Revenue growth accelerated to 47.5% in 2026Q4, while the company maintained a stable 22.5% gross margin despite the rapid scaling of its operations.
| 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 |
|---|
| Sales/Revenue | 3.18B | 2.58B | 2.41B | 2.3B | 2.05B | 1.81B | 1.98B | 2.21B | 2.1B | 1.5B | 1.35B | 1.5B | 1.48B | 1.38B | 1.58B | 1.45B | 1.16B | 1.41B | 1.85B | 1.76B | 1.63B | 1.54B | 1.2B | 1.09B | 1.07B | 1.07B | 1.14B | 1.11B | 1.04B | 999M |
| Revenue Growth % | 23.13% | 7.3% | 4.78% | 12.09% | 13.37% | -8.46% | -10.72% | 5.21% | 39.93% | 11.13% | -9.62% | 1.27% | 7.38% | -12.75% | 8.9% | 24.5% | -17.43% | -23.83% | 5.23% | 7.89% | 5.5% | 28.68% | 9.86% | 1.61% | 0.88% | -6.48% | 2.51% | 6.82% | 4.14% | 0.86% |
| Cost of Goods Sold | 2.45B | 1.94B | 1.88B | 1.91B | 1.74B | 1.51B | 1.67B | 1.85B | 1.75B | 1.24B | 1.12B | 1.25B | 1.24B | 1.17B | 1.32B | 1.22B | 993.02M | 1.22B | 1.58B | 1.48B | 1.32B | 1.19B | 906.68M | 819.37M | 810.29M | 786.69M | 772.96M | 757.3M | 697.9M | 680.1M |
| COGS % of Revenue | 77.02% | 75.02% | 78.1% | 83.05% | 84.91% | 83.78% | 84.43% | 83.48% | 83.05% | 82.79% | 82.73% | 83.53% | 83.59% | 84.84% | 83.67% | 84.02% | 85.37% | 86.72% | 85.42% | 83.96% | 80.99% | 77.32% | 75.57% | 75.03% | 75.39% | 73.84% | 67.85% | 68.14% | 67.08% | 68.08% |
| Gross Profit | 731.1M | 645.4M | 527.2M | 389.4M | 309.3M | 293.4M | 307.5M | 365.5M | 356.5M | 258.7M | 233.6M | 246.5M | 242.5M | 208.6M | 257.55M | 231.37M | 170.21M | 187.03M | 269.6M | 281.85M | 309.61M | 350.11M | 293.12M | 272.71M | 264.47M | 278.7M | 366.31M | 354.1M | 342.5M | 318.9M |
| Gross Margin % | 22.98% | 24.98% | 21.9% | 16.95% | 15.09% | 16.22% | 15.57% | 16.52% | 16.95% | 17.21% | 17.27% | 16.47% | 16.41% | 15.16% | 16.33% | 15.98% | 14.63% | 13.28% | 14.58% | 16.04% | 19.01% | 22.68% | 24.43% | 24.97% | 24.61% | 26.16% | 32.15% | 31.86% | 32.92% | 31.92% |
| Gross Profit Growth % | 13.28% | 22.42% | 35.39% | 25.9% | 5.42% | -4.59% | -15.87% | 2.52% | 37.8% | 10.74% | -5.23% | 1.65% | 16.25% | -19.01% | 11.32% | 35.93% | -9% | -30.62% | -4.35% | -8.96% | -11.57% | 19.44% | 7.48% | 3.11% | -5.11% | -23.92% | 3.45% | 3.39% | 7.4% | 8.1% |
| Operating Expenses | 381.2M | 361.9M | 286.5M | 239M | 190.1M | 391.1M | 269.6M | 255.8M | 264.3M | 216.4M | 196.5M | 193.8M | 205.3M | 209.9M | 189.3M | 185.3M | 157.5M | 199.61M | 282.68M | 237.84M | 220.09M | 264.09M | 243.17M | 212.57M | 221.73M | 217M | 267.27M | 240.8M | 225.1M | 218.1M |
| OpEx % of Revenue | 11.98% | 14.01% | 11.9% | 10.4% | 9.27% | 21.63% | 13.65% | 11.56% | 12.57% | 14.4% | 14.53% | 12.95% | 13.89% | 15.25% | 12% | 12.79% | 13.54% | 14.17% | 15.29% | 13.53% | 13.51% | 17.1% | 20.27% | 19.46% | 20.63% | 20.37% | 23.46% | 21.67% | 21.64% | 21.83% |
