Passing on AAON

AAON makes high-efficiency commercial HVAC equipment, primarily rooftop units which account for 70% of sales. The company has been seeing sales growth over 15% as a full-blown commercial replacement cycle runs its course, and demand for more energy-efficient units has driven business to AAON. However, this is not much of a recurring revenue business (units last 20 years), and there are no particular moat factors here, either. It is an easy Green Screen "pass" call. Not saying it's a "bad" company or anything, it just doesn't meet our investment criteria.

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