Modine Manufacturing CompanyMOD
NYSE•Consumer Cyclical•Auto Parts
Modine Manufacturing Company designs, engineers, tests, manufactures, and sells mission-critical thermal solutions in the United States, Canada, Italy, Hungary, the United Kingdom, China, and internationally. It offers heat transfer products, including round tube plate fin construction; gas-fired, hydronic, electric, and oil fired unit heaters; roof-mounted direct- and indirect-fired makeup air units, duct furnaces, infrared units, and perimeter heating products; single packaged unit ventilators, modular chillers, air handler and condensing units, and ceiling cassettes; evaporator unit coolers, remote condensers, fluid coolers, gas coolers, and dry and brine coolers; and motor and generator cooling coils, transformer oil coolers, radiators, dryers, and industrial heat exchangers. The company also provides data center products that consists of IT cooling solutions, including chillers, dry coolers, precision air handling units, computer room air conditioning, computer room air handler units, fan walls, rear-door heat exchangers, coolant distribution units, and immersion solutions, as well as sells replacement parts, maintenance service and control solutions for existing equipment and new building management controls and systems. In addition, it offers powertrain cooling products, such as radiators, condensers, engine cooling modules, charge air coolers, fan shrouds, and surge tanks; cooling module generator sets; aluminum and stainless steel engine oil coolers, exhaust gas recirculation coolers, liquid charge air coolers, transmission and retarder oil coolers, chillers, and condensers; battery thermal management systems, electronics cooling packages, battery chillers, battery cooling plates, coolers and casings for electronics cooling, and coolers for electric axles; and coatings products and application services. The company was incorporated in 1916 and is headquartered in Racine, Wisconsin.
Modine Manufacturing Company (MOD) reported trailing twelve months revenue of $3.18B as of March 2026, a 23.1% increase year-over-year. Quarterly revenue reached $954.40M, reflecting continued top-line momentum.
Modine Manufacturing Company generated $121.50M in TTM net income, with quarterly EBITDA of $124.50M. The operating margin contracted from 11.5% to 10.9%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (10.9%) and net margin (7.7%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 7.7% a year ago, signaling stronger bottom-line efficiency.
MOD trades at a P/E of 124.1x (a premium multiple) and a P/S of 4.7x. The price-to-book ratio of 12.6x indicates a significant premium over book value.
The company generated $152.80M in free cash flow over the trailing twelve months, a 463.8% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $2.67B in total assets with $384.90M in long-term debt against $1.19B in stockholders equity for a debt-to-equity ratio of 0.3, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are stable at ~10.9%, suggesting durable pricing power and cost discipline.
ROE averages 16.7% but has fluctuated — the competitive advantage may be cyclical or emerging.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~30.0% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~10.8% — no sign of cost or pricing stress.
FCF consistently trails net income (avg 0.6x) — earnings may be inflated by non-cash items or aggressive accounting.
D/E ratio is 0.3 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Share count is stable — no significant dilution or buyback activity.