Screening

Your next idea, in focus.

Combine financial filters with qualitative questions to find companies that fit your criteria—and inspect the evidence behind each match.

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An illustrative Screening workflow: describe a company universe, review and accept quantitative and qualitative filters, run the screen, and open Why it matched. Selected historical examples; playback is accelerated. Execution counts illustrate the filtering sequence and are not measured universe totals.

Screening / New screening

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AI Assistant

Describe the companies you want to find, and we’ll suggest filters for your screening.

For example:

“Find companies with market cap over $1B that recently changed their CEO”
“Show me tech companies with revenue growth above 20%”

Find profitable, cash-generative data center cooling suppliers with real orders or capacity expansion.

Here are three proposed filters. The financial test uses the latest reported fiscal year. The evidence filters cover Jan 1–Sep 21, 2026 and require company-reported customer, order, backlog, deployment, or manufacturing-capacity evidence.

QuantitativePositive earnings, backed by operating cash flownet_income > 0 and operating_cash_flow / net_income >= 1Jan 1 – Sep 21, 2026

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QualitativeData center cooling supplier

Manufactures cooling equipment for data centers, directly or through a subsidiary. Exclude chip designers and data center operators.

Jan 1 – Sep 21, 2026

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QualitativeScaled data center cooling demand

Disclosed customer orders, order or backlog growth tied to data center cooling, or dedicated manufacturing expansion. Exclude general market forecasts and product announcements without customer, order, backlog, deployment, or capacity evidence.

Jan 1 – Sep 21, 2026

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Quantitative Positive earnings, backed by operating cash flow net_income > 0 and operating_cash_flow / net_income >= 1 Window · Jan 1 – Sep 21, 2026

Qualitative Data center cooling supplier

Manufactures cooling equipment for data centers, directly or through a subsidiary. Exclude chip designers and data center operators.

Window · Jan 1 – Sep 21, 2026

Qualitative Scaled data center cooling demand

Window · Jan 1 – Sep 21, 2026

Data center cooling demand

New run

5 companies found Export to Excel

AAON, Inc.AAON.US

Quantitative Positive earnings, backed by operating cash flow

1.14× operating cash flow / net income. $192.5M in operating cash flow against $168.6M in consolidated net income. FY2024 · year ended Dec 31, 2024

Operating cash flow is before capital expenditure. This is not a free-cash-flow test.

View reported financials ↗

Qualitative Data center cooling supplier

BASX is the link to data center cooling. AAON’s October 2024 award covers BASX-branded thermal systems supporting liquid cooling, with production in Longview, Texas. ¹ BASX-branded products are manufactured in both the BASX and AAON Coil Products reporting segments. ²

The brand and the reporting segment are not interchangeable: reviewing the BASX segment alone would miss part of the exposure.

Sources 1AAON awarded approximately $174.5M in liquid cooling ordersCompany release · Oct 25, 2024 2AAON Q1 2025 · Product brands and backlogForm 10-Q · Management discussion · Quarter ended Mar 31, 2025

Qualitative Scaled data center cooling demand

$174.5M of orders disclosed in one announcement. On October 25, 2024, AAON announced awards from one unnamed data center customer. Most production and delivery was expected in H1 2025. ¹ At March 31, 2025, BASX-branded backlog was $623.0M, up 122.7% year on year; the filing links most of the orders to liquid-cooling solutions. ²

The $174.5M award meets the test on its own. Backlog provides context, not another award to add. These sources do not establish fulfillment or margins for this order.

Modine Manufacturing CompanyMOD.US

Munters Group ABMTRS.ST

Vertiv Holdings CoVRT.US

nVent Electric plcNVT.US

Screening filters

Quantitative Positive earnings, backed by operating cash flow net_income > 0 and operating_cash_flow / net_income >= 1 Window · Jan 1 – Sep 21, 2026

54,740 companies 74 passed

Qualitative Data center cooling supplier

Manufactures cooling equipment for data centers, directly or through a subsidiary. Exclude chip designers and data center operators.

Window · Jan 1 – Sep 21, 2026

74 companies 8 passed

Qualitative Scaled data center cooling demand

Window · Jan 1 – Sep 21, 2026

8 companies 5 passed

Discover companies worth a closer look.

Connect the numbers you require with the business developments you want to find.

A screen shaped by your investment thinking.

Describe the companies you want to find. Review, refine and combine the proposed filters before running your screen.

AI Assistant

Find analytical instrument makers where proprietary consumables and services contribute at least 40% of revenue. I want repeat purchases tied to installed equipment, gross margins above 50%, and positive free cash flow in each of the last three reported years through FY2024. Exclude distributors and clinical testing providers.

Three proposed filters. The recurring-revenue test requires a disclosed revenue mix and evidence that repeat purchases are tied to the installed base.

Qualitative Installed-base consumables and services ≥40% of revenue

Makes analytical instruments with proprietary consumables or services linked to installed equipment. Disclosed consumables and service revenue must total at least 40% of revenue. Exclude distributors and clinical testing providers.

Jan 1, 2024 – Jun 30, 2025

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Quantitative Gross margin above 50% revenue_FY_2024 > 0 and gross_profit_FY_2024 / revenue_FY_2024 > 0.50

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Quantitative Positive free cash flow in each of three years fcf_FY_2022 > 0 and fcf_FY_2023 > 0 and fcf_FY_2024 > 0

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The numbers. And the story behind them.

Combine geography, industry and financial metrics with qualitative conditions to find developments that ratios alone would miss.

Screening filters

Geography

United StatesCanadaUnited Kingdom

Quantitative Margin expansion with cash generation

revenue_FY_2024 > 0 and revenue_FY_2022 > 0 and (gross_profit_FY_2024 / revenue_FY_2024 - gross_profit_FY_2022 / revenue_FY_2022) >= 0.02 and fcf_FY_2024 / revenue_FY_2024 >= 0.10

Qualitative Mission-critical aftermarket components

Supplies certified replacement parts for aircraft already in service. Require evidence of recurring aftermarket sales and customer requalification requirements. Exclude distributors and businesses dependent on new-aircraft production.

Window · Jan 1, 2024 – Jun 30, 2025

Understand why each company matched.

Review each company against your filters, read the qualitative reasoning and follow the supporting sources.

NAPCO Security Technologies, Inc.NSSC.US

Qualitative

The company’s FY2024 release reports recurring service revenue of $75.7M against $59.9M in FY2023. The reported 26% increase clears the screen’s 20% threshold using the same revenue category across two completed fiscal years. The qualifying evidence is the recurring service stream, rather than growth in total sales or a forecast of future subscriptions.

The separately disclosed $84M annual run rate extrapolates July 2024 revenue. It is excluded from this comparison: an annualized month cannot replace a reported fiscal year or establish that the growth rate will persist.

Sources

Qualitative

NAPCO supplies intrusion and fire-alarm communicators that connect installed security systems to monitoring services. That equipment supports an ongoing cellular communication service, creating recurring revenue alongside the initial hardware sale. The disclosed service revenue provides evidence of an operating revenue stream tied to installed equipment, rather than a subscription opportunity inferred from product descriptions alone.

This satisfies the business-model condition. It does not establish customer retention, contract duration, or pricing power; those require separate evidence before assessing the durability of the revenue.

Keep your opportunity set current.

Schedule daily or weekly runs. Keep each run’s filters and results, and receive an email when it finishes.

Example schedule. Changes stay in this illustration.

Name	Automatic runs	Access	Actions
Connected security businesses		2	⋯
Sep 3Scheduled run tomorrow Sep 2Run 2024-09-02 09:00 3 companies Sep 1Run 2024-09-01 09:00 3 companies Aug 31Run 2024-08-31 09:00 2 companies
Testing and inspection services	Weekly on Monday at 9:00 AM	2	⋯
Industrial aftermarket suppliers	Daily at 9:00 AM	—	⋯
Founder-led software businesses	Off	—	⋯
Specialty insurance businesses	Weekly on Friday at 9:00 AM	2	⋯

Find a match.
Test the investment case.

