AAON, Inc. (AAON)

AAON's stock price has increased by 22.48% over the past six months. The announcement of its Q1 2026 earnings, which reported record sales and operating cash flow, led to a stock price surge. The company also raised its full-year 2026 revenue growth guidance to 40%-45%.

Demand for AAON's products exhibits seasonality, particularly in the Oklahoma segment during the fourth and first quarters. Management anticipates sequential progression in segment margin during the second and third quarters, with a potential pullback in the fourth quarter due to normalized seasonality. AAON's strongest market share is found in regions characterized by extreme seasonal temperatures, such as the South, Southeast, and Midwest of the United States.

AAON, Inc. specializes in commercial HVAC equipment and mission-critical cooling systems, focusing on premium, semi-custom, and custom products. Their portfolio includes rooftop units, chillers, air handlers, and heat pumps. Through its BASX brand, AAON provides custom airside systems for data centers and critical environments and is a leader in advanced heat pump technology.

AAON's geographic footprint is primarily in North America, with manufacturing and sales concentrated in the United States, Canada, and Mexico. Major operating hubs are located in Tulsa, Oklahoma; Longview, Texas; Redmond, Oregon; and Memphis, Tennessee. 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.

AAON has a strong brand reputation for its premium, configurable, and energy-efficient HVAC solutions. The company is recognized for its engineering-driven approach and innovation, including its leadership in advanced air-source heat pumps. The BASX brand has also garnered an excellent reputation, experiencing exceptional growth, especially in data center cooling solutions.

AAON, Inc. has a diverse ownership structure, with institutional shareholders holding 90.16% of the company, and AAON insiders owning 21.54%. Norman H. Asbjornson, the company's founder, remains the largest individual shareholder, owning 16.07% of the company's shares. Major institutional owners include BlackRock, Inc., Vanguard Group Inc, Wasatch Advisors Inc, State Street Corp, Geneva Capital Management Llc, and Morgan Stanley.