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Madison Air Solutions vs Perma-Pipe International Holdings: MAIR and PPIH compared
Madison Air Solutions is the larger company: $1.1B of revenue in its latest quarter (Q3 2026) against $59.6M for Perma-Pipe International Holdings (Q2 FY27). Madison Air Solutions is growing faster (+25% against +24% a year earlier). Madison Air Solutions is more profitable, with an operating margin of 19.1% against 7.1%.
Where the money goes: MAIR and PPIH
Madison Air Solutions (MAIR) · Q3 2026
Madison Air Solutions, Q3 2026: revenue $1.1B (+25% year over year), operating margin 19.1%, net earnings $107M, operating cash flow $172M. The chart follows the revenue to costs, profit and cash.
Perma-Pipe International Holdings (PPIH) · Q2 FY27
Perma-Pipe International Holdings, Q2 FY27: revenue $59.6M (+24% year over year), operating margin 7.1%, net earnings $2.5M, operating cash flow $7.2M. The chart follows the revenue to costs, profit and cash.
| Madison Air Solutions (MAIR) | Perma-Pipe International Holdings (PPIH) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 FY27 |
| Revenue | $1.1B | $59.6M |
| Revenue growth, Y/Y | +25% | +24% |
| Gross margin | — | 29.2% |
| Operating margin | 19.1% | 7.1% |
| Net earnings | $107M | $2.5M |
| Net margin | 9.5% | 4.3% |
| Operating cash flow | $172M | $7.2M |
| Free cash flow | $158M | $5.3M |
| Market value | $10.9B | — |
| Analysts’ mean target | $35.78 | — |
Where the revenue comes from
Madison Air Solutions
- Commercial: $772M (69%)
- Residential: $355M (31%)
Questions
Which is bigger, Madison Air Solutions or Perma-Pipe International Holdings?
Madison Air Solutions is the larger company: $1.1B of revenue in its latest quarter (Q3 2026) against $59.6M for Perma-Pipe International Holdings (Q2 FY27).
Is Madison Air Solutions or Perma-Pipe International Holdings growing faster?
Madison Air Solutions is growing faster (+25% against +24% a year earlier).
Which is more profitable, Madison Air Solutions or Perma-Pipe International Holdings?
Madison Air Solutions is more profitable, with an operating margin of 19.1% against 7.1%.
More: Madison Air Solutions earnings · how Madison Air Solutions makes money · Perma-Pipe International Holdings earnings · how Perma-Pipe International Holdings makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Sep 9, 2026). Fiscal quarters can end on different dates. Not investment advice.