Reading the tape
NASDAQ: AAON
AAON, Inc.
Industrials · Construction
Market Cap
$7.52B
52w High
$116.04
52w Low
$62.00
P/E
69.64
Volume
507.46K
Outstanding Shares
81.84M
Price vs Fundamentals
Why The Stock Is Moving
Mixed / unclearLow confidence
Note: The most recent financial data is over 3 months old. Metrics shown may not reflect the latest reporting period.
1Y Price: -7.1%Revenue (TTM): 20.11%P/E: 95th pct
What changed
The stock fell 7.1% over the last year. Revenue grew 20.11% over the trailing twelve months. Operating margin moved from 17.42% to 10.14%.
What the market seems to be pricing
The stock has moved lower against modestly improving underlying metrics. The operating data does not yet tell a clear story — the move may reflect sentiment, sector rotation, or macro factors rather than company-specific earnings power.
What would invalidate this read
Operating margin currently stands at 10.14%. A decisive move in revenue — currently up 20.11% — would be the clearest signal to resolve the ambiguity.
Company profile
AAON, Inc., together with its subsidiaries, engages in engineering, manufacturing, marketing, and selling air conditioning and heating equipment in the United States and Canada.
CEOMatthew J. Tobolski
SectorIndustrials
IndustryConstruction
Employees4,812
IPO dateDec 16, 1992
Valuation
Forward P/E—
EV/EBITDA29.45
Enterprise value$6.65B
Stock splits
Aug 17, 2023↑ Forward
Every 2 shares became 3
Jul 17, 2014↑ Forward
Every 2 shares became 3
Jul 3, 2013↑ Forward
Every 2 shares became 3
Jun 14, 2011↑ Forward
Every 2 shares became 3
Aug 22, 2007↑ Forward
Every 2 shares became 3
Jun 5, 2002↑ Forward
Every 2 shares became 3
Oct 1, 2001↑ Forward
Every 2 shares became 3
Mar 7, 1995↑ Forward
Every 10 shares became 11
Profitability & growth
Revenue growth42.49%
Gross margin26.75%▼19.13%vs FY2024
Operating margin10.14%▼41.77%vs FY2024
ROE12.02%▼41.19%vs FY2024
Analyst consensus
RatingBuy
Target price$119.00▲29.49%
5
Buy
0
Hold
0
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
May 7, 2026
Q2 FY26 · EPS est $0.31 · Revenue est $381.08M
View
Dividends
$0.20/shareSemi-annualAt RiskAAON pays a dividend with a 0.22% dividend yield, growing at 9.56% annually, covered -5.9× by free cash flow.
Dividend Yield
0.22%
Annual Div / Share
$0.20
TTM $0.40
5yr CAGR
+9.56%
Doubles every ~7.6yr
Payout Ratio
30.3%
At Risk
Dividend Growth Rate
3yr CAGR
+11.74%
5yr CAGR
+9.56%
10yr CAGR
+10.55%
Dividend Safety
5/10At Risk
Dividend History
Annual dividends paid per share
YearAnnual DivYoY
2025$0.40+25.0%
2024$0.32-0.0%
2023$0.32+11.6%
2022$0.29+13.2%
2021$0.25+0.0%
2020$0.25+18.7%
2019$0.21+0.0%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$2/yr
$0/mo
In 5 yrs
$3/yr+58%
$0/mo
In 10 yrs
$5/yr+149%
$0/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$2/yr $0/mo | $3/yr+58% $0/mo | $5/yr+149% $0/mo |
Yield-on-cost grows from 0.22% → 0.54% over 10yr
Analysis
Dividend Strengths
Strong dividend growth rate
The 5-year CAGR of 9.56% meaningfully outpaces inflation, compounding real income growth for long-term holders.
Risks to Watch
Dividend exceeds free cash flow
Free cash flow covers only -5.87× the dividend. The company is paying out more than it generates in cash, which is unsustainable without borrowing or asset sales.