AAON, INC.
AAON · Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip · 81.9M shares · +12%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: $9M (gross $25M, SBC $16M)
Reference price $143.42 · est. market cap ~$11.7B — last insider sale, 2026-06-02 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B78Premium HVAC manufacturer with strong returns, a record backlog, and accelerating data-center (BASX) demand, though metrics are sparse.
Strengths
- Top-tier ROA 6.4% (82nd) with healthy liquidity (current ratio 2.6, quick 1.84)
- Backlog more than doubled to $1.83B and BASX data-center exposure (data-center construction +240% 2022–2025); pricing power ('compete on technical excellence, not price')
Risks
- Customer/end-market concentration in data centers and reliance on independent third-party representatives
- Cyclical core nonresidential construction softening through 2025; very low reported cash (3rd pct)
Notable findings
Key metrics
Return on assets
6.4%
Net-income growth
-36.2%
Net debt / EBITDA
-0.0×
Current ratio
2.6×
EBITDA
$225M
Cash & investments
$13K
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-02 | Thompson Rebecca | Sell | 4.2K | $143.42 |
| 2026-05-29 | ASBJORNSON NORMAN H | Gift | 88K | — |
| 2026-05-29 | ASBJORNSON NORMAN H | Gift | 101K | — |
| 2026-05-29 | Fields Gary D | Sell | 19K | $140.20 |
| 2026-05-26 | Wichman Gordon Douglas | Option exercise | 3.0K | $27.58 |
| 2026-05-26 | Wichman Gordon Douglas | Sell | 3.0K | $140.39 |
| 2026-05-26 | Fields Gary D | Option exercise | 21K | $48.91 |
| 2026-05-26 | Fields Gary D | Sell | 21K | $140.34 |
| 2026-05-14 | Kidwell Casey | Sell | 2.1K | $138.30 |
| 2026-05-14 | Kidwell Casey | Option exercise | 2.1K | $79.73 |
| 2026-05-14 | Kidwell Casey | Option exercise | 1.1K | $82.39 |
| 2026-05-14 | Kidwell Casey | Sell | 1.1K | $138.31 |
| 2026-05-13 | Fields Gary D | Sell | 19K | $137.60 |
| 2026-05-13 | Tobolski Matthew Joseph | Sell | 8.0K | $135.37 |
| 2026-05-13 | Fields Gary D | Option exercise | 19K | $36.13 |
| 2026-05-13 | Tobolski Matthew Joseph | Tax withheld | 467 | $135.37 |
| 2026-05-12 | Fields Gary D | Sell | 5.3K | $134.05 |
| 2026-05-12 | ASBJORNSON NORMAN H | Grant | 1.3K | — |
| 2026-05-12 | Stewart David Raymond | Grant | 1.3K | — |
| 2026-05-12 | Ware Bruce | Grant | 1.3K | — |
| 2026-05-12 | Kouplen Angela | Grant | 1.3K | — |
| 2026-05-12 | LeClair Stephen O | Grant | 1.3K | — |
| 2026-05-12 | McElroy A H II | Grant | 1.3K | — |
| 2026-05-12 | Lawhorn Caron A | Grant | 1.3K | — |
| 2026-05-12 | Fields Gary D | Option exercise | 26K | $48.91 |
| 2026-05-12 | Fields Gary D | Sell | 26K | $134.07 |
| 2026-05-12 | Fields Gary D | Option exercise | 5.3K | $31.69 |
| 2026-05-07 | Thompson Rebecca | Sell | 9.7K | $136.59 |
| 2026-05-07 | Thompson Rebecca | Option exercise | 9.7K | $29.48 |
| 2026-04-27 | Thompson Rebecca | Option exercise | 400 | $29.48 |
| 2026-04-27 | Thompson Rebecca | Sell | 400 | $100.27 |
| 2026-04-24 | Thompson Rebecca | Sell | 22K | $100.21 |
| 2026-04-24 | Thompson Rebecca | Option exercise | 22K | $29.48 |
| 2026-04-24 | Thompson Rebecca | Sell | 22K | $100.21 |
| 2026-04-24 | Thompson Rebecca | Option exercise | 22K | $29.48 |
