AAON, Inc.

Valuation Analysis

About the Company

AAON, Inc., together with its subsidiaries, engages in engineering, manufacturing, marketing, and selling air conditioning and heating equipment in the United States and Canada. The company operates through three segments: AAON Oklahoma, AAON Coil Products, and BASX. It offers rooftop units, data center cooling solutions, cleanroom systems, packaged outdoor mechanical rooms, air handling units, makeup air units, energy recovery units, condensing units, geothermal/water-source heat pumps, coils, and controls. The company markets and sells its products to retail, manufacturing, educational, lodging, supermarket, data centers, medical and pharmaceutical, and other commercial industries. It sells its products through a network of independent manufacturer representative organizations and intern

AAON, Inc. Stock at a Glance

AAON, Inc. (AAON) is currently trading at $127.19 with a market capitalization of $10.4B. The trailing P/E ratio stands at 89.57x, with a forward P/E of 38.64x. The 52-week range spans from $62.00 to $150.46; the current price is 15.5% below the yearly high. Year-over-year revenue growth stands at +54.3%. The net profit margin stands at 7.31%.

💰 Dividend

AAON, Inc. pays an annual dividend of $0.40 per share, representing a yield of 0.31%. The payout ratio stands at 28.17%.

📊 Analyst Rating

4 analysts rate AAON, Inc. (AAON) on consensus: Strong Buy. The average price target is $143.50, implying +12.82% from the current price. Analyst price targets range from $120.00 to $154.00.

AAON, Inc.: The Investment Case in Detail

AAON, Inc. (AAON) operates in the Industrials — specifically Building Products & Equipment — and is headquartered in United States. Below is a structured read of the investment case built directly from the latest fundamentals, valuation multiples, analyst positioning and smart-money flows. Each section translates raw numbers into the investment logic they imply, so you can decide whether the risk/reward fits your portfolio.

The Bull Case

Top-line momentum is unusually strong with revenue expanding 54.3% year-over-year, a pace that puts the company well above the market average and signals genuine demand traction rather than mere cyclical tailwind.

The Bear Case

Our valuation screen flags the stock as overvalued — current multiples imply the business needs to deliver well above its recent trajectory to justify the price.

Valuation in Context

At a PEG of 3.82, investors are paying more than three times the growth rate for each unit of earnings — that pricing assumes growth not only continues but accelerates from here. The EV/EBITDA multiple of 43.27x reflects rich expectations — historically, multiples at this level have proven hard to maintain for more than a few quarters.

What to Watch Next

• The forward P/E of 38.64x is meaningfully below the trailing 89.57x — analysts expect earnings to step up; the next earnings release is the test.

Investment Thesis: Strengths & Weaknesses

Technical Snapshot

Price trades above both the 50- and 200-day moving averages, with 50d above 200d — a classic bullish setup (golden-cross alignment).

Risk Profile

The data points to market-like volatility, elevated short interest (6.9%).

Trading Data

💵 Dividend Info

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