NYSE : MAIR
Madison Air Solutions Corporation — Financial statements
Industrials · Building Products & Equipment · United States
Last price 24.56 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 12.32B
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Financial statements
Madison Air Solutions Corporation (MAIR) reported revenue of 3.75B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Revenue | 3.75B | 3.34B | 2.62B | 2.56B |
| Cost of Revenue | 2.28B | 2.04B | 1.62B | 1.62B |
| Gross Profit | 1.46B | 1.30B | 1.01B | 937.80M |
| Selling, General & Admin | 529.00M | 473.30M | 388.60M | 390.70M |
| Amortization of Goodwill & Intangibles | 163.30M | 141.60M | 101.00M | 104.90M |
| Other Operating Expenses | -3.00M | 4.10M | 3.00M | |
| Operating Expenses | 809.80M | 739.50M | 520.40M | 521.70M |
| Operating Income | 653.10M | 560.80M | 486.50M | 416.10M |
| Interest Expense | -371.90M | -351.30M | -295.20M | -314.50M |
| Currency Exchange Gain (Loss) | 2.10M | 2.10M | 2.90M | |
| Other Non Operating Income (Expenses) | -9.30M | -700.00K | 1.30M | |
| EBT Excluding Unusual Items | 274.00M | 211.60M | 193.50M | 102.90M |
| Merger & Restructuring Charges | -29.10M | -28.90M | -10.70M | -17.30M |
| Gain (Loss) on Sale of Investments | 1.90M | 1.90M | 3.10M | |
| Gain (Loss) on Sale of Assets | 1.30M | 1.30M | -1.00M | 600.00K |
| Other Unusual Items | 400.00K | 400.00K | 2.00M | |
| Pretax Income | 254.20M | 192.00M | 189.20M | 88.20M |
| Income Tax Expense | 91.00M | 66.30M | 35.60M | 38.10M |
| Earnings From Continuing Operations | 163.20M | 125.70M | 153.60M | 50.10M |
| Earnings From Discontinued Operations | -2.40M | -1.40M | 82.60M | 26.40M |
| Net Income to Company | 160.80M | 124.30M | 236.20M | 76.50M |
| Minority Interest in Earnings | -21.00M | -27.30M | -61.00M | -18.30M |
| Net Income | 139.80M | 97.00M | 175.20M | 58.20M |
| Net Income to Common | 139.80M | 97.00M | 175.20M | 58.20M |
| Free Cash Flow | 430.10M | 439.80M | -10.30M | 262.00M |
| Gross Margin | 39.06% | 38.93% | 38.36% | 36.69% |
| Operating Margin | 17.44% | 16.79% | 18.54% | 16.28% |
| Profit Margin | 3.73% | 2.90% | 6.68% | 2.28% |
| Free Cash Flow Margin | 11.48% | 13.17% | -0.39% | 10.25% |
| EBITDA | 868.30M | 750.80M | 627.30M | 564.30M |
| EBITDA Margin | 23.18% | 22.48% | 23.90% | 22.08% |
| D&A For EBITDA | 215.20M | 190.00M | 140.80M | 148.20M |
| EBIT | 653.10M | 560.80M | 486.50M | 416.10M |
| EBIT Margin | 17.44% | 16.79% | 18.54% | 16.28% |
| Effective Tax Rate | 35.80% | 34.53% | 18.82% | 43.20% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Cash & Equivalents | 261.80M | 208.40M | 339.90M | 287.10M |
| Short-Term Investments | 79.30M | 14.80M | ||
| Trading Asset Securities | 300.00K | |||
| Cash & Short-Term Investments | 261.80M | 208.70M | 419.20M | 301.90M |
| Accounts Receivable | 601.50M | 475.40M | 386.90M | 337.90M |
