AAON, Inc. (AAON) Key Metrics
AAON valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $6.08B
- Enterprise value
- $7.24B
- P/E (TTM)
- 38.8 10-yr median 44.2
- Forward P/E
- 21.8
- PEG ratio
- 0.95
- Price / sales
- 3.1 10-yr median 5.0
- Price / book
- 6.7 10-yr median 8.5
- EV / EBITDA
- 24.2 10-yr median 27.3
- Dividend yield
- 0.54% $0.40 a year
- Beta
- 1.41
AAON key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsAAON valuation Price multiples at each fiscal year-end price.
AAON returns How much profit the business earns on the capital it uses.
AAON per-share figures Results divided by the shares outstanding at year-end.
AAON financial health Debt, liquidity and how easily interest is covered.
AAON efficiency & capital use Working capital cycle and where the cash goes.
AAON valuation history
AAON returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
AAON debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
AAON cash returned to shareholders
AAON price vs earnings per share
AAON key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $6.34B | $9.84B | $6.15B | $4.07B | $4.27B | $3.54B | $2.60B | $1.85B | $1.95B | $1.77B |
| Enterprise value | $6.76B | $10.01B | $6.20B | $4.15B | $4.31B | $3.50B | $2.62B | $1.88B | $1.95B | $1.72B |
| P/E ratio | 58.9 | 58.4 | 34.6 | 40.6 | 72.6 | 44.7 | 48.4 | 43.6 | 35.7 | 33.1 |
| Price / sales | 4.4 | 8.2 | 5.3 | 4.6 | 8.0 | 6.9 | 5.5 | 4.3 | 4.8 | 4.6 |
| Price / book | 7.1 | 11.9 | 8.4 | 7.3 | 9.2 | 10.1 | 9.0 | 7.4 | 8.2 | 8.6 |
| Price / free cash flow | — | — | 112.7 | — | 733.2 | 57.9 | 42.8 | 105.0 | 119.6 | 47.3 |
| Price / operating cash flow | — | 51.1 | 38.7 | 66.5 | 69.8 | 27.4 | 26.6 | 33.7 | 33.6 | 27.6 |
| EV / sales | 4.7 | 8.3 | 5.3 | 4.7 | 8.1 | 6.8 | 5.6 | 4.3 | 4.8 | 4.5 |
| EV / EBITDA | 29.9 | 36.7 | 22.6 | 25.5 | 43.2 | 28.9 | 29.1 | 25.7 | 21.8 | 18.5 |
| EV / free cash flow | — | — | 113.6 | — | 739.8 | 57.4 | 43.1 | 106.8 | 119.9 | 46.2 |
| Earnings yield | 1.7% | 1.7% | 2.9% | 2.5% | 1.4% | 2.2% | 2.1% | 2.3% | 2.8% | 3.0% |
| Free cash flow yield | −3.0% | −0.0% | 0.9% | −0.4% | 0.1% | 1.7% | 2.3% | 1.0% | 0.8% | 2.1% |
| Dividend yield | 0.5% | 0.3% | 0.4% | 0.6% | 0.5% | 0.6% | 0.6% | 0.9% | 0.7% | 0.7% |
| Shareholder yield (dividends + buybacks) | 1.0% | 1.3% | 0.8% | 0.9% | 1.0% | 1.4% | 1.4% | 2.4% | 1.6% | 1.8% |
| Share price at fiscal year-end | $76.25 | $117.68 | $73.87 | $50.21 | $52.95 | $44.42 | $32.94 | $23.37 | $24.47 | $22.03 |
| Per share | ||||||||||
| Revenue per share | $17.35 | $14.36 | $14.03 | $10.95 | $6.63 | $6.46 | $5.94 | $5.49 | $5.09 | $4.79 |
| Earnings per share | $1.29 | $2.02 | $2.13 | $1.24 | $0.73 | $0.99 | $0.68 | $0.54 | $0.68 | $0.67 |
