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) Beneish M-score
Modine Manufacturing Company's Beneish M-score for fiscal 2026 is −2.19; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −2.19 | 0.34 |
| FY2025 | −2.53 | 0.04 |
| FY2024 | −2.57 | (0.30) |
| FY2023 | −2.27 | (0.41) |
| FY2022 | −1.86 | 2.11 |
| FY2021 | −3.97 | (1.25) |
| FY2020 | −2.73 | (0.21) |
| FY2019 | −2.52 | 0.08 |
| FY2018 | −2.60 | (0.66) |
| FY2017 | −1.94 | 0.87 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.24 | — | 1.14 | |
| Gross margin index | 1.08 | — | 0.57 | |
| Asset quality index | 0.93 | — | 0.38 | |
| Sales growth index | 1.23 | — | 1.10 | |
| Depreciation index | 1.25 | — | 0.14 | |
| SG&A index | 0.88 | — | −0.15 | |
| Total accruals to total assets | (0.05) | — | −0.22 | |
| Leverage index | 0.95 | — | −0.31 | |
| Beneish M-score | Elevated | −2.19 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| MBLY Mobileye Global Inc. compare | −3.2× |
| APTV Aptiv PLC compare | −2.9× |
| BWA BorgWarner Inc. compare | −2.9× |
| ALSN Allison Transmission Holdings, Inc. compare | −2.8× |
| ALV Autoliv, Inc. compare | −2.7× |
| LKQ LKQ Corporation compare | −2.6× |
| LEA Lear Corporation compare | −2.5× |
| MOD Modine Manufacturing Company | −2.2× |
| AUR Aurora Innovation, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI