WallStSmart

Madison Air Solutions Corporation (MAIR)vsWaters Corporation (WAT)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

Waters Corporation generates 6% more annual revenue ($3.77B vs $3.57B). WAT leads profitability with a 11.9% profit margin vs 2.6%. WAT trades at a lower P/E of 45.2x. WAT earns a higher WallStSmart Score of 50/100 (C-).

MAIR

Hold

44

out of 100

Grade: D

Growth: 7.3Profit: 7.0Value: 4.0Quality: 5.0
Piotroski: 3/9

WAT

Buy

50

out of 100

Grade: C-

Growth: 5.3Profit: 5.0Value: 3.3Quality: 7.0
Piotroski: 2/9Altman Z: 4.85
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

Intrinsic value data unavailable for MAIR.

WATSignificantly Overvalued (-84.6%)

Margin of Safety

-84.6%

Fair Value

$178.29

Current Price

$365.36

$187.07 premium

UndervaluedFair: $178.29Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

MAIR2 strengths · Avg: 10.0/10
Return on EquityProfitability
277.5%10/10

Every $100 of equity generates 277 in profit

Revenue GrowthGrowth
33.8%10/10

Revenue surging 33.8% year-over-year

WAT2 strengths · Avg: 10.0/10
Revenue GrowthGrowth
91.4%10/10

Revenue surging 91.4% year-over-year

Altman Z-ScoreHealth
4.8510/10

Safe zone — low bankruptcy risk

Areas to Watch

MAIR4 concerns · Avg: 3.0/10
EPS GrowthGrowth
0.0%4/10

0.0% earnings growth

Profit MarginProfitability
2.6%3/10

2.6% margin — thin

Piotroski F-ScoreQuality
3/93/10

Weak financial health signals

P/E RatioValuation
111.5x2/10

Premium valuation, high expectations priced in

WAT4 concerns · Avg: 3.5/10
PEG RatioValuation
1.604/10

Expensive relative to growth rate

Price/BookValuation
8.5x4/10

Trading at 8.5x book value

Return on EquityProfitability
2.9%3/10

ROE of 2.9% — below average capital efficiency

Operating MarginProfitability
2.8%3/10

Operating margin of 2.8%

Comparative Analysis Report

WallStSmart Research

Bull Case : MAIR

The strongest argument for MAIR centers on Return on Equity, Revenue Growth. Revenue growth of 33.8% demonstrates continued momentum.

Bull Case : WAT

The strongest argument for WAT centers on Revenue Growth, Altman Z-Score. Revenue growth of 91.4% demonstrates continued momentum.

Bear Case : MAIR

The primary concerns for MAIR are EPS Growth, Profit Margin, Piotroski F-Score. A P/E of 111.5x leaves little room for execution misses. Thin 2.6% margins leave little buffer for downturns.

Bear Case : WAT

The primary concerns for WAT are PEG Ratio, Price/Book, Return on Equity. A P/E of 45.2x leaves little room for execution misses.

Key Dynamics to Monitor

MAIR profiles as a hypergrowth stock while WAT is a growth play — different risk/reward profiles.

WAT is growing revenue faster at 91.4% — sustainability is the question.

MAIR generates stronger free cash flow (50M), providing more financial flexibility.

Monitor BUILDING PRODUCTS & EQUIPMENT industry trends, competitive dynamics, and regulatory changes.

Bottom Line

WAT scores higher overall (50/100 vs 44/100) and 91.4% revenue growth. Both earn "Buy" and "Hold" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

Madison Air Solutions Corporation

INDUSTRIALS · BUILDING PRODUCTS & EQUIPMENT · USA

Madison Air Solutions Corporation (MAIR) is a leading provider of innovative air handling and ventilation systems tailored for both residential and commercial applications. The company focuses on delivering high-efficiency air quality solutions that are designed to reduce energy consumption while enhancing indoor environmental quality. With a commitment to sustainability and cutting-edge technology, Madison Air continues to expand its market presence, driven by a strong pipeline of innovative products and strategic partnerships. As the demand for energy-efficient and environmentally-friendly solutions grows, MAIR is well-positioned to capitalize on emerging market opportunities in the HVAC industry.

Waters Corporation

HEALTHCARE · DIAGNOSTICS & RESEARCH · USA

Waters Corporation is a publicly traded Analytical Laboratory instrument and software company headquartered in Milford, Massachusetts.

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