AAON (AAON)
Industrials · Commercial HVAC equipment manufacturing and data center cooling solutions
AAON manufactures highly configurable commercial and industrial HVAC and data center cooling equipment, riding waves in both traditional construction replacement markets and hyperscale AI data center expansion.
What AAON does
AAON is a leader in heating, ventilation, air conditioning (HVAC), and liquid cooling solutions for commercial and industrial indoor environments. The company designs and manufactures highly configurable, semi-custom and custom HVAC equipment including rooftop units, data center cooling solutions, cleanroom systems, air handling units, heat pumps, and coils. AAON serves commercial retail, manufacturing, educational, lodging, supermarket, data center, medical, pharmaceutical, and industrial markets across the United States and Canada through a network of independent sales representatives.
Themes: ["HVAC systems / climate control","Data center cooling / hyperscale infrastructure","Energy efficiency and sustainability","Commercial construction / nonresidential real estate","Cleanroom and pharmaceutical environments","Aftermarket parts and service"]
Fundamentals
- Price$110.25 as of 2026-07-09 close
- Market cap$9.1B as of 2026-07-10
- 1-year return+43.3% as of 2026-07-09 close
- P/E77.13 as of 2026-07-10
- Net margin+7.3% as of 2026-07-10
- Gross margin+26.2% as of 2026-07-10
- ROE+13.4% as of 2026-07-10
- Debt / equity0.47 as of 2026-07-10
- Revenue growth (YoY)+28.3% as of 2026-07-10
- Beta1.43 as of 2026-07-10
Dividend: yield +0.4%; 5-year non-decreasing per-share dividend streak (SEC XBRL).
Key risks (from latest filing)
["Economic cyclicality: Commercial and industrial new construction markets are heavily influenced by interest rates, inflation, employment, and macroeconomic conditions; a domestic economic slowdown or recession could materially reduce sales volumes and profitability","Data center market concentration: BASX brand is heavily dependent on the data center market; while currently growing due to AI and high-performance compute adoption, this market could experience slowdown or saturation","Sales channel risk: The company relies on a network of independent manufacturers' representatives rather than direct sales control, which limits direct customer relationships and sales process management compared to larger competitors"]
Competitors & peers
- Trane Technologies (TT)
- Lennox International (LIL)
- Daikin Industries
- Johnson Controls (JCI)
- Carrier Global (CARR)
- Nortek (NRTK)
Fundamentals: Finnhub, as of 2026-07-10. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-07-09.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & Finnhub, shown with their as-of date.