AAON, Inc. (AAON)

AAON's stock price has decreased by 6.36% over the past six months but increased by 15.85% over the past year as of April 9, 2026. Recent events include a CFO transition announcement, strong Q4 and full-year 2025 results, and a quarterly cash dividend announcement. Insider activity showed $0.5 million worth of shares sold with no buying activity. The implementation of a new ERP system in 2025 presented initial challenges but is anticipated to deliver long-term value.

Historically, demand for AAON's products exhibited moderate seasonality, with peak sales occurring between May and October. However, in recent years, due to increased overall demand, shifts in product mix, and a growing backlog, the seasonality of sales has become less pronounced. Demand for BASX-branded data center cooling solutions has shown extraordinary momentum.

AAON, Inc. manufactures HVAC equipment for commercial and industrial environments, focusing on innovative and energy-efficient solutions. Its product portfolio includes rooftop units, air handlers, chillers, heat pumps, controls, and accessories. Through its BASX brand, AAON also produces specialized thermal management equipment for data centers.

AAON's market presence is primarily in North America, with the United States accounting for over 85% of sales. It has a strong market share in regions with extreme seasonal temperatures and operates in Canada. AAON has manufacturing facilities in Oklahoma, Texas, Missouri, and Oregon, and expanded with a new facility in Memphis, Tennessee, in 2024.

AAON has a strong brand reputation for innovative, energy-efficient, and custom-engineered HVAC solutions. In 2023, the company surpassed $1.0 billion in sales for the first time. AAON's Alpha Class heat pumps meet the U.S. Department of Energy's (DOE) Commercial Building HVAC Technology Challenge. The company has been proactive in adopting lower Global Warming Potential (GWP) refrigerants. The acquisition of BasX Solutions in 2021 has enhanced AAON's reputation, particularly in data center cooling solutions.

AAON, Inc. has a significant institutional ownership base, with 405 institutional owners and shareholders holding a total of 64,721,664 shares as of April 9, 2026. Major institutional owners include BlackRock, Inc., Vanguard Group Inc, State Street Corp, Geneva Capital Management Llc, Wasatch Advisors Inc, Conestoga Capital Advisors, LLC, Morgan Stanley, Blair William & Co/il, First Trust Advisors Lp, and Dimensional Fund Advisors Lp. The company's founder, Norman H. Asbjornson, maintains a significant individual stake. Additionally, Dr. Matthew J. Tobolski, the current CEO, directly owns 0.41% of the company's stock as of September 2025.