What smart money is saying about AAON, Inc.
8 funds in our archive have pitched AAON, Inc., most recently Baron Real Estate Income Fund in September 2026.
AAON, Inc., along with its affiliated companies, focuses on the engineering, manufacturing, promotion, and sale of heating and air conditioning systems throughout the United States and Canada. The enterprise's operations are divided into three distinct divisions: AAON Oklahoma, AAON Coil Products, and BasX. Its comprehensive product portfolio features a wide array of HVAC solutions, including rooftop units, specialized data center cooling, cleanroom climate control, chillers, pre-packaged outdoor mechanical rooms, air handling units, fresh air supply units, energy recovery ventilation, condensing units, geothermal/water-source heat pumps, coils, and integrated control systems. AAON markets and sells these offerings to a diverse set of commercial sectors, such as retail, manufacturing, educational institutions, hospitality, supermarkets, data centers, and the medical and pharmaceutical industries. Product distribution is managed through a dual approach, utilizing a network of independent manufacturing representatives in addition to an in-house sales team. Established in 1987, AAON, Inc. is headquartered in Tulsa, Oklahoma.
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Fund signal · last 12 months
15 lettersMore funds are buying than selling
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q1 2025 and Q3 2026, 17 fund letters reported a position in AAON, Inc., with 5 buys (opened or added) and 1 sell (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 9 | 4 | 1 | 2 |
| Q2 2026 | 6 | 0 | 0 | 1 |
| Q3 2025 | 2 | 1 | 0 | 1 |
| Q1 2025 | 0 | 0 | 0 | 4 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 17 positions · 6 moves
- September 2026
“Weakness was broad-based among several of our larger holdings, including Mercury Systems, Inc. (MRCY), AAON, Inc. (AAON), SPX Technologies, Inc. (SPXC), and UL Solutions, Inc. (ULS), each of which declined more than 20% during the quarter.”
AAON, Inc. - September 2026
“AAON, Inc. (AAON) shares were pressured by gross-margin execution despite continued strong demand, particularly within its data center cooling business.”
AAON, Inc. - September 2026
Listed in Tributary Capital Management Small/Mid Cap Strategy’s reported holdings.
AAON, Inc. - New positionBaron Real Estate Income FundSeptember 2026
“Top Contributors and Detractors Top contributors to performance for the quarter Quarter End Market Cap ($B) Contribution to Return (%) Welltower Inc. 165.9 0.13 AAON, Inc. 6.8 0.11 Terreno Realty Corporation 7.7 0.09 Janus Living, Inc. 9.2 0.08 GDS Holdings Limited 6.3 0.03 Shares of Welltower Inc. demonstrated resilience in the quarter, making modest gains against a challenging backdrop in which most real estate securities declined, extending what had already been very strong performance in the first half of the year. Welltower is a leading owner and operator of senior housing communities across the U.S., Canada, and the U.K., and is the largest health care REIT by market capitalization. The company continued to execute well, delivering robust cash flow growth driven by strong occupancy gains, healthy rent growth, and ongoing margin expansion—all of which reflect the powerful demographic tailwinds underpinning demand for senior housing as the U.S. population ages. We initiated a position in AAON, Inc., following a disappointing second quarter earnings result.”
AAON, Inc. - September 2026
“We added to the Fund's AAON, Inc. position following a disappointing second quarter earnings result.”
AAON, Inc. - September 2026
“Weakness was broad-based among several of our larger holdings, including Mercury Systems, Inc. (MRCY), AAON, Inc. (AAON), SPX Technologies, Inc. (SPXC), and UL Solutions, Inc. (ULS), each of which declined more than 20% during the quarter.”
AAON, Inc. - AddedSpyglass Growth StrategySeptember 2026
“During the third quarter, the positions that received the most additional capital were AppLovin, AAON, and QXO.”
AAON, Inc. - ExitedNext century growth investor Growth StrategiesSeptember 2026
“We sold 10 positions to zero in Q3: o four in industrials: MOD, AAON, EQPT, PL”
AAON, Inc. - September 2026
“We added to the Strategy's AAON, Inc. position following a disappointing second quarter earnings result. AAON designs and manufactures commercial and industrial HVAC equipment.”
AAON, Inc. - June 2026
“Shares of AAON, Inc. rose during the quarter following an exceptionally strong earnings report which saw the company see drastically faster growth in its data center business, BasX, than expected.”
AAON, Inc. - June 2026
“Shares of AAON, Inc. rose during the quarter following an exceptionally strong earnings report which saw the company see drastically faster growth in its data center business, BasX, than expected.”
AAON, Inc. - HoldsSpyglass Growth StrategyJune 2026
“AAON, Inc. (AAON), a commercial and industrial HVAC solutions provider, was a top contributor during the second quarter. AAON reported first-quarter results in May, exceeding consensus expectations for both revenue and earnings, and materially raising its full-year datacenter revenue targets, which seemed to help improve investor sentiment. We were encouraged by the Company’s backlog, driven by continued strength from the datacenter buildout, as well as improving margins, which we expect to build as capacity absorption improves. We continue to believe the depth of the data center opportunity is not fully understood by most investors.”
AAON, Inc. - June 2026
“In May, we had a single day in which one of our holdings, AAON, Inc., reported strong earnings and saw its stock rise 31%, while another holding, Installed Building Products (IBP), reported mildly disappointing earnings and lost 28% of its value.”
AAON, Inc. - June 2026
“ AAON, Inc. (AAON) reported more than 50% revenue growth in the quarter, significantly ahead of the approximately 20% growth implied by its guidance.”
AAON, Inc. “AAON was among the portfolio's strongest contributors during the quarter following an exceptional first-quarter earnings report.”
AAON, Inc.- September 2025
“o five in industrials: Bloom Energy, Karman Holdings, AAON, AeroVironment, Planet Labs”
AAON, Inc. - HoldsConestogaSeptember 2025
“AAON, Inc. (AAON) AAON designs and manufactures highly engineered, energy-efficient commercial and industrial HVAC systems.”
AAON, Inc.
Fund coverage · 8 theses
- Baron Real Estate Income FundSeptember 2026
AAON, Inc. is an HVAC equipment maker with strong data-center-driven growth, improving margins, and a depressed valuation that could re-rate on better execution.
Read the full thesis AAON, Inc. manufactures highly engineered HVAC equipment and is supported by robust data center demand, market share gains, and margin improvement potential.
Read the full thesis- Baron Real Estate FundJune 2026
AAON, Inc. is a cooling and HVAC solutions provider whose BasX data center business is growing rapidly and positioned to compound above peers.
Read the full thesis - Baron Real Estate FundSeptember 2025
AAON, Inc. presents a compelling opportunity with its premium, energy-efficient HVAC solutions and rapidly growing BASX subsidiary—poised to double its revenue share by 2027—driving strong organic growth and market share gains amid a recent share price dislocation.
Read the full thesis - Royce InvestMarch 2025
AAON is a leading HVAC solutions provider in the semi-custom market, benefiting from innovation, flexible manufacturing, and strategic acquisitions like BasX to cater to evolving energy efficiency and cooling needs in high-performance environments.
Read the full thesis - Giverny CapitalMarch 2025
Aaon Inc. is a promising investment due to its semi-custom HVAC systems that offer energy efficiency and robust growth potential, especially with upcoming regulatory changes and a strong data center cooling division.
Read the full thesis - RoyceMarch 2025
AAON is well-positioned to capitalize on stricter HVAC regulations and the rising demand for cooling in AI-driven data centers, leading to substantial market share gains and earnings growth.
Read the full thesis - Brown Advisory Small Cap GrowthMarch 2025
AAON Inc. is a promising investment with strong growth potential in both the commercial rooftop HVAC market and its rapidly expanding data center cooling business.
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