AAON Inc (AAON) - Net Assets
Based on the latest financial reports, AAON Inc (AAON) has net assets worth $934.21 Million USD as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($1.79 Billion) and total liabilities ($855.50 Million). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check AAON Inc tangible equity quality to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $934.21 Million |
| % of Total Assets | 52.2% |
| Annual Growth Rate | 19.61% |
| 5-Year Change | 91.99% |
| 10-Year Change | 334.67% |
| Growth Volatility | 19.5 |
AAON Inc - Net Assets Trend (1990–2025)
This chart illustrates how AAON Inc's net assets have evolved over time, based on quarterly financial data. See AAON cash and liquid assets coverage to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for AAON Inc (1990–2025)
The table below shows the annual net assets of AAON Inc from 1990 to 2025. For live valuation and market cap data, see AAON Inc (AAON) market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $894.99 Million | +8.54% |
| 2024-12-31 | $824.58 Million | +12.15% |
| 2023-12-31 | $735.22 Million | +31.12% |
| 2022-12-31 | $560.71 Million | +20.28% |
| 2021-12-31 | $466.17 Million | +32.86% |
| 2020-12-31 | $350.87 Million | +20.93% |
| 2019-12-31 | $290.14 Million | +16.32% |
| 2018-12-31 | $249.44 Million | +5.15% |
| 2017-12-31 | $237.23 Million | +15.22% |
| 2016-12-31 | $205.90 Million | +15.08% |
| 2015-12-31 | $178.92 Million | +2.79% |
| 2014-12-31 | $174.06 Million | +6.06% |
| 2013-12-31 | $164.11 Million | +18.80% |
| 2012-12-31 | $138.14 Million | +12.76% |
| 2011-12-31 | $122.50 Million | +4.94% |
| 2010-12-31 | $116.74 Million | -1.07% |
| 2009-12-31 | $118.00 Million | +22.25% |
| 2008-12-31 | $96.52 Million | +1.15% |
| 2007-12-31 | $95.42 Million | +4.18% |
| 2006-12-31 | $91.59 Million | +15.22% |
| 2005-12-31 | $79.50 Million | +11.70% |
| 2004-12-31 | $71.17 Million | +5.55% |
| 2003-12-31 | $67.43 Million | +8.21% |
| 2002-12-31 | $62.31 Million | +24.52% |
| 2001-12-31 | $50.04 Million | +35.20% |
| 2000-12-31 | $37.01 Million | +10.10% |
| 1999-12-31 | $33.62 Million | +37.72% |
| 1998-12-31 | $24.41 Million | +29.34% |
| 1997-12-31 | $18.87 Million | +20.67% |
| 1996-12-31 | $15.64 Million | +15.85% |
| 1995-12-31 | $13.50 Million | +17.39% |
| 1994-12-31 | $11.50 Million | +79.69% |
| 1993-12-31 | $6.40 Million | +72.97% |
| 1992-12-31 | $3.70 Million | +76.19% |
| 1991-12-31 | $2.10 Million | +23.53% |
| 1990-12-31 | $1.70 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to AAON Inc's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 118514.3% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $830.30 Million | 92.77% |
| Common Stock | $327.00K | 0.04% |
| Other Components | $64.36 Million | 7.19% |
| Total Equity | $894.99 Million | 100.00% |
AAON Inc Competitors by Market Cap
The table below lists competitors of AAON Inc ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Subsea 7 S.A.
OL:SUBC
|
$10.93 Billion |
|
CACI International Inc
NYSE:CACI
|
$10.93 Billion |
|
Assurant Inc
NYSE:AIZ
|
$10.94 Billion |
|
Stifel Financial Corporation
NYSE:SF
|
$10.95 Billion |
|
Summit Therapeutics PLC
NASDAQ:SMMT
|
$10.92 Billion |
|
Revvity Inc.
NYSE:RVTY
|
$10.91 Billion |
|
China Railway Construction Corp Ltd
SHG:601186
|
$10.91 Billion |
|
American Financial Group, Inc.
NYSE:AFG
|
$10.91 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in AAON Inc's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 824,582,000 to 894,985,000, a change of 70,403,000 (8.5%).
