Modine Manufacturing Company MOD

IndustrialsAutomobiles & Auto PartsUnited States of America

Last close 129.76 USD on Nov 1, 2026, +5.6% year to date

Quant rating

Quant rating C Rank 287 of 486 in Industrials

Growth A 37 of 486
Valuation C 255 of 486
Quality B 92 of 486
Revisions D 393 of 486
Momentum D 382 of 486

Wall Street consensus Buy (1.67)Average target 304.30 USD +134.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 6.9B
Enterprise value: 7.3B
52-week range: 102.95 – 297.06
3-year range: 37.16 – 297.06
Dividend yield: –
Beta (5 years): 1.81
Shares outstanding: 53.2M
Next earnings: Nov 3, 2026

About the company

Modine Manufacturing Company is engaged in designing, engineering, testing, and manufacturing mission-critical thermal solutions. The Company's Data Centers segment is managed regionally and sells data center cooling solutions, including chillers, dry coolers, precision air handling units, computer room air conditioning and air handler units, fan walls, rear-door heat exchangers, coolant distribution units and immersion solutions. The Company's Commercial HVAC segment comprises two product groups, Heat Transfer Solutions and HVAC Technologies. The Heat Transfer Solutions business provides heat exchanger coils, anti-corrosion coating products, commercial and industrial coolers and power generation and transmission cooling solutions. The HVAC Technologies business provides a wide array of commercial and residential heating products, including unit heaters, roof-mounted make-up air units, duct furnaces, infrared units, and perimeter heating products.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	3,181	2,584	2,408	2,298	2,050	–
Revenue growth	23.1%	7.3%	4.8%	12.1%	13.4%	12.0%
EPS (basic, normalized)	5.02	4.05	3.25	1.95	1.23	–
EPS growth	24.0%	24.6%	66.7%	58.5%	–	–
Gross margin	23.0%	24.9%	21.8%	16.9%	15.1%	20.4%
Net margin	4.0%	7.1%	6.7%	6.7%	4.2%	5.7%
ROE	12.1%	22.2%	24.1%	29.3%	21.3%	21.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	95.3
Current ratio	2.04x
Long-term debt (mil)	476
Net debt (mil)	441
Total equity (mil)	1,202
Net debt / equity	0.37x
Net debt / EBITDA	0.94x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	3,181	+23.1%	2.3x	471	+23.3%	15.6x	5.02	+24.0%	25.8x
2027	3,858	+21.3%	1.9x	591	+25.6%	12.4x	7.15	+42.5%	18.1x
2028	4,486	+16.3%	1.6x	864	+46.1%	8.5x	10.33	+44.4%	12.6x
2029	5,752	+28.2%	1.3x	1,152	+33.3%	6.4x	12.96	+25.5%	10.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	3,858	−3.7%	−4.4%	+0.6%	7.15	−4.8%	−5.9%	−3.0%
2028	4,486	−9.0%	−10.7%	−1.7%	10.33	−5.5%	−7.3%	+1.6%
2029	5,752	−12.5%	−12.3%	–	12.96	−16.5%	−16.2%	–

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	604	662	658	617	647	683	739	805	954	874
Sales mean (mil)	605	634	647	615	631	651	698	760	921	878
Surprise	−0.3%	+4.4%	+1.7%	+0.3%	+2.5%	+4.9%	+5.8%	+5.9%	+3.7%	−0.4%
EPS reported	0.77	1.04	0.97	0.92	1.12	1.06	1.06	1.19	1.71	1.53
EPS mean	0.76	0.86	0.92	0.79	0.95	0.92	1.01	0.99	1.55	1.29
Surprise	+0.7%	+20.2%	+5.2%	+16.2%	+17.3%	+14.9%	+5.0%	+19.6%	+10.0%	+18.5%

Peer comparison Automobiles & Auto Parts

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
MOD Modine Manufacturing Company	6.9B	0.94x	4.0%	5.73x	18.1x	12.6x	12.4x	8.5x
6902 DENSO CORPORATION	34.4B	0.13x	5.9%	0.91x	12.0x	10.3x	6.0x	5.5x
018880 Hanon Systems	2.7B	3.07x	−1.8%	0.88x	14.3x	12.2x	5.7x	5.5x
002126 Zhejiang Yinlun Machinery Co Ltd	3.7B	0.94x	6.1%	3.17x	22.0x	15.5x	11.5x	9.0x
BWA BorgWarner Inc.	10.4B	0.72x	1.9%	1.83x	9.8x	8.7x	5.6x	5.3x
VLOF Valeo SE	3.1B	–	1.0%	0.79x	8.9x	6.8x	2.5x	2.4x
Mean		1.16x	2.8%	2.22x	14.2x	11.0x	7.3x	6.0x
Median		0.94x	3.0%	1.37x	13.2x	11.3x	5.9x	5.5x