| Other Receivables | 900.00K | |||
| Receivables | 601.50M | 476.30M | 404.50M | 354.20M |
| Inventory | 460.10M | 408.40M | 293.30M | 282.00M |
| Prepaid Expenses | 44.90M | 40.40M | 35.10M | 32.30M |
| Other Current Assets | 1.60M | 2.20M | 113.20M | |
| Total Current Assets | 1.37B | 1.14B | 1.15B | 1.08B |
| Property, Plant & Equipment | 490.60M | 478.50M | 328.90M | 354.40M |
| Long-Term Investments | 7.60M | 6.90M | ||
| Goodwill | 3.31B | 3.32B | 2.23B | 2.24B |
| Other Intangible Assets | 3.15B | 3.23B | 1.73B | 1.85B |
| Other Long-Term Assets | 17.30M | 12.30M | 6.20M | 862.30M |
| Total Assets | 8.35B | 8.18B | 5.45B | 6.38B |
| Accounts Payable | 335.90M | 260.10M | 212.80M | 169.40M |
| Accrued Expenses | 93.40M | 180.00M | 123.20M | 161.80M |
| Current Portion of Long-Term Debt | 25.70M | 27.00M | 25.70M | |
| Current Portion of Leases | 25.60M | 22.00M | 20.10M | 18.60M |
| Current Income Taxes Payable | 4.60M | 5.40M | 15.10M | 11.50M |
| Current Unearned Revenue | 139.50M | 128.30M | 77.10M | 57.10M |
| Other Current Liabilities | 153.00M | 59.90M | 46.60M | 97.40M |
| Total Current Liabilities | 752.00M | 681.40M | 521.90M | 541.50M |
| Long-Term Debt | 3.05B | 5.62B | 4.10B | 4.11B |
| Long-Term Leases | 117.00M | 95.80M | 87.00M | 91.90M |
| Long-Term Unearned Revenue | 12.40M | 13.30M | 7.10M | |
| Pension & Post-Retirement Benefits | 5.00M | 6.30M | ||
| Long-Term Deferred Tax Liabilities | 702.40M | 651.10M | 284.60M | 341.60M |
| Other Long-Term Liabilities | 63.90M | 142.40M | 100.30M | 151.30M |
| Total Liabilities | 4.70B | 7.21B | 5.11B | 5.24B |
| Additional Paid-In Capital | 3.59B | 940.90M | ||
| Retained Earnings | 96.50M | -6.30M | -17.40M | 92.60M |
| Comprehensive Income & Other | -33.90M | -30.70M | -40.70M | -22.90M |
| Total Common Equity | 3.65B | -37.00M | -58.10M | 1.01B |
| Minority Interest | 900.00K | 1.00B | 402.80M | 135.80M |
| Shareholders' Equity | 3.65B | 965.00M | 344.70M | 1.15B |
| Total Liabilities & Equity | 8.35B | 8.18B | 5.45B | 6.38B |
| Total Debt | 3.19B | 5.77B | 4.24B | 4.25B |
| Net Cash (Debt) | -2.93B | -5.56B | -3.82B | -3.95B |
| Working Capital | 617.90M | 454.60M | 630.20M | 542.10M |
| Tangible Book Value | -2.81B | -6.59B | -4.02B | -3.07B |
| Land | 26.30M | 26.20M | 15.70M | 16.30M |
| Buildings | 176.80M | 176.00M | 104.30M | 102.80M |
| Machinery | 329.50M | 319.80M | 235.60M | 227.30M |
| Construction In Progress | 29.50M | 29.40M | 12.10M | 14.40M |
| Order Backlog | 2.02B | 968.20M | 705.50M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Net Income | 139.80M | 97.00M | 175.20M | 58.20M |
| Depreciation & Amortization | 215.20M | 190.00M | 140.80M | 148.20M |
| Loss (Gain) From Sale of Assets | 26.40M | -1.30M | 1.00M | -600.00K |
| Loss (Gain) From Sale of Investments | -1.90M | -1.90M | -3.10M | |
