Recent News
May 27, 2026 — AAON announced a presentation at the William Blair Growth Stock Conference, outlining outreach to growth-oriented investors.
May 18, 2026 — AAON declared a quarterly cash dividend, confirming the board’s ongoing capital-return policy.
May 17–18, 2026 — AAON hosted investor events focused on strategy and product lines as part of spring investor outreach.
June 8, 2026 — Company filed an 8‑K with the SEC covering corporate developments disclosed in early June.
Technical Analysis
ADX at 25.18 signals a strong trending environment; strength supports follow-through in the prevailing directional forces rather than chop.
DI+ shows a peak-and-reversal while DI- trends lower; the directional indicators diverge, indicating a struggle between bullish pressure and a recent loss of upside momentum.
MACD sits negative at -4.65 and has peaked and reversed; MACD below its signal line (-3.61) points to bearish momentum in the very near term.
MRO reads -5.51 (negative), implying the market price remains below the model target and, mechanically, offers mean-reversion potential; the MRO trend declines, reducing that potential gradually.
RSI at 43.72 with a dip-and-reversal pattern suggests a short-term rebound attempt after recent weakness, but not yet a clear momentum breakout.
Price relationships bias toward consolidation under resistance: the close at $105.61 trades beneath the 20‑day average ($110.58) and far below the 50‑day average ($127.75), while the 200‑day average ($100.68) sits just under current price, providing a mixed multi-horizon picture.
Bollinger bands place the close just below the one‑standard‑deviation lower band ($106.70) but above the two‑standard‑deviation lower ($102.82), implying short-term oversold conditions that still allow for continued downside before extreme oversold triggers.
High short‑ and medium‑term betas (42‑day 2.33; 52‑week 2.06) signal elevated sensitivity to market moves and amplify reaction to both company-specific and macro catalysts.
Fundamental Analysis
Revenue growth shows strong acceleration: QoQ revenue growth at 64.75% and year‑over‑year revenue growth at 109.71% reflect substantial demand expansion over the trailing periods; operating leverage accompanied that growth. QoQ improvement supports the valuation thesis tied to growth execution.
Operating metrics improved: operating margin at 11.48% increased QoQ by 10.64% and YoY by 4.80%, indicating margin recovery alongside higher sales volumes. EBIT stood at $57,136,000, yielding an EBIT margin of 11.50%—below the industry peer mean of 14.45% and the industry peer median of 16.53%, but above the industry peer low of -21.83%.
Earnings per share outperformed Street expectations for the most recent quarter: EPS came in at $0.48 versus an estimate of $0.29, producing a $0.19 beat and a 65.5% surprise ratio, demonstrating upside to consensus earnings flow for the period ending March 31, 2026. The company filed the report on May 7, 2026; the next scheduled report stands at August 6, 2026.
Cash generation shows stress: free cash flow registered negative $18,941,000 and free cash flow yield reads -0.26%. Operating cash flow of $33,994,000 covers some needs, but ending cash remains minimal at $13,000, increasing reliance on working capital and financing to support capex and inventory build.
Balance‑sheet and leverage metrics reflect moderate conservatism: current ratio at 2.62 and quick ratio at 1.75 provide ample near‑term liquidity; total debt near $450.9 million produces debt/EBITDA of 5.77 and net debt of $432.7 million—levels that heighten sensitivity to EBITDA swings but remain serviceable given an interest coverage ratio around 11.30.
Market multiples present valuation headwinds: P/B at 7.96x runs above the industry peer mean of 4.33 and approaches the industry peer high of 8.65; forward P/E near 108.57x and trailing P/E at about 189.26x stand materially above the industry peer mean of 97.10x and median of 94.15x. WMDST values the stock as over‑valued based on those multiples against current fundamentals and cash‑flow dynamics.
Additional operational metrics: gross margin at 25.15% declined modestly QoQ and YoY; inventory days and receivables indicate stretched working capital with a cash conversion cycle near 99.6 days, above the industry peer mean of 87.64 days, placing pressure on cash conversion even as sales expand.
