Latest Ratios: P/E Ratio 40.0x · EV/EBITDA 12.4x · 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 | $5.1B | $11.7B | $4.1B | $5.1B | $1.2B | $473M | $758M | $165M | $712M | $1.1B | $611M |
| Enterprise Value | $5.6B | $12.2B | $4.6B | $5.6B | $1.6B | $901M | $1.2B | $688M | $1.1B | $1.5B | $1.1B |
| P/E Ratio → | 40.03 | 96.75 | 22.44 | 31.52 | 7.95 | 5.56 | — | — | 8.41 | 48.07 | 43.57 |
| P/S Ratio | 1.41 | 3.68 | 1.60 | 2.11 | 0.53 | 0.23 | 0.42 | 0.08 | 0.32 | 0.51 | 0.41 |
| P/B Ratio | 4.34 | 9.73 | 4.51 | 6.73 | 2.03 | 1.03 | 2.13 | 0.33 | 1.31 | 2.16 | 1.45 |
| P/FCF | — | 111.03 | 31.99 | 40.06 | 21.43 | — | 6.47 | — | 24.20 | 20.39 | — |
| P/OCF | 20.63 | 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 | 12.35 | 28.42 | 12.72 | 18.85 | 7.87 | 5.18 | — | 5.98 | 6.00 | 8.98 | 10.81 |
| EV / EBIT | 16.11 | 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 | 2.5% | 1.0% | 4.5% | 3.2% | 12.6% | 18.0% | — | — | 11.9% | 2.1% | 2.3% |
| FCF Yield | — | 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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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MOD stock.
Modine Manufacturing Company's current P/E ratio is 40.0x. The historical average is 32.2x. This places it at the 78th percentile of its historical range.
Modine Manufacturing Company's current EV/EBITDA is 12.4x. 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 40.0x. This is at the 78th 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
Working capital absorbing cash flow
Metrics are mathematically derived from official filings.
Premium Multiples Pricing a Growth Re-Rating
Based on reported figures, MOD trades at 40.8x trailing earnings but only 13.0x forward earnings, a compression that implies the market expects earnings to roughly triple as data center growth flows through to the bottom line.
The gap between trailing and forward P/E suggests investors are capitalizing a recovery in net margin rather than the current 3.8% reported figure, which remains depressed relative to the 7-8% levels seen in 2025. Against peers, MOD's 40.8x trailing P/E sits well above AAON at 42.2x only marginally and below GTLS and THRM, but its 46x price-to-free-cash-flow reflects that the multiple rests on earnings not yet converting to cash. Investors should monitor whether forward estimates hold, since the valuation case depends on margin repair rather than on the cash flow currently being generated.
Margin Compression Amid Revenue Acceleration
As reported in the quarterly filings, gross margin fell from 25.9% in 2025Q4 to 20.7% in 2027Q2 while revenue grew sharply, a divergence that indicates growth is being bought with lower unit economics.
Operating margin declined from 11.5% to 9.8% over the same span, which points to negative operating leverage where incremental data center volume is carrying higher cost of sales or pricing concessions. Compared with AAON's 26.7% gross margin, MOD's profitability gap appears structural in the Climate Solutions mix rather than purely cyclical. The net margin volatility, swinging from a loss in 2026Q3 to 8.5% in 2027Q1, suggests non-operating items are masking the underlying trajectory and warrant further investigation.
Rising Debt Funding Expansion Growth
Based on reported balance sheets, total debt climbed from $530.0M to $867.0M between 2025Q4 and 2027Q2, lifting debt-to-equity from 0.58 to 0.70 while interest coverage remains above 11x.
The rise in leverage appears to be financing asset growth, with PPE and goodwill expanding faster than equity, which suggests the company is increasingly reliant on borrowed capital. Interest coverage of 11.4x on a quarterly basis indicates debt service is currently comfortable, though this metric is sensitive to the operating margin compression already observed. Investors should monitor whether leverage continues to rise if cash generation does not improve, since the debt-to-EBITDA figure of 7.3x in the latest quarter is elevated for an industrial manufacturer.
Working Capital Consuming Growth Cash
According to reported quarterly figures, MOD's cash conversion cycle lengthened to roughly 85 days in 2027Q2 while DSO rose to 71 days, indicating receivables and inventory are absorbing the cash generated by expanding revenue.
Inventory days climbed to 76 in the latest quarter against 59 a year earlier, suggesting production is building ahead of demand or that customer payment timing is slipping. Asset turnover of 0.34x is low, which reflects the capital intensity of the expanding asset base rather than an efficiency failure alone. The pattern suggests working capital may be a structural drag during the growth phase, and investors should monitor whether the cycle compresses as volumes stabilize.
Misapplied Gross Margin Benchmark Risk
Based on reported figures, the most commonly misapplied metric here is return on equity, which is distorted by a rapidly expanding equity base and quarterly swings in net income that obscure the true earning power.
ROE of 2.5% to 6.3% over recent quarters understates or overstates performance depending on which quarter is read, since equity grew from $910M to $1.2B while net income was volatile. A more reliable lens is ROIC, which has held in a tighter 3.2% to 4.3% band and better reflects returns on the capital being deployed into data center capacity. Investors should weight ROIC and free cash flow conversion over ROE when judging whether the growth is value-creating.