AAON (AAON)
Market Price (9/5/2026): $79.34 | Market Cap: $6.5 BilSector: Industrials | Industry: Building Products
AAON (AAON)
Market Price (9/5/2026): $79.34Market Cap: $6.5 BilSector: IndustrialsIndustry: Building Products
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 54% Megatrend and thematic driversMegatrends include Electrification of Everything, Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include Heat Pump Technology, Show more. | Weak multi-year price returns2Y Excs Rtn is -53%, 3Y Excs Rtn is -43% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 75x Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -6.8% Key risksAAON key risks include [1] profitability pressures from regulatory refrigerant transitions and [2] margin pressure combined with accounting scrutiny within its BASX segment. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 54% |
| Megatrend and thematic driversMegatrends include Electrification of Everything, Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include Heat Pump Technology, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -53%, 3Y Excs Rtn is -43% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 75x |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -6.8% |
| Key risksAAON key risks include [1] profitability pressures from regulatory refrigerant transitions and [2] margin pressure combined with accounting scrutiny within its BASX segment. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 9/1/2026
AAON (AAON) stock has lost about 45% since 5/31/2026 because of the following key factors:
1. Gross Margin Contraction and Revised Outlook in Fiscal Q2 2026.
Despite reporting record net sales of $627.0 million in fiscal Q2 2026 (up 101.2% year-over-year) and diluted earnings per share of $0.68 (up 257.9%), AAON's gross profit margin declined to 24.3% from 26.6% in fiscal Q2 2025. This contraction was attributed to costs associated with ramping up new manufacturing capacity, the use of outsourced components, and inflationary pressures. Management subsequently lowered its full-year 2026 gross margin expectations to approximately 25%-26% from a prior range of 27%-28%. This profitability outlook, despite strong revenue growth, contributed significantly to investor concern, with the stock falling 5.89% on August 10, 2026, the day of the earnings release.
2. Analyst Downgrades and Price Target Reductions.
Following the fiscal Q2 2026 earnings report, several financial analysts revised their ratings and significantly reduced price targets for AAON. For instance, on August 11, 2026, Robert W. Baird lowered its price target from $150.00 to $135.00, and Oppenheimer cut its target from $145.00 to $125.00. Zacks Research also downgraded AAON from a "strong-buy" to a "hold" rating on July 7, 2026. The consensus price target for AAON subsequently fell by 5.5% to $143. These revisions indicated a more cautious outlook from the analyst community, contributing to selling pressure on the stock.
Show more
AAON (AAON) stock has lost about 45% since 5/31/2026 because of the following key factors:
1. Gross Margin Contraction and Revised Outlook in Fiscal Q2 2026.
Despite reporting record net sales of $627.0 million in fiscal Q2 2026 (up 101.2% year-over-year) and diluted earnings per share of $0.68 (up 257.9%), AAON's gross profit margin declined to 24.3% from 26.6% in fiscal Q2 2025. This contraction was attributed to costs associated with ramping up new manufacturing capacity, the use of outsourced components, and inflationary pressures. Management subsequently lowered its full-year 2026 gross margin expectations to approximately 25%-26% from a prior range of 27%-28%. This profitability outlook, despite strong revenue growth, contributed significantly to investor concern, with the stock falling 5.89% on August 10, 2026, the day of the earnings release.
2. Analyst Downgrades and Price Target Reductions.
Following the fiscal Q2 2026 earnings report, several financial analysts revised their ratings and significantly reduced price targets for AAON. For instance, on August 11, 2026, Robert W. Baird lowered its price target from $150.00 to $135.00, and Oppenheimer cut its target from $145.00 to $125.00. Zacks Research also downgraded AAON from a "strong-buy" to a "hold" rating on July 7, 2026. The consensus price target for AAON subsequently fell by 5.5% to $143. These revisions indicated a more cautious outlook from the analyst community, contributing to selling pressure on the stock.
Show more
Updated on 9/1/2026
AAON (AAON) stock has lost about 45% since 5/31/2026 because of the following key factors:
1. Gross Margin Contraction and Revised Outlook in Fiscal Q2 2026.
Despite reporting record net sales of $627.0 million in fiscal Q2 2026 (up 101.2% year-over-year) and diluted earnings per share of $0.68 (up 257.9%), AAON's gross profit margin declined to 24.3% from 26.6% in fiscal Q2 2025. This contraction was attributed to costs associated with ramping up new manufacturing capacity, the use of outsourced components, and inflationary pressures. Management subsequently lowered its full-year 2026 gross margin expectations to approximately 25%-26% from a prior range of 27%-28%. This profitability outlook, despite strong revenue growth, contributed significantly to investor concern, with the stock falling 5.89% on August 10, 2026, the day of the earnings release.
2. Analyst Downgrades and Price Target Reductions.
Following the fiscal Q2 2026 earnings report, several financial analysts revised their ratings and significantly reduced price targets for AAON. For instance, on August 11, 2026, Robert W. Baird lowered its price target from $150.00 to $135.00, and Oppenheimer cut its target from $145.00 to $125.00. Zacks Research also downgraded AAON from a "strong-buy" to a "hold" rating on July 7, 2026. The consensus price target for AAON subsequently fell by 5.5% to $143. These revisions indicated a more cautious outlook from the analyst community, contributing to selling pressure on the stock.
