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AAON, INC.

AAON Clue Score60
United States Fiscal year ends December CIK 0000824142
$86.16 +0.24% Close, 9 Oct 2026
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Price $86.16 +26.86% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue384.0Operating income79.6Net income53.4EPS, diluted1.00Fiscal year 2017Revenue405.2 +5.5%Operating income74.2Net income53.8 +0.9%EPS, diluted1.01Fiscal year 2018Revenue433.9 +7.1%Operating income55.4Net income42.3 −21.4%EPS, diluted0.80Fiscal year 2019Revenue469.3 +8.2%Operating income67.0Net income53.7 +26.9%EPS, diluted1.02Fiscal year 2020Revenue514.6 +9.6%Operating income101.8Net income79.0 +47.1%EPS, diluted1.49Fiscal year 2021Revenue534.5 +3.9%Operating income69.3Net income58.8 −25.6%EPS, diluted0.73Fiscal year 2022Revenue888.8 +66.3%Operating income126.8Net income100.4 +70.8%EPS, diluted1.24Fiscal year 2023Revenue1,168.5 +31.5%Operating income227.5Net income177.6 +77.0%EPS, diluted2.13Fiscal year 2024Revenue1,200.6 +2.7%Operating income209.1Net income168.6 −5.1%EPS, diluted2.02Fiscal year 2025Revenue1,442.1 +20.1%Operating income146.2Net income107.6 −36.2%EPS, diluted1.29
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 384.0 405.2 433.9 469.3 514.6 534.5 888.8 1,168.5 1,200.6 1,442.1
Growth +5.5% +7.1% +8.2% +9.6% +3.9% +66.3% +31.5% +2.7% +20.1%
Operating income 79.6 74.2 55.4 67.0 101.8 69.3 126.8 227.5 209.1 146.2
Net income 53.4 53.8 42.3 53.7 79.0 58.8 100.4 177.6 168.6 107.6
Growth +0.9% −21.4% +26.9% +47.1% −25.6% +70.8% +77.0% −5.1% −36.2%
EPS, diluted 1.00 1.01 0.80 1.02 1.49 0.73 1.24 2.13 2.02 1.29

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin30.8%Operating margin20.7%Net margin13.9%Free cash flow margin9.7%Fiscal year 2017Gross margin30.5%Operating margin18.3%Net margin13.3%Free cash flow margin4.0%Fiscal year 2018Gross margin23.9%Operating margin12.8%Net margin9.8%Free cash flow margin4.1%Fiscal year 2019Gross margin25.4%Operating margin14.3%Net margin11.4%Free cash flow margin12.9%Fiscal year 2020Gross margin30.3%Operating margin19.8%Net margin15.4%Free cash flow margin11.9%Fiscal year 2021Gross margin25.8%Operating margin13.0%Net margin11.0%Free cash flow margin1.1%Fiscal year 2022Gross margin26.7%Operating margin14.3%Net margin11.3%Free cash flow margin0.8%Fiscal year 2023Gross margin34.1%Operating margin19.5%Net margin15.2%Fiscal year 2024Gross margin33.1%Operating margin17.4%Net margin14.0%Fiscal year 2025Gross margin26.7%Operating margin10.1%Net margin7.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 30.8% 30.5% 23.9% 25.4% 30.3% 25.8% 26.7% 34.1% 33.1% 26.7%
Operating margin 20.7% 18.3% 12.8% 14.3% 19.8% 13.0% 14.3% 19.5% 17.4% 10.1%
Net margin 13.9% 13.3% 9.8% 11.4% 15.4% 11.0% 11.3% 15.2% 14.0% 7.5%
Free cash flow margin 9.7% 4.0% 4.1% 12.9% 11.9% 1.1% 0.8% n/a n/a n/a

