Pulling SEC filings + quote and writing the call…

AAON, INC.
Next earnings Aug 10, 2026 · consensus $0.50 EPS, $498M rev
Last earnings +31.5% on 2026-05-07
Premium HVAC and data-center cooling grower with a great top line, but margins and cash flow just cratered and the stock trades at a stretched 106x.
Sources: SEC EDGAR (CIK 0000824142, latest 10-Q filed 2026-05-07) · EODHD · analysis by claude-code · as of 6/21/2026, 8:46:54 PM.
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Weak on both the fundamentals and the price — little to like at the current level.
AAON makes premium, semi-custom commercial HVAC and is increasingly a data-center liquid-cooling play, which has made it a market darling. The growth is real: revenue rose 20.1% to $1.44B, continuing a powerful multi-year ramp from $535M in FY2021, and the company is investing hard to scale capacity (total assets up 43.5%, D&A up 26.2%, R&D up 23.0% to $58.2M). It carries essentially no debt (zero current debt) and a solid equity base of $895M.
The risks, catalysts, 12-month price target and the cited SEC figures behind this rating — with Pro.
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| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $535M | $889M | $1.17B | $1.20B | $1.44B |
| Gross profit | $138M | $238M | $399M | $397M | $386M |
| Operating income | $69.3M | $127M | $227M | $209M | $146M |
| Net income | $58.8M | $100M | $178M | $169M | $108M |
| Diluted EPS | $0.73 | $1.24 | $2.13 | $2.02 | $1.29 |
| Net margin | 11.0% | 11.3% | 15.2% | 14.0% | 7.5% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
1071 tracked peers · median
Disclosed under the STOCK Act
Self-reported periodic transaction reports (STOCK Act). Amounts are disclosed ranges; a trade may be a spouse's. Disclosures lag the trade by up to ~45 days. Source: House Clerk + Senate eFD.
Source: EODHD. Yield = trailing-12-month dividends ÷ price.
Dates from 8-K (Item 2.02); beat/miss = reported EPS vs consensus (Finnhub, recent quarters); move = prior close → close on/after.
Recent news tone vs the market's typical (which skews positive). A soft signal, not a recommendation.
Last 90 days: 0 open-market buys · 6 sales
| 2026-06-02 | Thompson Rebecca Chief Accounting Officer | Sell | 4.23K @ $143.42 | $607K |
| 2026-05-29 | Fields Gary D Director | Sell | 19.0K @ $140.20 | $2.66M |
| 2026-05-29 | ASBJORNSON NORMAN H Director | Gift | 101K | |
| 2026-05-29 | ASBJORNSON NORMAN H Director | Gift | 88.0K | |
| 2026-05-26 | Wichman Gordon Douglas Executive Vice President | Exercise | 3.00K @ $27.58 | $82.7K |
| 2026-05-26 | Wichman Gordon Douglas Executive Vice President | Sell | 3.00K @ $140.39 | $421K |
| 2026-05-26 | Fields Gary D Director | Exercise | 21.2K @ $48.91 | $1.04M |
| 2026-05-26 | Fields Gary D Director | Sell | 21.2K @ $140.34 | $2.97M |
| 2026-05-14 | Kidwell Casey Chief Administration Officer | Exercise | 2.08K @ $79.73 | $166K |
| 2026-05-14 | Kidwell Casey Chief Administration Officer | Sell | 2.08K @ $138.30 | $288K |
| 2026-05-14 | Kidwell Casey Chief Administration Officer | Exercise | 1.07K @ $82.39 | $88.1K |
| 2026-05-14 | Kidwell Casey Chief Administration Officer | Sell | 1.07K @ $138.31 | $148K |