Modine Manufacturing (MOD) Financials

$273.03 +3.38 (+1.25%)

Closing price 03:59 PM Eastern

Extended Trading

$277.27 +4.24 (+1.55%)

As of 06:49 PM Eastern

Annual Income Statements for Modine Manufacturing

This table shows Modine Manufacturing's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	3/31/2015	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	22	-1.60	14	22	85	-2.20	-211	85	153	162	184
Consolidated Net Income / (Loss)	23	-1.00	15	24	86	-2.00	-210	86	154	163	186
Net Income / (Loss) Continuing Operations	22	-1.00	15	24	86	-2.00	-210	86	154	163	186
Total Pre-Tax Income	41	-9.90	21	63	81	10	-119	102	125	215	254
Total Operating Income	53	37	42	92	110	38	-98	119	150	241	284
Total Gross Profit	247	234	254	357	366	308	293	309	389	526	644
Total Revenue	1,496	1,353	1,503	2,103	2,213	1,976	1,808	2,050	2,298	2,408	2,584
Operating Revenue	1,496	1,353	1,503	2,103	2,213	1,976	1,808	2,050	2,298	2,408	2,584
Total Cost of Revenue	1,250	1,119	1,249	1,747	1,847	1,668	1,515	1,741	1,909	1,882	1,940
Operating Cost of Revenue	1,250	1,119	1,249	1,747	1,847	1,668	1,515	1,741	1,909	1,882	1,940
Total Operating Expenses	194	197	212	264	256	270	391	190	239	285	360
Selling, General & Admin Expense	185	170	203	246	244	250	211	215	234	274	332
Other Operating Expenses / (Income)	-	-	-	-	-	-	-	6.60	0.00	-4.00	0.00
Restructuring Charge	4.70	17	11	16	9.60	12	13	24	5.00	15	28
Total Other Income / (Expense), net	-12	-47	-22	-29	-29	-28	-22	-18	-25	-26	-30
Interest Expense	12	11	17	26	25	23	19	16	21	24	26
Other Income / (Expense), net	0.20	-36	-4.30	-3.30	-4.10	-4.80	-2.20	-2.10	-4.40	-2.00	-3.10
Income Tax Expense	19	-8.90	5.90	40	-5.10	12	90	15	-28	51	69
Net Income / (Loss) Attributable to Noncontrolling Interest	1.00	0.60	0.70	1.60	1.10	0.20	1.20	1.10	0.50	1.90	1.50
Basic Earnings per Share	$0.46	($0.03)	$0.29	$0.44	$1.67	($0.04)	($4.11)	$1.64	$2.93	$3.08	$3.50
Weighted Average Basic Shares Outstanding	47.20M	47.30M	47.80M	49.90M	50.50M	50.80M	51.30M	52M	52.30M	52.40M	52.60M
Diluted Earnings per Share	$0.45	($0.03)	$0.29	$0.43	$1.65	($0.04)	($4.11)	$1.62	$2.90	$3.03	$3.42
Weighted Average Diluted Shares Outstanding	47.80M	47.30M	48.30M	50.90M	51.30M	50.80M	51.30M	52.50M	52.80M	53.40M	53.90M
Weighted Average Basic & Diluted Shares Outstanding	47.40M	53.30M	49M	50.50M	-2.12B	50.82M	51.63M	51.97M	52.07M	52.32M	52.39M

This table shows Modine Manufacturing's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	45	47	44	26	47	46	41	50	51	44	-47
Consolidated Net Income / (Loss)	45	47	45	26	48	46	41	50	52	45	-47
Net Income / (Loss) Continuing Operations	45	47	45	26	48	46	41	50	52	45	-47
Total Pre-Tax Income	60	60	55	40	67	66	54	67	66	64	-39
Total Operating Income	67	66	62	47	74	75	59	75	76	74	89
Total Gross Profit	128	135	127	135	163	166	150	166	165	165	186
Total Revenue	622	621	561	604	662	658	617	647	683	739	805
Operating Revenue	622	621	561	604	662	658	617	647	683	739	805
Total Cost of Revenue	495	485	434	468	499	492	467	481	517	574	619
Operating Cost of Revenue	495	485	434	468	499	492	467	481	517	574	619
Total Operating Expenses	61	69	66	89	88	90	90	92	90	91	213
Selling, General & Admin Expense	61	69	68	76	83	86	82	82	85	84	89
Impairment Charge	-	-	-	-	-	0.00	0.00	-	-	4.10	0.00
Restructuring Charge	0.00	0.50	1.60	13	5.40	4.50	8.30	10	4.80	3.10	7.50
Other Special Charges / (Income)	-	-	-4.00	-	-	-	0.00	-	-	-	116
Total Other Income / (Expense), net	-6.50	-6.00	-6.30	-7.30	-7.80	-8.90	-5.10	-7.70	-10	-9.80	-12
Interest Expense	5.90	6.10	5.80	6.30	7.50	7.40	6.20	5.30	5.80	8.30	8.90
Other Income / (Expense), net	-0.60	0.10	-0.50	-1.00	-0.30	-1.50	1.10	-2.40	-4.20	-1.50	-2.80
Income Tax Expense	15	13	10	13	19	20	13	17	14	19	8.30
Net Income / (Loss) Attributable to Noncontrolling Interest	0.50	0.40	0.70	0.30	0.50	0.30	0.20	0.50	0.50	0.40	0.60
Basic Earnings per Share	$0.86	$0.89	$0.85	$0.48	$0.90	$0.88	$0.78	$0.94	$0.97	$0.84	($0.90)
Weighted Average Basic Shares Outstanding	52.30M	52.40M	52.30M	52.40M	52.50M	52.60M	52.70M	52.60M	52.60M	52.70M	52.80M
Diluted Earnings per Share	$0.85	$0.87	$0.83	$0.48	$0.88	$0.86	$0.76	$0.92	$0.95	$0.83	($0.90)
Weighted Average Diluted Shares Outstanding	53M	53.40M	53.20M	53.40M	53.90M	53.90M	53.90M	53.90M	53.70M	53.80M	52.80M
Weighted Average Basic & Diluted Shares Outstanding	52.28M	52.24M	52.21M	52.32M	52.41M	52.50M	52.57M	52.39M	52.49M	52.65M	52.73M

