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AAON, Inc.
AAON · NASDAQIndustrials
The economic chain
Follow the chain left → right, from inputs to end demand. Tap any company to trace its links.
Raw inputs
Equipment
Foundry
Chip design
Software
AI demand
Inputsmaterials, equipment & da…Operatorsthe companies at the cent…Products &serviceswhat they make & runDistribution &logisticshow it gets thereCustomers &end marketswho paysMTLSteel, aluminum & copperCMPCompressors, motors & controlsREFLow-GWP refrigerantsAAONAAONTTTrane TechnologiesCARRCarrierLIILennox InternationalVRTVertivMODModineRTUAAON rooftop & packaged unitsBASXBASX data-center coolingCOILCoils, condensers & cleanroomREPManufacturer repsDSTDirect shipment & partsDCHyperscale data centersBLDCommercial & institutional buildingsINDCleanroom & industrial
Company details
Market cap
$8B
P/E ratio
99×
Div yield
0.4%
EPS (TTM)
$1.29
Profit margin
7%
Rev. growth
+20%
Revenue
$1.44B
Free cash flow
-$145M
In plain English
AAON engineers and builds semi-custom commercial HVAC — rooftop units and coils — and, through its BASX brand, custom air-side and liquid cooling for hyperscale data centers. It sells through independent manufacturer reps, competes with giants like Trane and Carrier, and has ridden the data-center boom to record 2025 sales of $1.44B and a $1.83B backlog.
In simple terms
From steel to a cooled data center
AAON buys metals, compressors and refrigerants, engineers them into rooftop units, coils and BASX data-center cooling in Tulsa, Longview and Redmond, then sells through independent reps to buildings and hyperscalers — competing with giants like Trane, Carrier and Vertiv.
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