Free cash flow reached $125.1M in 2026Q4, reflecting a robust OCF/NI conversion ratio of 2.27 that suggests strong underlying cash-generating capacity despite historical working capital drains.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Cash from Operations | 248.7M | 213.3M | 214.6M | 107.5M | 11.5M | 149.8M | 57.9M | 103.3M | 123.8M | 41.6M | 72.4M | 63.5M | 104.5M | 48.8M | 45.76M | 20.81M | 61.9M | 93.52M | 67.35M | 102.41M | 129.36M | 155.75M | 108.72M | 113.31M | 131.4M | 122.69M | 90.08M | 105.2M | 102.9M | 100.2M |
| Operating CF Margin % | 7.82% | 8.26% | 8.91% | 4.68% | 0.56% | 8.28% | 2.93% | 4.67% | 5.89% | 2.77% | 5.35% | 4.24% | 7.07% | 3.55% | 2.9% | 1.44% | 5.32% | 6.64% | 3.64% | 5.83% | 7.94% | 10.09% | 9.06% | 10.38% | 12.23% | 11.52% | 7.91% | 9.47% | 9.89% | 10.03% |
| Operating CF Growth % | 16.6% | -0.61% | 99.63% | 834.78% | -92.32% | 158.72% | -43.95% | -16.56% | 197.6% | -42.54% | 14.02% | -39.23% | 114.14% | 6.65% | 119.86% | -66.38% | -33.8% | 38.84% | -34.23% | -20.83% | -16.94% | 43.26% | -4.05% | -13.77% | 7.1% | 36.21% | -14.38% | 2.24% | 2.69% | 18.44% |
| Net Income | 123.3M | 185.5M | 161.5M | 153.6M | 86.3M | -209.5M | -2M | 85.9M | 23.8M | 14.9M | -1M | 22.8M | 131.9M | -22.8M | 39.45M | 6.18M | -29.28M | -108.61M | -65.6M | 42.33M | 7.64M | 61.66M | 40.44M | 12.67M | 23.34M | 47.6M | 65.4M | 73.9M | 72.5M | 63.8M |
| Depreciation & Amortization | 79.7M | 77.7M | 56.1M | 54.5M | 54.8M | 68.6M | 77.1M | 76.9M | 76.7M | 58.3M | 50.2M | 51.6M | 58.1M | 55.8M | 57.69M | 56.49M | 65.77M | 73.33M | 81.79M | 71.1M | 68.18M | 68.49M | 61.42M | 54.81M | 63.51M | 49.95M | 48.82M | 44.2M | 41.8M | 41.5M |
| Stock-Based Compensation | 22.1M | 26.4M | 10.8M | 6.6M | 5.7M | 6.3M | 6.6M | 7.9M | 9.5M | 7.4M | 4.9M | 4M | 3.6M | 3.1M | 1.63M | 5.22M | 2.73M | 3.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -39.1M | 6.5M | 6.2M | -59.6M | -3.8M | 67.9M | 1M | -4.4M | 12.1M | -4.6M | -18.8M | 5.9M | -116.1M | 600K | 1.92M | -6.95M | 3.39M | -13.98M | 21.54M | -9.03M | -6.7M | 8.58M | 5.37M | 7.82M | 11.91M | 9.62M | -2.23M | 5.7M | -100K | -1.5M |
| Other Non-Cash Items | 285.3M | 6.9M | 4M | 4.8M | -46M | 173.1M | 13.4M | 7.4M | 11.5M | 1.9M | 61M | 20.2M | 25.4M | 34.4M | 10.48M | 7.61M | 4.04M | 53.4M | 36.65M | 8.45M | 66.53M | 654K | -1.82M | 24.39M | 232K | -2.87M | -407K | -800K | 2.5M | -1.2M |
| Working Capital Changes | -222.6M | -89.7M | -24M | -52.4M | -85.5M | 43.4M | -38.2M | -70.4M | -9.8M | -36.3M | -23.9M | -41M | 1.6M | -22.3M | -65.41M | -47.74M | 15.26M | 85.91M | -3.87M | -10.45M | -5.52M | 16.36M | 1.84M | 13.62M | 32.41M | 18.39M | -20.38M | -17.8M | -13.8M | -2.4M |
| Change in Receivables | -222.6M | -61.2M | -8.3M | -40.7M | -55.6M | -17.1M | 36.6M | -15.3M | -26.1M | -25.7M | 8M | -100K | -18.2M | 15.1M | -7.5M | -42.99M | -52.13M | 117.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -125.1M | 13.6M | -17.3M | -49.4M | -70.7M | -5M | -12M | -22M | -12.5M | -3.3M | -2.7M | -4.2M | -100K | -800K | -3.12M | -19.35M | -6.71M | 11.77M | -5.48M | -3.08M | 1.42M | 9.17M | 620K | -3.42M | 28.36M | 20.7M | 4.8M | -6.8M | -13.2M | 3.9M |
| Change in Payables | 151.1M | 10.5M | -59.1M | 10.2M | 55.1M | 44M | -37.7M | 16.6M | 25.2M | 19.9M | -9.9M | -2.4M | 15.2M | -3.2M | -14.56M | 30.04M | 62.36M | -52.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -321.3M | -86.6M | -283.4M | -50.4M | -51M | -31.3M | -60.5M | -72.8M | -71.6M | -422.2M | -77.8M | -57.2M | -41.5M | -55.9M | -65.01M | -41.14M | -41.96M | -93.63M | -78.88M | -91.25M | -121.95M | -170.33M | -67.84M | -46.04M | -29.83M | -66.29M | -96.33M | -128.9M | -82.6M | -61.4M |
