Aaon Inc Financials
This page shows Aaon Inc (AAON) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Aaon Inc has an operating margin of 10.1%, meaning the company retains $10 of operating profit per $100 of revenue. This results in a moderate score of 45/100, indicating healthy but not exceptional operating efficiency. This is down from 17.4% the prior year.
Aaon Inc's revenue surged 20.1% year-over-year to $1.4B, reflecting rapid business expansion. This strong growth earns a score of 67/100.
Aaon Inc carries a low D/E ratio of 0.88, meaning only $0.88 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 84/100, indicating a strong balance sheet with room for future borrowing.
Aaon Inc's current ratio of 2.63 indicates adequate short-term liquidity, earning a score of 50/100. The company can meet its near-term obligations, though with limited headroom.
Aaon Inc's ROE of 12.0% shows moderate profitability relative to equity, earning a score of 38/100. This is down from 20.4% the prior year.
Aaon Inc scores 7.24, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($6.6B) relative to total liabilities ($791.5M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Aaon Inc passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Aaon Inc generates $0.00 in operating cash flow ($534K OCF vs $107.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Aaon Inc earns $8.3 in operating income for every $1 of interest expense ($146.2M vs $17.7M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Aaon Inc generated $1.4B in revenue in fiscal year 2025. This represents an increase of 20.1% from the prior year.
Aaon Inc's EBITDA was $225.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 17.1% from the prior year.
Aaon Inc reported $107.6M in net income in fiscal year 2025. This represents a decrease of 36.2% from the prior year.
Aaon Inc earned $1.29 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 36.1% from the prior year.
Cash & Balance Sheet
Aaon Inc held $13K in cash against $0 in long-term debt as of fiscal year 2025.
Aaon Inc paid $0.40 per share in dividends in fiscal year 2025. This represents an increase of 25.0% from the prior year.
Aaon Inc had 82M shares outstanding in fiscal year 2025. This represents an increase of 0.3% from the prior year.
Margins & Returns
Aaon Inc's gross margin was 26.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 6.3 percentage points from the prior year.
Aaon Inc's operating margin was 10.1% in fiscal year 2025, reflecting core business profitability. This is down 7.3 percentage points from the prior year.
Aaon Inc's net profit margin was 7.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 6.6 percentage points from the prior year.
Aaon Inc's ROE was 12.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 8.4 percentage points from the prior year.
Capital Allocation
Aaon Inc invested $58.2M in research and development in fiscal year 2025. This represents an increase of 23.0% from the prior year.
Aaon Inc spent $30.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 70.0% from the prior year.
AAON Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $424.2M+10.4% | $384.2M+23.3% | $311.6M-3.3% | $322.1M+8.2% | $297.7M-9.0% | $327.3M+4.4% | $313.6M+19.6% | $262.1M |
| Cost of Revenue | $314.4M+13.4% | $277.4M+21.2% | $228.8M-2.9% | $235.7M+7.1% | $220.1M+3.3% | $213.1M+6.3% | $200.5M+18.0% | $169.9M |
| Gross Profit | $109.8M+2.7% | $106.9M+29.2% | $82.7M-4.2% | $86.4M+11.3% | $77.6M-32.0% | $114.2M+0.9% | $113.1M+22.6% | $92.2M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $65.8M+4.1% | $63.2M+6.9% | $59.1M+15.3% | $51.3M+6.4% | $48.2M-0.9% | $48.6M+6.0% | $45.9M+1.3% | $45.3M |
| Operating Income | $44.0M+0.8% | $43.6M+84.9% | $23.6M-32.8% | $35.1M+19.3% | $29.4M-55.1% | $65.5M-2.5% | $67.2M+43.1% | $47.0M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -$239K |
| Income Tax | $6.3M-17.9% | $7.7M+90.6% | $4.0M+25.9% | $3.2M-10.8% | $3.6M-69.9% | $11.9M-19.6% | $14.8M+89.7% | $7.8M |
| Net Income | $32.0M+4.1% | $30.8M+98.8% | $15.5M-47.1% | $29.3M+18.6% | $24.7M-53.1% | $52.6M+0.8% | $52.2M+33.9% | $39.0M |
| EPS (Diluted) | N/A | $0.37+94.7% | $0.19-45.7% | $0.35 | N/A | $0.63+1.6% | $0.62+34.8% | $0.46 |
AAON Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.7B+9.9% | $1.5B+9.6% | $1.4B+7.6% | $1.3B+10.6% | $1.2B+14.0% | $1.0B+2.0% | $1.0B+6.1% | $952.9M |
| Current Assets | $869.2M+14.5% | $759.3M+16.1% | $654.2M+14.4% | $571.7M+17.1% | $488.2M+14.1% | $427.8M+1.1% | $423.1M+7.9% | $392.2M |
| Cash & Equivalents | $13K-98.8% | $1.0M+7335.7% | $14K-98.6% | $994K+7000.0% | $14K-6.7% | $15K+15.4% | $13K-99.8% | $8.4M |
| Inventory | $261.2M+4.2% | $250.5M+6.6% | $235.0M+18.2% | $198.9M+6.1% | $187.4M+5.5% | $177.7M-2.9% | $183.0M-6.8% | $196.3M |
