Assessing AAON (AAON) Valuation After Record Revenue And Data Center Backlog Growth

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AAON (AAON) has reported record quarterly revenue and strong growth in its BASX data center segment, alongside issuing positive 2026 guidance. Despite this, recent stock performance indicates cooling momentum, though long-term returns remain strong. The company is trading at an intrinsic discount of about 17% and its fair value is estimated at $120.25, driven by rapid data center market growth, but its high P/E ratio of 66.9x raises questions about investor expectations.

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