AAON, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data AAON, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	384	405	434	469	515	535	889	1,169	1,201	1,442
Cost of revenue	266	282	330	350	359	397	651	769	804	1,056
Gross profit	118	124	104	119	156	138	238	399	397	386
Research and development	12	13	13.5	14.8	17.4	16.6	46.8	43.7	47.3	58.2
Selling, general and administrative	38.5	49.4	48.2	52.1	60.5	68.6	111	172	188	239
Operating income	79.6	74.2	55.4	67	102	69.3	127	227	209	146
Other non-operating income	0.11	0.09	-0.05	-0.05	0.05	0.06	0.4	0.5	0.38	0.23
Pre-tax income	80	74.6	55.5	67	102	69.2	125	223	207	129
Income tax	26.6	20.8	13.2	13.3	23	10.4	24.2	45.5	38	21.2
Net income	53.4	53.8	42.3	53.7	79	58.8	100	178	169	108
EBITDA	92.6	89.2	73	89.8	127	99.6	162	274	272	225
EPS, basic	0.68	0.68	0.54	0.69	1.01	0.75	1.26	2.19	2.07	1.32
EPS, diluted	0.67	0.68	0.54	0.68	1.00	0.73	1.24	2.13	2.02	1.29
Shares, basic (weighted)	79	78.5	78.1	77.8	77.9	78.6	79.6	81.2	81.5	81.5
Shares, diluted (weighted)	79.8	79.3	78.6	78.6	79.2	80.6	81.1	83.3	83.6	83.1
Dividend per share	0.16	0.17	0.21	0.21	0.25	0.25	0.29	0.32	0.32	0.40

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	24.2	21.5	1.99	26.8	79	2.86	5.45	0.29	0.01	0.01
Receivables	43	50.3	54.1	67.4	47.4	70.8	127	138	147	314
Inventory	47.4	70.8	77.6	73.6	82.2	130	199	214	187	261
Other current assets	0.62	0.52	1.05	1.38	3.77	2.07	1.92	3.1	7.31	17.9
Total current assets	141	154	141	188	220	218	349	409	488	869
Property, plant and equipment	115	142	163	178	223	258	305	370	510	631
Lease right-of-use assets			0	1.68	1.57	17	7.12	11.8	15.4	18
Goodwill		0	3.23	3.23	3.23	85.7	81.9	81.9
Intangible assets		0	0.51	0.27	0.04	70.1	64.6	68.1	78.3	83.9
Other non-current assets					0.58	1.22	6.42	0.82	0.24	2.28
Total assets	257	297	308	371	449	650	814	941	1,175	1,687
Accounts payable	7.1	11	10.6	11.8	12.4	29	45.5	27.5	44.6	110
Accrued liabilities	31.9	39.1	36.9	44.3	46.6	50.2	78.6	85.5	99.3	132
Deferred revenue			2.37	4.63	0	7.54	21.4	13.8	14.9	80.7
Short-term debt								0	16	0
Total current liabilities	39	50.1	47.5	56	59	86.8	146	127	175	331
Lease liabilities					1.37	15.5	5.99	10.2	13.6	15.5
Other non-current liabilities					4.42	18.8	11.5	16.8	20.7	23.3
Total liabilities	48.1	57.9	58.6	81.3	98.1	184	253	206	351	792
Paid-in capital	0	0	0	3.63	5.16	81.7	98.7	122	68.9	64.4
Retained earnings	206	237	249	286	345	384	462	613	755	830
Total equity	208	239	249	290	351	466	561	735	825	895
Total liabilities and equity	257	297	308	371	449	650	814	941	1,175	1,687
Shares outstanding	78.6	78.3	77.6	77.8	78	52.5	80.1	81.5	81.4	81.7

