Recent News
On March 2, 2026 the company reported fourth-quarter and full‑year 2025 results and described a record backlog entering 2026; management noted accelerating Tulsa production in January–February and provided full‑year 2026 guidance for higher revenue and gross profit. On March 4, 2026 call highlights emphasized production ramp and backlog conversion, while the company announced a $0.10 quarterly cash dividend payable March 30, 2026. Commentary also covered expectations for SG&A and depreciation guidance for fiscal 2026.
Technical Analysis
ADX reads 16.36, indicating no established trend; this tempers conviction for directional breakout despite momentum signals.
Directional indicators show conflict: DI+ at 25.37 and increasing, which supports a bullish tilt, while DI‑ at 26.04 with a dip‑and‑reversal pattern signals renewed bearish pressure. The mixed DI signals imply short‑term tug‑of‑war between buyer attempts to resume up‑moves and residual selling pressure from recent distribution.
MACD sits at 0.42 and is increasing, trading above its signal line at ‑1.20; the cross above the signal line constitutes a bullish momentum signal that supports further upside if sustained.
MRO registers ‑20.1 (dip & reversal), indicating the price sits below the model target and therefore contains upward potential; the negative oscillator magnitude suggests a material, not marginal, gap to the target level that could compress if momentum holds.
RSI at 50.31 and rising places momentum near neutral-to-positive territory, consistent with a consolidation that can pivot into a trend if the DI/MACD alignment strengthens.
Price structure favors buyers for now: the close at $92.60 sits above the 20‑day average ($86.02), 50‑day average ($91.34), and 200‑day average ($88.22), and the 12‑day EMA (price12dayEMA $88.68) trends up—these relationships support attempts to regain higher price levels but do not negate the ADX‑confirmed lack of a durable trend.
Fundamental Analysis
Revenue totaled $424,217,000 for the year ending 2025, with WMDST noting strong backlog conversion as a driver of sequential recovery; net income reached $32,032,000 and operating income equaled $43,960,000. WMDST values the stock as over‑valued given current multiples and cash‑flow profile.
Margins: operating margin stands at 10.36% and EBIT margin at 10.39%; EBIT margin declined quarter‑over‑quarter by 8.41% but rose year‑over‑year by 4.97%. The company guided toward higher gross profit and expects SG&A near 16% of sales, implying margin recovery depends on converting backlog while controlling overhead.
Earnings: reported EPS equaled $0.39 versus an estimate of $0.46, a shortfall of $0.07 or a ‑15.22% surprise. Forward EPS sits at $0.7405 with forward P/E roughly 117.56, while trailing P/E reads 238.58—these multiples reflect elevated expectations relative to current earnings and a long earnings recovery horizon priced into the shares.
Cash flow and capital allocation: free cash flow totaled negative $46,639,000 and free cash flow yield stands at ‑0.61%, while capital expenditures ran material and working capital absorbed cash (change in working capital ‑$45,068,000). Cash on hand remains minimal ($13,000) against total debt of $424,646,000 and net debt of $405,842,000; the interest coverage ratio at 7.65 provides a cushion but leverage metrics (debt/EBITDA ~6.59) remain elevated.
Valuation context versus industry peers: price/book at 8.49 compares to the industry peer mean price/book of 6.12 and median of 5.36, placing AAON above the industry peer mean and median but within the reported industry peer range high. Gross margin at 25.88% sits below the industry peer mean of 33.92% and median of 34.09%; operating and EBIT margins trail the industry peer mean and median as well. These peer comparisons highlight stretched valuation multiples relative to historical margin positions and current profitability. (Industry peer mean/median/range used where provided.)
