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AAON, Inc., a Nevada corporation ("AAON Nevada"), was incorporated on August 18, 1987. Our operating subsidiaries include AAON, Inc., an Oklahoma corporation ("AAON Oklahoma"), AAON Coil Products, Inc., a Texas corporation ("AAON Coil Products"), and BASX, Inc., an Oregon corporation ("BASX").
10.14% operating margin is respectable but not wide. ROIC at 10.84%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 20.1%, still solid. Margins contracted 7.3pp, which offsets some of the top-line progress.
ROIC dropped from 19.21% to 10.84%, capital efficiency is deteriorating. Operating margin contracted 7.3pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$1.62B
▲ +20.1% YoY
Net Income (TTM)
$118M
▼ -36.2% YoY
Op. Margin
10.40%
▼ -7.3pp YoY
ROIC
12.48%
▼ -8.4pp YoY
Cash Flow & Balance Sheet
FCF
N/A
Op. Cash Flow (TTM)
$44M
▼ -99.7% YoY
Net Debt
$443M
Cash & Equiv.
$13K
5Y CAGR: +22.9%
3Y CAGR: -50.7%
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