In summary, fundamentals show rapid top‑line growth and margin improvement paired with negative free cash flow and premium market multiples; the near-term valuation premium demands continued execution on margins and cash conversion to sustain multiple expansion.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-07 |
| NEXT REPORT DATE: | 2026-08-06 |
| CASH FLOW | Begin Period Cash Flow | $ 1.2 M |
| Operating Cash Flow | $ 34.0 M | |
| Capital Expenditures | $ -52.94 M | |
| Change In Working Capital | $ -39.67 M | |
| Dividends Paid | $ -8.15 M | |
| Cash Flow Delta | $ -139.00 K | |
| End Period Cash Flow | $ 1.1 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 496.9 M | |
| Forward Revenue | $ 218.0 M | |
| COSTS | ||
| Cost Of Revenue | $ 372.0 M | |
| Depreciation | $ 20.9 M | |
| Depreciation and Amortization | $ 20.9 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 439.9 M | |
| PROFITABILITY | ||
| Gross Profit | $ 125.0 M | |
| EBITDA | $ 78.1 M | |
| EBIT | $ 57.1 M | |
| Operating Income | $ 57.1 M | |
| Interest Income | — | |
| Interest Expense | $ 5.1 M | |
| Net Interest Income | $ -5.05 M | |
| Income Before Tax | $ 52.1 M | |
| Tax Provision | $ 12.3 M | |
| Tax Rate | 23.6 % | |
| Net Income | $ 39.8 M | |
| Net Income From Continuing Operations | $ 39.8 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.29 | |
| EPS Actual | $ 0.48 | |
| EPS Difference | $ 0.19 | |
| EPS Surprise | 65.517 % | |
| Forward EPS | $ 0.85 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.8 B | |
| Intangible Assets | $ 171.9 M | |
| Net Tangible Assets | $ 762.3 M | |
| Total Current Assets | $ 943.7 M | |
| Cash and Short-Term Investments | $ 13.0 K | |
| Cash | $ 13.0 K | |
| Net Receivables | $ 290.2 M | |
| Inventory | $ 313.2 M | |
| Long-Term Investments | $ 1.9 M | |
| LIABILITIES | ||
| Accounts Payable | $ 160.1 M | |
| Short-Term Debt | $ 7.5 M | |
| Total Current Liabilities | $ 359.6 M | |
| Net Debt | $ 432.7 M | |
| Total Debt | $ 450.9 M | |
| Total Liabilities | $ 855.5 M | |
| EQUITY | ||
| Total Equity | $ 934.2 M | |
| Retained Earnings | $ 862.0 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 11.41 | |
| Shares Outstanding | 81.851 M | |
| Revenue Per-Share | $ 6.07 | |
| VALUATION | Market Capitalization | $ 7.4 B |
| Enterprise Value | $ 7.9 B | |
| Enterprise Multiple | 101.006 | |
| Enterprise Multiple QoQ | -18.843 % | |
| Enterprise Multiple YoY | -44.042 % | |
| Enterprise Multiple IPRWA | high: 105.082 AAON: 101.006 median: 64.028 mean: 61.145 low: -16.375 |
|
| EV/R | 15.87 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.916 | |
| Asset To Liability | 2.092 | |
| Debt To Capital | 0.326 | |
| Debt To Assets | 0.252 | |
| Debt To Assets QoQ | 0.052 % | |
| Debt To Assets YoY | 22.297 % | |
| Debt To Assets IPRWA | high: 0.78 mean: 0.364 median: 0.35 AAON: 0.252 low: 0.006 |
|
| Debt To Equity | 0.483 | |
| Debt To Equity QoQ | 1.718 % | |
| Debt To Equity YoY | 47.015 % | |
| Debt To Equity IPRWA | high: 1.744 AAON: 0.483 median: 0.422 mean: 0.366 low: -1.447 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 7.959 | |
| Price To Book QoQ | -6.283 % | |
| Price To Book YoY | -11.595 % | |
| Price To Book IPRWA | high: 8.653 AAON: 7.959 mean: 4.333 median: 3.959 low: 0.397 |
|
| Price To Earnings (P/E) | 189.256 | |
| Price To Earnings QoQ | -20.674 % | |
| Price To Earnings YoY | -22.545 % | |
| Price To Earnings IPRWA | high: 212.401 AAON: 189.256 mean: 97.101 median: 94.153 low: -106.741 |
|
| PE/G Ratio | 8.201 | |
| Price To Sales (P/S) | 14.963 | |
| Price To Sales QoQ | -16.491 % | |
| Price To Sales YoY | -34.395 % | |
| Price To Sales IPRWA | high: 18.395 AAON: 14.963 median: 9.93 mean: 9.876 low: 0.198 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 108.566 | |
| Forward PE/G | 4.705 | |
| Forward P/S | 35.375 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1.727 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.286 | |
| Asset Turnover Ratio QoQ | 8.529 % | |
| Asset Turnover Ratio YoY | 9.881 % | |
| Asset Turnover Ratio IPRWA | high: 0.474 AAON: 0.286 mean: 0.246 median: 0.23 low: 0.047 |
|
| Receivables Turnover | 1.644 | |
| Receivables Turnover Ratio QoQ | 12.507 % | |
| Receivables Turnover Ratio YoY | -20.262 % | |
| Receivables Turnover Ratio IPRWA | high: 3.734 mean: 1.868 median: 1.842 AAON: 1.644 low: 0.718 |
