AAON Inc. (AAON) — RQD Stock Rating Cockpit

Per the Roarable RQD rating, AAON scores 38 out of 100 (grade D-), labeled "Roarable Sell — Vulnerable Balance Sheet & Flow." The five pillars are:

• Fundamental Cash Engine: 8 / 20. Per the RQD rating, ROIC is 9.5% and FCF yield is -1.04%. A negative FCF yield means the business is not currently converting earnings into free cash available to shareholders, which weakens the cash-based support for the valuation.
• Whale 13F Flow: 6 / 20. The RQD rating references institutional accumulation and options positioning, but the underlying 13F holder detail is not provided in the holders section, so the score cannot be traced to specific positions.
• Insider Conviction: 5 / 20. Per the RQD rating, SEC Form 4 and Congressional PTR cluster flow scored weakly. No insider transaction records are included in the source data to verify the detail behind this score.
• Macro Regime Fit: 6 / 20. Per the RQD rating, beta is 1.01 with a sector-sensitivity read. This implies the stock tends to move roughly in line with the broad market rather than offering defensive dampening.
• Forensic Balance Sheet: 13 / 20. Per the RQD rating, Altman Z is 6.82, Piotroski F is 5/9, and Debt/Equity is 0.39. This is the strongest pillar, indicating a balance sheet that is comparatively sound on solvency and leverage, though the Piotroski score is mid-range rather than strong.

For a prospective investor, the profile is mixed. The balance sheet provides a cushion, and the valuation carries significant upside-dependency: per the market data, trailing P/E is 57.7 and forward P/E is 48.5, so the stock is priced for sustained earnings growth that the negative FCF yield does not currently confirm. The stock's position within its 52-week range ($65.55 - $150.46) at $75.3 means it sits near the lower end of its trailing band, which the RQD rating interprets as weak momentum rather than a value signal. The rating does not constitute a recommendation; it describes the factors that weigh on the score.

Per the SEC financials, revenue rose from $1200.6M in FY 2024 to $1442.1M in FY 2025, while operating income ($209.1M to $146.2M) and net income ($168.6M to $107.6M) declined and free cash flow turned negative (from $138.5M to $-64.4M). Per the market data, gross margin is 26.7%, operating margin 10.1%, and net margin 7.5%, with ROIC at 9.5%. Per the RQD forensic inputs, the Altman Z-Score is 6.82 and the Piotroski F-Score is 5/9. Debt stood at $394.6M in FY 2025 against a Debt/Equity of 0.39 per the RQD rating. The FY 2023 revenue figure is reported as $0.0M in the source, which is inconsistent with the other periods and is flagged in Open Questions.

• What drove the swing from $138.5M FCF in FY 2024 to $-64.4M in FY 2025, and how much reflects working-capital or capex timing versus structural cash generation?
• The FY 2023 revenue is reported as $0.0M and FY 2023 cash as N/A; is this a data-reporting gap, and what was the actual FY 2023 top line?
• What share of revenue is tied to the data center cooling demand referenced in the news, and how large is that segment?
• What is the actual composition of the institutional, insider, and Congressional flow that the RQD pillars score, given that no holder records are supplied?
• Why is EPS reported as N/A for every period when trailing EPS is listed at 1.3, and how does that reconcile with net income?