At a glance
AAON Inc is worth $6.23B, about 59 times its fiscal 2025 earnings. Revenue grew 20.1% to $1.44B in fiscal 2025, with 7.5% kept as profit; over 5 years it has grown 22.9% a year. It pays a 0.53% dividend yield, and returned $316.6M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −26.5% over the past year with dividends reinvested and +10.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 31.0% in the 2020 crash (S&P 500: 33.7%) and 39.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 6 months after the lows.
The business in plain English
AAON designs and builds heating, ventilation and air conditioning (HVAC) equipment, plus liquid cooling systems, for commercial and industrial buildings. Its flagship products are rooftop units: self-contained heating and cooling systems installed on a building's roof. It also makes air handlers, heat pumps, coils and controls. Each unit is built to order to the customer's specifications. AAON says it competes on performance and efficiency, not price. It sells through independent sales representatives and also sells parts at two stores in Tulsa, Oklahoma, and online.
In fiscal 2025 (ended December 31, 2025), revenue was about $1.44 billion, up 20.1%. The AAON Oklahoma segment brought in about 56% of revenue. It makes AAON-brand HVAC equipment in Tulsa; Memphis, Tennessee; and Parkville, Missouri. AAON Coil Products in Longview, Texas, makes coils and semi-custom systems and added about 23%. BASX, based in Redmond, Oregon, added about 22%. Sales were almost all domestic: foreign sales were about 2.6% of the total.
BASX makes custom cooling equipment for hyperscale data centers, the giant facilities behind cloud and AI computing. It also makes ventilation for cleanrooms in biopharmaceutical, semiconductor and medical settings. In 2025 it added a coolant distribution unit, which controls the flow of coolant to plates that cool server chips. Some BASX-branded products are made at other AAON plants. Counting those, the brand was 38% of fiscal 2025 revenue.
Price history
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AAON -26.5% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| AAON-branded Products | $894.3M | 62% |
| BASX-branded Products | $547.8M | 38% |
By business segment
| AAON Oklahoma | $801.2M | 55.6% |
| AAON Coil Products | $325.4M | 22.6% |
| BasX | $315.5M | 21.9% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $627.0M, up 101.2% from a year earlier, and net income was $56.7M (+265.8%).
- For fiscal 2025, revenue was $1.44B (+20.1% year over year; +22.9% a year from FY2020 to FY2025) with a 7.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +22.9% good |
|---|---|
| Operating margin | 10.1% watch |
| Return on equity (FY2025) | 12% watch |
| Return on assets (FY2025) | 6.4% watch |
| Net cash (cash minus debt) | $13K good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $514.6M | $79.0M | $61.0M |
| FY2021 | $534.5M | $58.8M | $5.8M |
| FY2022 | $888.8M | $100.4M | $7.3M |
| FY2023 | $1.17B | $177.6M | — |
| FY2024 | $1.20B | $168.6M | — |
| FY2025 | $1.44B | $107.6M | — |
Valuation snapshot
| Market value | $6.23B |
|---|---|
| P/E ratio | 58.6 |
| Dividend yield | 0.53% |
Rank among 1514 US companies
Market value at each year end
AAON’s market value went from $1.74B at the end of 2016 to $6.23B on Oct 28, 2026, about 3.6 times as much; since the end of 2025 it is up 0%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $6.23B | +0.2% |
| 2025 | $6.22B | -34.9% |
| 2024 | $9.56B | +59.4% |
| 2023 | $6.00B | +49.8% |
| 2022 | $4.01B | -3.8% |
| 2021 | $4.16B | +19.6% |
| 2020 | $3.48B | +35.2% |
| 2019 | $2.57B | +40.9% |
| 2018 | $1.83B | -5.1% |
| 2017 | $1.93B | +10.4% |
| 2016 | $1.74B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AAON price data to Oct 28, 2026 | -0.5% | -26.5% | +12.5% | +10.2% | +15.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -0.5% |
| 2025 | -34.9% |
| 2024 | +59.9% |
| 2023 | +47.9% |
| 2022 | -4.6% |
| 2021 | +19.9% |
| 2020 | +35.7% |
| 2019 | +41.9% |
| 2018 | -3.6% |
| 2017 | +11.8% |
| 2016 | +43.5% |
| 2015 | +4.7% |
| 2014 | +6.0% |
| 2013 | +131.1% |
| 2012 | +3.0% |
| 2011 | +10.2% |
| 2010 | +46.9% |
| 2009 | -4.9% |
| 2008 | +7.0% |
| 2007 | +14.9% |
| 2006 | +48.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 24.6% over that stretch · deepest drop along the way 43.5%, back to its old high 16.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 16.4% over that stretch · deepest drop along the way 31%, back to its old high 4.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 31.2% over that stretch · deepest drop along the way 39.3%, back to its old high 6.4 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 2 open-market purchases ($110K) and 13 sales ($18.6M), 2 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| May 12, 2026 | Gary D Fields Director | sell | $3.5M |
| May 26, 2026 | Gary D Fields Director | sell | $3.0M |
| May 29, 2026 | Gary D Fields Director | sell | $2.7M |
| May 13, 2026 | Gary D Fields Director | sell | $2.6M |
| Apr 24, 2026 | Rebecca Thompson Chief Accounting Officer | sell | $2.2M |
Who owns it
Large shareholders (13G filings)
| Wellington Management Group LLP | 10.4% | Aug 31, 2026 |
| BlackRock, Inc. | 7.7% | Mar 31, 2025 |
ETFs with the most weight in AAON
| RFG Invesco S&P MidCap 400® Pure Growth ETF | 1.47% |
| GRPM Invesco S&P MidCap 400 GARP ETF | 1.2% |
| CCSO Carbon Collective Climate Solutions U.S. Equity ETF | 0.85% |
| QMID WisdomTree U.S. MidCap Quality Growth Fund | 0.7% |
| XMMO Invesco S&P MidCap Momentum ETF | 0.6% |
| MCDS JPMorgan Fundamental Data Science Mid Core ETF | 0.49% |
| MMSC First Trust Multi-Manager Small Cap Opportunities ETF | 0.48% |
| QQJG Invesco ESG NASDAQ Next Gen 100 ETF | 0.48% |
What could go wrong
- Big data center orders can swing results. At BASX, the data center and cleanroom unit, sales cycles can be long. Customers may place or cancel large orders unpredictably, so revenue and profits can swing sharply from one period to the next.
