AAON

Cash generation in 2025 was temporarily depressed by deliberate working‑capital build and heavy capex: operating cash flow was essentially flat at 0.5 million dollars while capex ran 190.6 million dollars.

However, EBITDA of about 225.7 million dollars covered interest expense of 17.7 million dollars handily, and liquidity is supported by a 600 million dollar revolver (398.3 million dollars drawn at year‑end, 201 million dollars available). Management expects meaningfully better operating cash flow in 2026 as backlog converts.

Leverage is intentional to fund growth and appears manageable if 2026 margin and volume targets are met.