Technical analysis

1M−19.5%
3M−32.3%
1Y−13.0%
3Y+261.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Modine Manufacturing Company, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	3,181	2,584	2,408	2,298	2,050	1,808
Cost of revenue	2,450	1,940	1,882	1,908	1,741	1,515
Gross profit	731	644	526	389	309	293
Selling, general & administrative expenses	331	297	232	190	165	164
Research & development	29.3	34.9	42.0	44.0	50.3	46.3
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	145	28.2	11.3	5.1	−24.9	181
Other operating expenses	0	0	0	0	0	0
Operating income	226	284	241	150	119	−97.7
Net interest income (expense)	−36.3	−24.9	−22.8	−23.1	−16.6	−18.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−3.5	−4.6	−3.3	−2.0	−1.1	−3.3
Net income before taxes	186	254	215	125	102	−119
Provision for taxes	57.4	68.5	51.2	−28.3	15.2	90.2
Minority interest	−1.8	−1.5	−1.9	−0.5	−1.1	−1.2
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	127	184	162	153	85.2	−211
Extraordinary items	−5.8	–	–	–	–	–
Net income	122	184	162	153	85.2	−211
EBIT, normalized	371	312	252	156	94.3	83.2
EBITDA, normalized	451	389	308	210	149	152
Basic EPS, normalized	5.02	4.05	3.25	1.95	1.23	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Modine Manufacturing Company, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	73.5	71.6	60.1	67.1	45.2	37.8
Receivables	775	492	436	417	394	274
Total inventory	506	341	358	325	281	196
Prepaid expenses	–	–	–	–	–	–
Other current assets	61.9	56.5	40.2	37.1	36.9	138
Total current assets	1,416	961	894	846	758	645
Property, plant & equipment	660	488	442	374	368	324
Goodwill	292	234	231	166	168	171
Intangibles	197	147	188	81.1	90.3	101
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	110	88.1	96.6	99.2	43.5	36.6
Total assets	2,675	1,918	1,852	1,566	1,427	1,277
Liabilities
Accounts payable	465	291	283	333	326	234
Payable/accrued	–	–	–	–	–	–
Accrued expenses	121	121	117	102	97.8	77.7
Short-term debt	7.5	9.3	12.0	3.7	7.7	1.4
Current portion of long-term debt	43.9	44.8	19.7	19.7	21.7	21.9
Other current liabilities	91.3	75.4	114	49.3	41.5	134
Total current liabilities	729	541	546	507	494	469
Long-term debt	385	297	400	329	348	311
Minority interest	8.3	8.0	7.9	6.8	7.4	7.4
Other liabilities	358	162	150	130	126	140
Total liabilities	1,480	1,007	1,104	973	976	928
Shareholders' equity
Preferred stock	0	0	0	–	0	0
Common stock	35.6	35.3	35.0	34.6	34.2	33.9
Additional paid-in capital	336	311	284	271	262	255
Retained earnings (accumulated deficit)	964	843	659	498	344	259
Treasury stock	−105	−97.6	−66.7	−49.0	−40.0	−38.2
Other equity	−37.1	−181	−163	−161	−150	−161
Total equity	1,194	910	748	593	451	349
Total liabilities & shareholders' equity	2,675	1,918	1,852	1,566	1,427	1,277

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Modine Manufacturing Company, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	123	186	163	154	86.3	−210
Depreciation, depletion & amortization	79.7	77.7	56.1	54.5	54.8	68.6
Deferred taxes	−39.1	6.5	6.2	−59.6	−3.8	67.9
Non-cash items	153	33.3	12.9	11.4	−40.3	179
Changes in working capital	−68.4	−89.7	−24.0	−52.4	−85.5	43.4
Cash from operations	249	213	215	108	11.5	150
Investing activities
Capital expenditures	−144	−84.0	−88.5	−50.7	−47.9	−32.7
Other investing cash flows	−177	−2.6	−195	0.3	−3.1	1.4
Cash from investing	−321	−86.6	−283	−50.4	−51.0	−31.3
Financing activities
Financing cash flow items	1.4	−0.2	−2.4	0.1	−1.6	2.2
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	71.7	−113	65.1	−33.4	40.8	−147
Cash from financing	73.1	−114	62.7	−33.3	39.2	−145
Foreign exchange effects	1.3	−1.5	−0.8	−2.0	−0.4	1.4
Net change in cash	1.8	11.6	−6.9	21.8	−0.7	−25.2
Free cash flow	105	129	126	56.8	−36.4	117

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.