AAON, INC.
In the published model solve dated 2026-Q2, anchored at $76.50, AAON, INC. (AAON) is priced for today's economics sustained for ~7.1 years. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed July 25, 2026 from SEC EDGAR filings.
• AAON now runs two different businesses under one ticker: engineered-to-order rooftop HVAC units for buildings, and, through its BASX brand, cooling equipment for data centers that produced $228.6 million of first-quarter revenue and carries a $1.62 billion order book. [Source: AAON Q1 2026 earnings release] • Gross margin slipped to 25.1% from 26.8% a year earlier even as revenue rose 54.3%, so the live question is whether the new plants convert volume into the 27% to 28% full-year gross margi
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385 institutional managers reported holding AAON in 13F filings for the quarter ended 2026-03-31. Together they hold about 83% of the company; the top 10 hold 41%. 52 opened new positions that quarter. Held by Wellington Management, BlackRock, Vanguard Group, among others. On the short side, 3.9M shares were sold short as of the 2026-06-15 count, about 5% of shares outstanding (3.8 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
AAON's share count grew 4% over the past five years even with $203.26M spent on repurchases. It pays a dividend, and has paid one every year in our records (16 and counting); the current rate is $0.40 a share annually. Cash returned over the past three years: $80.29M in dividends and $177.31M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at AAON over the trailing three years: 2023: 1 buy totaling $30k; 2025: 5 buys totaling $600k. 18 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
AAON's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-04 | -8.0% | -12.3% |
| 2023-11-07 | +1.6% | +23.6% |
| 2024-02-29 | -2.1% | +8.2% |
| 2024-05-03 | -17.0% | +11.0% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
AAON's latest 8-K filings: 2026-08-28 (items 7.01, 8.01); 2026-08-13 (items 8.01, 9.01); 2026-08-10 (items 2.02, 7.01, 9.01); 2026-07-30 (items 5.02, 5.03, 9.01); 2026-06-08 (items 7.01, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 25, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.