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2 insiders bought €95k of shares over the last 90 days, the latest filed 16 Sept 2026.
AAON, Inc.: what insiders have been doing
AAON, Inc., classified in the Industry sector, is a listed company based in Tulsa, United States, founded in 1988. Its insiders report their share dealings to SEC (Form 4). 17 insiders have disclosed 76 filings since 18 October 2025.
Purchases and sales both appear in the filings: 3 purchases (3 insiders, €165k) and 10 sales (4 insiders, €8.8M). The net balance comes to €8.7M on the selling side. Buying on the open market means paying the going price with one's own funds, a different act from receiving shares as pay. At €2.6M, the sale published on 27 May 2026 by Fields Gary D is the largest of the period (0.044% of market cap). On the buying side, the filings list 3 senior executives among the declarants.
For context, the typical company on the same exchange (median of 5,814 companies) published 19 filings over the same period, against 76 filings here. Our records for AAON, Inc. go back to 2016, with 8 purchases and 35 sales on the open market in total. On the fundamentals side, the SEC filing (10-K) for the period ending 31 December 2025 lists revenue at 1.44 bn USD and net income at 107.6 m USD; the dividend was 0.40 USD per share.
Within a 30-day window, 1 purchase overlapped with buying by a second insider. Purchases made close together by different insiders form what is called a cluster. The last purchase on record was published on 16 September 2026, which is 32 days ago. Filings reach the SEC (Form 4) feed a median of 4 days after the trade. The legal deadline for a Form 4 is two business days after the transaction. A sale on its own says little: insiders also sell to pay tax, fund a purchase or diversify.
In the same sector, recent insider purchases at Tennant Co and Butler National Corp also feature in our signals. Source: insider filings from SEC (Form 4). Past trades are no guide to future returns.
Insider Decl.
408
Thresholds
n/a
Buy Volume
€390,692
8 ops. · all time
Sell Volume
€23M
35 ops. · all time
Who traded when
BuySaleRebecca Thompson8 sales
Stephen E. Wakefield1 buy3 sales
Gary D. Fields3 sales
Casey Kidwell2 sales
David Raymond Stewart2 buys
Gordon Douglas Wichman2 sales
+2 other insiders
Since the insiders bought
- +2.6%Entry US$75.35 · Close 15 Oct 2026 US$77.30
- +4.5%Entry US$78.07 · Close at T+90 US$81.56
- -1.4%Entry US$82.76 · Close at T+365 US$81.56
Entry is the close on the day after publication, the first price a reader could act on. Prices in the listing currency. Past moves are not a forecast.
Analyst consensus: bullish or bearish?
Analysts rate AAON, Inc. Strong Buy (bullish), based on 4 analysts. Average price target: US$134.75.
This score ranks the purchase within its own market. A position size is suggested only on the venues of the backtested strategy universe; elsewhere, signals stay on watch. Not investment advice.
Fundamental score
Ranked 15,466 of 24,148 companies
42.6
score / 100
Value27
Quality59
FCF yld-3.2%
Earn yld1.7%
EV/EBITDA30.1x
ROE17%
Gross mgn27%
Net mgn7.5%
Debt/EBITDA1.9x
Pillars2/3
Transparent value + quality ranking, distinct from the insider signal.
