What is Modine Manufacturing's operating income?

Modine Manufacturing's total operating income in 2026 was $230.20 million, based on the following breakdown: Total Gross Profit: $731.10 million Total Operating Expenses: $500.90 million

Modine Manufacturing (MOD) Financials

$274.63 +3.93 (+1.45%)

As of 01:10 PM Eastern

Compare

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	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	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	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-1.60	14	22	85	-2.20	-211	85	153	162	184	122
Consolidated Net Income / (Loss)	-1.00	15	24	86	-2.00	-210	86	154	163	186	123
Net Income / (Loss) Continuing Operations	-1.00	15	24	86	-2.00	-210	86	154	163	186	123
Total Pre-Tax Income	-9.90	21	63	81	10	-119	102	125	215	254	187
Total Operating Income	37	42	92	110	38	-98	119	150	241	284	230
Total Gross Profit	234	254	357	366	308	293	309	389	526	644	731
Total Revenue	1,353	1,503	2,103	2,213	1,976	1,808	2,050	2,298	2,408	2,584	3,181
Operating Revenue	1,353	1,503	2,103	2,213	1,976	1,808	2,050	2,298	2,408	2,584	3,181
Total Cost of Revenue	1,119	1,249	1,747	1,847	1,668	1,515	1,741	1,909	1,882	1,940	2,450
Operating Cost of Revenue	1,119	1,249	1,747	1,847	1,668	1,515	1,741	1,909	1,882	1,940	2,450
Total Operating Expenses	197	212	264	256	270	391	190	239	285	360	501
Selling, General & Admin Expense	170	203	246	244	250	211	215	234	274	332	360
Impairment Charge	9.90	0.00	2.50	0.40	8.60	167	-56	-	0.00	0.00	4.10
Restructuring Charge	17	11	16	9.60	12	13	24	5.00	15	28	21
Other Special Charges / (Income)	0.00	-2.00	0.00	1.70	-0.80	0.00	-	-	0.00	0.00	116
Total Other Income / (Expense), net	-47	-22	-29	-29	-28	-22	-18	-25	-26	-30	-44
Interest Expense	11	17	26	25	23	19	16	21	24	26	32
Other Income / (Expense), net	-36	-4.30	-3.30	-4.10	-4.80	-2.20	-2.10	-4.40	-2.00	-3.10	-12
Income Tax Expense	-8.90	5.90	40	-5.10	12	90	15	-28	51	69	63
Net Income / (Loss) Attributable to Noncontrolling Interest	0.60	0.70	1.60	1.10	0.20	1.20	1.10	0.50	1.90	1.50	1.80
Basic Earnings per Share	($0.03)	$0.29	$0.44	$1.67	($0.04)	($4.11)	$1.64	$2.93	$3.08	$3.50	$2.30
Weighted Average Basic Shares Outstanding	47.30M	47.80M	49.90M	50.50M	50.80M	51.30M	52M	52.30M	52.40M	52.60M	52.80M
Diluted Earnings per Share	($0.03)	$0.29	$0.43	$1.65	($0.04)	($4.11)	$1.62	$2.90	$3.03	$3.42	$2.26
Weighted Average Diluted Shares Outstanding	47.30M	48.30M	50.90M	51.30M	50.80M	51.30M	52.50M	52.80M	53.40M	53.90M	53.80M
Weighted Average Basic & Diluted Shares Outstanding	53.30M	49M	50.50M	-2.12B	50.82M	51.63M	51.97M	52.07M	52.32M	52.39M	52.82M

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	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026
Period end date	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	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	47	44	26	47	46	41	50	51	44	-47	73
Consolidated Net Income / (Loss)	47	45	26	48	46	41	50	52	45	-47	74
Net Income / (Loss) Continuing Operations	47	45	26	48	46	41	50	52	45	-47	74
Total Pre-Tax Income	60	55	40	67	66	54	67	66	64	-39	96
Total Operating Income	66	62	47	74	75	59	75	76	74	89	-8.30
Total Gross Profit	135	127	135	163	166	150	166	165	165	186	215
Total Revenue	621	561	604	662	658	617	647	683	739	805	954
Operating Revenue	621	561	604	662	658	617	647	683	739	805	954
Total Cost of Revenue	485	434	468	499	492	467	481	517	574	619	740
Operating Cost of Revenue	485	434	468	499	492	467	481	517	574	619	740
Total Operating Expenses	69	66	89	88	90	90	92	90	91	213	107
Selling, General & Admin Expense	69	68	76	83	86	82	82	85	84	89	102
Restructuring Charge	0.50	1.60	13	5.40	4.50	8.30	10	4.80	3.10	7.50	5.20
Total Other Income / (Expense), net	-6.00	-6.30	-7.30	-7.80	-8.90	-5.10	-7.70	-10	-9.80	-12	-12
Interest Expense	6.10	5.80	6.30	7.50	7.40	6.20	5.30	5.80	8.30	8.90	8.60
Other Income / (Expense), net	0.10	-0.50	-1.00	-0.30	-1.50	1.10	-2.40	-4.20	-1.50	-2.80	-3.60
Income Tax Expense	13	10	13	19	20	13	17	14	19	8.30	22
Net Income / (Loss) Attributable to Noncontrolling Interest	0.40	0.70	0.30	0.50	0.30	0.20	0.50	0.50	0.40	0.60	0.30
Basic Earnings per Share	$0.89	$0.85	$0.48	$0.90	$0.88	$0.78	$0.94	$0.97	$0.84	($0.90)	$1.39
Weighted Average Basic Shares Outstanding	52.40M	52.30M	52.40M	52.50M	52.60M	52.70M	52.60M	52.60M	52.70M	52.80M	52.80M
Diluted Earnings per Share	$0.87	$0.83	$0.48	$0.88	$0.86	$0.76	$0.92	$0.95	$0.83	($0.90)	$1.38
Weighted Average Diluted Shares Outstanding	53.40M	53.20M	53.40M	53.90M	53.90M	53.90M	53.90M	53.70M	53.80M	52.80M	53.80M
Weighted Average Basic & Diluted Shares Outstanding	52.24M	52.21M	52.32M	52.41M	52.50M	52.57M	52.39M	52.49M	52.65M	52.73M	52.82M

