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Makes indoor air-quality and HVAC products under brands including AprilAire, Big Ass Fans, Broan-NuTone and Reznor.
Makes indoor air-quality and HVAC products under brands including AprilAire, Big Ass Fans, Broan-NuTone and Reznor.
Moat: narrow (brand, distribution, installed base). Portfolio of established niche air-quality/HVAC brands serving specialized commercial and data-center markets.
Headquarters: Chicago, Illinois, US · Founded: 2017 · Employees: 8,650
Size Madison Air Solutions (MAIR) is a United States Industrials company (Industrial Machinery) with a market value of $11.6B, the 712th largest of 3,117 United States companies the cockpit tracks. Shares closed at $23.04 on 6 Nov 2026.
Performance Over six months the shares fell 45.2%, against -5.3% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 27.3% over the last twelve months (peer median +8.3%); the operating margin is 16.8% (peer median 16.6%).
Valuation It trades at 20.6× forward earnings against a peer median of 23.3× (9th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 32% a year for seven years (Req g). Recent delivered growth is +27%, so the hurdle is +5 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 10.0 points below its cost of capital (16.7% WACC).
Backlog Backlog (remaining performance obligations) was $25.6M at 30 Sep 2026. Backlog detail →
Short interest Short interest is 5.2% of the free float (15 Oct 2026).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Revenue | n/a | $3.34B | $2.62B | $2.56B |
| Revenue growth | — | +27% | +3% | — |
| Gross profit | n/a | $1.15B | $912M | $833M |
| EBITDA | n/a | $750M | $630M | $564M |
| Net income | n/a | $98.4M | -$103M | $58.2M |
| Free cash flow | n/a | $440M | -$11.4M | $262M |
| Capital expenditure | n/a | $40.6M | $28.2M | $26.1M |
| Total debt | $3.19B | $5.76B | $4.24B | n/a |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Madison Air Solutions MAIR | $11.6B | -45% | +27% | 17% | 20.6× | 31.9% |
| Trane Technologies TT | $87.9B | -14% | +10% | 18% | 23.4× | 14.7% |
| Carrier Global CARR | $42.9B | -22% | +3% | 9% | 17.2× | 19.0% |
| Lennox International LII | $11.7B | -34% | +2% | 19% | 15.3× | 5.0% |
| Johnson Controls JCI | $81.8B | -3% | +9% | 16% | 21.3× | 17.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MAIR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.0% | -7.1% | 9th highest of 21 |
| 6-month return | -45.2% | -5.3% | 2nd lowest of 21 |
| Distance from 52-week high | -48.2% | -33.4% | 8th lowest of 21 |
| Revenue growth (TTM) | +27.3% | +8.3% | 3rd highest of 21 |
| Operating margin | 16.8% | 16.6% | 11th highest of 21 |
| Forward P/E | 20.6× | 23.3× | 9th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 31.9% | 13.4% | most demanding of 15 |
| Growth delivered (Del g) | +27.3% | +8.4% | highest of 15 |
| Hurdle (Req g minus delivered) | +4.7 pp | +3.0 pp | 7th most demanding of 15 |
| ROIC minus cost of capital | -10.0 pp | +5.9 pp | 2nd lowest of 21 |
| EV / EBITDA | 19.3× | 15.1× | 3rd most expensive of 15 |
| Net debt / EBITDA | 3.9× | 1.1× | most indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Madison Air Solutions MAIR | United States | $11.6B | -45% | +27% | 17% | 20.6× | 31.9% | +27.3% |
| Watts Water Technologies WTS | United States | $11.6B | +17% | +17% | 19% | 24.6× | 15.8% | +10.1% |
| Lennox International LII | United States | $11.7B | -34% | +2% | 19% | 15.3× | 5.0% | +7.4% |
| Zhejiang Sanhua Intelligent Controls 2050.HK | Hong Kong | $11.9B | -38% | +8% | 15% | 18.4× | 8.7% | +19.9% |
| BELIMO BEAN.SW | Switzerland | $11.0B | +1% | +20% | 21% | 37.2× | 12.5% | +11.1% |
| Daifuku 6383.T | Japan | $10.9B | -33% | +21% | 15% | 18.9× | 14.7% | +8.3% |
| Graco GGG | United States | $10.9B | -13% | +5% | 27% | 20.0× | 8.1% | +6.3% |
| Pentair PNR | United States | $10.9B | -11% | -4% | 22% | 13.2× | 7.1% | +6.7% |
| GEA Group Aktiengesellschaft G1A.DE | Germany | $12.6B | +25% | +4% | 12% | 21.0× | 5.8% | +3.5% |
| Flowserve FLS | United States | $10.2B | +13% | 0% | 14% | 17.8× | 15.0% | +4.9% |
| Lifco LIFCO-B.ST | Sweden | $13.1B | +1% | +7% | 19% | 29.3× | 15.2% | +15.4% |
| Indutrade INDT.ST | Sweden | $9.94B | +39% | +6% | 12% | 28.6× | 18.4% | +10.9% |
| Huagong Tech 000988.SZ | China | $9.54B | -47% | +16% | 7% | 30.9× | n/a | n/a |
| Ebara 6361.T | Japan | $9.28B | -40% | +9% | 11% | 14.5× | n/a | n/a |
| NIBE Industrier NIBE-B.ST | Sweden | $9.25B | +7% | +2% | 10% | 27.3× | 13.5% | +8.5% |
| Guangdong Dtech Technology 301377.SZ | China | $9.23B | -18% | +119% | 36% | 50.9× | n/a | n/a |
| ACM Research (Shanghai) 688082.SS | China | $14.6B | +30% | +9% | 15% | 54.1× | n/a | n/a |
| Shenzhen Han's CNC Technology 301200.SZ | China | $9.08B | -25% | +98% | 21% | 32.1× | n/a | n/a |
| Lincoln Electric LECO | United States | $14.9B | +2% | +11% | 18% | 22.0× | 13.3% | +9.7% |
| Beijing E-Town Semiconductor Technology 688729.SS | China | $8.94B | -14% | +10% | 12% | 52.3× | n/a | n/a |
| IMI IMI.L | United Kingdom | $8.81B | +3% | +8% | 21% | 19.9× | 14.3% | +4.8% |
Madison Air Solutions reported $25.6M of remaining performance obligations at 30 Sep 2026 and up 12% from the previous quarter. Book-to-bill last quarter: 1.00.