This table details how cash moves in and out of Modine Manufacturing's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	3/31/2015	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025
Net Change in Cash & Equivalents	-17	-1.60	-35	5.50	1.90	29	-25	-0.70	22	-6.90	12
Net Cash From Operating Activities	64	72	42	124	103	58	150	12	108	215	213
Net Cash From Continuing Operating Activities	64	72	42	124	103	58	150	12	108	215	213
Net Income / (Loss) Continuing Operations	23	-1.00	15	24	86	-2.00	-210	86	154	163	186
Consolidated Net Income / (Loss)	23	-1.00	15	24	86	-2.00	-210	86	154	163	186
Depreciation Expense	52	50	58	77	77	77	69	55	55	56	78
Non-Cash Adjustments To Reconcile Net Income	24	66	9.30	21	15	20	179	-40	11	13	33
Changes in Operating Assets and Liabilities, net	-35	-43	-41	2.70	-75	-37	111	-89	-112	-18	-83
Net Cash From Investing Activities	-57	-78	-422	-72	-73	-61	-31	-51	-50	-283	-87
Net Cash From Continuing Investing Activities	-57	-78	-422	-72	-73	-61	-31	-51	-50	-283	-87
Purchase of Property, Plant & Equipment	-58	-63	-64	-71	-74	-71	-33	-40	-51	-88	-84
Acquisitions	0.00	-1.40	-364	-	-	-	-	0.00	0.00	-186	-3.40
Other Investing Activities, net	-3.70	-13	2.00	-0.20	-0.30	6.20	1.60	-10	0.30	-9.50	0.80
Net Cash From Financing Activities	-15	2.70	348	-50	-26	33	-145	39	-33	63	-114
Net Cash From Continuing Financing Activities	-15	2.70	348	-50	-26	33	-145	39	-33	63	-114
Repayment of Debt	-51	-28	-212	-223	-245	-636	-178	-312	-398	-252	-496
Repurchase of Common Equity	0.00	-6.90	-	0.00	-0.60	-2.40	0.00	0.00	-9.00	-18	-31
Payment of Dividends	0.00	-0.90	0.00	-0.90	-1.80	-1.30	0.00	-0.90	-0.60	-0.50	-1.10
Issuance of Debt	36	38	559	174	221	673	33	352	374	333	415
Effect of Exchange Rate Changes	-8.40	1.10	-1.70	3.00	-2.70	-1.60	1.40	-	-2.00	-	-1.50

This table details how cash moves in and out of Modine Manufacturing's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	27	29	28	-91	13	5.70	5.20	-12	53	-41	15
Net Cash From Operating Activities	42	69	64	40	41	57	61	55	28	1.40	25
Net Cash From Continuing Operating Activities	42	69	64	40	41	57	61	55	28	1.40	25
Net Income / (Loss) Continuing Operations	45	47	45	26	48	46	41	50	52	45	-47
Consolidated Net Income / (Loss)	45	47	45	26	48	46	41	50	52	45	-47
Depreciation Expense	14	14	13	15	19	20	19	19	19	20	20
Non-Cash Adjustments To Reconcile Net Income	2.90	5.50	-	4.50	5.70	7.50	8.70	11	7.90	8.40	124
Changes in Operating Assets and Liabilities, net	-20	2.70	5.70	-6.00	-32	-17	-8.60	-26	-51	-72	-73
Net Cash From Investing Activities	-18	-16	-20	-229	-27	-17	-16	-28	-144	-94	-42
Net Cash From Continuing Investing Activities	-18	-16	-20	-229	-27	-17	-16	-28	-144	-94	-42
Purchase of Property, Plant & Equipment	-15	-11	-18	-44	-27	-14	-16	-28	-28	-32	-42
Acquisitions	-	-	-	-181	0.00	-	-	-	-119	-63	-0.30
Other Investing Activities, net	-3.30	-1.20	-1.40	-6.90	0.30	-0.30	0.60	0.20	2.50	0.70	0.30
Net Cash From Financing Activities	3.70	-22	-19	100	0.00	-37	-36	-41	167	53	32
Net Cash From Continuing Financing Activities	3.70	-22	-19	100	0.00	-37	-36	-41	167	53	32
Repayment of Debt	-111	-74	-12	-56	-169	-142	-104	-81	-92	-180	-168
Repurchase of Common Equity	-1.20	-9.10	-7.30	-	-4.70	-3.10	-4.50	-19	-5.10	-0.60	-1.10
Issuance of Debt	116	61	-	156	174	108	73	60	265	235	201
Effect of Exchange Rate Changes	-0.20	-1.70	2.80	-1.70	-	1.80	-3.90	1.70	2.20	-0.40	-0.10

This table presents Modine Manufacturing's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	3/31/2015	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025
Total Assets	931	921	1,450	1,573	1,538	1,536	1,277	1,427	1,566	1,852	1,918
Total Current Assets	451	413	553	643	647	633	645	758	846	894	961
Cash & Equivalents	71	69	34	39	42	71	38	45	67	60	72
Accounts Receivable	193	189	295	342	339	293	268	368	398	423	479
Inventories, net	108	111	169	191	201	207	196	281	325	358	341
Other Current Assets	80	44	55	70	66	63	36	64	56	53	70
Plant, Property, & Equipment, net	322	339	459	504	485	448	270	315	315	366	391
Total Noncurrent Assets	158	170	437	426	407	455	362	354	405	592	566
Goodwill	16	16	165	174	169	166	171	168	166	231	234
Intangible Assets	9.90	8.20	134	130	116	106	101	90	81	188	147
Noncurrent Deferred & Refundable Income Taxes	115	123	108	97	97	105	25	27	84	75	67
Other Noncurrent Operating Assets	17	23	30	25	25	78	66	68	75	98	118
Total Liabilities & Shareholders' Equity	931	921	1,450	1,573	1,538	1,536	1,277	1,427	1,566	1,852	1,918
Total Liabilities	570	538	1,028	1,075	997	1,043	921	969	966	1,096	999
Total Current Liabilities	311	274	455	516	470	372	469	495	507	546	541
Short-Term Debt	19	37	105	93	68	30	23	29	23	32	54
Accounts Payable	152	142	230	278	281	227	234	326	333	283	291
Current Employee Benefit Liabilities	57	59	75	97	82	65	67	85	90	102	103
Other Current Liabilities	83	36	45	47	40	49	42	54	61	129	93
Total Noncurrent Liabilities	260	265	573	559	527	671	451	474	459	550	458
Long-Term Debt	130	126	406	386	382	452	311	348	329	400	297
Noncurrent Deferred & Payable Income Tax Liabilities	3.10	4.20	9.70	9.90	8.20	8.10	5.90	5.90	4.80	30	24
Noncurrent Employee Benefit Liabilities	110	119	119	110	102	131	59	47	40	28	29
Other Noncurrent Operating Liabilities	16	16	38	54	35	80	76	73	85	93	108
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	361	383	421	499	541	494	356	458	600	756	918
Total Preferred & Common Equity	356	376	414	490	534	488	349	451	593	748	910
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	356	376	414	490	534	488	349	451	593	748	910
Common Stock	211	216	249	263	272	278	289	296	305	319	346
Retained Earnings	360	358	372	395	472	470	259	344	498	659	843
Treasury Stock	-16	-24	-25	-27	-31	-37	-38	-40	-49	-67	-98
Accumulated Other Comprehensive Income / (Loss)	-199	-174	-182	-140	-178	-223	-161	-150	-161	-163	-181
Noncontrolling Interest	4.60	6.50	7.20	8.40	7.20	5.70	7.40	7.40	6.80	7.90	8.00

