Is AAON, Inc. (NASDAQ:AAON) a buy in 2026?
Yes, on balance. The Compass leans toward accumulating AAON, Inc. at current levels.
The HVAC company that stumbled into a data center goldmine, now trading like the market finally noticed but hasn't done the math on BASX.
Where AAON is headed
AAON built its reputation making semi-custom rooftop units for supermarkets and schools out of Tulsa. That is not the business anymore. The BASX acquisition in 2021 looked like a curious bolt-on at the time, a cleanroom and modular data hall specialist tucked inside a boring HVAC roll-up. By mid-2026 it is the reason revenue grew 54% and the reason the order book keeps stretching further into 2027. Every hyperscaler and colo operator building liquid-cooled capacity for Blackwell and its successors needs the mechanical rooms, air handlers, and precision cooling that BASX and the new Memphis-Longview capacity produce. AAON is one of maybe four North American names that can deliver at scale, and it is the only one where you can buy the whole thing as a listed pure-ish play.
Read the full Compass Direction on AAON
The complete destination call, the overlooked angle, milestones, and bull, base, and bear price scenarios (around $113.11).
See the full AAON analysisGet calls like this, free
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Frequently asked questions
Is AAON, Inc. (NASDAQ:AAON) a buy in 2026?
Yes, on balance. The Compass leans toward accumulating AAON, Inc. at current levels. The HVAC company that stumbled into a data center goldmine, now trading like the market finally noticed but hasn't done the math on BASX.
What is AAON's Compass Score?
AAON, Inc. scores 77/100 on Alexandria's Compass, placing it in the "Favorable" tier. Scores blend eight factors and update weekly.
What is the price target for AAON?
Alexandria's full Compass Direction includes bull, base, and bear price scenarios with the valuation math behind each. Read the full breakdown on the AAON page.
Compass verdicts are AI-generated, forward-looking editorial research from publicly available data, not investment advice or a recommendation regarding any security. Scores and verdicts update as the data changes.