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-03-02 |
| NEXT REPORT DATE: | 2026-06-01 |
| CASH FLOW | Begin Period Cash Flow | $ 2.3 M |
| Operating Cash Flow | $ 19.3 M | |
| Capital Expenditures | $ -65.96 M | |
| Change In Working Capital | $ -45.07 M | |
| Dividends Paid | $ -8.17 M | |
| Cash Flow Delta | $ -1.03 M | |
| End Period Cash Flow | $ 1.2 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 424.2 M | |
| Forward Revenue | $ 200.3 M | |
| COSTS | ||
| Cost Of Revenue | $ 314.4 M | |
| Depreciation | $ 25.7 M | |
| Depreciation and Amortization | $ 20.4 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 380.3 M | |
| PROFITABILITY | ||
| Gross Profit | $ 109.8 M | |
| EBITDA | $ 64.5 M | |
| EBIT | $ 44.1 M | |
| Operating Income | $ 44.0 M | |
| Interest Income | — | |
| Interest Expense | $ 5.8 M | |
| Net Interest Income | $ -5.76 M | |
| Income Before Tax | $ 38.3 M | |
| Tax Provision | $ 6.3 M | |
| Tax Rate | 16.413 % | |
| Net Income | $ 32.0 M | |
| Net Income From Continuing Operations | $ 32.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.46 | |
| EPS Actual | $ 0.39 | |
| EPS Difference | $ -0.07 | |
| EPS Surprise | -15.217 % | |
| Forward EPS | $ 0.74 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.7 B | |
| Intangible Assets | $ 165.8 M | |
| Net Tangible Assets | $ 729.2 M | |
| Total Current Assets | $ 869.2 M | |
| Cash and Short-Term Investments | $ 13.0 K | |
| Cash | $ 13.0 K | |
| Net Receivables | $ 314.4 M | |
| Inventory | $ 261.2 M | |
| Long-Term Investments | $ 2.3 M | |
| LIABILITIES | ||
| Accounts Payable | $ 110.4 M | |
| Short-Term Debt | $ 7.5 M | |
| Total Current Liabilities | $ 330.9 M | |
| Net Debt | $ 405.8 M | |
| Total Debt | $ 424.6 M | |
| Total Liabilities | $ 791.5 M | |
| EQUITY | ||
| Total Equity | $ 895.0 M | |
| Retained Earnings | $ 830.3 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 10.96 | |
| Shares Outstanding | 81.691 M | |
| Revenue Per-Share | $ 5.19 | |
| VALUATION | Market Capitalization | $ 7.6 B |
| Enterprise Value | $ 8.0 B | |
| Enterprise Multiple | 124.457 | |
| Enterprise Multiple QoQ | -0.931 % | |
| Enterprise Multiple YoY | -52.946 % | |
| Enterprise Multiple IPRWA | high: 141.652 AAON: 124.457 median: 81.324 mean: 79.797 low: -46.74 |
|
| EV/R | 18.919 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.884 | |
| Asset To Liability | 2.131 | |
| Debt To Capital | 0.322 | |
| Debt To Assets | 0.252 | |
| Debt To Assets QoQ | 2.2 % | |
| Debt To Assets YoY | 1750.037 % | |
| Debt To Assets IPRWA | high: 0.799 mean: 0.313 median: 0.256 AAON: 0.252 low: 0.007 |
|
| Debt To Equity | 0.474 | |
| Debt To Equity QoQ | 8.354 % | |
| Debt To Equity YoY | 2345.722 % | |
| Debt To Equity IPRWA | high: 1.605 median: 0.538 AAON: 0.474 mean: 0.459 low: -1.578 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 8.493 | |
| Price To Book QoQ | -3.718 % | |
| Price To Book YoY | -26.422 % | |
| Price To Book IPRWA | high: 10.31 AAON: 8.493 mean: 6.124 median: 5.363 low: 0.458 |
|
| Price To Earnings (P/E) | 238.579 | |
| Price To Earnings QoQ | -5.396 % | |
| Price To Earnings YoY | -38.761 % | |
| Price To Earnings IPRWA | AAON: 238.579 high: 225.799 median: 119.442 mean: 118.727 low: -11.115 |
|
| PE/G Ratio | 44.14 | |
| Price To Sales (P/S) | 17.918 | |
| Price To Sales QoQ | -9.571 % | |
| Price To Sales YoY | -43.954 % | |
| Price To Sales IPRWA | high: 27.177 AAON: 17.918 mean: 12.534 median: 12.217 low: 0.311 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 117.559 | |
| Forward PE/G | 21.75 | |
| Forward P/S | 37.951 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 0.108 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.263 | |
| Asset Turnover Ratio QoQ | 0.561 % | |
| Asset Turnover Ratio YoY | -2.404 % | |
| Asset Turnover Ratio IPRWA | high: 0.423 AAON: 0.263 median: 0.24 mean: 0.232 low: 0.059 |
|
| Receivables Turnover | 1.461 | |
| Receivables Turnover Ratio QoQ | -16.941 % | |
| Receivables Turnover Ratio YoY | -28.528 % | |
| Receivables Turnover Ratio IPRWA | high: 3.697 mean: 1.616 median: 1.519 AAON: 1.461 low: 0.792 |
|
| Inventory Turnover | 1.229 | |
| Inventory Turnover Ratio QoQ | 7.566 % | |
| Inventory Turnover Ratio YoY | 1.955 % | |