3. Introduction of US-Canada Tariffs on Electrical Equipment and Building Materials.
A significant macroeconomic and regulatory factor impacting AAON was the introduction of new 50% US-Canada tariffs on electrical equipment and building materials. This development "spooked HVAC investors" and was cited as a reason for the stock's pronounced decline. The stock experienced a further drop to $76.12 on August 24, 2026, as the "Canada trade dispute escalated," compounding the negative sentiment from the gross margin pressures.
Show less
AAON (AAON) stock has lost about 45% since 5/31/2026 because of the following key factors:
1. Gross Margin Contraction and Revised Outlook in Fiscal Q2 2026.
Despite reporting record net sales of $627.0 million in fiscal Q2 2026 (up 101.2% year-over-year) and diluted earnings per share of $0.68 (up 257.9%), AAON's gross profit margin declined to 24.3% from 26.6% in fiscal Q2 2025. This contraction was attributed to costs associated with ramping up new manufacturing capacity, the use of outsourced components, and inflationary pressures. Management subsequently lowered its full-year 2026 gross margin expectations to approximately 25%-26% from a prior range of 27%-28%. This profitability outlook, despite strong revenue growth, contributed significantly to investor concern, with the stock falling 5.89% on August 10, 2026, the day of the earnings release.
2. Analyst Downgrades and Price Target Reductions.
Following the fiscal Q2 2026 earnings report, several financial analysts revised their ratings and significantly reduced price targets for AAON. For instance, on August 11, 2026, Robert W. Baird lowered its price target from $150.00 to $135.00, and Oppenheimer cut its target from $145.00 to $125.00. Zacks Research also downgraded AAON from a "strong-buy" to a "hold" rating on July 7, 2026. The consensus price target for AAON subsequently fell by 5.5% to $143. These revisions indicated a more cautious outlook from the analyst community, contributing to selling pressure on the stock.
3. Introduction of US-Canada Tariffs on Electrical Equipment and Building Materials.
A significant macroeconomic and regulatory factor impacting AAON was the introduction of new 50% US-Canada tariffs on electrical equipment and building materials. This development "spooked HVAC investors" and was cited as a reason for the stock's pronounced decline. The stock experienced a further drop to $76.12 on August 24, 2026, as the "Canada trade dispute escalated," compounding the negative sentiment from the gross margin pressures.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -43.3% change in AAON stock from 5/31/2026 to 9/4/2026 was primarily driven by a -57.7% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 139.92 | 79.40 | -43.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,617 | 1,932 | 19.5% |
| Net Income Margin (%) | 7.3% | 8.2% | 12.8% |
| P/E Multiple | 96.9 | 41.0 | -57.7% |
| Shares Outstanding (Mil) | 82 | 82 | -0.5% |
| Cumulative Contribution | -43.3% |
Market Drivers
5/31/2026 to 9/4/2026| Return | Correlation | |
|---|---|---|
| AAON | -43.3% | |
| Market (SPY) | 1.8% | 55.7% |
| Sector (XLI) | 1.2% | 64.7% |
Fundamental Drivers
The -21.3% change in AAON stock from 2/28/2026 to 9/4/2026 was primarily driven by a -50.1% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 100.87 | 79.40 | -21.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,316 | 1,932 | 46.9% |
| Net Income Margin (%) | 7.6% | 8.2% | 8.2% |
| P/E Multiple | 82.0 | 41.0 | -50.1% |
| Shares Outstanding (Mil) | 82 | 82 | -0.8% |
| Cumulative Contribution | -21.3% |
Market Drivers
2/28/2026 to 9/4/2026| Return | Correlation | |
|---|---|---|
| AAON | -21.3% | |
| Market (SPY) | 12.6% | 44.6% |
| Sector (XLI) | -0.8% | 45.6% |
Fundamental Drivers
The -3.7% change in AAON stock from 8/31/2025 to 9/4/2026 was primarily driven by a -25.5% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 82.49 | 79.40 | -3.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,259 | 1,932 | 53.5% |
| Net Income Margin (%) | 9.7% | 8.2% | -15.0% |
| P/E Multiple | 55.0 | 41.0 | -25.5% |
| Shares Outstanding (Mil) | 81 | 82 | -0.9% |
| Cumulative Contribution | -3.7% |
Market Drivers
8/31/2025 to 9/4/2026| Return | Correlation | |
|---|---|---|
| AAON | -3.7% | |
| Market (SPY) | 20.4% | 42.8% |
| Sector (XLI) | 16.5% | 49.7% |
Fundamental Drivers
The 27.7% change in AAON stock from 8/31/2023 to 9/4/2026 was primarily driven by a 84.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312023 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 62.19 | 79.40 | 27.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,047 | 1,932 | 84.5% |
| Net Income Margin (%) | 14.2% | 8.2% | -42.0% |
| P/E Multiple | 34.0 | 41.0 | 20.4% |
| Shares Outstanding (Mil) | 81 | 82 | -0.9% |
| Cumulative Contribution | 27.7% |
Market Drivers
8/31/2023 to 9/4/2026| Return | Correlation | |
|---|---|---|
| AAON | 27.7% | |
| Market (SPY) | 77.1% | 45.0% |
| Sector (XLI) | 68.7% | 52.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AAON Return | 20% | -5% | 48% | 60% | -35% | 2% | 80% |
| Peers Return | 43% | -26% | 85% | 57% | 12% | 19% | 314% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| AAON Win Rate | 58% | 42% | 67% | 75% | 50% | 56% | |
| Peers Win Rate | 78% | 37% | 60% | 72% | 48% | 58% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| AAON Max Drawdown | -26% | -40% | -25% | -24% | -47% | -50% | |
| Peers Max Drawdown | -17% | -46% | -22% | -18% | -35% | -25% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CARR, TT, JCI, LII, VRT. See AAON Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/4/2026 (YTD)
