• AAON average return on tangible equity for 2023 was 33.14, a 64.63% decline from 2022.
• AAON average return on tangible equity for 2022 was 20.13, a 3.55% increase from 2021.
• AAON average return on tangible equity for 2021 was 19.44, a 19.1% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.