| 2026-04-23 | Thompson Rebecca | Option exercise | 7.3K | $29.48 |
| 2026-04-23 | Thompson Rebecca | Sell | 7.3K | $100.10 |
| 2026-04-23 | Thompson Rebecca | Option exercise | 7.3K | $29.48 |
| 2026-04-23 | Thompson Rebecca | Sell | 7.3K | $100.10 |
| 2026-04-21 | Thompson Rebecca | Sell | 2.3K | $100.11 |
| 2026-04-21 | Thompson Rebecca | Option exercise | 2.3K | $29.48 |
| 2026-04-21 | Thompson Rebecca | Sell | 2.3K | $100.11 |
| 2026-04-21 | Thompson Rebecca | Option exercise | 2.3K | $29.48 |
| 2026-04-20 | Cheung Chung Kin | Grant | 16K | — |
| 2026-03-12 | Kidwell Casey | Sell | 831 | $90.00 |
| 2026-03-12 | Shaub Matthew | Tax withheld | 40 | $91.51 |
| 2026-03-12 | Shaub Matthew | Tax withheld | 114 | $91.51 |
| 2026-03-12 | Tobolski Matthew Joseph | Tax withheld | 413 | $91.51 |
| 2026-03-12 | Kidwell Casey | Option exercise | 1.6K | $36.13 |
| 2026-03-12 | Kidwell Casey | Sell | 1.6K | $90.00 |
| 2026-03-12 | Kidwell Casey | Option exercise | 831 | $35.41 |
| 2026-03-12 | Kidwell Casey | Option exercise | 2.8K | $62.04 |
| 2026-03-12 | Kidwell Casey | Sell | 2.8K | $90.00 |
| 2026-03-12 | Kidwell Casey | Tax withheld | 89 | $91.51 |
| 2026-03-12 | Kidwell Casey | Tax withheld | 91 | $91.51 |
| 2026-03-12 | Wichman Gordon Douglas | Tax withheld | 89 | $91.51 |
| 2026-03-12 | Wichman Gordon Douglas | Tax withheld | 55 | $91.51 |
| 2026-03-12 | Fields Gary D | Tax withheld | 1.0K | $91.51 |
| 2026-03-12 | Fields Gary D | Tax withheld | 334 | $91.51 |
| 2026-03-12 | Thompson Rebecca | Tax withheld | 155 | $91.51 |
| 2026-03-12 | Thompson Rebecca | Tax withheld | 169 | $91.51 |
| 2026-03-11 | Thompson Rebecca | Grant | 1.5K | — |
| 2026-03-11 | Tobolski Matthew Joseph | Grant | 9.0K | — |
| 2026-03-11 | Kidwell Casey | Grant | 981 | — |
| 2026-03-11 | Shaub Matthew | Grant | 1.1K | — |
| 2026-03-11 | Wichman Gordon Douglas | Grant | 924 | — |
| 2026-03-06 | Fields Gary D | Tax withheld | 1.2K | $88.33 |
| 2026-03-06 | Thompson Rebecca | Tax withheld | 180 | $88.33 |
| 2026-03-06 | Kidwell Casey | Tax withheld | 120 | $88.33 |
| 2026-03-06 | Wichman Gordon Douglas | Tax withheld | 102 | $88.33 |
| 2026-01-30 | Wakefield Stephen E | Tax withheld | 531 | $95.64 |
| 2026-01-30 | Wakefield Stephen E | Option exercise | 762 | $95.64 |
| 2026-01-30 | Wakefield Stephen E | Tax withheld | 239 | $95.64 |
| 2026-01-30 | Fields Gary D | Option exercise | 11K | $95.64 |
| 2026-01-30 | Fields Gary D | Tax withheld | 2.9K | $95.64 |
| 2026-01-30 | Fields Gary D | Option exercise | 5.4K | $95.64 |
| 2026-01-30 | Fields Gary D | Tax withheld | 2.1K | $95.64 |
| 2026-01-30 | Thompson Rebecca | Option exercise | 2.2K | $95.64 |
| 2026-01-30 | Thompson Rebecca | Tax withheld | 741 | $95.64 |
| 2026-01-30 | Thompson Rebecca | Option exercise | 1.1K | $95.64 |
| 2026-01-30 | Thompson Rebecca | Tax withheld | 315 | $95.64 |
| 2026-01-30 | Kidwell Casey | Tax withheld | 232 | $95.64 |
| 2026-01-30 | Kidwell Casey | Option exercise | 1.5K | $95.64 |
| 2026-01-30 | Kidwell Casey | Tax withheld | 505 | $95.64 |
| 2026-01-30 | Kidwell Casey | Option exercise | 726 | $95.64 |
| 2026-01-30 | Wichman Gordon Douglas | Option exercise | 1.5K | $95.64 |
