AAON, Inc. (AAON) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$0.49	$0.69	+40.8%	—	—	—
Q3 26	$0.29	$0.48	+65.5%	—	—	—
Q2 26	$0.46	$0.39	-15.2%	—	—	—
Q1 26	$0.32	$0.37	+15.6%	—	—	—
Q4 25	$0.33	$0.22	-33.3%	—	—	—
Q3 25	$0.24	$0.37	+54.2%	—	—	—
Q2 25	$0.53	$0.3	-43.4%	—	—	—
Q1 25	$0.57	$0.63	+10.5%	—	—	—
Q4 24	$0.52	$0.62	+19.2%	—	—	—
Q3 24	$0.49	$0.46	-6.1%	—	—	—
Q2 24	$0.52	$0.56	+7.7%	—	—	—
Q1 24	$0.55	$0.64	+16.4%	—	—	—
Q4 23	$0.43	$0.55	+27.9%	—	—	—
Q3 23	$0.53	$0.67	+26.4%	—	—	—
Q2 23	$0.56	$0.71	+26.8%	—	—	—
Q1 23	$0.42	$0.51	+21.4%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.32	—	—	$1.4B	—
FY24	—	$2.07	—	—	$1.2B	—
FY23	—	$2.19	—	—	$1.2B	—
FY22	—	$1.26	—	—	$888.8M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$384M	$405.2M	$433.9M	$469.3M	$514.6M	$534.5M	$888.8M	$1.2B	$1.2B	$1.4B
YoY change	+7.07%	+5.54%	+7.09%	+8.15%	+9.63%	+3.88%	+66.3%	+31.5%	+2.75%	+20.1%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	384M	405.2M	433.9M	469.3M	514.6M	534.5M	888.8M	1.2B	1.2B	1.4B
Cost of revenue	265.9M	281.6M	330.4M	349.9M	358.7M	396.7M	651.2M	769.5M	803.5M	1.1B
Gross profit	118.1M	123.7M	103.5M	119.4M	155.8M	137.8M	237.6M	399M	397.1M	385.7M
Gross margin	30.8%	30.5%	23.9%	25.4%	30.3%	25.8%	26.7%	34.1%	33.1%	26.7%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	37.8M	48.5M	47.1M	50.6M	60.5M	68.6M	102.8M	157.8M	167.5M	205.7M
Operating expenses	37.8M	48.5M	47.1M	50.6M	60.5M	68.6M	102.8M	157.8M	167.5M	205.7M
Operating income	79.5M	74.5M	55.5M	67.3M	95.4M	69.2M	126.7M	227.5M	209.1M	152.3M
Operating margin	20.7%	18.4%	12.8%	14.3%	18.5%	13%	14.3%	19.5%	17.4%	10.6%
Non-operating income, net	170K	-133K	-209K	-383K	6.5M	82K	411K	516K	401K	-5.9M
Pretax income	80M	74.6M	55.5M	67M	102M	69.2M	124.5M	223.2M	206.6M	128.8M
Income tax	26.6M	20.8M	13.2M	13.3M	23M	10.4M	24.2M	45.5M	38M	21.2M
Net income	53.4M	53.8M	42.3M	53.7M	79M	58.8M	100.4M	177.6M	168.6M	107.6M
Net margin	13.9%	13.3%	9.75%	11.4%	15.4%	11%	11.3%	15.2%	14%	7.46%
EBITDA	92.5M	89.7M	73.3M	90.5M	114.5M	99.7M	162.6M	274.8M	230M	231.9M
EPS	0.67	0.69	0.54	0.69	1.01	0.75	1.26	2.19	2.07	1.32
Diluted EPS	0.67	0.69	0.54	0.68	0.99	0.73	1.24	2.13	2.02	1.29

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	312M	306.6M	262.1M	313.6M	327.3M	297.7M	322.1M	311.6M	384.2M	424.2M	496.9M	627M
Cost of revenue	195.9M	194.9M	169.9M	200.5M	213.1M	220.1M	235.7M	228.8M	277.4M	314.4M	372M	474.5M
Gross profit	116.1M	111.7M	92.2M	113.1M	114.2M	77.6M	86.4M	82.7M	106.9M	109.8M	125M	152.5M
Gross margin	37.2%	36.4%	35.2%	36.1%	34.9%	26.1%	26.8%	26.6%	27.8%	25.9%	25.1%	24.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	47.5M	43.9M	41.4M	41.6M	42.8M	41.6M	44.4M	—	—	—	—	72.9M
Operating expenses	47.5M	43.9M	41.4M	41.6M	42.8M	41.6M	44.4M	—	—	—	—	72.9M
Operating income	64.6M	63.9M	47M	67.2M	65.5M	29.4M	35.1M	27M	43.6M	44M	57.1M	70.3M
Operating margin	20.7%	20.8%	17.9%	21.4%	20%	9.88%	10.9%	8.66%	11.4%	10.4%	11.5%	11.2%
Non-operating income, net	118K	133K	93K	175K	80K	53K	214K	-3.5M	-36K	124K	77K	-1.3M
Pretax income	63.5M	63.1M	46.8M	67M	64.5M	28.3M	32.5M	19.5M	38.4M	38.3M	52.1M	62.8M
Income tax	15.4M	16.1M	7.8M	14.8M	11.9M	3.6M	3.2M	4M	7.7M	6.3M	12.3M	6.2M
Net income	48.1M	47M	39M	52.2M	52.6M	24.7M	29.3M	15.5M	30.8M	32M	39.8M	56.7M
Net margin	15.4%	15.3%	14.9%	16.7%	16.1%	8.29%	9.1%	4.97%	8.01%	7.55%	8.01%	9.04%
EBITDA	77M	77.2M	50.9M	71.6M	71.4M	36M	42.1M	34.3M	63.6M	64.5M	78.1M	94.4M
EPS	0.59	—	0.48	0.64	0.65	0.3	0.36	0.19	0.38	0.39	0.49	0.69
Diluted EPS	0.58	—	0.46	0.62	0.63	0.3	0.35	0.19	0.37	0.39	0.48	0.68

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.7B	1.9B	1.8B	2.6B	3.5B	4.2B	4B	6B	9.6B	6.2B	7B
Enterprise value	1.7B	1.9B	1.8B	2.5B	3.4B	4.2B	4.1B	6B	9.8B	6.6B	7.8B
Shares outstanding	79.4M	78.9M	78.4M	78.1M	78.3M	78.6M	79.6M	81.2M	81.5M	81.5M	81.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	32.8	35.8	43.3	47.9	44	70.8	39.8	33.8	56.9	57.8	44.9
P/S	4.56	4.76	4.22	5.48	6.76	7.79	4.5	5.13	7.99	4.31	3.64
P/B	8.5	8.13	7.35	8.87	9.91	8.93	7.13	8.15	11.6	6.95	6.96
EV/EBITDA	18.4	21.2	25	28.2	29.7	42.1	25	22	42.4	28.6	26
EV/Sales	4.44	4.69	4.22	5.43	6.6	7.86	4.58	5.17	8.13	4.61	4.04
Earnings yield	3.05%	2.79%	2.31%	2.09%	2.27%	1.41%	2.51%	2.96%	1.76%	1.73%	2.23%
FCF yield	2.13%	0.84%	0.96%	2.36%	1.76%	0.14%	-0.37%	0.82%	-0.87%	-3.29%	-3.04%
PEG	—	—	—	—	—	—	—	—	—	—	0.17

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	30.8%	30.5%	23.9%	25.4%	30.3%	25.8%	26.7%	34.1%	33.1%	26.7%	24.3%
Operating margin	20.7%	18.4%	12.8%	14.3%	18.5%	13%	14.3%	19.5%	17.4%	10.6%	11%
Net margin	13.9%	13.3%	9.75%	11.4%	15.4%	11%	11.3%	15.2%	14%	7.46%	8.24%
ROE	25.9%	22.7%	17%	18.5%	22.5%	12.6%	17.9%	24.2%	20.4%	12%	17.3%
ROA	20.8%	18.1%	13.7%	14.5%	17.6%	9.04%	12.3%	18.9%	14.3%	6.38%	8.24%
ROIC	32.7%	26%	17.1%	20.5%	27.2%	11.6%	16.1%	23.1%	17.1%	9.65%	12.2%
Return on tangible assets	20.8%	18.1%	14.1%	14.7%	17.9%	17.4%	19.3%	27.7%	19.7%	7.94%	10.4%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	3.61	3.07	2.96	3.35	3.73	2.51	2.4	3.23	2.79	2.63	3.01
Quick ratio	2.4	1.66	1.33	2.03	2.34	1.01	1.03	1.54	1.72	1.84	2.01
Debt / equity	—	—	—	—	0	0.09	0.14	0.07	0.21	0.47	0.45
Debt / assets	—	—	—	—	0	0.06	0.1	0.05	0.15	0.25	0.24
Net debt / EBITDA	—	—	—	—	-0.69	0.39	0.45	0.18	0.74	1.83	1.5
Interest coverage	—	—	—	—	—	525.1	48.4	47.1	72.1	8.26	9.65
Effective tax rate	33.3%	27.9%	23.7%	19.9%	22.5%	15.1%	19.4%	20.4%	18.4%	16.4%	16.9%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	4.84	5.14	5.53	6.01	6.58	6.8	11.2	14.4	14.7	17.7	23.6
EPS (basic)	0.67	0.69	0.54	0.69	1.01	0.75	1.26	2.19	2.07	1.32	1.32
EPS (diluted)	0.67	0.69	0.54	0.68	0.99	0.73	1.24	2.13	2.02	1.29	1.9
Book value per share	2.59	3.01	3.18	3.71	4.48	5.93	7.05	9.06	10.1	11	12.3
FCF per share	0.47	0.21	0.22	0.78	0.78	0.07	-0.18	0.61	-1.02	-2.51	-1.57
Cash per share	0.55	0.39	0.03	0.34	1.01	0.04	0.07	0	0	0	0
Capex per share	0	0	0	0	0	0	0.28	0	0	2.34	2.43

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.01%	0%	0%	0.01%	0.01%	0%	2.47%	0.01%	0%	13.2%	10.5%
Capex / operating cash flow	0.04%	0.02%	0.02%	0.08%	0.04%	0.03%	49.9%	0.09%	0.02%	35.7K%	235.2%
Payout ratio	23.7%	25.4%	39.5%	31%	25.1%	33.9%	22.8%	14.9%	15.5%	30.3%	21%
Dividend yield	0.72%	0.71%	0.91%	0.65%	0.57%	0.48%	0.57%	0.44%	0.27%	0.52%	0.47%

Yield

0.47%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.10

ex-dividend Sep 4, 2026

Payout ratio

21%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 4, 2026	$0.10
Jun 5, 2026	$0.10
Mar 18, 2026	$0.10
Nov 26, 2025	$0.10
Sep 5, 2025	$0.10
Jun 6, 2025	$0.10
Mar 18, 2025	$0.10
Nov 29, 2024	$0.08

Split history

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$312M	$306.6M	$262.1M	$313.6M	$327.3M	$297.7M	$322.1M	$311.6M	$384.2M	$424.2M	$496.9M	$627M
YoY change	+28.6%	+20.4%	-1.45%	+10.4%	+4.9%	-2.91%	+22.9%	-0.64%	+17.4%	+42.5%	+54.3%	+101.2%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	43.7M	30.4M	2M	26.8M	79M	2.9M	5.5M	287K	14K	13K
Receivables	43M	50.3M	54.1M	67.4M	47.4M	70.8M	127.2M	138.1M	147.4M	314.4M
Inventory	47.4M	70.8M	77.6M	73.6M	82.2M	130.3M	198.9M	213.5M	187.4M	261.2M
Total current assets	141M	153.7M	140.7M	187.5M	220.3M	218.1M	349.1M	409M	488.2M	869.2M
Property, plant & equipment	36.1M	50.3M	65.6M	78.7M	102.7M	139.2M	142.7M	175.9M	209.9M	282.3M
Goodwill & intangibles	—	0	7.5M	7M	6.5M	311.7M	293M	299.9M	320.3M	331.6M
Total assets	256.5M	296.8M	308M	371.4M	449M	650.2M	813.9M	941.4M	1.2B	1.7B
Accounts payable	7.1M	11M	10.6M	11.8M	12.4M	29M	45.5M	27.5M	44.6M	110.4M
Short-term debt	—	—	—	—	202K	1.6M	1.3M	2M	18.5M	10.8M
Total current liabilities	39M	50.1M	47.5M	56M	59M	86.8M	145.6M	126.7M	174.9M	330.9M
Long-term debt	—	—	—	—	—	40M	77M	48.5M	152.5M	413.8M
Total liabilities	50.6M	59.6M	58.6M	81.3M	98.1M	184M	253.2M	206.2M	350.7M	791.5M
Shareholders' equity	205.9M	237.2M	249.4M	290.1M	350.9M	466.2M	560.7M	735.2M	824.6M	895M
Total debt	—	—	—	—	202K	41.6M	78.3M	50.5M	171M	424.6M
Net debt	—	—	—	—	-78.8M	38.7M	72.8M	50.3M	170.9M	424.6M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	212K	287K	8.4M	13K	15K	14K	994K	14K	1M	13K	13K	13K
Receivables	160.1M	138.1M	109.7M	149.1M	143.8M	147.4M	165M	170.6M	266.2M	314.4M	290.2M	360.8M
Inventory	214.5M	213.5M	196.3M	183M	177.7M	187.4M	198.9M	235M	250.5M	261.2M	313.2M	331.3M
Total current assets	425.3M	409M	392.2M	423.1M	427.8M	488.2M	571.7M	654.2M	759.3M	869.2M	943.7M	995M
Property, plant & equipment	175.4M	175.9M	183.1M	189M	185.9M	209.9M	242.9M	248.1M	265.1M	282.3M	302.8M	317.3M
Goodwill & intangibles	287.6M	299.9M	305.1M	314.9M	317.7M	320.3M	321.2M	324.6M	327.8M	331.6M	343.8M	335.8M
Total assets	944.5M	941.4M	952.9M	1B	1B	1.2B	1.3B	1.4B	1.5B	1.7B	1.8B	1.9B
Accounts payable	29.9M	27.5M	15.4M	29M	27.2M	44.6M	77.2M	81.6M	109.7M	110.4M	160.1M	171.7M
Short-term debt	1.9M	2M	2.3M	2.3M	2.3M	18.5M	18.4M	2.9M	2.9M	10.8M	10.9M	3.4M
Total current liabilities	140.5M	126.7M	125.2M	141.3M	139.8M	174.9M	206.6M	210.7M	250.2M	330.9M	359.6M	330.3M
Long-term debt	89.1M	48.5M	14.9M	100.2M	69.5M	152.5M	249.4M	332.9M	375M	413.8M	440M	448.7M
Total liabilities	262.1M	206.2M	168.1M	270.2M	233.8M	350.7M	484.3M	566.7M	671M	791.5M	855.5M	853.3M