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	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	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	3/31/2026
Net Change in Cash & Equivalents	-1.60	-35	5.50	1.90	29	-25	-0.70	22	-6.90	12	1.80
Net Cash From Operating Activities	72	42	124	103	58	150	12	108	215	213	249
Net Cash From Continuing Operating Activities	72	42	124	103	58	150	12	108	215	213	249
Net Income / (Loss) Continuing Operations	-1.00	15	24	86	-2.00	-210	86	154	163	186	123
Consolidated Net Income / (Loss)	-1.00	15	24	86	-2.00	-210	86	154	163	186	123
Depreciation Expense	50	58	77	77	77	69	55	55	56	78	80
Non-Cash Adjustments To Reconcile Net Income	66	9.30	21	15	20	179	-40	11	13	33	153
Changes in Operating Assets and Liabilities, net	-43	-41	2.70	-75	-37	111	-89	-112	-18	-83	-108
Net Cash From Investing Activities	-78	-422	-72	-73	-61	-31	-51	-50	-283	-87	-321
Net Cash From Continuing Investing Activities	-78	-422	-72	-73	-61	-31	-51	-50	-283	-87	-321
Purchase of Property, Plant & Equipment	-63	-64	-71	-74	-71	-33	-40	-51	-88	-84	-143
Acquisitions	-1.40	-364	-	-	-	-	0.00	0.00	-186	-3.40	-182
Other Investing Activities, net	-13	2.00	-0.20	-0.30	6.20	1.60	-10	0.30	-9.50	0.80	4.40
Net Cash From Financing Activities	2.70	348	-50	-26	33	-145	39	-33	63	-114	73
Net Cash From Continuing Financing Activities	2.70	348	-50	-26	33	-145	39	-33	63	-114	73
Repayment of Debt	-28	-212	-223	-245	-636	-178	-312	-398	-252	-496	-748
Repurchase of Common Equity	-6.90	-	0.00	-0.60	-2.40	0.00	0.00	-9.00	-18	-31	-7.00
Payment of Dividends	-0.90	0.00	-0.90	-1.80	-1.30	0.00	-0.90	-0.60	-0.50	-1.10	-1.80
Issuance of Debt	38	559	174	221	673	33	352	374	333	415	830
Effect of Exchange Rate Changes	1.10	-1.70	3.00	-2.70	-1.60	1.40	-	-2.00	-0.80	-	1.30

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	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026
Period end date	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	3/31/2026
Net Change in Cash & Equivalents	29	28	-91	13	5.70	5.20	-12	53	-41	15	-25
Net Cash From Operating Activities	69	64	40	41	57	61	55	28	1.40	25	195
Net Cash From Continuing Operating Activities	69	64	40	41	57	61	55	28	1.40	25	195
Net Income / (Loss) Continuing Operations	47	45	26	48	46	41	50	52	45	-47	74
Consolidated Net Income / (Loss)	47	45	26	48	46	41	50	52	45	-47	74
Depreciation Expense	14	13	15	19	20	19	19	19	20	20	21
Non-Cash Adjustments To Reconcile Net Income	5.50	-	4.50	5.70	7.50	8.70	11	7.90	8.40	124	13
Changes in Operating Assets and Liabilities, net	2.70	5.70	-6.00	-32	-17	-8.60	-26	-51	-72	-73	88
Net Cash From Investing Activities	-16	-20	-229	-27	-17	-16	-28	-144	-94	-42	-41
Net Cash From Continuing Investing Activities	-16	-20	-229	-27	-17	-16	-28	-144	-94	-42	-41
Purchase of Property, Plant & Equipment	-11	-18	-44	-27	-14	-16	-28	-28	-32	-42	-42
Other Investing Activities, net	-1.20	-1.40	-6.90	0.30	-0.30	0.60	0.20	2.50	0.70	0.30	0.90
Net Cash From Financing Activities	-22	-19	100	0.00	-37	-36	-41	167	53	32	-179
Net Cash From Continuing Financing Activities	-22	-19	100	0.00	-37	-36	-41	167	53	32	-179
Repayment of Debt	-74	-12	-56	-169	-142	-104	-81	-92	-180	-168	-307
Repurchase of Common Equity	-9.10	-7.30	-	-4.70	-3.10	-4.50	-19	-5.10	-0.60	-1.10	-0.20
Issuance of Debt	61	-	156	174	108	73	60	265	235	201	129
Effect of Exchange Rate Changes	-1.70	2.80	-1.70	-	1.80	-3.90	1.70	2.20	-0.40	-0.10	-0.40

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	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	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	3/31/2026
Total Assets	921	1,450	1,573	1,538	1,536	1,277	1,427	1,566	1,852	1,918	2,675
Total Current Assets	413	553	643	647	633	645	758	846	894	961	1,416
Cash & Equivalents	69	34	39	42	71	38	45	67	60	72	74
Accounts Receivable	189	295	342	339	293	268	368	398	423	479	731
Inventories, net	111	169	191	201	207	196	281	325	358	341	506
Other Current Assets	44	55	70	66	63	36	64	56	53	70	106
Plant, Property, & Equipment, net	339	459	504	485	448	270	315	315	366	391	521
Total Noncurrent Assets	170	437	426	407	455	362	354	405	592	566	738
Goodwill	16	165	174	169	166	171	168	166	231	234	292
Intangible Assets	8.20	134	130	116	106	101	90	81	188	147	197
Noncurrent Deferred & Refundable Income Taxes	123	108	97	97	105	25	27	84	75	67	85
Other Noncurrent Operating Assets	23	30	25	25	78	66	68	75	98	118	163
Total Liabilities & Shareholders' Equity	921	1,450	1,573	1,538	1,536	1,277	1,427	1,566	1,852	1,918	2,675
Total Liabilities	538	1,028	1,075	997	1,043	921	969	966	1,096	999	1,472
Total Current Liabilities	274	455	516	470	372	469	495	507	546	541	729
Short-Term Debt	37	105	93	68	30	23	29	23	32	54	51
Accounts Payable	142	230	278	281	227	234	326	333	283	291	465
Current Employee Benefit Liabilities	59	75	97	82	65	67	85	90	102	103	95
Other Current Liabilities	36	45	47	40	49	42	54	61	129	93	118
Total Noncurrent Liabilities	265	573	559	527	671	451	474	459	550	458	743
Long-Term Debt	126	406	386	382	452	311	348	329	400	297	385
Noncurrent Deferred & Payable Income Tax Liabilities	4.20	9.70	9.90	8.20	8.10	5.90	5.90	4.80	30	24	26
Noncurrent Employee Benefit Liabilities	119	119	110	102	131	59	47	40	28	29	11
Other Noncurrent Operating Liabilities	16	38	54	35	80	76	73	85	93	108	321
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	383	421	499	541	494	356	458	600	756	918	1,203
Total Preferred & Common Equity	376	414	490	534	488	349	451	593	748	910	1,195
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	376	414	490	534	488	349	451	593	748	910	1,195
Common Stock	216	249	263	272	278	289	296	305	319	346	372
Retained Earnings	358	372	395	472	470	259	344	498	659	843	965
Treasury Stock	-24	-25	-27	-31	-37	-38	-40	-49	-67	-98	-105
Accumulated Other Comprehensive Income / (Loss)	-174	-182	-140	-178	-223	-161	-150	-161	-163	-181	-37
Noncontrolling Interest	6.50	7.20	8.40	7.20	5.70	7.40	7.40	6.80	7.90	8.00	8.30

