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. In the quarter to June 2026, revenue grew 28.0%, EPS grew 44.2%, free cash flow fell 2,600.0% and total debt was flat, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Modine Manufacturing Company (MOD) Altman Z-score
Modine Manufacturing Company's Altman Z-score for fiscal 2026 is 7.09, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 7.09 | 1.95 |
| FY2025 | 5.14 | (0.05) |
| FY2024 | 5.18 | 1.95 |
| FY2023 | 3.24 | 0.68 |
| FY2022 | 2.56 | 0.45 |
| FY2021 | 2.11 | 0.01 |
| FY2020 | 2.09 | (0.57) |
| FY2019 | 2.66 | 0.10 |
| FY2018 | 2.57 | 0.65 |
| FY2017 | 1.91 | (0.99) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.26 | — | 0.31 | |
| Retained earnings / total assets | 0.36 | — | 0.50 | |
| EBIT / total assets | 0.13 | — | 0.42 | |
| Market value of equity / total liabilities | 7.77 | — | 4.66 | |
| Sales / total assets | 1.19 | — | 1.19 | |
| Altman Z-score | Safe zone | 7.09 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.58 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| AUR Aurora Innovation, Inc. compare | 17.1× |
| MBLY Mobileye Global Inc. compare | 8.2× |
| MOD Modine Manufacturing Company | 7.1× |
| ALV Autoliv, Inc. compare | 3.0× |
| LEA Lear Corporation compare | 2.9× |
| BWA BorgWarner Inc. compare | 2.9× |
| LKQ LKQ Corporation compare | 2.6× |
| ALSN Allison Transmission Holdings, Inc. compare | 2.5× |
| APTV Aptiv PLC compare | 2.3× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets