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Friday 6 November 2026
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Modine Manufacturing Company
MOD Consumer Cyclical Auto Parts
Modine Manufacturing Company’s revenue for fiscal 2026 (year ended March 2026) was $3.2 billion, up 23.1% from fiscal 2025.
- Revenue
- +34.6%
- EPS
- −32.5%
- Free cash flow
- −223.0%
- Total debt
- +16.4%
Quarter to September 2026, against a year earlier
91.81
6.75
−6.85%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to March
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM Sep ’26 | Trend | 10 yrs | 2027e | 2028e | 2029e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 1,503 | 2,103 | 2,213 | 1,976 | 1,808 | 2,050 | 2,298 | 2,408 | 2,584 | 3,181 | 3,628 | +8.7% | 3,538 | 4,041 | 4,734 | +14.2% | |
| Gross margin, % | 16.93 | 16.95 | 16.52 | 15.57 | 16.22 | 15.09 | 16.95 | 21.83 | 24.92 | 22.98 | 21.73 | +6.1 pt | ||||||
| EBT | 21 | 63 | 81 | 10 | (119) | 102 | 125 | 215 | 254 | 187 | 214 | +27.6% | ||||||
| EBT margin, % | 1.38 | 3.01 | 3.65 | 0.53 | (6.60) | 4.95 | 5.45 | 8.91 | 9.83 | 5.86 | 5.89 | +4.5 pt | ||||||
| Net income | 15 | 24 | 86 | (2) | (209) | 86 | 154 | 163 | 186 | 123 | 131 | +26.5% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 31.44 | 42.15 | 43.82 | 38.89 | 35.25 | 39.43 | 43.94 | 45.95 | 49.12 | 60.25 | 68.07 | +7.5% | |||||
| Earnings | 0.29 | 0.43 | 1.65 | (0.04) | (4.11) | 1.62 | 2.90 | 3.03 | 3.42 | 2.26 | 2.39 | +25.6% | ||||||
| Cash flow | 0.87 | 2.49 | 2.05 | 1.14 | 2.92 | 0.22 | 2.06 | 4.10 | 4.06 | 4.71 | 3.05 | +20.6% | ||||||
| Capex | (1.23) | (1.42) | (1.46) | (1.28) | (0.62) | (0.92) | (0.96) | (1.92) | (1.58) | (2.70) | 0.00 | +9.1% | ||||||
| Free cash flow | (0.36) | 1.07 | 0.59 | (0.14) | 2.30 | (0.70) | 1.09 | 2.18 | 2.47 | 2.01 | 3.05 | n/m | ||||||
| Book value | 8.81 | 9.99 | 10.71 | 9.72 | 6.94 | 8.81 | 11.46 | 14.42 | 17.46 | 22.78 | 23.24 | +11.1% | ||||||
| Shares, m | 48 | 50 | 51 | 51 | 51 | 52 | 52 | 52 | 53 | 53 | 53 | +1.1% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 40.69 | 46.52 | 8.39 | 0.00 | 0.00 | 5.38 | 7.74 | 29.98 | 21.70 | 93.57 | 38.41 | 25.4 | |||||
| P/S | 0.38 | 0.46 | 0.32 | 0.08 | 0.41 | 0.22 | 0.51 | 1.98 | 1.51 | 3.48 | 1.35 | 0.9 | ||||||
| P/B | 1.34 | 1.96 | 1.29 | 0.32 | 2.06 | 0.99 | 1.94 | 6.30 | 4.25 | 9.20 | 3.95 | 3.0 | ||||||
| EV/Sales | 0.69 | 0.67 | 0.50 | 0.29 | 0.57 | 0.38 | 0.63 | 2.13 | 1.62 | 3.59 | 1.51 | 1.1 | ||||||
| EV/FCF | (61.22) | 26.45 | 37.29 | (79.31) | 8.74 | (21.58) | 25.42 | 44.97 | 32.16 | 107.62 | 4,974.79 | 12.1 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 42 | 124 | 103 | 58 | 150 | 12 | 108 | 215 | 213 | 249 | 163 | +21.9% | |||||
| Capex | (59) | (71) | (74) | (65) | (32) | (48) | (50) | (100) | (83) | (142) | (161) | +10.4% | ||||||
| Free cash flow | (17) | 54 | 30 | (7) | 118 | (36) | 57 | 114 | 130 | 106 | 163 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 98 | 128 | 177 | 261 | 176 | 263 | 339 | 348 | 420 | 687 | 981 | +24.2% | |||||
| Net debt | 477 | 440 | 408 | 412 | 297 | 333 | 286 | 372 | 279 | 363 | 527 | (3.0%) | ||||||
| Shareholders’ equity | 421 | 499 | 541 | 494 | 356 | 458 | 600 | 756 | 918 | 1,203 | 1,239 | +12.4% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 1.20 | 1.47 | 5.45 | (0.14) | (14.98) | 6.30 | 10.23 | 9.45 | 9.76 | 5.29 | 4.73 | +4.1 pt | |||||
| ROIC | 2.94 | 6.14 | 7.22 | 2.62 | (9.35) | 9.42 | 10.62 | 13.35 | 14.80 | 13.67 | 12.95 | +10.7 pt | ||||||
| ROE | 3.53 | 4.83 | 16.31 | (0.43) | (49.59) | 20.93 | 28.95 | 23.84 | 21.99 | 11.46 | 11.29 | +7.9 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 11,200 | 11,700 | 12,200 | 11,300 | 10,900 | 11,100 | 11,300 | 11,400 | 11,300 | 13,200 | — | +1.8% | |||||