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	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	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	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	52,731,197.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	52,731,197.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2.30
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-9.62%	11.13%	39.93%	5.21%	-10.72%	-8.46%	13.37%	12.09%	4.78%	7.30%	23.13%
EBITDA Growth	-50.81%	87.35%	71.96%	10.21%	-39.62%	-128.40%	649.20%	16.64%	47.03%	21.47%	-16.84%
EBIT Growth	-97.73%	3,066.67%	133.95%	18.79%	-68.66%	-401.81%	217.22%	24.68%	63.49%	17.47%	-22.22%
NOPAT Growth	-8.55%	16.68%	14.40%	236.42%	-106.25%	-838.33%	248.19%	81.91%	-0.59%	12.97%	-26.49%
Net Income Growth	-104.39%	1,590.00%	59.73%	260.92%	-102.33%	-10,375.00%	141.19%	77.98%	6.38%	13.53%	-33.53%
EPS Growth	-106.67%	1,066.67%	48.28%	283.72%	-102.42%	-10,175.00%	139.42%	79.01%	4.48%	12.87%	-33.92%
Operating Cash Flow Growth	14.02%	-42.40%	197.84%	-16.83%	-43.95%	158.72%	-92.32%	834.78%	99.63%	-0.61%	16.60%
Free Cash Flow Firm Growth	-112.19%	-3,263.70%	98.46%	1,858.78%	-65.41%	412.67%	-121.70%	319.99%	-165.12%	333.47%	-258.08%
Invested Capital Growth	8.57%	88.48%	4.53%	1.12%	-4.64%	-28.35%	21.93%	11.95%	27.32%	6.25%	30.75%
Revenue Q/Q Growth	-1.41%	10.64%	3.87%	-0.45%	-4.07%	2.38%	2.99%	1.94%	-0.60%	1.72%	10.69%
EBITDA Q/Q Growth	6.86%	20.68%	5.28%	-5.34%	-10.84%	-301.28%	26.12%	15.90%	-0.41%	9.31%	-21.71%
EBIT Q/Q Growth	175.00%	40.22%	8.28%	-8.41%	-28.82%	-22.88%	43.68%	23.83%	-1.00%	10.35%	-27.81%
NOPAT Q/Q Growth	2,418.75%	-56.46%	62.30%	-8.77%	-130.95%	-25.58%	24.60%	108.36%	-27.81%	13.62%	-23.17%
Net Income Q/Q Growth	91.53%	2.05%	71.22%	-11.90%	-118.52%	-4.07%	36.55%	113.93%	-28.21%	14.86%	23.55%
EPS Q/Q Growth	88.46%	0.00%	79.17%	-12.23%	-119.05%	-4.31%	39.66%	114.81%	-28.87%	14.77%	25.56%
Operating Cash Flow Q/Q Growth	-14.62%	-0.71%	10.20%	20.68%	-29.22%	-5.49%	7.48%	49.31%	0.00%	7.67%	129.01%
Free Cash Flow Firm Q/Q Growth	-121.75%	-9.70%	70.04%	76.46%	-20.96%	-30.15%	25.94%	93.33%	-140.56%	377.34%	27.66%
Invested Capital Q/Q Growth	7.78%	3.42%	3.18%	-2.90%	-5.18%	2.84%	3.08%	9.41%	22.67%	4.10%	-4.94%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	17.27%	16.93%	16.95%	16.52%	15.57%	16.22%	15.09%	16.95%	21.83%	24.92%	22.98%
EBITDA Margin	3.80%	6.41%	7.87%	8.25%	5.58%	-1.73%	8.39%	8.73%	12.24%	13.86%	9.36%
Operating Margin	2.74%	2.81%	4.38%	4.96%	1.92%	-5.40%	5.81%	6.55%	10.00%	10.97%	7.24%
EBIT Margin	0.09%	2.53%	4.23%	4.77%	1.68%	-5.52%	5.71%	6.35%	9.91%	10.85%	6.86%
Profit (Net Income) Margin	-0.07%	0.99%	1.13%	3.88%	-0.10%	-11.58%	4.21%	6.68%	6.79%	7.18%	3.88%
Tax Burden Percent	10.10%	71.63%	37.60%	106.31%	-19.23%	175.61%	85.02%	122.59%	76.14%	73.03%	66.11%
Interest Burden Percent	-825.00%	54.74%	71.20%	76.52%	31.42%	119.42%	86.68%	85.82%	89.90%	90.58%	85.51%
Effective Tax Rate	0.00%	28.37%	62.40%	-6.31%	119.23%	0.00%	14.98%	-22.59%	23.86%	26.97%	33.89%
Return on Invested Capital (ROIC)	5.68%	4.41%	3.78%	12.36%	-0.79%	-8.80%	14.08%	22.00%	18.22%	17.81%	11.02%
ROIC Less NNEP Spread (ROIC-NNEP)	-25.70%	-0.99%	1.40%	5.11%	0.50%	-48.90%	9.27%	12.05%	12.17%	11.19%	2.02%
Return on Net Nonoperating Assets (RNNOA)	-5.94%	-0.70%	1.40%	4.17%	0.40%	-40.51%	7.11%	7.04%	5.90%	4.35%	0.61%
Return on Equity (ROE)	-0.27%	3.71%	5.18%	16.53%	-0.39%	-49.31%	21.20%	29.04%	24.12%	22.17%	11.63%
Cash Return on Invested Capital (CROIC)	-2.54%	-56.93%	-0.66%	11.24%	3.96%	24.23%	-5.68%	10.72%	-5.82%	11.76%	-15.64%
Operating Return on Assets (OROA)	0.13%	3.21%	5.88%	6.79%	2.15%	-7.10%	8.66%	9.76%	13.97%	14.88%	9.50%
Return on Assets (ROA)	-0.11%	1.26%	1.57%	5.52%	-0.13%	-14.90%	6.38%	10.26%	9.56%	9.84%	5.37%
Return on Common Equity (ROCE)	-0.27%	3.64%	5.09%	16.28%	-0.38%	-48.55%	20.81%	28.65%	23.85%	21.96%	11.54%
Return on Equity Simple (ROE_SIMPLE)	-0.27%	3.60%	4.86%	16.09%	-0.41%	-60.08%	19.15%	25.91%	21.86%	20.38%	0.00%
Net Operating Profit after Tax (NOPAT)	26	30	35	117	-7.29	-68	101	184	183	207	152
NOPAT Margin	1.92%	2.02%	1.65%	5.27%	-0.37%	-3.78%	4.94%	8.02%	7.61%	8.01%	4.78%
Net Nonoperating Expense Percent (NNEP)	31.38%	5.40%	2.37%	7.25%	-1.29%	40.09%	4.82%	9.95%	6.05%	6.62%	9.00%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	16.32%	9.29%
Cost of Revenue to Revenue	82.73%	83.07%	83.05%	83.48%	84.43%	83.78%	84.91%	83.05%	78.17%	75.08%	77.02%
SG&A Expenses to Revenue	12.57%	13.52%	11.69%	11.03%	12.63%	11.66%	10.49%	10.18%	11.38%	12.85%	11.32%
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	14.53%	14.11%	12.57%	11.56%	13.65%	21.63%	9.27%	10.40%	11.83%	13.95%	15.75%
Earnings before Interest and Taxes (EBIT)	1.20	38	89	106	33	-100	117	146	239	280	218
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	51	96	166	183	110	-31	172	201	295	358	298
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.40	1.48	2.18	1.32	0.34	2.18	1.04	2.03	6.65	4.43	9.57
Price to Tangible Book Value (P/TBV)	1.50	5.32	5.73	2.82	0.77	9.81	2.43	3.47	15.13	7.62	16.20
Price to Revenue (P/Rev)	0.39	0.41	0.51	0.32	0.08	0.42	0.23	0.52	2.06	1.56	3.59
Price to Earnings (P/E)	0.00	43.02	48.07	8.28	0.00	0.00	5.49	7.85	30.77	21.93	94.05
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	0.00%	2.32%	2.08%	12.08%	0.00%	0.00%	18.22%	12.74%	3.25%	4.56%	1.06%
Enterprise Value to Invested Capital (EV/IC)	1.32	1.22	1.61	1.18	0.64	1.64	1.02	1.69	4.75	3.61	7.54
Enterprise Value to Revenue (EV/Rev)	0.46	0.73	0.72	0.51	0.29	0.59	0.39	0.65	2.22	1.67	3.71
Enterprise Value to EBITDA (EV/EBITDA)	12.22	11.37	9.15	6.12	5.28	0.00	4.70	7.45	18.14	12.07	39.62
Enterprise Value to EBIT (EV/EBIT)	523.38	28.81	17.05	10.58	17.59	0.00	6.90	10.23	22.41	15.41	54.10
Enterprise Value to NOPAT (EV/NOPAT)	24.18	36.13	43.72	9.58	0.00	0.00	7.97	8.10	29.19	20.88	77.52
Enterprise Value to Operating Cash Flow (EV/OCF)	8.67	26.25	12.20	10.82	10.06	7.10	70.24	13.90	24.93	20.26	47.44
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	10.53	15.86	5.65	0.00	16.62	0.00	31.63	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.42	1.21	0.96	0.83	0.98	0.94	0.82	0.59	0.57	0.38	0.36
Long-Term Debt to Equity	0.33	0.96	0.77	0.71	0.92	0.87	0.76	0.55	0.53	0.32	0.32
