owngarden/E+ via Getty Images Investment thesis The earnings of HVAC company AAON, Inc. (NASDAQ:AAON) took off in the third quarter of 2022 and are expected to climb even more in 2025 and 2026. This 10-year chart shows its diluted and normalized EPS history through June 2024: AAON earnings history chart (Seeking Alpha) After a relatively flat 2024, earnings are expected to rise 23.06% in 2025 and 24.19% in 2026. In common with Wall Street analysts, I have a $99.00 one-year price target and have rated AA ...