Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip stocks: intrinsic value, ROIC & growth
7 U.S. air-cond & warm air heatg equip & comm & indl refrig equip companies with at least three years of SEC filings, ranked by size. 1 of the 4 with a current price trade below their Graham intrinsic value. The median company earned a 21.5% average return on invested capital and grew revenue 2.0% a year.
Updated October 18, 2026
7companies
1below Graham value
21.5%median 10-yr ROIC
2.0%median revenue CAGR
Most undervalued air-cond & warm air heatg equip & comm & indl refrig equip stocks
| Ticker | Company | Upside | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|---|
| LII | Lennox International | +112% | $357.73 | $756.99 | 53% below | $12.7B | 58.9% | 4.0% |
Highest-ROIC air-cond & warm air heatg equip & comm & indl refrig equip stocks
| Ticker | Company | 10-yr ROIC | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|---|
| LII | Lennox International | 58.9% | $357.73 | $756.99 | 53% below | $12.7B | 58.9% | 4.0% |
| AAON | AAON, INC. | 21.5% | $73.73 | $15.85 | 365% above | $6.1B | 21.5% | 15.8% |
| CARR | Carrier Global | 15.4% | $55.00 | — | — | $47.4B | 15.4% | 2.0% |
| JCI | Johnson Controls | 7.5% | $145.47 | $106.32 | 37% above | $95.2B | 7.5% | -5.1% |
All air-cond & warm air heatg equip & comm & indl refrig equip stocks
| Ticker | Company | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|
| JCI | Johnson Controls | $145.47 | $106.32 | 37% above | $95.2B | 7.5% | -5.1% |
| CARR | Carrier Global | $55.00 | — | — | $47.4B | 15.4% | 2.0% |
| LII | Lennox International | $357.73 | $756.99 | 53% below | $12.7B | 58.9% | 4.0% |
| AAON | AAON, INC. | $73.73 | $15.85 | 365% above | $6.1B | 21.5% | 15.8% |
| TGEN | TECOGEN INC. | $2.09 | $1.39 | 50% above | $56.9M | -26.2% | 1.1% |
| QWTR | Quest Water Global, Inc. | $0.03 | — | — | $3.6M | 150.6% | — |
| SHGI | Sparx Holdings Group, Inc. | $0.00 | — | — | — | 77.0% | — |
Stock lists
Undervalued Stocks Below Graham Intrinsic Value
Highest ROIC Stocks (10-Year Average)
Highest Free Cash Flow Yield Stocks
Fastest-Growing Stocks by 10-Year Revenue