AAON

AAON is investing ahead of demand where it likely matters most: capacity for BASX data‑center cooling and throughput across Tulsa/Longview/Memphis, plus ERP. 2025 capex was 191 million dollars, with 2026 planned at about 190 million dollars, framed as future moat‑building.

Shareholder returns remain balanced: dividends rose to 0.40 dollars per share in 2025 and open‑market buybacks totaled about 30 million dollars (around 40 million including LTIP‑related). SBC is moderate at 18 million dollars and diluted shares were roughly flat year over year.

The revolver amendments in 2025 and 2026 right‑sized liquidity for the working‑capital step‑up tied to backlog. We view this as generally sound, execution‑sensitive capital deployment with clear ROIC pathways.