Shareholders' equity	682.5M	735.2M	784.8M	740.5M	796.9M	824.6M	815.9M	832.7M	863.1M	895M	934.2M	1B
Total debt	91M	50.5M	17.2M	102.5M	71.8M	171M	267.8M	335.8M	377.9M	424.6M	450.9M	452.1M
Net debt	90.8M	50.3M	8.8M	102.5M	71.7M	170.9M	266.8M	335.8M	376.9M	424.6M	450.9M	452.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	53.4M	53.8M	42.3M	53.7M	79M	58.8M	100.4M	177.6M	168.6M	107.6M
Depreciation & amortization	13M	15M	17.7M	22.8M	25.6M	30.4M	35.4M	46.8M	189K	79.4M
Stock-based compensation	4.4M	6.3M	7.9M	11.8M	11.3M	11.8M	13.7M	16.4M	16.7M	18M
Change in working capital	-2.9M	-23.3M	-13.6M	-5M	5.2M	-43.8M	-92.2M	-90.9M	-58.9M	-256.6M
Operating cash flow	68.9M	51.1M	56.8M	89.3M	134.2M	60.8M	44M	143.4M	120.1M	534K
Capital expenditure	28K	10K	13K	69K	60K	19K	-22M	129K	25K	-190.6M
Investing cash flow	9.7M	10.7M	2.6M	120K	6.5M	-103.4M	-22.2M	180K	76K	-178.1M
Dividends paid	-12.7M	-13.7M	-16.7M	-16.6M	-19.8M	-19.9M	-22.9M	-26.4M	-26.1M	-32.6M
Share repurchases	-19.3M	-16.6M	-26.8M	-19.6M	-30.1M	-20.9M	-12.7M	-25M	-100M	-30M
Financing cash flow	-32.8M	-31.9M	-44.7M	-31.1M	-51M	37.6M	-5.8M	-79.8M	-13.8M	169.5M
Net change in cash	45.8M	29.9M	14.8M	58.3M	89.7M	-4.9M	16.1M	63.8M	106.3M	-8.1M
Free cash flow	37.3M	16.3M	17.6M	60.8M	61M	5.8M	-14.7M	49.4M	-83.4M	-204.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	48.1M	47M	39M	52.2M	52.6M	24.7M	29.3M	15.5M	30.8M	32M	39.8M	56.7M
Depreciation & amortization	12.3M	13.2M	12K	61K	60K	56K	25K	44K	20M	20.4M	20.9M	23.9M
Stock-based compensation	4.3M	4.3M	4M	4.5M	4.4M	3.9M	4M	4.8M	4.6M	4.6M	7.7M	3M
Change in working capital	-9.5M	-2.3M	41.4M	-40.3M	-20.2M	-39.8M	-62.5M	-54.8M	-93.6M	-45.6M	-42.7M	-75.6M
Operating cash flow	55.7M	59.6M	83.6M	17.3M	32.7M	-13.5M	-23.2M	-41.8M	12.3M	19.3M	34M	21M
Capital expenditure	25K	0	16K	0	5K	4K	40K	-42.8M	-49.4M	-51.6M	-45.1M	-57.4M
Investing cash flow	36K	12K	29K	13K	17K	17K	52K	-42.8M	-49.4M	-39.2M	-43.5M	-57.4M
Dividends paid	-6.9M	-6.5M	-6.6M	-6.5M	-6.5M	-6.5M	-8.1M	-8.2M	-8.2M	-8.2M	-8.1M	-8.2M
Share repurchases	-25M	0	—	—	0	0	-31.5M	1.5M	0	-3K	0	0
Financing cash flow	-32.1M	-46.7M	-43.7M	78.5M	-40.7M	92.1M	51.1M	54.2M	43.9M	20.3M	14.1M	14.3M
Net change in cash	23.6M	13M	39.9M	95.8M	-8M	78.6M	28M	-30.4M	6.8M	367K	4.6M	-22.2M
Free cash flow	24.9M	25.2M	40.2M	-15.6M	8.1M	-116M	-78.6M	-80.9M	-37.1M	-46.6M	-18.9M	-28.7M

Date	Ratio
Aug 17, 2023	3:2
Jul 17, 2014	3:2
Jul 3, 2013	3:2
Jun 14, 2011	3:2
Aug 22, 2007	3:2
Jun 5, 2002	3:2
Oct 1, 2001	3:2
Mar 7, 1995	11:10
Sep 16, 1993	1:4

AAON, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement