What smart money is saying about AAON
5 funds in our archive have pitched AAON — most recently Baron Real Estate Fund in September 2025.
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 pumps, coils, and controls. The company markets and sells its products to retail, manufacturing, educational, lodging, supermarket, data centers, medical and pharmaceutical, and other commercial industries. It sells its products through a network of independent manufacturer representative organizations and internal sales force. The company was incorporated in 1987 and is based in Tulsa, Oklahoma.
Fund coverage · 5 theses
- 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 - 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 - 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 - 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.
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.
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