| 2026-01-30 | Wichman Gordon Douglas | Tax withheld | 439 | $95.64 |
| 2026-01-30 | Wichman Gordon Douglas | Option exercise | 726 | $95.64 |
| 2026-01-30 | Wichman Gordon Douglas | Tax withheld | 200 | $95.64 |
| 2026-01-30 | Wakefield Stephen E | Option exercise | 1.6K | $95.64 |
| 2026-01-02 | Tobolski Matthew Joseph | Tax withheld | 281 | $78.62 |
| 2025-12-15 | Fields Gary D | Gift | 1.0K | — |
| 2025-12-12 | Wakefield Stephen E | Buy | 4.1K | $77.59 |
| 2025-12-12 | Wakefield Stephen E | Buy | 1.0K | $80.85 |
| 2025-12-11 | Wakefield Stephen E | Buy | 1.0K | $82.25 |
| 2025-11-14 | ASBJORNSON NORMAN H | Gift | 72K | — |
| 2025-11-12 | Fields Gary D | Option exercise | 2.8K | $36.13 |
| 2025-11-12 | Fields Gary D | Sell | 2.8K | $105.14 |
| 2025-11-12 | Fields Gary D | Option exercise | 767 | $31.69 |
| 2025-11-12 | Fields Gary D | Sell | 767 | $105.14 |
| 2025-11-11 | Fields Gary D | Sell | 21K | $105.21 |
| 2025-11-11 | Fields Gary D | Option exercise | 21K | $36.13 |
| 2025-11-11 | Fields Gary D | Sell | 5.8K | $105.21 |
| 2025-11-11 | Fields Gary D | Option exercise | 5.8K | $31.69 |
| 2025-10-09 | Eason Christopher Douglas | Other | 2.2K | — |
| 2025-10-09 | Eason Christopher Douglas | Other | 2.2K | — |
| 2025-09-15 | Tobolski Matthew Joseph | Gift | 63K | — |
| 2025-09-15 | Tobolski Matthew Joseph | Gift | 12K | — |
| 2025-09-15 | Tobolski Matthew Joseph | Gift | 50K | — |
| 2025-09-12 | Shaub Matthew | Buy | 428 | $81.70 |
| 2025-09-04 | Thompson Rebecca | Option exercise | 9.3K | $24.63 |
| 2025-09-04 | Thompson Rebecca | Sell | 9.2K | $81.09 |
| 2025-09-04 | Thompson Rebecca | Sell | 200 | $81.12 |
| 2025-09-01 | Eason Christopher Douglas | Disposition | 1.2K | — |
| 2025-08-25 | Eason Christopher Douglas | Option exercise | 549 | $48.91 |
| 2025-08-25 | Eason Christopher Douglas | Sell | 549 | $85.08 |
| 2025-08-25 | Eason Christopher Douglas | Option exercise | 7.2K | $43.50 |
| 2025-08-25 | Eason Christopher Douglas | Sell | 7.2K | $85.07 |
| 2025-08-25 | Eason Christopher Douglas | Option exercise | 2.1K | $36.13 |
| 2025-08-25 | Eason Christopher Douglas | Sell | 2.1K | $85.12 |
| 2025-08-25 | Eason Christopher Douglas | Option exercise | 1.2K | $62.05 |
| 2025-08-25 | Eason Christopher Douglas | Option exercise | 300 | $29.48 |
| 2025-08-25 | Eason Christopher Douglas | Sell | 1.2K | $85.06 |
| 2025-08-25 | Eason Christopher Douglas | Option exercise | 596 | $79.73 |
| 2025-08-25 | Eason Christopher Douglas | Sell | 596 | $85.08 |
| 2025-08-25 | Eason Christopher Douglas | Sell | 300 | $85.08 |
| 2025-05-30 | Kidwell Casey | Tax withheld | 76 | $96.29 |
| 2025-05-20 | Wichman Gordon Douglas | Option exercise | 1.3K | $21.58 |
| 2025-05-20 | Wichman Gordon Douglas | Sell | 1.3K | $104.58 |
| 2025-05-20 | Wichman Gordon Douglas | Option exercise | 20K | $27.58 |
| 2025-05-20 | Wichman Gordon Douglas | Sell | 20K | $104.47 |
| 2025-05-19 | Wichman Gordon Douglas | Sell | 4.0K | $105.75 |
| 2025-05-13 | Stewart David Raymond | Grant | 1.4K | — |
| 2025-05-13 | Ware Bruce | Grant | 1.5K | — |
| 2025-05-13 | Stewart David Raymond | Grant | 1.5K | — |
| 2025-05-13 | McElroy A H II | Grant | 1.5K | — |
