Madison Air Solutions

General Information
Business:

(Incorporated in Delaware)

We take up to 25,000 breaths a day and spend up to 90% (90 percent) of our lives indoors, often breathing air that’s two to five times more polluted than outdoor air. Clean air is absolutely essential to human life, yet most people rarely think about the air we breathe at home, in our schools, in healthcare facilities and in the workplace. Poor air quality doesn’t just affect comfort; it undermines health, productivity and performance. Improving air quality is a fundamental principle that is a key tenet in everything we do.

At Madison Air, we see air differently. Our mission is to make the world safer, healthier and more productive through the power of better air. We’ve built a business that transforms air into tangible outcomes for customers, creating the potential for long-term growth opportunities for investors.

We believe Madison Air is a leader in the mission-critical indoor air solutions market, powered by differentiated advanced technologies that deliver superior air quality and tangible results: higher productivity, lower energy costs and improved operational performance in the most demanding environments.

From protecting uptime in a data center with Nortek Data Center Cooling, to purifying air in a semiconductor fabrication facility with Nortek Air Solutions, to keeping families safer with AprilAire’s Healthy Air System and improving workplace productivity, health and retention with Big Ass Fans – better air delivers better outcomes. That’s the Madison Air advantage.

Our commercial business serves the health-care sector, data centers, manufacturing and logistics.

We believe our sustainable growth is powered by our resilient, diversified model spanning both Commercial and Residential markets. For the year ended December 31, 2025, Madison Air generated $3.3 billion of net sales and $124.3 million of net income, with 3.7% of net income (loss) margin, 26.7% Adjusted EBITDA Margin, 381.9% operating cash flow conversion from continuing operations, and 351.8% free cash flow (“FCF”) conversion. 

Anchored by a large installed base, approximately half of net sales for the year ended December 31, 2025, came from replacement and upgrade demand and approximately 10% (10 percent) from aftermarket parts and services, providing stability across cycles.

Our success is powered by a team of over 8,650 employees with an entrepreneurial mindset committed to innovation, precision and customer success.

Note: Net income and revenue are for the year that ended Dec. 31, 2025.

(Note: Madison Air Solutions filed its S-1 on March 9, 2026, without disclosing the terms for its IPO. Estimated IPO proceeds are $100 million, a placeholder figure. Bloomberg has reported that Madison Air Solutions’ IPO could raise as much as $2 billion, according to people familiar with the situation. )

 

 

 

Industry: INDUSTRIAL & COMMERCIAL FANS & BLOWERS & AIR PURIFYING EQUIP
Employees: 8650
Founded: 2017
Contact Information
Address 44 West Lake Street, Suite 4460 Chicago, IL 60606 Telephone: (312) 262-6374
Phone Number (312) 262-6374
Web Address http://www.madisonair.com/
View Prospectus: Madison Air Solutions
Financial Information
Market Cap
Revenues $3340.0 mil (last 12 months)
Net Income $124.3 mil (last 12 months)
IPO Profile
Symbol MAIR
Exchange NYSE
Shares (millions): 0.0
Price range $0.00 - $0.00
Est. $ Volume $100.0 mil
Manager / Joint Managers Goldman Sachs/Barclays/Jefferies/Wells Fargo Securities/BofA Securities/Citigroup/Baird/RBC Capital Markets/Guggenheim Securities/Santander/Wolfe | Nomura Alliance/CIBC Capital Markets
CO-Managers Comerica Securities/William Blair/Stifel/Capital One Securities/PNC Capital Markets
Expected To Trade:
Status: TBA
Quiet Period Expiration Date:
Lock-Up Period Expiration Date:
SCOOP Rating
Rating Change