NASDAQ : AAON
AAON, Inc. — Financial statements
Industrials · Building Products & Equipment · United States
Last price 67.4 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 5.56B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
AAON, Inc. (AAON) reported revenue of 1.93B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.93B | 1.44B | 1.20B | 1.17B | 888.79M | 534.52M |
| Cost of Revenue | 1.44B | 1.06B | 803.53M | 769.50M | 651.22M | 396.69M |
| Gross Profit | 494.09M | 385.72M | 397.11M | 399.02M | 237.57M | 137.83M |
| Selling, General & Admin | 249.63M | 210.27M | 165.79M | 164.04M | 110.82M | 68.60M |
| Operating Expenses | 279.06M | 237.99M | 186.33M | 164.04M | 110.82M | 68.60M |
| Operating Income | 215.03M | 147.74M | 210.78M | 234.98M | 126.75M | 69.23M |
| Interest Expense | -22.16M | -17.73M | -2.90M | -4.84M | -2.63M | -132.00K |
| Other Non Operating Income (Expenses) | -1.14M | -1.26M | -1.30M | 503.00K | 399.00K | 61.00K |
| EBT Excluding Unusual Items | 191.73M | 128.75M | 206.57M | 230.64M | 124.52M | 69.16M |
| Gain (Loss) on Sale of Assets | -36.00K | 4.00K | 23.00K | 13.00K | 12.00K | 21.00K |
| Legal Settlements | -7.50M | |||||
| Pretax Income | 191.69M | 128.75M | 206.59M | 223.15M | 124.53M | 69.18M |
| Income Tax Expense | 32.40M | 21.16M | 38.03M | 45.53M | 24.16M | 10.42M |
| Net Income | 159.29M | 107.59M | 168.56M | 177.62M | 100.38M | 58.76M |
| Net Income to Common | 159.29M | 107.59M | 168.56M | 177.62M | 100.38M | 58.76M |
| Shares Outstanding (Basic) | 81.91M | 81.53M | 81.47M | 81.16M | 79.58M | 78.61M |
| Shares Outstanding (Diluted) | 83.37M | 83.11M | 83.63M | 83.30M | 81.15M | 80.59M |
| EPS (Basic) | 1.94 | 1.32 | 2.07 | 2.19 | 1.26 | 0.75 |
| EPS (Diluted) | 1.90 | 1.29 | 2.02 | 2.13 | 1.24 | 0.73 |
| Free Cash Flow | -118.79M | -190.03M | -3.13M | 54.60M | -14.71M | 5.82M |
| Free Cash Flow Per Share | -1.43 | -2.29 | -0.04 | 0.66 | -0.18 | 0.07 |
| Dividend Per Share | 0.40 | 0.40 | 0.32 | 0.32 | 0.29 | 0.26 |
| Gross Margin | 25.57% | 26.75% | 33.07% | 34.15% | 26.73% | 25.79% |
| Operating Margin | 11.13% | 10.24% | 17.55% | 20.11% | 14.26% | 12.95% |
| Profit Margin | 8.24% | 7.46% | 14.04% | 15.20% | 11.29% | 10.99% |
| Free Cash Flow Margin | -6.15% | -13.18% | -0.26% | 4.67% | -1.65% | 1.09% |
| EBITDA | 300.06M | 226.93M | 273.51M | 281.45M | 161.85M | 99.58M |
| EBITDA Margin | 15.53% | 15.74% | 22.78% | 24.09% | 18.21% | 18.63% |
| D&A For EBITDA | 85.03M | 79.19M | 62.73M | 46.47M | 35.11M | 30.34M |
| EBIT | 215.03M | 147.74M | 210.78M | 234.98M | 126.75M | 69.23M |
| EBIT Margin | 11.13% | 10.24% | 17.55% | 20.11% | 14.26% | 12.95% |
| Effective Tax Rate | 16.90% | 16.43% | 18.41% | 20.40% | 19.40% | 15.07% |
| Advertising Expenses | 3.84M | 3.28M | 2.60M | 2.40M | 1.60M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 13.00K | 13.00K | 14.00K | 287.00K | 5.45M | 2.86M |
| Cash & Short-Term Investments | 13.00K | 13.00K | 14.00K | 287.00K | 5.45M | 2.86M |