How Low Can It Go
| Event | AAON | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -35.9% | -18.8% |
| % Gain to Breakeven | 56.1% | 23.1% |
| Time to Breakeven | 394 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.5% | -9.5% |
| % Gain to Breakeven | 27.5% | 10.5% |
| Time to Breakeven | 55 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -38.8% | -24.5% |
| % Gain to Breakeven | 63.4% | 32.4% |
| Time to Breakeven | 189 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -27.8% | -33.7% |
| % Gain to Breakeven | 38.5% | 50.9% |
| Time to Breakeven | 85 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -11.2% | -19.2% |
| % Gain to Breakeven | 12.6% | 23.8% |
| Time to Breakeven | 21 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -16.9% | -12.2% |
| % Gain to Breakeven | 20.3% | 13.9% |
| Time to Breakeven | 36 days | 62 days |
In The Past
AAON's stock fell -35.9% during the 2025 US Tariff Shock. Such a loss loss requires a 56.1% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | AAON | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -35.9% | -18.8% |
| % Gain to Breakeven | 56.1% | 23.1% |
| Time to Breakeven | 394 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.5% | -9.5% |
| % Gain to Breakeven | 27.5% | 10.5% |
| Time to Breakeven | 55 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -38.8% | -24.5% |
| % Gain to Breakeven | 63.4% | 32.4% |
| Time to Breakeven | 189 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -27.8% | -33.7% |
| % Gain to Breakeven | 38.5% | 50.9% |
| Time to Breakeven | 85 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -36.4% | -17.9% |
| % Gain to Breakeven | 57.2% | 21.8% |
| Time to Breakeven | 502 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -38.3% | -53.4% |
| % Gain to Breakeven | 62.2% | 114.4% |
| Time to Breakeven | 42 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -43.3% | -8.6% |
| % Gain to Breakeven | 76.4% | 9.5% |
| Time to Breakeven | 1284 days | 47 days |
In The Past
AAON's stock fell -35.9% during the 2025 US Tariff Shock. Such a loss loss requires a 56.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About AAON (AAON)
AAON, Inc. is a leading designer, manufacturer, and seller of advanced air conditioning and heating equipment primarily for commercial and industrial applications across the United States and Canada. The company specializes in providing a comprehensive suite of HVAC solutions, focusing on energy efficiency and technological innovation to meet diverse building climate control needs.
Its extensive product portfolio includes a wide array of specialized units such as rooftop units, chillers, air handling units, and geothermal/water-source heat pumps. AAON also offers highly specialized solutions like data center cooling systems through its BasX segment, cleanroom systems, and packaged outdoor mechanical rooms, alongside essential components like coils and controls.
AAON's products serve a broad spectrum of commercial industries, including retail, manufacturing, educational institutions, hospitality (lodging), supermarkets, and critical infrastructure like data centers and medical/pharmaceutical facilities. The company distributes its equipment through an established network of independent manufacturer representatives and its internal sales force, catering to the specific environmental control requirements of these diverse sectors.
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- AAON is like **the Trane or Carrier for commercial and industrial buildings.**
- AAON is like **the Trane or Carrier for critical environments like data centers and cleanrooms.**
- AAON is like **a custom-engineered Trane or Carrier.**
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AAON (symbol: AAON) primarily manufactures a range of commercial and industrial heating, ventilation, and air conditioning (HVAC) equipment and related components:
- Rooftop Units: Integrated heating, ventilation, and air conditioning systems designed for outdoor installation on building rooftops.
- Data Center Cooling Solutions: Specialized cooling systems optimized for maintaining precise temperature and humidity in data centers.
- Cleanroom Systems: HVAC systems engineered to control airborne particulate contamination in critical environments like cleanrooms.
- Chillers: Equipment that removes heat from a liquid via a refrigeration cycle, often used to cool water for air conditioning or process cooling.
- Packaged Outdoor Mechanical Rooms: Prefabricated, self-contained enclosures housing HVAC and other mechanical equipment for various applications.
- Air Handling Units (AHUs): Large units containing fans, coils, filters, and dampers used to condition and circulate air as part of an HVAC system.
- Makeup Air Units: Systems designed to condition and introduce fresh outdoor air into a building, replacing air exhausted by ventilation systems.
- Energy Recovery Units (ERUs): HVAC systems that recover energy from exhaust air to pre-condition incoming outdoor air, improving efficiency.
- Condensing Units: Outdoor sections of air conditioning or heat pump systems that house the compressor and condenser coil.
- Geothermal/Water-Source Heat Pumps: Systems that use the earth or a body of water as a heat source or heat sink to provide heating and cooling.
- Coils: Components within HVAC systems responsible for heat exchange, such as evaporator coils, condenser coils, and heating coils.
- Controls: Electronic or pneumatic systems used to regulate and manage the operation of HVAC equipment.
