AAON, INC. AAON

Industrials SIC 3585 - Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip NAICS Manufacturing › Machinery Manufacturing › Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing › Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing derived Nasdaq

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.

Last close 68.85 2026-10-23
Market cap $5.68B 2026-06-30 share count
52-week range 66.39 - 150.46

Valuation FY2025 figures against the last close

P/S3.9x
P/E53.4x
P/FCF10,631.0x
EV/EBITDA25.2x
Dividend yield0.6%
Diluted EPS1.29

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 1.322.072.191.260.751.511.030.811.021.01
EPS, diluted 1.292.022.131.240.731.491.020.801.011.00
Shares, diluted (wtd. avg.) 83.1M83.6M83.3M81.1M80.6M53.1M52.6M52.7M53.1M53.4M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 500M 1B 1.5B Revenue, FY2016: 384M Gross profit, FY2016: 118.1M Net income, FY2016: 53.4M Revenue, FY2017: 405.2M Gross profit, FY2017: 123.7M Net income, FY2017: 53.8M Revenue, FY2018: 433.9M Gross profit, FY2018: 103.5M Net income, FY2018: 42.3M Revenue, FY2019: 469.3M Gross profit, FY2019: 119.4M Net income, FY2019: 53.7M Revenue, FY2020: 514.6M Gross profit, FY2020: 155.8M Net income, FY2020: 79M Revenue, FY2021: 534.5M Gross profit, FY2021: 137.8M Net income, FY2021: 58.8M Revenue, FY2022: 888.8M Gross profit, FY2022: 237.6M Net income, FY2022: 100.4M Revenue, FY2023: 1.2B Gross profit, FY2023: 399M Net income, FY2023: 177.6M Revenue, FY2024: 1.2B Gross profit, FY2024: 397.1M Net income, FY2024: 168.6M Revenue, FY2025: 1.4B Gross profit, FY2025: 385.7M Net income, FY2025: 107.6M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $384.0M $405.2M $433.9M $469.3M $514.6M $534.5M $888.8M $1.17B $1.20B $1.44B
Gross profit $118.1M $123.7M $103.5M $119.4M $155.8M $137.8M $237.6M $399.0M $397.1M $385.7M
Net income $53.4M $53.8M $42.3M $53.7M $79.0M $58.8M $100.4M $177.6M $168.6M $107.6M

Recent filings and events

  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Other event Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
  • Regulation FD disclosure Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Other event Item 8.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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