This table presents Modine Manufacturing's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	9/30/2022	12/31/2022	6/30/2023	9/30/2023	12/31/2023	6/30/2024	9/30/2024	12/31/2024	6/30/2025	9/30/2025	12/31/2025
Total Assets	1,392	1,447	1,608	1,605	1,651	1,866	1,916	1,830	2,229	2,386	2,483
Total Current Assets	767	808	894	898	918	914	953	906	1,155	1,252	1,304
Cash & Equivalents	70	82	93	120	150	73	79	84	125	84	99
Accounts Receivable	341	347	400	377	364	438	453	423	517	559	569
Inventories, net	294	314	334	322	341	350	367	337	435	529	543
Other Current Assets	63	65	68	61	63	53	55	62	80	80	93
Plant, Property, & Equipment, net	291	301	310	304	317	364	374	355	426	457	480
Total Noncurrent Assets	334	338	404	403	416	589	589	569	647	677	700
Goodwill	161	165	166	164	167	237	241	233	268	291	293
Intangible Assets	82	83	79	79	78	171	166	152	199	208	203
Noncurrent Deferred & Refundable Income Taxes	24	26	81	78	78	67	63	62	59	49	44
Other Noncurrent Operating Assets	67	65	78	82	93	114	119	123	121	130	159
Total Liabilities & Shareholders' Equity	1,392	1,447	1,608	1,605	1,651	1,866	1,916	1,830	2,229	2,386	2,483
Total Liabilities	942	946	963	931	916	1,070	1,048	967	1,210	1,325	1,353
Total Current Liabilities	487	466	507	493	476	508	537	484	562	626	596
Short-Term Debt	36	31	28	20	20	30	46	41	45	56	45
Accounts Payable	309	302	318	275	255	274	295	244	340	396	390
Current Employee Benefit Liabilities	86	83	82	78	80	85	92	89	78	87	87
Other Current Liabilities	55	50	80	99	121	119	104	110	99	87	74
Total Noncurrent Liabilities	455	480	457	438	441	562	511	483	648	699	757
Long-Term Debt	334	359	330	323	314	406	359	330	482	526	571
Noncurrent Deferred & Payable Income Tax Liabilities	4.30	4.40	5.30	5.20	5.80	26	26	24	25	24	23
Noncurrent Employee Benefit Liabilities	43	44	40	31	31	26	21	20	30	30	12
Other Noncurrent Operating Liabilities	74	73	82	79	90	104	105	109	111	120	151
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	451	502	645	674	735	796	867	863	1,019	1,061	1,130
Total Preferred & Common Equity	445	495	638	667	727	788	859	855	1,012	1,054	1,122
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	445	495	638	667	727	788	859	855	1,012	1,054	1,122
Common Stock	300	303	307	311	315	323	329	336	352	356	363
Retained Earnings	383	408	542	589	633	706	752	793	894	939	891
Treasury Stock	-43	-46	-50	-59	-67	-71	-75	-79	-103	-103	-104
Accumulated Other Comprehensive Income / (Loss)	-195	-170	-162	-174	-154	-170	-148	-195	-132	-138	-28
Noncontrolling Interest	5.80	6.60	6.60	7.00	7.80	7.90	8.60	8.10	7.20	7.60	8.00

