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AAONFRA:AAO -0.09%88 Cyclically Adjusted PB Ratio is 10.90 as of Sep. 13, 2026, which is 22% below its 10-year median of 13.95. GuruFocus rates FRA:AAO with a GF Score™ of 88/100 and a GF Value™ of €125.93 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 1,239 Construction companies, AAON ranks worse than 96.21% on this metric.
As of today (2026-09-13), AAON's current share price is €65.60. AAON's Cyclically Adjusted Book per Share for the quarter that ended in Jun. 2026 was €6.02. AAON's Cyclically Adjusted PB Ratio for today is 10.90.
The historical rank and industry rank for AAON's Cyclically Adjusted PB Ratio or its related term are showing as below:
FRA:AAO'
s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 9.32 Med: 13.95 Max: 26.28
Current: 11.49
During the past years, AAON's highest Cyclically Adjusted PB Ratio was 26.28. The lowest was 9.32. And the median was 13.95.
FRA:AAO's Cyclically Adjusted PB Ratio is ranked worse than 96.21% of 1239
companies
in the Construction industry
Industry Median: 1.14
vs FRA:AAO: 11.49
The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted book value per share of a company over the past 10 years.
AAON's adjusted book value per share data for the three months ended in Jun. 2026 was €10.638. Add all the adjusted book value per share for the past 10 years together and divide the count will get our Cyclically Adjusted Book per Share, which is €6.02 for the trailing ten years ended in Jun. 2026.
Shiller PE for Stocks: The True Measure of Stock Valuation
AAON (FRA:AAO) Cyclically Adjusted PB Ratio Explanation
Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.
If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.
AAON Cyclically Adjusted PB Ratio Related Terms
AAON Cyclically Adjusted PB Ratio Historical Data
* Premium members only.
The historical data trend for AAON's Cyclically Adjusted PB Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
FRA:AAO vs FBIN, BLDR, AWI: Cyclically Adjusted PB Ratio Comparison
For the Building Products & Equipment subindustry, AAON's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
AAON Cyclically Adjusted PB Ratio vs Construction Industry
For the Construction industry and Industrials sector, AAON's Cyclically Adjusted PB Ratio distribution charts can be found below:
* The bar in red indicates where AAON's Cyclically Adjusted PB Ratio falls into.
Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.
The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.
AAON's Cyclically Adjusted PB Ratio for today is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.
What does a Cyclically Adjusted PB Ratio of 10.90 mean?
AAON (FRA:AAO) has a Cyclically Adjusted PB Ratio of 10.90 as of Sep. 13, 2026. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on AAON and its competitors. This is 22% below median its historical median of 13.95. Over the past decade, AAON's Cyclically Adjusted PB Ratio has ranged from 9.32 to 26.28. According to the industry distribution chart, AAON ranks #1192 out of 1239 companies in the Construction industry, placing it in the top 96.2%.
Is AAON's Cyclically Adjusted PB Ratio too high?
AAON's current Cyclically Adjusted PB Ratio of 10.90 is 22% below median its 10-year median of 13.95. Over the past 10 years, this metric has ranged from a low of 9.32 to a high of 26.28. The Construction industry median Cyclically Adjusted PB Ratio is 1.14. AAON's value of 10.90 is 856.1% above this industry median. Based on the distribution chart, AAON ranks #1192 out of 1239 companies in the Construction industry, which is in the bottom quartile relative to peers. Overall, AAON has a GF Score™ of 88/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does AAON's Cyclically Adjusted PB Ratio compare to FBIN and BLDR?
According to the Construction industry distribution chart, AAON ranks #1192 out of 1239 companies for Cyclically Adjusted PB Ratio. This places AAON in the lower half of its industry. The industry median Cyclically Adjusted PB Ratio is 1.14. AAON's value of 10.90 is 856.1% above this benchmark. Historically, AAON's own Cyclically Adjusted PB Ratio has ranged from 9.32 to 26.28 over the past decade. While the company's 10-year median is 13.95 vs. the industry median of 1.14, AAON has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PB Ratio for a Construction company?
The median Cyclically Adjusted PB Ratio among Construction companies is 1.14, based on 1,239 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. AAON's current Cyclically Adjusted PB Ratio of 10.90 is 856.1% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PB Ratio mean?
A high Cyclically Adjusted PB Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on AAON and its competitors. For the Construction industry, the median Cyclically Adjusted PB Ratio is 1.14 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. AAON's current Cyclically Adjusted PB Ratio is 10.90, which is 22% below median its own 10-year median of 13.95. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is AAON stock overvalued right now?
Based on GuruFocus' analysis, AAON (FRA:AAO) is currently considered Significantly Undervalued. The stock's GF Value™ is €125.93, compared to a current price of €65.60 — trading 47.9% below its estimated fair value. The current Cyclically Adjusted PB Ratio is 10.90, which is 22% below median its 10-year median of 13.95 and 856.1% above the Construction industry median of 1.14. AAON's overall GF Score™ is 88/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PB Ratio calculated?
Cyclically Adjusted PB Ratio is calculated from a company's financial statements. For AAON (FRA:AAO), the current Cyclically Adjusted PB Ratio is 10.90 as of Sep. 13, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is AAON (FRA:AAO) Overvalued in 2026?
Based on GuruFocus' analysis, AAON stock appears to be undervalued.
The current stock price of €65.60 is trading 47.9% below its estimated GF Value™ of €125.93.
GuruFocus considers AAON to be Significantly Undervalued.
Key valuation signals for FRA:AAO:
Cyclically Adjusted PB Ratio: 10.90 (22% below median its 10-year median of 13.95)
GF Value™: €125.93 vs. price of €65.60 (47.9% below fair value)
Industry Position: 856.1% above the Construction median (#1192 of 1239)
No single metric tells the full story. See the FRA:AAO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
AAON Inc is a manufacturer of air-conditioning and heating equipment. The products include rooftop units, chillers, packaged outdoor mechanical rooms, air-handling units, makeup air units, energy-recovery units, condensing units, geothermal heat pumps, and self-contained units and coils. The company operates through three segments: AAON Oklahoma, AAON Coil Products, and BASX. It generates the majority of its revenue from the AAON Oklahoma segment which derives maximum revenue, engineers, manufactures, and sells, semi-custom, and custom HVAC systems, designs and manufactures control solutions, and sells retail parts to customers through retail part stores and online.
88GF Score
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