AAON, Inc.

AI-generated fair value estimate for this company.

Method: 10-year two-stage FCF DCF on normalized FCF margin: $250.9M normalized annual FCF base (13% of $1.93B TTM revenue, versus depressed TTM reported FCF of -$119M caused by a heavy capacity-expansion capex cycle); 14% growth years 1-5; 7% years 6-10; 9% discount rate; 3% terminal growth; $439.1M net debt; 82.45M shares outstanding.

Reasoning: AAON is currently investing heavily in new manufacturing capacity, depressing reported FCF below its normal margin; I normalized the FCF base to its historical margin level and applied strong near-term growth consistent with its track record and expanding capacity, moderating to a more mature growth rate in the back half of the forecast.