AAON, Inc. (AAON)

AAON's stock price has decreased over the past year and the last six months. In Q3 2025, AAON surpassed earnings and revenue estimates, leading to a stock surge. A director, Gary D. Fields, sold shares of AAON stock. Insiders have been net sellers. The stock crossed below its 200-day moving average in early November 2025. AAON announced a quarterly dividend of $0.10, with an ex-dividend date of November 26, 2025.

Demand for AAON's products is influenced by construction cycles, retrofit cycles, energy codes, and HVAC usage. Demand is linked to nonresidential construction activity, which can have seasonal patterns. There is consistent demand driven by retrofit cycles and stricter energy codes. Demand for heating and cooling equipment typically sees peaks during extreme weather conditions. The company's backlog can indicate future demand.

AAON, Inc. is a manufacturer of HVAC solutions for commercial and industrial indoor environments, operating in the Industrials sector. The company designs, engineers, and manufactures configurable HVAC systems through its AAON Oklahoma, AAON Coil Products, and BASX segments. Its major products include packaged rooftop units, air handling units, chillers, heat pumps, condensing units, make-up air units, energy recovery units, data center cooling solutions, cleanroom systems, coils, and control solutions and accessories. The company's products serve diverse markets such as education, healthcare, retail, data centers, manufacturing, and cleanrooms.

AAON, Inc. is headquartered in Tulsa, Oklahoma, USA, with manufacturing facilities across the United States. Its primary operational and market focus is North America, including the United States, Canada, and Mexico. While its direct manufacturing and sales offices are within this region, AAON products are occasionally specified for international projects by its North American-based customers, facilitating global reach through project-based exports.

AAON's brand reputation has been shaped by successes and challenges. The BASX brand made a significant impact in the data center market with a custom-designed liquid cooling solution, driving strong demand. The core AAON brand faced challenges due to an industry-regulated refrigerant transition and weakened nonresidential construction activity. AAON released its 2023 Sustainability Report, highlighting its dedication to sustainability practices, innovation, and environmental goals.

AAON, Inc.'s ownership is heavily influenced by institutional investors, who hold a significant majority of the shares. Major institutional owners include Vanguard Group Inc and BlackRock, Inc. Individual insider ownership is a smaller but important component, aligning management's interests with shareholders. Norman Asbjornson, the founder and a director, holds 16% of the company's shares.