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AAON, INC. AAON

Nasdaq · stock · Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip · website · IPO 1991-01-03 · LEI

AAON, INC. statistics & valuation

Market cap$10.4B
P / E96.5×
P / S7.2×
P / B11.6×
Dividend yield0.31%
Net margin7.5%
Return on equity12.0%
Return on capital10.8%
Graham number -79.3%$17.68

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($17.68); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
13.90% 13.30% 9.80% 11.40% 15.40% 11.00% 11.30% 15.20% 14.00% 7.50% 2016201720182019202020212022202320242025
Gross margin (%)
30.80% 30.50% 23.90% 25.40% 30.30% 25.80% 26.70% 34.10% 33.10% 26.70% 2016201720182019202020212022202320242025
Operating margin (%)
20.70% 18.30% 12.80% 14.30% 19.80% 13.00% 14.30% 19.50% 17.40% 10.10% 2016201720182019202020212022202320242025
Return on equity (%)
25.60% 22.50% 17.00% 18.50% 22.50% 12.60% 17.90% 24.20% 20.40% 12.00% 2016201720182019202020212022202320242025
Shares outstanding
80.2M 79.6M 79.0M 79.0M 79.6M 80.6M 81.1M 83.3M 83.6M 83.1M 2016201720182019202020212022202320242025
Net debt ($)
2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
20.80% 18.10% 13.70% 14.50% 17.60% 9.00% 12.30% 18.90% 14.30% 6.40% 2016201720182019202020212022202320242025
Free cash flow margin (%)
2016201720182019202020212022202320242025
Debt / equity (×)
2016201720182019202020212022202320242025
EPS ($)
$0.67 $0.67 $0.53 $0.68 $0.99 $0.73 $1.24 $2.13 $2.02 $1.29 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

AAON, INC. trades at about 66.1× earnings — above its 10-year norm (10-year range 32.9×–70.6×, median 49.7×).

32.9× 70.6×

Shaded band = 10-year range (32.9×–70.6×); dot = today's 66.1×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Gross margin26.7%33.1%34.1%26.7%25.8%30.3%25.4%23.9%30.5%30.8%
Operating margin10.1%17.4%19.5%14.3%13.0%19.8%14.3%12.8%18.3%20.7%
Net margin7.5%14.0%15.2%11.3%11.0%15.4%11.4%9.8%13.3%13.9%
Return on assets6.4%14.3%18.9%12.3%9.0%17.6%14.5%13.7%18.1%20.8%
Return on equity12.0%20.4%24.2%17.9%12.6%22.5%18.5%17.0%22.5%25.6%
Current ratio2.632.793.232.402.513.733.352.963.073.61

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.