AAON, INC. (AAON) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does AAON, INC. Do?
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. The company was incorporated in 1987 and is based in Tulsa, Oklahoma. AAON, INC. (AAON) is classified as a mid-cap stock in the Industrials sector, specifically within the Machinery industry. The company is led by CEO Gary D. Fields and employs approximately 3,670 people, headquartered in TULSA, Oklahoma. With a market capitalization of $6.8B, AAON is one of the notable companies in the Industrials sector.
AAON, INC. (AAON) Stock Rating — Reduce (April 2026)
As of April 2026, AAON, INC. receives a Reduce rating with a composite score of 41.2/100 and 2 out of 5 stars from the Blank Capital Research quantitative model.AAON ranks #3,053 out of 4,446 stocks in our coverage universe. Within the Industrials sector, AAON, INC. ranks #513 of 752 stocks, placing it in the lower half of its Industrials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
AAON Stock Price and 52-Week Range
AAON, INC. (AAON) currently trades at $93.17. The stock gained $2.40 (2.6%) in the most recent trading session. The 52-week high for AAON is $116.04, which means the stock is currently trading -19.7% from its annual peak. The 52-week low is $62.00, putting the stock 50.3% above its annual trough. Recent trading volume was 485K shares, suggesting relatively thin trading activity.
Is AAON Overvalued or Undervalued? — Valuation Analysis
AAON, INC. (AAON) carries a value factor score of 48/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 51.64x, compared to the Industrials sector average of 28.33x — a premium of 82%. The price-to-book ratio stands at 7.40x, versus the sector average of 2.23x. The price-to-sales ratio is 4.92x, compared to 0.50x for the average Industrials stock. On an enterprise value basis, AAON trades at 39.45x EV/EBITDA, versus 5.70x for the sector.
Overall, AAON's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
AAON, INC. Profitability — ROE, Margins, and Quality Score
AAON, INC. (AAON) earns a quality factor score of 50/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 14.3%, compared to the Industrials sector average of 8.9%, which is within a healthy range. Return on assets (ROA) comes in at 7.6% versus the sector average of 3.3%.
On a margin basis, AAON, INC. reports gross margins of 29.0%, compared to 35.8% for the sector. The operating margin is 12.5% (sector: 6.2%). Net profit margin stands at 9.5%, versus 3.9% for the average Industrials stock. Revenue growth is running at 22.5% on a trailing basis, compared to 6.4% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
AAON Debt, Balance Sheet, and Financial Health
AAON, INC. has a debt-to-equity ratio of 88.0%, compared to the Industrials sector average of 70.0%. Leverage is within a manageable range for the industry, though investors should monitor debt trends over time. The current ratio is 2.63x, indicating strong short-term liquidity. Total debt on the balance sheet is $376M. Cash and equivalents stand at $1M.
AAON has a beta of 1.50, meaning it is more volatile than the broader market — a $10,000 investment in AAON would be expected to move 50.0% more than the S&P 500 on any given day. The stability factor score for AAON, INC. is 46/100, reflecting average volatility within the normal range for its sector.
AAON, INC. Revenue and Earnings History — Quarterly Trend
In TTM 2026, AAON, INC. reported revenue of $1.35B and earnings per share (EPS) of $1.32. Net income for the quarter was $128M. Gross margin was 29.0%. Operating income came in at $168M.
In FY 2025, AAON, INC. reported revenue of $1.44B and earnings per share (EPS) of $1.32. Net income for the quarter was $108M. Gross margin was 26.8%. Revenue grew 20.1% year-over-year compared to FY 2024. Operating income came in at $146M.
In Q3 2025, AAON, INC. reported revenue of $384M and earnings per share (EPS) of $0.38. Net income for the quarter was $31M. Gross margin was 27.8%. Revenue grew 17.4% year-over-year compared to Q3 2024. Operating income came in at $44M.
In Q2 2025, AAON, INC. reported revenue of $312M and earnings per share (EPS) of $0.19. Net income for the quarter was $15M. Gross margin was 26.6%. Revenue grew -0.6% year-over-year compared to Q2 2024. Operating income came in at $24M.
Over the past 8 quarters, AAON, INC. has demonstrated a growth trajectory, with revenue expanding from $314M to $1.35B. Investors analyzing AAON stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
AAON Dividend Yield and Income Analysis
AAON, INC. (AAON) currently pays a dividend yield of 0.4%. At this yield, a $10,000 investment in AAON stock would generate approximately $$41.00 in annual dividend income. The net margin of 9.5% provides reasonable coverage for the dividend, though investors should monitor payout sustainability.
AAON Momentum and Technical Analysis Profile
AAON, INC. (AAON) has a momentum factor score of 46/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 25/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 3/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
AAON vs Competitors — Industrials Sector Ranking and Peer Comparison
Within the Industrials sector, AAON, INC. (AAON) ranks #513 out of 752 stocks based on the Blank Capital composite score. This places AAON in the lower half of all Industrials stocks in our coverage universe. Key competitors and sector peers include South Bow Corp (SOBO) with a score of 56.5/100, TSAKOS ENERGY NAVIGATION LTD (TEN) with a score of 61.4/100, Great Lakes Dredge & Dock CORP (GLDD) with a score of 56.7/100, Tri Pointe Homes, Inc. (TPH) with a score of 57.3/100, and Clear Channel Outdoor Holdings, Inc. (CCO) with a score of 52.2/100.
Comparing AAON against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full AAON vs S&P 500 (SPY) comparison to assess how AAON, INC. stacks up against the broader market across all factor dimensions.
AAON Next Earnings Date
No upcoming earnings date has been announced for AAON, INC. (AAON) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy AAON? — Investment Thesis Summary
The quantitative profile for AAON, INC. suggests caution.
In summary, AAON, INC. (AAON) earns a Reduce rating with a composite score of 41.2/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on AAON stock.
Related Resources for AAON Investors
Explore more research and tools: AAON vs S&P 500 comparison, top Industrials stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare AAON head-to-head with peers: AAON vs SOBO, AAON vs TEN, AAON vs GLDD.