Financial Leverage	0.23	0.71	1.00	0.82	0.79	0.83	0.77	0.58	0.48	0.39	0.30
Leverage Ratio	2.49	2.95	3.29	2.99	2.97	3.31	3.32	2.83	2.52	2.25	2.17
Compound Leverage Factor	-20.55	1.61	2.34	2.29	0.93	3.95	2.88	2.43	2.27	2.04	1.85
Debt to Total Capital	29.82%	54.81%	49.02%	45.39%	49.43%	48.44%	45.20%	37.04%	36.36%	27.64%	26.62%
Short-Term Debt to Total Capital	6.80%	11.29%	9.52%	6.81%	3.11%	3.37%	3.52%	2.46%	2.67%	4.26%	3.14%
Long-Term Debt to Total Capital	23.01%	43.53%	39.50%	38.57%	46.31%	45.06%	41.68%	34.58%	33.69%	23.38%	23.48%
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	1.19%	0.77%	0.86%	0.73%	0.58%	1.07%	0.89%	0.71%	0.67%	0.63%	0.51%
Common Equity to Total Capital	68.99%	44.42%	50.12%	53.89%	49.99%	50.49%	53.92%	62.25%	62.98%	71.73%	72.88%
Debt to EBITDA	3.16	5.31	2.89	2.46	4.38	-10.69	2.20	1.76	1.46	0.98	1.47
Net Debt to EBITDA	1.82	4.95	2.66	2.24	3.73	-9.48	1.93	1.42	1.26	0.78	1.22
Long-Term Debt to EBITDA	2.44	4.21	2.33	2.09	4.10	-9.94	2.03	1.64	1.36	0.83	1.29
Debt to NOPAT	6.26	16.86	13.83	3.86	-66.19	-4.89	3.73	1.91	2.36	1.69	2.87
Net Debt to NOPAT	3.61	15.73	12.70	3.50	-56.46	-4.34	3.28	1.55	2.03	1.35	2.38
Long-Term Debt to NOPAT	4.83	13.39	11.14	3.28	-62.02	-4.55	3.44	1.79	2.18	1.43	2.53
Altman Z-Score	2.79	1.92	2.57	2.66	2.08	2.10	2.56	3.23	5.17	5.13	6.93
Noncontrolling Interest Sharing Ratio	1.49%	1.70%	1.70%	1.50%	1.25%	1.54%	1.82%	1.34%	1.08%	0.95%	0.77%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.51	1.22	1.25	1.38	1.70	1.37	1.53	1.67	1.64	1.78	1.94
Quick Ratio	0.94	0.72	0.74	0.81	0.98	0.65	0.83	0.92	0.88	1.02	1.10
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-12	-391	-6.03	106	37	188	-41	90	-59	137	-216
Operating Cash Flow to CapEx	116.03%	71.04%	175.67%	140.35%	81.21%	458.10%	28.54%	212.03%	244.70%	253.93%	173.55%
Free Cash Flow to Firm to Interest Expense	-1.05	-22.74	-0.24	4.28	1.62	9.70	-2.62	4.34	-2.43	5.18	-6.84
Operating Cash Flow to Interest Expense	6.52	2.42	4.85	4.17	2.55	7.72	0.74	5.19	8.90	8.08	7.87
Operating Cash Flow Less CapEx to Interest Expense	0.90	-0.99	2.09	1.20	-0.59	6.04	-1.85	2.74	5.27	4.90	3.34
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.46	1.27	1.39	1.42	1.29	1.29	1.52	1.54	1.41	1.37	1.39
Accounts Receivable Turnover	7.08	6.21	6.60	6.50	6.26	6.45	6.45	6.00	5.87	5.73	5.26
Inventory Turnover	10.23	8.93	9.71	9.42	8.17	7.52	7.30	6.30	5.51	5.55	5.79
Fixed Asset Turnover	4.09	3.77	4.37	4.47	4.24	5.04	7.01	7.30	7.08	6.83	6.98
Accounts Payable Turnover	7.60	6.70	6.87	6.61	6.56	6.57	6.22	5.80	6.11	6.76	6.48
Days Sales Outstanding (DSO)	51.55	58.81	55.33	56.17	58.30	56.55	56.56	60.80	62.22	63.70	69.41
Days Inventory Outstanding (DIO)	35.67	40.85	37.60	38.73	44.65	48.55	49.99	57.96	66.21	65.75	63.09
Days Payable Outstanding (DPO)	48.02	54.48	53.10	55.21	55.61	55.57	58.68	62.98	59.75	54.02	56.28
Cash Conversion Cycle (CCC)	39.20	45.18	39.82	39.69	47.34	49.53	47.87	55.78	68.68	75.43	76.22
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	476	898	939	949	905	649	791	885	1,127	1,197	1,566
Invested Capital Turnover	2.96	2.19	2.29	2.34	2.13	2.33	2.85	2.74	2.39	2.22	2.30
Increase / (Decrease) in Invested Capital	38	422	41	11	-44	-257	142	95	242	70	368
Enterprise Value (EV)	628	1,095	1,516	1,117	582	1,064	808	1,494	5,349	4,322	11,798
Market Capitalization	528	611	1,067	702	165	759	468	1,201	4,970	4,035	11,427
Book Value per Share	$7.85	$8.27	$9.71	$10.55	$9.60	$6.78	$8.68	$11.37	$14.32	$17.31	$22.65
Tangible Book Value per Share	$7.35	$2.29	$3.69	$4.92	$4.24	$1.51	$3.70	$6.64	$6.29	$10.07	$13.38
Total Capital	545	932	978	991	976	691	836	952	1,187	1,269	1,639
Total Debt	163	511	479	450	482	335	378	353	432	351	436
Total Long-Term Debt	126	406	386	382	452	311	348	329	400	297	385
Net Debt	94	477	440	408	412	297	333	286	372	279	363
Capital Expenditures (CapEx)	62	59	71	74	71	33	40	51	88	84	143
Debt-free, Cash-free Net Working Capital (DFCFNWC)	107	169	181	203	221	161	247	296	320	403	665
Debt-free Net Working Capital (DFNWC)	176	203	221	244	292	199	293	363	380	474	739
Net Working Capital (NWC)	139	98	128	177	261	176	263	339	348	420	687
Net Nonoperating Expense (NNE)	27	15	11	31	-5.29	141	15	31	20	22	29
Net Nonoperating Obligations (NNO)	94	477	440	408	412	292	333	286	372	279	363
Total Depreciation and Amortization (D&A)	50	58	77	77	77	69	55	55	56	78	80
Debt-free, Cash-free Net Working Capital to Revenue	7.92%	11.24%	8.63%	9.16%	11.18%	8.91%	12.06%	12.86%	13.28%	15.59%	20.91%
Debt-free Net Working Capital to Revenue	13.01%	13.51%	10.49%	11.04%	14.77%	11.00%	14.27%	15.78%	15.78%	18.36%	23.22%
Net Working Capital to Revenue	10.27%	6.51%	6.07%	7.99%	13.23%	9.71%	12.83%	14.77%	14.46%	16.26%	21.60%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.03)	$0.29	$0.44	$1.67	($0.04)	($4.11)	$1.64	$2.93	$3.08	$3.50	$2.30
Adjusted Weighted Average Basic Shares Outstanding	47.30M	47.80M	49.90M	50.50M	50.80M	51.30M	52M	52.30M	52.40M	52.60M	52.80M
Adjusted Diluted Earnings per Share	($0.03)	$0.29	$0.43	$1.65	($0.04)	($4.11)	$1.62	$2.90	$3.03	$3.42	$2.26
Adjusted Weighted Average Diluted Shares Outstanding	47.30M	48.30M	50.90M	51.30M	50.80M	51.30M	52.50M	52.80M	53.40M	53.90M	53.80M
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	47.43M	50.08M	50.50M	50.73M	50.82M	51.63M	51.97M	52.07M	52.32M	52.39M	52.82M
Normalized Net Operating Profit after Tax (NOPAT)	45	37	77	85	41	58	74	109	195	228	245
Normalized NOPAT Margin	3.29%	2.44%	3.68%	3.84%	2.05%	3.19%	3.63%	4.73%	8.09%	8.81%	7.71%
Pre Tax Income Margin	-0.73%	1.38%	3.01%	3.65%	0.53%	-6.60%	4.95%	5.45%	8.91%	9.83%	5.86%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.11	2.21	3.47	4.26	1.46	-5.15	7.51	7.05	9.90	10.62	6.90
NOPAT to Interest Expense	2.34	1.76	1.35	4.70	-0.32	-3.53	6.50	8.91	7.60	7.84	4.82
EBIT Less CapEx to Interest Expense	-5.51	-1.20	0.71	1.29	-1.68	-6.84	4.92	4.60	6.27	7.44	2.37
NOPAT Less CapEx to Interest Expense	-3.28	-1.65	-1.41	1.73	-3.46	-5.21	3.91	6.46	3.97	4.66	0.28
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-90.00%	0.00%	3.78%	2.10%	-65.00%	0.00%	1.04%	0.39%	0.31%	0.59%	1.46%
Augmented Payout Ratio	-780.00%	0.00%	3.78%	2.79%	-185.00%	0.00%	1.04%	5.14%	8.45%	17.25%	7.14%

