AAON, Inc. (AAON) intrinsic value & 10-year financials
AAON, Inc. (AAON) has a Graham intrinsic value of $15.85 per share. At $73.73 on Oct 17, 2026, the stock trades 365% above that value. Over the last 10 fiscal years revenue grew 15.8% a year to $1.4B, with an average return on invested capital of 21.5%.
- Graham intrinsic value
- $15.85
- Share price (Oct 17, 2026)
- $73.73
- Price vs Graham value
- 365% above
- Market cap
- $6.1B
- Revenue (FY2025)
- $1.4B
- Revenue growth (10-yr CAGR)
- 15.8%
- ROIC (10-yr avg)
- 21.5%
- Free cash flow (FY2025)
- —
AAON 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.4B | $107.6M | $1.29 | — | 10.1% | 14.0% |
| FY2024 | $1.2B | $168.6M | $2.02 | — | 17.4% | 21.6% |
| FY2023 | $1.2B | $177.6M | $2.13 | — | 19.5% | 27.7% |
| FY2022 | $888.8M | $100.4M | $1.86 | $7.3M | 14.3% | 19.6% |
| FY2021 | $534.5M | $58.8M | $1.09 | $5.8M | 13.0% | 15.6% |
| FY2020 | $514.6M | $79.0M | $1.49 | $61.0M | 19.8% | 28.9% |
| FY2019 | $469.3M | $53.7M | $1.02 | $60.8M | 14.3% | 20.0% |
| FY2018 | $433.9M | $42.6M | $0.81 | $17.6M | 12.9% | 17.5% |
| FY2017 | $405.2M | $54.5M | $1.03 | $16.3M | 18.3% | 24.5% |
| FY2016 | $384.0M | $53.4M | $1.00 | $37.3M | 20.7% | 25.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
AAON, INC. is a consistent compounder, expanding top-line revenue at 15.8% annually over the past decade.
AAON, INC. has earned high returns on invested capital, averaging 21.5% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
AAON, INC. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, AAON, INC. is modeled at 2.9% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $15.85 per share.