AAON
AAON, Inc.
AAON's fundamentals are strong and it looks cheap: trading at 32x earnings, below its usual 48x. Analysts expect strong earnings growth.
AAON Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Healthy | |
| Healthy |
AAON's revenue, profitability, cash flow and balance sheet are all currently healthy.
AAON PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 23x | $78.80 | — |
| Current | 32x | $78.80 | — |
| Cheap | 40x | $98.59 | +25% |
| Fair | 48x | $117 | +48% |
| Expensive | 61x | $148 | +88% |
Historical ranges are pointers, not guarantees.
AAON's PE is in its cheap range at 32x. If earnings grow as analysts expect, today's price would be 23x next year's earnings.
AAON Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect strong earnings and revenue growth for AAON, with profitability improving.
AAON Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.42 | +40% |
| Q3 2026 | $2.45 | +101% |
| Q2 2026 | $1.99 | +34% |
| Q1 2026 | $1.38 | -28% |
| Q4 2025 | $1.29 | -36% |
| Q3 2025 | $1.22 | -46% |
| Q2 2025 | $1.48 | -33% |
| Q1 2025 | $1.91 | -11% |
| Q4 2024 | $2.02 | -5.2% |
AAON earned $2.45 per share over the past year, up 101% from the year before.
AAON Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $707.4M | +84% |
| Q2 2026 | $642.1M | +106% |
| Q1 2026 | $492.5M | +53% |
| Q4 2025 | $424.2M | +42% |
| Q3 2025 | $384.2M | +17% |
| Q2 2025 | $311.6M | -0.6% |
| Q1 2025 | $322.1M | +23% |
| Q4 2024 | $297.7M | -2.9% |
AAON's revenue has grown year over year for five quarters in a row: $707M last quarter, up 84% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 14% | +2.8 points |
| Q2 2026 | 13% | +5.2 points |
| Q1 2026 | 11% | -0.3 points |
| Q4 2025 | 10% | +0.5 points |
| Q3 2025 | 11% | -8.7 points |
| Q2 2025 | 7.6% | -14 points |
| Q1 2025 | 11% | -7 points |
| Q4 2024 | 9.9% | -11 points |
AAON's operating margin was 14% last quarter, up 2.8 points from the same quarter a year ago.
AAON Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $91.9M | +650% |
| Q2 2026 | $21M | +$42.8M |
| Q1 2026 | $34M | +$43.2M |
| Q4 2025 | $19.3M | +2186% |
| Q3 2025 | $12.3M | -81% |
| Q2 2025 | -$21.8M | -161% |
| Q1 2025 | -$9.2M | -110% |
| Q4 2024 | $845K | -98% |
AAON's free cash flow has turned positive again: $166M over the past year, against −$18M the year before.
AAON Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -163K shares |
| 1 year | +0.7% | +606K shares |
| 3 years | +0.2% | +165K shares |
| 5 years | +4% | +3.2M shares |
| Available history | +5.8% | +4.6M shares |
AAON has 84M diluted shares, up 0.7% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | — |
| Q1 2025 | $31.5M |
| Q4 2024 | — |
| Q3 2024 | — |
| Q4 2023 | — |
| Q3 2023 | $25M |
AAON Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.0x | Healthy |
| Q2 2026 | 1.4x | Healthy |
| Q1 2026 | 1.7x | Healthy |
| Q4 2025 | 1.8x | Healthy |
| Q3 2025 | 1.7x | Healthy |
| Q2 2025 | 1.4x | Healthy |
| Q1 2025 | 1.0x | Very low |
| Q4 2024 | 0.6x | Very low |
AAON's net debt is about a year of its operating earnings (EBITDA), down from 1.7 years a year ago.
AAON Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.9 | Neutral |
| Stochastic | 24.0 | Neutral |
AAON's weekly RSI is 46 (neutral) and its Stochastic is 24 (neutral).
AAON PE vs Industrials Sector
| Metric | AAON | Sector median | Relative |
|---|---|---|---|
| PE | 32x | 24x | 34% above |
| PE % | 4 | 58 | 54 pts below |
AAON is trading at 32x earnings, a 34% premium to the Industrials sector's median of 24x.
AAON Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $75.6 | 4.3% above |
| 20 week MA | $85.2 | 7.5% below |
| 50 week MA | $94.6 | 17% below |
| 100 week MA | $94.3 | 16% below |
| 200 week MA | $85.7 | 8.1% below |
AAON has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 8.1% below its 200-week average.
AAON Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $33.2 | $43.7 | +31% |
| 2021 | $43.7 | $52.4 | +20% |
| 2022 | $52.4 | $50.6 | -3.5% |
| 2023 | $50.6 | $73.9 | +46% |
| 2024 | $73.9 | $121.4 | +64% |
| 2025 | $121.4 | $75.8 | -38% |
| 2026 YTD | $75.8 | $78.8 | +4% |
AAON has finished higher in four of the last six years. It's up 4% so far in 2026.