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	53.4	53.8	42.3	53.7	79	58.8	100	178	169	108
Depreciation and amortization	13	15	17.7	22.8	25.6	30.3	35.1	46.5	62.7	79.2
Stock-based compensation	4.36	6.31	7.86	11.8	11.3	11.8	13.7	16.4	16.7	18
Deferred income tax	0.83	-0.75	2.64	6.04	13	3.67	-13.3	-6.53	-6.61	31.1
Change in receivables	7.05	-7.52	-2.83	-13.4	19.9	-9.74	-56.3	-9.98	-10	-167
Change in inventory	-9.48	-23.7	-5.6	2.56	-9.73	-46	-71.4	-16.2	27.1	-73.9
Change in payables	0.65	3.04	-1.18	0.28	-2.16	10.9	11.6	-18.3	17	52.9
Cash from operations	63.9	58	54.9	97.9	129	61.2	61.3	159	193	0.53
Capital expenditures	-26.6	-41.7	-37.3	-37.2	-67.8	-55.4	-54
Acquisitions	0	0	-6.38	0	0	-103	-0.25	0	0
Sales and maturities of investments	10	19.7	14.6	0	0
Cash from investing	-16.9	-31.1	-34.6	-37	-61.3	-159	-76.2	-109	-213	-192
Stock issued	2.06	2.26	4.99	12.6	21.4	21.1	23.1	33.3	31.9	17.1
Share buybacks	-19.3	-16.6	-26.8	-19.6	-30.1	-20.9	-12.7	-25	-100	-30
Dividends paid	-12.7	-13.7	-16.7	-16.6	-19.8	-19.9	-22.9	-26.4	-26.1	-32.6
Cash from financing	-30.8	-29.6	-39.7	-18.5	-29.6	18.7	17.4	-46.5	18	187
Net change in cash	16.2	-2.7	-19.5	42.4	37.9	-78.8	2.46	3.07	-2.51	-5.28
Free cash flow	37.3	16.3	17.6	60.8	61	5.82	7.29
Interest paid	0	0	0.01	0	0	0	2.41	4.82	2.81	16.6
Income taxes paid	27.4	17	15	2.17	13.8	7.89	19.3	63.4	49.9	12.9

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $89.10 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	25.6%	Gross profit / revenue.
Operating margin	11.0%	Operating income / revenue.
EBITDA margin	15.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	9.9%	Pre-tax income / revenue.
Net margin	8.2%	Net income / revenue.
Operating cash flow margin	4.5%	Cash from operations / revenue.
Effective tax rate	16.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	8.5%	Net income / average total assets.
SG&A / revenue	14.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.0%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	4.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	20.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	17.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	22.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-2.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	17.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	19.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-30.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	4.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	7.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-17.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	11.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	12.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-36.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	2.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	6.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-36.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	1.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	5.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-99.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-79.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-66.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	25.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	11.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	9.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	43.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	27.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	30.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.01x	Current assets / current liabilities.
Quick ratio	1.09x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.00x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	45.8%	Total liabilities / total assets.
Working capital	$664.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	4.6%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.04x	Revenue / average total assets.
Fixed asset turnover	2.83x	Revenue / average property, plant and equipment.
Inventory turnover	4.34x	Cost of revenue / average inventory.
Days inventory	84 days	365 x average inventory / cost of revenue.
Receivables turnover	5.36x	Revenue / average receivables.
Days sales outstanding	68 days	365 x average receivables / revenue.
Days payables	44 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	109 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.90	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$23.08	Revenue / diluted weighted shares.
Operating cash flow per share	$1.03	Cash from operations / diluted weighted shares.
Cash per share	$0.00	(Cash + short-term investments) / shares outstanding.
Payout ratio	20.5%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$7.35B	Share price x shares outstanding.
Enterprise value	$7.35B	Market cap + total debt - cash - short-term investments.
P/E	46.1x	Market cap / net income. Only when net income is positive.
P/S	3.80x	Market cap / revenue.
P/OCF	84.9x	Market cap / cash from operations, when positive.
EV/Sales	3.80x	Enterprise value / revenue.
EV/EBIT	34.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	24.9x	Enterprise value / EBITDA, when both are positive.
Earnings yield	2.2%	Net income / market cap (the inverse of P/E).
Dividend yield	0.4%	Dividends paid over the period / market cap.
Shareholder yield	0.4%	(Dividends paid + share buybacks) / market cap.
PEG	34.8x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was AAON, INC.'s revenue in fiscal 2025?

AAON, INC. reported revenue of $1.44B for fiscal 2025, 20.1% higher than the year before.

Was AAON, INC. profitable in fiscal 2025?

Yes. Net income was $107.6M, a net margin of 7.5%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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