This table displays calculated financial ratios and metrics derived from Modine Manufacturing's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	3/31/2015	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.27%	-9.62%	11.13%	39.93%	5.21%	-10.72%	-8.46%	13.37%	12.09%	4.78%	7.30%
EBITDA Growth	10.58%	-50.81%	87.35%	71.96%	10.21%	-39.62%	-128.40%	649.20%	16.64%	47.03%	21.47%
EBIT Growth	45.33%	-97.73%	3,066.67%	133.95%	18.79%	-68.66%	-401.81%	217.22%	24.68%	63.49%	17.47%
NOPAT Growth	-86.11%	-8.55%	16.68%	14.40%	236.42%	-106.25%	-838.33%	248.19%	81.91%	-0.59%	12.97%
Net Income Growth	-82.71%	-104.39%	1,590.00%	59.73%	260.92%	-102.33%	-10,375.00%	141.19%	77.98%	6.38%	13.53%
EPS Growth	-83.46%	-106.67%	1,066.67%	48.28%	283.72%	-102.42%	-10,175.00%	139.42%	79.01%	4.48%	12.87%
Operating Cash Flow Growth	-39.23%	14.02%	-42.40%	197.84%	-16.83%	-43.95%	158.72%	-92.32%	834.78%	99.63%	-0.61%
Free Cash Flow Firm Growth	-10.63%	-112.19%	-3,263.70%	98.46%	1,858.78%	-65.41%	412.67%	-121.70%	319.99%	-165.12%	333.47%
Invested Capital Growth	-13.25%	8.57%	88.48%	4.53%	1.12%	-4.64%	-28.35%	21.93%	11.95%	27.32%	6.25%
Revenue Q/Q Growth	-1.81%	-1.41%	10.64%	3.87%	-0.45%	-4.07%	2.38%	2.99%	1.94%	-0.60%	1.72%
EBITDA Q/Q Growth	-1.69%	6.86%	20.68%	5.28%	-5.34%	-10.84%	-301.28%	26.12%	15.90%	-0.41%	9.31%
EBIT Q/Q Growth	-1.86%	175.00%	40.22%	8.28%	-8.41%	-28.82%	-22.88%	43.68%	23.83%	-1.00%	10.35%
NOPAT Q/Q Growth	-84.81%	2,418.75%	-56.46%	62.30%	-8.77%	-130.95%	-25.58%	24.60%	108.36%	-27.81%	13.62%
Net Income Q/Q Growth	-84.33%	91.53%	2.05%	71.22%	-11.90%	-118.52%	-4.07%	36.55%	113.93%	-28.21%	14.86%
EPS Q/Q Growth	-85.05%	88.46%	0.00%	79.17%	-12.23%	-119.05%	-4.31%	39.66%	114.81%	-28.87%	14.77%
Operating Cash Flow Q/Q Growth	2.58%	-14.62%	-0.71%	10.20%	20.68%	-29.22%	-5.49%	7.48%	49.31%	0.00%	7.67%
Free Cash Flow Firm Q/Q Growth	50.49%	-121.75%	-9.70%	70.04%	76.46%	-20.96%	-30.15%	25.94%	93.33%	-140.56%	377.34%
Invested Capital Q/Q Growth	-11.64%	7.78%	3.42%	3.18%	-2.90%	-5.18%	2.84%	3.08%	9.41%	22.67%	4.10%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	16.47%	17.27%	16.93%	16.95%	16.52%	15.57%	16.22%	15.09%	16.95%	21.83%	24.92%
EBITDA Margin	6.98%	3.80%	6.41%	7.87%	8.25%	5.58%	-1.73%	8.39%	8.73%	12.24%	13.86%
Operating Margin	3.52%	2.74%	2.81%	4.38%	4.96%	1.92%	-5.40%	5.81%	6.55%	10.00%	10.97%
EBIT Margin	3.54%	0.09%	2.53%	4.23%	4.77%	1.68%	-5.52%	5.71%	6.35%	9.91%	10.85%
Profit (Net Income) Margin	1.52%	-0.07%	0.99%	1.13%	3.88%	-0.10%	-11.58%	4.21%	6.68%	6.79%	7.18%
Tax Burden Percent	55.34%	10.10%	71.63%	37.60%	106.31%	-19.23%	175.61%	85.02%	122.59%	76.14%	73.03%
Interest Burden Percent	77.88%	-825.00%	54.74%	71.20%	76.52%	31.42%	119.42%	86.68%	85.82%	89.90%	90.58%
Effective Tax Rate	46.12%	0.00%	28.37%	62.40%	-6.31%	119.23%	0.00%	14.98%	-22.59%	23.86%	26.97%
Return on Invested Capital (ROIC)	6.01%	5.68%	4.41%	3.78%	12.36%	-0.79%	-8.80%	14.08%	22.00%	18.22%	17.81%
ROIC Less NNEP Spread (ROIC-NNEP)	-1.19%	-25.70%	-0.99%	1.40%	5.11%	0.50%	-48.90%	9.27%	12.05%	12.17%	11.19%
Return on Net Nonoperating Assets (RNNOA)	-0.23%	-5.94%	-0.70%	1.40%	4.17%	0.40%	-40.51%	7.11%	7.04%	5.90%	4.35%
Return on Equity (ROE)	5.78%	-0.27%	3.71%	5.18%	16.53%	-0.39%	-49.31%	21.20%	29.04%	24.12%	22.17%
Cash Return on Invested Capital (CROIC)	20.20%	-2.54%	-56.93%	-0.66%	11.24%	3.96%	24.23%	-5.68%	10.72%	-5.82%	11.76%
Operating Return on Assets (OROA)	5.39%	0.13%	3.21%	5.88%	6.79%	2.15%	-7.10%	8.66%	9.76%	13.97%	14.88%
Return on Assets (ROA)	2.32%	-0.11%	1.26%	1.57%	5.52%	-0.13%	-14.90%	6.38%	10.26%	9.56%	9.84%
Return on Common Equity (ROCE)	5.72%	-0.27%	3.64%	5.09%	16.28%	-0.38%	-48.55%	20.81%	28.65%	23.85%	21.96%
Return on Equity Simple (ROE_SIMPLE)	6.40%	-0.27%	3.60%	4.86%	16.09%	-0.41%	-60.08%	19.15%	25.91%	21.86%	20.38%
Net Operating Profit after Tax (NOPAT)	28	26	30	35	117	-7.29	-68	101	184	183	207
NOPAT Margin	1.90%	1.92%	2.02%	1.65%	5.27%	-0.37%	-3.78%	4.94%	8.02%	7.61%	8.01%
Net Nonoperating Expense Percent (NNEP)	7.20%	31.38%	5.40%	2.37%	7.25%	-1.29%	40.09%	4.82%	9.95%	6.05%	6.62%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	-	16.32%
Cost of Revenue to Revenue	83.53%	82.73%	83.07%	83.05%	83.48%	84.43%	83.78%	84.91%	83.05%	78.17%	75.08%
SG&A Expenses to Revenue	12.33%	12.57%	13.52%	11.69%	11.03%	12.63%	11.66%	10.49%	10.18%	11.38%	12.85%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	12.95%	14.53%	14.11%	12.57%	11.56%	13.65%	21.63%	9.27%	10.40%	11.83%	13.95%
Earnings before Interest and Taxes (EBIT)	53	1.20	38	89	106	33	-100	117	146	239	280
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	105	51	96	166	183	110	-31	172	201	295	358
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.81	1.40	1.48	2.18	1.32	0.34	2.18	1.04	2.03	6.65	4.43
Price to Tangible Book Value (P/TBV)	1.95	1.50	5.32	5.73	2.82	0.77	9.81	2.43	3.47	15.13	7.62
Price to Revenue (P/Rev)	0.43	0.39	0.41	0.51	0.32	0.08	0.42	0.23	0.52	2.06	1.56
Price to Earnings (P/E)	29.58	0.00	43.02	48.07	8.28	0.00	0.00	5.49	7.85	30.77	21.93
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.38%	0.00%	2.32%	2.08%	12.08%	0.00%	0.00%	18.22%	12.74%	3.25%	4.56%
Enterprise Value to Invested Capital (EV/IC)	1.66	1.32	1.22	1.61	1.18	0.64	1.64	1.02	1.69	4.75	3.61
Enterprise Value to Revenue (EV/Rev)	0.49	0.46	0.73	0.72	0.51	0.29	0.59	0.39	0.65	2.22	1.67
Enterprise Value to EBITDA (EV/EBITDA)	6.96	12.22	11.37	9.15	6.12	5.28	0.00	4.70	7.45	18.14	12.07
Enterprise Value to EBIT (EV/EBIT)	13.76	523.38	28.81	17.05	10.58	17.59	0.00	6.90	10.23	22.41	15.41
Enterprise Value to NOPAT (EV/NOPAT)	25.63	24.18	36.13	43.72	9.58	0.00	0.00	7.97	8.10	29.19	20.88
Enterprise Value to Operating Cash Flow (EV/OCF)	11.46	8.67	26.25	12.20	10.82	10.06	7.10	70.24	13.90	24.93	20.26
Enterprise Value to Free Cash Flow (EV/FCFF)	7.63	0.00	0.00	0.00	10.53	15.86	5.65	0.00	16.62	0.00	31.63
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.41	0.42	1.21	0.96	0.83	0.98	0.94	0.82	0.59	0.57	0.38
Long-Term Debt to Equity	0.36	0.33	0.96	0.77	0.71	0.92	0.87	0.76	0.55	0.53	0.32
Financial Leverage	0.20	0.23	0.71	1.00	0.82	0.79	0.83	0.77	0.58	0.48	0.39
Leverage Ratio	2.49	2.49	2.95	3.29	2.99	2.97	3.31	3.32	2.83	2.52	2.25
Compound Leverage Factor	1.94	-20.55	1.61	2.34	2.29	0.93	3.95	2.88	2.43	2.27	2.04
Debt to Total Capital	29.20%	29.82%	54.81%	49.02%	45.39%	49.43%	48.44%	45.20%	37.04%	36.36%	27.64%
Short-Term Debt to Total Capital	3.75%	6.80%	11.29%	9.52%	6.81%	3.11%	3.37%	3.52%	2.46%	2.67%	4.26%
Long-Term Debt to Total Capital	25.45%	23.01%	43.53%	39.50%	38.57%	46.31%	45.06%	41.68%	34.58%	33.69%	23.38%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.90%	1.19%	0.77%	0.86%	0.73%	0.58%	1.07%	0.89%	0.71%	0.67%	0.63%
Common Equity to Total Capital	69.90%	68.99%	44.42%	50.12%	53.89%	49.99%	50.49%	53.92%	62.25%	62.98%	71.73%
Debt to EBITDA	1.42	3.16	5.31	2.89	2.46	4.38	-10.69	2.20	1.76	1.46	0.98
Net Debt to EBITDA	0.75	1.82	4.95	2.66	2.24	3.73	-9.48	1.93	1.42	1.26	0.78
Long-Term Debt to EBITDA	1.24	2.44	4.21	2.33	2.09	4.10	-9.94	2.03	1.64	1.36	0.83
Debt to NOPAT	5.24	6.26	16.86	13.83	3.86	-66.19	-4.89	3.73	1.91	2.36	1.69
Net Debt to NOPAT	2.75	3.61	15.73	12.70	3.50	-56.46	-4.34	3.28	1.55	2.03	1.35
Long-Term Debt to NOPAT	4.56	4.83	13.39	11.14	3.28	-62.02	-4.55	3.44	1.79	2.18	1.43
Altman Z-Score	3.20	2.79	1.92	2.57	2.66	2.08	2.10	2.56	3.23	5.17	5.13
Noncontrolling Interest Sharing Ratio	1.06%	1.49%	1.70%	1.70%	1.50%	1.25%	1.54%	1.82%	1.34%	1.08%	0.95%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.45	1.51	1.22	1.25	1.38	1.70	1.37	1.53	1.67	1.64	1.78
Quick Ratio	0.85	0.94	0.72	0.74	0.81	0.98	0.65	0.83	0.92	0.88	1.02
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	95	-12	-391	-6.03	106	37	188	-41	90	-59	137
Operating Cash Flow to CapEx	125.25%	116.03%	71.04%	175.67%	140.35%	81.21%	458.10%	28.54%	212.03%	244.70%	253.93%
Free Cash Flow to Firm to Interest Expense	8.15	-1.05	-22.74	-0.24	4.28	1.62	9.70	-2.62	4.34	-2.43	5.18
Operating Cash Flow to Interest Expense	5.43	6.52	2.42	4.85	4.17	2.55	7.72	0.74	5.19	8.90	8.08
Operating Cash Flow Less CapEx to Interest Expense	1.09	0.90	-0.99	2.09	1.20	-0.59	6.04	-1.85	2.74	5.27	4.90
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.52	1.46	1.27	1.39	1.42	1.29	1.29	1.52	1.54	1.41	1.37
Accounts Receivable Turnover	7.23	7.08	6.21	6.60	6.50	6.26	6.45	6.45	6.00	5.87	5.73
Inventory Turnover	11.14	10.23	8.93	9.71	9.42	8.17	7.52	7.30	6.30	5.51	5.55
Fixed Asset Turnover	4.39	4.09	3.77	4.37	4.47	4.24	5.04	7.01	7.30	7.08	6.83
Accounts Payable Turnover	7.74	7.60	6.70	6.87	6.61	6.56	6.57	6.22	5.80	6.11	6.76
Days Sales Outstanding (DSO)	50.49	51.55	58.81	55.33	56.17	58.30	56.55	56.56	60.80	62.22	63.70
Days Inventory Outstanding (DIO)	32.78	35.67	40.85	37.60	38.73	44.65	48.55	49.99	57.96	66.21	65.75
Days Payable Outstanding (DPO)	47.18	48.02	54.48	53.10	55.21	55.61	55.57	58.68	62.98	59.75	54.02
Cash Conversion Cycle (CCC)	36.09	39.20	45.18	39.82	39.69	47.34	49.53	47.87	55.78	68.68	75.43
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	439	476	898	939	949	905	649	791	885	1,127	1,197
Invested Capital Turnover	3.17	2.96	2.19	2.29	2.34	2.13	2.33	2.85	2.74	2.39	2.22
Increase / (Decrease) in Invested Capital	-67	38	422	41	11	-44	-257	142	95	242	70
Enterprise Value (EV)	728	628	1,095	1,516	1,117	582	1,064	808	1,494	5,349	4,322
Market Capitalization	645	528	611	1,067	702	165	759	468	1,201	4,970	4,035
Book Value per Share	$7.44	$7.85	$8.27	$9.71	$10.55	$9.60	$6.78	$8.68	$11.37	$14.32	$17.31
Tangible Book Value per Share	$6.89	$7.35	$2.29	$3.69	$4.92	$4.24	$1.51	$3.70	$6.64	$6.29	$10.07
Total Capital	509	545	932	978	991	976	691	836	952	1,187	1,269
Total Debt	149	163	511	479	450	482	335	378	353	432	351
Total Long-Term Debt	130	126	406	386	382	452	311	348	329	400	297
Net Debt	78	94	477	440	408	412	297	333	286	372	279
Capital Expenditures (CapEx)	51	62	59	71	74	71	33	40	51	88	84
Debt-free, Cash-free Net Working Capital (DFCFNWC)	89	107	169	181	203	221	161	247	296	320	403
Debt-free Net Working Capital (DFNWC)	159	176	203	221	244	292	199	293	363	380	474
Net Working Capital (NWC)	140	139	98	128	177	261	176	263	339	348	420
Net Nonoperating Expense (NNE)	5.60	27	15	11	31	-5.29	141	15	31	20	22
Net Nonoperating Obligations (NNO)	78	94	477	440	408	412	292	333	286	372	279
Total Depreciation and Amortization (D&A)	52	50	58	77	77	77	69	55	55	56	78
Debt-free, Cash-free Net Working Capital to Revenue	5.92%	7.92%	11.24%	8.63%	9.16%	11.18%	8.91%	12.06%	12.86%	13.28%	15.59%
Debt-free Net Working Capital to Revenue	10.63%	13.01%	13.51%	10.49%	11.04%	14.77%	11.00%	14.27%	15.78%	15.78%	18.36%
Net Working Capital to Revenue	9.36%	10.27%	6.51%	6.07%	7.99%	13.23%	9.71%	12.83%	14.77%	14.46%	16.26%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.46	($0.03)	$0.29	$0.44	$1.67	($0.04)	($4.11)	$1.64	$2.93	$3.08	$3.50
Adjusted Weighted Average Basic Shares Outstanding	47.20M	47.30M	47.80M	49.90M	50.50M	50.80M	51.30M	52M	52.30M	52.40M	52.60M
Adjusted Diluted Earnings per Share	$0.45	($0.03)	$0.29	$0.43	$1.65	($0.04)	($4.11)	$1.62	$2.90	$3.03	$3.42
Adjusted Weighted Average Diluted Shares Outstanding	47.80M	47.30M	48.30M	50.90M	51.30M	50.80M	51.30M	52.50M	52.80M	53.40M	53.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	47.90M	47.43M	50.08M	50.50M	50.73M	50.82M	51.63M	51.97M	52.07M	52.32M	52.39M
Normalized Net Operating Profit after Tax (NOPAT)	33	45	37	77	85	41	58	74	109	195	228
Normalized NOPAT Margin	2.23%	3.29%	2.44%	3.68%	3.84%	2.05%	3.19%	3.63%	4.73%	8.09%	8.81%
Pre Tax Income Margin	2.75%	-0.73%	1.38%	3.01%	3.65%	0.53%	-6.60%	4.95%	5.45%	8.91%	9.83%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.52	0.11	2.21	3.47	4.26	1.46	-5.15	7.51	7.05	9.90	10.62
NOPAT to Interest Expense	2.43	2.34	1.76	1.35	4.70	-0.32	-3.53	6.50	8.91	7.60	7.84
EBIT Less CapEx to Interest Expense	0.19	-5.51	-1.20	0.71	1.29	-1.68	-6.84	4.92	4.60	6.27	7.44
NOPAT Less CapEx to Interest Expense	-1.91	-3.28	-1.65	-1.41	1.73	-3.46	-5.21	3.91	6.46	3.97	4.66
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	-90.00%	0.00%	3.78%	2.10%	-65.00%	0.00%	1.04%	0.39%	0.31%	0.59%
Augmented Payout Ratio	0.00%	-780.00%	0.00%	3.78%	2.79%	-185.00%	0.00%	1.04%	5.14%	8.45%	17.25%