- A few large customers matter a lot. At times a large share of sales comes from a small number of customers. Losing one, or selling much less to it, could hurt results. Winning new large customers adds to this concentration.
- A big backlog is not guaranteed revenue. Backlog, meaning orders not yet delivered, reached about $1.83 billion at December 31, 2025, up from $867.1 million a year earlier. Customers can sometimes reduce or defer orders, and price changes show up slowly.
- Much of the work happens in one place. AAON says most of its operations are performed at a single location. A severe storm or other natural disaster there could halt a large share of production.
- Depends on independent sales representatives. AAON relies on outside representatives to market and sell its equipment. Some larger, better-funded competitors have tried to sign these representatives to exclusive deals. Losing a major one could cut sales.
- Tied to the building cycle and input costs. Demand follows new construction and replacement spending, which swing with interest rates, inflation and employment. Tariffs and pricier materials and components could also raise costs and hurt competitiveness.
Recent events
- Investor presentation or announcement; Other company announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Bylaws or fiscal year changed
- Investor presentation or announcement
- Shareholder vote results; Other company announcement
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Executive or board change
- Other company announcement
- Quarterly results released; Investor presentation or announcement; Other company announcement
For income and retirement investors
AAON's dividend is small: the yield was 0.53% as of October 28, 2026, so an investor's return depends mostly on the share price. Dividends per share rose from about $0.25 in fiscal 2020 to $0.40 in fiscal 2025, roughly 9.6% a year. But the dividend held at $0.32 in 2023 and 2024, so the run of yearly increases was one year through fiscal 2025. Dividends used about 30% of fiscal 2025 earnings. Over fiscal 2021–2025, AAON spent about $189 million buying back shares and $128 million on dividends. Even so, its share count rose about 4.8% from November 2021 to August 2026.
The stock fell sharply in downturns: 43.5% in the 2008 financial crisis (recovering in about 17 months), 31% in the 2020 COVID crash (under five months) and 39% in the 2022 bear market (about six months). It fell 26.5% in the year to October 28, 2026. A single stock carries more risk than a diversified fund.
Questions investors ask
How does AAON make money?
AAON designs, builds and sells heating, cooling and ventilation equipment for commercial and industrial buildings, plus cooling systems for data centers and cleanrooms. Units are built to order and sold through independent sales representatives. It also sells replacement parts and controls. In fiscal 2025, revenue was about $1.44 billion. AAON-branded products, led by rooftop units, made up 62%. BASX-branded products, including data center cooling, made up 38%. Net income was about $107.6 million, down 36.2% from fiscal 2024.
Does AAON raise its dividend every year?
No. AAON pays a dividend, but it has not raised it every year. Adjusted for a 2023 stock split, dividends per share were about $0.25 in fiscal 2020 and 2021, $0.29 in 2022, $0.32 in 2023 and 2024, and $0.40 in 2025. That is growth of roughly 9.6% a year. The dividend yield (yearly dividends divided by the share price) was 0.53% as of October 28, 2026. Dividends used about 30% of fiscal 2025 earnings.
How much of AAON's business comes from data centers?
BASX-branded products, which include AAON's data center cooling, made up 38% of fiscal 2025 revenue, or about $547.8 million. That total also covers cleanroom ventilation and other custom equipment, so data centers alone were a smaller share. The data center line includes fan coil walls, computer room air handlers and coolant distribution units for liquid-cooled servers, which were introduced in 2025. AAON warns that large, unpredictable orders in this business can make results swing between periods.
How volatile is AAON stock?
Very volatile by the usual measures. As of October 28, 2026, its one-year beta was 2.07, so it tended to move about twice as much as the overall market. Its one-year volatility, a gauge of how widely prices swing, was 59.1%. In that year the shares fell as much as 53.5% from a high and ended down 26.5%. They lost 34.9% in 2025 after gaining 59.9% in 2024.
What is AAON's P/E ratio?
AAON's price-to-earnings (P/E) ratio was 58.6 as of October 28, 2026, based on fiscal 2025 earnings of $1.29 per share. In other words, the share price was about 58.6 times a year's profit per share. Net income that year fell 36.2% even as revenue grew 20.1%. Later results were stronger. In the quarter ended June 30, 2026, revenue rose 101.2% and net income rose 265.8% from a year earlier. A P/E based on older earnings can therefore shift quickly.