| Revenue/emp, $m | 0.13 | 0.18 | 0.18 | 0.17 | 0.17 | 0.18 | 0.20 | 0.21 | 0.23 | 0.24 | — | +6.7% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Mar 2026 · latest quarter Sep 2026 · fundamentals updated 4 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2026
| Climate Solutions | 2,062 | 64.83% |
|---|---|---|
| Performance Technologies | 1,132 | 35.58% |
| Gross margin | 22.98% | |
| Operating margin | 10.76% | |
| Pre-tax margin | 5.86% |
Modine Manufacturing Company vs peers in Auto Parts (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| AUR Aurora Innovation, Inc. | $8.1B | — (loss-making) | — (loss-making) | +200.00% (above 0%: growing) | n/m | −31.21% (below 0%: shrinking) | (166.67%) | (8,566.67%) | Compare |
| LEA Lear Corporation | $5.5B | 10.0× | 9.1× | +1.64% (above 0%: growing) | +35.64% (above 0%: growing) | −48.40% (below 0%: shrinking) | 6.62% | 3.41% | Compare |
| LKQ LKQ Corporation | $5.2B | 20.7× | 10.6× | −5.14% (below 0%: shrinking) | n/m | −3.88% (below 0%: shrinking) | 37.24% | 1.60% | Compare |
| MOD Modine Manufacturing Company | $4.9B | 38.4× | 22.6× | +34.58% (above 0%: growing) | −32.53% (below 0%: shrinking) | −222.95% (below 0%: shrinking) | 20.66% | 9.84% | |
| MBLY Mobileye Global Inc. | $4.4B | — (loss-making) | — (loss-making) | −2.38% (below 0%: shrinking) | n/m | −49.65% (below 0%: shrinking) | 53.05% | (16.67%) | Compare |
| GNTX Gentex Corporation | $4.3B | 10.9× | 10.1× | −1.15% (below 0%: shrinking) | −6.52% (below 0%: shrinking) | +22.58% (above 0%: growing) | 33.40% | 17.76% | Compare |
| DORM Dorman Products, Inc. | $4.1B | 20.6× | 16.4× | +3.31% (above 0%: growing) | −19.54% (below 0%: shrinking) | +3,022.01% (above 0%: growing) | 39.45% | 14.76% | Compare |
| ATMU Atmus Filtration Technologies Inc. | $3.8B | 17.6× | 16.2× | +16.41% (above 0%: growing) | +6.85% (above 0%: growing) | +100.00% (above 0%: growing) | 29.15% | 18.41% | Compare |
| GTX Garrett Motion Inc. | $3.6B | 9.8× | 10.9× | +3.10% (above 0%: growing) | +33.33% (above 0%: growing) | +33.33% (above 0%: growing) | 22.15% | 15.81% | Compare |
| Median of peers | $4.3B | 14.2× | 10.8× | +2.37% | +6.85% | +9.35% | 31.28% | 9.09% |
From the latest earnings call
- CEO Neil Brinker said data center orders exceeded $1.0 billion in the quarter, while supplier agreements were helping Modine secure components for its expansion.
- CFO Nick Lucareli said material and supply-chain costs lasted longer than expected, prompting Modine to lower its anticipated rate of margin improvement.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
99.24%
Held by the ten largest
36.62%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 5.02m | 9.44% | −166.13k |
| BlackRock | 2.87m | 5.40% | −1.22m |
| Capital Group | 2.16m | 4.07% | −207.90k |
| T. Rowe Price | 2.06m | 3.88% | +16.81k |
| PARADIGM CAPITAL MANAGEMENT INC/NY | 1.45m | 2.74% | −2.00k |
| Invesco | 1.27m | 2.38% | +40.80k |
| Artisan Partners Limited Partnership | 1.19m | 2.24% | +203.98k |
| State Street | 1.17m | 2.20% | −317.05k |
| Geode Capital Management | 1.15m | 2.17% | −103.94k |
| FULLER & THALER ASSET MANAGEMENT, INC. | 1.12m | 2.10% | +35.05k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Modine Manufacturing Company (MOD) Latest News
5 Nov
4 Nov
28 Oct
22 Oct
21 Oct
14 Oct
1 Oct
30 Sep
MOD metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Modine Manufacturing designs and makes equipment that heats, cools and ventilates buildings and industrial systems. Its customers include data center operators, equipment manufacturers, contractors, wholesalers, schools and healthcare facilities. Neil Brinker is president and chief executive officer.
For data centers, Modine sells chillers, air-handling units, heat exchangers and other equipment that removes heat from computing facilities. It also supplies controls, replacement parts and maintenance services. Its products include equipment for air cooling and liquid cooling, which can be used as computing systems produce more heat.