This table displays calculated financial ratios and metrics derived from Modine Manufacturing's official financial filings.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	15.05%	7.20%	0.25%	-2.36%	6.28%	6.04%	9.87%	7.24%	3.22%	12.29%	30.51%
EBITDA Growth	113.98%	63.52%	42.10%	-1.94%	17.09%	17.54%	6.97%	50.16%	-2.90%	-2.24%	33.96%
EBIT Growth	182.83%	85.88%	56.52%	-4.98%	12.44%	12.16%	-1.31%	57.42%	-3.51%	-2.44%	43.21%
NOPAT Growth	163.33%	77.19%	70.92%	-70.20%	6.36%	1.95%	-10.26%	80.69%	11.56%	-1.76%	38.67%
Net Income Growth	216.78%	93.00%	82.59%	-71.10%	5.52%	-1.07%	-8.65%	91.95%	8.16%	-3.45%	-213.59%
EPS Growth	214.81%	89.13%	80.43%	-71.93%	3.53%	-1.15%	-8.43%	91.67%	7.95%	-3.49%	-218.42%
Operating Cash Flow Growth	187.59%	66.11%	444.07%	0.00%	-2.88%	-17.08%	-5.45%	38.38%	-31.60%	-97.56%	-59.31%
Free Cash Flow Firm Growth	-1.29%	-219.13%	-370.72%	-2,372.18%	-136.69%	-151.83%	-214.00%	93.11%	-3.17%	-29.29%	-132.91%
Invested Capital Growth	17.14%	19.69%	13.55%	27.32%	27.44%	32.82%	25.20%	6.25%	22.60%	30.58%	43.18%
Revenue Q/Q Growth	0.70%	-0.31%	-9.52%	7.50%	9.61%	-0.53%	-6.26%	4.93%	5.50%	8.22%	8.95%
EBITDA Q/Q Growth	28.39%	0.25%	-6.52%	-18.50%	53.29%	0.64%	-14.93%	14.41%	-0.88%	1.33%	16.58%
EBIT Q/Q Growth	36.72%	-0.15%	-6.99%	-25.16%	61.79%	-0.40%	-18.16%	19.37%	-0.83%	0.70%	20.14%
NOPAT Q/Q Growth	-51.62%	2.80%	-2.68%	-38.43%	72.68%	-1.46%	-14.33%	23.96%	6.61%	-13.22%	20.93%
Net Income Q/Q Growth	-49.83%	3.53%	-3.84%	-42.13%	83.14%	-2.93%	-11.21%	21.60%	3.19%	-13.35%	-204.46%
EPS Q/Q Growth	-50.29%	2.35%	-4.60%	-42.17%	83.33%	-2.27%	-11.63%	21.05%	3.26%	-12.63%	-208.43%
Operating Cash Flow Q/Q Growth	5.30%	65.71%	-7.09%	-38.32%	2.27%	41.48%	5.93%	-9.72%	-49.45%	-94.95%	1,664.29%
Free Cash Flow Firm Q/Q Growth	-993.16%	-16.16%	38.34%	-255.18%	6.96%	-23.59%	23.12%	92.21%	-1,293.67%	-54.87%	-38.49%
Invested Capital Q/Q Growth	2.77%	-1.17%	2.18%	22.67%	2.87%	3.01%	-3.68%	4.10%	18.70%	9.72%	5.61%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	20.55%	21.77%	22.68%	22.42%	24.58%	25.17%	24.25%	25.65%	24.22%	22.32%	23.12%
EBITDA Margin	12.79%	12.86%	13.29%	10.07%	14.09%	14.26%	12.94%	14.11%	13.25%	12.41%	13.28%
Operating Margin	10.68%	10.59%	10.99%	7.75%	11.25%	11.44%	9.61%	11.51%	11.09%	9.95%	11.09%
EBIT Margin	10.59%	10.60%	10.90%	7.59%	11.20%	11.22%	9.79%	11.14%	10.47%	9.74%	10.75%
Profit (Net Income) Margin	7.28%	7.56%	8.03%	4.32%	7.23%	7.05%	6.68%	7.74%	7.57%	6.06%	-5.81%
Tax Burden Percent	75.50%	78.56%	81.41%	66.08%	71.77%	69.88%	76.01%	75.00%	78.69%	70.33%	121.56%
Interest Burden Percent	91.05%	90.73%	90.52%	86.24%	89.88%	89.97%	89.74%	92.65%	91.89%	88.47%	-44.51%
Effective Tax Rate	24.50%	21.44%	18.59%	33.92%	28.23%	30.12%	23.99%	25.00%	21.31%	29.67%	0.00%
Return on Invested Capital (ROIC)	22.76%	24.41%	25.09%	12.26%	19.09%	18.98%	17.94%	19.19%	17.61%	13.65%	15.96%
ROIC Less NNEP Spread (ROIC-NNEP)	21.11%	22.61%	23.00%	10.79%	17.31%	16.73%	16.30%	17.42%	15.56%	11.98%	-11.23%
Return on Net Nonoperating Assets (RNNOA)	11.50%	10.57%	9.13%	5.23%	7.55%	5.99%	4.80%	6.77%	6.56%	5.12%	-4.53%
Return on Equity (ROE)	34.27%	34.97%	34.22%	17.50%	26.64%	24.97%	22.74%	25.96%	24.17%	18.77%	11.43%
Cash Return on Invested Capital (CROIC)	9.43%	10.42%	16.70%	-5.82%	-6.10%	-10.29%	-4.76%	11.76%	-3.79%	-11.11%	-21.35%
Operating Return on Assets (OROA)	16.61%	17.13%	17.05%	10.69%	15.78%	15.83%	14.29%	15.27%	13.32%	12.17%	14.32%
Return on Assets (ROA)	11.42%	12.21%	12.56%	6.09%	10.18%	9.95%	9.75%	10.61%	9.63%	7.57%	-7.75%
Return on Common Equity (ROCE)	33.86%	34.57%	33.82%	17.31%	26.37%	24.72%	22.51%	25.72%	23.97%	18.61%	11.33%
Return on Equity Simple (ROE_SIMPLE)	28.94%	31.06%	31.29%	0.00%	21.04%	19.26%	18.89%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	50	52	50	31	53	53	45	56	60	52	63
NOPAT Margin	8.07%	8.32%	8.95%	5.12%	8.07%	8.00%	7.31%	8.63%	8.72%	7.00%	7.77%
Net Nonoperating Expense Percent (NNEP)	1.65%	1.79%	2.09%	1.47%	1.78%	2.25%	1.65%	1.78%	2.06%	1.67%	27.19%
Return On Investment Capital (ROIC_SIMPLE)	-	-	4.70%	-	-	-	3.65%	4.40%	3.85%	3.15%	3.58%
Cost of Revenue to Revenue	79.45%	78.23%	77.32%	77.58%	75.42%	74.83%	75.75%	74.35%	75.78%	77.68%	76.88%
SG&A Expenses to Revenue	9.87%	11.10%	12.11%	12.53%	12.52%	13.04%	13.29%	12.59%	12.43%	11.40%	11.09%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	9.87%	11.18%	11.69%	14.66%	13.33%	13.72%	14.64%	14.14%	13.14%	12.37%	26.45%
Earnings before Interest and Taxes (EBIT)	66	66	61	46	74	74	60	72	72	72	87
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	80	80	75	61	93	94	80	91	91	92	107
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.70	3.59	4.29	6.65	6.65	8.10	7.12	4.43	5.10	7.08	6.27
Price to Tangible Book Value (P/TBV)	4.37	5.65	6.47	15.13	13.78	15.39	12.94	7.62	9.48	13.44	11.25
Price to Revenue (P/Rev)	0.72	0.99	1.29	2.06	2.14	2.80	2.40	1.56	1.98	2.78	2.45
Price to Earnings (P/E)	9.36	11.63	13.82	30.77	31.96	42.54	37.99	21.93	27.46	40.08	71.87
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	10.68%	8.60%	7.23%	3.25%	3.13%	2.35%	2.63%	4.56%	3.64%	2.50%	1.39%
Enterprise Value to Invested Capital (EV/IC)	2.19	2.92	3.60	4.75	4.84	6.11	5.55	3.61	3.92	5.11	4.59
Enterprise Value to Revenue (EV/Rev)	0.84	1.08	1.37	2.22	2.29	2.94	2.51	1.67	2.14	2.97	2.63
Enterprise Value to EBITDA (EV/EBITDA)	8.20	9.57	11.18	18.14	18.20	22.63	19.48	12.07	15.67	22.55	19.86
Enterprise Value to EBIT (EV/EBIT)	10.56	11.97	13.73	22.41	22.73	28.62	25.12	15.41	20.05	28.87	25.01
Enterprise Value to NOPAT (EV/NOPAT)	9.36	11.21	13.04	29.19	30.10	38.93	35.02	20.88	26.14	37.54	38.14
Enterprise Value to Operating Cash Flow (EV/OCF)	14.78	16.16	15.42	24.93	26.30	36.19	32.22	20.26	27.78	55.10	69.56
Enterprise Value to Free Cash Flow (EV/FCFF)	25.04	30.50	22.94	0.00	0.00	0.00	0.00	31.63	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.56	0.51	0.45	0.57	0.55	0.47	0.43	0.38	0.52	0.55	0.55
Long-Term Debt to Equity	0.51	0.48	0.43	0.53	0.51	0.41	0.38	0.32	0.47	0.50	0.51
Financial Leverage	0.54	0.47	0.40	0.48	0.44	0.36	0.29	0.39	0.42	0.43	0.40
Leverage Ratio	2.78	2.67	2.51	2.52	2.41	2.28	2.18	2.25	2.26	2.23	2.16
Compound Leverage Factor	2.53	2.42	2.27	2.18	2.17	2.06	1.95	2.09	2.07	1.97	-0.96
Debt to Total Capital	35.69%	33.70%	31.19%	36.36%	35.38%	31.85%	30.05%	27.64%	34.10%	35.42%	35.28%
