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Modine Manufacturing Company designs, engineers, tests, manufactures, and sells mission-critical thermal solutions in the United States, Canada, Italy, Hungary, the United Kingdom, China, and internationally. The company offers heat transfer products, including round tube plate fin construction; gas-fired, hydronic, electric, and oil fired unit heaters; roof-mounted direct- and indirect-fired makeup air units, duct furnaces, infrared units, and perimeter heating products; single packaged unit ventilators, modular chillers, air handler and condensing units, and ceiling cassettes; evaporator unit coolers, remote condensers, fluid coolers, gas coolers, and dry and brine coolers; and motor and generator cooling coils, transformer oil coolers, radiators, dryers, and industrial heat exchangers. It also provides data center products that consists of IT cooling solutions, including precision air conditioning units for data center applications; computer room air conditioning and handler units; hybrid fan coils; fan walls; chillers; condensers; condensing units; and liquid cooling solutions for high-density computing, as well as sells replacement parts, maintenance service and control solutions for existing equipment and new building management controls and systems. In addition, the company offers powertrain cooling products, such as radiators, condensers, engine cooling modules, charge air coolers, fan shrouds, and surge tanks; cooling module generator sets; aluminum and stainless steel engine oil coolers, exhaust gas recirculation coolers, liquid charge air coolers, transmission and retarder oil coolers, chillers, and condensers; battery thermal management systems, electronics cooling packages, battery chillers, battery cooling plates, coolers and casings for electronics cooling, and coolers for electric axles; and coatings products and application services. Modine Manufacturing Company was incorporated in 1916 and is headquartered in Racine, Wisconsin.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $2.6B | $358M | $184M | $129M | 20.0% | 7.3% | 13.9% |
| 2024 | $2.4B | $295M | $162M | $127M | 21.4% | 4.8% | 5.5% |
| 2023 | $2.3B | $201M | $153M | $57M | 25.5% | 12.1% | 79.7% |
| 2022 | $2.1B | $172M | $85M | $-29M | 18.6% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 2,050.10 | 2,297.90 | 2,407.80 | 2,583.50 |
| Cost Of Revenue | 1,740.80 | 1,908.50 | 1,882.20 | 1,939.70 |
| Gross Profit | 309.30 | 389.40 | 525.60 | 643.80 |
| Operating Expense | 215.10 | 234 | 273.90 | 332.10 |
| Operating Income | 94.20 | 155.40 | 251.70 | 311.70 |
| EBITDA | 171.90 | 200.50 | 294.80 | 358.10 |
| EBIT | 117.10 | 146 | 238.70 | 280.40 |
| Pretax Income | 101.50 | 125.30 | 214.60 | 254 |
| Tax Provision | 15.20 | -28.30 | 51.20 | 68.50 |
| Net Income | 85.20 | 153.10 | 161.50 | 184 |
| Net Income Common Stockholders | 85.20 | 153.10 | 161.50 | 184 |
| Total Expenses | 1,955.90 | 2,142.50 | 2,156.10 | 2,271.80 |
| Interest Expense | 15.60 | 20.70 | 24.10 | 26.40 |
| Interest Income | 0.40 | 1.30 | 4.30 | 2.70 |
| Selling General And Administration | 215.10 | 234 | 273.90 | 332.10 |
| Normalized EBITDA | 148.30 | 209.20 | 308.80 | 387.50 |
| Normalized Income | 65.14 | 159.97 | 172.15 | 205.46 |
| Basic EPS | 1.64 | 2.94 | 3.08 | 3.42 |
| Diluted EPS | 1.62 | 2.90 | 3.03 | 3.42 |
| Tax Effect Of Unusual Items | 3.54 | -1.83 | -3.35 | -7.94 |
| Tax Rate For Calcs | 0.15 | 0.21 | 0.24 | 0.27 |
| Total Unusual Items | 23.60 | -8.70 | -14 | -29.40 |
| Total Unusual Items Excluding Goodwill | 23.60 | -8.70 | -14 | -29.40 |
| Net Income From Continuing Operation Net Minority Interest | 85.20 | 153.10 | 161.50 | 184 |
| Reconciled Depreciation | 54.80 | 54.50 | 56.10 | 77.70 |
| Reconciled Cost Of Revenue | 1,740.80 | 1,908.50 | 1,882.20 | 1,939.70 |
| Net Interest Income | -15.20 | -19.40 | -19.80 | -23.70 |
| Net Income From Continuing And Discontinued Operation | 85.20 | 153.10 | 161.50 | 184 |
| Total Operating Income As Reported | 119.20 | 150.40 | 240.70 | 283.50 |
| Diluted Average Shares | 52.50 | 52.80 | 53.40 | 53.90 |
| Basic Average Shares | 52 | 52.10 | 52.40 | 53.80 |
| Diluted NI Availto Com Stockholders | 85.20 | 153.10 | 161.50 | 184 |
| Minority Interests | -1.10 | -0.50 | -1.90 | -1.50 |
| Net Income Including Noncontrolling Interests | 86.30 | 153.60 | 163.40 | 185.50 |
| Net Income Continuous Operations | 86.30 | 153.60 | 163.40 | 185.50 |
| Other Income Expense | 22.50 | -10.70 | -17.30 | -34 |
| Other Non Operating Income Expenses | -1.10 | -2 | -3.30 | -4.60 |
| Special Income Charges | 25 | -5 | -11 | -28.20 |
| Gain On Sale Of Ppe | -6.60 | 0 | 4 | 0 |
| Write Off | -55.70 | 0 | 0 | 0 |
| Restructuring And Mergern Acquisition | 24.10 | 5 | 15 | 28.20 |
| Earnings From Equity Interest | 0 | 0 | 0 | 0 |
| Gain On Sale Of Security | -1.40 | -3.70 | -3 | -1.20 |
| Net Non Operating Interest Income Expense | -15.20 | -19.40 | -19.80 | -23.70 |
| Interest Expense Non Operating | 15.60 | 20.70 | 24.10 | 26.40 |
| Interest Income Non Operating | 0.40 | 1.30 | 4.30 | 2.70 |
| General And Administrative Expense | 215.10 | 234 | 273.90 | 332.10 |
| Other Gand A | 215.10 | 234 | 273.90 | 332.10 |
| Salaries And Wages | 1.10 | 2 | 3.30 | 0 |
| Operating Revenue | 2,050.10 | 2,297.90 | 2,407.80 | 2,583.50 |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Modine Manufacturing Companythis co. | MOD | $12.3B | 128.24↑ premium | 10.99 | 20.0% | 30.91 |
| Rush Street Interactive, Inc. | RSI | $6.5B | 82.29 | 19.00 | 11.0% | 17.89 |
| Super Group (SGHC) Limited | SGHC | $6.5B | 29.74 | 8.68 | 27.1% | 13.47 |
| Taylor Morrison Home Corporation | TMHC | $5.7B | 9.04 | 0.93 | - | 7.04 |
| Rush Enterprises, Inc. | RUSHB |
| $5.5B |
| 21.50 |
| 2.47 |
| 11.9% |
| 11.06 |
| Alliance Laundry Holdings Inc. | ALH | $4.9B | 44.23 | 12.48 | 26.0% | 16.48 |
| Polaris Inc. | PII | $3.8B | - | 4.58 | -55.9% | 16.72 |
| Greif, Inc. | GEF | $3.7B | 27.04 | 1.25 | 12.0% | 8.25 |
| Hilton Grand Vacations Inc. | HGV | $3.5B | 48.76 | 2.80 | 5.6% | 12.92 |
| Peer Median | - | 29.74 | 3.69 | 11.9% | 13.20 | |