Madison Air Solutions Corp (MAIR)
Madison Air Solutions Corporation (MASC) specializes in the development and production of advanced indoor air quality and HVAC systems. Its operations are strategically divided into two distinct segments: Commercial and Residential. The Commercial division targets specialized settings that demand superior air quality solutions, while its Residential arm is dedicated to providing optimal air environments for private households. Established in 2017 by Larry W. Gies, MASC maintains its corporate headquarters in Chicago, Illinois.
Sector: Industrial & Commercial Fans & Blowers & Air Purifing Equip
Industry: Industrial - Machinery
Madison Air Solutions Corporation
NYSE:MAIRIndustrials · Industrial - Machinery
-1.39%$22.76
AH Close$22.76+0.00%vs close
AH Close$22.76+0.00%vs close
Mkt Cap$11.42B
Float109.14M
O/S501.72M
Inst Own24.7%
SI9.4%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$3.52B
Net Income$30.8M
Total Assets$8.18B
Free Cash Flow$439.8M
Debt & Equity
Debt 101%
Total Debt$5.65B
Total Equity-$37M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in MAIR's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$8.18B
Liabilities$8.1B
Accounts Receivable$475.4M
Accounts Payable$260.1M
Inventory$408.4M
PP&E (Net)$371.7M
Goodwill$3.32B
Intangible Assets$3.23B
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|
| Currency | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
| Revenue | $3.52B | $2.62B | $2.56B |
| YoY Growth | 34.1% | 2.7% | - |
| Cost of Revenue | $2.15B | $1.62B | $1.62B |
| Gross Profit | $1.36B | $1.01B | $937.8M |
| Gross Margin | 38.8% | 38.4% | 36.7% |
| Research and Development | $0 | $0 | $0 |
| Selling, General, and Administrative | $514.8M | $388.6M | $390.7M |
| Other | $347.9M | $131.8M | $128.3M |
| Total Operating Expenses | $862.7M | $520.4M | $519M |
| Operating Income (EBIT) | $501.6M | $486.5M | $418.8M |
| Operating Margin | 14.3% | 18.5% | 16.4% |
| Interest Expense | $398M | $295.2M | $314.5M |
| Interest Income | $0 | $0 | $0 |
| Other Income (Expense) | -$392.3M | -$297.3M | -$330.6M |
| Income Before Tax (EBT) | $109.3M | $189.2M | $88.2M |
| Income Tax Expense | $49.8M | $35.6M | $38.1M |
| Net Income | $30.8M | $175.2M | $58.2M |
| Net Income Margin | 0.9% | 6.7% | 2.3% |
| Supplementary Data | |||
| EPS | 0.20 | 0.36 | 0.12 |
| Diluted EPS | 0.20 | 0.36 | 0.12 |
| Weighted Average OS | 488.86M | 488.93M | 488.93M |
| EBITDA | $697.3M | $625.2M | $550.9M |
| EBITDA Margin | 19.8% | 23.8% | 21.6% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|
| Currency | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
| Assets | |||
| Current Assets | |||
| Cash and Cash Equivalents | $208.4M | $339.9M | $287.1M |
| Short-Term Investments | $0 | $79.3M | $14.8M |
| Cash and Short-Term Investments | $208.4M | $419.2M | $301.9M |
| Accounts Receivable | $475.4M | $404.5M | $354.2M |
| Inventory | $408.4M | $293.3M | $282M |
| Other Current Assets | $0 | $0 | $113.2M |
| Total Current Assets | $1.14B | $1.15B | $1.08B |
| Long-Term Assets | |||
| Property, Plant & Equipment Net | $371.7M | $229.7M | $250.7M |
| Goodwill | $3.32B | $2.23B | $2.24B |
| Intangible Assets | $3.23B | $1.73B | $1.85B |
| Long-Term Investments | $0 | $6.9M | $0 |
