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AAON Valuation Multiples

Discover revenue and EBITDA valuation multiples for AAON and similar public comparables like Builders FirstSource, Installed Building Products, SSAB AB (publ), Acuity and more.

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AAON Overview

About AAON

AAON Inc is a manufacturer of air-conditioning and heating equipment. The products include rooftop units, chillers, packaged outdoor mechanical rooms, air-handling units, makeup air units, energy-recovery units, condensing units, geothermal heat pumps, and self-contained units and coils. The company operates through three segments: AAON Oklahoma, AAON Coil Products, and BASX. It generates the majority of its revenue from the AAON Oklahoma segment which engineers, manufactures, and sells, semi-custom, and custom HVAC systems, designs and manufactures control solutions, and sells retail parts to customers through retail part stores and online.

Founded

1987

HQ

United States

Employees

4.8K

Website

aaon.com

Financials (LTM)

Revenue: $2B
EBITDA: $258M

EV

$9B

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AAON Financials

AAON reported last 12-month revenue of $2B and EBITDA of $258M.

In the same LTM period, AAON generated $416M in gross profit, $258M in EBITDA, and $123M in net income.

Revenue (LTM)

AAON P&L

In the most recent fiscal year, AAON reported revenue of $1B and EBITDA of $231M.

AAON expects next 12-month revenue of XXX and NTM EBITDA of XXX

See AAON forward-looking valuation multiples
LTMNTMLast FYFY 2026FY 2027FY 2028
Revenue$2BXXX$1BXXXXXXXXX
Gross Profit$416MXXX$386MXXXXXXXXX
Gross Margin28%XXX27%XXXXXXXXX
EBITDA$258MXXX$231MXXXXXXXXX
EBITDA Margin17%XXX16%XXXXXXXXX
EBIT Margin11%XXX11%XXXXXXXXX
Net Profit$123MXXX$108MXXXXXXXXX
Net Margin8%XXX7%XXXXXXXXX
Net Debt——$406MXXXXXXXXX

Financial data powered by Morningstar, Inc.

AAON Stock Performance

AAON has current market cap of $9B, and enterprise value of $9B.

Market Cap Evolution

AAON's stock price is $104.70.

See AAON trading valuation data
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$9B$9B0.0%XXXXXXXXX$1.32

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AAON Valuation Multiples

AAON trades at 5.9x EV/Revenue multiple, and 34.6x EV/EBITDA.

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EV / Revenue (LTM)

AAON Financial Valuation Multiples

As of April 8, 2026, AAON has market cap of $9B and EV of $9B.

Equity research analysts estimate AAON's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

AAON has a P/E ratio of 69.6x.

LTMNTMLast FYFY 2026FY 2027FY 2028
Market cap (current)$9BXXX$9BXXXXXXXXX
EV (current)$9BXXX$9BXXXXXXXXX
EV/Revenue5.9xXXX6.2xXXXXXXXXX
EV/EBITDA34.6xXXX38.6xXXXXXXXXX
EV/EBIT52.5xXXX58.6xXXXXXXXXX
EV/Gross Profit21.4xXXX23.1xXXXXXXXXX
P/E69.6xXXX79.4xXXXXXXXXX
EV/FCF(113.9x)XXX(70.0x)XXXXXXXXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

Verified AAON Valuation Multiples

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AAON Margins & Growth Rates

AAON's revenue in the last 12 month grew by 17%.

AAON's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.0M for the same period.

AAON's rule of 40 is 38% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

AAON's rule of X is 66% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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AAON Operational Valuation Multiples

LTMNTMLast FYFY 2026FY 2027FY 2028
Revenue Growth17%XXX19%XXXXXXXXX
EBITDA Margin17%XXX16%XXXXXXXXX
EBITDA Growth40%XXX43%XXXXXXXXX
Rule of 40—XXX38%XXXXXXXXX
Bessemer Rule of X—XXX66%XXXXXXXXX
Revenue per Employee—XXX$0.3MXXXXXXXXX
Opex per Employee—XXX$0.0MXXXXXXXXX
S&M Expenses to Revenue—XXX0%XXXXXXXXX
G&A Expenses to Revenue—XXX14%XXXXXXXXX
Opex to Revenue—XXX16%XXXXXXXXX

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AAON Public Comps

See public comps and valuation multiples for other Building Products comps.

EV/RevenueEV/EBITDA
LTM2026E2027ELTM2026E2027E
Builders FirstSourceXXXXXXXXXXXXXXXXXX
Installed Building ProductsXXXXXXXXXXXXXXXXXX
SSAB AB (publ)XXXXXXXXXXXXXXXXXX
AcuityXXXXXXXXXXXXXXXXXX
voestalpineXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXXXXXXX

Valuation data powered by FactSet, Inc.

AAON M&A Activity

AAON acquired XXX companies to date.

Last acquisition by AAON was on XXXXXXXX, XXXXX. AAON acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).

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Latest Acquisitions by AAON

Acquired CompanyValuationEV/RevenueEV/EBITDA
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX

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AAON Investment Activity

AAON invested in XXX companies to date.

AAON made its latest investment on XXXXXXXX, XXXXX. AAON invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).

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Latest Investments by AAON

CompanyValuationEV/RevenueEV/EBITDA
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX

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About AAON

When was AAON founded?AAON was founded in 1987.
Where is AAON headquartered?AAON is headquartered in United States.
How many employees does AAON have?As of today, AAON has over 4K employees.
Who is the CEO of AAON?AAON's CEO is Matthew J. Tobolski.
Is AAON publicly listed?Yes, AAON is a public company listed on Nasdaq.
What is the stock symbol of AAON?AAON trades under AAON ticker.
When did AAON go public?AAON went public in 1990.
Who are competitors of AAON?AAON main competitors are Builders FirstSource, Installed Building Products, SSAB AB (publ), Acuity.
What is the current market cap of AAON?AAON's current market cap is $9B.
What is the current revenue of AAON?AAON's last 12 months revenue is $2B.
What is the current revenue growth of AAON?AAON revenue growth (NTM/LTM) is 17%.
What is the current EV/Revenue multiple of AAON?Current revenue multiple of AAON is 5.9x.
Is AAON profitable?Yes, AAON is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of AAON?AAON's last 12 months EBITDA is $258M.
What is AAON's EBITDA margin?AAON's last 12 months EBITDA margin is 17%.
What is the current EV/EBITDA multiple of AAON?Current EBITDA multiple of AAON is 34.6x.
What is the current FCF of AAON?AAON's last 12 months FCF is ($78M).
What is AAON's FCF margin?AAON's last 12 months FCF margin is (5%).
What is the current EV/FCF multiple of AAON?Current FCF multiple of AAON is (113.9x).

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