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Modine Manufacturing Company (MOD) 10-Year Financial Performance & Capital Metrics

MOD • • Industrial / General
Consumer CyclicalAuto Parts & EquipmentThermal Management & Climate ControlThermal Management Components
AboutModine Manufacturing Company provides engineered heat transfer systems and heat transfer components for use in on- and off-highway original equipment manufacturer (OEM) vehicular applications. It operates through Climate Solutions and Performance Technologies segments. The company offers gas-fired, hydronic, electric, and oil-fired unit heaters; indoor and outdoor duct furnaces; infrared units; perimeter heating products, such as commercial fin-tube radiation, cabinet unit heaters, and convectors; roof-mounted direct- and indirect-fired makeup air units; unit ventilators; single packaged vertical units; precision air conditioning units for data center applications; air handler units; fan walls; chillers; ceiling cassettes; hybrid fan coils; and condensers and condensing units. It also provides microchannel, heat recovery, round tube plate fin, and motor and generator cooling coils; evaporator unit, fluid, transformer oil, gas, air blast, and dry and brine coolers, as well as remote condensers; and coatings to protect against corrosion. In addition, the company offers powertrain cooling products, including engine cooling modules, radiators, charge air coolers, condensers, oil coolers, fan shrouds, and surge tanks; on-engine cooling products comprising exhaust gas recirculation, engine oil, fuel, charge air, and intake air coolers; auxiliary cooling products, such as transmission and retarder oil coolers, and power steering coolers; and complete battery thermal management systems and electronics cooling packages. It serves heating, ventilation, and cooling OEMs; construction architects and contractors; wholesalers of heating equipment; automobile, truck, bus, and specialty vehicle OEMs; agricultural, industrial, and construction equipment OEMs; and commercial and industrial equipment OEMs. The company has operations in North America, South America, Europe, and Asia. Modine Manufacturing Company was incorporated in 1916 and is headquartered in Racine, Wisconsin.Show more
  • Revenue $2.58B +7.3%
  • EBITDA $361M +21.7%
  • Net Income $184M +13.9%
  • EPS (Diluted) 3.42 +13.2%
  • Gross Margin 24.98% +14.1%
  • EBITDA Margin 13.98% +13.4%
  • Operating Margin 10.97% +9.8%
  • Net Margin 7.12% +6.2%
  • ROE 21.99% -7.8%
  • ROIC 17.55% -2.2%
  • Debt/Equity 0.49 -14.3%
  • Interest Coverage 10.74 +7.5%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Excellent 3Y average ROE of 24.9%
  • ✓Strong Piotroski F-Score: 7/9
  • ✓Efficient asset utilization: 1.3x turnover

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.61%
5Y5.51%
3Y8.01%
TTM8.1%

Profit (Net Income) CAGR

10Y23.78%
5Y-
3Y29.26%
TTM13.81%

EPS CAGR

10Y22.48%
5Y-
3Y28.28%
TTM13.44%

ROCE

10Y Avg9.41%
5Y Avg12.08%
3Y Avg18.87%
Latest21.14%

Peer Comparison

Thermal Management Components
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
MODModine Manufacturing Company6.69B127.0737.167.3%6.93%17.55%1.93%0.49
KULRKULR Technology Group, Inc.157.6M3.45-36.749.23%-133.47%-15.04%0.03