|
| Inventory Turnover | 1.295 | |
| Inventory Turnover Ratio QoQ | 5.382 % | |
| Inventory Turnover Ratio YoY | 6.141 % | |
| Inventory Turnover Ratio IPRWA | high: 2.719 AAON: 1.295 mean: 1.174 median: 1.166 low: 0.179 |
|
| Days Sales Outstanding (DSO) | 55.505 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 99.582 | |
| Cash Conversion Cycle Days QoQ | -9.793 % | |
| Cash Conversion Cycle Days YoY | 0.506 % | |
| Cash Conversion Cycle Days IPRWA | high: 198.937 AAON: 99.582 mean: 87.642 median: 77.185 low: 2.167 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.851 | |
| CapEx To Revenue | -0.107 | |
| CapEx To Depreciation | -2.528 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.4 B | |
| Net Invested Capital | $ 1.4 B | |
| Invested Capital | $ 1.4 B | |
| Net Tangible Assets | $ 762.3 M | |
| Net Working Capital | $ 584.1 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.0 | |
| Current Ratio | 2.624 | |
| Current Ratio QoQ | -0.115 % | |
| Current Ratio YoY | -5.172 % | |
| Current Ratio IPRWA | high: 5.721 AAON: 2.624 mean: 2.316 median: 1.877 low: 0.779 |
|
| Quick Ratio | 1.753 | |
| Quick Ratio QoQ | -4.603 % | |
| Quick Ratio YoY | -2.859 % | |
| Quick Ratio IPRWA | high: 4.762 AAON: 1.753 mean: 1.514 median: 1.187 low: 0.619 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 5.774 | |
| Cost Of Debt | 0.883 % | |
| Interest Coverage Ratio | 11.303 | |
| Interest Coverage Ratio QoQ | 47.734 % | |
| Interest Coverage Ratio YoY | -10.243 % | |
| Interest Coverage Ratio IPRWA | high: 51.538 AAON: 11.303 mean: 11.241 median: 7.396 low: -20.842 |
|
| Operating Cash Flow Ratio | 0.23 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 39.259 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 4.888 | |
| Dividend Payout Ratio | 0.205 | |
| Dividend Rate | $ 0.10 | |
| Dividend Yield | 0.001 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 6.119 % | |
| Revenue Growth | 17.142 % | |
| Revenue Growth QoQ | 64.748 % | |
| Revenue Growth YoY | 109.714 % | |
| Revenue Growth IPRWA | high: 32.602 % AAON: 17.142 % mean: 2.597 % median: 1.514 % low: -26.951 % |
|
| Earnings Growth | 23.077 % | |
| Earnings Growth QoQ | 326.957 % | |
| Earnings Growth YoY | -1.097 % | |
| Earnings Growth IPRWA | high: 60.902 % AAON: 23.077 % median: 3.39 % mean: 2.41 % low: -75.893 % |
|
| MARGINS | ||
| Gross Margin | 25.147 % | |
| Gross Margin QoQ | -2.817 % | |
| Gross Margin YoY | -6.227 % | |
| Gross Margin IPRWA | high: 56.662 % median: 34.521 % mean: 34.29 % AAON: 25.147 % low: 9.553 % |
|
| EBIT Margin | 11.498 % | |
| EBIT Margin QoQ | 10.643 % | |
| EBIT Margin YoY | 4.947 % | |
| EBIT Margin IPRWA | high: 26.893 % median: 16.528 % mean: 14.446 % AAON: 11.498 % low: -21.828 % |
|
| Return On Sales (ROS) | 11.482 % | |
| Return On Sales QoQ | 10.798 % | |
| Return On Sales YoY | 4.801 % | |
| Return On Sales IPRWA | high: 24.317 % median: 16.321 % mean: 14.576 % AAON: 11.482 % low: -12.238 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -18.94 M | |
| Free Cash Flow Yield | -0.255 % | |
| Free Cash Flow Yield QoQ | -58.469 % | |
| Free Cash Flow Yield YoY | -76.168 % | |
| Free Cash Flow Yield IPRWA | high: 6.62 % median: 0.066 % AAON: -0.255 % mean: -0.37 % low: -9.739 % |
|
| Free Cash Growth | -59.388 % | |
| Free Cash Growth QoQ | -331.65 % | |
| Free Cash Growth YoY | 84.018 % | |
| Free Cash Growth IPRWA | high: 336.077 % AAON: -59.388 % median: -84.944 % mean: -112.068 % low: -416.974 % |
|
| Free Cash To Net Income | -0.476 | |
| Cash Flow Margin | 16.629 % | |
| Cash Flow To Earnings | 2.075 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 2.291 % | |
| Return On Assets QoQ | 15.184 % | |
| Return On Assets YoY | -3.211 % | |
| Return On Assets IPRWA | high: 6.228 % median: 2.622 % mean: 2.328 % AAON: 2.291 % low: -7.235 % |
|
| Return On Capital Employed (ROCE) | 3.995 % | |
| Return On Equity (ROE) | 0.043 | |
| Return On Equity QoQ | 19.084 % | |
| Return On Equity YoY | 18.719 % | |
| Return On Equity IPRWA | high: 0.092 AAON: 0.043 median: 0.029 mean: 0.022 low: -0.17 |
|
| DuPont ROE | 4.353 % | |
| Return On Invested Capital (ROIC) | 3.196 % | |
| Return On Invested Capital QoQ | 12.813 % | |
| Return On Invested Capital YoY | 7.284 % | |
| Return On Invested Capital IPRWA | high: 8.77 % mean: 3.406 % median: 3.303 % AAON: 3.196 % low: -6.723 % |
|