AAON, Inc. (AAON) Stock Price & Analysis
AAON, Inc. (AAON) closed at USD 75.3 on Thursday, October 29, 2026, down 0.41% on the day. The US market is currently closed (after-hours); this is not a live price.
The prior close was USD 75.61; the Oct 29, 2026 session ranged USD 72.71–76.59 on volume of 647,747 shares. Market capitalization is $6.21B, with a 52-week range of USD 66.39–150.46 (NMS). Source: Nexqual, retrieved October 29, 2026 at 21:27 UTC.
Also available as compact Markdown for AI agents: nexqual.com/AAON.md
Key facts (AAON)
- Last four reported quarters (through Jun 30, 2026): revenue $1.93B, net income $159M (8.2% margin) (SEC filings).
- Valuation: P/E 39.0x (avg 50.6x at the last 3 fiscal year-ends).
- 1 of 80 tracked superinvestors hold AAON (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 13 Form 4 filings, $19.5M; 11 not under a Rule 10b5-1 plan ($18.2M); 7 by opportunistic insiders (5 outside 10b5-1 plans), 4 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $110K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (6 analysts), mean target USD 128.5 (range 110–154).
- Total return with dividends: 1Y -24.9% vs S&P 500 +14.4%; 5Y +61.7% vs S&P 500 +79.1%.
- Next earnings: 2026-11-05, EPS estimate USD 0.58, revenue estimate $602M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (AAON)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $535M | $889M | $1.17B | $1.20B | $1.44B | $1.93B |
| Gross profit | $138M | $238M | $399M | $397M | $386M | — |
| Operating income | $69.3M | $127M | $227M | $209M | $146M | $213M |
| Net income | $58.8M | $100M | $178M | $169M | $108M | $159M |
| EPS (diluted) | $0.73 | $1.24 | $2.13 | $2.02 | $1.29 | — |
| Free cash flow | $5.8M | $7.3M | — | — | — | — |
| Gross margin | 25.8% | 26.7% | 34.1% | 33.1% | 26.7% | — |
| Operating margin | 13.0% | 14.3% | 19.5% | 17.4% | 10.1% | 11.0% |
| Net margin | 11.0% | 11.3% | 15.2% | 14.0% | 7.5% | 8.2% |
| Revenue growth | +3.9% | +66.3% | +31.5% | +2.7% | +20.1% | — |
| Cash + short-term investments | $2.9M | $5.5M | $287K | $14K | $13K | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (AAON)
P/E 39.0x · P/S 3.2x · P/B 6.1x · Earnings yield 2.57% · Dividend yield (paid, TTM) 0.53%
P/E at fiscal year-ends: Dec 2025 58.9x, Dec 2024 58.4x, Dec 2023 34.6x.
Superinvestors (SEC 13F-HR, Q2 2026) (AAON)
1 of 80 tracked investors hold AAON. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Francois Rochon | Giverny Capital | 0.87% | $26.0M | Added +1.5% |
Insider sales (SEC Form 4, open-market, last ~7 months) (AAON)
2 of 13 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-02 | Thompson Rebecca | Chief Accounting Officer | 4,230 | $607K | 13.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-29 | Fields Gary D | Director | 19,000 | $2.7M | 38.2% | No | Routine (sold in May each year 2023–2025) |
| 2026-05-26 | Wichman Gordon Douglas | Executive Vice President | 3,000 | $421K | 16.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-26 | Fields Gary D | Director | 21,173 | $3.0M | 29.9% | No | Routine (sold in May each year 2023–2025) |
| 2026-05-14 | Kidwell Casey | Chief Administration Officer | 3,153 | $436K | 16.7% | No | Too little history (no open-market trades in 2025) |
| 2026-05-13 | Tobolski Matthew Joseph | Chief Executive Officer | 8,000 | $1.1M | 2.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-13 | Fields Gary D | Director | 19,081 | $2.6M | 27.7% | No | Routine (sold in May each year 2023–2025) |
| 2026-05-12 | Fields Gary D | Director | 31,271 | $4.2M | 38.6% | No | Routine (sold in May each year 2023–2025) |
| 2026-05-07 | Thompson Rebecca | Chief Accounting Officer | 9,672 | $1.3M | 23.3% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-27 | Thompson Rebecca | Chief Accounting Officer | 400 | $40K | 1.2% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-24 | Thompson Rebecca | Chief Accounting Officer | 21,914 | $2.2M | 40.7% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-23 | Thompson Rebecca | Chief Accounting Officer | 7,292 | $730K | 18.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-21 | Thompson Rebecca | Chief Accounting Officer | 2,287 | $229K | 6.7% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Insider purchases (SEC Form 4, open-market, last ~7 months) (AAON)
