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AAON Inc (AAON)



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Upturn Advisory Summary
10/10/2025: AAON (2-star) has a low Upturn Star Rating. Not recommended to BUY.
1 Year Target Price $98.75
1 Year Target Price $98.75
2 | Strong Buy |
1 | Buy |
3 | Hold |
0 | Sell |
0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit 23.41% | Avg. Invested days 53 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 8.11B USD | Price to earnings Ratio 67.69 | 1Y Target Price 98.75 |
Price to earnings Ratio 67.69 | 1Y Target Price 98.75 | ||
Volume (30-day avg) 6 | Beta 1.05 | 52 Weeks Range 61.92 - 143.48 | Updated Date 10/11/2025 |
52 Weeks Range 61.92 - 143.48 | Updated Date 10/11/2025 | ||
Dividends yield (FY) 0.36% | Basic EPS (TTM) 1.47 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 9.7% | Operating Margin (TTM) 3.99% |
Management Effectiveness
Return on Assets (TTM) 8.03% | Return on Equity (TTM) 15.52% |
Valuation
Trailing PE 67.69 | Forward PE 51.02 | Enterprise Value 8354305984 | Price to Sales(TTM) 6.45 |
Enterprise Value 8354305984 | Price to Sales(TTM) 6.45 | ||
Enterprise Value to Revenue 6.64 | Enterprise Value to EBITDA 46.28 | Shares Outstanding 81530676 | Shares Floating 67380212 |
Shares Outstanding 81530676 | Shares Floating 67380212 | ||
Percent Insiders 17.35 | Percent Institutions 80.21 |
Upturn AI SWOT
AAON Inc

Company Overview
History and Background
AAON Inc. was founded in 1988 in Tulsa, Oklahoma. It has grown from a regional manufacturer of HVAC equipment to a national leader known for its innovative and customizable solutions. Significant milestones include expansion into new product lines and strategic acquisitions.
Core Business Areas
- Commercial HVAC: Design, engineering, manufacturing, and sale of heating, ventilation, and air conditioning (HVAC) equipment for commercial and industrial buildings.
- Industrial HVAC: Specialized HVAC solutions for industrial applications, including data centers and manufacturing facilities.
- Custom HVAC Solutions: Tailored HVAC systems to meet specific customer requirements, including unique performance and efficiency needs.
Leadership and Structure
Gary Fields is the Chairman, President and CEO. The company operates with a functional organizational structure, dividing responsibilities across engineering, manufacturing, sales, and marketing departments.
Top Products and Market Share
Key Offerings
- Rooftop Units: AAON's rooftop units (RTUs) are highly customizable and known for their energy efficiency. They contribute significantly to the company's revenue. Competitors include Trane Technologies (TT), Carrier Global (CARR), and Johnson Controls (JCI). Market share data is difficult to obtain precisely at a product level.
- Chillers: AAON offers a range of chillers, including air-cooled and water-cooled models, designed for various commercial and industrial applications. Competitors include Trane Technologies (TT), Carrier Global (CARR), and Daikin Industries. Market share data is difficult to obtain precisely at a product level.
- Air Handling Units: Customizable air handling units tailored for specific applications, offering precise temperature and humidity control. Competitors include Trane Technologies (TT), Carrier Global (CARR), and Johnson Controls (JCI). Market share data is difficult to obtain precisely at a product level.
Market Dynamics
Industry Overview
The HVAC industry is experiencing growth due to increasing demand for energy-efficient and environmentally friendly systems, coupled with stringent regulations and the expansion of data centers. Demand has been high but supply chain issues have impacted production.
Positioning
AAON Inc. is positioned as a premium provider of customizable and energy-efficient HVAC solutions, differentiating itself through engineering expertise and customer service.
Total Addressable Market (TAM)
The global HVAC market is projected to reach hundreds of billions of dollars. AAON Inc. is targeting a significant portion of this market by focusing on customized solutions and energy efficiency.
Upturn SWOT Analysis
Strengths
- Strong engineering capabilities
- Customizable product offerings
- Focus on energy efficiency
- Solid customer relationships
- Strong balance sheet
Weaknesses
- Higher price point compared to some competitors
- Dependence on commercial and industrial construction cycles
- Limited international presence
Opportunities
- Growing demand for energy-efficient HVAC systems
- Expansion into new geographic markets
- Increased adoption of digital technologies
- Potential acquisitions to expand product offerings
- Growth in data center market
Threats
- Fluctuations in raw material prices
- Intense competition from larger players
- Economic downturns affecting construction activity
- Changes in environmental regulations
- Supply chain disruptions
Competitors and Market Share
Key Competitors
- Trane Technologies (TT)
- Carrier Global (CARR)
- Johnson Controls (JCI)
Competitive Landscape
AAON Inc. competes with larger, well-established players in the HVAC industry. AAON's advantages include its customizable product offerings and strong engineering capabilities, while its disadvantages include its smaller size and limited international presence.
Major Acquisitions
WattMaster Controls Inc.
- Year: 2019
- Acquisition Price (USD millions): 27
- Strategic Rationale: Expanded AAON's capabilities in building automation systems and controls.
Growth Trajectory and Initiatives
Historical Growth: AAON Inc. has demonstrated strong revenue growth over the past decade, driven by increasing demand for its products and strategic initiatives.
Future Projections: Analyst estimates project continued growth for AAON Inc., driven by increasing demand for energy-efficient HVAC systems and expansion into new markets. Specific growth rates should be sourced from analyst reports.
Recent Initiatives: Recent initiatives include investments in new manufacturing facilities, product development, and digital technologies.
Summary
AAON Inc. demonstrates solid fundamentals with strong engineering and customizable solutions, making it a competitive player. Their growth trajectory depends on continued innovation and market expansion. Potential risks include competition from larger companies and economic cycles. AAON appears to be well positioned to maintain positive growth moving forward. AAON should work on expanding its international presence.
Peer Comparison
Sources and Disclaimers
Data Sources:
- Company SEC Filings
- Analyst Reports
- Industry Publications
- AAON Investor Relations Website
Disclaimers:
The data provided is for informational purposes only and should not be considered financial advice. Market share estimates are approximate and may vary depending on the source. Financial data needs to be updated.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About AAON Inc
Exchange NASDAQ | Headquaters Tulsa, OK, United States | ||
IPO Launch date 1992-12-16 | President, CEO & Director Dr. Matthew J. Tobolski Ph.D., SE | ||
Sector Industrials | Industry Building Products & Equipment | Full time employees 4812 | Website https://www.aaon.com |
Full time employees 4812 | Website https://www.aaon.com |
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, chillers, 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 internal sales force, as well as online. AAON, Inc. was incorporated in 1987 and is headquartered in Tulsa, Oklahoma.

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