Latest Ratios: P/E Ratio 86.2x · EV/EBITDA 25.1x · ROE 11.5%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $10.3B | $11.7B | $4.1B | $5.1B | $1.2B | $473M | $758M | $165M | $712M | $1.1B | $611M |
| Enterprise Value | $10.8B | $12.2B | $4.6B | $5.6B | $1.6B | $901M | $1.2B | $688M | $1.1B | $1.5B | $1.1B |
| P/E Ratio → | 86.21 | 96.75 | 22.44 | 31.52 | 7.95 | 5.56 | — | — | 8.41 | 48.07 | 43.57 |
| P/S Ratio | 3.22 | 3.68 | 1.60 | 2.11 | 0.53 | 0.23 | 0.42 | 0.08 | 0.32 | 0.51 | 0.41 |
| P/B Ratio | 8.67 | 9.73 | 4.51 | 6.73 | 2.03 | 1.03 | 2.13 | 0.33 | 1.31 | 2.16 | 1.45 |
| P/FCF | 97.30 | 111.03 | 31.99 | 40.06 | 21.43 | — | 6.47 | — | 24.20 | 20.39 | — |
| P/OCF | 41.24 | 47.05 | 19.39 | 23.69 | 11.32 | 41.13 | 5.06 | 2.85 | 6.89 | 8.70 | 14.69 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.84 | 1.78 | 2.32 | 0.70 | 0.44 | 0.64 | 0.35 | 0.51 | 0.72 | 0.72 |
| EV / EBITDA | 25.05 | 28.42 | 12.72 | 18.85 | 7.87 | 5.18 | — | 5.98 | 6.00 | 8.98 | 10.81 |
| EV / EBIT | 30.76 | 55.98 | 16.39 | 23.44 | 10.50 | 7.69 | — | 20.79 | 9.38 | 14.12 | 28.63 |
| EV / FCF | — | 115.83 | 35.54 | 44.08 | 28.38 | — | 9.87 | — | 38.08 | 28.72 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.0% | 23.0% | 25.0% | 21.9% | 16.9% | 15.1% | 16.2% | 15.6% | 16.5% | 17.0% | 17.2% |
| Operating Margin | 11.0% | 11.0% | 11.0% | 10.0% | 6.5% | 5.8% | -5.4% | 1.9% | 5.0% | 4.4% | 2.8% |
| Net Profit Margin | 3.8% | 3.8% | 7.1% | 6.7% | 6.7% | 4.2% | -11.7% | -0.1% | 3.8% | 1.1% | 0.9% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.5% | 11.5% | 22.0% | 23.8% | 28.9% | 20.9% | -49.6% | -0.4% | 16.3% | 4.8% | 3.5% |
| ROA | 5.3% | 5.3% | 9.8% | 9.5% | 10.2% | 6.3% | -15.0% | -0.1% | 5.5% | 1.5% | 1.2% |
| ROIC | 17.0% | 17.0% | 16.1% | 16.0% | 12.0% | 10.9% | -8.3% | 2.9% | 8.7% | 7.5% | 4.6% |
| ROCE | 21.1% | 21.1% | 21.1% | 20.4% | 15.1% | 13.7% | -9.9% | 3.4% | 10.3% | 9.0% | 5.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.48 | 0.48 | 0.58 | 0.76 | 0.77 | 1.03 | 1.22 | 1.20 | 0.83 | 0.96 | 1.21 |
| Debt / EBITDA | 1.35 | 1.35 | 1.47 | 1.92 | 2.26 | 2.72 | — | 5.16 | 2.41 | 2.84 | 5.08 |
| Net Debt / Equity | — | 0.42 | 0.50 | 0.68 | 0.66 | 0.93 | 1.12 | 1.06 | 0.75 | 0.88 | 1.13 |
| Net Debt / EBITDA | 1.18 | 1.18 | 1.27 | 1.72 | 1.93 | 2.46 | — | 4.55 | 2.19 | 2.61 | 4.74 |
| Debt / FCF | — | 4.81 | 3.55 | 4.03 | 6.96 | — | 3.39 | — | 13.88 | 8.34 | — |
| Interest Coverage | 6.90 | 6.90 | 10.62 | 9.90 | 7.42 | 7.51 | -5.15 | 1.46 | 4.81 | 4.20 | 2.21 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.94 | 1.94 | 1.78 | 1.64 | 1.67 | 1.53 | 1.37 | 1.70 | 1.38 | 1.25 | 1.21 |
| Quick Ratio | 1.25 | 1.25 | 1.15 | 0.98 | 1.03 | 0.96 | 0.96 | 1.14 | 0.95 | 0.88 | 0.84 |
| Cash Ratio | 0.10 | 0.10 | 0.13 | 0.11 | 0.14 | 0.10 | 0.08 | 0.19 | 0.09 | 0.08 | 0.08 |
| Asset Turnover | — | 1.19 | 1.35 | 1.30 | 1.47 | 1.44 | 1.42 | 1.29 | 1.44 | 1.34 | 1.04 |
| Inventory Turnover | 4.84 | 4.84 | 5.69 | 5.25 | 5.87 | 6.19 | 7.75 | 8.04 | 9.20 | 9.13 | 7.38 |
| Days Sales Outstanding | — | 83.88 | 67.66 | 64.11 | 63.22 | 65.43 | 54.07 | 54.04 | 55.85 | 59.42 | 71.69 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.2% | 1.0% | 4.5% | 3.2% | 12.6% | 18.0% | — | — | 11.9% | 2.1% | 2.3% |
| FCF Yield | 1.0% | 0.9% | 3.1% | 2.5% | 4.7% | — | 15.5% | — | 4.1% | 4.9% | — |
| Buyback Yield | 0.1% | 0.1% | 0.7% | 0.3% | 0.7% | 0.0% | 0.0% | 1.5% | 0.1% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.1% | 0.1% | 0.7% | 0.3% | 0.7% | 0.0% | 0.0% | 1.5% | 0.1% | 0.0% | 0.0% |
| Shares Outstanding | — | $54M | $54M | $53M | $53M | $53M | $51M | $51M | $51M | $51M | $50M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying MOD stock.
