AAON
IndustrialsAAON, Inc. · Construction · $11B
What is AAON, Inc.?
AAON, Inc. is a Tulsa-based manufacturer of commercial HVAC equipment serving a broad range of industries across the United States and Canada. The company engineers, manufactures, and sells heating and cooling solutions through three operating segments.
AAON generates revenue by designing and manufacturing commercial air conditioning and heating equipment sold to industries ranging from retail and healthcare to data centers and education. Products move through a network of independent manufacturer representatives and an internal sales force. The BasX segment extends AAON's reach into specialized data center cooling and cleanroom environments, broadening the company's addressable market beyond traditional rooftop HVAC applications.
AAON was incorporated in 1987 and established its current operating structure in Tulsa, Oklahoma.
- Rooftop HVAC units for commercial buildings
- Data center cooling and cleanroom systems via BasX
- Chillers and packaged outdoor mechanical rooms
- Energy recovery and makeup air units
- Geothermal and water-source heat pumps
Is AAON a Good Stock to Buy?
UQS Score rates AAON as Below Average overall, reflecting a mixed picture across its five quality pillars.
The Growth pillar stands out as the clearest positive signal, suggesting AAON is expanding its business at a pace that compares favorably within the industrials sector. The Risk pillar also registers as Good, indicating the company's financial structure and operational stability are relatively sound.
The Moat pillar scores as Weak, pointing to limited durable competitive advantages relative to peers. Quality lands at Neutral, suggesting the business generates returns that are neither exceptional nor alarming.
Pro members can view the full pillar breakdown and underlying financial metrics to form a more complete picture. Sign up free →
Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does AAON pay dividends?
Yes — AAON, Inc. pays a dividend.
AAON pays a regular dividend, which is relatively uncommon among mid-cap industrials still in an active growth phase. The dividend reflects management's confidence in cash generation while still funding capital expenditures and segment expansion. Income-oriented investors may find the payout relevant, though the primary investment case centers on growth rather than yield.
When does AAON report earnings?
AAON reports earnings on a quarterly cadence, consistent with standard practice for US-listed equities.
The company's Growth pillar rating suggests recent results have trended positively relative to sector peers. Segment contributions from BasX and AAON Oklahoma have been key factors shaping quarterly outcomes. Margin dynamics and backlog trends are worth monitoring given the capital-intensive nature of HVAC manufacturing.
For the most recent quarter's results and guidance, visit AAON's investor relations page directly.
AAON Price History
+122.5% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in AAON, Inc.?
Based on AAON, Inc.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
AAON Long-term Outlook
AAON's Strong Growth pillar suggests the business has meaningful forward momentum, driven by secular demand for energy-efficient HVAC systems and expanding data center infrastructure needs. The Good Risk rating implies the company is navigating this growth without excessive financial strain. However, the Weak Moat rating introduces uncertainty about whether current growth rates are sustainable against better-resourced competitors over a longer horizon.
Growth drivers
- Rising demand for data center cooling as AI infrastructure expands
- Commercial construction activity supporting rooftop unit volumes
- Energy efficiency regulations driving HVAC equipment replacement cycles
Key risks
- Limited pricing power given a Weak Moat rating in a competitive market
- Input cost volatility affecting manufacturing margins
- Execution risk as the BasX segment scales within a specialized niche
AAON vs Peers
AAON operates in the broader industrials and building products space alongside several publicly traded peers.
Armstrong focuses on ceiling and wall systems rather than HVAC, serving overlapping commercial construction end markets through a distinct product category.
Simpson specializes in structural connectors and fastening systems, competing for commercial construction budgets but with a fundamentally different manufacturing profile.
Builders FirstSource operates as a large-scale distributor of building materials, giving it broader market reach but less direct exposure to HVAC equipment manufacturing.
Frequently Asked Questions
What does AAON do?
AAON engineers and manufactures commercial heating and air conditioning equipment sold across industries including retail, healthcare, education, and data centers. The company operates through three segments — AAON Oklahoma, AAON Coil Products, and BasX — and distributes through independent manufacturer representatives and an internal sales team.
Does AAON pay dividends?
Yes, AAON pays a regular dividend. This is notable for a mid-cap industrial company still investing in segment growth. Investors should review the company's investor relations page for the current dividend schedule and payout history.
When does AAON report earnings?
