AAON, INC. AAON
AAON, Inc., a Nevada corporation ("AAON Nevada"), was incorporated on August 18, 1987. Our operating subsidiaries include AAON, Inc., an Oklahoma corporation ("AAON Oklahoma"), AAON Coil Products, Inc., a Texas corporation ("AAON Coil Products"), and BASX, Inc., an Oregon corporation ("BASX"). Unless the context otherwise requires, references in this Annual Report to "AAON", the "Company", "we", "us", "our", or "ours" refer to AAON Nevada and our subsidiaries.
AAON is a leader in heating, ventilation, air conditioning, and liquid cooling solutions for commercial and industrial indoor environments. The Company designs and manufactures highly configurable equipment to meet specific customer requirements, delivering reliable performance, efficiency, and long-term value. Through a strong commitment to research and development, advanced engineering capabilities, and decades of industry experience, the Company continues to elevate standards for climate management solutions.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.44B | $1.20B | $1.17B | $888.8M | $534.5M | $514.6M | $469.3M | $433.9M | $405.2M | $384.0M |
| Cost of revenue | $1.06B | $803.5M | $769.5M | $651.2M | $396.7M | $358.7M | $349.9M | $330.4M | $281.6M | $265.9M |
| Gross profit | $385.7M | $397.1M | $399.0M | $237.6M | $137.8M | $155.8M | $119.4M | $103.5M | $123.7M | $118.1M |
| R&D | $58.2M | $47.3M | $43.7M | $46.8M | $16.6M | $17.4M | $14.8M | $13.5M | $13.0M | $12.0M |
| SG&A | $239.5M | $188.0M | $171.5M | $110.8M | $68.6M | $60.5M | $52.1M | $48.2M | $49.4M | $38.5M |
| Operating income | $146.2M | $209.1M | $227.5M | $126.8M | $69.3M | $101.8M | $67.0M | $55.4M | $74.2M | $79.6M |
| Interest expense | $17.7M | $2.9M | $4.8M | $2.6M | $132.0K | $88.0K | $66.0K | $196.0K | $298.0K | $292.0K |
| Pre-tax income | $128.8M | $206.6M | $223.2M | $124.5M | $69.2M | $102.0M | $67.0M | $55.5M | $74.6M | $80.0M |
| Income tax | $21.2M | $38.0M | $45.5M | $24.2M | $10.4M | $23.0M | $13.3M | $13.2M | $20.8M | $26.6M |
| Net income | $107.6M | $168.6M | $177.6M | $100.4M | $58.8M | $79.0M | $53.7M | $42.3M | $53.8M | $53.4M |
| EPS, basic | 1.32 | 2.07 | 2.19 | 1.26 | 0.75 | 1.51 | 1.03 | 0.81 | 1.02 | 1.01 |
| EPS, diluted | 1.29 | 2.02 | 2.13 | 1.24 | 0.73 | 1.49 | 1.02 | 0.80 | 1.01 | 1.00 |
| Shares, diluted (wtd. avg.) | $83.1M | $83.6M | $83.3M | $81.1M | $80.6M | $53.1M | $52.6M | $52.7M | $53.1M | $53.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $13.0K | $14.0K | $9.0M | $5.9M | $3.5M | $82.3M | $44.4M | $2.0M | $21.5M | $24.2M |
| Receivables | $314.4M | $147.4M | $138.1M | $127.2M | $70.8M | $47.4M | $67.4M | $54.1M | $50.3M | $43.0M |
| Inventory | $261.2M | $187.4M | $213.5M | $198.9M | $130.3M | $82.2M | $73.6M | $77.6M | $70.8M | $47.4M |
| Total current assets | $869.2M | $488.2M | $409.0M | $349.1M | $218.1M | $220.3M | $187.5M | $154.4M | $154.4M | $141.0M |
| Property, plant and equipment | $631.3M | $510.4M | $369.9M | $304.7M | $258.1M | $223.3M | $178.1M | $163.0M | $142.4M | $114.9M |
| Goodwill | — | — | $81.9M | $81.9M | $85.7M | $3.2M | $3.2M | $3.2M | $0 | — |
| Other intangibles | $83.9M | $78.3M | $68.1M | $64.6M | $70.1M | $38.0K | $272.0K | $506.0K | $0 | — |
| Total assets | $1.69B | $1.18B | $941.4M | $813.9M | $650.2M | $449.0M | $371.4M | $320.0M | $306.7M | $256.5M |
| Accounts payable | $110.4M | $44.6M | $27.5M | $45.5M | $29.0M | $12.4M | $11.8M | $10.6M | $11.0M | $7.1M |
| Short-term debt | $0 | $16.0M | $0 | — | — | — | — | — | — | — |
| Total current liabilities | $330.9M | $174.9M | $126.7M | $145.6M | $86.8M | $59.0M | $56.0M | $71.0M | $56.6M | $39.0M |
| Retained earnings | $830.3M | $755.3M | $612.8M | $461.7M | $384.3M | $345.5M | $286.3M | $249.2M | $237.0M | $205.7M |
| Total equity | $895.0M | $824.6M | $735.2M | $560.7M | $466.2M | $350.9M | $290.1M | $249.4M | $238.9M | $208.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $534.0K | $192.5M | $158.9M | $61.3M | $61.2M | $128.8M | $97.9M | $54.9M | $58.0M | $63.9M |
| Depreciation and amortisation | $79.2M | $62.7M | $46.5M | $35.1M | $30.3M | $25.6M | $22.8M | $17.7M | $15.0M | $13.0M |
| Stock-based compensation | $18.0M | $16.7M | $16.4M | $13.7M | $11.8M | $11.3M | $11.8M | $7.9M | $6.3M | $4.4M |
| Capital expenditure | — | — | — | $54.0M | $55.4M | $67.8M | $37.2M | $37.3M | $41.7M | $26.6M |
| Investing cash flow | -$192.4M | -$213.1M | -$109.3M | -$76.2M | -$158.7M | -$61.3M | -$37.0M | -$34.6M | -$31.1M | -$16.9M |
| Financing cash flow | $186.6M | $18.0M | -$46.5M | $17.4M | $18.7M | -$29.6M | -$18.5M | -$39.7M | -$29.6M | -$30.8M |
| Dividends paid | $32.6M | $26.1M | $26.4M | $22.9M | $19.9M | $19.8M | $16.6M | $16.7M | $13.7M | $12.7M |
| Buybacks | $39.7M | $108.1M | $26.3M | $13.8M | $22.5M | $31.2M | $20.8M | $27.9M | $18.2M | $20.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000824142-26-000005.
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