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

Metric	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026
Period end date	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	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	52,731,197.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	52,731,197.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.39
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.20%	0.25%	-2.36%	6.28%	6.04%	9.87%	7.24%	3.22%	12.29%	30.51%	47.47%
EBITDA Growth	63.52%	42.10%	-1.94%	17.09%	17.54%	6.97%	50.16%	-2.90%	-2.24%	33.96%	-90.47%
EBIT Growth	85.88%	56.52%	-4.98%	12.44%	12.16%	-1.31%	57.42%	-3.51%	-2.44%	43.21%	-116.50%
NOPAT Growth	77.19%	70.92%	-70.20%	6.36%	1.95%	-10.26%	80.69%	11.56%	-1.76%	38.67%	-111.44%
Net Income Growth	93.00%	82.59%	-71.10%	5.52%	-1.07%	-8.65%	91.95%	8.16%	-3.45%	-213.59%	46.91%
EPS Growth	89.13%	80.43%	-71.93%	3.53%	-1.15%	-8.43%	91.67%	7.95%	-3.49%	-218.42%	50.00%
Operating Cash Flow Growth	66.11%	444.07%	0.00%	-2.88%	-17.08%	-5.45%	38.38%	-31.60%	-97.56%	-59.31%	255.66%
Free Cash Flow Firm Growth	-219.13%	-370.72%	-2,372.18%	-136.69%	-151.83%	-214.00%	93.11%	-3.17%	-29.29%	-132.91%	-2,478.93%
Invested Capital Growth	19.69%	13.55%	27.32%	27.44%	32.82%	25.20%	6.25%	22.60%	30.58%	43.18%	30.75%
Revenue Q/Q Growth	-0.31%	-9.52%	7.50%	9.61%	-0.53%	-6.26%	4.93%	5.50%	8.22%	8.95%	18.56%
EBITDA Q/Q Growth	0.25%	-6.52%	-18.50%	53.29%	0.64%	-14.93%	14.41%	-0.88%	1.33%	16.58%	-91.86%
EBIT Q/Q Growth	-0.15%	-6.99%	-25.16%	61.79%	-0.40%	-18.16%	19.37%	-0.83%	0.70%	20.14%	-113.76%
NOPAT Q/Q Growth	2.80%	-2.68%	-38.43%	72.68%	-1.46%	-14.33%	23.96%	6.61%	-13.22%	20.93%	-110.22%
Net Income Q/Q Growth	3.53%	-3.84%	-42.13%	83.14%	-2.93%	-11.21%	21.60%	3.19%	-13.35%	-204.46%	257.27%
EPS Q/Q Growth	2.35%	-4.60%	-42.17%	83.33%	-2.27%	-11.63%	21.05%	3.26%	-12.63%	-208.43%	253.33%
Operating Cash Flow Q/Q Growth	65.71%	-7.09%	-38.32%	2.27%	41.48%	5.93%	-9.72%	-49.45%	-94.95%	1,664.29%	689.07%
Free Cash Flow Firm Q/Q Growth	-16.16%	38.34%	-255.18%	6.96%	-23.59%	23.12%	92.21%	-1,293.67%	-54.87%	-38.49%	13.73%
Invested Capital Q/Q Growth	-1.17%	2.18%	22.67%	2.87%	3.01%	-3.68%	4.10%	18.70%	9.72%	5.61%	-4.94%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	21.77%	22.68%	22.42%	24.58%	25.17%	24.25%	25.65%	24.22%	22.32%	23.12%	22.50%
EBITDA Margin	12.86%	13.29%	10.07%	14.09%	14.26%	12.94%	14.11%	13.25%	12.41%	13.28%	0.91%
Operating Margin	10.59%	10.99%	7.75%	11.25%	11.44%	9.61%	11.51%	11.09%	9.95%	11.09%	-0.87%
EBIT Margin	10.60%	10.90%	7.59%	11.20%	11.22%	9.79%	11.14%	10.47%	9.74%	10.75%	-1.25%
Profit (Net Income) Margin	7.56%	8.03%	4.32%	7.23%	7.05%	6.68%	7.74%	7.57%	6.06%	-5.81%	7.71%
Tax Burden Percent	78.56%	81.41%	66.08%	71.77%	69.88%	76.01%	75.00%	78.69%	70.33%	121.56%	76.99%
Interest Burden Percent	90.73%	90.52%	86.24%	89.88%	89.97%	89.74%	92.65%	91.89%	88.47%	-44.51%	-803.36%
Effective Tax Rate	21.44%	18.59%	33.92%	28.23%	30.12%	23.99%	25.00%	21.31%	29.67%	0.00%	23.01%
Return on Invested Capital (ROIC)	24.41%	25.09%	12.26%	19.09%	18.98%	17.94%	19.19%	17.61%	13.65%	15.96%	-1.54%
ROIC Less NNEP Spread (ROIC-NNEP)	22.61%	23.00%	10.79%	17.31%	16.73%	16.30%	17.42%	15.56%	11.98%	-11.23%	23.38%
Return on Net Nonoperating Assets (RNNOA)	10.57%	9.13%	5.23%	7.55%	5.99%	4.80%	6.77%	6.56%	5.12%	-4.53%	7.08%
Return on Equity (ROE)	34.97%	34.22%	17.50%	26.64%	24.97%	22.74%	25.96%	24.17%	18.77%	11.43%	5.53%
Cash Return on Invested Capital (CROIC)	10.42%	16.70%	-5.82%	-6.10%	-10.29%	-4.76%	11.76%	-3.79%	-11.11%	-21.35%	-15.64%
Operating Return on Assets (OROA)	17.13%	17.05%	10.69%	15.78%	15.83%	14.29%	15.27%	13.32%	12.17%	14.32%	-1.73%
Return on Assets (ROA)	12.21%	12.56%	6.09%	10.18%	9.95%	9.75%	10.61%	9.63%	7.57%	-7.75%	10.68%
Return on Common Equity (ROCE)	34.57%	33.82%	17.31%	26.37%	24.72%	22.51%	25.72%	23.97%	18.61%	11.33%	5.49%
Return on Equity Simple (ROE_SIMPLE)	31.06%	31.29%	0.00%	21.04%	19.26%	18.89%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	52	50	31	53	53	45	56	60	52	63	-6.39
NOPAT Margin	8.32%	8.95%	5.12%	8.07%	8.00%	7.31%	8.63%	8.72%	7.00%	7.77%	-0.67%
