AAON Stock: Insider Activity, Filings & Research

AAON, Inc. (AAON) — Drillr’s hub for AAON insider activity, SEC filings, earnings signals and AI research. Over the trailing 3 months, AAON insiders filed 0 open-market buys and 15 sales (SEC Form 4).

Sentiment

0/100

Buys (3m)

Sells (3m)

Net (3m)

-$19.2M

Insider trades by month Buys Sells

Nov

Dec

Mar

Apr

May

Jun

Context3-month price +54.5%Institutions mixed (13F)

Date	Insider	Type	Shares	Price
Jun 1, 2026	Fields Gary Ddirector	Sell	19,000	$140.20
May 27, 2026	Fields Gary Ddirector	Sell	21,173	$140.34
May 27, 2026	Fields Gary Ddirector	Option	21,173	$48.91
May 27, 2026	Wichman Gordon Douglasofficer: Executive Vice President	Sell	3,000	$140.39
May 27, 2026	Wichman Gordon Douglasofficer: Executive Vice President	Option	3,000	$27.58
May 26, 2026	Cheung Chung Kinofficer: Chief Financial Officer	Grant	15,507	—
May 15, 2026	Kidwell Caseyofficer: Chief Administration Officer	Sell	2,084	$138.30
May 15, 2026	Kidwell Caseyofficer: Chief Administration Officer	Sell	1,069	$138.31
May 15, 2026	Kidwell Caseyofficer: Chief Administration Officer	Option	1,069	$82.39
May 15, 2026	ASBJORNSON NORMAN Hdirector, 10 percent owner:	Grant	1,290	—
May 15, 2026	Kidwell Caseyofficer: Chief Administration Officer	Option	2,084	$79.73
May 14, 2026	McElroy A H IIdirector	Grant	1,290	—
May 14, 2026	Stewart David Raymonddirector	Grant	1,290	—
May 14, 2026	Kouplen Angeladirector	Grant	1,290	—
May 14, 2026	Ware Brucedirector	Grant	1,290	—

Source: AAON SEC Form 4 filings, latest Jun 1, 2026. For informational purposes only — not investment advice.

Overview

AAON, Inc. (NASDAQ:AAON) is a Tulsa, Oklahoma-based manufacturer of commercial and industrial heating, ventilation, and air conditioning (HVAC) equipment. Founded in 1987 and publicly traded since 1992, the company has evolved from a niche player to a significant force in the commercial HVAC market. AAON operates through three main segments: AAON Oklahoma (traditional rooftop units and HVAC equipment), AAON Coil Products (heat exchange coils), and BasX (specialized cooling solutions, particularly for data centers). The company has experienced substantial growth in recent years, surpassing $1 billion in annual revenue for the first time in 2023 and establishing itself as a leader in energy-efficient HVAC solutions and emerging markets like data center cooling.

Business

AAON operates in the commercial and industrial HVAC industry, which encompasses the design, manufacturing, and installation of systems that control indoor air quality, temperature, and humidity in commercial buildings. The HVAC industry is essential infrastructure for virtually all commercial, industrial, and institutional buildings, from office complexes and schools to manufacturing facilities and data centers. The company's core products include rooftop units (RTUs), which are self-contained HVAC systems typically installed on building rooftops that provide both heating and cooling. These units are popular in commercial applications because they're space-efficient and don't require extensive indoor mechanical rooms. AAON also manufactures air handling units (AHUs), which circulate and condition air throughout buildings, chillers that provide cooling through refrigeration cycles, and heat pumps that can both heat and cool spaces efficiently. The company's three business segments operate as follows: 1. AAON Oklahoma Segment (approximately 60-70% of revenue): This is the traditional core business manufacturing rooftop units, air handling units, chillers, and other standard commercial HVAC equipment. This segment serves the broad commercial market including retail, educational, manufacturing, and office buildings. 2. BasX Segment (approximately 20-25% of revenue): Acquired in recent years, this segment specializes in precision cooling solutions, particularly for data centers. BasX products include both air-cooled and liquid cooling systems designed to handle the high heat loads generated by servers and computing equipment. This segment has shown explosive growth, with data center equipment sales increasing 85% in 2024. 3. AAON Coil Products Segment (approximately 10-15% of revenue): This segment manufactures heat exchanger coils, which are critical components in HVAC systems that transfer heat between different air streams or between air and refrigerant. These coils are used both in AAON's own equipment and sold to other HVAC manufacturers.

