AAON
AAON, Inc.
AAON has lower modeled downside risk, despite its lower overall score.
VRT
Vertiv Holdings Co
VRT has the edge over AAON overall, supported by stronger valuation and stronger fundamentals.
AAON Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Healthy | |
| Healthy |
AAON's revenue, profitability, cash flow and balance sheet are all currently healthy.
VRT Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
VRT's revenue, profitability, cash flow and balance sheet are all currently strong.
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 has the edge over VRT in the historical PE scenario, which offers more potential upside but is not a forecast.
VRT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 23x | $210 | — |
| Current | 39x | $210 | — |
| Cheap | 58x | $308 | +47% |
| Fair | 72x | $383 | +83% |
| Expensive | 88x | $472 | +125% |
Historical ranges are pointers, not guarantees.
VRT's PE is in its cheap range at 39x. 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.
VRT Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Moderate | |
| Moderate |
Analysts expect strong earnings and revenue growth for VRT, 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.
VRT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $9.14 | +71% |
| Q3 2026 | $5.35 | +102% |
| Q2 2026 | $4.42 | +111% |
| Q1 2026 | $3.98 | +131% |
| Q4 2025 | $3.41 | +166% |
| Q3 2025 | $2.65 | +75% |
| Q2 2025 | $2.09 | +62% |
| Q1 2025 | $1.72 | +64% |
| Q4 2024 | $1.28 | +7.6% |
VRT has the edge over AAON on earnings, with more consistent year-over-year improvement.
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.
VRT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $4.3B | +61% |
| Q2 2026 | $3.3B | +24% |
| Q1 2026 | $2.6B | +30% |
| Q4 2025 | $2.9B | +23% |
| Q3 2025 | $2.7B | +29% |
| Q2 2025 | $2.6B | +35% |
| Q1 2025 | $2B | +24% |
| Q4 2024 | $2.3B | +26% |
VRT's revenue has grown year over year every quarter since late 2020: $4.3B last quarter, up 61% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 23% | +3.5 points |
| Q2 2026 | 19% | +2.7 points |
| Q1 2026 | 17% | +2.3 points |
| Q4 2025 | 20% | +0.7 points |
| Q3 2025 | 19% | +1.4 points |
| Q2 2025 | 17% | -0.4 points |
| Q1 2025 | 14% | +1.9 points |
| Q4 2024 | 19% | +4.2 points |
VRT has the edge over AAON on profitability, with a higher operating margin.
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.
VRT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $654.9M | +41% |
| Q2 2026 | $926.5M | +233% |
| Q1 2026 | $654.2M | +145% |
| Q4 2025 | $885.6M | +143% |
| Q3 2025 | $463.5M | +36% |
| Q2 2025 | $277.9M | -19% |
| Q1 2025 | $266.8M | +162% |
| Q4 2024 | $364.5M | +18% |
VRT has the edge over AAON on cash flow, with more consistent year-over-year improvement.
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 |
VRT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -64.9K shares |
| 1 year | +0.4% | +1.8M shares |
| 3 years | +1.1% | +4.4M shares |
| 5 years | +10% | +36M shares |
| Available history | +63% | +152M shares |
VRT has the edge over AAON on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | $599.9M |
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.
VRT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.2x | Net Cash |
| Q2 2026 | 0.1x | Very low |
| Q1 2026 | 0.3x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.8x | Very low |
| Q2 2025 | 0.7x | Very low |
| Q1 2025 | 0.8x | Very low |
| Q4 2024 | 1.0x | Healthy |
VRT has the edge over AAON on leverage, with a lower net debt burden relative to earnings.
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).
VRT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 26.4 | Neutral |
VRT's weekly RSI is 43 (neutral) and its Stochastic is 26 (neutral).
AAON PE vs Industrials Sector
| Metric | AAON | Sector median | Relative |
|---|---|---|---|
| PE | 32x | 24x | 34% above |
| PE % | 4 | 58 | 54 pts below |
AAON has the edge over VRT on valuation relative to its sector.
VRT PE vs Industrials Sector
| Metric | VRT | Sector median | Relative |
|---|---|---|---|
| PE | 39x | 24x | 63% above |
| PE % | 3 | 58 | 55 pts below |
VRT is trading at 39x earnings, a 63% 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.
VRT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $221.8 | 5.5% below |
| 20 week MA | $254.4 | 18% below |
| 50 week MA | $253.9 | 17% below |
| 100 week MA | $189.1 | 11% above |
| 200 week MA | $123.5 | 70% above |
VRT has the edge over AAON on trend strength, trading above more of its moving averages.
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.
VRT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $10.9 | $18.9 | +73% |
| 2021 | $18.9 | $24.9 | +31% |
| 2022 | $24.9 | $12.8 | -48% |
| 2023 | $12.8 | $48.0 | +275% |
| 2024 | $48.0 | $115.1 | +140% |
| 2025 | $115.1 | $167.6 | +46% |
| 2026 YTD | $167.6 | $209.6 | +25% |
VRT has the edge over AAON on returns for 2026, with the stronger performance.