| Accounts Receivable | 619.64M | 561.42M | 282.86M | 183.30M | 142.31M | 76.53M |
| Other Receivables | 19.21M | 27.45M | 4.12M | 5.72M | ||
| Receivables | 638.85M | 588.87M | 286.97M | 183.30M | 142.31M | 82.25M |
| Inventory | 331.33M | 261.15M | 187.42M | 213.53M | 198.94M | 130.27M |
| Prepaid Expenses | 12.12M | 17.92M | 7.31M | 3.10M | 1.92M | 2.07M |
| Restricted Cash | 12.71M | 1.23M | 6.50M | 8.74M | 498.00K | 628.00K |
| Total Current Assets | 995.02M | 869.18M | 488.21M | 408.95M | 349.12M | 218.08M |
| Property, Plant & Equipment | 698.97M | 649.25M | 525.79M | 381.72M | 311.87M | 275.04M |
| Goodwill | 81.89M | 81.89M | 81.89M | 81.89M | 81.89M | 85.73M |
| Other Intangible Assets | 86.00M | 83.91M | 78.26M | 68.05M | 64.61M | 70.12M |
| Long-Term Deferred Tax Assets | 836.00K | |||||
| Other Long-Term Assets | 1.80M | 2.28M | 242.00K | 816.00K | 6.42M | 1.22M |
| Total Assets | 1.86B | 1.69B | 1.18B | 941.44M | 813.90M | 650.18M |
| Accounts Payable | 171.72M | 110.44M | 44.65M | 27.48M | 45.51M | 29.02M |
| Accrued Expenses | 93.50M | 88.71M | 61.06M | 56.35M | 43.51M | 26.89M |
| Current Portion of Long-Term Debt | 16.00M | |||||
| Current Portion of Leases | 3.38M | 3.26M | 2.48M | 2.02M | 1.25M | 1.58M |
| Current Income Taxes Payable | 1.17M | 12.47M | ||||
| Current Unearned Revenue | 12.75M | 80.67M | 14.91M | 13.76M | 21.42M | 7.54M |
| Other Current Liabilities | 48.91M | 47.78M | 35.81M | 25.96M | 21.40M | 21.73M |
| Total Current Liabilities | 330.27M | 330.86M | 174.91M | 126.75M | 145.57M | 86.77M |
| Long-Term Debt | 435.00M | 398.32M | 138.89M | 38.33M | 71.00M | 40.00M |
| Long-Term Leases | 13.70M | 15.53M | 13.59M | 10.20M | 5.99M | 15.47M |
| Long-Term Deferred Tax Liabilities | 38.14M | 30.31M | 12.13M | 18.66M | 31.99M | |
| Other Long-Term Liabilities | 36.16M | 16.51M | 23.26M | 18.80M | 11.96M | 9.78M |
| Total Liabilities | 853.27M | 791.52M | 350.65M | 206.21M | 253.19M | 184.01M |
| Common Stock | 330.00K | 327.00K | 326.00K | 326.00K | 322.00K | 210.00K |
| Additional Paid-In Capital | 99.69M | 64.36M | 68.95M | 122.06M | 98.73M | 81.65M |
| Retained Earnings | 910.40M | 830.30M | 755.31M | 612.84M | 461.66M | 384.31M |
| Shareholders' Equity | 1.01B | 894.99M | 824.58M | 735.22M | 560.71M | 466.17M |
| Total Liabilities & Equity | 1.86B | 1.69B | 1.18B | 941.44M | 813.90M | 650.18M |
| Total Debt | 452.08M | 417.11M | 170.96M | 50.55M | 78.25M | 57.05M |
| Net Cash (Debt) | -452.07M | -417.10M | -170.95M | -50.26M | -72.80M | -54.19M |
| Net Cash Per Share | -5.42 | -5.02 | -2.04 | -0.60 | -0.90 | -0.67 |
| Filing Date Shares Outstanding | 82.45M | 81.50M | 81.60M | 81.58M | 80.22M | 78.79M |
| Total Common Shares Outstanding | 82.45M | 81.69M | 81.44M | 81.51M | 80.14M | 78.79M |
| Working Capital | 664.75M | 538.33M | 313.31M | 282.20M | 203.55M | 131.31M |
| Book Value Per Share | 12.26 | 10.96 | 10.13 | 9.02 | 7.00 | 5.92 |
| Tangible Book Value | 842.52M | 729.19M | 664.43M | 585.28M | 414.22M | 310.32M |
