MAIR

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Madison Air Solutions Corporation Class A Common Stock

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Key Metrics

Previous Close: $25.99
52-Week Range: $24.75 – $44.50
Market Cap: $12.53B
P/E (TTM): 60.90
EPS (TTM): 0.41
Dividend Yield: —

Advanced Metrics

Price/Book: 3.43
PEG Ratio: —
Return on Equity: —
Return on Assets: —
Gross Margin: 39.06%
Operating Margin: 19.76%
Profit Margin: 3.73%
Current Ratio: 1.82
Debt/Equity: 0.87
Total Debt: $3.19B
Free Cash Flow: —
Revenue Growth: 20.90%
Earnings Growth: 111.90%
Enterprise Value: $15.46B

MAIR Income statement, annual periods, in USD
USD	FY2023	FY2024	FY2025
Revenue	$2.56B	$2.62B	$3.52B
Cost of Revenue	$1.62B	$1.62B	$2.15B
Gross Profit	$937.80M	$1.01B	$1.36B
Selling, General & Admin	$390.70M	$388.60M	$514.80M
Operating Expenses	$519.00M	$520.40M	$862.70M
Operating Income	$418.80M	$486.50M	$501.60M
EBITDA	$550.90M	$625.20M	$697.30M
Pretax Income	$88.20M	$189.20M	$109.30M
Income Tax	$38.10M	$35.60M	$49.80M
Net Income	$58.20M	$175.20M	$30.80M
Diluted EPS	0.12	0.36	0.35
Diluted Shares	488.93M	488.93M	488.86M

MAIR Balance Sheet statement, annual periods, in USD
USD	FY2023	FY2024	FY2025
Cash & Equivalents	$287.10M	$339.90M	$208.40M
Receivables	$354.20M	$404.50M	$475.40M
Inventory	$282.00M	$293.30M	$408.40M
Current Assets	$1.08B	$1.15B	$1.14B
Total Assets	$6.38B	$5.45B	$8.18B
Current Liabilities	$541.50M	$521.90M	$681.40M
Long-Term Debt	$4.11B	$4.10B	$5.62B
Total Debt	$4.14B	$4.15B	$5.65B
Total Liabilities	$5.24B	$5.55B	$8.10B
Retained Earnings	$69.70M	-$17.40M	-$37.00M
Shareholders' Equity	$1.01B	-$58.10M	-$37.00M
Working Capital	$542.10M	$630.20M	$454.60M
Net Debt	$3.85B	$3.79B	$5.44B

MAIR Cash Flow statement, annual periods, in USD
USD	FY2023	FY2024	FY2025
Operating Cash Flow	$288.10M	$17.90M	$480.40M
Capital Expenditure	-$26.10M	-$28.20M	-$40.60M
Free Cash Flow	$262.00M	-$10.30M	$439.80M
Depreciation & Amortisation	$148.20M	$140.80M	$190.00M
Investing Cash Flow	-$35.50M	$1.06B	-$2.35B
Financing Cash Flow	-$40.80M	-$1.04B	$1.74B
Net Change in Cash	$211.80M	$35.30M	-$131.30M

MAIR Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q1 2026	Q2 2026
Revenue	$690.40M	$819.60M	$923.70M	$991.30M
Cost of Revenue	$436.00M	$497.20M	$570.70M	$604.90M
Gross Profit	$254.40M	$322.40M	$353.00M	$386.40M
Selling, General & Admin	$105.60M	$142.30M	$154.30M	$149.30M
Operating Expenses	$131.60M	$187.90M	$199.30M	$190.50M
Operating Income	$122.80M	$134.50M	$153.70M	$195.90M
EBITDA	$161.00M	$185.60M	$204.90M	$249.70M
Pretax Income	$59.90M	$49.30M	$60.30M	$111.10M
Income Tax	$14.70M	$18.50M	$17.30M	$40.60M
Net Income	$37.70M	$22.30M	$33.60M	$69.20M
Diluted EPS	0.08	0.05	0.07	0.15
Diluted Shares	488.86M	488.86M	488.86M	473.97M

MAIR Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q1 2026	Q2 2026
Operating Cash Flow	$54.60M	$105.50M	$57.80M	$98.60M
Capital Expenditure	-$4.50M	-$6.00M	-$8.10M	-$9.00M
Free Cash Flow	$50.10M	$99.50M	$49.70M	$89.60M
Depreciation & Amortisation	$35.30M	$47.20M	$53.90M	$53.80M
Investing Cash Flow	$11.50M	-$2.32B	-$8.10M	-$8.90M
Financing Cash Flow	$9.20M	$1.95B	-$29.90M	-$56.40M

Market Snapshot

About

Madison Air Solutions Corporation (MAIR) manufactures and sells indoor air quality products and systems in the United States and internationally. It is based in Chicago, Illinois.

The company offers a portfolio of heating, air conditioning, air filtration and purification, and air movement products under well-known brands including Reznor, AprilAire, Big Ass Fans, Nortek Air Solutions, and Roberts-Gordon. In addition to manufacturing these equipment solutions, Madison Air provides related services like custom design, system installation, repair, and ongoing maintenance.

Madison Air Solutions distributes its products through a variety of channels to reach diverse customer bases. These include direct sales to national, regional, and local companies, as well as sales through manufacturers' representatives, distributors, and retail partners. The company serves a range of commercial and industrial end markets, such as healthcare and life sciences facilities, advanced manufacturing plants, data centers, logistics operations, and educational institutions. It also provides products for residential applications. Founded in 2017, Madison Air Solutions Corporation operates as a subsidiary of Madison Industries Holdings LLC.