AAON - NASDAQ
AAON, Inc.
$148.25
+3.3%AAON, Inc., together with its subsidiaries, engages in engineering, manufacturing, marketing, and selling air conditioning and heating equipment in the United States and Canada. The company operates through three segments: AAON Oklahoma, AAON Coil Products, and BasX. It offers rooftop units, data center cooling solutions, cleanroom systems, chillers, packaged outdoor mechanical rooms, air handling units, makeup air units, energy recovery units, condensing units, geothermal/water-source heat pumps, coils, and controls. The company markets and sells its products to retail, manufacturing, educational, lodging, supermarket, data centers, medical and pharmaceutical, and other commercial industries. It sells its products through a network of independent manufacturer representative organizations and internal sales force. The company was incorporated in 1987 and is based in Tulsa, Oklahoma.
At a Glance
Live SnapshotAAON, Inc. Cash Conversion Engine
Cash Flow Quality Analysis
FCF Conversion Rate
Negative free cash flow despite positive earnings raises concerns about cash generation ability or heavy capital requirements.
CapEx Intensity
Asset-light business model. Low capital requirements leave more cash available for shareholders and growth investments.
FCF Growth Trend
Significant FCF decline raises concerns. Urgent review needed of operational performance and capital allocation.
Working Capital Impact
Significant working capital drain. Growth may be consuming cash through inventory buildup or receivables extension—monitor closely.
Cash Flow Quality Insight
Cash flow concerns: Despite profitability, the company is burning cash. Review working capital management, CapEx levels, and sustainability of current operations.
AAON, Inc. Cash Flow Statement
AAON • NASDAQ
| AAON, Inc. Cash Flow Statement | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 | Dec 2015 | Dec 2014 | Dec 2013 | Dec 2012 | Dec 2011 | Dec 2010 | Dec 2009 | Dec 2008 | Dec 2007 | Dec 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
OPERATING ACTIVITIES | ||||||||||||||||||||
107.6M | 168.6M | 177.6M | 100.4M | 58.8M | 79M | 53.7M | 42.3M | 54.5M | 53.4M | 45.7M | 44.2M | 37.5M | 27.4M | 14M | 21.9M | 27.7M | 28.6M | 23.2M | 17.1M | |
79.4M | 189K | 46.8M | 35.4M | 30.4M | 25.6M | 22.8M | 17.7M | 15M | 13M | 11.7M | 11.6M | 12.3M | 13.4M | 11.4M | 9.9M | 9.1M | 9.4M | 9.7M | 9.1M | |
31.1M | -6.6M | -6.5M | -13.3M | 3.7M | 13M | 6M | 2.6M | -749K | 825K | 1.2M | -2.1M | -1.6M | -2M | 10.1M | -558K | 3.5M | 160K | -124K | -510K | |
18M | 16.7M | 16.4M | 13.7M | 11.8M | 11.3M | 11.8M | 7.9M | 6.3M | 4.4M | 2.9M | 2.2M | 1.8M | 1.3M | 680K | 791K | 848K | 0.0 | 0.0 | 0.0 | |
-594K | 63M | 1.5M | 2.7M | 669K | -5.2M | 1.8M | 318K | -209K | 779K | 446K | 534K | 411K | -323K | 1.4M | -181K | -2.5M | -343K | -2.3M | -1.4M | |
(0.0) | (49.9M) | (63.4M) | (19.3M) | (7.9M) | (0.0) | (0.0) | (15M) | (17M) | (27.4M) | (24.1M) | (26.5M) | (19.9M) | (15.1M) | (6.4M) | (7.8M) | (0.0) | (0.0) | (0.0) | (0.0) | |
-236.4M | -49.4M | -76.9M | -77.6M | -44.1M | 5M | 1.8M | -15.9M | -16.9M | -8.4M | -6.6M | -2.8M | 3.2M | 11.4M | -11.1M | 320K | 6.6M | -4.4M | 871K | -4.9M | |
-861K | 192.5M | 158.9M | 61.3M | 61.2M | 128.8M | 97.9M | 54.9M | 58M | 63.9M | 55.4M | 53.5M | 53.6M | 51.2M | 26.5M | 32.2M | 45.2M | 33.4M | 31.2M | 19.4M | |
INVESTING ACTIVITIES | ||||||||||||||||||||
-204.9M | -213.2M | -109.5M | -54M | -55.4M | -67.8M | -37.2M | -37.3M | -41.7M | -26.6M | -21M | -16.1M | -9M | -14.1M | -35.9M | -17.5M | -9.8M | -9.6M | -10.9M | -17.8M | |
(40K) | (0.0) | (0.0) | -249K | -103.4M | (0.0) | (0.0) | -6.4M | (10K) | (28K) | (63K) | (319K) | (92K) | (11K) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | |
(0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | -6M | -16.2M | -18.5M | -14.5M | -20.9M | -16.8M | -31.4M | -18.2M | (0.0) | -2.7M | (0.0) | (0.0) | (0.0) | -2M | |
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6M | 25.1M | 29.1M | 24.1M | 18.5M | 26.5M | 8.9M | 1.9M | 9.4M | 3.4M | 0.0 | 0.0 | 0.0 | 3M | |
12.4M | 76K | 180K | -21.9M | 73K | 6.5M | 120K | 66K | 60K | 52K | 54K | 63K | 69K | 69K | 2M | -11.4M | 135K | 17K | 123K | 0.0 | |
-192.4M | -213.1M | -109.3M | -76.2M | -158.7M | -61.3M | -37M | -34.6M | -31.1M | -16.9M | -23.2M | -6M | -31.3M | -30.3M | -24.5M | -28.3M | -9.6M | -9.6M | -10.8M | -16.8M | |
FINANCING ACTIVITIES | ||||||||||||||||||||
-12.9M | -68.2M | 8.3M | 10.4M | 272K | -8.6M | -7M | -21.9M | -14.4M | -17.3M | -34.3M | -28M | -6.8M | -4.7M | -3.2M | -18.3M | -1.9M | -23.1M | -18.3M | -2.6M | |
243.2M | 121M | -26.6M | 30.9M | 40M | 0.0 | 6.6M | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -4.6M | 4.6M | -76K | -3M | 2.8M | 271K | -108K | |
-32.6M | -26.1M | -26.4M | -22.9M | -19.9M | -19.8M | -16.6M | -16.7M | -13.7M | -12.7M | -11.9M | -9.7M | -7.4M | -8.8M | -5.9M | -9.2M | -5.9M | -5.8M | -5M | -2.5M | |
-30M | -100M | -25M | -12.7M | -20.9M | -30.1M | -19.6M | -26.8M | -16.6M | -19.3M | -37.1M | -29.3M | -8.2M | -6.7M | -3.7M | -19.5M | -3.1M | -24.8M | -20.8M | -3.9M | |
-9.7M | -8.7M | -1.7M | -1M | -1.6M | -1.2M | -1.5M | -1.1M | -1.6M | -823K | 2.4M | 1.2M | 843K | 393K | 211K | 356K | 703K | 1.6M | 3M | 1.9M | |
188M | 18M | -46.5M | 17.4M | 18.7M | -29.6M | -18.5M | -39.7M | -29.6M | -30.8M | -43.8M | -36.4M | -13.3M | -17.7M | -4.3M | -27.2M | -10.1M | -24.5M | -20M | -3.3M | |
CASH FLOW SUMMARY | ||||||||||||||||||||
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 78K | -95K | -4K | 131K | 137K | |
-5.3M | -2.5M | 3.1M | 2.5M | -78.8M | 37.9M | 42.4M | -19.5M | -2.7M | 16.2M | -14M | 9.9M | 8.9M | 3.1M | -2.4M | -23.2M | 25.4M | -610K | 591K | -549K | |
6.5M | 9M | 5.9M | 3.5M | 82.3M | 44.4M | 2M | 21.5M | 24.2M | 7.9M | 22M | 12.1M | 3.2M | 13K | 2.4M | 25.6M | 269K | 879K | 288K | 837K | |
1.2M | 6.5M | 9M | 5.9M | 3.5M | 82.3M | 44.4M | 2M | 21.5M | 24.2M | 7.9M | 22M | 12.1M | 3.2M | 13K | 2.4M | 25.6M | 269K | 879K | 288K | |
-191.4M | -3.1M | 54.6M | 7.3M | 5.8M | 61M | 60.8M | 17.6M | 16.3M | 37.3M | 31.9M | 36.2M | 44.6M | 37M | -9.4M | 14.7M | 35.4M | 23.8M | 20.4M | 1.6M |
SEC Filings
AAON - Filing history and reports
| Filing Type | Filing Date | Period Ending | Fiscal Year | Actions |
|---|---|---|---|---|
8-K 8-K 2026 N/A | May 18, 2026 | May 12, 2026 | 2026 | |
10-Q 10-Q 2026 Q1 Q1 | May 07, 2026 | March 31, 2026 | 2026 | |
8-K 8-K 2026 N/A | May 07, 2026 | May 07, 2026 | 2026 | |
8-K 8-K 2026 N/A | April 02, 2026 | April 02, 2026 | 2026 | |
DEF 14A DEF 14A 2026 N/A | April 01, 2026 | April 01, 2026 | 2026 | |
8-K 8-K 2026 N/A | March 05, 2026 | March 05, 2026 | 2026 | |
10-K 10-K 2025 FY FY | March 02, 2026 | December 31, 2025 | 2025 | |
8-K 8-K 2026 N/A | March 02, 2026 | March 02, 2026 | 2026 | |
8-K 8-K 2025 N/A | December 29, 2025 | December 29, 2025 | 2025 | |
8-K 8-K 2025 N/A | December 01, 2025 | November 25, 2025 | 2025 |
Related Guides
Continue your AAON research with focused valuation guides.
Research Paths
Snapshot
Start with context, operating signals, and key market metrics.
Value Model
Stress test fair value across bear, base, and bull assumptions.
Statements
Validate revenue quality, margins, and balance sheet durability.
Earnings Call
Read management commentary and compare it with reported outcomes.
Dividends
Check payout sustainability and long-term distribution behavior.
Analyst Expectations
Review consensus spread and where estimate risk is concentrated.