AAON, Inc. (AAON)

In the past six months, AAON's stock has trended down by 16.29%, with a share price of $80.29 as of March 23, 2026. In the fourth quarter of 2025, AAON reported a 42.5% jump in net sales, but missed analyst consensus estimates for earnings per share (EPS). Operational challenges from an industry-regulated refrigerant transition and the roll-out of a new ERP system have also impacted AAON-branded products. The company also announced a quarterly cash dividend of $0.10, payable on March 30, 2026.

AAON's products and services experience demand seasonality, influenced by the commercial and industrial construction cycle and the need for heating and cooling. The company's strongest market share is in regions with extreme seasonal temperatures. Historically, November has been the strongest month for AAON's stock, while September tends to be the weakest. AAON balances its business across both new construction and replacement markets to mitigate economic cycles.

AAON, Inc. is a U.S.-based manufacturer specializing in heating, ventilation, and air conditioning (HVAC) equipment for commercial and industrial indoor environments, focusing on engineered, semi-custom, and custom HVAC solutions. Major products include packaged rooftop units (RTUs), air handling units (AHUs), chillers, heat pumps, and various controls and accessories. Through its subsidiary BASX Solutions, AAON also provides custom cooling and ventilation solutions for hyperscale data centers and cleanroom environments.

AAON, Inc. is headquartered in Tulsa, Oklahoma, with its primary operational and market focus in North America, including the United States, Canada, and Mexico. The company has manufacturing facilities in Tulsa, Oklahoma; Longview, Texas; Parkville, Missouri; and Redmond, Oregon. In December 2024, AAON acquired a new facility in Memphis, Tennessee, to support growth in the data center market. International exposure is mainly through sales via representative networks.

AAON maintains a strong brand reputation, particularly among specifying engineers and mechanical contractors, who value its ability to deliver on complex project requirements and its focus on energy-efficient, semi-custom, and custom HVAC solutions. AAON has reinforced its reputation as a leader in high-performance and energy-efficient HVAC solutions. While the company has faced operational challenges, the demand for its products remains strong, and its backlog has increased significantly.

AAON's ownership is predominantly institutional, with approximately 60.05% to 79.64% of the company's stock held by institutional investors. Individual ownership accounts for approximately 15.8% to 18.11% of shares. Norman H. Asbjornson, the founder of AAON, Inc., is the largest individual shareholder, owning approximately 16.07% of the company's shares.