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Major Customers of AAON (AAON)
AAON, Inc. sells its air conditioning and heating equipment primarily to other companies and commercial industries in the United States and Canada. The provided company description does not list specific major customer company names.
However, it identifies the following categories of industries and sectors as its customer base:
- Retail
- Manufacturing
- Educational institutions
- Lodging facilities
- Supermarkets
- Data centers
- Medical and pharmaceutical facilities
- Other commercial industries
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Matt Tobolski, Chief Executive Officer
Matt Tobolski became CEO of AAON in May 2025. He previously served as President and Chief Operating Officer of AAON since January 2024. Prior to these roles at AAON, he co-founded BASX Solutions in 2013, which AAON acquired in December 2021. Before co-founding BASX, Matt was the President and CEO of Tobolski Watkins Engineering, a structural and earthquake engineering firm, from 2008 to 2017. He then served as an Executive Advisor at Structural Integrity Associates from 2017 to 2020, following the acquisition of Tobolski Watkins Engineering.Rebecca Thompson, Chief Financial Officer and Treasurer
Rebecca Thompson has served as AAON's Chief Financial Officer and Treasurer since 2021. She is a licensed certified public accountant and a member of the Choctaw Tribe. Prior to her CFO role, she held the position of Chief Accounting Officer at AAON from 2012 to 2021. Before joining AAON, she spent 11 years as a Senior Manager in the assurance division at Grant Thornton, LLP, and began her career at Arthur Andersen.Norman H. Asbjornson, Director and Founder
Norman H. Asbjornson founded AAON in 1988, taking the company public three years later. He served as CEO until May 2020, then transitioned to Executive Chairman until May 2022, and currently remains a non-independent director. He established AAON through a management buyout of the John Zink Company's heating and air conditioning division, which he previously led.Gary D. Fields, Director and Special Advisor
Gary D. Fields served as AAON's Chief Executive Officer from May 2020 until May 2025, and as President from November 2016 until January 2024. He was elected as a director in 2015 and now serves as a special advisor. He has over 35 years of experience in the HVAC industry, including a tenure as an HVAC equipment sales representative and part of the ownership group at Texas AirSystems. He was also the owner and President of GKR Partners LTD, an HVAC business development consulting firm that provided services to AAON and its sales representatives.Casey Kidwell, Chief Administrative Officer
Casey Kidwell oversees human resources, security, safety, and IT functions at AAON, ensuring the company's culture is upheld and team members are equipped for success. He previously served as AAON's Director of Administration since 2021. Prior to joining AAON, he spent nearly ten years in various HR and IT roles at WPX Energy.AI Analysis | Feedback
The key risks to AAON's business are:
- Refrigerant Transition and Regulatory Changes: AAON faces significant challenges and potential cost increases due to regulatory changes mandating a transition to new refrigerants. This "unprecedented refrigerant transition" has already caused operational disruptions, impacted sales, and required the company to update building codes and re-certify components for its equipment.
- Operational Challenges from ERP Implementation and Supply Chain Disruptions: The implementation of a new Enterprise Resource Planning (ERP) system has proven to be a "painful" and disruptive process for AAON. This has led to delays in lead times, significantly impacted manufacturing and supply operations, and contributed to a sharp decline in gross margins and earnings per share. Additionally, the company is exposed to broader supply chain disruptions.
- Economic Conditions and Demand in Non-residential Construction: As a manufacturer of air conditioning and heating equipment for commercial industries, AAON's business is sensitive to macroeconomic conditions. Economic downturns can lead to reduced demand in the commercial and industrial new construction markets, thereby impacting the company's sales and profitability. The company has already experienced "weaker macroeconomic conditions in the nonresidential construction sector" which created obstacles for its business.
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The addressable markets for AAON's main products and services in North America are sized as follows:
- Commercial HVAC Equipment Market: The North America HVAC equipment market, of which commercial accounts commanded 59.75% of the revenue in 2025, is estimated to be approximately USD 18.6 billion in 2025. The overall North America HVAC equipment market is projected to grow from USD 31.12 billion in 2025 to USD 48.66 billion by 2031, at a Compound Annual Growth Rate (CAGR) of 7.93% during 2026-2031. The U.S. alone is expected to have a commercial HVAC system market revenue share of USD 17.38 billion in 2025.
- Data Center Cooling Solutions Market: The North America data center cooling market is estimated to be around USD 7.20 billion to USD 8.27 billion in 2025. This market is projected to grow significantly, with estimates ranging from reaching USD 12.58 billion by 2030 (CAGR of 11.8%) to USD 23.73 billion by 2032 (CAGR of 24.13%) and US$ 45.06 billion by 2035 (CAGR of 18.8%).
- Cleanroom Systems Market: The North America cleanroom technology market was approximately USD 3.0 billion to USD 3.35 billion in 2024 and is expected to reach USD 3.55 billion in 2025. The market is projected to grow at a CAGR of around 5.4% to 5.5% from 2025 to 2030, reaching approximately USD 4.17 billion by 2030.
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Expected Drivers of Future Revenue Growth for AAON (AAON)
Over the next 2-3 years, AAON is expected to drive future revenue growth through several key initiatives and market trends:
- Expanding Data Center Cooling Solutions: Strong and increasing demand from the data center market, particularly for BASX-branded air-side and liquid cooling solutions, is a significant growth driver. The BASX segment experienced a 141% increase in backlog to $1.3 billion in 2025, with a book-to-bill ratio of 2.4, indicating robust future revenue. AAON anticipates its data center business will grow to over $1 billion within a few years.
