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AAON

AAON, Inc.

AAON

AAON, Inc. • NASDAQ
$93.48 ▲ 0.30% (+0.28)
Market Cap $7.62 B
52w High $139.09
52w Low $62.00
Dividend Yield 0.40%
P/E 77.26
Volume 200.99K
Outstanding Shares 81.50M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $384.238M ▲ $63.266M ▲ $30.782M ▲ 8.011% ▲ $0.38 ▲ $63.554M ▲
Q2-2025 $311.567M ▼ $59.147M ▲ $15.487M ▼ 4.971% ▼ $0.19 ▼ $43.494M ▼
Q1-2025 $322.054M ▲ $51.253M ▲ $29.292M ▲ 9.095% ▲ $0.36 ▲ $54.253M ▲
Q4-2024 $297.718M ▼ $48.186M ▼ $24.69M ▼ 8.293% ▼ $0.3 ▼ $47.08M ▼
Q3-2024 $327.252M $48.638M $52.625M 16.081% $0.65 $82.923M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.041M ▲ $1.534B ▲ $670.961M ▲ $863.11M ▲
Q2-2025 $14K ▼ $1.399B ▲ $566.667M ▲ $832.746M ▲
Q1-2025 $994K ▲ $1.3B ▲ $484.341M ▲ $815.852M ▼
Q4-2024 $14K ▼ $1.175B ▲ $350.652M ▲ $824.582M ▲
Q3-2024 $15K $1.031B $233.769M $796.856M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $30.782M ▲ $12.256M ▲ $-49.131M ▼ $37.821M ▼ $946K ▲ $-33.296M ▲
Q2-2025 $15.487M ▼ $-21.826M ▼ $-39.104M ▲ $59.868M ▲ $-1.062M ▲ $-57.618M ▼
Q1-2025 $29.292M ▲ $-9.214M ▼ $-50.388M ▲ $55.471M ▼ $-4.131M ▼ $-55.937M ▲
Q4-2024 $24.69M ▼ $845K ▼ $-99.327M ▼ $98.331M ▲ $-151K ▲ $-85.063M ▼
Q3-2024 $52.625M $63.775M $-38.351M $-30.837M $-5.413M $29.785M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Part Sales
Part Sales
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement AAON’s revenue has grown strongly over the past five years, showing it has successfully scaled its business well beyond its pre‑pandemic size. Profitability has also improved meaningfully over that period, with operating and net income both much higher than a few years ago. The most recent year looks more like a “pause” than a surge: sales kept rising, but profit and earnings per share slipped slightly compared with the prior year, suggesting cost pressures, heavy growth investments, or business mix shifts. Overall, the company has moved from being a solid niche manufacturer to a much larger, more profitable enterprise, but now appears to be in a consolidation phase where sustaining margins will matter more.

Balance Sheet

Balance Sheet The balance sheet has expanded significantly, with total assets and shareholder equity both climbing steadily, which fits a company that is investing for growth. Debt has increased but remains moderate relative to the size of the business and equity base, pointing to a generally conservative capital structure. Cash on hand is quite lean, which implies AAON is relying on ongoing cash generation and credit lines rather than holding large cash reserves. That combination—larger asset base, modest leverage, and low cash—reflects a company in an active build‑out phase that still appears financially sound but has less of a liquidity cushion if conditions weaken.

Cash Flow

Cash Flow Operating cash flow has improved materially over time, which is consistent with better scale and profitability. However, capital spending has been very heavy in recent years, effectively absorbing most or all of that cash and leaving free cash flow close to breakeven in the latest year. This pattern signals deliberate reinvestment into plants, equipment, and capacity (including data center–related build‑outs), rather than an emphasis on harvesting cash. It also means the business is more dependent on continued strong operations or financing access while this investment cycle plays out.

Competitive Edge

Competitive Edge AAON holds a differentiated position in commercial HVAC by focusing on semi‑custom, high‑efficiency systems rather than commodity units. Its vertical integration, strong testing and validation capabilities, and reputation for reliability support a value proposition built around lifecycle cost savings, allowing it to command premium pricing in many niches. The BASX acquisition deepened its presence in high‑value applications like data centers and clean rooms, where performance and customization matter more than lowest upfront cost. Key risks to its position include exposure to construction cycles, intensifying competition from large global HVAC players, and potential customer concentration in data centers as that segment grows.

Innovation and R&D

Innovation and R&D The company’s innovation center and lab infrastructure give it serious in‑house capability to design and test advanced HVAC systems under real‑world conditions. AAON is leaning into secular themes like decarbonization, electrification, and stricter environmental standards through higher‑efficiency heat pumps and earlier adoption of next‑generation refrigerants. BASX adds specialized know‑how in liquid and advanced air‑side cooling for data centers, paired with software‑driven customization, which is strategically important as computing loads and cooling complexity rise. The main execution challenges are scaling production without diluting quality, keeping pace with rapid technology shifts in data center thermal management, and sustaining R&D intensity as the company grows larger.

Summary

AAON has transformed itself over the past five years into a much larger, more profitable HVAC player with a clear niche in high‑performance, semi‑custom systems and a growing foothold in data center cooling. Financially, revenue and earnings are far higher than earlier in the decade, though the latest year shows signs of margin pressure and heavy reinvestment rather than pure profit expansion. The balance sheet looks generally healthy with moderate leverage, but low cash and elevated capital spending leave less margin for error. Strategically, its focus on energy efficiency, customization, and rigorous testing underpins a solid competitive moat, while the BASX data center opportunity offers meaningful upside but also raises concentration and execution risks. Overall, AAON appears to be in a scale‑up and investment phase: the long‑term opportunity looks attractive if demand and execution hold, but the company is taking on more operational and cyclical risk than in its earlier, smaller days.

NEWS

November 12, 2025 · 1:08 PM UTC

AAON Announces Quarterly Cash Dividend

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November 6, 2025 · 7:00 AM UTC

AAON Reports Strong Third Quarter 2025 Results Driven by Operational Improvements and Share Gains

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October 30, 2025 · 5:01 PM UTC

AAON Welcomes Roberto Giacomelli as Senior Vice President of Operations

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October 29, 2025 · 7:00 AM UTC

AAON Announces Third Quarter 2025 Conference Call And Webcast

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October 28, 2025 · 8:00 AM UTC

AAON Leads the Industry with Lab-Tested, Field-Proven Heat Pumps While Other Manufacturers Remain in Development

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