AAON
AAON, Inc.
AAON
79.27USD
+3.76%
Sep 23, 2026
Price
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Price Action
Price trend is broken
Longer-term context reads damaged structure, with a near-term setup of base repair.
The tactical setup reads base repair, but the weekly structure is broken.
EntryWeak / unconfirmed recovery
The daily chart may be improving, but the weekly fast averages have not been reclaimed — the recovery is not yet confirmed on the higher timeframe.
Key Financials
- Market Cap
- $6.5B
- Avg Volume (60D)
- 1.2M
- Revenue Growth YoY
- +20.1%
- Gross Margin
- +25.6%
- Operating Margin
- +11.0%
- Free Cash Flow Yield
- -1.8%
- Distance from 200DMA
- -18.7%
- Next Earnings
- 2026-11-05
- P/E
- 41.0x
- EV / EBITDA
- 23.4x
- EV / Sales
- 3.6x
60 sessions
FY2025 vs FY2024
Trailing twelve months
Trailing twelve months
Market metrics as of Sep 22, 2026
Financial results for the period ended Jun 30, 2026
Filed balance-sheet data as of Jun 30, 2026
Fundamentals & Valuation
Two of the three valuation perspectives say fair; intrinsic is the dissenting view.
AAON, Inc. has a Fair valuation stance because the price broadly reflects how much growth and cash flow it delivers per turn of revenue multiple, with upside and risk reasonably balanced.
Company Research
Thesis
AAON is a direct provider of mission-critical data-center thermal infrastructure through its BASX business, alongside its larger semi-custom commercial HVAC, coil, and air-handling operations.
Opportunity
High opportunity
Hyperscaler and colocation capital spending on high-density AI data-center electrical and liquid-cooling infrastructure.
Key risk
Exposure to construction and economic cycles.
Narrative & Theme
AI Compute Infrastructure Buildout
Part of AI Data Center Power and Thermal Systems, with strong fit.
BASX has direct revenue and backlog exposure to the same AI-data-center cooling buildout that drives the listed thermal-infrastructure participants.
Narrative HeatHot9.5 / 10
Theme HeatHot9.3 / 10
This reading is no longer current (last measured 2026-07-22). It is kept until the next scheduled measurement replaces it.
Business & Markets
Industrials · Building Products & Equipment
What they do
AAON, Inc. engineers, manufactures, markets, and sells air conditioning and heating equipment primarily in the United States and Canada through its three segments: AAON Oklahoma, AAON Coil Products, and BASX.
How it earns
The company generates revenue primarily through transactional sales of HVAC equipment and related components.
Products & services
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
Controls
Customers & end markets
Retail
Manufacturing
Educational
Lodging
Market position
AAON is a specialized manufacturer with a strong niche position in customized HVAC equipment.
Demand drivers
Medium cyclicality
Demand for building products and HVAC equipment is influenced by construction cycles and economic conditions.