AAON Inc
Leading manufacturer of semi-custom rooftop units, chillers, air-handling units, condensing units, and coils for commercial and industrial HVAC applications
What the page says before deeper research
Quality, growth, value, ownership, risk, and source confidence.
Moat 8.2/100 with low retention risk and high switching costs.
Growth appears healthy from +28% YoY revenue growth.
Forward P/E of 40.6x versus +28% growth gives a 1.4x multiple-to-growth read.
No SEC-backed 13F layer is matched yet, so ownership confirmation is unavailable.
Retention and AI disruption risks are low; valuation is not flagged expensive.
Fundamentals from finnhub as of 2026-05-17; ownership confirmation is not available here.
This is the clearest available operating growth signal in the current dataset.
Beginner valuation check
Data pending from FMP or Finnhub.
Positive price performance shows recent market sentiment, not a full investment thesis.
Forward P/E around 40.6x means investors pay about $40.6 for each expected $1 of future profit per share, usually the next 12 months or next fiscal year. It is a forecast, not a fact.
A P/E around 94.0x means investors pay about $94.0 for each $1 the company earned per share over the last 12 months, usually the last four quarterly reports.
Source: market data index. As of May 21, 2026. P/E can be unavailable or misleading when earnings are negative.
Beginner guide
AAON Inc is a Industrial Manufacturing business that sells industrial manufacturing operations and tries to turn customer demand into lasting profits.
Leading manufacturer of semi-custom rooftop units, chillers, air-handling units, condensing units, and coils for commercial and industrial HVAC applications
AAON Inc makes money when customers pay for products, services, subscriptions, transactions, or support tied to industrial manufacturing operations.
Proprietary thermal modeling software creates 18-month switching costs for engineering firms
AAON Inc can disappoint if execution, competition, valuation, or demand cycles weaken growth, margins, customer retention, or investor confidence.
AAON Inc is like a specialized machine shop: customers pay for reliability, scale, logistics, or hard-to-replace expertise.
You are basically betting that AAON Inc can keep turning industrial manufacturing operations into durable value while managing execution, competition, valuation, or demand cycles.
A 0-100 shortcut for how defensible the business looks in this company brief. AAON Inc is scored at 8.2.
How painful it is for customers to leave. this company brief rates AAON Inc as high.
Whether existing customers tend to spend more or less over time. The company brief model uses 118%.
The major ways the company organizes its revenue and operations.
Price divided by earnings. It is a quick valuation check, but it can mislead when earnings are temporarily high, low, or negative.
A quarterly filing that shows what many large institutional investors owned at quarter end.
The first four questions
AAON’s proprietary thermal modeling software and semi-custom manufacturing can keep engineering firms and contractors tied in, supporting repeat demand for rooftop units, chillers, air-handling units, condensing units, and coils.
AAON can disappoint if execution slips, competitors narrow the semi-custom edge, or commercial HVAC demand cools and investors reassess a premium forward multiple.
Forward P/E (40.6x)
Next earnings date unavailable from configured sources.
Bull / Neutral / Bear
The company continues to grow, but the stock’s path depends on whether a 40.6x forward P/E stays justified by durable HVAC execution and customer stickiness.
Forward P/E stays in line with sustained growth and product mix quality.
AAON keeps converting its semi-custom HVAC platform and thermal modeling tools into sticky demand, while revenue growth stays strong and the market keeps rewarding the business quality.
Revenue growth remains near the reported +28% level or improves.
The company continues to grow, but the stock’s path depends on whether a 40.6x forward P/E stays justified by durable HVAC execution and customer stickiness.
Forward P/E stays in line with sustained growth and product mix quality.
If commercial HVAC demand weakens, execution stumbles, or the semi-custom advantage gets challenged, the market could re-rate AAON’s premium multiple lower.
Growth, demand, or competitive differentiation softens.
Beginner checklist
Needs earnings calendar data from a provider.
This is the clearest available operating growth signal in the current dataset.
Margin trend needs company financial statement data; do not infer it from price movement.
This is the current valuation anchor, but it should be read alongside growth and business quality.
No SEC-backed ownership rows are available for this ticker yet.
Needs insider transaction data from a provider.
For AAON, the most useful operating KPI here is whether growth in semi-custom HVAC demand keeps holding up.
AAON Inc is exposure to industrial manufacturing operating model with high switching costs and 118% net revenue retention.
Proprietary thermal modeling software creates 18-month switching costs for engineering firms
The main question is whether the company can keep customer value compounding without margin pressure eroding the moat.
Pro access unlocks the workflow simulator for this company brief.
Simulator coverage pending
This ticker has a company brief, but richer workflow modules have not been built yet.
No SEC-backed 13F rows are matched for this ticker yet. We do not fabricate ownership rows.
- Proprietary thermal modeling software creates 18-month switching costs for engineering firms
- Custom manufacturing capabilities require extensive re-certification for competitors
- 30+ year equipment lifespan generates predictable service revenue streams
- Semi-custom approach prevents commoditization while maintaining scale efficiencies
- Direct relationships with major mechanical contractors create channel stickiness
- AHRI certifications and UL listings create regulatory switching barriers