2 purchases, $110K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-15 | Stewart David Raymond | Director | 1,000 | $75K | 74.66 | Too little history (no open-market trades in 2024) |
| 2026-08-28 | Shaub Matthew | Executive Vice President | 457 | $35K | 76.42 | Too little history (no open-market trades in 2023 or 2024) |
Analysts (AAON)
Consensus Buy (mean 2.00 on a 1–5 scale), 6 analysts; mean target USD 128.5 (low 110, high 154).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-14 | Oppenheimer | Target lowered | Outperform | $125 → $115 |
| 2026-08-11 | Oppenheimer | Target lowered | Outperform | $145 → $125 |
| 2026-08-11 | Baird | Target lowered | Outperform | $150 → $135 |
| 2026-07-23 | Keybanc | Initiated | Sector Weight |
Total return (dividends reinvested) (AAON)
| 1Y (from 2025-10-30) | 5Y (from 2021-10-25) | |
|---|---|---|
| Total return | -24.9% | +61.7% |
| S&P 500 (SPY) | +14.4% | +79.1% |
| Per year | -24.9% | +10.1% |
| Volatility (annualized) | 59.7% | 48.4% |
| Max drawdown | -53.5% (Jun 2026→Oct 2026) | -50.8% (May 2026→Oct 2026) |
AAON earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 10, 2026 | Quarter ended Jun 30, 2026 | $0.69 | $0.49 | Beat +40.8% | -9.5% |
| May 7, 2026 | Quarter ended Mar 31, 2026 | $0.48 | $0.29 | Beat +65.5% | +42.1% |
| Mar 2, 2026 | Quarter ended Dec 31, 2025 | $0.39 | $0.46 | Miss −15.2% | -5.8% |
| Nov 6, 2025 | Quarter ended Sep 30, 2025 | $0.37 | $0.32 | Beat +15.6% | +12.9% |
| Aug 11, 2025 | — | — | — | — | +3.0% |
| May 1, 2025 | — | — | — | — | +8.9% |
| Feb 27, 2025 | — | — | — | — | -24.7% |
| Nov 7, 2024 | — | — | — | — | +15.0% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).
AAON recent SEC filings (last 120 days)
| Filed | Form | What it says |
|---|---|---|
| Sep 8, 2026 | Schedule 13G/A | Wellington Management Group LLP, Wellington Group Holdings LLP: 10.4% of shares, passive 5%+ holder (amended) |
| Aug 28, 2026 | 8-K | Regulation FD disclosure; Other material event “On August 21, 2026, AAON, Inc., a Nevada corporation (the "Company") announced that it would operate under the trade name The Aaon Group. This new enterprise identity reflects the Company's evolution into a multi-brand organization with a clear distinction between the enterprise and the Company's operating brands, AAON and BASX. A copy of the press release announcing the new enterprise identity is attached hereto as Exhibit 99.1 and is incorporated herein by reference.” |
| Aug 13, 2026 | Schedule 13G/A | Wellington Management Group LLP, Wellington Group Holdings LLP: 7.0% of shares, passive 5%+ holder (amended) |
| Aug 13, 2026 | 8-K | Other material event “The Company announced that the Board of Directors has declared its next regular quarterly cash dividend of $0.10 per share or $0.40 annually. The next cash dividend will be payable on September 25, 2026, to stockholders of record as of the close of business on September 4, 2026. A copy of the Company's press release announcing the quarterly cash dividend is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.” |
| Aug 10, 2026 | 10-Q | Quarterly report · period ended Jun 30, 2026 |
| Aug 10, 2026 | 8-K | Quarterly results; Regulation FD disclosure |
| Jul 30, 2026 | 8-K | Director or executive officer change, or pay arrangement; Bylaws or fiscal-year change “(d) On July 28, 2026, the Board of Directors of AAON, Inc. (the "Company") increased the current size of the Board from nine to eleven members by adding two Class III positions (as further described in Item 5.03, below), and upon the recommendation of the Company's Governance Committee, appointed Robert L. Buttermore III, and Patrick J. Jermain as independent directors to fill the newly created Class III positions, each effective immediately. The Board also appointed, upon the recommendation of the Governance…” |
Source: SEC EDGAR. Quotes are the opening words of each item as filed; each form links to the filing. Insider Form 4 filings are listed in the insider sections.