Profit & Loss

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Sales/Revenue+1.35B1.5B2.1B2.21B1.98B1.81B2.05B2.3B2.41B2.58B
Revenue Growth %-0.1%0.11%0.4%0.05%-0.11%-0.08%0.13%0.12%0.05%0.07%
Cost of Goods Sold+1.12B1.24B1.75B1.85B1.67B1.51B1.74B1.91B1.88B1.94B
COGS % of Revenue0.83%0.83%0.83%0.83%0.84%0.84%0.85%0.83%0.78%0.75%
Gross Profit+233.6M258.7M356.5M365.5M307.5M293.4M309.3M389.4M527.2M645.4M
Gross Margin %0.17%0.17%0.17%0.17%0.16%0.16%0.15%0.17%0.22%0.25%
Gross Profit Growth %-0.05%0.11%0.38%0.03%-0.16%-0.05%0.05%0.26%0.35%0.22%
Operating Expenses+196.5M216.4M264.3M255.8M269.6M391.1M190.1M239M286.5M361.9M
OpEx % of Revenue0.15%0.14%0.13%0.12%0.14%0.22%0.09%0.1%0.12%0.14%
Selling, General & Admin106.9M124.9M183.3M176.3M192.5M160.5M166M192M232.1M332.1M
SG&A % of Revenue0.08%0.08%0.09%0.08%0.1%0.09%0.08%0.08%0.1%0.13%
Research & Development61.1M64.4M65.8M69.8M59.5M46.3M50.3M44M42M34.9M
R&D % of Revenue0.05%0.04%0.03%0.03%0.03%0.03%0.02%0.02%0.02%0.01%
Other Operating Expenses28.5M27.1M15.2M9.7M17.6M184.3M-26.2M3M12.4M-5.1M
Operating Income+37.1M42.3M92.2M109.7M37.9M-97.7M119.2M150.4M240.7M283.5M
Operating Margin %0.03%0.03%0.04%0.05%0.02%-0.05%0.06%0.07%0.1%0.11%
Operating Income Growth %-0.3%0.14%1.18%0.19%-0.65%-3.58%2.22%0.26%0.6%0.18%
EBITDA+88.9M100.6M168.9M186.6M115M-29.1M174M204.9M296.8M361.2M
EBITDA Margin %0.07%0.07%0.08%0.08%0.06%-0.02%0.08%0.09%0.12%0.14%
EBITDA Growth %-0.15%0.13%0.68%0.1%-0.38%-1.25%6.98%0.18%0.45%0.22%
D&A (Non-Cash Add-back)51.8M58.3M76.7M76.9M77.1M68.6M54.8M54.5M56.1M77.7M
EBIT1.2M38M107.4M119.4M33.1M-99.9M117.1M153.5M238.7M280.4M
Net Interest Income+-10.7M-16.8M-25.2M-24.4M-22.3M-18.9M-15.2M-19.4M-19.8M-23.7M
Interest Income400K400K400K400K400K500K400K1.3M4.3M2.7M
Interest Expense11.1M17.2M25.6M24.8M22.7M19.4M15.6M20.7M24.1M26.4M
Other Income/Expense-47M-21.5M-28.9M-28.9M-27.5M-21.6M-17.7M-25.1M-26.1M-29.5M
Pretax Income+-9.9M20.8M63.3M80.8M10.4M-119.3M101.5M125.3M214.6M254M
Pretax Margin %-0.01%0.01%0.03%0.04%0.01%-0.07%0.05%0.05%0.09%0.1%
Income Tax+-8.9M5.9M39.5M-5.1M12.4M90.2M15.2M-28.3M51.2M68.5M
Effective Tax Rate %0.16%0.68%0.35%1.05%-0.21%1.77%0.84%1.22%0.75%0.72%
Net Income+-1.6M14.2M22.2M84.8M-2.2M-210.7M85.2M153.1M161.5M184M
Net Margin %-0%0.01%0.01%0.04%-0%-0.12%0.04%0.07%0.07%0.07%
Net Income Growth %-1.07%9.88%0.56%2.82%-1.03%-94.77%1.4%0.8%0.05%0.14%
Net Income (Continuing)-1M14.9M23.8M85.9M-2M-209.5M86.3M153.6M163.4M185.5M
Discontinued Operations0000000000
Minority Interest6.5M7.2M8.4M7.2M5.7M7.4M7.4M6.8M7.9M8M
EPS (Diluted)+-0.030.280.441.65-0.04-4.081.622.903.023.42
EPS Growth %-1.08%9.28%0.57%2.75%-1.03%-93.44%1.4%0.79%0.04%0.13%
EPS (Basic)-0.030.280.441.67-0.04-4.081.642.933.083.50
Diluted Shares Outstanding47.4M50.1M50.9M51.3M50.8M51.3M52.5M52.8M53.4M53.9M
Basic Shares Outstanding47.3M47.8M50.5M50.7M50.8M51.3M52M52.3M52.4M52.6M
Dividend Payout Ratio----------

Balance Sheet

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Total Current Assets+412.5M553.3M643.1M646.8M633.3M644.8M757.6M846.4M894M961.2M
Cash & Short-Term Investments68.9M34.2M39.3M41.7M70.9M37.8M45.2M67.1M60.1M71.6M
Cash Only68.9M34.2M39.3M41.7M70.9M37.8M45.2M67.1M60.1M71.6M
Short-Term Investments0000000000
Accounts Receivable189.1M295.2M342.4M338.6M292.5M267.9M367.5M398M422.9M478.9M
Days Sales Outstanding51.0371.6959.4255.8554.0454.0765.4363.2264.1167.66
Inventory111M168.5M191.3M200.7M207.4M195.6M281.2M324.9M357.9M340.9M
Days Inventory Outstanding36.2149.4339.9839.6645.3847.1258.9662.1469.4664.2
Other Current Assets43.5M55.4M70.1M65.8M62.5M143.5M63.7M56.4M53.1M69.8M
Total Non-Current Assets+508.4M896.2M930.3M891.2M902.8M631.9M669.4M719.5M957.5M956.4M
Property, Plant & Equipment338.6M459M504.3M484.7M448M269.9M315.4M314.5M441.7M390.5M
Fixed Asset Turnover3.99x3.27x4.17x4.57x4.41x6.70x6.50x7.31x5.45x6.62x
Goodwill15.8M165.1M173.8M168.5M166.1M170.7M168.1M165.6M230.9M233.9M
Intangible Assets8.2M134.1M129.9M116.2M106.3M100.6M90.3M81.1M188.3M146.7M
Long-Term Investments000000000300K
Other Non-Current Assets19.5M26.3M21.8M20.4M77.6M66.2M68.2M74.6M21.5M118M
Total Assets+920.9M1.45B1.57B1.54B1.54B1.28B1.43B1.57B1.85B1.92B
Asset Turnover1.47x1.04x1.34x1.44x1.29x1.42x1.44x1.47x1.30x1.35x
Asset Growth %-0.01%0.57%0.09%-0.02%-0%-0.17%0.12%0.1%0.18%0.04%
Total Current Liabilities+273.6M455.4M515.5M470M372M469.2M494.5M507.1M545.8M541M
Accounts Payable142.4M230.3M277.9M280.9M227.4M233.9M325.8M332.8M283.4M290.8M
Days Payables Outstanding46.4567.5658.0755.549.7656.3568.3163.655554.77
Short-Term Debt37.1M105.2M93.1M67.5M30.4M23.3M29.4M23.4M31.7M72.1M
Deferred Revenue (Current)0000000000
Other Current Liabilities94.1M119.9M144.5M121.6M114.2M212M139.3M150.9M230.7M178.1M
Current Ratio1.51x1.21x1.25x1.38x1.70x1.37x1.53x1.67x1.64x1.78x
Quick Ratio1.10x0.84x0.88x0.95x1.14x0.96x0.96x1.03x0.98x1.15x
Cash Conversion Cycle40.7953.5641.3340.0149.6744.8456.0861.7178.5777.09
Total Non-Current Liabilities+264.6M572.9M559.4M479.8M670.5M451.4M474.4M459.2M550.2M458.4M
Long-Term Debt125.5M405.7M386.3M382.2M452M311.2M348.4M329.3M399.9M294.5M
Capital Lease Obligations00000000082.8M
Deferred Tax Liabilities4.2M9.7M9.9M8.2M8.1M5.9M5.9M4.8M30M24.1M
Other Non-Current Liabilities134.9M157.5M163.2M136.5M210.4M134.3M120.1M125.1M120.3M57M
Total Liabilities538.2M1.03B1.07B996.9M1.04B920.6M968.9M966.3M1.1B999.4M
Total Debt+162.6M510.9M479.4M449.7M482.4M334.5M377.8M352.7M431.6M449.4M
Net Debt93.7M476.7M440.1M408M411.5M296.7M332.6M285.6M371.5M377.8M
Debt / Equity0.42x1.21x0.96x0.83x0.98x0.94x0.82x0.59x0.57x0.49x
Debt / EBITDA1.83x5.08x2.84x2.41x4.19x-2.17x1.72x1.45x1.24x
Net Debt / EBITDA1.05x4.74x2.61x2.19x3.58x-1.91x1.39x1.25x1.05x
Interest Coverage3.34x2.46x3.60x4.42x1.67x-5.04x7.64x7.27x9.99x10.74x
Total Equity+382.7M421.2M498.5M541.1M493.6M356.1M458.1M599.6M755.5M918.2M
Equity Growth %0.06%0.1%0.18%0.09%-0.09%-0.28%0.29%0.31%0.26%0.22%
Book Value per Share8.078.419.7910.559.726.948.7311.3614.1517.04
Total Shareholders' Equity376.2M414M490.1M533.9M487.9M348.7M450.7M592.8M747.6M910.2M
Common Stock30.6M32.4M32.7M33M33.3M33.9M34.2M34.6M35M35.3M
Retained Earnings358.2M372.4M394.9M472.1M469.9M259.2M344.4M497.5M659M843M
Treasury Stock-24M-25.4M-27.1M-31.4M-37.1M-38.2M-40M-49M-66.7M-97.6M
Accumulated OCI-174.2M-181.8M-140.3M-178.4M-223.3M-161.2M-149.5M-161.1M-163.4M-181.3M
Minority Interest6.5M7.2M8.4M7.2M5.7M7.4M7.4M6.8M7.9M8M

Cash Flow

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operations+72.4M41.6M123.8M103.3M57.9M149.8M11.5M107.5M214.6M213.3M
Operating CF Margin %0.05%0.03%0.06%0.05%0.03%0.08%0.01%0.05%0.09%0.08%
Operating CF Growth %0.14%-0.43%1.98%-0.17%-0.44%1.59%-0.92%8.35%1%-0.01%
Net Income-1M14.9M23.8M85.9M-2M-209.5M86.3M153.6M161.5M185.5M
Depreciation & Amortization50.2M58.3M76.7M76.9M77.1M68.6M54.8M54.5M56.1M77.7M
Stock-Based Compensation4.9M7.4M9.5M7.9M6.6M6.3M5.7M6.6M10.8M26.4M
Deferred Taxes-18.8M-4.6M12.1M-4.4M1M67.9M-3.8M-59.6M6.2M6.5M
Other Non-Cash Items61M1.9M11.5M7.4M13.4M173.1M-46M4.8M4M6.9M
Working Capital Changes-23.9M-36.3M-9.8M-70.4M-38.2M43.4M-85.5M-52.4M-24M-89.7M
Change in Receivables8M-25.7M-26.1M-15.3M36.6M-17.1M-55.6M-40.7M-8.3M-61.2M
Change in Inventory-2.7M-3.3M-12.5M-22M-12M-5M-70.7M-49.4M-17.3M13.6M
Change in Payables-9.9M19.9M25.2M16.6M-37.7M44M55.1M10.2M-59.1M10.5M
Cash from Investing+-77.8M-422.2M-71.6M-72.8M-60.5M-31.3M-51M-50.4M-283.4M-86.6M
Capital Expenditures-104.5M-65.4M-71M-73.9M-71.3M-32.7M-40.3M-50.7M-88.5M-84M
CapEx % of Revenue0.08%0.04%0.03%0.03%0.04%0.02%0.02%0.02%0.04%0.03%
Acquisitions----------
Investments----------
Other Investing28.7M8.7M-600K1.1M6.2M1.4M-10.4M00800K
Cash from Financing+2.7M347.6M-50.1M-25.9M33.3M-145.1M39.2M-33.3M62.7M-113.6M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid0000000000
Share Repurchases----------
Other Financing-1.3M-9.1M1.8M-4.6M-7.2M5.8M-1.6M3.1M-2.4M-200K
Net Change in Cash----------
Free Cash Flow+-32.1M-23.8M52.8M29.4M-13.4M117.1M-28.8M56.8M126.1M129.3M
FCF Margin %-0.02%-0.02%0.03%0.01%-0.01%0.06%-0.01%0.02%0.05%0.05%
FCF Growth %-1.79%0.26%3.22%-0.44%-1.46%9.74%-1.25%2.97%1.22%0.03%
FCF per Share-0.68-0.481.040.57-0.262.28-0.551.082.362.40
FCF Conversion (FCF/Net Income)-45.25x2.93x5.58x1.22x-26.32x-0.71x0.13x0.70x1.33x1.16x
Interest Paid10.7M023.4M021.4M17.9M14.1M18.4M23.3M26M
Taxes Paid-10.1M0-20.1M018.8M19.7M21.8M31.9M46.9M55.2M