- Innovation in Energy-Efficient HVAC Systems: The company's focus on product innovation, particularly with energy-efficient solutions like the Alpha Class Extreme Series rooftop units equipped with cold climate heat pumps, is expected to fuel growth. These units are designed to operate effectively at temperatures as low as negative 20 degrees Fahrenheit, aligning with increasing demands for decarbonization and electrification in buildings. Alpha Class unit sales exceeded $100 million in 2024 and are projected to grow by multiples in the coming years.
- Increased Manufacturing Capacity and Operational Efficiencies: Strategic investments in expanding manufacturing capacity, including new facilities in Longview, Texas, and Memphis, Tennessee, are crucial for meeting high product demand. These expansions, coupled with ongoing ERP system upgrades, are anticipated to enhance production throughput and operational efficiencies, directly supporting revenue growth and margin improvement. AAON forecasts an 18%-20% increase in sales for 2026 due to these strategic investments and operational enhancements.
- Strong Backlog and National Accounts Strategy: A record backlog of $1.83 billion at the end of 2025 provides significant visibility into future revenue streams. Additionally, AAON's national accounts strategy is gaining traction, demonstrating the company's ability to capture market share and secure larger projects.
- Strategic Pricing and Favorable Product Mix: While less explicitly detailed, pricing is a contributor to sales growth, with expectations of mid-single-digit contributions to sales growth in previous years. The company also benefits from value-based pricing linked to lifecycle energy savings and a product mix that emphasizes configurable, factory-integrated options, which tend to increase average selling prices. Projected improvements in gross margins for 2026 also suggest continued pricing power and an optimizing product mix.
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Share Repurchases
- AAON announced a $100 million share repurchase program authorization in March 2026.
Capital Expenditures
- Capital expenditures for 2025 were $204.9 million.
- Planned capital expenditures for 2026 are $190 million.
- The primary focus of these capital expenditures includes expanding manufacturing capacity, especially the Memphis facility for BASX data center equipment, and strategic investments in production expansion and ERP implementation to support future growth, operational optimization, and increased production throughput.
Peer Outperformance in Building Products
AAON has outperformed 78% of its 32 Building Products peers over 5Y. Building Products ranks 12th of 23 industries in Industrials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Building Products constituents that AAON has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
75%
of 36 industry peers · -1.9% return
3Y
66%
of 35 industry peers · 25.1% return
5Y
78%
of 32 industry peers · 81.8% return
No Building Products peer with a comparable growth profile has beaten AAON by more than 20pp over 5Y.
Median price return by industry across the Industrials sector, ranked by 5Y. Building Products is AAON's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 18.0% | 111.1% | 190.3% | CDNL 2702% · FIX 2049% · STRL 2005% |
| Marine Transportation | 5 | 72.8% | 70.4% | 164.7% | HOS 48321% · MATX 188% · KEX 165% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 14.7% | 63.4% | 115.4% | CAT 322% · ALSN 270% · WAB 223% |
| Aerospace & Defense | 55 | -1.3% | 57.5% | 70.3% | ATI 1074% · FTAI 885% · HWM 739% |
| Passenger Ground Transportation | 3 | -11.4% | 41.2% | 58.1% | UBER 88% · CAR 58% · LYFT -65% |
| Rail Transportation | 7 | 30.7% | 72.2% | 46.1% | FSTR 135% · CSX 65% · UNP 51% |
| Industrial Machinery & Supplies & Components | 71 | 8.8% | 49.3% | 45.1% | CRS 1411% · PSIX 952% · EROC 609% |
| Cargo Ground Transportation | 16 | 35.6% | 5.9% | 35.4% | XPO 258% · R 251% · CVLG 209% |
| Trading Companies & Distributors | 19 | 0.7% | 39.0% | 32.8% | DXPE 533% · AIT 289% · WCC 214% |
| Diversified Support Services | 33 | 13.1% | 32.4% | 26.8% | LIME 4173% · TH 371% · WLFC 360% |
