AAON, Inc.
AAONIndustrialsNASDAQBuilding Products & Equipment · Last scanned Jul 18, 2026
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Daily timeframePart of the industrials sector, AAON, Inc. (AAON) is listed under Building Products & Equipment. The $9.13B market capitalization puts AAON squarely in mid-cap range for its industry. The company operates through three segments: AAON Oklahoma, AAON Coil Products, and BASX.
Market Cap
$9.13B
Beta
1.41
P/E (TTM)
80.16
P/E (Fwd)
32.63
EPS (TTM)
$1.39
EPS (Fwd)
$3.42
ROE
13.5%
ROA
6.9%
Cash
$13,000
Total Debt
$443.3M
Free CF
-$215.1M
52W Change
41.6%
Annual Financials
Cash vs Debt
On the balance sheet, AAON has $13K in cash with $443.3M in obligations. The ability to service this debt comfortably depends on continued operational cash generation. The company is burning cash, with free cash flow at -$215.1M. This typically occurs when a company is investing aggressively in growth, but sustained cash burn can strain the balance sheet. ROE of 13.5% points to decent capital efficiency, indicating how much profit the company produces per dollar of shareholder equity. An ROA of 6.9% suggests reasonable efficiency in deploying the company's asset base. Revenue has grown from $888.8M (2022) to $1.44B (2025), reflecting a 62% increase over the period.
The debt-to-cash ratio suggests meaningful leverage on the balance sheet, a factor worth monitoring if credit conditions tighten. The company is burning cash at the operating level, which is not unusual for growth-phase companies but adds risk if it persists. At over 50x earnings, AAON carries valuation risk — any slowdown in growth expectations could lead to meaningful price adjustments. It is important to consider these factors alongside broader market conditions and individual financial goals when reviewing AAON.