AAON, INC. · Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip

AAON

Moderate riskNext report: Around Nov 5 (est.)

View price ↗

The short version

A profitable company with growing sales.

Going well

Sales up 101% in the latest quarter vs a year ago
Profitable every year for 10 years
Sales up 20% last year

Money moves

No insider buying or selling in the last 30 days
Institutions cut 6.6% from their holdings in the quarter ending June 2026 (233 bought, 212 sold)
Held by Ray Dalio (Bridgewater)

Facts from SEC filings, not a recommendation.

What the price means

Price as of Oct 26

$70.83+2.9% that day

Company value: $5.8B; Share price times all shares
Price vs profit (P/E): 37.1x; You pay about $37 for each $1 of yearly profit
Price vs sales: 3.0x; Company value is 3.0 times a year of sales
Dividend yield: 0.6%; Yearly dividend as a share of today's price
Cash vs value: 0%; Cash as a share of company value
Debt vs value: 6%; Debt as a share of company value

From AAON's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.

The business over time

Last 12 quarters, from SEC filings

Sales, Jun '26

$627.0M+101% vs a year earlier

Sep '23Tap a barJun '26

Last 12 months: $1.9B, up 54% from the 12 months before. Over 5 years, sales grew about 23% a year.

What the price assumes

Your guesses, our math

Move the sliders to your own view of AAON. Starting points are the company's recent numbers.

Sales growth+30% a yearRecently: +54% a yearProfit margin8%Last 12 months: 8.2%P/E at the end37xToday: 37.1x. Many steady companies trade at 12x to 25xShare count change+1% a yearBelow zero means buybacks; above zero means new shares (dilution)

Sales in 5 years$7.2B

Profit in 5 years$574M

Price these guesses point to$245.07+246% vs $70.83 todayAbout +28% a year, before dividends

What today's price needs: with a 8% margin and a 37x P/E, sales would have to grow about 1.4% a year for 5 years just to match today's price.

Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.

Price

Price chart by TradingView.

Business quality

The checklist Warren Buffett-style investors use. Annual numbers for 2025.

2/5Weak

MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.7.5%
PassProfitable every yearSteady profits, not one good year.10 of 10 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$534K
MissShare count not growingNot diluting owners. Falling means buybacks.+2.4% in 3 years
MissGross margin 40%+Pricing power: sells for well above what it costs to make.26.7%

Revenue: $1.4B; +20.1% vs prior year
5-year growth: +22.9%/yr; revenue, per year
Total debt: $360.1M
Current ratio: 2.63x; short-term assets / bills due

From annual reports filed with the SEC. Not in this company's SEC data, so not scored: return on equity 15%+, debt under half of equity. A checklist is a starting point for research, not a verdict.

Latest quarter

Quarter ended Jun 30, 2026

Reported Aug 10

Revenue: $627.0M; +101.2% YoY
EPS: $0.68; vs $0.19
Op. margin: 11.0%; +3.4 pts
Gross margin: 24.3%; -2.3 pts
Free cash flow: $21.0M
Share count: +0.9%; vs a year ago

Insider rating

Last 90 days

No open-market insider buys or sells in the last 90 days.

Weekly insider trend

No trades to chart yet.

Filing buzz

Last 7 days vs normal

0/ 100

This week: 0
Normal week: 1.1
vs normal: 0.0x

SEC filings of any kind. 50 means a normal week.

Institutional ownership

Steady-6.6%

Institutions cut 6.6% from their holdings. 233 bought, 212 sold. 3 quarters of net selling in a row.

Shares held by institutions65.2M

Sep '24Jun '26

Safety check

From SEC filings

Share count growthYearly rate, last 3 years

+14.8%

Cash runwayAt last year's cash burn

Cash flow positive

Debt to equityLatest balance sheet: debt compared with what owners have

0.4x · $360.1M debt

Shares outstandingLatest reported

82M

Why moderate risk

Share count growing 14.8% a year (dilution)

Earnings reports

Last 12

Next reportAround Nov 5 (est.)Estimated from the same quarter last year

Results filedAug 10
Results filedMay 7
Results filedMar 2
Results filedNov 6, 2025
Results filedAug 11, 2025

Flags and big holders

Offerings 6 months, flags 12 months, holders 90 days

5%+ holder update (passive)Sep 8 · View filing ↗Big holder 5%+ holder update (passive)Aug 13 · View filing ↗Big holder

Insider trades

Open-market buys and sells, last 90 days

No open-market buys or sells in 90 days. Grants and option exercises are left out.

"Owns after" is the insider's holding right after the trade. Pre-planned (10b5-1) sales are set up months ahead, a weaker signal.

Latest filings

Straight from SEC EDGAR

BoughtDavid Raymond StewartDirector

1,000 shares at $74.66 · $75K

+33% of holdings
Now owns 4,000 shares
Held IRAs
Filed 1 day after trade

Sep 15Form 4 ↗

5%+ holder update (passive)Sep 8 · Form SCHEDULE 13G/A ↗

GiftNorman H AsbjornsonDirector, 10% owner

100,000 shares

+1% of holdings
Now owns 11,482,401 shares
Held Trustee of trusts
Filed 1 day after trade

Sep 1Form 4 ↗

Stock awardRobert L. ButtermoreDirector

1,284 shares

Now owns 1,284 shares
Filed same day

Sep 1Form 4 ↗

Stock awardPatrick John JermainDirector

1,284 shares

Now owns 1,284 shares
Filed same day

Sep 1Form 4 ↗

BoughtMatthew ShaubExecutive Vice President

457 shares at $76.42 · $35K

+17% of holdings
Now owns 3,136 shares
Filed 3 days after trade

Aug 28Form 4 ↗

Investor disclosureAug 28 · Form 8-K ↗Other company newsAug 13 · Form 8-K ↗5%+ holder update (passive)Aug 13 · Form SCHEDULE 13G/A ↗Earnings resultsAug 10 · Form 8-K ↗Quarterly reportAug 10 · Form 10-Q ↗New insiderAug 6 · Form 3 ↗New insiderAug 6 · Form 3 ↗Leadership changeJul 30 · Form 8-K ↗Investor disclosureJun 8 · Form 8-K ↗

Source: SEC EDGAR filings. For informational purposes. Not investment advice.

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