Aaon
AAON on Nasdaq. Aaon sells heating, cooling, and ventilation equipment to commercial and industrial buildings. Market value $7.0bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.
$88.07 a share, 20% above its 1-year low
Over the past year the price has ranged from $73.19 to $150.46.
Dividend: 0.4% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $535m | $889m | $1.2bn | $1.2bn | $1.4bn |
| Operating margin | |||||
| Operating margin | 13.0% | 14.3% | 19.5% | 17.4% | 10.1% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.05bn | 0.08bn | 0.08bn | 0.08bn | 0.08bn |
Health checks
- Free cash flow positive2 of 2 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)3 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 22.9% a year
- Buying back its own sharesNo, 55% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $627 million last quarter, up 101% on a year ago.
- Profit: $57 million, up 266% on a year ago.
- It keeps 11 cents of each $1 of sales as operating profit, down from 12 cents a year earlier.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $327m |
| December 2024 | $298m |
| March 2025 | $322m |
| June 2025 | $312m |
| September 2025 | $384m |
| December 2025 | $424m |
| March 2026 | $497m |
| June 2026 | $627m |
| Quarter to | Amount |
|---|---|
| September 2024 | $53m |
| December 2024 | $25m |
| March 2025 | $29m |
| June 2025 | $15m |
| September 2025 | $31m |
| December 2025 | $32m |
| March 2026 | $40m |
| June 2026 | $57m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 2 March 2026
- Next quarterly (estimated, 10-Q)
- 9 November 2026
Who owns it
5 long-term investors we follow own it, up from 4 last quarter. 473 funds in all.
- Mawer Investment ManagementMawer team
- Value
- $108m
- Share of fund
- 0.7%
- Giverny CapitalFrançois Rochon
- Value
- $26m
- Share of fund
- 0.9%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Mawer Investment ManagementMawer team | $108m | 0.7% | |
| Royce & AssociatesChuck Royce | $49m | 0.4% | Cut |
| GMOJeremy Grantham | $33m | <0.1% | Cut |
| Giverny CapitalFrançois Rochon | $26m | 0.9% | |
| Gotham Asset ManagementJoel Greenblatt | $2m | <0.1% | New |
Largest holders overall
- BlackRock$848m
- Wellington Management Group LLP$732mCut
- Vanguard Capital Management$396m
- Vanguard Portfolio Management$373m
- State Street$333mAdded
- Wasatch Advisors LP$297mAdded
- First Trust Advisors LP$200mCut
- Blair William$195mCut
- Geode Capital Management$182m
- Dimensional Fund Advisors LP$172mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Wellington Management Group LLPPassive investorat least 10.4%+3.4 pts(filed with 3 related holders)Since 31 August 2026
- BlackRock, Inc.Passive investor7.7%−1.0 ptsSince 31 March 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Wellington Management Group LLP Passive investor | at least 10.4%+3.4 pts (filed with 3 related holders) | 31 August 2026 | |
BlackRock, Inc. Passive investor | 7.7%−1.0 pts | 31 March 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 3 insiders bought $593,984 of shares on the open market. 5 sold $23m, $5m of it under preset trading plans.
- Stewart David RaymondDirectorBought
- Date
- 15 September 2026
- Shares
- 1,000
- Price
- $74.66
- Value
- $74,660
- Shaub MatthewExecutive Vice PresidentBought
- Date
- 28 August 2026
- Shares
- 457
- Price
- $76.42
- Value
- $34,924
- Thompson RebeccaChief Accounting OfficerSold
- Date
- 2 June 2026
- Shares
- 4,230
- Price
- $143.42
- Value
- $606,667
- Fields Gary DDirectorSold
- Date
- 29 May 2026
- Shares
- 19,000
- Price
- $140.20
- Value
- $3m
- Wichman Gordon DouglasExecutive Vice PresidentSold
- Date
- 26 May 2026
- Shares
- 3,000
- Price
- $140.39
- Value
- $421,170
- Fields Gary DDirectorSold
- Date
- 26 May 2026
- Shares
- 21,173
- Price
- $140.34
- Value
- $3m
- Kidwell CaseyChief Administration OfficerSold
- Date
- 14 May 2026
- Shares
- 3,153
- Price
- $138.30
- Value
- $436,071
- Tobolski Matthew JosephChief Executive Officer, DirectorSold
- Date
- 13 May 2026
- Shares
- 8,000
- Price
- $135.37
- Value
- $1m
- Fields Gary DDirectorSold
- Date
- 13 May 2026
- Shares
- 19,081
- Price
- $137.60
- Value
- $3m
- Fields Gary DDirectorSold
- Date
- 12 May 2026
- Shares
- 31,271
- Price
- $134.07
- Value
- $4m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 15 September 2026 | Stewart David Raymond Director | Bought | 1,000 | $74.66 | $74,660 |
| 28 August 2026 | Shaub Matthew Executive Vice President | Bought | 457 | $76.42 | $34,924 |
| 2 June 2026 | Thompson Rebecca Chief Accounting Officer | Sold | 4,230 | $143.42 | $606,667 |
| 29 May 2026 | Fields Gary D Director | Sold | 19,000 | $140.20 | $3m |
| 26 May 2026 | Wichman Gordon Douglas Executive Vice President | Sold | 3,000 | $140.39 | $421,170 |
| 26 May 2026 | Fields Gary D Director | Sold | 21,173 | $140.34 | $3m |
| 14 May 2026 | Kidwell Casey Chief Administration Officer | Sold | 3,153 | $138.30 | $436,071 |
| 13 May 2026 | Tobolski Matthew Joseph Chief Executive Officer, Director | Sold | 8,000 | $135.37 | $1m |
| 13 May 2026 | Fields Gary D Director | Sold | 19,081 | $137.60 | $3m |
| 12 May 2026 | Fields Gary D Director | Sold | 31,271 | $134.07 | $4m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 2 Mar 2026, plus the 10-Q filed 10 Aug 2026 and 9 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.