| Tangible Book Value Per Share | 10.22 | 8.93 | 8.16 | 7.18 | 5.17 | 3.94 |
| Land | 17.15M | 17.15M | 17.15M | 15.44M | 8.54M | 5.02M |
| Buildings | 381.71M | 366.92M | 315.85M | 205.84M | 169.16M | 135.86M |
| Machinery | 681.98M | 619.71M | 487.00M | 432.15M | 372.08M | 341.33M |
| Order Backlog | 1.83B | 867.09M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 159.29M | 107.59M | 168.56M | 177.62M | 100.38M | 58.76M |
| Depreciation & Amortization | 85.22M | 79.36M | 62.92M | 46.79M | 35.43M | 30.42M |
| Other Amortization | 350.00K | 394.00K | 154.00K | 82.00K | 43.00K | 43.00K |
| Loss (Gain) From Sale of Assets | -4.00K | -4.00K | -23.00K | -13.00K | -12.00K | -21.00K |
| Stock-Based Compensation | 19.90M | 17.99M | 16.73M | 16.38M | 13.70M | 11.81M |
| Provision & Write-off of Bad Debts | -262.00K | 270.00K | 1.11M | -154.00K | -72.00K | 43.00K |
| Other Operating Activities | 42.54M | 31.29M | -7.55M | -4.92M | -10.57M | 4.27M |
| Change in Accounts Receivable | -215.62M | -278.84M | -100.67M | -40.02M | -65.71M | -7.85M |
| Change in Inventory | -97.44M | -73.88M | 27.08M | -16.23M | -71.41M | -45.95M |
| Change in Accounts Payable | 80.38M | 52.90M | 16.96M | -18.32M | 11.57M | 10.90M |
| Change in Unearned Revenue | -21.00M | 65.76M | 1.16M | -7.67M | 13.88M | -229.00K |
| Change in Income Taxes | -11.91M | -23.33M | -5.29M | -11.30M | 18.20M | -1.14M |
| Change in Other Net Operating Assets | 45.09M | 21.03M | 11.39M | 16.64M | 15.89M | 131.00K |
| Operating Cash Flow | 86.54M | 534.00K | 192.53M | 158.90M | 61.32M | 61.18M |
| Capital Expenditures | -205.33M | -190.56M | -195.66M | -104.29M | -76.02M | -55.36M |
| Sale of Property, Plant & Equipment | 40.00K | 25.00K | 129.00K | 12.00K | 19.00K | |
| Cash Acquisitions | -249.00K | -103.43M | ||||
| Sale (Purchase) of Intangibles | -12.58M | -14.33M | -17.49M | -5.20M | ||
| Other Investing Activities | 14.06M | 12.44M | 51.00K | 51.00K | 48.00K | 54.00K |
| Investing Cash Flow | -203.85M | -192.42M | -213.07M | -109.31M | -76.21M | -158.72M |
| Long-Term Debt Issued | 915.39M | 722.08M | 603.17M | 225.76M | 40.00M | |
| Total Debt Issued | 1.11B | 915.39M | 722.08M | 603.17M | 225.76M | 40.00M |
| Long-Term Debt Repaid | -672.20M | -601.09M | -629.79M | -194.87M | ||
| Total Debt Repaid | -980.03M | -672.20M | -601.09M | -629.79M | -194.87M | |
| Net Debt Issued (Repaid) | 130.63M | 243.19M | 120.99M | -26.61M | 30.89M | 40.00M |
| Issuance of Common Stock | 36.22M | 17.14M | 31.86M | 33.26M | 23.14M | 21.15M |
| Repurchase of Common Stock | -5.03M | -39.73M | -108.07M | -26.31M | -13.76M | -22.47M |
| Common Dividends Paid | -32.70M | -32.60M | -26.08M | -26.45M | -22.92M | -19.95M |
| Other Financing Activities | -399.00K | -1.40M | -664.00K | -398.00K | ||
| Financing Cash Flow | 128.71M | 186.61M | 18.03M | -46.51M | 17.36M | 18.73M |
| Net Cash Flow | 11.41M | -5.28M | -2.51M | 3.07M | 2.46M | -78.80M |
| Free Cash Flow | -118.79M | -190.03M | -3.13M | 54.60M | -14.71M | 5.82M |
| Free Cash Flow Margin | -6.15% | -13.18% | -0.26% | 4.67% | -1.65% | 1.09% |
| Free Cash Flow Per Share | -1.43 | -2.29 | -0.04 | 0.66 | -0.18 | 0.07 |
| Levered Free Cash Flow | -213.76M | -235.69M | -51.26M | 13.02M | -18.59M | -17.54M |
| Unlevered Free Cash Flow | -200.25M | -225.00M | -49.60M | 15.96M | -16.99M | -17.50M |
| Cash Interest Paid | 21.27M | 16.61M | 2.81M | 4.82M | 2.41M | |
| Cash Income Tax Paid | 2.51M | 12.93M | 49.92M | 63.38M | 19.29M | 7.89M |
| Change in Working Capital | -220.49M | -236.36M | -49.37M | -76.89M | -77.57M | -44.14M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.56B | 6.22B | 9.56B | 6.00B | 4.01B | 4.16B |
| Enterprise Value | 6.01B | 6.60B | 9.64B | 6.09B | 4.07B | 4.06B |
| Last Close Price | 67.40 | 76.00 | 116.77 | 73.03 | 49.39 | 51.75 |
| PE Ratio | 35.44 | 57.85 | 56.75 | 33.79 | 39.92 | 70.87 |
| Forward PE | 24.40 | 39.11 | 43.03 | 32.98 | 32.58 | 51.69 |
| PS Ratio | 2.88 | 4.32 | 7.97 | 5.14 | 4.51 | 7.79 |
| PB Ratio | 5.50 | 6.96 | 11.60 | 8.16 | 7.15 | 8.93 |
| P/TBV Ratio | 6.60 | 8.54 | 14.40 | 10.25 | 9.67 | 13.42 |
| P/FCF Ratio | 109.92 | 715.40 | ||||
| P/OCF Ratio | 64.22 | 11,656.55 | 49.68 | 37.77 | 65.35 | 68.06 |
| PEG Ratio | 0.90 | 2.40 | 2.48 | 2.60 | 2.57 | 3.69 |
| EV/Sales Ratio | 3.11 | 4.58 | 8.03 | 5.21 | 4.58 | 7.60 |
| EV/EBITDA Ratio | 20.03 | 29.09 | 35.23 | 21.65 | 25.17 | 40.80 |
| EV/EBIT Ratio | 27.95 | 44.68 | 45.72 | 25.93 | 32.14 | 58.68 |
| EV/FCF Ratio | 111.58 | 697.91 | ||||
| Debt / Equity Ratio | 0.45 | 0.47 | 0.21 | 0.07 | 0.14 | 0.12 |
| Debt / EBITDA Ratio | 1.51 | 1.84 | 0.63 | 0.18 | 0.48 | 0.57 |
| Debt / FCF Ratio | 0.93 | 9.80 | ||||
| Net Debt / Equity Ratio | 0.45 | 0.47 | 0.21 | 0.07 | 0.13 | 0.12 |
| Net Debt / EBITDA Ratio | 1.51 | 1.84 | 0.62 | 0.18 | 0.45 | 0.54 |
| Net Debt / FCF Ratio | -3.81 | -2.19 | -54.65 | 0.92 | -4.95 | 9.31 |
| Asset Turnover | 1.18 | 1.01 | 1.13 | 1.33 | 1.21 | 0.97 |
| Inventory Turnover | 5.08 | 4.71 | 4.01 | 3.73 | 3.96 | 3.73 |
| Quick Ratio | 1.93 | 1.78 | 1.64 | 1.45 | 1.01 | 0.98 |
| Current Ratio | 3.01 | 2.63 | 2.79 | 3.23 | 2.40 | 2.51 |
| Return on Equity (ROE) | 17.28% | 12.51% | 21.61% | 27.41% | 19.55% | 14.38% |
| Return on Assets (ROA) | 8.24% | 6.45% | 12.45% | 16.73% | 10.82% | 7.87% |
| Return on Invested Capital (ROIC) | 12.58% | 10.70% | 19.31% | 26.36% | 17.71% | 14.82% |
| Return on Capital Employed (ROCE) | 14.00% | 10.90% | 21.10% | 28.80% | 19.00% | 12.30% |
| Earnings Yield | 2.82% | 1.73% | 1.76% | 2.96% | 2.50% | 1.41% |
| FCF Yield | -2.14% | -3.05% | -0.03% | 0.91% | -0.37% | 0.14% |
| Dividend Yield | 0.59% | 0.53% | 0.27% | 0.43% | 0.58% | 0.49% |
| Payout Ratio | 21.03% | 30.30% | 15.47% | 14.89% | 22.83% | 33.95% |
| Buyback Yield / Dilution | 0.08% | 0.63% | -0.40% | -2.65% | -0.69% | -1.26% |
| Total Shareholder Return | 0.68% | 1.15% | -0.13% | -2.21% | -0.10% | -0.77% |