A match is the start of the research. Open Easel with the company in context, test what the evidence supports, and work through the questions that matter next.

Illustrative historical workflow: open AAON from Screening, continue with a prepared question about the durability of BASX cooling demand, and read an analysis with cited sources. The company name stays above the user’s message. Authored example using disclosures available by June 30, 2025; playback is accelerated.

Screening / Data center cooling demand / Jun 30, 2025

Data center cooling demand

Edit screen

5 companies found Export to Excel

AAON, Inc.AAON.US

Quantitative Positive earnings, backed by operating cash flow

1.14× operating cash flow / net income. $192.5M in operating cash flow against $168.6M in consolidated net income. FY2024 · year ended Dec 31, 2024

Operating cash flow is before capital expenditure. This is not a free-cash-flow test.

View reported financials ↗

Qualitative Data center cooling supplier

The brand and the reporting segment are not interchangeable: reviewing the BASX segment alone would miss part of the exposure.

Qualitative Scaled data center cooling demand

The $174.5M award meets the test on its own. Backlog provides context, not another award to add. These sources do not establish fulfillment or margins for this order.

Modine Manufacturing CompanyMOD.US

Munters Group ABMTRS.ST

Vertiv Holdings CoVRT.US

nVent Electric plcNVT.US

Screening filters

Quantitative Positive earnings, backed by operating cash flow net_income > 0 and operating_cash_flow / net_income >= 1 Window · Jan 1 – Sep 21, 2026

Qualitative Data center cooling supplier

Manufactures cooling equipment for data centers, directly or through a subsidiary. Exclude chip designers and data center operators.

Window · Jan 1 – Sep 21, 2026

Qualitative Scaled data center cooling demand

Window · Jan 1 – Sep 21, 2026

Question aboutAAON, Inc.

I have a question about AAON, Inc.: As of June 30, 2025, does BASX’s cooling order book support a durable growth business? Separate orders from revenue, assess customer concentration and execution risk, and tell me what evidence would change the view.

The evidence supports demand for BASX cooling equipment. It does not, on its own, establish durable earnings.

An award is a demand signal, not recognized revenue.

AAON disclosed approximately $174.5M of awards from one data center customer in October 2024. Most production and delivery was expected in H1 2025. That timetable is not confirmation of shipment or revenue recognition. 1

Read the brand across both reporting segments.

BASX-branded Q1 2025 sales were $132.6M, versus $27.9M a year earlier, across BASX and AAON Coil Products. That is operating evidence, but cannot be attributed to the $174.5M award. The $623.0M backlog is a separate snapshot, not additional sales. 2

What would change the view

Look for repeat orders from additional customers, order conversion, and margins and cash generation as capacity ramps. Delays, weaker cash conversion, or continued dependence on isolated large awards would weaken the durability case. One disclosed customer does not establish the concentration of the whole business.

The research question is now whether awarded demand converts into repeatable, profitable deliveries. The order announcement and backlog figure cannot settle that question alone.

1AAON awarded approximately $174.5M in liquid cooling orders 2AAON Q1 2025 · Product brands and backlog

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Source coverage and access · Compare the research tools

Your next idea, in focus.

Let’s build your screening

Data center cooling demand

Data center cooling demand

Discover companies worth a closer look.

A screen shaped by your investment thinking.

The numbers. And the story behind them.

Understand why each company matched.

Keep your opportunity set current.

Find a match.
Test the investment case.

Data center cooling demand

What can I help
you research?

An award is a demand signal, not recognized revenue.

Read the brand across both reporting segments.

What would change the view

Use Screening in your research

Bring us the criteria. We’ll find the companies worth investigating.