Friday 6 November 2026 Export MOD’s income statement to Excel — free account

Modine Manufacturing Company

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

Revenue growth 5 yrs

91.81 6.75 −6.85%

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Market cap: $4.9B
P/E: 38.4×
Fwd P/E: 22.6×
Dividend yield: —
F-score: 5/9
Altman Z: 6.94
Beneish M: −2.19
Dividend safety: 66/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Modine Manufacturing Company (MOD) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2026: revenue by segment, and margins
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%

Revenue by product or service $m

Line	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Data centers	1,112 34.96%	644 24.94%	294 12.22%	174 7.56%	138 6.74%	65 3.57%	150 7.60%	187 8.45%	138 6.54%	57 3.80%
On-highway applications	716 22.52%	721 27.90%	836 34.74%	484 21.06%	448 21.87%	459 25.38%	—	—	—	—
Heat Transfer Solutions	584 18.36%	539 20.88%	606 25.18%	—	—	—	—	—	—	—
Heavy-duty equipment	409 12.87%	422 16.34%	463 19.24%	659 28.66%	572 27.92%	520 28.77%	—	—	—	—
HVAC Technologies	359 11.29%	257 9.95%	208 8.62%	—	—	—	—	—	—	—
Heat Transfer	—	—	—	541 23.56%	460 22.46%	387 21.39%	—	—	—	—
HVAC&R	—	—	—	341 14.84%	312 15.19%	280 15.47%	324 16.39%	388 17.52%	382 18.15%	383 25.45%
Advanced Solutions	—	—	—	99 4.32%	119 5.82%	98 5.42%	—	—	—	—
Commercial HVACR	—	—	—	—	—	—	640 32.38%	674 30.46%	648 30.83%	324 21.54%
Automotive	—	—	—	—	—	—	509 25.76%	543 24.53%	526 25.01%	461 30.67%
Off-Highway	—	—	—	—	—	—	254 12.85%	314 14.20%	271 12.90%	203 13.49%
Other	—	—	—	—	—	—	56 2.82%	59 2.68%	71 3.36%	57 3.81%
Industrial Cooling	—	—	—	—	—	—	44 2.20%	48 2.16%	68 3.21%	19 1.24%
Revenue	3,181	2,584	2,408	2,298	2,050	1,808	1,976	2,213	2,103	1,503

Revenue by segment $m

Line	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011
Climate Solutions	2,062 64.83%	1,441 55.77%	1,108 46.02%	1,057 45.99%	911 44.41%	731 40.43%	—	—	—	—	—	—
Performance Technologies	1,132 35.58%	1,164 45.04%	1,321 54.88%	1,268 55.16%	1,140 55.61%	1,077 59.57%	—	—	—	—	—	—
Americas	—	—	—	—	—	—	586 43.29%	667 44.57%	688 46.58%	—	—	—
Europe	—	—	—	—	—	—	524 38.75%	578 38.64%	584 39.55%	498 36.19%	603 38.22%	547 37.75%
Building HVAC	—	—	—	—	—	—	181 13.41%	186 12.45%	147 9.91%	139 10.12%	142 9.02%	126 8.72%
Asia	—	—	—	—	—	—	79 5.84%	81 5.43%	72 4.84%	60 4.32%	84 5.33%	64 4.41%
Commercial and Industrial Solutions	—	—	—	—	—	—	0 0.00%	0 0.00%	—	—	—	—
Original Equipment North America	—	—	—	—	—	—	—	—	—	565 41.02%	602 38.17%	573 39.58%
South America	—	—	—	—	—	—	—	—	—	134 9.72%	176 11.13%	159 10.97%
Consolidation, Eliminations	—	—	—	—	—	—	—	—	—	—	(29) (1.87%)	(21) (1.44%)
Eliminations	—	(21) (0.81%)	(22) (0.90%)	(26) (1.14%)	—	—	(17) (1.29%)	(16) (1.08%)	(13) (0.89%)	(19) (1.39%)	—	—
Total Segments	—	—	—	—	—	—	—	—	—	—	1,607	1,469
Revenue	3,181	2,584	2,408	2,298	2,050	1,808	1,353	1,496	1,478	1,376	1,577	1,448

Operating income by segment $m, and margin

	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011
Climate Solutions	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Performance Technologies	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Americas	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Europe	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Building HVAC	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Asia	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Commercial and Industrial Solutions	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
North America	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Original Equipment North America	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
South America	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Consolidation, Eliminations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by region $m

Line	FY2026	FY2014	FY2013	FY2012
Americas	2,129 66.94%	—	—	—
Europe	838 26.35%	—	—	—
Asia	227 7.12%	—	—	—
United States	—	646 43.70%	637 46.32%	666 42.24%
Other Geographic	—	330 22.34%	277 20.16%	307 19.46%
Delaware	—	230 15.53%	215 15.61%	286 18.13%
Hungary	—	150 10.17%	118 8.55%	149 9.45%
Brazil	—	122 8.26%	129 9.36%	169 10.72%
Revenue	3,181	1,478	1,376	1,577

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Climate Solutions organic sales growth	Q2 FY2026	15.0%	—	—
Organic sales growth	Q2 FY2027	35.0%	7.00%	—
Performance Technologies organic sales growth	Q2 FY2027	1.00%	−4.00%	—

	Q2 FY2027	Q1 FY2027	Q4 FY2026	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025
Climate Solutions organic sales growth	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Organic sales growth	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Performance Technologies organic sales growth	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.