| Operating cash flow per share | −$0.01 | $2.30 | $1.91 | $0.76 | $0.76 | $1.62 | $1.24 | $0.69 | $0.73 | $0.80 |
| Free cash flow per share | −$2.30 | −$0.04 | $0.66 | −$0.18 | $0.07 | $0.77 | $0.77 | $0.22 | $0.20 | $0.47 |
| Cash per share | $0.00 | $0.00 | $0.00 | $0.07 | $0.04 | $0.99 | $0.34 | $0.03 | $0.38 | $0.55 |
| Book value per share | $10.77 | $9.86 | $8.83 | $6.91 | $5.78 | $4.41 | $3.67 | $3.16 | $2.98 | $2.57 |
| Tangible book value per share | $8.77 | $7.94 | $7.03 | $5.10 | $3.85 | $4.37 | $3.63 | $3.11 | $2.98 | $2.57 |
| Dividends per share | $0.39 | $0.31 | $0.32 | $0.28 | $0.25 | $0.25 | $0.21 | $0.21 | $0.17 | $0.16 |
| Capex per share | $2.29 | $2.34 | $1.25 | $0.94 | $0.69 | $0.85 | $0.47 | $0.47 | $0.52 | $0.33 |
| Debt per share | $5.11 | $2.04 | $0.61 | $0.96 | $0.52 | $0.57 | $0.54 | $0.42 | $0.44 | $0.00 |
| Shares outstanding | 83.1M | 83.6M | 83.3M | 81.1M | 80.6M | 79.6M | 79.0M | 79.0M | 79.6M | 80.2M |
| Change in shares outstanding | −0.6% | +0.4% | +2.6% | +0.7% | +1.3% | +0.8% | −0.1% | −0.8% | −0.7% | +47.2% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 12.5% | 21.6% | 27.4% | 19.5% | 14.4% | 24.7% | 19.9% | 17.4% | 24.6% | 27.7% |
| Return on invested capital (ROIC) | 11.0% | 19.2% | 25.5% | 17.9% | 14.3% | 25.3% | 18.3% | 16.2% | 26.5% | 34.2% |
| Return on assets (ROA) | 7.5% | 15.9% | 20.2% | 13.7% | 10.7% | 19.3% | 15.8% | 14.0% | 19.7% | 21.8% |
| Return on tangible assets | 7.1% | 16.6% | 22.4% | 15.0% | 11.9% | 17.7% | 14.6% | 13.9% | 18.4% | 20.8% |
| Free cash flow margin | −13.3% | −0.3% | 4.7% | −1.7% | 1.1% | 11.9% | 12.9% | 4.1% | 4.0% | 9.7% |
| Income quality (OCF / net income) | −0.01 | 1.14 | 0.89 | 0.61 | 1.04 | 1.63 | 1.82 | 1.30 | 1.06 | 1.20 |
| Financial health | ||||||||||
| Total debt | $424.6M | $171.0M | $50.5M | $78.3M | $41.6M | $45.3M | $42.7M | $33.6M | $34.7M | $0 |
| Cash & short-term investments | $13,000 | $14,000 | $287,000 | $5.5M | $2.9M | $79.0M | $26.8M | $2.0M | $30.4M | $43.7M |
| Net debt | $424.6M | $170.9M | $50.3M | $72.8M | $38.7M | −$33.8M | $15.9M | $31.6M | $4.2M | −$43.7M |
| Debt / equity | 0.47 | 0.21 | 0.07 | 0.14 | 0.09 | 0.13 | 0.15 | 0.13 | 0.15 | 0.00 |
| Debt / assets | 0.25 | 0.15 | 0.05 | 0.10 | 0.06 | 0.10 | 0.11 | 0.11 | 0.12 | 0.00 |
| Net debt / EBITDA | 1.88 | 0.63 | 0.18 | 0.45 | 0.39 | −0.28 | 0.18 | 0.43 | 0.05 | −0.47 |
| Current ratio | 2.63 | 2.79 | 3.23 | 2.40 | 2.51 | 3.73 | 3.35 | 2.96 | 3.07 | 3.61 |
| Quick ratio | 1.84 | 1.72 | 1.54 | 1.03 | 1.01 | 2.34 | 2.03 | 1.33 | 1.66 | 2.40 |
| Interest coverage | 8.6 | 72.0 | 47.0 | 48.3 | 524.6 | 7.8 | 102.5 | — | — | — |
| Working capital | $538.3M | $313.3M | $282.2M | $203.5M | $131.3M | $161.2M | $131.5M | $93.2M | $103.7M | $101.9M |
| Invested capital | $1.32B | $995.5M | $785.5M | $633.5M | $504.9M | $317.1M | $306.0M | $281.0M | $241.5M | $162.2M |
| Tangible asset value | $729.2M | $664.4M | $585.3M | $414.2M | $310.3M | $347.6M | $286.6M | $245.7M | $237.2M | $205.9M |
| Net current asset value | $77.7M | $137.6M | $202.7M | $95.9M | $34.1M | $122.1M | $106.3M | $82.1M | $94.2M | $90.3M |
| Graham number | $17.71 | $21.15 | $20.58 | $13.87 | $9.74 | $9.92 | $7.50 | $6.17 | $6.77 | $6.20 |
| Graham net-net per share | −$2.64 | −$0.50 | $0.46 | −$0.51 | −$0.67 | $0.77 | $0.42 | $0.34 | $0.57 | $0.67 |
| Capital allocation | ||||||||||
| Dividends paid | $32.6M | $26.1M | $26.4M | $22.9M | $19.9M | $19.8M | $16.6M | $16.7M | $13.7M | $12.7M |
| Share buybacks (net) | $30.0M | $100.0M | $25.0M | $12.7M | $20.9M | $30.1M | $19.6M | $26.8M | $16.6M | $19.3M |
| Dividend payout ratio | 30.3% | 15.5% | 14.9% | 22.8% | 33.9% | 25.1% | 31.0% | 39.5% | 25.1% | 23.7% |
| Dividends + buybacks / free cash flow | — | — | 94.2% | — | 701.3% | 81.7% | 59.6% | 247.7% | 186.0% | 85.7% |
| Capex / revenue | 13.2% | 16.3% | 8.9% | 8.6% | 10.4% | 13.2% | 7.9% | 8.6% | 10.3% | 6.9% |
| Capex / operating cash flow | — | 101.6% | 65.6% | 124.0% | 90.5% | 52.6% | 38.0% | 67.9% | 71.9% | 41.6% |
| Capex / depreciation | 2.40 | 3.08 | 2.23 | 2.15 | 1.82 | 2.65 | 1.63 | 2.11 | 2.78 | 2.04 |
| Stock-based compensation / revenue | 1.2% | 1.4% | 1.4% | 1.5% | 2.2% | 2.2% | 2.5% | 1.8% | 1.6% | 1.1% |
| R&D / revenue | — | — | 3.7% | 5.3% | 3.1% | 3.4% | 3.2% | 3.1% | 3.2% | 3.1% |
| SG&A / revenue | 14.3% | 13.9% | 13.3% | 12.2% | 12.5% | 11.6% | 10.6% | 10.7% | 11.5% | 9.5% |
| Efficiency | ||||||||||
| Days sales outstanding | 110.8 | 71.5 | 50.9 | 46.1 | 45.8 | 42.6 | 49.9 | 47.1 | 45.6 | 49.4 |
| Days of inventory on hand | 77.5 | 91.1 | 97.8 | 92.3 | 97.8 | 79.3 | 78.9 | 82.0 | 76.6 | 58.9 |
| Days payables outstanding | 26.8 | 16.4 | 17.3 | 20.9 | 19.1 | 12.3 | 11.7 | 11.9 | 11.7 | 9.1 |
| Cash conversion cycle (days) | 161.5 | 146.2 | 131.4 | 117.5 | 124.5 | 109.6 | 117.1 | 117.2 | 110.5 | 99.2 |
| Receivables turnover | 3.29 | 5.11 | 7.18 | 7.92 | 7.96 | 8.56 | 7.32 | 7.75 | 8.00 | 7.38 |
| Payables turnover | 13.62 | 22.28 | 21.08 | 17.47 | 19.13 | 29.64 | 31.28 | 30.62 | 31.17 | 40.04 |
| Inventory turnover | 4.71 | 4.01 | 3.73 | 3.96 | 3.73 | 4.60 | 4.63 | 4.45 | 4.77 | 6.19 |
| Asset turnover | 1.01 | 1.13 | 1.33 | 1.21 | 0.97 | 1.25 | 1.38 | 1.44 | 1.46 | 1.57 |
| Average receivables | $437.9M | $235.1M | $162.8M | $112.3M | $67.1M | $60.1M | $64.1M | $56.0M | $50.6M | $52.0M |
| Average payables | $77.5M | $36.1M | $36.5M | $37.3M | $20.7M | $12.1M | $11.2M | $10.8M | $9.0M | $6.6M |
| Average inventory | $224.3M | $200.5M | $206.2M | $164.6M | $106.2M | $77.9M | $75.6M | $74.2M | $59.1M | $42.9M |
| Intangibles / total assets | 9.8% | 13.6% | 15.9% | 18.0% | 24.0% | 0.7% | 0.9% | 1.2% | 0.0% | 0.0% |
Computed from AAON's annual financial statements (latest annual report filed March 2, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
AAON valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), AAON traded at 58.9 times earnings, against a 10-year median of 44.2. Based on the latest twelve months, the trailing P/E is 38.8 and the forward P/E is 21.8. AAON earned a return on equity of 12.5% and a return on invested capital of 11.0% in fiscal 2025. It ended the year with $424.6 million of debt and $0.0 million in cash and short-term investments, net debt of $424.6 million. It returned $62.6 million to shareholders: $32.6 million in dividends and $30.0 million in share buybacks. The share count rose 3.7% from 80.2M to 83.1M over 9 years.
See the AAON income statement, the AAON chart for price history, or the AAON stock overview for the latest quote and news.
AAON key metrics FAQ
What is AAON's P/E ratio?
AAON's trailing P/E ratio is 38.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 21.8. At the end of fiscal 2025 it was 58.9, compared with a 10-year median of 44.2.
What is AAON's EV/EBITDA?
AAON's enterprise value was 29.9 times EBITDA at the end of fiscal 2025 (enterprise value $6.8 billion, EBITDA $225.8 million); the current EV/EBITDA is 24.2.
What is AAON's return on equity?
AAON's return on equity (ROE) was 12.5% in fiscal 2025: net income of $107.6 million on average shareholders' equity of $859.8 million.
What is AAON's ROIC?
AAON's return on invested capital was 11.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does AAON have?
AAON had total debt of $424.6 million at the end of fiscal 2025, a debt-to-equity ratio of 0.47 and $424.6 million of net debt (1.88 times EBITDA).
What is AAON's dividend yield?
AAON's forward dividend yield is 0.54%. AAON paid $32.6 million in dividends in fiscal 2025 ($0.39 per share), a payout ratio of 30.3%.
Does AAON buy back its shares?
Yes. AAON spent $30.0 million on net share repurchases in fiscal 2025 Shares outstanding changed −0.6% over the year, to 83.1M..
What is AAON's free cash flow yield?
AAON generated -$191.4 million of free cash flow in fiscal 2025, a free cash flow yield of −3.0% on its market value at year-end ($6.3 billion).
What is AAON's current ratio?
AAON's current ratio was 2.63 at the end of fiscal 2025: current assets were 2.63 times current liabilities.