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MOD

Modine Manufacturing Company

MOD

Modine Manufacturing Company • NYSE
$162.13 ▲ 1.99% (+3.16)
Market Cap $8.53 B
52w High $166.94
52w Low $64.79
Dividend Yield 0%
P/E 46.72
Volume 297.85K
Outstanding Shares 52.64M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2026 $738.9M ▲ $91.4M ▲ $44.4M ▼ 6.009% ▼ $0.84 ▼ $91.7M ▲
Q1-2026 $682.8M ▲ $89.7M ▼ $51.2M ▲ 7.499% ▼ $0.95 ▲ $90.5M ▼
Q4-2025 $647.2M ▲ $93.1M ▲ $49.6M ▲ 7.664% ▲ $0.93 ▲ $91.3M ▲
Q3-2025 $616.8M ▼ $90.3M $41M ▼ 6.647% ▼ $0.76 ▼ $79.8M ▼
Q2-2025 $658M $90.3M $46.1M 7.006% $0.88 $93.8M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2026 $83.8M ▼ $2.386B ▲ $1.325B ▲ $1.054B ▲
Q1-2026 $124.5M ▲ $2.228B ▲ $1.21B ▲ $1.012B ▲
Q4-2025 $71.6M ▼ $1.918B ▲ $999.4M ▲ $910.2M ▲
Q3-2025 $83.8M ▲ $1.83B ▼ $966.6M ▼ $855.1M ▼
Q2-2025 $78.6M $1.916B $1.048B $858.8M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2026 $44.8M ▼ $29.1M ▲ $-94.3M ▲ $52.6M ▼ $12.1M ▼ $-2.8M ▼
Q1-2026 $51.7M ▲ $27.7M ▼ $-144M ▼ $166.9M ▲ $52.8M ▲ $200K ▼
Q4-2025 $50.1M ▲ $54.8M ▼ $-27.5M ▼ $-41.2M ▼ $-12.2M ▼ $27.1M ▼
Q3-2025 $41M ▼ $60.7M ▲ $-15.9M ▲ $-35.7M ▲ $5.2M ▼ $44.7M ▲
Q2-2025 $46.4M $57.3M $-16.7M $-36.7M $5.7M $43.8M

Revenue by Products

Product Q3-2018Q4-2018Q1-2026Q2-2026
Data Centers
Data Centers
 $0 ▲$0 ▲$190.00M ▲$230.00M ▲
Commercial and Industrial Solutions
Commercial and Industrial Solutions
 $450.00M ▲$170.00M ▼$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Modine’s income statement shows a clear turnaround story. Revenue has grown steadily each year, and profits have increased faster than sales, which points to better pricing, a more profitable mix of business, and cost discipline. The company has moved from losses a few years ago to solid, consistent earnings today, with margins that have been climbing instead of bouncing around. That said, this is still a cyclical, industrial-style business, so earnings could be sensitive to swings in auto, industrial, and data center investment cycles, even if the current trend looks strongly positive.

Balance Sheet

Balance Sheet The balance sheet looks steadily stronger over time. Total assets and shareholders’ equity have both been climbing, which signals that profits are being retained and reinvested into the business. Debt has grown, but at a slower pace than equity, suggesting leverage is being kept in check rather than stretched aggressively. Cash on hand remains modest, so the company is not sitting on a large liquidity cushion, but the overall capital structure appears more robust than a few years ago, with a healthier equity base supporting growth.

Cash Flow

Cash Flow Cash generation has improved meaningfully. Operating cash flow has moved from thin levels to much more comfortable territory, and free cash flow has been positive in most recent years, even after higher investment spending. Capital expenditures have been rising, which indicates Modine is actively investing in capacity, technology, or new products rather than simply harvesting cash. The main risk to watch is whether cash flow remains strong enough through a downturn to comfortably cover debt, acquisitions, and ongoing investment plans.

Competitive Edge

Competitive Edge Modine holds a strong and improving competitive position built around deep expertise in thermal management. It has moved into attractive, faster-growing niches like data center cooling and commercial EV thermal systems, where its systems-level capabilities and long engineering history matter. Strategic acquisitions have expanded its reach, customer base, and technology stack, particularly in data centers. The 80/20 focus on the most profitable customers and products has likely helped sharpen its edge. Key risks are intense competition from large HVAC and auto suppliers, potential pricing pressure in commoditized products, and the need to keep winning major data center and EV programs to maintain momentum.

Innovation and R&D

Innovation and R&D Innovation is a clear focal point for Modine. The company is pushing advanced data center cooling, including AI-enhanced controls and liquid immersion technologies, to address the rapid growth in high-power computing. In vehicles, its EVantage platform offers integrated thermal systems for commercial EVs, aiming to be a plug-and-play solution for fleet and vehicle makers. It is also innovating in HVAC energy recovery and high-efficiency systems. Much of this work targets energy efficiency and sustainability, aligning with regulatory and customer trends. The upside is significant if these platforms scale, but success depends on continuous product improvements, reliable performance in demanding environments, and the pace of adoption in data centers and commercial EV fleets.

Summary

Overall, Modine looks like a traditional industrial business that has successfully repositioned itself toward higher-growth, technology-rich markets. Financial results show a shift from low profitability and occasional losses to consistent growth and expanding margins, supported by a stronger balance sheet and healthier cash flows. Strategically, the company is leaning into data center cooling, electrification, and energy-efficient HVAC, using targeted acquisitions and focused execution to build a moat around its thermal expertise. The key opportunities lie in scaling its data center and EV platforms; the main risks revolve around economic cyclicality, heavy competition, execution on acquisitions and integration, and the need to stay ahead technologically in fast-moving end markets.

NEWS

November 18, 2025 · 7:00 AM UTC

Airedale by Modine Announces Stainless Steel Extension of TurboChill™ DCS Chiller for Liquid Cooling Data Centers

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November 17, 2025 · 7:00 AM UTC

Modine Expands Data Center Cooling Capacity with Opening of New Facility in Franklin, Wisconsin

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October 28, 2025 · 4:15 PM UTC

Modine Reports Second Quarter Fiscal 2026 Results

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October 15, 2025 · 8:35 AM UTC

Modine to Host Second Quarter Fiscal 2026 Earnings Conference Call on October 29, 2025

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September 29, 2025 · 4:15 PM UTC

Modine Names Jeremy Patten as President, Performance Technologies

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