Key Ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)-0.43%3.53%4.83%16.31%-0.43%-49.59%20.93%28.95%23.84%21.99%
Return on Invested Capital (ROIC)6.08%4.62%7.53%8.72%3.07%-9.41%12.39%13.46%17.94%17.55%
Gross Margin17.27%17.21%16.95%16.52%15.57%16.22%15.09%16.95%21.9%24.98%
Net Margin-0.12%0.94%1.06%3.83%-0.11%-11.65%4.16%6.66%6.71%7.12%
Debt / Equity0.42x1.21x0.96x0.83x0.98x0.94x0.82x0.59x0.57x0.49x
Interest Coverage3.34x2.46x3.60x4.42x1.67x-5.04x7.64x7.27x9.99x10.74x
FCF Conversion-45.25x2.93x5.58x1.22x-26.32x-0.71x0.13x0.70x1.33x1.16x
Revenue Growth-9.62%11.13%39.93%5.21%-10.72%-8.46%13.37%12.09%4.78%7.3%

Revenue by Segment

201320142015201620172018
Automotive---396.8M461M526M
Automotive Growth----16.18%14.10%
Commercial Vehicle---459.8M382.5M381.7M
Commercial Vehicle Growth-----16.81%-0.21%
Commercial and Residential Air Conditioning-----371.3M
Commercial and Residential Air Conditioning Growth------
HVAC&R----400.9M332.3M
HVAC&R Growth------17.11%
Off-Highway---206.2M202.8M271.2M
Off-Highway Growth-----1.65%33.73%
Commercial Refrigeration-----158.7M
Commercial Refrigeration Growth------
Other Vehicular-----61.9M
Other Vehicular Growth------
Other Product110.5M135.1M99.1M108.3M55.8M-
Other Product Growth-22.26%-26.65%9.28%-48.48%-
Modules packages358.5M379.9M367.5M---
Modules packages Growth-5.97%-3.26%---
Oil coolers194.1M215.4M233M---
Oil coolers Growth-10.97%8.17%---
Building HVAC151.8M159.5M199.6M---
Building HVAC Growth-5.07%25.14%---
EGR Coolers136.1M172.5M183.5M---
EGR Coolers Growth-26.75%6.38%---
Charge air coolers161.8M157M148.9M---
Charge air coolers Growth--2.97%-5.16%---
Condensers128.8M129.2M140M---
Condensers Growth-0.31%8.36%---
Radiators134.4M129M124.8M---
Radiators Growth--4.02%-3.26%---

Revenue by Geography

201320142015201620172018
United States-645.7M669.3M627.6M--
United States Growth--3.65%-6.23%--
Other Geographic395M330.1M260.4M310.6M--
Other Geographic Growth--16.43%-21.11%19.28%--
GERMANY214.8M229.5M193.8M155.3M--
GERMANY Growth-6.84%-15.56%-19.87%--
Hungary-150.3M161M145.9M--
Hungary Growth--7.12%-9.38%--
country_AUSTRIA--118.7M113.1M--
country_AUSTRIA Growth----4.72%--
BRAZIL128.8M122M93.2M---
BRAZIL Growth--5.28%-23.61%---

Frequently Asked Questions

Valuation & Price

Modine Manufacturing Company (MOD) has a price-to-earnings (P/E) ratio of 37.2x. This suggests investors expect higher future growth.

Growth & Financials

Modine Manufacturing Company (MOD) reported $2.69B in revenue for fiscal year 2025. This represents a 70% increase from $1.58B in 2012.

Modine Manufacturing Company (MOD) grew revenue by 7.3% over the past year. This is steady growth.

Yes, Modine Manufacturing Company (MOD) is profitable, generating $186.2M in net income for fiscal year 2025 (7.1% net margin).

Dividend & Returns

Modine Manufacturing Company (MOD) has a return on equity (ROE) of 22.0%. This is excellent, indicating efficient use of shareholder capital.

Modine Manufacturing Company (MOD) generated $69.2M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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