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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: 2026
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 |
|---|---|---|---|---|---|---|---|
| 2026 | $3.2B | $298M | $122M | $105M | 10.2% | 23.1% | -34.0% |
| 2025 | $2.6B | $358M | $184M | $129M | 20.2% | 7.3% | 13.9% |
| 2024 | $2.4B | $295M | $162M | $127M | 21.6% | 4.8% | 5.5% |
| 2023 | $2.3B | $201M | $153M | $57M | 25.8% | - | - |
| 2022 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Total Revenue | - | 2,297.90 | 2,407.80 | 2,583.50 | 3,181.10 |
| Operating Revenue | - | 2,297.90 | 2,407.80 | 2,583.50 | 3,181.10 |
| Cost Of Revenue | - | 1,908.50 | 1,882.20 | 1,939.70 | 2,450 |
| Gross Profit | - | 389.40 | 525.60 | 643.80 | 731.10 |
| Operating Expense | - | 234 | 273.90 | 332.10 | 360.10 |
| Selling General And Administration | - | 234 | 273.90 | 332.10 | 360.10 |
| Total Expenses | - | 2,142.50 | 2,156.10 | 2,271.80 | 2,810.10 |
| Operating Income | - | 155.40 | 251.70 | 311.70 | 371 |
| Total Operating Income As Reported | - | 150.40 | 240.70 | 283.50 | 342.40 |
| EBITDA | - | 200.50 | 294.80 | 358.10 | 297.80 |
| Normalized EBITDA | - | 209.20 | 308.80 | 387.50 | 333.10 |
| EBIT | - | 146 | 238.70 | 280.40 | 218.10 |
| Interest Income | - | 1.30 | 4.30 | 2.70 | 2 |
| Interest Expense | - | 20.70 | 24.10 | 26.40 | 31.60 |
| Net Interest Income | - | -19.40 | -19.80 | -23.70 | -29.60 |
| Other Non Operating Income Expenses | - | -2 | -3.30 | -4.60 | -119.60 |
| Other Income Expense | - | -10.70 | -17.30 | -34 | -154.90 |
| Interest Income Non Operating | - | 1.30 | 4.30 | 2.70 | 2 |
| Interest Expense Non Operating | - | 20.70 | 24.10 | 26.40 | 31.60 |
| Net Non Operating Interest Income Expense | - | -19.40 | -19.80 | -23.70 | -29.60 |
| Pretax Income | - | 125.30 | 214.60 | 254 | 186.50 |
| Tax Provision | - | -28.30 | 51.20 | 68.50 | 63.20 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -1.83 | -3.35 | -7.93 | -11.96 |
| Net Income Continuous Operations | - | 153.60 | 163.40 | 185.50 | 123.30 |
| Net Income From Continuing And Discontinued Operation | - | 153.10 | 161.50 | 184 | 121.50 |
| Net Income From Continuing Operation Net Minority Interest | - | 153.10 | 161.50 | 184 | 121.50 |
| Net Income | - | 153.10 | 161.50 | 184 | 121.50 |
| Net Income Common Stockholders | - | 153.10 | 161.50 | 184 | 121.50 |
| Net Income Including Noncontrolling Interests | - | 153.60 | 163.40 | 185.50 | 123.30 |
| Normalized Income | - | 159.97 | 172.15 | 205.47 | 144.84 |
| Diluted NI Availto Com Stockholders | - | 153.10 | 161.50 | 184 | 121.50 |
| Basic Average Shares | 52 | 52.10 | 52.40 | 53.80 | - |
| Diluted Average Shares | 52.50 | 52.80 | 53.40 | 53.90 | - |
| Reconciled Depreciation | - | 54.50 | 56.10 | 77.70 | 79.70 |
| Reconciled Cost Of Revenue | - | 1,908.50 | 1,882.20 | 1,939.70 | 2,450 |
| Total Unusual Items | - | -8.70 | -14 | -29.40 | -35.30 |
| Total Unusual Items Excluding Goodwill | - | -8.70 | -14 | -29.40 | -35.30 |
| Minority Interests | - | -0.50 | -1.90 | -1.50 | -1.80 |
| Special Income Charges | - | -5 | -11 | -28.20 | -28.60 |
| Write Off | -55.70 | 0 | 0 | - | - |
| Impairment Of Capital Assets | - | - | - | 0 | 4.10 |
| Restructuring And Mergern Acquisition | - | 5 | 15 | 28.20 | 20.60 |
| Gain On Sale Of Security | - | -3.70 | -3 | -1.20 | -6.70 |
| General And Administrative Expense | - | 234 | 273.90 | 332.10 | 360.10 |
| Other Gand A | - | 234 | 273.90 | 332.10 | 360.10 |
| Salaries And Wages | 1.10 | 2 | 3.30 | - | - |
| Gain On Sale Of Ppe | - | 0 | 4 | 0 | -3.90 |
| Earnings From Equity Interest | 0 | - | - | - | - |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Modine Manufacturing Companythis co. | MOD | $15.9B | 130.94↑ premium | 13.32 | 10.2% | 54.64 |
| Super Group (SGHC) Limited | SGHC | $6.6B | 30.53 | 8.25 | 27.0% | 14.04 |
| Taylor Morrison Home Corporation | TMHC | $6.6B | 8.41 | 1.05 | 12.4% | 6.89 |
| Garrett Motion Inc. | GTX | $6.2B | 19.84 | -7.67 | -38.7% | 12.36 |
| Rush Street Interactive, Inc. | RSI |
| - |
| - |
| - |
| - |
| - |
| - |
| $6.1B |
| 182.36 |
| 41.26 |
| 22.6% |
| 45.09 |
| Rush Enterprises, Inc. | RUSHB | $5.1B | 19.38 | 2.32 | 12.0% | 9.81 |
| Alliance Laundry Holdings Inc. | ALH | $5.0B | 48.68 | 12.63 | 26.0% | 17.86 |
| Global Business Travel Group, Inc. | GBTG | $4.9B | 44.73 | 3.03 | 6.8% | 13.70 |
| Ermenegildo Zegna N.V. | ZGN | $4.0B | 40.60 | 3.88 | 9.6% | 10.82 |
| Peer Median | - | 35.56 | 3.46 | 12.2% | 13.03 | |