AAON

AAON historically prices for value in semi‑custom equipment and used surcharges where appropriate; BASX’s bespoke AI/data‑center solutions have shown strong booking trends and backlog growth, indicating room to price for performance. 2025 gross margin dipped to 26.7 percent on under‑absorption and ERP friction rather than price discounting, and 2026 guidance implies 29 to 31 percent gross margin as mix and utilization improve.

That said, large customers in HVAC and hyperscale data centers retain bargaining power and input volatility (copper, compressors) can pressure realized margins.