Short-Term Debt to Total Capital	2.76%	1.94%	1.84%	2.67%	2.45%	3.64%	3.31%	4.26%	2.91%	3.43%	2.58%
Long-Term Debt to Total Capital	32.93%	31.76%	29.34%	33.69%	32.92%	28.21%	26.74%	23.38%	31.19%	32.00%	32.69%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.66%	0.69%	0.73%	0.67%	0.64%	0.68%	0.66%	0.63%	0.47%	0.46%	0.46%
Common Equity to Total Capital	63.65%	65.61%	68.08%	62.98%	63.98%	67.47%	69.30%	71.73%	65.44%	64.11%	64.26%
Debt to EBITDA	1.47	1.25	1.13	1.46	1.41	1.26	1.13	0.98	1.48	1.65	1.62
Net Debt to EBITDA	1.09	0.81	0.62	1.26	1.18	1.01	0.88	0.78	1.13	1.41	1.36
Long-Term Debt to EBITDA	1.36	1.18	1.06	1.36	1.32	1.11	1.01	0.83	1.36	1.49	1.50
Debt to NOPAT	1.68	1.47	1.31	2.36	2.34	2.16	2.03	1.69	2.47	2.74	3.11
Net Debt to NOPAT	1.25	0.95	0.72	2.03	1.95	1.74	1.57	1.35	1.89	2.35	2.61
Long-Term Debt to NOPAT	1.55	1.38	1.23	2.18	2.18	1.92	1.81	1.43	2.26	2.48	2.88
Altman Z-Score	3.45	4.00	4.49	4.83	5.17	6.22	6.16	4.77	4.72	5.47	5.23
Noncontrolling Interest Sharing Ratio	1.19%	1.14%	1.16%	1.08%	1.01%	1.01%	0.99%	0.95%	0.83%	0.84%	0.81%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.76	1.82	1.93	1.64	1.80	1.77	1.87	1.78	2.06	2.00	2.19
Quick Ratio	0.97	1.01	1.08	0.88	1.01	0.99	1.05	1.02	1.14	1.03	1.12
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-83	-96	-59	-211	-196	-242	-186	-15	-202	-314	-434
Operating Cash Flow to CapEx	276.16%	622.52%	364.77%	90.21%	151.12%	424.44%	379.38%	197.83%	100.73%	4.39%	59.09%
Free Cash Flow to Firm to Interest Expense	-14.05	-15.78	-10.24	-33.47	-26.16	-32.77	-30.07	-2.74	-34.90	-37.77	-48.79
Operating Cash Flow to Interest Expense	7.07	11.33	11.07	6.29	5.40	7.74	9.79	10.34	4.78	0.17	2.78
Operating Cash Flow Less CapEx to Interest Expense	4.51	9.51	8.03	-0.68	1.83	5.92	7.21	5.11	0.03	-3.67	-1.92
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.57	1.62	1.56	1.41	1.41	1.41	1.46	1.37	1.27	1.25	1.33
Accounts Receivable Turnover	6.32	6.75	6.81	5.87	5.84	5.99	6.45	5.73	5.46	5.31	5.79
Inventory Turnover	6.04	6.33	5.86	5.51	5.52	5.50	5.68	5.55	4.99	4.56	4.98
Fixed Asset Turnover	7.80	8.14	7.84	7.08	7.26	7.33	7.56	6.83	6.60	6.46	6.89
Accounts Payable Turnover	6.12	6.67	6.89	6.11	6.38	6.64	7.72	6.76	6.38	5.90	6.91
Days Sales Outstanding (DSO)	57.78	54.09	53.63	62.22	62.49	60.96	56.58	63.70	66.89	68.76	63.00
Days Inventory Outstanding (DIO)	60.44	57.63	62.25	66.21	66.12	66.31	64.22	65.75	73.14	80.10	73.25
Days Payable Outstanding (DPO)	59.66	54.71	52.99	59.75	57.25	54.94	47.29	54.02	57.25	61.81	52.82
Cash Conversion Cycle (CCC)	58.56	57.01	62.88	68.68	71.36	72.34	73.51	75.43	82.78	87.05	83.43
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	910	899	919	1,127	1,159	1,194	1,150	1,197	1,421	1,559	1,647
Invested Capital Turnover	2.82	2.93	2.80	2.39	2.37	2.37	2.46	2.22	2.02	1.95	2.05
Increase / (Decrease) in Invested Capital	133	148	110	242	250	295	232	70	262	365	497
Enterprise Value (EV)	1,991	2,621	3,310	5,349	5,613	7,295	6,382	4,322	5,570	7,968	7,554
Market Capitalization	1,719	2,392	3,119	4,970	5,242	6,960	6,087	4,035	5,161	7,462	7,029
Book Value per Share	$12.25	$12.76	$13.92	$14.32	$15.07	$16.39	$16.29	$17.31	$19.31	$20.07	$21.31
Tangible Book Value per Share	$7.55	$8.10	$9.23	$6.29	$7.27	$8.63	$8.96	$10.07	$10.39	$10.58	$11.87
Total Capital	1,002	1,017	1,068	1,187	1,232	1,273	1,234	1,269	1,546	1,643	1,746
Total Debt	358	343	333	432	436	405	371	351	527	582	616
Total Long-Term Debt	330	323	314	400	406	359	330	297	482	526	571
Net Debt	265	222	184	372	363	327	287	279	403	498	517
Capital Expenditures (CapEx)	15	11	18	44	27	14	16	28	28	32	42
Debt-free, Cash-free Net Working Capital (DFCFNWC)	323	304	313	320	363	383	379	403	514	599	654
Debt-free Net Working Capital (DFNWC)	415	425	462	380	436	462	463	474	639	682	753
Net Working Capital (NWC)	387	405	443	348	406	416	422	420	594	626	708
Net Nonoperating Expense (NNE)	4.91	4.71	5.13	4.82	5.60	6.22	3.88	5.78	7.87	6.89	109
Net Nonoperating Obligations (NNO)	265	225	184	372	363	327	287	279	403	498	517
Total Depreciation and Amortization (D&A)	14	14	13	15	19	20	19	19	19	20	20
Debt-free, Cash-free Net Working Capital to Revenue	13.56%	12.57%	12.91%	13.28%	14.83%	15.43%	14.93%	15.59%	19.73%	22.28%	22.75%
Debt-free Net Working Capital to Revenue	17.45%	17.54%	19.09%	15.78%	17.81%	18.60%	18.23%	18.36%	24.51%	25.40%	26.19%
Net Working Capital to Revenue	16.28%	16.72%	18.28%	14.46%	16.57%	16.73%	16.62%	16.26%	22.78%	23.31%	24.62%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.86	$0.89	$0.85	$0.48	$0.90	$0.88	$0.78	$0.94	$0.97	$0.84	($0.90)
Adjusted Weighted Average Basic Shares Outstanding	52.30M	52.40M	52.30M	52.40M	52.50M	52.60M	52.70M	52.60M	52.60M	52.70M	52.80M
Adjusted Diluted Earnings per Share	$0.85	$0.87	$0.83	$0.48	$0.88	$0.86	$0.76	$0.92	$0.95	$0.83	($0.90)
Adjusted Weighted Average Diluted Shares Outstanding	53M	53.40M	53.20M	53.40M	53.90M	53.90M	53.90M	53.90M	53.70M	53.80M	52.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	52.28M	52.24M	52.21M	52.32M	52.41M	52.50M	52.57M	52.39M	52.49M	52.65M	52.73M
Normalized Net Operating Profit after Tax (NOPAT)	50	52	48	39	57	56	51	63	63	57	149
Normalized NOPAT Margin	8.07%	8.38%	8.60%	6.54%	8.66%	8.47%	8.33%	9.79%	9.28%	7.68%	18.51%
Pre Tax Income Margin	9.64%	9.62%	9.87%	6.55%	10.07%	10.09%	8.79%	10.32%	9.62%	8.62%	-4.78%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	11.17	10.79	10.55	7.27	9.88	9.97	9.74	13.60	12.33	8.67	9.72
NOPAT to Interest Expense	8.51	8.46	8.66	4.91	7.12	7.11	7.27	10.54	10.27	6.23	7.02
EBIT Less CapEx to Interest Expense	8.61	8.97	7.52	0.30	6.31	8.15	7.16	8.38	7.59	4.83	5.02
NOPAT Less CapEx to Interest Expense	5.95	6.64	5.63	-2.06	3.55	5.29	4.69	5.32	5.53	2.38	2.33
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.27%	0.24%	0.22%	0.31%	0.24%	0.24%	0.25%	0.59%	0.74%	1.33%	2.51%
Augmented Payout Ratio	4.28%	7.48%	9.09%	8.45%	10.37%	6.77%	5.20%	17.25%	17.27%	16.67%	27.96%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways on MODINE MANUFACTURING CO (NYSE: MOD) based on the quarterly cash flow statements, income statements, and balance sheets from the last four years. This highlights trends in revenue, profitability, cash flow, and balance sheet strength for retail investors assessing the stock.