- Net income of 107,593,000 contributed positively to equity growth.
- Dividend payments of 32,603,000 reduced retained earnings.
- Share repurchases of 29,995,000 reduced equity.
- Other factors increased equity by 25,408,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $107.59 Million | +12.02% |
| Dividends Paid | $32.60 Million | -3.64% |
| Share Repurchases | $30.00 Million | -3.35% |
| Other Changes | $25.41 Million | +2.84% |
| Total Change | $- | 8.54% |
Book Value vs Market Value Analysis
This analysis compares AAON Inc's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 12.38x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 5576.45x to 12.38x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1990-12-31 | $0.02 | $133.36 | x |
| 1991-12-31 | $0.02 | $133.36 | x |
| 1992-12-31 | $0.04 | $133.36 | x |
| 1993-12-31 | $0.06 | $133.36 | x |
| 1994-12-31 | $0.16 | $133.36 | x |
| 1995-12-31 | $0.13 | $133.36 | x |
| 1996-12-31 | $0.22 | $133.36 | x |
| 1997-12-31 | $0.26 | $133.36 | x |
| 1998-12-31 | $0.34 | $133.36 | x |
| 1999-12-31 | $0.30 | $133.36 | x |
| 2000-12-31 | $0.35 | $133.36 | x |
| 2001-12-31 | $0.72 | $133.36 | x |
| 2002-12-31 | $0.60 | $133.36 | x |
| 2003-12-31 | $0.67 | $133.36 | x |
| 2004-12-31 | $0.73 | $133.36 | x |
| 2005-12-31 | $1.23 | $133.36 | x |
| 2006-12-31 | $1.43 | $133.36 | x |
| 2007-12-31 | $1.00 | $133.36 | x |
| 2008-12-31 | $1.07 | $133.36 | x |
| 2009-12-31 | $1.35 | $133.36 | x |
| 2010-12-31 | $3.07 | $133.36 | x |
| 2011-12-31 | $2.19 | $133.36 | x |
| 2012-12-31 | $1.66 | $133.36 | x |
| 2013-12-31 | $2.95 | $133.36 | x |
| 2014-12-31 | $2.10 | $133.36 | x |
| 2015-12-31 | $3.28 | $133.36 | x |
| 2016-12-31 | $2.57 | $133.36 | x |
| 2017-12-31 | $2.98 | $133.36 | x |
| 2018-12-31 | $3.16 | $133.36 | x |
| 2019-12-31 | $3.67 | $133.36 | x |
| 2020-12-31 | $4.41 | $133.36 | x |
| 2021-12-31 | $5.78 | $133.36 | x |
| 2022-12-31 | $6.91 | $133.36 | x |
| 2023-12-31 | $8.83 | $133.36 | x |
| 2024-12-31 | $9.86 | $133.36 | x |
| 2025-12-31 | $10.77 | $133.36 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently AAON Inc utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 12.02%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 7.46%
- • Asset Turnover: 0.86x
- • Equity Multiplier: 1.88x
- Recent ROE (12.02%) is below the historical average (23.59%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1990 | 58.82% | 2.77% | 2.52x | 8.41x | $830.00K |
| 1991 | 19.05% | 1.50% | 1.87x | 6.81x | $190.00K |
| 1992 | 43.24% | 4.32% | 2.36x | 4.24x | $1.23 Million |
| 1993 | 42.19% | 5.95% | 1.88x | 3.77x | $2.06 Million |
| 1994 | 44.35% | 6.42% | 2.44x | 2.83x | $3.95 Million |
| 1995 | 15.56% | 3.12% | 2.09x | 2.39x | $750.00K |
| 1996 | 13.27% | 3.30% | 1.77x | 2.27x | $511.00K |
| 1997 | 16.01% | 3.70% | 1.91x | 2.27x | $1.13 Million |
| 1998 | 21.42% | 4.90% | 2.11x | 2.07x | $2.79 Million |
| 1999 | 28.85% | 7.35% | 2.25x | 1.74x | $6.34 Million |
| 2000 | 34.57% | 8.26% | 2.02x | 2.08x | $9.09 Million |
| 2001 | 28.29% | 9.00% | 2.06x | 1.52x | $9.15 Million |
| 2002 | 23.45% | 9.42% | 1.69x | 1.47x | $8.38 Million |
| 2003 | 21.10% | 9.56% | 1.46x | 1.51x | $7.48 Million |
| 2004 | 10.57% | 4.34% | 1.65x | 1.48x | $403.90K |
| 2005 | 14.42% | 6.19% | 1.63x | 1.43x | $3.51 Million |
| 2006 | 18.71% | 7.40% | 1.78x | 1.42x | $7.97 Million |
| 2007 | 24.27% | 8.82% | 1.91x | 1.44x | $13.61 Million |
| 2008 | 29.62% | 10.22% | 1.99x | 1.46x | $18.94 Million |
| 2009 | 23.49% | 11.30% | 1.57x | 1.32x | $15.92 Million |
| 2010 | 18.75% | 8.95% | 1.53x | 1.37x | $10.22 Million |
| 2011 | 11.42% | 5.25% | 1.49x | 1.46x | $1.74 Million |
| 2012 | 19.87% | 9.06% | 1.57x | 1.40x | $13.64 Million |
| 2013 | 22.88% | 11.69% | 1.49x | 1.31x | $21.14 Million |
| 2014 | 25.37% | 12.39% | 1.57x | 1.30x | $26.75 Million |
| 2015 | 25.56% | 12.75% | 1.54x | 1.30x | $27.84 Million |
| 2016 | 25.92% | 13.90% | 1.50x | 1.25x | $32.79 Million |
| 2017 | 22.97% | 13.45% | 1.37x | 1.25x | $30.78 Million |
| 2018 | 16.97% | 9.75% | 1.41x | 1.23x | $17.38 Million |
| 2019 | 18.51% | 11.44% | 1.26x | 1.28x | $24.70 Million |
| 2020 | 22.52% | 15.35% | 1.15x | 1.28x | $43.92 Million |
| 2021 | 12.60% | 10.99% | 0.82x | 1.39x | $12.14 Million |
| 2022 | 17.90% | 11.29% | 1.09x | 1.45x | $44.30 Million |
| 2023 | 24.16% | 15.20% | 1.24x | 1.28x | $104.10 Million |
| 2024 | 20.44% | 14.04% | 1.02x | 1.43x | $86.10 Million |
| 2025 | 12.02% | 7.46% | 0.86x | 1.88x | $18.09 Million |
Industry Comparison
This section compares AAON Inc's net assets metrics with peer companies in the Building Products & Equipment industry.
Industry Context
- Industry: Building Products & Equipment
- Average net assets among peers: $351,962,810
- Average return on equity (ROE) among peers: 1.23%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| AAON Inc (AAON) | $934.21 Million | 58.82% | 0.92x | $10.92 Billion |
| Antelope Enterprise Holdings Ltd (AEHL) | $1.45 Billion | -2.10% | 0.20x | $2.66 Million |
| Montana Technologies Corporation (AIRJ) | $284.10 Million | -0.98% | 0.04x | $218.85 Million |
| Apogee Enterprises Inc (APOG) | $112.30 Million | 4.01% | 1.24x | $751.77 Million |
| Alpha Pro Tech Ltd (APT) | $23.48 Million | 15.92% | 0.14x | $64.06 Million |
| Arlo Technologies (ARLO) | $112.65 Million | -49.74% | 2.08x | $1.38 Billion |
| Aspen Aerogels Inc (ASPN) | $100.94 Million | -19.14% | 0.23x | $291.74 Million |
| Armstrong World Industries Inc (AWI) | $419.30 Million | 53.45% | 3.47x | $6.64 Billion |
| Azek Company Inc (AZEK) | $456.37 Million | -14.77% | 2.45x | $7.82 Billion |
| Builders FirstSource Inc (BLDR) | $210.89 Million | 24.46% | 2.31x | $8.19 Billion |
About AAON Inc
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, packaged outdoor mechanical rooms, air handling units, m… Read more