AAON revenue by business segment (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| AAON Oklahoma | $262.3M | 41.8% | +41.7% |
| BasX | $218.0M | 34.8% | +220.7% |
| AAON Coil Products | $146.7M | 23.4% | +150.9% |
| Total revenue | $627.0M | 100% | — |
AAON revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| AAON-branded Products | $262.2M | 41.8% | +41.6% |
| Part Sales | $23.8M | 3.8% | +15.0% |
| BASX-branded Products | $107,000 | 0.0% | — |
| Total revenue | $627.0M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
AAON suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | BASX | “The length of the sales cycle for certain BASX-branded products and solutions offerings, as well as unpredictable placing or canceling of customer orders, particularly large orders, may cause our revenues and operating results to vary significantly from period-to-period, which could make our future operational results less predictable.” |
| Competitor | Vertiv (VRT) | “Our thermal management products primarily compete with Vertiv (Vertiv Holdings Co.), STULZ (STULZ Air Technology Systems, Inc.), Munters, Silent Aire (Johnson Controls International PLC), Nortek (Nortek Air Solutions), and Modine (Modine Manufacturing Co.).” |
Quoted from the company's 10-K filed Mar 2, 2026.
AAON analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.58 | $0.66 | -12.4% | $602.2M | 6 |
| Next quarter (ends Dec 2026) | $0.63 | $0.64 | -0.2% | $583.7M | 5 |
| Current fiscal year (ends Dec 2026) | $2.38 | $2.25 | +5.8% | $2.31B | 6 |
| Next fiscal year (ends Dec 2027) | $3.57 | $3.40 | +4.9% | $2.74B | 6 |
AAON options: expected move
Options price a move of about ±18.6% (±$14.00) by Nov 20, 2026, which includes earnings on Nov 5, 2026. Over the last 8 reports the stock moved ±15.2% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 22 | 95.0% | ±18.6% |
| Dec 18, 2026 | 50 | 73.8% | ±21.7% |
| Jan 15, 2027 | 78 | 66.8% | ±24.5% |
| Mar 19, 2027 | 141 | 67.0% | ±32.7% |
| Apr 16, 2027 | 169 | 66.3% | ±35.3% |
| Oct 15, 2027 | 351 | 66.4% | ±50.3% |
30-day implied volatility 85.6% vs 54% realized over the last 30 trading days. Put/call ratio (volume) 0.69. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 29, 2026 at 21:27 UTC)
| Price | USD 75.3 |
|---|---|
| Change | ▼ 0.41% (down) |
| Previous Close | USD 75.61 |
| Open | USD 73.51 |
| Day Range | USD 72.71 – 76.59 |
| 52-Week Range | USD 66.39 – 150.46 |
| Volume | 647,747 shares |
| Market Cap | $6.21B |
| Exchange | NMS |
Technical Analysis (AAON)
Nexqual's technical model rates AAON "STRONG SELL" based on 0 bullish and 5 bearish signals across 127 daily candles, as of October 29, 2026 at 21:27 UTC.
| Overall Signal | STRONG SELL |
|---|---|
| RSI (14) | 47.6 (neutral) |
| vs SMA50 | Below (USD 78.92) |
| MACD | -2.45 (negative) |
Analyst Ratings (AAON)
Wall Street analysts rate AAON "Buy" based on 6 analysts, with a mean price target of USD 128.5 (range USD 110–154), per Nexqual as of October 29, 2026 at 21:27 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 6 |
| Mean Target | USD 128.5 |
| High Target | USD 154 |
| Low Target | USD 110 |
| Buy / Hold / Sell | 5 / 1 / 0 |
Earnings (AAON)
| Next Earnings Date | 2026-11-05 |
|---|---|
| EPS Estimate | USD 0.58 |
| Revenue Estimate | $602.22M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.69 vs est 0.49 ▲ beat |
| 2026-03-31 | USD 0.48 vs est 0.29 ▲ beat |
| 2025-12-31 | USD 0.39 vs est 0.46 ▼ miss |
| 2025-09-30 | USD 0.37 vs est 0.32 ▲ beat |
Source: Nexqual, October 29, 2026 at 21:27 UTC.
Financials & Fundamentals (AAON)
| Total Revenue | $1.93B |
|---|---|
| Revenue Growth (latest quarter, YoY) | +101.20% |
| Gross Margin | +25.57% |
| Operating Margin | +10.99% |
| Profit Margin | +8.24% |
| ROE | +17.28% |
| Debt / Equity | 0.45 |
| Current Ratio | 3.01 |
| Total Cash | $13,000 |
| Total Debt | $452.08M |
Source: Nexqual, October 29, 2026 at 21:27 UTC.