Rising revenue trend: Operating revenue has generally trended upward from 2023 through 2026, reaching about $805 million in Q3 2026 versus roughly $616 million in Q3 2025 and around $603 million in late-2024 quarters.
Healthy gross margin range: Gross margin remains in the mid‑20s across periods (roughly 23%–26%), indicating the core business remains cash-flow‑positive on a gross basis despite quarterly fluctuations.
Strong liquidity metrics: The company typically carries a current ratio near or above 2x (for example, ~2.2x in Q3 2026 with current assets around $1.303B and current liabilities around $596M), supporting near‑term liquidity.
Positive operating cash flow shows ongoing cash generation: Net cash from continuing operating activities has been positive in the quarters shown (example: Q4 2025 about $39.6M; Q3 2026 about $24.7M; Q2 2026 around $1.4M; Q1 2026 around $27.7M), underscoring ongoing cash generation.
Accessible financing activity: The company has raised cash through debt issuance (e.g., about $201M in Q3 2026) and reported a positive net financing contribution in several periods, suggesting access to capital markets if needed.
Non-cash and one-off factors can distort reported profitability: Large non-cash adjustments and one-off charges (for example, a substantial non-cash adjustment of about $124.3M and other special charges around $116.1M in Q3 2026) can depress net income in the quarter even when revenue remains strong.
Investing activity remains sizable and variable: Capital expenditures and acquisitions are meaningful (PPE purchases and occasional acquisitions), contributing to negative investing cash flow in some quarters and affecting free cash flow consistency.
Earnings per share show quarterly swings: While many quarters show positive EPS (e.g., Q4 2025 and several 2024–2025 periods), Q3 2026 and some prior quarters exhibit negative or volatile EPS due to charges and adjustments.
Near-term profitability weakness in Q3 2026: Net income for Q3 2026 was negative (approximately -$46.8 million), driven by large non-cash adjustments and special charges that overshadow operating performance.
Near-term free cash flow pressure in Q3 2026: Free cash flow was negative in Q3 2026 (net cash from operations about $24.7M minus investing cash outflows around $41.8M), reflecting the jump in capital spending and one-off items despite an overall revenue base.

