Madison Air Solutions Corporation (MAIR) Balance Sheet
MAIR balance sheet, 2025
December 31, 2025 · U.S. dollars$8.18B assets = $8.10B liabilities + $82.1M equity
Both columns are drawn to the same scale: what MAIR owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MAIR financial health
Descriptive bands, not a rating. Fiscal 2025.
MAIR balance sheet trends, 2023–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $6.38B2023 | $8.18B2025 | +13.2%/yr | |
| Total liabilities | $5.24B2023 | $8.10B2025 | +24.3%/yr | |
| Shareholders’ equity | $1.01B2023 | −$37.0M2025 | — | |
| Cash & short-term investments | $301.9M2023 | $208.4M2025 | −16.9%/yr | |
| Total debt | $4.14B2023 | $5.65B2025 | +16.8%/yr | |
| Net cash (debt) | −$3.84B2023 | −$5.44B2025 | −$1.6B | |
| Working capital | $542.1M2023 | $454.6M2025 | −$87.5M | |
| Book value per share | $2.072023 | −$0.082025 | — | |
| Current ratio | 2.002023 | 1.672025 | −0.33 | |
| Shares outstanding | 488.9M2023 | 488.9M2025 | −0.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MAIR assets
MAIR liabilities and equity
MAIR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MAIR balance sheet
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Assets | |||
| Cash & short-term investments | $208.4M | $419.2M | $301.9M |
| Cash & equivalents | $208.4M | $339.9M | $287.1M |
| Short-term investments | $0 | $79.3M | $14.8M |
| Receivables | $475.4M | $404.5M | $354.2M |
| Inventory | $408.4M | $293.3M | $282.0M |
| Other current assets | $43.8M | $35.1M | $145.5M |
| Total current assets | $1.14B | $1.15B | $1.08B |
| Property, plant & equipment (net) | $371.7M | $229.7M | $250.7M |
| Goodwill & intangible assets | $6.55B | $3.96B | $4.08B |
| Long-term investments | $0 | $0 | $0 |
| Other non-current assets | $119.1M | $112.3M | $966.0M |
| Total assets | $8.18B | $5.45B | $6.38B |
| Liabilities | |||
| Accounts payable | $260.1M | $212.8M | $169.4M |
| Short-term debt | $27.8M | $45.4M | $27.2M |
| Deferred revenue | $128.3M | $77.1M | $57.1M |
| Total current liabilities | $681.4M | $521.9M | $541.5M |
| Long-term debt | $5.62B | $4.10B | $4.11B |
| Lease obligations | — | $18.4M | — |
| Other long-term liabilities | $1.79B | $483.0M | $582.4M |
| Total liabilities | $8.10B | $5.11B | $5.24B |
| Shareholders' equity | |||
| Retained earnings (deficit) | −$37.0M | −$17.4M | $69.7M |
| Accumulated other comprehensive income | — | −$40.7M | — |
| Minority interest | $119.1M | $402.8M | $135.8M |
| Total shareholders' equity | −$37.0M | −$58.1M | $1.01B |
| Key figures | |||
| Total debt | $5.65B | $4.24B | $4.14B |
| Net cash (debt) | −$5.44B | −$3.82B | −$3.84B |
| Working capital | $454.6M | $630.2M | $542.1M |
| Tangible book value | −$6.59B | −$4.02B | −$3.07B |
| Book value per share | −$0.08 | −$0.12 | $2.07 |
| Shares outstanding | 488.9M | 488.9M | 488.9M |
| Current ratio | 1.67 | 2.21 | 2.00 |
| Quick ratio | 1.00 | 1.58 | 1.21 |
| Debt / equity | — | — | 4.10 |
| Equity / assets | −0.5% | −1.1% | 15.8% |
| Jun '26 | Mar '26 | |
|---|---|---|
| Assets | ||
| Cash & short-term investments | $261.8M | $228.6M |
| Cash & equivalents | $261.8M | $228.6M |
| Receivables | $601.5M | $582.6M |
| Inventory | $460.1M | $422.6M |
| Other current assets | $46.5M | $49.3M |
| Total current assets | $1.37B | $1.28B |
| Property, plant & equipment (net) | $361.5M | $367.9M |
| Goodwill & intangible assets | $6.46B | $6.51B |
| Long-term investments | $0 | $0 |
| Other non-current assets | $154.0M | $152.1M |
| Total assets | $8.35B | $8.31B |
| Liabilities | ||
| Accounts payable | $335.9M | $306.8M |
| Short-term debt | $25.6M | $49.8M |
| Deferred revenue | $139.5M | $123.1M |
| Total current liabilities | $752.0M | $724.9M |
| Long-term debt | $3.05B | $5.62B |
| Lease obligations | $23.4M | $22.1M |
| Other long-term liabilities | $892.1M | $931.3M |
| Total liabilities | $4.70B | $7.28B |
| Shareholders' equity | ||
| Retained earnings (deficit) | $96.5M | $27.3M |
| Accumulated other comprehensive income | −$33.9M | −$29.0M |
| Minority interest | $900,000 | $1.02B |
| Total shareholders' equity | $3.65B | $11.1M |
| Key figures | ||
| Total debt | $3.08B | $5.67B |
| Net cash (debt) | −$2.82B | −$5.44B |
| Working capital | $617.9M | $558.2M |
| Tangible book value | −$2.81B | −$6.50B |
| Book value per share | $7.70 | $0.02 |
| Shares outstanding | 474.0M | 488.9M |
| Current ratio | 1.82 | 1.77 |
| Quick ratio | 1.15 | 1.12 |
| Debt / equity | 0.84 | 510.88 |
| Equity / assets | 43.7% | 0.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed December 31, 2025); data from EODHD.
MAIR financial position
At the end of fiscal 2025 (December 31, 2025), Madison Air Solutions had total assets of $8.2 billion (up 50.0% from a year earlier), total liabilities of $8.1 billion and shareholders' equity of -$37.0 million. It held $208.4 million in cash and short-term investments against $5.7 billion of debt, net debt of $5.4 billion. Its current ratio was 1.67. In the latest quarter (ended June 30, 2026) total assets were $8.3 billion and equity $3.6 billion.
Related: MAIR income statement, MAIR cash flow statement, MAIR key metrics. See the MAIR stock overview for the latest quote and news.
MAIR balance sheet FAQ
What are Madison Air Solutions's total assets?
Madison Air Solutions reported total assets of $8.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $5.5 billion a year earlier.
How much debt does Madison Air Solutions have?
Madison Air Solutions had $5.7 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was —.
How much cash does Madison Air Solutions have?
Madison Air Solutions held $208.4 million in cash and short-term investments at the end of fiscal 2025; with $5.7 billion of debt that is net debt of $5.4 billion.
What is Madison Air Solutions's book value?
Madison Air Solutions's shareholders' equity (book value) was -$37.0 million at the end of fiscal 2025, or −$0.08 per share.
What is Madison Air Solutions's current ratio?
Madison Air Solutions had current assets of $1.1 billion and current liabilities of $681.4 million, a current ratio of 1.67 (it can cover its short-term obligations).
How much goodwill does Madison Air Solutions have?
Madison Air Solutions carried $6.6 billion of goodwill and intangible assets, 80.1% of total assets, at the end of fiscal 2025.