AAON follows a standard quarterly earnings cadence for US-listed companies. Specific report dates are not covered by our data source — check AAON's investor relations page or a financial calendar for upcoming announcements.
Is AAON a good stock to buy?
UQS Score rates AAON as Below Average overall. The Growth pillar is a clear positive, and the Risk profile is relatively sound, but the Weak Moat and Neutral Quality ratings temper the overall picture. Whether it fits your portfolio depends on your investment criteria — the full pillar breakdown is available to Pro members.
Is AAON overvalued?
The Valuation pillar for AAON is rated Neutral, suggesting the stock is neither clearly cheap nor obviously expensive relative to its fundamentals. Investors seeking a deeper look at valuation metrics can access the complete analysis through a Pro membership.
How does AAON compare to its competitors?
AAON's strongest differentiation lies in its specialized HVAC manufacturing focus, particularly through the BasX segment's data center cooling capabilities. Peers like Armstrong World Industries and Simpson Manufacturing serve overlapping commercial construction markets but through entirely different product categories and business models.
What is AAON's market cap bracket?
AAON is classified as a mid-cap company. This places it in a segment of the market that often balances growth potential with more established operations than smaller peers, though with less institutional coverage than large-cap industrials.
Who founded AAON?
AAON was incorporated in 1987 and is headquartered in Tulsa, Oklahoma. Founding details are widely available through public company filings and AAON's official corporate history on its investor relations site.
Is AAON a long-term quality investment?
From a long-term quality perspective, AAON's Strong Growth pillar and Good Risk rating are encouraging signals. However, the Weak Moat rating raises questions about the durability of its competitive position over time. Long-term investors should weigh whether the growth trajectory can be sustained without stronger structural advantages.
What is the main competitive advantage of AAON?
AAON's primary differentiation comes from its vertically integrated manufacturing approach and specialized product lines, particularly in data center cooling through BasX. That said, the UQS Moat pillar rates this advantage as Weak, suggesting competitors may be able to replicate key elements of its offering.
What sector does AAON belong to?
AAON is classified within the Industrials sector, specifically in commercial HVAC equipment manufacturing. The sector is broadly tied to construction activity, energy efficiency trends, and infrastructure investment cycles.
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Pro Analysis
AAON — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 23, 2026 | 53.7 | 46.8 | 22.0 | 83.1 | 89.4 | 43.4 | -0.1 |
| May 22, 2026 | 53.8 | 46.8 | 22.0 | 83.1 | 89.4 | 43.5 | +0.1 |
| May 21, 2026 | 53.7 | 46.8 | 22.0 | 83.1 | 89.4 | 43.4 | -0.1 |
| May 20, 2026 | 53.8 | 46.8 | 22.0 | 83.1 | 89.4 | 43.7 | +0.1 |
| May 19, 2026 | 53.7 | 46.8 | 22.0 | 83.1 | 89.4 | 43.4 | 0.0 |
| May 16, 2026 | 53.7 | 46.8 | 22.0 | 83.1 | 89.4 | 43.3 | +0.1 |
| May 15, 2026 | 53.6 | 46.8 | 22.0 | 83.1 | 89.4 | 42.7 | -0.1 |
| May 14, 2026 | 53.7 | 46.8 | 22.0 | 83.1 | 89.4 | 43.0 | +0.1 |
| May 13, 2026 | 53.6 | 46.8 | 22.0 | 83.1 | 89.4 | 42.8 | 0.0 |
| May 12, 2026 | 53.6 | 46.8 | 22.0 | 83.1 | 89.4 | 42.2 | 0.0 |
AAON — Pillar Breakdown
Quality
— 46.8/100 (25%)AAON, Inc. has average quality metrics, with room for improvement in margins or capital efficiency.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 83.1/100 (20%)AAON, Inc. is growing rapidly with strong revenue and earnings expansion.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 89.4/100 (15%)AAON, Inc. carries minimal financial risk with conservative leverage and strong solvency.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 43.4/100 (15%)AAON, Inc. has a mixed valuation — some metrics suggest fair value while others appear stretched.
Inverse of forward P/E — higher yield means cheaper stock.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 22/100 (25%)AAON, Inc. operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for AAON.
Score Composition
Financial Data
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How is the AAON UQS Score Calculated?
The UQS (Unified Quality Score) for AAON, Inc. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses AAON, Inc.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether AAON, Inc. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.