| Stock-Based Compensation | 114.10M | 110.70M | -11.50M | 6.00M |
| Other Operating Activities | 72.70M | 58.20M | -63.30M | -39.70M |
| Change in Accounts Receivable | -128.30M | -23.00M | -55.80M | -23.80M |
| Change in Inventory | -66.30M | -36.20M | -16.20M | 67.80M |
| Change in Accounts Payable | 61.70M | 40.20M | 51.90M | 15.20M |
| Change in Unearned Revenue | 42.20M | 52.90M | 20.10M | -1.20M |
| Change in Other Net Operating Assets | 400.00K | -6.60M | -18.70M | 7.40M |
| Operating Cash Flow | 476.70M | 480.40M | 17.90M | 288.10M |
| Capital Expenditures | -46.60M | -40.60M | -28.20M | -26.10M |
| Sale of Property, Plant & Equipment | 400.00K | 2.80M | 6.50M | 8.90M |
| Cash Acquisitions | -10.80M | -2.30B | ||
| Investment in Securities | 80.50M | -60.70M | -14.80M | |
| Other Investing Activities | -2.10M | -90.10M | 1.14B | -3.50M |
| Investing Cash Flow | -59.70M | -2.35B | 1.06B | -35.50M |
| Short-Term Debt Issued | 95.00M | |||
| Long-Term Debt Issued | 1.73B | |||
| Total Debt Issued | 1.83B | |||
| Long-Term Debt Repaid | -226.70M | -27.80M | -28.60M | |
| Net Debt Issued (Repaid) | -2.85B | 1.60B | -27.80M | -28.60M |
| Issuance of Common Stock | 2.67B | 157.50M | ||
| Common Dividends Paid | -16.80M | -16.80M | -797.60M | -3.00M |
| Other Financing Activities | -53.00M | -4.90M | -219.60M | -9.20M |
| Financing Cash Flow | -308.60M | 1.74B | -1.04B | -40.80M |
| Foreign Exchange Rate Adjustments | -200.00K | -2.80M | 1.70M | |
| Miscellaneous Cash Flow Adjustments | -20.30M | |||
| Net Cash Flow | 108.40M | -131.50M | 32.50M | 193.20M |
| Free Cash Flow | 430.10M | 439.80M | -10.30M | 262.00M |
| Free Cash Flow Margin | 11.48% | 13.17% | -0.39% | 10.25% |
| Levered Free Cash Flow | 365.34M | 289.36M | ||
| Unlevered Free Cash Flow | 584.90M | 473.86M | ||
| Cash Interest Paid | 418.30M | 324.80M | 292.90M | 252.20M |
| Cash Income Tax Paid | 87.00M | 87.00M | 289.90M | 104.10M |
| Change in Working Capital | -90.30M | 27.30M | -18.70M | 65.40M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Market Capitalization | 11.67B | |||
| Enterprise Value | 14.60B | |||
| Debt / Equity Ratio | 0.87 | 5.98 | 12.29 | 3.71 |
| Debt / EBITDA Ratio | 3.56 | 7.41 | 6.49 | 7.22 |
| Debt / FCF Ratio | 7.42 | 13.11 | 16.21 | |
| Net Debt / Equity Ratio | 0.80 | 5.76 | 11.07 | 3.44 |
| Net Debt / EBITDA Ratio | 3.37 | 7.40 | 6.08 | 6.99 |
| Net Debt / FCF Ratio | 6.81 | 12.64 | -370.49 | 15.06 |
| Asset Turnover | 0.49 | 0.44 | ||
| Inventory Turnover | 5.81 | 5.62 | ||
| Quick Ratio | 1.15 | 1.00 | 1.54 | 1.18 |
| Current Ratio | 1.82 | 1.67 | 2.21 | 2.00 |
| Return on Equity (ROE) | 19.20% | 20.60% | ||
| Return on Assets (ROA) | 5.14% | 5.14% | ||
| Return on Invested Capital (ROIC) | 6.37% | 6.87% | 8.54% | 4.64% |
| Return on Capital Employed (ROCE) | 8.60% | 7.50% | 9.90% | 7.10% |
| Payout Ratio | 17.32% | 455.25% | 5.16% |