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow63.9Capital expenditure−26.6Free cash flow37.3Dividends paid−12.7Fiscal year 2017Operating cash flow58.0Capital expenditure−41.7Free cash flow16.3 −56.4%Dividends paid−13.7Fiscal year 2018Operating cash flow54.9Capital expenditure−37.3Free cash flow17.6 +8.0%Dividends paid−16.7Fiscal year 2019Operating cash flow97.9Capital expenditure−37.2Free cash flow60.8 +245.5%Dividends paid−16.6Fiscal year 2020Operating cash flow128.8Capital expenditure−67.8Free cash flow61.0 +0.4%Dividends paid−19.8Fiscal year 2021Operating cash flow61.2Capital expenditure−55.4Free cash flow5.8 −90.5%Dividends paid−19.9Fiscal year 2022Operating cash flow61.3Capital expenditure−54.0Free cash flow7.3 +25.3%Dividends paid−22.9Fiscal year 2023Operating cash flow158.9Dividends paid−26.4Fiscal year 2024Operating cash flow192.5Dividends paid−26.1Fiscal year 2025Operating cash flow0.5Dividends paid−32.6
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 63.9 58.0 54.9 97.9 128.8 61.2 61.3 158.9 192.5 0.5
Capital expenditure −26.6 −41.7 −37.3 −37.2 −67.8 −55.4 −54.0 n/a n/a n/a
Free cash flow 37.3 16.3 17.6 60.8 61.0 5.8 7.3 n/a n/a n/a
Growth −56.4% +8.0% +245.5% +0.4% −90.5% +25.3%
Dividends paid −12.7 −13.7 −16.7 −16.6 −19.8 −19.9 −22.9 −26.4 −26.1 −32.6

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash24.2Shareholders’ equity208.4Fiscal year 2017Cash21.5Shareholders’ equity238.9Fiscal year 2018Cash2.0Shareholders’ equity249.4Fiscal year 2019Cash26.8Shareholders’ equity290.1Fiscal year 2020Cash79.0Shareholders’ equity350.9Fiscal year 2021Cash2.9Shareholders’ equity466.2Fiscal year 2022Cash5.5Shareholders’ equity560.7Fiscal year 2023Cash0.3Shareholders’ equity735.2Fiscal year 2024Cash0.0Shareholders’ equity824.6Fiscal year 2025Cash0.0Shareholders’ equity895.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 24.2 21.5 2.0 26.8 79.0 2.9 5.5 0.3 0.0 0.0
Shareholders’ equity 208.4 238.9 249.4 290.1 350.9 466.2 560.7 735.2 824.6 895.0

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
30.8% 30.5% 23.9% 25.4% 30.3% 25.8% 26.7% 34.1% 33.1% 26.7%
20.7% 18.3% 12.8% 14.3% 19.8% 13.0% 14.3% 19.5% 17.4% 10.1%
20.8% 18.4% 12.8% 14.3% 19.8% 12.9% 14.0% 19.1% 17.2% 8.9%
13.9% 13.3% 9.8% 11.4% 15.4% 11.0% 11.3% 15.2% 14.0% 7.5%
9.7% 4.0% 4.1% 12.9% 11.9% 1.1% 0.8% n/a n/a n/a
Spending
3.1% 3.2% 3.1% 3.2% 3.4% 3.1% 5.3% 3.7% 3.9% 4.0%
10.0% 12.2% 11.1% 11.1% 11.8% 12.8% 12.5% 14.7% 15.7% 16.6%
6.9% 10.3% 8.6% 7.9% 13.2% 10.4% 6.1% n/a n/a n/a
33.3% 27.9% 23.7% 19.9% 22.5% 15.1% 19.4% 20.4% 18.4% 16.4%
Returns
25.6% 22.5% 17.0% 18.5% 22.5% 12.6% 17.9% 24.2% 20.4% 12.0%
20.8% 18.1% 13.7% 14.5% 17.6% 9.0% 12.3% 18.9% 14.3% 6.4%
Balance and payout
23.8% 25.5% 39.5% 30.9% 25.1% 33.9% 22.8% 14.9% 15.5% 30.3%
34.0% 84.1% 95.0% 27.3% 32.5% 341.9% 314.0% n/a n/a n/a