Net Nonoperating Expense Percent (NNEP)	1.79%	2.09%	1.47%	1.78%	2.25%	1.65%	1.78%	2.06%	1.67%	27.19%	-24.92%
Return On Investment Capital (ROIC_SIMPLE)	-	4.70%	-	-	-	3.65%	4.40%	3.85%	3.15%	3.58%	-0.39%
Cost of Revenue to Revenue	78.23%	77.32%	77.58%	75.42%	74.83%	75.75%	74.35%	75.78%	77.68%	76.88%	77.50%
SG&A Expenses to Revenue	11.10%	12.11%	12.53%	12.52%	13.04%	13.29%	12.59%	12.43%	11.40%	11.09%	10.66%
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	11.18%	11.69%	14.66%	13.33%	13.72%	14.64%	14.14%	13.14%	12.37%	26.45%	11.20%
Earnings before Interest and Taxes (EBIT)	66	61	46	74	74	60	72	72	72	87	-12
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	80	75	61	93	94	80	91	91	92	107	8.70
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.59	4.29	6.65	6.65	8.10	7.12	4.43	5.10	7.08	6.27	9.57
Price to Tangible Book Value (P/TBV)	5.65	6.47	15.13	13.78	15.39	12.94	7.62	9.48	13.44	11.25	16.20
Price to Revenue (P/Rev)	0.99	1.29	2.06	2.14	2.80	2.40	1.56	1.98	2.78	2.45	3.59
Price to Earnings (P/E)	11.63	13.82	30.77	31.96	42.54	37.99	21.93	27.46	40.08	71.87	94.05
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	8.60%	7.23%	3.25%	3.13%	2.35%	2.63%	4.56%	3.64%	2.50%	1.39%	1.06%
Enterprise Value to Invested Capital (EV/IC)	2.92	3.60	4.75	4.84	6.11	5.55	3.61	3.92	5.11	4.59	7.54
Enterprise Value to Revenue (EV/Rev)	1.08	1.37	2.22	2.29	2.94	2.51	1.67	2.14	2.97	2.63	3.71
Enterprise Value to EBITDA (EV/EBITDA)	9.57	11.18	18.14	18.20	22.63	19.48	12.07	15.67	22.55	19.86	39.62
Enterprise Value to EBIT (EV/EBIT)	11.97	13.73	22.41	22.73	28.62	25.12	15.41	20.05	28.87	25.01	54.10
Enterprise Value to NOPAT (EV/NOPAT)	11.21	13.04	29.19	30.10	38.93	35.02	20.88	26.14	37.54	38.14	77.52
Enterprise Value to Operating Cash Flow (EV/OCF)	16.16	15.42	24.93	26.30	36.19	32.22	20.26	27.78	55.10	69.56	47.44
Enterprise Value to Free Cash Flow (EV/FCFF)	30.50	22.94	0.00	0.00	0.00	0.00	31.63	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.51	0.45	0.57	0.55	0.47	0.43	0.38	0.52	0.55	0.55	0.36
Long-Term Debt to Equity	0.48	0.43	0.53	0.51	0.41	0.38	0.32	0.47	0.50	0.51	0.32
Financial Leverage	0.47	0.40	0.48	0.44	0.36	0.29	0.39	0.42	0.43	0.40	0.30
Leverage Ratio	2.67	2.51	2.52	2.41	2.28	2.18	2.25	2.26	2.23	2.16	2.17
Compound Leverage Factor	2.42	2.27	2.18	2.17	2.06	1.95	2.09	2.07	1.97	-0.96	-17.39
Debt to Total Capital	33.70%	31.19%	36.36%	35.38%	31.85%	30.05%	27.64%	34.10%	35.42%	35.28%	26.62%
Short-Term Debt to Total Capital	1.94%	1.84%	2.67%	2.45%	3.64%	3.31%	4.26%	2.91%	3.43%	2.58%	3.14%
Long-Term Debt to Total Capital	31.76%	29.34%	33.69%	32.92%	28.21%	26.74%	23.38%	31.19%	32.00%	32.69%	23.48%
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	0.69%	0.73%	0.67%	0.64%	0.68%	0.66%	0.63%	0.47%	0.46%	0.46%	0.51%
Common Equity to Total Capital	65.61%	68.08%	62.98%	63.98%	67.47%	69.30%	71.73%	65.44%	64.11%	64.26%	72.88%
Debt to EBITDA	1.25	1.13	1.46	1.41	1.26	1.13	0.98	1.48	1.65	1.62	1.47
Net Debt to EBITDA	0.81	0.62	1.26	1.18	1.01	0.88	0.78	1.13	1.41	1.36	1.22
Long-Term Debt to EBITDA	1.18	1.06	1.36	1.32	1.11	1.01	0.83	1.36	1.49	1.50	1.29
Debt to NOPAT	1.47	1.31	2.36	2.34	2.16	2.03	1.69	2.47	2.74	3.11	2.87
Net Debt to NOPAT	0.95	0.72	2.03	1.95	1.74	1.57	1.35	1.89	2.35	2.61	2.38
Long-Term Debt to NOPAT	1.38	1.23	2.18	2.18	1.92	1.81	1.43	2.26	2.48	2.88	2.53
Altman Z-Score	4.00	4.49	4.83	5.17	6.22	6.16	4.77	4.72	5.47	5.23	6.65
Noncontrolling Interest Sharing Ratio	1.14%	1.16%	1.08%	1.01%	1.01%	0.99%	0.95%	0.83%	0.84%	0.81%	0.77%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.82	1.93	1.64	1.80	1.77	1.87	1.78	2.06	2.00	2.19	1.94
Quick Ratio	1.01	1.08	0.88	1.01	0.99	1.05	1.02	1.14	1.03	1.12	1.10
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-96	-59	-211	-196	-242	-186	-15	-202	-314	-434	-375
Operating Cash Flow to CapEx	622.52%	364.77%	90.21%	151.12%	424.44%	379.38%	197.83%	100.73%	4.39%	59.09%	462.95%
Free Cash Flow to Firm to Interest Expense	-15.78	-10.24	-33.47	-26.16	-32.77	-30.07	-2.74	-34.90	-37.77	-48.79	-43.56
Operating Cash Flow to Interest Expense	11.33	11.07	6.29	5.40	7.74	9.79	10.34	4.78	0.17	2.78	22.66
Operating Cash Flow Less CapEx to Interest Expense	9.51	8.03	-0.68	1.83	5.92	7.21	5.11	0.03	-3.67	-1.92	17.77