Revenue model

AAON generates revenue primarily through product sales of manufactured HVAC equipment to commercial and industrial customers. The company sells through a network of independent manufacturer representatives and an internal sales force, targeting end customers across retail, manufacturing, educational, lodging, supermarket, data center, medical, and pharmaceutical industries. The company's revenue model includes several components. Equipment sales constitute the largest portion, with customers purchasing complete HVAC systems ranging from standard rooftop units costing tens of thousands of dollars to complex data center cooling systems that can cost millions. The company also generates revenue from replacement parts and service, which represented 5.8% of total sales in 2023 and provides higher-margin, recurring revenue streams. AAON's margins are influenced by several key factors. Commodity prices, particularly steel, copper, and aluminum used in manufacturing, directly impact costs. The company has implemented regular pricing adjustments, including systematic 1% monthly price increases, to offset material cost inflation. Energy efficiency regulations have been favorable to AAON, as stricter standards often favor their higher-efficiency products and reduce the price premium compared to basic equipment. The refrigerant transition mandated by environmental regulations has created both challenges and opportunities. The shift from R-410A to R-454B refrigerant requires new equipment designs and creates temporary market disruption, but AAON's early preparation has positioned them competitively. Manufacturing scale and capacity utilization significantly impact margins, with the company investing heavily in facility expansion to meet growing demand, particularly in data centers. Market conditions affecting profitability include interest rates, which influence commercial construction activity and customer purchasing decisions, and construction market cycles, which drive demand for new HVAC installations. The emerging data center market has provided a significant growth catalyst, with higher-margin specialized cooling solutions commanding premium pricing due to their technical complexity and mission-critical nature.

Competitive moat

AAON's competitive moat is moderate but strengthening, built primarily on technical expertise, manufacturing capabilities, and market positioning rather than insurmountable barriers to entry. The company's strongest moat elements include its engineering and customization capabilities, which allow it to design specialized solutions for complex applications like data centers, pharmaceutical facilities, and industrial processes. This technical expertise creates customer switching costs and enables premium pricing. The company's manufacturing scale and vertical integration provide cost advantages and quality control. AAON manufactures many components in-house, including fan wheels and coils, which reduces dependence on suppliers and allows for better margin control. Their established distribution network of independent manufacturer representatives creates barriers for new entrants and provides market access advantages. AAON's positioning in energy-efficient equipment has strengthened as environmental regulations tighten. Their early adoption of new refrigerants and heat pump technologies positions them well as the market transitions away from less efficient systems. The company's growing expertise in data center cooling represents a potentially strong moat, as these applications require specialized knowledge and proven reliability that takes years to develop. However, the moat faces several challenges. The HVAC industry includes large, well-capitalized competitors like Carrier, Trane, and Johnson Controls, which have greater resources and broader product portfolios. Technological disruption from new cooling technologies or building automation systems could erode AAON's advantages. The company's dependence on independent representatives also creates potential channel conflicts and limits direct customer relationships. The data center market, while promising, is highly competitive with specialized players like Vertiv and established giants expanding their presence. AAON's success will depend on executing its capacity expansion plans and maintaining technological leadership in this rapidly evolving segment.

Risks & safety

AAON presents a moderate margin of safety with solid fundamentals but elevated valuation metrics and some operational risks. • Solvency and Cash Position: Strong balance sheet with current ratio of 2.77x and minimal cash ($1.0 million) but low debt levels. Debt-to-equity ratio of 0.33x indicates conservative capital structure. However, negative free cash flow of -$55.9 million in Q1 2025 due to heavy capital expenditures raises short-term liquidity concerns. • Valuation Metrics: Expensive across multiple measures - P/E ratio of 54.3x, EV/EBITDA of 30.6x, and price-to-book of 7.8x all indicate stretched valuations. Graham number of 9.0 suggests significant overvaluation relative to intrinsic value estimates. • Operational Risks: Heavy capital expenditure program ($220 million planned for 2025) strains cash flow. Backlog of $1 billion provides revenue visibility but execution risk exists. Refrigerant transition creates near-term market uncertainty. • Market Position: Record backlog and strong data center demand provide revenue support, but high valuation leaves little room for execution missteps or market downturns.

Recent development

AAON has undergone significant strategic transformation over the past few years, evolving from a traditional commercial HVAC manufacturer to a diversified player with strong positioning in high-growth markets. The most significant development has been the company's aggressive expansion into the data center cooling market, where revenue has grown explosively - data center equipment sales increased 85% in 2024 and the BasX segment (primarily data centers) grew 138.9% in Q1 2025. The company has made substantial capacity investments to support this growth, including a 50% expansion of the Longview, Texas facility, completion of a 15% expansion at the Redmond, Oregon facility, and acquisition of a new 787,000 square foot facility in Memphis, Tennessee specifically for data center production. These investments are designed to support the company's goal of reaching $1 billion in data center revenue within 3-4 years. AAON has also navigated the industry-wide refrigerant transition from R-410A to R-454B, positioning itself ahead of competitors by early preparation and product development. The company introduced its Alpha Class heat pumps operable to -20°F, expanding its addressable market in colder climates and supporting decarbonization trends. A significant leadership transition occurred with CEO Gary Fields stepping down and Matt Tobolski taking over as CEO in May 2025, though Fields remains as a board advisor. The company has also indicated plans for more transparent segment reporting by end of 2025, separating the traditional AAON rooftop business from the high-growth BasX data center business. The company has expanded its focus on national accounts and larger projects, moving beyond its traditional regional presence. This includes developing custom cooling solutions for large data centers and expanding its liquid cooling capabilities, which management expects could represent 40-50% of data center cooling demand within 3-4 years.

AAON company profile · for informational purposes only — not investment advice.

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