Madison Air Solutions
Engineered air-quality equipment for commercial facilities, data centers and homes.
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Profile
Builds and sells commercial and residential equipment for ventilation, cooling, humidity control, air purification and related applications, earning revenue through systems, parts and service across diverse channels. A decentralized portfolio model combines operating autonomy with centralized capital allocation and procurement.
Combines commercial and residential air-quality businesses, including Nortek Air Solutions, Nortek Data Center Cooling, Big Ass Fans, Reznor, AprilAire, Broan-NuTone and Zephyr. Commercial products include engineered air handlers, cleanroom systems, air, liquid and hybrid data-center cooling, dehumidification, fans, heaters, filtration and controls. Residential products include whole-home, kitchen and bathroom ventilation, humidity control, purification and radon mitigation.
Serves North America through representatives, distributors, dealers, retail, appliance, e-commerce, OEM and direct channels, with facilities in Europe and Asia-Pacific. Equipment, parts and service generate revenue; replacement, upgrade and aftermarket demand supplies much of it.
Uses a decentralized model that keeps decisions near individual businesses and customers while centralizing capital allocation and procurement. Results depend on project execution, data-center investment, construction and replacement cycles, acquisition integration, and evolving product and regulatory requirements. A dual-class structure gives founder-controlled entities voting control through Class B shares.
Company facts
Key statistics
Year to date −2.5% · Average volume (30d) 3.0M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Jul 31, 2026 | RBC Capital | Reiterate | Outperform | $48 | $38 |
| Jul 31, 2026 | Stifel Nicolaus | Target | $47 | $41 | |
| Jul 10, 2026 | Wells Fargo | Reiterate | Overweight | $47 | $46 |
| May 12, 2026 | Jefferies | Target | $45 | ||
| May 11, 2026 | Vertical Research | Target | $50 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $0.24 | $0.31 | +27.5% | $939.1M | $991.3M | +5.6% | −7.90% |
| May 12, 2026Q1 FY26 | $0.14 | $0.18 | +31.7% | $849.9M | $923.7M | +8.7% | +3.48% |
Financial highlights
| 4 quarters | — | — | Q1 FY25 | Q2 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | — | — | $690.4M | $819.6M | $923.7M | $991.3M | |
| Gross profit | — | — | $254.4M | $322.4M | $353.0M | $386.4M | |
| Operating income | — | — | $122.8M | $134.5M | $153.7M | $195.9M | |
| Net income | — | — | $37.7M | $22.3M | $33.6M | $69.2M | |
| Diluted EPS | — | — | $0.08 | $0.05 | $0.07 | $0.15 | |
| Gross margin | — | — | 36.8% | 39.3% | 38.2% | 39.0% | |
| Operating margin | — | — | 17.8% | 16.4% | 16.6% | 19.8% |
Balance sheet, Jun 30, 2026Cash & short-term investments $261.8M · Total debt $3.08B · Total assets $8.35B · Shareholders' equity $3.65B
Dividends
No dividends on record.
Ownership
Shares outstanding 501.09M · Float 124.41M · 24.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| FMR LLC | 14.08M | 2.81% | 13F | Aug 13, 2026 |
| Durable Capital Partners LP | 10.20M | 2.03% | 13F | Aug 14, 2026 |
| Invesco Ltd. | 7.80M | 1.56% | 13F | Aug 14, 2026 |
| BlackRock, Inc. | 7.50M | 1.50% | 13F | Aug 7, 2026 |
| SCHF (Gpe), LLC | 7.41M | 1.48% | 13F | Aug 13, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
- Vertiv
Data-center thermal systems overlap air, liquid and hybrid cooling.
- AAON
BASX custom cooling and air handling contest data-center projects.
- Modine
Data-center cooling and commercial HVAC/IAQ overlap across projects.
- Resideo Technologies
Whole-home humidity, IAQ and HVAC controls overlap AprilAire.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Madison Air Solutions | $26.75 | +1.63% | $13.19B | 120.3 | 21.5 | 6.9 | — |
| Vertiv | $259.11 | +0.86% | $98.97B | 58.2 | 32.8 | 8.6 | +24.1% |
| AAON | $76.50 | +0.80% | $6.21B | 39.7 | 27.7 | 3.2 | +101.2% |
| Modine | $179.77 | +1.19% | $9.43B | 66.8 | 21.5 | 2.8 | +28.0% |
| Resideo Technologies | $19.63 | 0.00% | $4.27B | 8.4 | 11.0 | 0.6 | +2.0% |
| Median | 48.9 | 24.6 | 3.0 | +26.1% |