AAON, Inc.

Tulsa-based AAON occupies a specific corner of the HVAC market: semi-custom heating and cooling equipment for commercial and industrial buildings. Rather than mass-producing standard units, it engineers rooftop systems, air handlers and coolers to each customer's specification while keeping factory efficiency, a middle path that lets it charge more and serve buyers with particular needs, such as data centers, schools and hospitals. The Oklahoma company employs several thousand people across plants in Oklahoma, Texas, Missouri and Oregon. Data-center cooling has become a notable growth driver as computing demand strains building infrastructure. AAON's business tracks commercial construction and equipment-replacement cycles, and its premium, made-to-order model has historically supported stronger margins and pricing power than commodity HVAC producers. The main swing factors are construction activity, raw-material costs like steel and copper, and how quickly it can expand capacity to meet its order backlog.

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