Modine Manufacturing Company's current P/E ratio is 86.2x. The historical average is 32.2x. This places it at the 87th percentile of its historical range.
Modine Manufacturing Company's current EV/EBITDA is 25.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.8x.
Modine Manufacturing Company's return on equity (ROE) is 11.5%. The historical average is 6.2%.
Based on historical data, Modine Manufacturing Company is trading at a P/E of 86.2x. This is at the 87th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Modine Manufacturing Company has 23.0% gross margin and 11.0% operating margin. Operating margin between 10-20% is typical for established companies.
Modine Manufacturing Company's Debt/EBITDA ratio is 1.4x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Margin dilution from data center ramp
Metrics are mathematically derived from official filings.
Margin Compression Amid Rapid Growth
Gross margin fell to 20.8% in 2027Q1 from 24.2% a year earlier, per reported figures, suggesting the data center ramp is carrying higher costs or pricing pressure.
The sequential decline in gross margin from 22.5% in 2026Q4 to 20.8% in 2027Q1, alongside a 28% YoY revenue surge, indicates that the mix shift toward data center cooling may be diluting profitability. Operating margin also contracted to 8.6% from 11.1% a year ago, as SG&A rose 22% sequentially, implying that growth investments are outpacing operating leverage. Net margin of 8.5% in 2027Q1, however, recovered from the -5.9% in 2026Q3, which was distorted by a one-time tax or impairment event, suggesting underlying earning power is stabilizing.
ROIC Stalls Despite Growth Inflection
ROIC has hovered between 3.0% and 4.3% over the past ten quarters, per reported data, indicating that the accelerated revenue growth has not yet translated into higher returns on invested capital.
Despite a 47% expansion in total assets since 2024Q4, ROIC in 2027Q1 was 3.2%, roughly in line with the 3.0% in 2024Q4, suggesting that the company is investing heavily but returns are lagging. The gap between ROIC and the cost of capital appears narrow, and the modest ROE of 6.1% in 2027Q1, though improved from 3.5% in 2024Q4, reflects the drag from rising asset base and margin pressure. Investors should monitor whether the data center investments begin to generate higher incremental returns as volumes scale, or if the capital intensity continues to suppress returns.
Working Capital Drag Intensifies
Cash conversion cycle lengthened to 86 days in 2027Q1 from 75 days in 2024Q4, per reported figures, as DSO rose to 76 days and DIO to 73 days, signaling growing working capital strain.
The sequential increase in DSO from 61 to 76 days and DIO from 64 to 73 days in 2027Q1, while DPO only rose to 64 days, indicates that receivables and inventory are expanding faster than payables, consuming $58.9M in cash. This working capital drag is consistent with the rapid revenue growth, but it also suggests that the company is extending credit to customers and building inventory to meet demand, which may pressure near-term cash flow. Asset turnover has remained flat at 0.32-0.37, implying that the asset base is growing in line with sales, but the efficiency of converting sales to cash is deteriorating.
Leverage Creeps Higher Despite Healthy Ratios
Debt-to-equity rose to 0.55 in 2027Q1 from 0.48 in 2026Q4, per financial statements, while D/EBITDA climbed to 7.01, indicating increased debt-funded expansion.
Total debt jumped 17% sequentially to $669.9M in 2027Q1, and D/EBITDA rose from 4.66 to 7.01, reflecting both higher debt and lower EBITDA due to margin compression. Interest coverage remains comfortable at 11.72, but the trend suggests that the company is taking on more leverage to fund its growth initiatives. The reported D/E of 0.55 is still moderate for an industrial, but the rapid increase in debt and the elevated D/EBITDA warrant monitoring, especially if margins continue to contract.
Liquidity Buffer Strengthens Despite Cash Dip
Current ratio improved to 2.04 in 2027Q1 from 1.64 in 2024Q4, per reported data, while quick ratio rose to 1.22, indicating a solid liquidity position.
The current ratio has consistently improved over the past ten quarters, and the quick ratio of 1.22 in 2027Q1 suggests that the company can cover short-term obligations without relying on inventory sales. Cash dipped to $95.3M, but the overall liquidity buffer appears adequate to absorb operational shocks. However, the negative FCF margin of -0.6% in 2027Q1 and the working capital drain indicate that liquidity could tighten if growth continues to consume cash.
Misapplied EV/EBITDA in Growth Transition
EV/EBITDA of 25.62, per current multiples, may mislead investors because EBITDA is temporarily depressed by margin compression and one-time items, obscuring the underlying growth potential.
The most commonly misapplied ratio for Modine is EV/EBITDA, as the company's EBITDA is currently suppressed by the data center ramp costs and the 2026Q3 one-time loss, making the multiple appear expensive. A more appropriate metric would be EV/Sales or forward EV/EBITDA, which at 31.93 still reflects high growth expectations but better captures the revenue inflection. Investors should also consider the price-to-FCF of 99.60, which highlights the cash flow strain from working capital, but this may normalize as growth matures.