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Makes commercial and industrial rooftop HVAC units, mainly for retail, education and light-commercial buildings.
Makes commercial and industrial rooftop HVAC units, mainly for retail, education and light-commercial buildings.
Builds units to each customer's specification and sells through independent manufacturers' representatives, so orders turn into a backlog and deliveries follow factory capacity. Growth lately has come from customized cooling for data centers, an area where it is adding factory space.
Moat: narrow (cost advantage, customer qualification). Efficient, customizable manufacturing model gives cost/lead-time edge in commercial rooftop HVAC niches.
Headquarters: Tulsa, Oklahoma, US · Founded: 1988 · Employees: 5,897
Size AAON (AAON) is a United States Industrials company (Industrial Machinery) with a market value of $4.72B, the 1224th largest of 3,117 United States companies the cockpit tracks. Shares closed at $57.19 on 6 Nov 2026.
Performance Over six months the shares fell 59.0%, against -17.4% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 19 in its peer set.
Growth Revenue grew 53.5% over the last twelve months (peer median +10.5%); the operating margin is 11.1% (peer median 13.2%).
Valuation It trades at 20.7× forward earnings against a peer median of 17.9× (6th most expensive of 16).
Capital Return on invested capital runs 0.1 points below its cost of capital (11.5% WACC).
Short interest Short interest is 7.7% of the free float (15 Oct 2026).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.93B | $1.44B | $1.20B | $1.17B | $889M |
| Revenue growth | — | +20% | +3% | +31% | — |
| Gross profit | $465M | $358M | $377M | $385M | $230M |
| EBITDA | $299M | $226M | $272M | $274M | $162M |
| Net income | $159M | $108M | $169M | $178M | $100M |
| Free cash flow | -$119M | -$191M | -$3.79M | $54.2M | $7.29M |
| Capital expenditure | $218M | $205M | $213M | $109M | $54.0M |
| Total debt | $481M | $433M | $187M | $62.7M | $84.7M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| AAON AAON | $4.72B | -59% | +54% | 11% | 20.7× | n/a |
| Trane Technologies TT | $87.9B | -14% | +10% | 18% | 23.4× | 14.7% |
| Carrier Global CARR | $42.9B | -22% | +3% | 9% | 17.2× | 19.0% |
| Lennox International LII | $11.7B | -34% | +2% | 19% | 15.3× | 5.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AAON | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -33.5% | -9.5% | 4th lowest of 21 |
| 6-month return | -59.0% | -17.4% | 2nd lowest of 19 |
| Distance from 52-week high | -62.0% | -40.1% | 5th lowest of 21 |
| Revenue growth (TTM) | +53.5% | +10.5% | 5th highest of 21 |
| Operating margin | 11.1% | 13.2% | 9th lowest of 21 |
| Forward P/E | 20.7× | 17.9× | 6th most expensive of 16 |
| ROIC minus cost of capital | -0.1 pp | -1.0 pp | 11th highest of 21 |
| EV / EBITDA | 17.4× | 12.8× | 3rd most expensive of 10 |
| Net debt / EBITDA | 1.6× | -0.1× | 4th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| AAON AAON | United States | $4.72B | -59% | +54% | 11% | 20.7× | n/a | n/a |
| Hangcha 603298.SS | China | $4.71B | -12% | +7% | 12% | 13.3× | 2.9% | +9.1% |
| UBTECH ROBOTICS 9880.HK | Hong Kong | $4.73B | -41% | +90% | -21% | n/a | n/a | n/a |
| Wuhan DR Laser Technology 300776.SZ | China | $4.69B | -24% | -23% | 19% | 37.9× | 51.8% | +13.6% |
| Circuit Fabology Microelectronics Equipment 9630.HK | Hong Kong | $4.68B | n/a | +103% | 27% | 36.1× | 8.5% | +34.4% |
| Neway Valve (Suzhou) 603699.SS | China | $4.66B | -36% | +11% | 26% | 17.9× | 10.0% | +16.5% |
| Horiba 6856.T | Japan | $4.79B | -17% | +12% | 17% | 14.4× | 11.2% | +12.2% |
| Renishaw RSW.L | United Kingdom | $4.61B | -7% | +14% | 16% | 18.5× | 24.8% | +7.5% |
| Rainbow Robotics 277810.KS | South Korea | $4.59B | -52% | +92% | -16% | 653.8× | n/a | n/a |
| Interpump IP.MI | Italy | $4.57B | +3% | +1% | 14% | 16.8× | 12.6% | +9.9% |
| HOSHIZAKI 6465.T | Japan | $4.93B | +5% | +12% | 10% | 17.8× | -4.5% | +15.3% |
| Alliance Laundry ALH | United States | $4.49B | -11% | +10% | 19% | 16.4× | 15.2% | +7.5% |
| Kion KGX.DE | Germany | $5.05B | -25% | +3% | 6% | 10.4× | n/a | n/a |
| Jusung Engineering 036930.KS | South Korea | $4.39B | +5% | -33% | 0% | 145.3× | n/a | n/a |
| Leo 002131.SZ | China | $4.33B | -34% | +10% | -1% | n/a | n/a | n/a |
| ESAB ESAB | United States | $5.15B | -18% | +11% | 13% | 14.0× | 12.7% | +7.8% |
| X-Energy XE | United States | $4.24B | -65% | -9% | -156% | n/a | n/a | n/a |
| DMG MORI Aktiengesellschaft GIL.DE | Germany | $4.17B | 0% | +3% | 5% | n/a | 11.3% | +2.7% |
| Franklin Electric FELE | United States | $4.16B | -5% | +7% | 13% | 18.0× | 9.2% | +11.3% |
| Jiangsu Gao Kai Precision Fluid 688835.SS | China | $4.15B | n/a | +21% | 24% | n/a | n/a | n/a |
| LandMark Optoelectronics 3081.TWO | Taiwan | $5.38B | -32% | +105% | 38% | 54.3× | n/a | n/a |