05/08/26 05:16 PM ETAI Generated. May Contain Errors.

Modine Manufacturing Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Modine Manufacturing's fiscal year ends in March. Their fiscal year 2025 ended on March 31, 2025.

Modine Manufacturing's net income appears to be on an upward trend, with a most recent value of $185.50 million in 2025, rising from $22.80 million in 2015. The previous period was $163.40 million in 2024. Check out Modine Manufacturing's forecast to explore projected trends and price targets.

Modine Manufacturing's total operating income in 2025 was $283.50 million, based on the following breakdown:

Total Gross Profit: $643.80 million
Total Operating Expenses: $360.30 million

Over the last 10 years, Modine Manufacturing's total revenue changed from $1.50 billion in 2015 to $2.58 billion in 2025, a change of 72.6%.

Modine Manufacturing's total liabilities were at $999.40 million at the end of 2025, a 8.8% decrease from 2024, and a 75.2% increase since 2015.

In the past 10 years, Modine Manufacturing's cash and equivalents has ranged from $34.20 million in 2017 to $71.60 million in 2025, and is currently $71.60 million as of their latest financial filing in 2025.

Over the last 10 years, Modine Manufacturing's book value per share changed from 7.44 in 2015 to 17.31 in 2025, a change of 132.8%.

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Financial statements for NYSE:MOD last updated on 2/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Modine Manufacturing (MOD) Financials

Financials Breakdown Chart

Key Financial Trends

Modine Manufacturing Financials - Frequently Asked Questions

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Modine Manufacturing (MOD) Financials

Annual Income Statements for Modine Manufacturing

Quarterly Income Statements for Modine Manufacturing

Annual Cash Flow Statements for Modine Manufacturing

Quarterly Cash Flow Statements for Modine Manufacturing

Annual Balance Sheets for Modine Manufacturing

Quarterly Balance Sheets for Modine Manufacturing

Annual Metrics And Ratios for Modine Manufacturing

Quarterly Metrics And Ratios for Modine Manufacturing

Financials Breakdown Chart

Key Financial Trends

Modine Manufacturing Financials - Frequently Asked Questions

When does Modine Manufacturing's financial year end?

How has Modine Manufacturing's net income changed over the last 10 years?

What is Modine Manufacturing's operating income?

How has Modine Manufacturing's revenue changed over the last 10 years?

How much debt does Modine Manufacturing have?

How much cash does Modine Manufacturing have?

How has Modine Manufacturing's book value per share changed over the last 10 years?

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