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.62	1.56	1.41	1.41	1.41	1.46	1.37	1.27	1.25	1.33	1.39
Accounts Receivable Turnover	6.75	6.81	5.87	5.84	5.99	6.45	5.73	5.46	5.31	5.79	5.26
Inventory Turnover	6.33	5.86	5.51	5.52	5.50	5.68	5.55	4.99	4.56	4.98	5.79
Fixed Asset Turnover	8.14	7.84	7.08	7.26	7.33	7.56	6.83	6.60	6.46	6.89	6.98
Accounts Payable Turnover	6.67	6.89	6.11	6.38	6.64	7.72	6.76	6.38	5.90	6.91	6.48
Days Sales Outstanding (DSO)	54.09	53.63	62.22	62.49	60.96	56.58	63.70	66.89	68.76	63.00	69.41
Days Inventory Outstanding (DIO)	57.63	62.25	66.21	66.12	66.31	64.22	65.75	73.14	80.10	73.25	63.09
Days Payable Outstanding (DPO)	54.71	52.99	59.75	57.25	54.94	47.29	54.02	57.25	61.81	52.82	56.28
Cash Conversion Cycle (CCC)	57.01	62.88	68.68	71.36	72.34	73.51	75.43	82.78	87.05	83.43	76.22
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	899	919	1,127	1,159	1,194	1,150	1,197	1,421	1,559	1,647	1,566
Invested Capital Turnover	2.93	2.80	2.39	2.37	2.37	2.46	2.22	2.02	1.95	2.05	2.30
Increase / (Decrease) in Invested Capital	148	110	242	250	295	232	70	262	365	497	368
Enterprise Value (EV)	2,621	3,310	5,349	5,613	7,295	6,382	4,322	5,570	7,968	7,554	11,798
Market Capitalization	2,392	3,119	4,970	5,242	6,960	6,087	4,035	5,161	7,462	7,029	11,427
Book Value per Share	$12.76	$13.92	$14.32	$15.07	$16.39	$16.29	$17.31	$19.31	$20.07	$21.31	$22.65
Tangible Book Value per Share	$8.10	$9.23	$6.29	$7.27	$8.63	$8.96	$10.07	$10.39	$10.58	$11.87	$13.38
Total Capital	1,017	1,068	1,187	1,232	1,273	1,234	1,269	1,546	1,643	1,746	1,639
Total Debt	343	333	432	436	405	371	351	527	582	616	436
Total Long-Term Debt	323	314	400	406	359	330	297	482	526	571	385
Net Debt	222	184	372	363	327	287	279	403	498	517	363
Capital Expenditures (CapEx)	11	18	44	27	14	16	28	28	32	42	42
Debt-free, Cash-free Net Working Capital (DFCFNWC)	304	313	320	363	383	379	403	514	599	654	665
Debt-free Net Working Capital (DFNWC)	425	462	380	436	462	463	474	639	682	753	739
Net Working Capital (NWC)	405	443	348	406	416	422	420	594	626	708	687
Net Nonoperating Expense (NNE)	4.71	5.13	4.82	5.60	6.22	3.88	5.78	7.87	6.89	109	-80
Net Nonoperating Obligations (NNO)	225	184	372	363	327	287	279	403	498	517	363
Total Depreciation and Amortization (D&A)	14	13	15	19	20	19	19	19	20	20	21
Debt-free, Cash-free Net Working Capital to Revenue	12.57%	12.91%	13.28%	14.83%	15.43%	14.93%	15.59%	19.73%	22.28%	22.75%	20.91%
Debt-free Net Working Capital to Revenue	17.54%	19.09%	15.78%	17.81%	18.60%	18.23%	18.36%	24.51%	25.40%	26.19%	23.22%
Net Working Capital to Revenue	16.72%	18.28%	14.46%	16.57%	16.73%	16.62%	16.26%	22.78%	23.31%	24.62%	21.60%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.89	$0.85	$0.48	$0.90	$0.88	$0.78	$0.94	$0.97	$0.84	($0.90)	$1.39
Adjusted Weighted Average Basic Shares Outstanding	52.40M	52.30M	52.40M	52.50M	52.60M	52.70M	52.60M	52.60M	52.70M	52.80M	52.80M
Adjusted Diluted Earnings per Share	$0.87	$0.83	$0.48	$0.88	$0.86	$0.76	$0.92	$0.95	$0.83	($0.90)	$1.38
Adjusted Weighted Average Diluted Shares Outstanding	53.40M	53.20M	53.40M	53.90M	53.90M	53.90M	53.90M	53.70M	53.80M	52.80M	53.80M
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	52.24M	52.21M	52.32M	52.41M	52.50M	52.57M	52.39M	52.49M	52.65M	52.73M	52.82M
Normalized Net Operating Profit after Tax (NOPAT)	52	48	39	57	56	51	63	63	57	149	-2.39
Normalized NOPAT Margin	8.38%	8.60%	6.54%	8.66%	8.47%	8.33%	9.79%	9.28%	7.68%	18.51%	-0.25%
Pre Tax Income Margin	9.62%	9.87%	6.55%	10.07%	10.09%	8.79%	10.32%	9.62%	8.62%	-4.78%	10.02%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	10.79	10.55	7.27	9.88	9.97	9.74	13.60	12.33	8.67	9.72	-1.38
NOPAT to Interest Expense	8.46	8.66	4.91	7.12	7.11	7.27	10.54	10.27	6.23	7.02	-0.74
EBIT Less CapEx to Interest Expense	8.97	7.52	0.30	6.31	8.15	7.16	8.38	7.59	4.83	5.02	-6.28
NOPAT Less CapEx to Interest Expense	6.64	5.63	-2.06	3.55	5.29	4.69	5.32	5.53	2.38	2.33	-5.64
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.24%	0.22%	0.31%	0.24%	0.24%	0.25%	0.59%	0.74%	1.33%	2.51%	1.46%
Augmented Payout Ratio	7.48%	9.09%	8.45%	10.37%	6.77%	5.20%	17.25%	17.27%	16.67%	27.96%	7.14%

