AAON, Inc. (AAON) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-97.1%

$1.99

vs $69.18 price

Levered DCF

-$8.90

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

6.44

Safe zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	57.77×	56.85×	33.73×	39.85×	70.6×	43.98×	47.74×	43.28×
P/B	6.95×	11.63×	8.15×	7.13×	8.93×	9.91×	8.87×	7.4×
P/S	4.31×	7.99×	5.13×	4.5×	7.79×	6.76×	5.48×	4.25×
EV / EBITDA	29.41×	35.75×	22×	25.02×	42.12×	28.08×	28.36×	25.21×
Gross margin	26.7%	33.1%	34.1%	26.7%	25.8%	30.3%	25.4%	23.9%
Operating margin	10.6%	17.4%	19.5%	14.3%	13.0%	19.8%	14.3%	12.8%
Net margin	7.5%	14.0%	15.2%	11.3%	11.0%	15.4%	11.4%	9.8%
Current ratio	2.63×	2.79×	3.23×	2.4×	2.51×	3.73×	3.35×	2.96×
Debt / equity	0.47×	0.21×	0.07×	0.14×	0.09×	0×	0×	0×
Interest coverage	8.59×	71.99×	46.97×	48.25×	524.64×	0×	0×	0×
Dividend yield	0.5%	0.3%	0.4%	0.6%	0.5%	0.6%	0.6%	0.9%
Payout ratio	30.3%	15.5%	14.9%	22.8%	33.9%	25.1%	31.0%	39.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.0%	20.4%	24.2%	17.9%	12.6%	22.5%	18.5%	17.0%
Return on invested capital	9.3%	16.7%	22.2%	15.3%	10.4%	20.2%	17.0%	16.2%
Return on assets	6.4%	14.3%	18.9%	12.3%	9.0%	17.6%	14.5%	13.7%
Free cash flow yield	-3.1%	-0.0%	0.9%	0.2%	0.1%	1.8%	2.4%	1.0%
Earnings yield	1.7%	1.8%	3.0%	2.5%	1.4%	2.3%	2.1%	2.3%
Enterprise value	$6.6B	$9.8B	$6B	$4.1B	$4.2B	$3.4B	$2.5B	$1.8B
Net debt / EBITDA	1.88×	0.63×	0.18×	0.45×	0.39×	-0.65×	-0.3×	-0.03×
Cash conversion cycle (days)	201	152	146	144	149	105	118	119