AAON, Inc. (AAON) is a publicly traded company in the Industrials — Industrial - Machinery industry listed on NASDAQ. This overview shows the latest price, key valuation ratios, profitability metrics and financial-health indicators used by fundamental investors.
AAON, Inc., along with its affiliated companies, focuses on the engineering, manufacturing, promotion, and sale of heating and air conditioning systems throughout the United States and Canada. The enterprise's operations are divided into three distinct divisions: AAON Oklahoma, AAON Coil Products, and BasX.
Is AAON, Inc. stock overvalued or undervalued in 2026?
AAON, Inc. (AAON) trades at 39.9× earnings (P/E), above the median of the 297 industrials companies over $2bn in Kaplio's universe. At the decade median (46.5×) $89 (+16 %); at its sector median (25.8×) $49 (-35 %).
Kaplio overview: AAON, Inc.
Market cap $6B · 52 weeks $69 – $148 (49 % below the high) · P/E 39.9× · 2027 expected P/E 21.2× · Dividend 0.53 % · Next earnings November 5, 2026 · expected EPS $0.57 · Closing price, Oct 28 · accounts published Aug 10.
- Valuation: P/E 39.9× (fairly priced).
- Business: ROIC 12 % (fair).
- Balance sheet: Net debt/EBITDA 1.9× (solid).
- Earnings: 5 of 8 (uneven).
What would it be worth at its usual multiples?
At the decade median (46.5×) $89 (+16 %); at its sector median (25.8×) $49 (-35 %). Implied price from applying the reference multiples to today's earnings (or book value, or FFO) per share. Not a fair value: it is where the stock would trade at its usual multiples.
What matters in industrials: 5 of 10 pass
- Operating margin 10.6 %, fails.
- ROIC 11.5 %, fails.
- FCF conversion −177.9 %, fails.
- Capex / Revenue 13.2 %, fails.
- Piotroski F-Score 1 de 9, fails.
- 5y revenue growth 21.9 %, passes.
- Net debt / EBITDA 1.9×, passes.
- Altman Z-Score 6.9, passes.
- P/E vs own 10y history 39.9×, passes.
- Cycle-adjusted EV/EBITDA 22.4×, passes.
Against its peers (reference peers) — AAON, Inc.: P/E 39.9×; EV/EBITDA 22.4×; ROIC 11.5 %; $6.3B. Modine Manufacturing Company (P/E 50.6×; EV/EBITDA 27.1×; ROIC 12.7 %; $7.2B), Zurn Elkay Water Solutions Corporation (P/E 26.9×; EV/EBITDA 17.8×; ROIC 10.0 %; $7.2B), Lennox International Inc. (P/E 15.4×; EV/EBITDA 11.8×; ROIC 21.7 %; $11.5B).
Expensive or cheap against its last ten years?
P/E at each close: today 39.9× · median 46.5× · minimum 21.9× · maximum 83.8× · cheap below 39.6× · expensive above 58.5×. It has been cheaper than today only 32% of the time over its last ten years.
Dividend
tight · Yield 0.53 % ($0.40 per share in 2025) · Years raising it 1 · 5-year growth +10 % a year · Free cash flow coverage -1.6× · With $1,000 invested today you'd collect $5.30 a year ($0.44 a month).
Profitability
| Return on Equity | 17.21% |
| Return on Invested Capital | 11.51% |
| Return on Assets | 8.55% |
| Gross Margin | 25.57% |
| Operating Margin | 11.05% |
| Net Margin | 8.24% |
Financial Health
| Debt / Equity | 0.46 |
| Current Ratio | 3.01 |
| Piotroski F-Score | 1 |
| Altman Z-Score | 6.94 |
Price Performance
| 1 month | -11.16% |
| 3 months | -15.10% |
| Year-to-date | -0.84% |
| 1 year | -26.78% |
| 3 years | +38.84% |
| 5 years | +58.28% |
| 10 years | +278.62% |
Dividend History
Paid in the last 12 months: $0.4000 per share in 4 payments.
| Date | Amount |
|---|---|
| 2026-09-04 | $0.1000 |
| 2026-06-05 | $0.1000 |
| 2026-03-18 | $0.1000 |
| 2025-11-26 | $0.1000 |
| 2025-09-05 | $0.1000 |
| 2025-06-06 | $0.1000 |
| 2025-03-18 | $0.1000 |
| 2024-11-29 | $0.0800 |
| 2024-09-06 | $0.0800 |
| 2024-06-07 | $0.0800 |
Amounts adjusted for stock splits.
Related companies: EMR · TT · CARR · LII · MOD · ZWS · MAIR
Explore sector: Industrials · Industrial - Machinery
More sections of AAON: Financials · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
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