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AAON Valuation Multiples

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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. AAON's products serve the commercial and industrial new construction and replacement markets, primarily in North America.


Founded

1987

HQ

United States of America
Employees

3.9K+

Website

aaon.com

Financials

LTM Revenue $1.3B

LTM EBITDA $312M

EV

$9.2B

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AAON Financials

AAON has a last 12-month revenue of $1.3B and a last 12-month EBITDA of $312M.

In the most recent fiscal year, AAON achieved revenue of $1.2B and an EBITDA of $275M.

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

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AAON P&L

FY 2022 FY 2023 FY 2024 LTM NTM
Revenue $889M $1.2B $1.2B $1.3B XXX
Gross Profit $138M $238M $399M XXX XXX
Gross Margin 16% 20% 33% XXX XXX
EBITDA $162M $275M $301M $312M XXX
EBITDA Margin 18% 24% 25% 25% XXX
Net Profit $58.8M $100M $178M XXX XXX
Net Margin 7% 9% 15% XXX XXX
Net Debt $37.1M $65.6M $38.0M XXX XXX

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AAON Stock Performance

As of February 10, 2025, AAON's stock price is $113.

AAON has current market cap of $9.2B, and EV of $9.2B.

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AAON Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$9.2B $9.2B XXX XXX XXX XXX $2.33

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AAON Valuation Multiples

As of February 10, 2025, AAON has market cap of $9.2B and EV of $9.2B.

AAON's trades at 7.3x LTM EV/Revenue multiple, and 29.6x LTM EBITDA.

Analysts estimate AAON's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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AAON Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $9.2B XXX XXX XXX
EV/Revenue 7.6x XXX XXX XXX
EV/EBITDA 30.6x XXX XXX XXX
P/E 48.9x XXX XXX XXX
P/E/Growth 1.9x XXX XXX XXX
EV/FCF 970.7x XXX XXX XXX

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AAON Valuation Multiples

AAON's NTM/LTM revenue growth is 23%

AAON's revenue per employee for the last fiscal year averaged $0.3M, while opex per employee averaged $44K for the same period.

Over next 12 months, AAON's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate AAON's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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AAON Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth 5% XXX XXX XXX XXX
EBITDA Margin 25% XXX XXX XXX XXX
EBITDA Growth 10% XXX XXX XXX XXX
Rule of 40 (SaaS-only) 48% XXX XXX XXX XXX
Revenue per Employee $0.3M XXX XXX XXX XXX
Opex per Employee $44K XXX XXX XXX XXX
S&M Expenses to Revenue 0% XXX XXX XXX XXX
G&A Expenses to Revenue 13% XXX XXX XXX XXX
R&D Expenses to Revenue n/a XXX XXX XXX XXX
Opex to Revenue 15% XXX XXX XXX XXX

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AAON Public Comps

See valuation multiples for AAON public comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Brickworks XXX XXX XXX XXX XXX XXX
Reece XXX XXX XXX XXX XXX XXX
Grupo Argos XXX XXX XXX XXX XXX XXX
ACC XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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AAON M&A and Investment Activity

AAON acquired  XXX companies to date.

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

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Latest Acquisitions by AAON

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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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 of America.
How many employees does AAON have? As of today, AAON has 3.9K+ employees.
Who is the CEO of AAON? AAON's CEO is Mr. Gary D. Fields.
Is AAON publicy listed? Yes, AAON is a public company listed on NAS.
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? Similar companies to AAON include e.g. Brickworks, Reece, Grupo Argos, ACC.
What is the current market cap of AAON? AAON's current market cap is $9.2B
What is the current revenue of AAON? AAON's last 12-month revenue is $1.3B.
What is the current EBITDA of AAON? AAON's last 12-month EBITDA is $312M.
What is the current EV/Revenue multiple of AAON? Current revenue multiple of AAON is 7.3x.
What is the current EV/EBITDA multiple of AAON? Current EBITDA multiple of AAON is 29.6x.
What is the current revenue growth of AAON? AAON revenue growth between 2023 and 2024 was 5%.
Is AAON profitable? Yes, AAON is EBITDA-positive (as of the last 12 months).

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