| Accounts Receivable | $314.4M+18.1% | $266.2M+56.1% | $170.6M+3.4% | $165.0M+11.9% | $147.4M+2.5% | $143.8M-3.6% | $149.1M+36.0% | $109.7M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | $81.9M0.0% | $81.9M |
| Total Liabilities | $791.5M+18.0% | $671.0M+18.4% | $566.7M+17.0% | $484.3M+38.1% | $350.7M+50.0% | $233.8M-13.5% | $270.2M+60.7% | $168.1M |
| Current Liabilities | $330.9M+32.2% | $250.2M+18.7% | $210.7M+2.0% | $206.6M+18.1% | $174.9M+25.1% | $139.8M-1.1% | $141.3M+12.9% | $125.2M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $895.0M+3.7% | $863.1M+3.6% | $832.7M+2.1% | $815.9M-1.1% | $824.6M+3.5% | $796.9M+7.6% | $740.5M-5.6% | $784.8M |
| Retained Earnings | $830.3M+3.0% | $806.4M+2.9% | $783.8M+0.9% | $776.5M+2.8% | $755.3M+2.5% | $737.1M+6.7% | $691.0M+7.1% | $645.3M |
AAON Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $19.3M+57.6% | $12.3M+156.2% | -$21.8M-136.9% | -$9.2M-1190.4% | $845K-98.7% | $63.8M+79.4% | $35.5M-61.5% | $92.4M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$53.8M-9.5% | -$49.1M-25.6% | -$39.1M+22.4% | -$50.4M+49.3% | -$99.3M-159.0% | -$38.4M-4.5% | -$36.7M+5.2% | -$38.7M |
| Financing Cash Flow | $33.4M-11.6% | $37.8M-36.8% | $59.9M+7.9% | $55.5M-43.6% | $98.3M+418.9% | -$30.8M-103.6% | -$15.1M+55.9% | -$34.3M |
| Dividends Paid | $8.2M+0.1% | $8.2M-0.2% | $8.2M+1.1% | $8.1M+24.3% | $6.5M+0.3% | $6.5M-0.5% | $6.5M-0.5% | $6.6M |
| Share Buybacks | N/A | N/A | N/A | $31.5M | $0 | $0-100.0% | $100.0M | $0 |
AAON Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.9%-1.9pp | 27.8%+1.3pp | 26.6%-0.3pp | 26.8%+0.8pp | 26.1%-8.8pp | 34.9%-1.2pp | 36.1%+0.9pp | 35.2% |
| Operating Margin | 10.4%-1.0pp | 11.3%+3.8pp | 7.6%-3.3pp | 10.9%+1.0pp | 9.9%-10.1pp | 20.0%-1.4pp | 21.4%+3.5pp | 17.9% |
| Net Margin | 7.5%-0.5pp | 8.0%+3.0pp | 5.0%-4.1pp | 9.1%+0.8pp | 8.3%-7.8pp | 16.1%-0.6pp | 16.7%+1.8pp | 14.9% |
| Return on Equity | 3.6%0.0pp | 3.6%+1.7pp | 1.9%-1.7pp | 3.6%+0.6pp | 3.0%-3.6pp | 6.6%-0.4pp | 7.0%+2.1pp | 5.0% |
| Return on Assets | 1.9%-0.1pp | 2.0%+0.9pp | 1.1%-1.1pp | 2.3%+0.1pp | 2.1%-3.0pp | 5.1%-0.1pp | 5.2%+1.1pp | 4.1% |
| Current Ratio | 2.63-0.4 | 3.04-0.1 | 3.10+0.3 | 2.77-0.0 | 2.79-0.3 | 3.06+0.1 | 2.99-0.1 | 3.13 |
| Debt-to-Equity | 0.88+0.1 | 0.78+0.1 | 0.68+0.1 | 0.59+0.2 | 0.43+0.1 | 0.29-0.1 | 0.36+0.2 | 0.21 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Aaon Inc's annual revenue?
Aaon Inc (AAON) reported $1.4B in total revenue for fiscal year 2025. This represents a 20.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Aaon Inc's revenue growing?
Aaon Inc (AAON) revenue grew by 20.1% year-over-year, from $1.2B to $1.4B in fiscal year 2025.
Is Aaon Inc profitable?
Yes, Aaon Inc (AAON) reported a net income of $107.6M in fiscal year 2025, with a net profit margin of 7.5%.
What is Aaon Inc's EBITDA?
Aaon Inc (AAON) had EBITDA of $225.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Aaon Inc's gross margin?
Aaon Inc (AAON) had a gross margin of 26.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Aaon Inc's operating margin?
Aaon Inc (AAON) had an operating margin of 10.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Aaon Inc's net profit margin?
Aaon Inc (AAON) had a net profit margin of 7.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Aaon Inc pay dividends?
Yes, Aaon Inc (AAON) paid $0.40 per share in dividends during fiscal year 2025.
What is Aaon Inc's return on equity (ROE)?
Aaon Inc (AAON) has a return on equity of 12.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Aaon Inc's operating cash flow?
Aaon Inc (AAON) generated $534K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Aaon Inc's total assets?
Aaon Inc (AAON) had $1.7B in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Aaon Inc spend on research and development?
Aaon Inc (AAON) invested $58.2M in research and development during fiscal year 2025.
What is Aaon Inc's current ratio?
Aaon Inc (AAON) had a current ratio of 2.63 as of fiscal year 2025, which is generally considered healthy.
What is Aaon Inc's debt-to-equity ratio?
Aaon Inc (AAON) had a debt-to-equity ratio of 0.88 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Aaon Inc's return on assets (ROA)?
Aaon Inc (AAON) had a return on assets of 6.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Aaon Inc's Altman Z-Score?
Aaon Inc (AAON) has an Altman Z-Score of 7.24, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Aaon Inc's Piotroski F-Score?
Aaon Inc (AAON) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Aaon Inc's earnings high quality?
Aaon Inc (AAON) has an earnings quality ratio of 0.00x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Aaon Inc cover its interest payments?
Aaon Inc (AAON) has an interest coverage ratio of 8.3x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Aaon Inc?
Aaon Inc (AAON) scores 57 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.