetTarget
Jul 23, 2026KeyBancInitiateSector Weight
Mar 3, 2026OppenheimerReiterateOutperform$115$118
Feb 3, 2026DA DavidsonReiterateBuy$70$120
Nov 7, 2025OppenheimerTarget$105$115
Sep 30, 2025OppenheimerTarget$105

Earnings

EPS

Estimate$0.57
ReportedDue Nov 5, 2026

Revenue

Estimate$594.6M
ReportedDue Nov 5, 2026

History

Report dateEPS estEPSSurpriseRevenue estRevenueSurpriseNext session
Aug 10, 2026Q2 FY26$0.51$0.69+34.5%$508.8M$627.0M+23.2%−5.89%
May 7, 2026Q1 FY26$0.31$0.48+54.8%$381.1M$496.9M+30.4%+8.05%
Mar 2, 2026Q4 FY25$0.45$0.39−13.3%$372.4M$424.2M+13.9%−8.98%
Nov 6, 2025Q3 FY25$0.33$0.37+12.1%$374.1M$384.2M+2.7%+5.50%
View details

Financial highlights

12 quartersQ1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26
Revenue$322.1M$311.6M$384.2M$424.2M$496.9M$627.0M
Gross profit$86.4M$82.7M$106.9M$109.8M$125.0M$152.5M
Operating income$35.1M$23.6M$43.6M$44.0M$57.1M$68.9M
Net income$29.3M$15.5M$30.8M$32.0M$39.8M$56.7M
Diluted EPS$0.35$0.19$0.37$0.38$0.48$0.68
Gross margin26.8%26.6%27.8%25.9%25.1%24.3%
Operating margin10.9%7.6%11.4%10.4%11.5%11.0%

Fiscal years (4-quarter sums)FY21 $534.5M · FY22 $888.8M · FY23 $1.17B · FY24 $1.20B · FY25 $1.44B

Revenue by product · Q2 FY26

Part Sales$23.8M · 100%

Balance sheet, Jun 30, 2026Cash & short-term investments $13.0K · Total debt $463.9M · Total assets $1.86B · Shareholders' equity $1.01B

Dividends

Next ex-date
Sep 4, 2026
in 6 days
Annual dividend
$0.40
per share
Dividend yield
0.53%
Schedule
Quarterly
4 payments a year

Raised for 12 straight years — most recently to $0.10 from $0.08 in Mar 2025. To collect a payout, hold shares through the close before the ex-date.

History

Ex-dateRecordPaidAmountNote
Jun 5, 2026Jun 5Jun 26$0.10
Mar 18, 2026Mar 18Mar 30$0.10
Nov 26, 2025Nov 26Dec 18$0.10
Sep 5, 2025Sep 5Sep 26$0.10
Jun 6, 2025Jun 6Jun 27$0.10
Mar 18, 2025Mar 18Mar 28$0.10raised from $0.08
Nov 29, 2024Nov 29Dec 19$0.08
Sep 6, 2024Sep 6Sep 27$0.08
View details

Ownership

Institutions 92.91%76.11M sharesInsiders 2.40%1.96M sharesOther 4.69%3.84M shares

Shares outstanding 81.91M · Float 68.22M · 83.3% free float

Top shareholders13F · 13D/G · Form 4

HolderShares% outstandingFormFiled
BlackRock, Inc.6.69M8.16%13FAug 7, 2026
Wellington Management Group LLP5.77M7.05%13FAug 14, 2026
Vanguard Capital Management LLC3.12M3.81%13FAug 13, 2026
Vanguard Portfolio Management LLC2.94M3.59%13FAug 13, 2026
State Street Corp2.63M3.21%13FAug 7, 2026

Insider tradesForm 4

DateInsiderRoleSharesAvg price
Jun 2, 2026Rebecca Thompsonofficer: Chief Accounting Officer−4,230$143.42
May 29, 2026Gary D. Fieldsdirector−19,000$140.20
May 26, 2026Gary D. Fieldsdirector−21,173$140.34
May 26, 2026Gordon Douglas Wichmanofficer: Executive Vice President−3,000$140.39
May 14, 2026Casey Kidwellofficer: Chief Administration Officer−3,153$138.30
View details

Peers

  • Johnson Controls

    Broad overlap across commercial HVAC and data-center thermal management

  • Trane Technologies

    Wide overlap in commercial HVAC, controls, and data-center cooling

  • Vertiv

    Direct rival in data-center air and liquid cooling

  • Carrier Global

    Major overlap in light-commercial and applied HVAC equipment

  • Modine

    Focused overlap in data-center cooling and heat-exchanger coils

  • Lennox International

    Direct overlap in light-commercial rooftop HVAC and controls

CompareAfter-hours close

CompanyPriceChange
AAON$76.50+0.80%$6.21B39.727.73.2+101.2%
Johnson Controls$139.59+0.01%$84.56B24.324.23.4+9.3%
Trane Technologies$445.75−0.75%$98.78B34.027.34.4+10.6%
Vertiv$259.11+0.86%$98.97B58.232.88.6+24.1%
Carrier Global$58.46−0.55%$48.46B40.819.22.2+3.9%
Modine$179.77+1.19%$9.43B66.821.52.8+28.0%
Lennox International$393.40−0.01%$13.60B17.815.82.6+3.0%
Median37.422.83.1+9.9%