| Electrical Components & Equipment | 41 | 19.1% | 51.3% | 21.7% | POWL 2201% · BE 1055% · VRT 900% |
| Building Products ← | 33 | -9.7% | 7.2% | 19.4% | LMB 575% · GFF 398% · PPIH 300% |
| Research & Consulting Services | 13 | -9.7% | -20.5% | -6.3% | HURN 214% · GRNQ 137% · CRAI 89% |
| Agricultural & Farm Machinery | 17 | 14.0% | -1.4% | -7.2% | BLBD 213% · DE 90% · GENC 59% |
| Industrial Conglomerates | 17 | 10.4% | 15.4% | -8.5% | RCMT 676% · CSW 141% · CSL 80% |
| Environmental & Facilities Services | 29 | -8.8% | 16.4% | -12.0% | CECO 880% · ADUR 558% · NVRI 352% |
| Data Processing & Outsourced Services | 6 | -31.6% | -12.8% | -26.0% | EXLS 49% · BR 11% · G -23% |
| Passenger Airlines | 11 | 3.6% | -1.0% | -26.4% | LTM 2504% · UAL 141% · SKYW 117% |
| Office Services & Supplies | 9 | 12.7% | 23.7% | -30.4% | PBI 186% · TILE 157% · HNI 59% |
| Human Resource & Employment Services | 22 | 5.8% | -18.3% | -35.7% | BBSI 86% · ADP 49% · KFY 31% |
| Air Freight & Logistics | 12 | -6.0% | -22.3% | -39.1% | CHRW 85% · FDX 67% · EXPD 62% |
| Security & Alarm Services | 10 | -33.9% | 5.0% | -45.5% | CIX 137% · MG 96% · NL 53% |
| Airport Services | 3 | -66.4% | -76.9% | -57.6% | JOBY -34% · ASLE -58% · UP -100% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 212.73 |
| Mkt Cap | 68.8 |
| Rev LTM | 16,794 |
| Op Inc LTM | 1,893 |
| FCF LTM | 1,794 |
| FCF 3Y Avg | 1,649 |
| CFO LTM | 2,210 |
| CFO 3Y Avg | 2,015 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.9% |
| Rev Chg 3Y Avg | 7.8% |
| Rev Chg Q | 9.9% |
| QoQ Delta Rev Chg LTM | 2.6% |
| Op Inc Chg LTM | 14.5% |
| Op Inc Chg 3Y Avg | 14.2% |
| Op Mgn LTM | 16.2% |
| Op Mgn 3Y Avg | 16.0% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 13.8% |
| CFO/Rev 3Y Avg | 13.4% |
| FCF/Rev LTM | 11.3% |
| FCF/Rev 3Y Avg | 10.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 68.8 |
| P/S | 3.5 |
| P/Op Inc | 27.6 |
| P/EBIT | 28.8 |
| P/E | 37.0 |
| P/CFO | 28.8 |
| Total Yield | 4.0% |
| Dividend Yield | 1.0% |
| FCF Yield 3Y Avg | 2.9% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -8.0% |
| 3M Rtn | -8.7% |
| 6M Rtn | 4.7% |
| 12M Rtn | 3.9% |
| 3Y Rtn | 77.6% |
| 1M Excs Rtn | -6.5% |
| 3M Excs Rtn | -13.2% |
| 6M Excs Rtn | -9.8% |
| 12M Excs Rtn | -14.8% |
| 3Y Excs Rtn | 5.6% |
Comparison Analyses
Price Behavior
Price Behavior
| Market Price | $79.40 | |
| Market Cap ($ Bil) | 6.5 | |
| First Trading Date | 12/16/1992 | |
| Distance from 52W High | -46.3% | |
| 50 Days | 200 Days | |
| DMA Price | $95.56 | $98.33 |
| DMA Trend | down | down |
| Distance from DMA | -16.9% | -19.3% |
| 3M | 1YR | |
| Volatility | 55.8% | 61.5% |
| Downside Capture | 454.09 | 226.68 |
| Upside Capture | 133.61 | 178.22 |
| Correlation (SPY) | 59.3% | 43.1% |
AAON Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.96 | 2.68 | 2.36 | 2.32 | 2.06 | 1.56 |
| Up Beta | 1.79 | 3.06 | 2.49 | 2.79 | 2.20 | 1.41 |
| Down Beta | -1.59 | 0.51 | 1.43 | 2.37 | 2.13 | 1.45 |
| Up Capture | 224% | 112% | 120% | 187% | 253% | 513% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 9 | 21 | 30 | 64 | 124 | 400 |
| Down Capture | 701% | 456% | 322% | 212% | 161% | 111% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 12 | 21 | 34 | 63 | 127 | 351 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AAON | |
|---|---|---|---|---|
| AAON | -1.9% | 61.5% | 0.19 | - |
| Sector ETF (XLI) | 17.0% | 17.1% | 0.75 | 49.6% |
| Equity (SPY) | 19.7% | 12.8% | 1.13 | 43.0% |
| Gold (GLD) | 24.6% | 29.2% | 0.75 | 23.6% |
| Commodities (DBC) | 44.1% | 20.4% | 1.69 | -6.7% |
| Real Estate (VNQ) | 9.1% | 13.6% | 0.39 | 10.8% |
| Bitcoin (BTCUSD) | -26.9% | 43.8% | -0.59 | 15.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AAON | |
|---|---|---|---|---|
| AAON | 12.2% | 46.9% | 0.40 | - |
| Sector ETF (XLI) | 12.4% | 17.6% | 0.54 | 50.8% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 44.1% |
| Gold (GLD) | 19.1% | 18.8% | 0.82 | 11.6% |
| Commodities (DBC) | 10.7% | 19.5% | 0.43 | 1.0% |
| Real Estate (VNQ) | 1.7% | 18.9% | -0.01 | 28.8% |
| Bitcoin (BTCUSD) | 10.6% | 52.6% | 0.38 | 15.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AAON | |
|---|---|---|---|---|
| AAON | 16.3% | 41.2% | 0.50 | - |
| Sector ETF (XLI) | 13.4% | 20.0% | 0.59 | 49.6% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 46.0% |
| Gold (GLD) | 12.4% | 16.3% | 0.62 | 4.6% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 7.2% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 31.3% |
| Bitcoin (BTCUSD) | 64.0% | 66.2% | 1.04 | 12.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/19/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/10/2026 | -5.9% | -7.4% | |
| 5/7/2026 | 31.5% | 37.7% | 35.0% |
| 3/2/2026 | 3.5% | -12.7% | -22.6% |
| 11/6/2025 | 7.0% | 9.2% | -11.1% |
| 8/11/2025 | -10.5% | -1.2% | -2.8% |
| 5/1/2025 | 5.7% | 4.9% | 5.5% |
| 2/27/2025 | -22.9% | -19.7% | -21.3% |
| 11/7/2024 | 16.1% | 11.8% | 8.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 14 | 13 |
| # Negative | 11 | 11 | 11 |
| Median Positive | 6.7% | 7.0% | 8.4% |
| Median Negative | -3.4% | -7.3% | -6.6% |
| Max Positive | 31.5% | 37.7% | 35.0% |
| Max Negative | -22.9% | -19.7% | -22.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/10/2026 | -5.9% | -7.4% | |
| 5/7/2026 | 31.5% | 37.7% | 35.0% |
| 3/2/2026 | 3.5% | -12.7% | -22.6% |
| 11/6/2025 | 7.0% | 9.2% | -11.1% |
| 8/11/2025 | -10.5% | -1.2% | -2.8% |
| 5/1/2025 | 5.7% | 4.9% | 5.5% |
| 2/27/2025 | -22.9% | -19.7% | -21.3% |
| 11/7/2024 | 16.1% | 11.8% | 8.4% |
| 8/1/2024 | -1.3% | -1.0% | 9.9% |
| 5/2/2024 | -13.7% | -14.5% | -18.6% |
| 2/28/2024 | -3.4% | -6.8% | 1.5% |
| 11/6/2023 | 2.0% | 2.3% | 11.0% |
| 8/3/2023 | -5.9% | -9.4% | -5.4% |
| 5/4/2023 | 7.2% | -0.5% | -5.3% |
| 2/27/2023 | 11.6% | 14.2% | 16.7% |
| 11/7/2022 | 14.0% | 18.7% | 19.6% |
| 8/8/2022 | -3.1% | 2.6% | -6.6% |
| 5/5/2022 | 8.7% | 10.6% | 18.0% |
| 2/28/2022 | -2.4% | -7.3% | -4.2% |
| 11/4/2021 | -0.1% | 3.7% | 8.3% |
| 8/5/2021 | 6.4% | 9.6% | 6.3% |
| 5/6/2021 | 3.5% | 3.8% | 1.0% |
| 2/25/2021 | -1.6% | -4.9% | -9.1% |
| 11/5/2020 | 3.0% | 2.0% | 1.0% |
| 8/6/2020 | 2.9% | 3.9% | -0.9% |
| SUMMARY STATS | |||
| # Positive | 14 | 14 | 13 |
| # Negative | 11 | 11 | 11 |
| Median Positive | 6.7% | 7.0% | 8.4% |
| Median Negative | -3.4% | -7.3% | -6.6% |
| Max Positive | 31.5% | 37.7% | 35.0% |
| Max Negative | -22.9% | -19.7% | -22.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/10/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/10/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
| 09/30/2019 | 10/31/2019 | 10-Q |
Recent Forward Guidance
Updated 8/11/2026Latest: Q2 2026 Earnings Reported 8/10/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Depreciation & Amortization | Reported | 95.00 Mil | 97.50 Mil | 100.00 Mil | 0 | Affirmed | Guidance: 97.50 Mil for 2026 | |
| 2026 YoY Sales Growth | Reported | 55.0% | 57.5% | 60.0% | 15.0% | Raised | Guidance: 42.5% for 2026 | |
| 2026 Gross Profit Margin | Reported | 25.0% | 25.5% | 26.0% | -2.0% | Lowered | Guidance: 27.5% for 2026 | |
| 2026 SG&A % of sales | Reported | 13.0% | 13.5% | 14.0% | -1.0% | Lowered | Guidance: 14.5% for 2026 | |
Prior: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Depreciation & Amortization | Reported | 95.00 Mil | 97.50 Mil | 100.00 Mil | 0 | Affirmed | Guidance: 97.50 Mil for 2026 | |
| 2026 Revenue Growth | Reported | 40.0% | 42.5% | 45.0% | 123.7% | 23.5% | Raised | Guidance: 19.0% for 2026 |
| 2026 Gross Profit Margin | Reported | 27.0% | 27.5% | 28.0% | -2.5% | Lowered | Guidance: 30.0% for 2026 | |
| 2026 SG&A % of sales | Reported | 14.0% | 14.5% | 15.0% | -1.5% | Lowered | Guidance: 16.0% for 2026 | |
Q4 2025 Earnings Reported 3/2/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Depreciation & Amortization | Reported | 95.00 Mil | 97.50 Mil | 100.00 Mil | ||||
| 2026 Revenue Growth | Reported | 18.0% | 19.0% | 20.0% | 4.0% | Higher New | Actual: 15.0% for 2025 | |
| 2026 Gross Profit Margin | Reported | 29.0% | 30.0% | 31.0% | 1.8% | Higher New | Actual: 28.25% for 2025 | |
| 2026 SG&A % of sales | Reported | 16.0% | -0.8% | Lower New | Actual: 16.75% for 2025 | |||
| 2026 Capital Expenditures | Reported | 190.00 Mil | 5.6% | Higher New | Actual: 180.00 Mil for 2025 | |||
Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 YoY Sales Growth | Reported | 15.0% | 15.4% | 2.0% | Raised | Guidance: 13.0% for 2025 | ||
| 2025 Gross Profit Margin | Reported | 28.0% | 28.25% | 28.5% | -0.2% | Lowered | Guidance: 28.5% for 2025 | |
| 2025 Non-GAAP adjusted SG&A % of sales | Reported | 16.5% | 16.75% | 17.0% | ||||
| 2025 Capital Expenditures | Reported | 180.00 Mil | ||||||
Insider Activity
Updated 9/1/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Shaub, Matthew | Executive Vice President | Direct | Buy | 8312026 | 76.42 | 457 | 34,924 | 239,653 | Form |
| 2 | Thompson, Rebecca | Chief Accounting Officer | 401(k) Plan | Sell | 6052026 | 143.42 | 4,230 | Form | ||
| 3 | Fields, Gary D | Direct | Sell | 6012026 | 140.20 | 19,000 | 2,663,800 | 2,138,330 | Form | |
| 4 | Wichman, Gordon Douglas | Executive Vice President | Direct | Sell | 5272026 | 140.39 | 3,000 | 421,170 | 1,543,869 | Form |
| 5 | Fields, Gary D | Direct | Sell | 5272026 | 140.34 | 21,173 | 2,971,419 | 4,806,926 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Shaub, Matthew | Executive Vice President | Direct | Buy | 8312026 | 76.42 | 457 | 34,924 | 239,653 | Form |
| 2 | Thompson, Rebecca | Chief Accounting Officer | 401(k) Plan | Sell | 6052026 | 143.42 | 4,230 | Form | ||
| 3 | Fields, Gary D | Direct | Sell | 6012026 | 140.20 | 19,000 | 2,663,800 | 2,138,330 | Form | |
| 4 | Wichman, Gordon Douglas | Executive Vice President | Direct | Sell | 5272026 | 140.39 | 3,000 | 421,170 | 1,543,869 | Form |
| 5 | Fields, Gary D | Direct | Sell | 5272026 | 140.34 | 21,173 | 2,971,419 | 4,806,926 | Form | |
| 6 | Kidwell, Casey | Chief Administration Officer | Direct | Sell | 5152026 | 138.30 | 3,153 | 436,071 | 1,861,979 | Form |
| 7 | Fields, Gary D | Direct | Sell | 5132026 | 134.07 | 31,271 | 4,192,398 | 4,592,051 | Form | |
| 8 | Thompson, Rebecca | Chief Accounting Officer | Direct | Sell | 5112026 | 136.59 | 9,672 | 1,321,098 | 3,780,948 | Form |
| 9 | Thompson, Rebecca | Chief Accounting Officer | Direct | Sell | 4282026 | 100.27 | 400 | 40,108 | 2,775,574 | Form |
| 10 | Thompson, Rebecca | Chief Accounting Officer | Direct | Sell | 4272026 | 100.21 | 21,914 | 2,196,002 | 2,773,913 | Form |
| 11 | Thompson, Rebecca | Chief Accounting Officer | Direct | Sell | 4242026 | 100.10 | 7,292 | 729,929 | 2,770,868 | Form |
| 12 | Thompson, Rebecca | Chief Accounting Officer | Direct | Sell | 4222026 | 100.11 | 2,287 | 228,952 | 2,771,145 | Form |
| 13 | Kidwell, Casey | Chief Administration Officer | Direct | Sell | 3162026 | 90.00 | 5,225 | 470,250 | 1,139,580 | Form |
| 14 | Wakefield, Stephen E | Executive Vice President | Direct | Buy | 12152025 | 80.85 | 1,000 | 80,850 | 1,029,220 | Form |
| 15 | Wakefield, Stephen E | Executive Vice President | 401(k) Plan | Buy | 12152025 | 77.59 | 4,141 | 321,300 | 1,180,299 | Form |
| 16 | Wakefield, Stephen E | Executive Vice President | Direct | Buy | 12152025 | 82.25 | 1,000 | 82,250 | 964,792 | Form |
| 17 | Fields, Gary D | Direct | Sell | 11132025 | 105.14 | 3,553 | 373,562 | 2,769,388 | Form | |
| 18 | Fields, Gary D | Direct | Sell | 11122025 | 105.21 | 26,746 | 2,813,947 | 2,771,231 | Form | |
| 19 | Shaub, Matthew | Executive Vice President | Direct | Buy | 9152025 | 81.70 | 428 | 34,968 | 145,671 | Form |
| 20 | Thompson, Rebecca | Chief Financial Officer | Direct | Sell | 9052025 | 81.09 | 9,350 | 758,198 | 1,978,287 | Form |
Investor Activity (13F)
Updated Sep 5, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
AAON — Investor Video Playlist
Products & Services
Refrigeration Cycle (DX Cooling Cycle) 101 | AAON - Commercial & Industrial HVAC
Products & Services
Inside AAON Season 2 Episode 05: All About Heat Pumps
Products & Services
Inside AAON Season 2 Episode 03: Why BASX is Built Different
Products & Services
Air Handling H3 and V3 Series | AAON - Commercial & Industrial HVAC
Products & Services
Fixed Plate Energy Recovery Devices | AAON - Commercial & Industrial HVAC
Products & Services
AAON’s Mobile Experience Redesigned: See the Reveal with Stacey Stratton
Leadership
CEO Gary Fields Interviewed on The Claman Countdown
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Building Products Resources |
| Building Design+Construction |
| Construction Dive |
| Architectural Record |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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