Key Highlights

  • AAON (NASDAQ:AAON) ended Tuesday, November 10, 2026 at USD 79.86, a 27.03% advance from a calculated prior close of USD 62.87, or USD 16.99 a share, ranking among the day's leading US gainers.
  • Net sales for the third quarter grew 84.1% to USD 707.4 million from USD 384.2 million, while diluted EPS climbed to USD 0.83 from USD 0.37 on Net Income of USD 69.0 million.
  • Management raised its 2026 sales growth outlook to 72% to 75% from 55% to 60%, and anticipates a gross Margin near 26% with SG&A near 13% of sales.
  • Backlog totalled USD 1,854.5 million at September 30, 2026, 40.5% above a year earlier but 5.9% below the USD 1,960.3 million recorded at June 30.

What Drove AAON on November 10 (+27.03%)

The stock finished Tuesday, November 10, 2026 at USD 79.86, above the pre-market quote of USD 76.00, which had shown a 20.88% gain. The company release dated November 9 covered the quarter ended September 30. Sales under the AAON Brand were USD 310.2 million, up 19.6%, while BASX-brand sales reached USD 397.2 million, up 218.3%. Gross Profit of USD 188.5 million produced a 26.7% margin, compared with 27.8% a year earlier. Operating Income rose 129.3% to USD 100.0 million, and adjusted EBITDA of USD 127.2 million represented an 18.0% margin. A Dividend of USD 0.10 per share was also declared for the quarter.

The Rationale: A Higher Outlook and Broader Mechanisms

The catalyst identified is the Earnings release together with the upgraded outlook. Full-year sales growth of 72% to 75% replaces the earlier 55% to 60%, so the implied Revenue base grows markedly. As general context, a higher growth forecast tends to push estimates up, and a steep rise in operating income can trigger a re-rating. Investors will also weigh Oklahoma gross margin of 25.5% versus 33.0% a year ago, plus Memphis overhead of USD 20.7 million versus USD 4.5 million. Backlog eased from the prior quarter, and the company restated the first two quarters of 2026, lifting first-half net sales by USD 10.7 million, which may invite scrutiny. BASX segment gross margin improved to 28.7% from 27.0%, and AAON Coil Products margin climbed to 25.8% from 11.0%, partly offsetting the Oklahoma drop. Nine-month net sales were USD 1,842.1 million, with nine-month diluted EPS of USD 2.06 against USD 0.91.

Valuation, Liquidity and Risk Factors

The snapshot lists a Market Value of USD 6.59 billion, a P/E of 41.78, trailing diluted EPS of USD 1.91 growing 30.33%, and a Dividend Yield of 0.64%. Shares outstanding numbered 82,459,251 at September 30, 2026. Volume of 1.56 million shares, a relative volume of 0.97, means activity stayed close to the stock's norm. The close sat 46.9% under the 52-week high of USD 150.46 and 45.9% over the low of USD 54.73 (calculated). Revolver borrowings were USD 386.7 million against just USD 3.7 million of cash, and capital expenditures for nine months came to USD 138.1 million. Receivables increased to USD 396.8 million from USD 314.4 million. A gap this big can unwind, and nothing here suggests the move will continue.

Where Things Stand

AAON (NASDAQ:AAON) gained 27.03% to USD 79.86 on November 10, 2026 after posting net sales of USD 707.4 million, up 84.1%, diluted EPS of USD 0.83 and a 2026 sales growth outlook lifted to 72% to 75%. The calculated prior close was USD 62.87. The USD 1,854.5 million backlog and the restatement are the main items to watch.