| Deferred Tax Assets | $0 | $0 | $0 |
| Other Long-Term Assets | $119.1M | $105.4M | $966M |
| Total Long-Term Assets | $7.04B | $4.3B | $5.3B |
| Other Assets | $0 | $0 | $0 |
| Total Assets | $8.18B | $5.45B | $6.38B |
| Liabilities | |||
| Current Liabilities | |||
| Accounts Payable | $260.1M | $212.8M | $169.4M |
| Short-Term Debt | $27.8M | $27M | $27.2M |
| Current Income Tax Payable | $0 | $0 | $0 |
| Current Unearned Revenue | $128.3M | $77.1M | $57.1M |
| Other Current Liabilities | $0 | $91.4M | $50.6M |
| Total Current Liabilities | $681.4M | $521.9M | $541.5M |
| Long-Term Liabilities | |||
| Long-Term Debt | $5.62B | $4.1B | $4.11B |
| Long-Term Unearned Revenue | $0 | $7.1M | $0 |
| Long-Term Deferred Tax Liabilities | $651.1M | $284.6M | $341.6M |
| Other Long-Term Liabilities | $1.14B | $106.6M | $240.8M |
| Total Long-Term Liabilities | $7.41B | $4.59B | $4.7B |
| Other Liabilities | $0 | $0 | $0 |
| Total Liabilities | $8.1B | $5.11B | $5.24B |
| Stockholders' Equity | |||
| Preferred Stock | $0 | $0 | $0 |
| Common Stock | $0 | $0 | $0 |
| Retained Earnings | -$37M | -$17.4M | $69.7M |
| Comprehensive Income & Other | $0 | -$40.7M | $0 |
| Other Stockholders' Equity | $0 | -$40.7M | $940.9M |
| Total Equity | -$37M | -$58.1M | $1.01B |
| Minority Interest | $119.1M | $402.8M | $135.8M |
| Total Liabilities and Equity | $8.06B | $5.05B | $6.25B |
| Supplementary Data | |||
| Total Debt | $5.65B | $4.24B | $4.14B |
| Net Debt | $5.44B | $3.9B | $3.85B |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|
| Currency | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
| Operating Activities | |||
| Net Income | $125.7M | $153.6M | $31.8M |
| Depreciation & Amortization | $190M | $140.8M | $148.2M |
| Deferred Income Tax | $1.3M | -$57.6M | -$48.7M |
| Stock-Based Compensation | $0 | $0 | $0 |
| Changes in Working Capital: | |||
| Accounts Receivable | -$23M | -$55.8M | -$23.8M |
| Inventory | -$36.2M | -$16.2M | $67.8M |
| Accounts Payable | $0 | $0 | $15.2M |
| Other Working Capital | $86.5M | $53.3M | $6.2M |
| Total Working Capital Change | $27.3M | -$18.7M | $65.4M |
| Other Non-Cash Items | $136.1M | -$200.2M | $91.4M |
| Net Cash from Operating | $480.4M | $17.9M | $288.1M |
| Investing Activities | |||
| Capital Expenditures | -$40.6M | -$28.2M | -$26.1M |
| Acquisitions | -$2.3B | $0 | $10M |
| Purchases of Investments | -$39.3M | -$210.7M | -$14.8M |
| Sales of Investments | $119.8M | $150M | $0 |
| Other Investing Activities | -$87.3M | $1.15B | -$3.5M |
| Net Cash from Investing | -$2.35B | $1.06B | -$34.4M |
| Financing Activities | |||
| Debt Repaid | -$1.6B | $27.8M | $28.6M |
| Common Stock Issuance | $157.5M | $0 | $0 |
| Common Stock Repurchases | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 |
| Other Financing Activities | -$21.7M | -$1.02B | -$13.3M |
| Net Cash from Financing | $1.74B | -$1.04B | -$41.9M |
| Forex Effect | -$200K | -$2.8M | -$211.8M |
| Net Change in Cash | -$131.5M | $32.5M | $0 |
| Supplementary Data | |||
| Operating Cash Flow | $480.4M | $17.9M | $288.1M |
| Capital Expenditure | -$40.6M | -$28.2M | -$26.1M |
| Free Cash Flow | $439.8M | -$10.3M | $262M |
| Cash at Beginning | $339.9M | $307.4M | $0 |
| Cash at End | $208.4M | $339.9M | $0 |