| Inventory Turnover Ratio IPRWA | high: 2.591 median: 1.521 mean: 1.393 AAON: 1.229 low: 0.123 |
|
| Days Sales Outstanding (DSO) | 62.447 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 110.392 | |
| Cash Conversion Cycle Days QoQ | -0.103 % | |
| Cash Conversion Cycle Days YoY | 2.756 % | |
| Cash Conversion Cycle Days IPRWA | high: 194.322 AAON: 110.392 mean: 72.986 median: 59.493 low: 5.27 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.788 | |
| CapEx To Revenue | -0.155 | |
| CapEx To Depreciation | -2.568 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.3 B | |
| Net Invested Capital | $ 1.3 B | |
| Invested Capital | $ 1.3 B | |
| Net Tangible Assets | $ 729.2 M | |
| Net Working Capital | $ 538.3 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.0 | |
| Current Ratio | 2.627 | |
| Current Ratio QoQ | -13.444 % | |
| Current Ratio YoY | -5.884 % | |
| Current Ratio IPRWA | high: 6.72 AAON: 2.627 mean: 1.814 median: 1.258 low: 0.751 |
|
| Quick Ratio | 1.838 | |
| Quick Ratio QoQ | -9.64 % | |
| Quick Ratio YoY | 6.861 % | |
| Quick Ratio IPRWA | high: 6.012 AAON: 1.838 mean: 1.22 median: 0.916 low: 0.286 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 6.585 | |
| Cost Of Debt | 1.2 % | |
| Interest Coverage Ratio | 7.651 | |
| Interest Coverage Ratio QoQ | -9.566 % | |
| Interest Coverage Ratio YoY | -68.643 % | |
| Interest Coverage Ratio IPRWA | high: 67.917 median: 14.333 mean: 13.504 AAON: 7.651 low: -27.461 |
|
| Operating Cash Flow Ratio | -0.017 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 36.216 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 3.923 | |
| Dividend Payout Ratio | 0.255 | |
| Dividend Rate | $ 0.10 | |
| Dividend Yield | 0.001 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 9.937 % | |
| Revenue Growth | 10.405 % | |
| Revenue Growth QoQ | -55.389 % | |
| Revenue Growth YoY | -215.291 % | |
| Revenue Growth IPRWA | AAON: 10.405 % high: 9.066 % mean: -8.7 % median: -10.012 % low: -23.621 % |
|
| Earnings Growth | 5.405 % | |
| Earnings Growth QoQ | -94.295 % | |
| Earnings Growth YoY | -110.319 % | |
| Earnings Growth IPRWA | high: 22.68 % AAON: 5.405 % mean: -26.497 % median: -29.365 % low: -92.157 % |
|
| MARGINS | ||
| Gross Margin | 25.876 % | |
| Gross Margin QoQ | -6.958 % | |
| Gross Margin YoY | -0.744 % | |
| Gross Margin IPRWA | high: 63.112 % median: 34.093 % mean: 33.924 % AAON: 25.876 % low: 11.293 % |
|
| EBIT Margin | 10.392 % | |
| EBIT Margin QoQ | -8.408 % | |
| EBIT Margin YoY | 4.97 % | |
| EBIT Margin IPRWA | high: 23.822 % median: 15.49 % mean: 13.908 % AAON: 10.392 % low: -16.835 % |
|
| Return On Sales (ROS) | 10.363 % | |
| Return On Sales QoQ | -8.736 % | |
| Return On Sales YoY | 4.677 % | |
| Return On Sales IPRWA | high: 23.072 % median: 15.92 % mean: 14.651 % AAON: 10.363 % low: -18.451 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -46.64 M | |
| Free Cash Flow Yield | -0.614 % | |
| Free Cash Flow Yield QoQ | 25.82 % | |
| Free Cash Flow Yield YoY | -49.631 % | |
| Free Cash Flow Yield IPRWA | high: 4.896 % mean: 1.439 % median: 1.191 % low: -0.348 % AAON: -0.614 % |
|
| Free Cash Growth | 25.637 % | |
| Free Cash Growth QoQ | -147.386 % | |
| Free Cash Growth YoY | -101.681 % | |
| Free Cash Growth IPRWA | high: 257.998 % AAON: 25.637 % median: -11.151 % mean: -43.448 % low: -307.947 % |
|
| Free Cash To Net Income | -1.456 | |
| Cash Flow Margin | -1.334 % | |
| Cash Flow To Earnings | -0.177 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 1.989 % | |
| Return On Assets QoQ | -5.241 % | |
| Return On Assets YoY | -11.166 % | |
| Return On Assets IPRWA | high: 4.262 % median: 2.763 % mean: 2.216 % AAON: 1.989 % low: -2.249 % |
|
| Return On Capital Employed (ROCE) | 3.252 % | |
| Return On Equity (ROE) | 0.036 | |
| Return On Equity QoQ | 0.365 % | |
| Return On Equity YoY | 19.539 % | |
| Return On Equity IPRWA | high: 0.139 median: 0.04 mean: 0.037 AAON: 0.036 low: -0.077 |
|
| DuPont ROE | 3.644 % | |
| Return On Invested Capital (ROIC) | 2.833 % | |
| Return On Invested Capital QoQ | -0.771 % | |
| Return On Invested Capital YoY | -98.241 % | |
| Return On Invested Capital IPRWA | high: 7.212 % mean: 3.599 % median: 3.311 % AAON: 2.833 % low: -5.743 % |
|