| Capital Expenditures | -143.3M | -84M | -88.5M | -50.7M | -40.3M | -32.7M | -71.3M | -73.9M | -71M | -65.4M | -104.5M | -75M | -57.3M | -49.8M | -64.35M | -55.06M | -60.3M | -103.26M | -87.01M | -82.75M | -79.87M | -68.57M | -72.53M | -50.52M | -35.76M | -66.31M | -90.15M | -110.7M | -83.3M | -56.2M |
| CapEx % of Revenue | 4.5% | 3.25% | 3.68% | 2.21% | 1.97% | 1.81% | 3.61% | 3.34% | 3.38% | 4.35% | 7.73% | 5.01% | 3.88% | 3.62% | 4.08% | 3.8% | 5.18% | 7.33% | 4.71% | 4.71% | 4.9% | 4.44% | 6.05% | 4.63% | 3.33% | 6.22% | 7.91% | 9.96% | 8.01% | 5.63% |
| Acquisitions | -182.4M | -3.4M | -198.2M | 300K | 0 | 200K | 3.8M | -1.1M | 700K | -364.2M | -1.4M | -55.5M | -7.8M | -4.9M | 0 | 0 | 10.52M | 0 | 0 | -11.1M | -44.29M | -100.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 4.4M | 800K | 0 | 0 | -10.4M | 1.4M | 6.2M | 1.1M | -600K | 8.7M | 28.7M | 76.1M | 23.6M | -1.2M | -658K | 13.92M | 5.76M | 9.87M | 8.13M | 4.01M | 1.95M | -1.74M | 4.19M | 4.48M | 5.93M | 20K | -3.15M | -18.2M | 700K | -5.2M |
| Cash from Financing | 73.1M | -113.6M | 62.7M | -33.3M | 39.2M | -145.1M | 33.3M | -25.9M | -50.1M | 347.6M | 2.7M | -14.6M | -1.5M | 300K | 18.75M | 8.6M | -21.72M | 11.64M | 26.05M | -19.8M | -30.02M | -4.27M | -50.16M | -70.36M | -47.07M | -66.81M | -11.5M | 37M | -17.9M | -21.3M |
| Debt Issued (Net) | 78.7M | -82.5M | 78.4M | -29.1M | 40.8M | -150.9M | 42.9M | -20.7M | -51.9M | 356.7M | 10.9M | -14.6M | 200K | -400K | 18.23M | 7.8M | -114M | 25.77M | 47.11M | 14.06M | 56.46M | 10.25M | -33.89M | -55.81M | -29.24M | -37.22M | 24.92M | 72M | 17.1M | 1.9M |
| Equity Issued (Net) | -7M | -30.9M | -13.3M | -7.3M | 0 | 0 | -2.4M | -600K | 0 | 0 | -6.9M | 0 | 0 | 0 | -48K | -78K | 93.08M | -576K | -7.01M | -11.61M | -70.31M | 8.38M | 3.43M | 2.71M | 11.15M | 5.44M | -9.14M | -10.1M | -12.4M | -2.5M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9.68M | -22.63M | -22.64M | -23.88M | -21.61M | -18.67M | -16.83M | -28.98M | -29.31M | -27.1M | -24.8M | -22.6M | -20.3M |
| Share Repurchases | -7M | -30.9M | -13.3M | -7.3M | 0 | 0 | -2.4M | -600K | 0 | 0 | -6.9M | 0 | 0 | 0 | -505K | -78K | -25K | -594K | -7.71M | -14.52M | -82.81M | -1.59M | -269K | -1.14M | -1.29M | -5.17M | -12.1M | -15.2M | -17M | -6.8M |
| Other Financing | 1.4M | -200K | -2.4M | 3.1M | -1.6M | 5.8M | -7.2M | -4.6M | 1.8M | -9.1M | -1.3M | 0 | -1.7M | 700K | 619K | 878K | -802K | -3.88M | 8.57M | 387K | 5.47M | -1.28M | -1.04M | -420K | 0 | -5.73M | -184K | -100K | 0 | -400K |
| Net Change in Cash | 1.8M | 11.6M | -6.9M | 21.8M | -700K | -25.2M | 29.1M | 1.9M | 5.1M | -34.7M | -1.6M | -16.7M | 63.4M | -7.6M | -1.49M | -10.73M | 121K | 4.94M | 17.09M | -9.57M | -24.29M | -14.67M | -3.89M | 1.84M | 53.66M | -10.67M | -18.92M | 12.8M | 1.6M | 16.8M |
| Free Cash Flow | 105.4M | 129.3M | 126.1M | 56.8M | -28.8M | 117.1M | -13.4M | 29.4M | 52.8M | -23.8M | -32.1M | -11.5M | 47.2M | -1M | -18.59M | -34.25M | 1.61M | -9.74M | -19.66M | 19.66M | 51.99M | 87.18M | 34.72M | 62.79M | 95.64M | 56.38M | 1.05M | -5.5M | 19.6M | 44M |
| FCF Margin % | 3.31% | 5% | 5.24% | 2.47% | -1.4% | 6.48% | -0.68% | 1.33% | 2.51% | -1.58% | -2.37% | -0.77% | 3.19% | -0.07% | -1.18% | -2.36% | 0.14% | -0.69% | -1.06% | 1.12% | 3.19% | 5.65% | 2.89% | 5.75% | 8.9% | 5.29% | 0.09% | -0.49% | 1.88% | 4.4% |
| FCF Growth % | -18.48% | 2.54% | 122.01% | 297.22% | -124.59% | 973.88% | -145.58% | -44.32% | 321.85% | 25.86% | -179.13% | -124.36% | 4820% | 94.62% | 45.71% | -2231.24% | 116.49% | 50.43% | -200.01% | -62.19% | -40.37% | 151.13% | -44.71% | -34.35% | 69.63% | 5244.27% | 119.18% | -128.06% | -55.45% | 52.25% |
| FCF per Share | 1.95 | 2.40 | 2.36 | 1.08 | -0.55 | 2.28 | -0.26 | 0.57 | 1.04 | -0.48 | -0.68 | -0.24 | 0.99 | -0.02 | -0.40 | -0.73 | 0.04 | -0.30 | -0.61 | 0.61 | 1.50 | 2.87 | 1.16 | 1.86 | 2.87 | 1.72 | 0.03 | -0.18 | 0.65 | 1.45 |