| 2025-05-13 | LeClair Stephen O | Grant | 1.5K | — |
| 2025-05-13 | Lawhorn Caron A | Grant | 1.5K | — |
| 2025-05-13 | Kouplen Angela | Grant | 1.5K | — |
| 2025-05-13 | ASBJORNSON NORMAN H | Grant | 1.5K | — |
| 2025-05-13 | Tobolski Matthew Joseph | Grant | 4.3K | — |
| 2025-05-13 | Ware Bruce | Grant | 1.4K | — |
| 2025-05-13 | McElroy A H II | Grant | 1.4K | — |
| 2025-05-13 | LeClair Stephen O | Grant | 1.4K | — |
| 2025-05-13 | Lawhorn Caron A | Grant | 1.4K | — |
| 2025-05-13 | Kouplen Angela | Grant | 1.4K | — |
| 2025-05-13 | ASBJORNSON NORMAN H | Grant | 1.4K | — |
| 2025-05-12 | Fields Gary D | Tax withheld | 151 | $104.63 |
| 2025-05-08 | Fields Gary D | Sell | 8.4K | $98.66 |
| 2025-05-08 | Fields Gary D | Sell | 8.4K | $98.66 |
| 2025-05-07 | Fields Gary D | Sell | 29K | $95.57 |
| 2025-05-07 | Fields Gary D | Sell | 29K | $95.57 |
| 2025-05-06 | Fields Gary D | Sell | 13K | $98.04 |
| 2025-05-06 | Fields Gary D | Sell | 24K | $98.29 |
| 2025-05-06 | ASBJORNSON NORMAN H | Gift | 136K | — |
| 2025-05-06 | Fields Gary D | Option exercise | 13K | $29.48 |
| 2025-05-06 | Fields Gary D | Sell | 13K | $98.04 |
| 2025-05-06 | Fields Gary D | Sell | 24K | $98.29 |
| 2025-05-06 | Fields Gary D | Option exercise | 13K | $29.48 |
| 2025-03-14 | Fields Gary D | Tax withheld | 1.6K | $82.14 |
| 2025-03-14 | ASBJORNSON NORMAN H | Gift | 2.1K | — |
| 2025-03-14 | ASBJORNSON NORMAN H | Gift | 464 | — |
| 2025-03-14 | Wichman Gordon Douglas | Tax withheld | 128 | $82.14 |
| 2025-03-14 | Wakefield Stephen E | Tax withheld | 322 | $82.14 |
| 2025-03-14 | Thompson Rebecca | Tax withheld | 359 | $82.14 |
| 2025-03-14 | Teis Robert | Tax withheld | 90 | $82.14 |
| 2025-03-14 | Kidwell Casey | Tax withheld | 190 | $82.14 |
| 2025-03-14 | Eason Christopher Douglas | Tax withheld | 58 | $82.14 |
| 2025-03-11 | Benson David E | Grant | 888 | — |
| 2025-03-11 | Wichman Gordon Douglas | Tax withheld | 141 | $82.39 |
| 2025-03-11 | Wichman Gordon Douglas | Grant | 672 | — |
| 2025-03-11 | Wakefield Stephen E | Tax withheld | 574 | $82.39 |
| 2025-03-11 | Wakefield Stephen E | Grant | 1.4K | — |
| 2025-03-11 | Tobolski Matthew Joseph | Grant | 3.8K | — |
| 2025-03-11 | Thompson Rebecca | Tax withheld | 485 | $82.39 |
| 2025-03-11 | Thompson Rebecca | Grant | 1.7K | — |
| 2025-03-11 | Teis Robert | Tax withheld | 273 | $82.39 |
| 2025-03-11 | Teis Robert | Grant | 681 | — |
| 2025-03-11 | Shaub Matthew | Tax withheld | 40 | $82.39 |
| 2025-03-11 | Shaub Matthew | Grant | 1.0K | — |
| 2025-03-11 | Kidwell Casey | Tax withheld | 161 | $82.39 |
| 2025-03-11 | Kidwell Casey | Grant | 1.1K | — |
| 2025-03-11 | Fields Gary D | Tax withheld | 1.4K | $82.39 |
| 2025-03-11 | Fields Gary D | Grant | 2.5K | — |
| 2025-03-11 | Eason Christopher Douglas | Tax withheld | 75 | $82.39 |
| 2025-03-11 | Eason Christopher Douglas | Grant | 636 | — |
| 2025-03-06 | Fields Gary D | Tax withheld | 1.2K | $81.25 |
| 2025-03-06 | Wichman Gordon Douglas | Tax withheld | 102 | $81.25 |
| 2025-03-06 | Wakefield Stephen E | Tax withheld | 192 | $81.25 |
| 2025-03-06 | Thompson Rebecca | Tax withheld | 275 | $81.25 |
| 2025-03-06 | Teis Robert | Tax withheld | 164 | $81.25 |