Financial Health Score (AAON)
Nexqual rates AAON, Inc.'s overall financial health "Solid" across five dimensions, as of October 29, 2026 at 21:27 UTC.
| Growth | Strong — Revenue +20% YoY (annual) |
|---|---|
| Profitability | Solid — Gross margin 26%, operating 11% (last 4 quarters to Jun 2026, SEC) |
| Balance Sheet | Strong — $13K cash vs $452M debt |
| Cash Flow | Solid — Operating cash flow $534K (FY ended Dec 2025, 10-K) |
| Efficiency | Solid — ROE 16%, ROA 8.5% (last 4 quarters, SEC) |
Ownership (AAON)
| Insider Ownership | +16.73% |
|---|---|
| Institutional Ownership | +86.22% |
| Shares Outstanding | 82.45M |
| Float | 68.85M |
| Short % of Float | +9.22% |
Source: Nexqual, October 29, 2026 at 21:27 UTC.
Leadership (AAON)
AAON, Inc. is led by Matthew J. Tobolski Ph.D., SE, President, CEO & Director, per Nexqual as of October 29, 2026 at 21:27 UTC.
| President, CEO & Director | Matthew J. Tobolski Ph.D., SE |
|---|---|
| Founder & Director | Norman H. Asbjornson |
| Special Advisor & Director | Gary D. Fields |
| Executive VP & CFO | Chung Kin Cheung |
| Senior Vice President of Operations | Roberto Giacomelli |
Major Backers & Investors (AAON)
Notable institutional backers of AAON, Inc. include Wellington Management, Wasatch Advisors LP, First TRT Exch-Trd Fd. VI-First TRT RBA American Industrial Renaissanc, according to Nexqual as of October 29, 2026 at 21:27 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Wellington Management | 7% |
| Wasatch Advisors LP | 3.59% |
| First TRT Exch-Trd Fd. VI-First TRT RBA American Industrial Renaissanc | 2.27% |
| First Trust Advisors LP | 1.92% |
| BLAIR WILLIAM & CO/IL | 1.86% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 8.11% |
| Vanguard Group | 7.35% |
| State Street | 3.18% |
| Geode Capital | 1.74% |
| Dimensional Fund Advisors | 1.64% |
Source: Nexqual, October 29, 2026 at 21:27 UTC.
From AAON, Inc.'s Latest SEC 10-K Filing (filed 2026-03-02)
Key Strengths & Strategy (as disclosed to the SEC)
- Examples of companies in this space include Microsoft, Amazon Web Services, Google Cloud, QTS and Applied Digital.
- We maintain a culture focused on innovation, technical rigor, and operational excellence that enables us to compete against substantially larger manufacturers.
- The unique capabilities of the NAIC will enable us to lead the industry in the development of quiet, energy-efficient commercial and industrial heating and air conditioning equipment.
- The NAIC was designed to test products well beyond the standard AHRI rating points and allows us to offer testing services on our equipment throughout our range of product application.
Partnerships
- Our working capital requirements are generally met by cash flow from operations and a bank revolving credit facility, which currently permits borrowings up to $600.0 million and had a $398.3 million outstanding balance at December 31, 2025.
- We have partnered with industry leaders to create our Internet of Things ("IoT") solution and are beginning to utilize artificial intelligence ("AI") tools to enhance efficiencies when developing our control algorithms and sequences of operation.
Legal & Regulatory Risks (Item 1A, quoted)
- Our future profitability could be adversely affected by current or future environmental laws.
- We always face the possibility of new or rapidly evolving changes to existing governmental regulations and policies, from the Federal or state levels, which could have a substantial or even extreme negative effect on our operations and profitability.
- Our tax expense or benefits could be adversely affected by changes in tax provisions, unfavorable findings in tax examinations, or differing interpretations by tax authorities.
- We are subject to international regulations that could adversely affect our business and results of operations.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| BLDR | Builders FirstSource, Inc. | USD 63.06 | ▲ 12.85% |
| AWI | Armstrong World Industries Inc | USD 165.95 | ▲ 5.93% |
| FBIN | Fortune Brands Innovations, Inc | USD 44.13 | ▲ 4.75% |
| TREX | Trex Company, Inc. | USD 50.85 | ▲ 2.64% |
| LPX | Louisiana-Pacific Corporation | USD 73.46 | ▲ 4.85% |
| GFF | Griffon Corporation | USD 102.92 | ▲ 3.05% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 29, 2026 at 21:27 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt