AAON (AAON)
Builds configurable HVAC equipment and custom thermal-management systems for demanding commercial environments.
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Designs and manufactures configurable HVAC and liquid-cooling equipment for commercial and industrial indoor environments. Three segments—AAON Oklahoma, AAON Coil Products, and BASX—span semi-custom systems, coils, controls, and fully custom data-center and cleanroom solutions; independent representatives help specify configurable equipment.
Designs and manufactures highly configurable HVAC and liquid-cooling equipment for commercial and industrial indoor environments. AAON Oklahoma supplies semi-custom rooftop units, air handlers, controls, chillers, and aftermarket parts; AAON Coil Products makes heating and cooling coils; BASX builds fully custom data-center cooling and cleanroom systems.
Flexible computer-aided manufacturing and internal thermal and acoustic testing support configurable production. Independent representatives help specify customer requirements. Manufacturing is concentrated in the United States, with production across Oklahoma, Texas, Oregon, and Tennessee.
Demand depends on commercial and industrial construction activity, while execution depends on component and raw-material availability and timely conversion of configured manufacturing capacity. The portfolio spans comfort cooling and thermal management, with semi-custom AAON systems complemented by fully custom BASX equipment.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jul 23, 2026 | KeyBanc | Initiate | Rating: — | |
| Mar 3, 2026 | Oppenheimer | Reiterate | Rating: —Target: $115 | Target: $118 |
| Feb 3, 2026 | DA Davidson | Reiterate | Rating: —Target: $70 | Target: $120 |
| Nov 7, 2025 | Oppenheimer | Target | Target: $105 | Target: $115 |
| Sep 30, 2025 | Oppenheimer | Target | Target: — | Target: $105 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $13.0K · Total debt $463.9M · Total assets $1.86B · Shareholders' equity $1.01B
- Revenue
- $627.0M
- Operating income
- $68.9M
- Net income
- $56.7M
HistoryDividendAnnual yield
| Institutions | ≈ 78.67% | 64.86M shares | |
|---|---|---|---|
| 484 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 14.86% | 12.25M shares | |
| 22 holders · as of Sep 16, 2026 | |||
| Other | ≈ 6.47% | 5.34M shares | |
| remainder | |||
82.45M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Norman H. AsbjornsonInsiderdirector, 10 percent owner | 14.05% | 11.58M | filed Sep 2, 2026 |
BlackRock, Inc.Institution | 8.11% | 6.69M | as of Jun 30, 2026 |
Wellington Management Group LLPInstitution | 7.00% | 5.77M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 3.79% | 3.12M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 3.56% | 2.94M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 15, 2026 | David Raymond Stewart | director | +1,000 | $74.66 |
| Aug 28, 2026 | Matthew Shaub | officer: Executive Vice President | +457 | $76.42 |
| Jun 2, 2026 | Rebecca Thompson | officer: Chief Accounting Officer | −4,230 | $143.42 |
| May 29, 2026 | Gary D. Fields | director | −19,000 | $140.20 |
| May 26, 2026 | Gary D. Fields | director | −21,173 | $140.34 |
- Johnson Controls
Broad overlap across commercial HVAC and data-center thermal management
- Trane Technologies
Wide overlap in commercial HVAC, controls, and data-center cooling
- Vertiv
Direct rival in data-center air and liquid cooling
- Carrier Global
Major overlap in light-commercial and applied HVAC equipment
- Modine
Focused overlap in data-center cooling and heat-exchanger coils
- Lennox International
Direct overlap in light-commercial rooftop HVAC and controls
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| AAON | $78.22 | +2.38% | $6.26B | 40.0 | 28.6 | 3.2 | +101.2% |
| Johnson Controls | $144.86 | −0.22% | $87.94B | 25.3 | 24.8 | 3.5 | +9.3% |
| Trane Technologies | $436.68 | +0.78% | $95.34B | 32.9 | 26.4 | 4.3 | +10.6% |
| Vertiv | $253.53 | +1.06% | $96.58B | 56.8 | 32.4 | 8.4 | +24.1% |
| Carrier Global | $55.23 | +1.12% | $45.02B | 37.9 | 17.8 | 2.0 | +3.9% |
| Modine | $201.43 | +1.93% | $10.50B | 74.3 | 24.8 | 3.1 | +28.0% |
| Lennox International | $365.97 | +0.64% | $12.57B | 16.5 | 14.8 | 2.4 | +3.0% |
| Median | 35.4 | 24.8 | 3.3 | +9.9% |