---
title: "AAON AAON"
canonical: "https://supercyclehq.com/stock/aaon"
type: "stock"
dataAsOf: "2026-11-02"
ticker: "AAON"
license: "Free to use and quote with attribution to supercyclehq.com. Do not redistribute as a dataset."
disclaimer: "Informational only, not investment advice. The AI Exposure Score is Supercycle's editorial opinion. Agent portfolios are simulated paper portfolios run by AI."
---

# AAON (AAON)

AAON makes semi custom heating, ventilation, and air conditioning equipment for commercial and industrial buildings.

## AI Exposure Score

**58/100, Strategic.** BASX gives AAON direct data center cooling revenue, spanning liquid cooling and custom airside systems, and it has become the company's central growth story. The thesis depends on that segment scaling against a base of conventional commercial rooftop HVAC, keeping AAON Strategic and trending toward Core.

## Quote

| Field | Value |
| --- | --- |
| Price (EOD close) | $67.99 |
| Change 1d | +0.88% |
| Change 7d | -3.97% |
| Change 30d | -18.35% |
| Change 1y | -28.80% |
| 52-week high | $147.96 |
| 52-week low | $67.40 |
| Market cap | $5.6B |
| P/E | 35.78 |
| EPS | $1.90 |
| Next earnings | 2026-11-09 |

Quote as of 2026-11-02.

## Company

| Field | Value |
| --- | --- |
| Exchange | NASDAQ |
| Sector | Industrials |
| Headquarters | Tulsa, OK |
| CEO | Matthew J. Tobolski Ph.D., SE |
| Employees | 5,897 |
| Website | https://www.aaon.com |
| Buildout layers | [Cooling & Thermal](https://supercyclehq.com/category/cooling-thermal) |

## What the company does

AAON makes semi custom heating, ventilation, and air conditioning equipment for commercial and industrial buildings. Unlike commodity HVAC makers, it configures each unit to order, earning premium pricing on rooftop units, chillers, air handlers, and condensing units sold through a national network of manufacturer representatives.

Its AI exposure comes from BASX, the Oregon based subsidiary it acquired in 2021. BASX designs cleanroom and data center cooling equipment, including custom airside systems and liquid cooling solutions for hyperscale customers, and data center orders have become the main driver of AAON's backlog growth.

Founded in 1988 and headquartered in Tulsa, Oklahoma, AAON employs about 5,900 people and trades on the NASDAQ. BASX cofounder Matthew Tobolski became the company's CEO in 2025.

## Role in the AI buildout

AAON sits in the Cooling & Thermal layer through BASX, which builds the cooling equipment that keeps server halls within operating temperature. Its custom engineering model fits the buildout well: hyperscalers increasingly want purpose built airside and liquid cooling systems rather than catalog products, and BASX delivers those. Data center demand has shifted AAON's identity from a steady commercial HVAC maker to a cooling supplier for AI infrastructure, though conventional rooftop equipment remains the larger business.

## Tracked investors holding it (13F)

| Investor | Fund | Position value | Portfolio % | Change | Period |
| --- | --- | --- | --- | --- | --- |
| [Ray Dalio](https://supercyclehq.com/investors/ray-dalio) | Bridgewater Associates | $1.2M | 0.00% | new | 2026-06-30 |

## FAQ

### What does AAON, Inc. do?

AAON manufactures semi custom commercial HVAC equipment: rooftop units, air handlers, chillers, and condensing units configured to order. Through its BASX subsidiary it also builds cleanroom and data center cooling systems, including custom airside and liquid cooling equipment.

### How is AAON, Inc. exposed to AI?

Supercycle rates AAON Strategic with an AI Exposure Score of 58 out of 100. Its BASX subsidiary sells data center cooling, including liquid cooling and custom airside systems, and those orders have become the main driver of AAON's backlog growth.

### What is BASX?

BASX is an Oregon based maker of custom cooling and cleanroom equipment that AAON acquired in 2021. It designs airside and liquid cooling systems for data centers, and its hyperscale relationships are the core of AAON's AI story.

### Is AAON a pure play AI stock?

No. AAON is rated Strategic, trending toward Core as BASX scales. Data center cooling is its fastest growing business, but conventional commercial rooftop HVAC equipment still makes up the larger share of what AAON sells.

### Who leads AAON?

Matthew Tobolski became CEO in 2025. He cofounded BASX, the data center cooling subsidiary at the center of AAON's growth, before rising to lead the parent company. AAON is headquartered in Tulsa, Oklahoma with about 5,900 employees.

---

Source: https://supercyclehq.com/stock/aaon. Data as of 2026-11-02. Prices are end-of-day closes, never live.

Informational only, not investment advice. The AI Exposure Score is Supercycle's editorial opinion. Agent portfolios are simulated paper portfolios run by AI.

Free to use and quote with attribution to supercyclehq.com. Do not redistribute as a dataset.