| 2025-03-06 | Kidwell Casey | Tax withheld | 184 | $81.25 |
| 2025-03-06 | Eason Christopher Douglas | Tax withheld | 51 | $81.25 |
| 2025-03-05 | ASBJORNSON NORMAN H | Option exercise | 52K | $13.95 |
| 2025-03-05 | Stewart David Raymond | Buy | 1.0K | $80.86 |
| 2025-03-05 | ASBJORNSON NORMAN H | Tax withheld | 8.8K | $82.82 |
| 2025-02-13 | GAZDER XERXES P | Other | 1.4K | — |
| 2025-02-13 | GAZDER XERXES P | Other | 1.4K | — |
| 2025-01-28 | Wichman Gordon Douglas | Option exercise | 6.0K | $111.77 |
| 2025-01-28 | Wichman Gordon Douglas | Tax withheld | 1.5K | $111.77 |
| 2025-01-28 | Wakefield Stephen E | Option exercise | 8.4K | $111.77 |
| 2025-01-28 | Wakefield Stephen E | Tax withheld | 2.5K | $111.77 |
| 2025-01-28 | Thompson Rebecca | Option exercise | 9.4K | $111.77 |
| 2025-01-28 | Thompson Rebecca | Tax withheld | 2.9K | $111.77 |
| 2025-01-28 | Teis Robert | Option exercise | 2.8K | $111.77 |
| 2025-01-28 | Teis Robert | Tax withheld | 876 | $111.77 |
| 2025-01-28 | Kidwell Casey | Option exercise | 4.9K | $111.77 |
| 2025-01-28 | Kidwell Casey | Tax withheld | 1.5K | $111.77 |
| 2025-01-28 | Kidwell Casey | Option exercise | 3.4K | $111.77 |
| 2025-01-28 | Kidwell Casey | Tax withheld | 995 | $111.77 |
| 2025-01-28 | Fields Gary D | Option exercise | 45K | $111.77 |
| 2025-01-28 | Fields Gary D | Tax withheld | 17K | $111.77 |
| 2025-01-28 | Eason Christopher Douglas | Option exercise | 2.3K | $111.77 |
| 2025-01-28 | Eason Christopher Douglas | Tax withheld | 734 | $111.77 |
| 2025-01-10 | GAZDER XERXES P | Option exercise | 2.2K | $34.82 |
| 2025-01-10 | GAZDER XERXES P | Tax withheld | 1.2K | $119.51 |
| 2025-01-10 | GAZDER XERXES P | Option exercise | 947 | $62.04 |
| 2025-01-10 | GAZDER XERXES P | Tax withheld | 626 | $119.51 |
| 2025-01-01 | Benson David E | Tax withheld | 173 | $117.68 |
| 2025-01-01 | Tobolski Matthew Joseph | Tax withheld | 281 | $117.68 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-08 | Reg FDExhibits | filing ↗ |
| 2026-05-18 | Shareholder voteOtherExhibits | filing ↗ |
| 2026-05-07 | ResultsReg FDOtherExhibits | filing ↗ |
| 2026-04-02 | Exec/director changeExhibits | filing ↗ |
| 2026-03-05 | OtherExhibits | filing ↗ |
| 2026-03-02 | ResultsReg FDOtherExhibits | filing ↗ |
| 2025-12-29 | Material agreementDebt obligationExhibits | filing ↗ |
| 2025-12-01 | Exec/director changeExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-08 | 2026-06-02 | 0000824142-26-000044 ↗ |
| 8-K | 2026-05-18 | 2026-05-12 | 0000824142-26-000039 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0000824142-26-000034 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0000824142-26-000036 ↗ |
| 8-K | 2026-04-02 | 2026-04-02 | 0000824142-26-000016 ↗ |
| 8-K | 2026-03-05 | 2026-03-05 | 0000824142-26-000007 ↗ |
| 10-K | 2026-03-02 | 2025-12-31 | 0000824142-26-000005 ↗ |
| 8-K | 2026-03-02 | 2026-03-02 | 0000824142-26-000003 ↗ |
| 8-K | 2025-12-29 | 2025-12-29 | 0000824142-25-000205 ↗ |
| 8-K | 2025-12-01 | 2025-11-25 | 0000824142-25-000203 ↗ |
| 8-K | 2025-11-12 | 2025-11-10 | 0000824142-25-000201 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0000824142-25-000199 ↗ |