AAON AAON Inc

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William Blair has reaffirmed its Outperform rating on AAON (NASDAQ:AAON) after the HVAC manufacturer expanded its revolving credit facility by $100 million to $600 million through an accordion feature. This expansion is seen as a positive sign for data center orders and a potential buying opportunity, despite the stock's high P/E ratio and recent decline. The increased funding is interpreted as an indication that the data center pipeline is converting to orders faster than anticipated and that the Memphis facility ramp-up is progressing according to plan.

Copeland Capital Management LLC has invested $68.04 million in AAON, Inc. by acquiring 728,124 shares, making it their 16th-largest holding. This investment contributes to the approximately 70.81% institutional ownership of AAON. The company, which has a market cap of $6.18 billion and a P/E ratio of 62.56, recently announced a quarterly dividend of $0.10 per share and has an average analyst rating of "Moderate Buy."

AAON has signed a Sixth Amendment to its Amended and Restated Loan Agreement, increasing its revolving credit facility from $500 million to $600 million by exercising a $100 million accordion. The lending group includes Bank of Oklahoma as the administrative agent, along with Wells Fargo, Bank of America, U.S. Bank, and Associated Bank. This move, which did not change other terms of the facility, is expected to bolster AAON's liquidity and financial flexibility.

AAON, Inc. has expanded its revolving credit facility to $600 million on December 29, 2025, to enhance financial flexibility. This increased capacity will support working capital, capital expenditures, and strategic projects amid strong fourth-quarter bookings and customer demand. The company is currently rated as a "Hold" by analysts with an $88.00 price target.

AAON (NASDAQ: AAON) has increased its revolving credit facility to $600 million by activating an accordion feature, providing additional financial flexibility. This move will support accelerating customer demand, fund working capital, capital expenditures, and strategic growth initiatives. The expansion comes amid strong Q4 bookings and a record backlog, enabling the company to maintain a disciplined capital structure while ensuring liquidity for near-term growth.