AAON (FRA:AAO) Cyclically Adjusted PS Ratio: (As of Aug. 11, 2026)

Author: Vera Yuan Vera Yuan
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Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
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Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

FRA:AAO AAON Inc FRA:AAO
84 GF Score
Price €82.24
GF Value €116.49
Valuation Modestly Undervalued
! 6 Warning Signs
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What is AAON Cyclically Adjusted PS Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


AAON  (FRA:AAO) Cyclically Adjusted PS Ratio Explanation

Compared with the regular PS Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PS Ratio smoothed out the fluctuations of revenue 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 PS Ratio should give similar results to regular PS Ratio.


AAON Cyclically Adjusted PS Ratio Related Terms


AAON Cyclically Adjusted PS Ratio Historical Data

* Premium members only.

The historical data trend for AAON's Cyclically Adjusted PS 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.

AAON Cyclically Adjusted PS Ratio Chart

AAON Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PS Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 9.15 7.46 9.46 13.21 7.41

AAON Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PS Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.69 9.38 7.41 7.57 0.00

FRA:AAO vs BLDR, AWI, FBIN: Cyclically Adjusted PS Ratio Comparison

For the Building Products & Equipment subindustry, AAON's Cyclically Adjusted PS Ratio, along with its competitors' market caps and Cyclically Adjusted PS 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 PS Ratio vs Construction Industry

For the Construction industry and Industrials sector, AAON's Cyclically Adjusted PS Ratio distribution charts can be found below:

* The bar in red indicates where AAON's Cyclically Adjusted PS Ratio falls into.


FRA:AAO
84GF Score
AAON Inc FRA:AAO
Cyclically Adjusted PS Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
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AAON Cyclically Adjusted PS Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PS Ratio takes the Revenue per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/S calculation. Because it considers this 10-year average, it's often referred to as the CAPS 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 PS Ratio.

AAON's Cyclically Adjusted Revenue per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, AAON's adjusted Revenue per Share data for the three months ended in Jun. 2026 was:

Adj_RevenuePerShare=Revenue per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=6.5/333.9520*333.9520
=6.500

Current CPI (Jun. 2026) = 333.9520.

AAON Quarterly Data

Revenue per Share CPI Adj_RevenuePerShare
201609 1.163 241.428 1.609
201612 1.085 241.432 1.501
201703 1.009 243.801 1.382
201706 1.131 244.955 1.542
201709 1.199 246.819 1.622
201712 1.107 246.524 1.500
201803 1.012 249.554 1.354
201806 1.186 251.989 1.572
201809 1.226 252.439 1.622
201812 1.253 251.233 1.666
201903 1.282 254.202 1.684
201906 1.336 256.143 1.742
201909 1.303 256.759 1.695
201912 1.396 256.974 1.814
202003 1.569 258.115 2.030
202006 1.410 257.797 1.827
202009 1.435 260.280 1.841
202012 1.198 260.474 1.536
202103 1.205 264.877 1.519
202106 1.485 271.696 1.825
202109 1.466 274.310 1.785
202112 1.491 278.802 1.786
202203 2.051 287.504 2.382
202206 2.454 296.311 2.766
202209 3.027 296.808 3.406
202212 2.933 296.797 3.300
202303 2.998 301.836 3.317
202306 3.140 305.109 3.437
202309 3.505 307.789 3.803
202312 3.373 306.746 3.672
202403 2.869 312.332 3.068
202406 3.477 314.175 3.696
202409 3.548 315.301 3.758
202412 3.394 315.605 3.591
202503 3.574 319.799 3.732
202506 3.256 322.561 3.371
202509 3.947 324.800 4.058
202512 4.356 324.054 4.489
202603 5.168 330.213 5.227
202606 6.500 333.952 6.500

Add all the adjusted revenue per share together and divide 10 will get our Cyclically Adjusted Revenue per Share.

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.

Is AAON (FRA:AAO) Overvalued in 2026?

Based on GuruFocus' analysis, AAON stock appears to be undervalued. The current stock price of €82.24 is trading 29.4% below its estimated GF Value™ of €116.49. GuruFocus considers AAON to be Modestly Undervalued.

Key valuation signals for FRA:AAO:

  • Cyclically Adjusted PS Ratio:
  • GF Value™: €116.49 vs. price of €82.24 (29.4% below fair value)
  • GF Score™: 84/100 with 6 warning signs

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 Business Description

Other Exchanges AAON:USA
Address 2425 South Yukon Avenue, Tulsa, OK, USA, 74107
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.
84GF Score

Get the complete analysis for FRA:AAO

Cyclically Adjusted PS Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€82.24
Price
€116.49
GF Value