Financials Breakdown Chart

Key Financial Trends

Modine Manufacturing has shown a dramatic multi-year improvement in revenue, profitability, and cash generation, but the latest quarter also highlights some near-term pressure from debt, working capital, and softer operating margins.

Revenue has grown strongly over the last several years, with quarterly sales rising from about $541 million in Q1 2023 to $954 million in Q4 2026, showing powerful top-line momentum.
Gross profit has expanded meaningfully as revenue grew, indicating the company has been able to scale while keeping direct costs under control overall.
Profitability has improved sharply versus 2023, when Modine was still dealing with weaker earnings and restructuring/impairment charges.
Cash flow from operations has strengthened materially over time, reaching $194.9 million in Q4 2026 and $27.7 million in Q1 2026, both well above many earlier periods.
The balance sheet has improved in several respects since 2023, with total equity rising from about $447 million in Q1 2023 to about $1.13 billion in Q3 2026.
Debt has been reduced from prior levels at times, and the company has also been able to fund acquisitions and capital spending while still generating operating cash flow.
Capital expenditures have stayed significant, generally in the $11 million to $44 million quarterly range, suggesting Modine continues investing in capacity and growth.
Working capital swings remain a major factor in quarterly cash flow, with changes in operating assets and liabilities sometimes helping and sometimes hurting results.
The latest quarter showed an operating loss of $8.3 million despite strong revenue, mainly because operating expenses and a $5.2 million restructuring charge pressured margins.
Cash fell by $25.2 million in Q4 2026, as debt repayment and investing outflows outweighed operating cash generation.

Looking at the latest quarter in context, Q4 2026 sales of $954.4 million were strong, but profitability was weaker than the revenue line suggests. Gross profit came in at $214.7 million, but SG&A plus restructuring pushed operating income to a loss. After interest and taxes, net income still reached $73.3 million for common shareholders, but that was helped by non-operating items rather than core operating strength.

On the cash flow side, Modine continues to produce solid operating cash flow, and that is one of the clearest positives in the story. Still, the company’s financing profile is active: Q4 2026 included $307.4 million of debt repayment and $129.1 million of debt issuance, which shows management is managing leverage aggressively but also relying on debt markets.

Bottom line: Modine has clearly become a much stronger business than it was two years ago, with better growth and much higher earnings power. The main thing investors should watch now is whether recent margin pressure and heavy debt activity are temporary, or signs that growth is getting harder to convert into durable operating profit.

05/29/26 10:17 AM 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 2026 ended on March 31, 2026.

Modine Manufacturing's net income appears to be on an upward trend, with a most recent value of $123.30 million in 2026, falling from -$1 million in 2016. The previous period was $185.50 million in 2025. Check out Modine Manufacturing's forecast to explore projected trends and price targets.

Modine Manufacturing's total operating income in 2026 was $230.20 million, based on the following breakdown:

Total Gross Profit: $731.10 million
Total Operating Expenses: $500.90 million

Over the last 10 years, Modine Manufacturing's total revenue changed from $1.35 billion in 2016 to $3.18 billion in 2026, a change of 135.2%.

Modine Manufacturing's total liabilities were at $1.47 billion at the end of 2026, a 47.3% increase from 2025, and a 173.5% increase since 2016.

In the past 10 years, Modine Manufacturing's cash and equivalents has ranged from $34.20 million in 2017 to $73.50 million in 2026, and is currently $73.50 million as of their latest financial filing in 2026.

Over the last 10 years, Modine Manufacturing's book value per share changed from 7.85 in 2016 to 22.65 in 2026, a change of 188.7%.

Related Companies

Financial statements for NYSE:MOD last updated on 5/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Modine Manufacturing (MOD) Financials

Financials Breakdown Chart

Key Financial Trends

Modine Manufacturing Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

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?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools