AAON Inc
ConvictionModerate
Engineer-/configure-to-order capital-equipment manufacturer. Premium made-to-order HVAC sold through independent manufacturer's reps into non-residential end markets, plus custom data-center cooling (BASX) sold direct to hyperscalers/colocation operators. Revenue is project- and backlog-driven equipment sales (not subscription or aftermarket-led); margin is highly levered to factory utilization and product mix.
Revenuefact
$1,442.1M FY2025$496.9M Q1-2026Rev growthfact
+20.1% FY2025 YoY+54.3% Q1-2026 YoYGross marginfact
25.1% Q1-2026vs 26.8% Q1-2025); 26.8% FY2025Op marginfact
11.5% Q1-2026vs 10.9% Q1-2025Capex intensity
~9% of sales Q1-2026$45.1M capex / $496.9M); elevated vs historical mid-single-digit on Memphis/Longview/Redmond expansion (fact/estimateMarket capfact
~$11.2BNASDAQ: AAON, ~$136/share, late Jun 2026; all-time high $150.46 on Jun 3 2026Price · 1-year trend
real · weekly$133+81% 1yUSD
52-week range
$74 – $140
52w lowas of 2026-06-25 · Yahoo Finance52w high
Across the boards
The thesis on this name
opportunityModerate
AI datacenter power & cooling
Full context
The read
Where our coverage leans
Bull & bear in tension
Sign in free to read the bull & bear take — Pro unlocks the full dossier.
Members only
Full financial intelligence for AAON Inc
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence