AAON (AAON) Stock Analysis & Winston Score

AAON, Inc., together with its subsidiaries, engages in engineering, manufacturing, marketing, and selling air conditioning and heating equipment in the United States and Canada. The company operates through three segments: AAON Oklahoma, AAON Coil Products, and BasX. It offers rooftop units, data center cooling solutions, cleanroom systems, chillers, packaged outdoor mechanical rooms, air handling units, makeup air units, energy recovery units, condensing units, geothermal/water-source heat pump

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+54.3% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+36.1% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

16.7%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~0 months

$13,000 cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

AAON grew revenue 54% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

25.1%

Modest — 25.1% gross margin

Operating Margin

11.5%

Modest — 11.5% operating margin

ROCE

6.1%

Weak — 6.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+28.3%

Fast-growing sales (28.3% YoY)

EPS YoY

-25.6%

Earnings shrinking (-25.6% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

37%

Weak — only 37% of profit becomes cash

FCF Margin

-9.0%

Burning cash (-9.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

17.05x

Comfortably covers interest (17.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

77.9x

no trend

Expensive — P/E 77.9

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+27.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (77.9 → 50.0)

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Dividends

Dividend Yield

0.35%

no trend

Small dividend — 0.35% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+11.1%

no trend

Dividend growing fast (11.1% YoY)

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