2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $535M to $1.4B, increasing; diluted EPS 0.73 to 1.29, increasing.
41
Median gross margin 28.5% over 10y, stable.
100
Median ROIC 20.3%, above the 12% hurdle in 100% of years.
100
Net cash position — no leverage risk.
46
Owner earnings changed +8.1%/yr over up to the ten most recent annual observations.
Price vs. value if growth stopped today
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
Above value if growth stopped todayBelow value if growth stopped today
602% above value if growth stopped today
$108M
$14.63
$14.63
$102.67
602% above value if growth stopped today
What today’s price assumes: owner earnings growing ~48%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).
How to read this
We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.
Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.
Missing a usable price or zero-growth estimate: ANF, BKNG.
Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
18 years of fundamentals
The business, in plain English
AAON, INC. booked $1.4B of revenue in FY2025 in the Industrials sector and kept 26.7% of it as gross profit — a moderate-margin business by that measure. After every other cost, 7.5% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $245M (FY2009) to $1.4B (FY2025) — about 11.7% a year compounded over 16 years.
It earned 13.7% on invested capital in the latest filed year, FY2025. Across the full 17-year measurable filed record, median ROIC was 21.3%. Over the v3 recent window (10 measurable filed years), median ROIC was 20.3%. The Returns on Capital filter above scores it 100/100.
The balance sheet carried $0 of total debt in FY2025 against $108M of owner earnings — roughly 0.0 years of owner earnings to retire it all. Balance-Sheet Safety scores it 100/100.
Put together: Returns on Capital is the strongest of the five filters (100/100) and Pricing Power the weakest (41/100), which is how AAON lands at 75/100 — a Narrow moat.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
FY2008–FY2025 · 18 fiscal years, normalized from AAON’s SEC filings
Sales, as filed$1.4B FY2025Revenue kept after cost of goods26.7% FY2025Standard ROIC or separately labeled Operating ROICROIC 13.7% FY2025Cash an owner could take out$108M FY2025
Gaps in a line mean that item isn’t in AAON’s filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Flagship explainer
How AAON, INC. makes its money
Start with a dollar of revenue and follow what the filing says remains.
Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.
Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.
Records still being gathered — partial as of retrieval Aug 13, 2026.
Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.
Moat Score history
16 logged readings since Jul 17, 2026 · append-only, never rewritten
Moat Score over timeLast scored reading of each day, on the 0–100 scale75.4 / 100
Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.
Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Insider activity
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.
Records still being gathered — partial as of retrieval Aug 13, 2026.
10 filings were skipped because the SEC primary document returned 404; the omission is disclosed and aggregates are withheld.
Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.
No reported Form 4 rows were captured for AAON; the incomplete walk cannot establish zero activity, zero counts, or a negative cluster result.
A filing source-event date will appear when a Form 4 row is captured.
Retrieved .
Industrials context
#40 of 428 scored Industrials companies, ranked by Moat Score.
Based on its FY2025 SEC filings, the Moat Index scores AAON, INC. (AAON) 75.4 out of 100 — a Narrow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 90, pricing power 41, returns on capital 100, balance-sheet safety 100, capital allocation 46.
Is AAON trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $14.63 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $102.67, that is 602% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has AAON's Moat Score changed over time?
The record logs 16 readings since Jul 17, 2026; the latest reads 75.4 out of 100 (narrow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.
Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell AAON. See the disclaimer.