Financial data
as of FY 2025FY ended December 2025 · cache
US$77.30
Analyst consensus
4 analystsStrong buy
US$110.00Target US$134.75(+74%)US$154.00
Income statement
RevenueUS$1.4B
Gross profitUS$385.7M27% margin
EBITDAUS$225.8M16% margin
Net incomeUS$107.6M8.2% margin
Valuation
PER (trailing)40.7x
PER (forward)21.7x
P/Book6.3x
Beta1.41
Balance sheet & cash
Market capUS$6.4B
Total debtUS$424.6M
Free Cash Flow-US$204.4M
Debt / Equity45%
Profitability & ownership
ROE17.3%
ROA8.2%
% insiders16.7%
% institutions86.3%
Last declaration on 16 September 2026
Declarations408 total
1,000 shares@ US$74.660.0010% mcap57.2% of flowCommon Stock, par value $.004SEC:0001887897-26-000003:0
Canonical exit: 14 Dec 2026 (T+90)
100,000 shares0Common Stock, par value $.004SEC:0000824142-26-000063:0
1,284 shares0Common Stock, par value $.004SEC:0001607273-26-000012:0
1,284 shares0Common Stock, par value $.004SEC:0001963701-26-000009:0
457 shares@ US$76.420.0005% mcap47.6% of flowCommon Stock, par value $.004SEC:0000824142-26-000061:0
Canonical exit: 26 Nov 2026 (T+90)
4,230 shares@ US$143.420.0084% mcap69.6% of flowCommon Stock, par value $.004SEC:0001565768-26-000024:0
19,000 shares@ US$140.200.040% mcap10.8% of flowCommon Stock, par value $.004SEC:0001642826-26-000011:0
101,441 shares0Common Stock, par value $.004SEC:0000903063-26-000001:0
88,000 shares0Common Stock, par value $.004SEC:0000903063-26-000001:1
21,173 shares@ US$48.910.015% mcap4.2% of flowCommon Stock, par value $.004SEC:0001642826-26-000010:0
21,173 shares@ US$140.340.044% mcap12.0% of flowCommon Stock, par value $.004SEC:0001642826-26-000010:1
3,000 shares@ US$27.580.0012% mcap3.6% of flowCommon Stock, par value $.004SEC:0001903665-26-000010:0
3,000 shares@ US$140.390.0062% mcap18.2% of flowCommon Stock, par value $.004SEC:0001903665-26-000010:1
15,507 shares0Common Stock, par value $.004SEC:0001951079-26-000004:0
1,069 shares@ US$138.310.0022% mcap8.5% of flowCommon Stock, par value $.004SEC:0001929992-26-000009:3
2,084 shares@ US$138.300.0043% mcap16.5% of flowCommon Stock, par value $.004SEC:0001929992-26-000009:1
1,069 shares@ US$82.390.0013% mcap5.1% of flowCommon Stock, par value $.004SEC:0001929992-26-000009:2
1,290 shares0Common Stock, par value $.004SEC:0000824142-26-000037:0
2,084 shares@ US$79.730.0023% mcap73.1% of flowCommon Stock, par value $.004SEC:0001929992-26-000009:0
1,290 shares0Common Stock, par value $.004SEC:0001408104-26-000001:0
1,290 shares0Common Stock, par value $.004SEC:0001659312-26-000003:0
1,290 shares0Common Stock, par value $.004SEC:0001886650-26-000001:0
1,290 shares0Common StockSEC:0001302089-26-000001:0
1,290 shares0Common Stock, par value $.004SEC:0001675087-26-000001:0
1,290 shares0Common Stock, par value $.004SEC:0001887897-26-000001:0
25 of 408 declarations
About AAON, Inc.
AAON, Inc. is a U.S.-based industrial company and a recognized player in high-performance HVAC equipment manufacturing. The company is listed on the NASDAQ in the United States and focuses on designing and producing heating, ventilation, and air-conditioning solutions primarily for commercial and industrial buildings. Its core investment case is built around energy-efficient equipment, a positioning that is increasingly relevant in a market shaped by rising electricity costs, tighter environmental standards, and growing demand for technical building systems suitable for data centers and other mission-critical facilities.
Founded in Oklahoma, AAON has grown from its historical base in Tulsa, which remains a major operating center for the business. The company emphasizes a long-term strategy centered on product innovation, in-house engineering, and differentiation through performance and reliability. Its portfolio includes rooftop units, air-handling systems, liquid cooling solutions, and other specialized HVAC products, sold under the AAON and BASX brands. This dual-brand structure allows the company to serve both mainstream commercial HVAC markets and more technically demanding end markets, especially data center infrastructure.
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From a competitive standpoint, AAON stands out for its premium positioning, semi-custom and custom product capabilities, and ability to tailor solutions to specific customer requirements. The company also highlights its testing laboratories and innovation facilities, which strengthen its technical credibility and support its premium brand image. In a global industry populated by much larger peers, AAON leverages its energy-efficiency reputation, manufacturing flexibility, and close relationships with contractors, distributors, engineers, and end users.
Geographically, AAON operates from the United States, with a manufacturing footprint anchored in Oklahoma and expanding across additional U.S. facilities to meet surging demand. Recent developments show a rapid ramp-up in production capacity, especially for BASX data center equipment. In March 2026, AAON reported full-year 2025 revenue growth of 20.1% to $1.44 billion, a record backlog of $1.83 billion, and stronger commercial visibility. In the first quarter of 2026, the company again posted record sales and backlog while raising full-year guidance, underscoring a strong growth profile despite temporary margin pressure tied to industrial investments and capacity expansion.
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