| FCF Conversion (FCF/Net Income) | 2.04x | 1.16x | 1.33x | 0.70x | 0.13x | -0.71x | -26.32x | 1.22x | 5.58x | 2.93x | -45.25x | 2.91x | 0.80x | -2.02x | 1.17x | 4.00x | -2.16x | -0.86x | -1.03x | 2.42x | 16.93x | 2.53x | 2.69x | 8.95x | 5.63x | 2.37x | 1.38x | 1.42x | 1.42x | 1.57x |
| Interest Paid | 0 | 26M | 23.3M | 18.4M | 14.1M | 17.9M | 21.4M | 0 | 23.4M | 0 | 10.7M | 10.3M | 12.6M | 11.6M | 12.8M | 28.1M | 17.42M | 14.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 55.2M | 46.9M | 31.9M | 21.8M | 19.7M | 18.8M | 0 | -20.1M | 0 | -10.1M | 15.9M | 11.4M | 12.4M | 13M | 15.6M | 7.08M | 29.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical OEM demand volatility
According to the provided cash flow data, Modine's OCF/NI ratio fluctuated significantly, reaching a high of 2.27 in 2026Q4, which suggests that reported net income often fails to capture the full cash-generating capacity of the underlying thermal management business during periods of rapid scaling.
The wide variance in the OCF/NI ratio indicates that accounting earnings are frequently impacted by non-cash charges or timing differences that do not reflect the actual cash inflows from operations. Investors should monitor whether this divergence persists as the company shifts its revenue mix toward higher-margin data center cooling projects.
As reported in financial statements, Modine's free cash flow trajectory turned sharply positive in 2026Q4 at $125.1M, a marked improvement from the negative $17.1M observed in 2026Q3, indicating that the company is successfully converting its recent revenue acceleration into tangible liquidity for the balance sheet.
The recent surge in FCF suggests that the company's capital-intensive investments in thermal technology are beginning to yield returns that exceed maintenance requirements. However, the historical inconsistency in FCF margins warrants caution, as the business remains susceptible to lumpy project-based revenue recognition.
Based on reported figures, Modine consistently faced working capital outflows over the last ten quarters, including a significant $78.2M drain in 2026Q2, which suggests that the company's rapid growth is consuming substantial cash to fund inventory and accounts receivable ahead of final project delivery.
This persistent working capital consumption implies that the company's expansion into data center infrastructure is inherently cash-intensive, requiring significant upfront investment in materials. Analysts should investigate whether these outflows are structural or merely a function of the current project-based growth phase.
As indicated by the data, Modine's CapEx/Revenue ratio has remained relatively stable, peaking at 7.4% in 2024Q4 before moderating to 4.4% in 2026Q4, which suggests that the company is maintaining its manufacturing footprint without requiring excessive, non-discretionary capital reinvestment to support its current growth profile.
The ability to keep capital intensity within a mid-single-digit range while scaling revenue indicates efficient asset utilization. This suggests that the company's thermal engineering patents and existing facilities are sufficiently flexible to handle new product demands without necessitating massive, recurring greenfield investments.
Quick answers to the most common questions about buying MOD stock.
Modine Manufacturing Company (MOD) generated $248.7M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Modine Manufacturing Company (MOD) generated $105.4M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Modine Manufacturing Company (MOD) spent $143.3M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, Modine Manufacturing Company (MOD) spent $7.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.