| Selling, General & Admin | 360.1M | 332.1M | 232.1M | 192M | 166M | 160.5M | 192.5M | 176.3M | 183.3M | 124.9M | 106.9M | 124.5M | 181.7M | 168.3M | 189.3M | 185.3M | 157.5M | 199.61M | 235.26M | 237.84M | 220.09M | 264.09M | 243.17M | 214.12M | 221.73M | 217M | 218.45M | 196.6M | 183.3M | 176.6M |
| SG&A % of Revenue | 11.32% | 12.85% | 9.64% | 8.36% | 8.1% | 8.88% | 9.74% | 7.97% | 8.72% | 8.31% | 7.9% | 8.32% | 12.3% | 12.23% | 12% | 12.79% | 13.54% | 14.17% | 12.72% | 13.53% | 13.51% | 17.1% | 20.27% | 19.61% | 20.63% | 20.37% | 19.17% | 17.69% | 17.62% | 17.68% |
| Research & Development | 0 | 34.9M | 42M | 44M | 50.3M | 46.3M | 59.5M | 69.8M | 65.8M | 64.4M | 61.1M | 62M | 61.7M | 70.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 1.35% | 1.74% | 1.91% | 2.45% | 2.56% | 3.01% | 3.15% | 3.13% | 4.28% | 4.52% | 4.14% | 4.18% | 5.12% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 21.1M | -5.1M | 12.4M | 3M | -26.2M | 184.3M | 17.6M | 9.7M | 15.2M | 27.1M | 28.5M | 7.3M | -38.1M | 0 | 0 | 0 | 0 | 0 | 47.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 48.82M | 44.2M | 41.8M | 41.5M |
| Operating Income | 349.9M | 283.5M | 240.7M | 150.4M | 119.2M | -97.7M | 37.9M | 109.7M | 92.2M | 42.3M | 37.1M | 52.7M | 37.2M | -600K | 68.25M | 42.79M | 6.84M | -86.72M | -16.65M | 45.78M | 89.52M | 84.99M | 57.39M | 53.09M | 35.2M | 68.74M | 99.04M | 113.3M | 117.4M | 100.8M |
| Operating Margin % | 11% | 10.97% | 10% | 6.55% | 5.81% | -5.4% | 1.92% | 4.96% | 4.38% | 2.81% | 2.74% | 3.52% | 2.52% | -0.04% | 4.33% | 2.95% | 0.59% | -6.16% | -0.9% | 2.6% | 5.5% | 5.5% | 4.78% | 4.86% | 3.27% | 6.45% | 8.69% | 10.19% | 11.28% | 10.09% |
| Operating Income Growth % | 23.42% | 17.78% | 60.04% | 26.17% | 222.01% | -357.78% | -65.45% | 18.98% | 117.97% | 14.02% | -29.6% | 41.67% | 6300% | -100.88% | 59.49% | 525.83% | 107.89% | -420.89% | -136.36% | -48.85% | 5.33% | 48.09% | 8.09% | 50.85% | -48.8% | -30.6% | -12.59% | -3.49% | 16.47% | 6.89% |
| EBITDA | 429.6M | 361.2M | 296.8M | 204.9M | 174M | -29.1M | 115M | 186.6M | 168.9M | 100.6M | 88.9M | 104.3M | 95.3M | 55.2M | 125.94M | 99.29M | 72.6M | -13.38M | 65.14M | 116.89M | 157.7M | 151.17M | 118.81M | 107.9M | 98.7M | 118.68M | 147.86M | 157.5M | 159.2M | 142.3M |
| EBITDA Margin % | 13.5% | 13.98% | 12.33% | 8.92% | 8.49% | -1.61% | 5.82% | 8.43% | 8.03% | 6.69% | 6.57% | 6.97% | 6.45% | 4.01% | 7.99% | 6.86% | 6.24% | -0.95% | 3.52% | 6.65% | 9.68% | 9.79% | 9.9% | 9.88% | 9.18% | 11.14% | 12.98% | 14.17% | 15.3% | 14.24% |
| EBITDA Growth % | 18.94% | 21.7% | 44.85% | 17.76% | 697.94% | -125.3% | -38.37% | 10.48% | 67.89% | 13.16% | -14.77% | 9.44% | 72.64% | -56.17% | 26.85% | 36.75% | 642.47% | -120.55% | -44.27% | -25.88% | 4.32% | 27.23% | 10.11% | 9.32% | -16.83% | -19.73% | -6.12% | -1.07% | 11.88% | 6.27% |
| D&A (Non-Cash Add-back) | 79.7M | 77.7M | 56.1M | 54.5M | 54.8M | 68.6M | 77.1M | 76.9M | 76.7M | 58.3M | 51.8M | 51.6M | 58.1M | 55.8M | 57.69M | 56.49M | 65.77M | 73.33M | 81.79M | 71.1M | 68.18M | 66.18M | 61.42M | 54.81M | 63.51M | 49.95M | 48.82M | 44.2M | 41.8M | 41.5M |
| EBIT | 218.1M | 280.4M | 238.7M | 153.5M | 117.1M | -99.9M | 33.1M | 119.4M | 107.4M | 38M | 1.2M | 60M | 36.4M | -400K | 62.15M | 45.56M | 11.57M | -89.18M | -13.08M | 49.4M | 100.95M | 96.45M | 57.32M | 51.54M | 42.74M | 68.74M | 100.89M | 113.3M | 117.4M | 100.8M |
| Net Interest Income | -30.1M | -23.7M | -19.8M | -19.4M | -15.2M | -18.9M | -22.3M | -24.4M | -25.2M | -16.8M | -10.7M | -11.2M | -11.9M | -11.7M | -11.7M | -33M | -22.22M | -12.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.5M | 2.7M | 4.3M | 1.3M | 400K | 500K | 400K | 400K | 400K | 400K | 400K | 500K | 500K | 900K | 748K | 709K | 663K | 1.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 31.6M | 26.4M | 24.1M | 20.7M | 15.6M | 19.4M | 22.7M | 24.8M | 25.6M | 17.2M | 11.1M | 11.7M | 12.4M | 12.6M | 12.48M | 33.72M | 22.89M | 13.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -163.4M | -29.5M | -26.1M | -25.1M | -17.7M | -21.6M | -27.5M | -28.9M | -28.9M | -21.5M | -47M | -11.5M | -13.2M | -12.4M | -19.61M | -30.1M | -17.3M | -16.23M | 0 | -626K | 1.02M | 11.89M | 78K | 1.94M | 4.91M | 16.33M | -4.18M | 4.7M | -1.4M | -3M |
| Pretax Income | 186.5M | 254M | 214.6M | 125.3M | 101.5M | -119.3M | 10.4M | 80.8M | 63.3M | 20.8M | -9.9M | 41.2M | 24M | -13M | 47.9M | 12.7M | -10.47M | -102.95M | -16.62M | 45.16M | 90.54M | 96.88M | 57.47M | 55.03M | 40.11M | 85.06M | 96.71M | 118M | 116M | 97.8M |
| Pretax Margin % | 5.86% | 9.83% | 8.91% | 5.45% | 4.95% | -6.6% | 0.53% | 3.65% | 3.01% | 1.38% | -0.73% | 2.75% | 1.62% | -0.94% | 3.04% | 0.88% | -0.9% | -7.31% | -0.9% | 2.57% | 5.56% | 6.27% | 4.79% | 5.04% | 3.73% | 7.98% | 8.49% | 10.62% | 11.15% | 9.79% |
| Income Tax | 63.2M | 68.5M | 51.2M | -28.3M | 15.2M | 90.2M | 12.4M | -5.1M | 39.5M | 5.9M | -8.9M | 19M | -107.9M | 9.8M | 9.9M | 3.47M | 9.83M | 644K | 44.39M | 6.24M | 29.79M | 35.21M | 21.97M | 20.67M | 16.77M | 33.23M | 29.93M | 44.1M | 43.5M | 34M |
| Effective Tax Rate % | 33.89% | 26.97% | 23.86% | -22.59% | 14.98% | -75.61% | 119.23% | -6.31% | 62.4% | 28.37% | 89.9% | 46.12% | -449.58% | -75.38% | 20.67% | 27.32% | -93.94% | -0.63% | -267.08% | 13.81% | 32.9% | 36.35% | 38.24% | 37.56% | 41.8% | 39.07% | 30.94% | 37.37% | 37.5% | 34.76% |
| Net Income | 121.8M | 184M | 161.5M | 153.1M | 85.2M | -210.7M | -2.2M | 84.8M | 22.2M | 14.2M | -1.6M | 21.8M | 130.4M | -24.2M | 39.11M | 5.2M | -28.68M | -108.61M | -65.6M | 42.33M | 7.64M | 61.66M | 40.44M | 12.67M | 23.34M | 51.83M | 65.4M | 73.9M | 72.5M | 63.8M |
| Net Margin % | 3.83% | 7.12% | 6.71% | 6.66% | 4.16% | -11.65% | -0.11% | 3.83% | 1.06% | 0.94% | -0.12% | 1.46% | 8.83% | -1.76% | 2.48% | 0.36% | -2.47% | -7.71% | -3.55% | 2.41% | 0.47% | 3.99% | 3.37% | 1.16% | 2.17% | 4.86% | 5.74% | 6.65% | 6.97% | 6.39% |
| Net Income Growth % | -33.8% | 13.93% | 5.49% | 79.69% | 140.44% | -9477.27% | -102.59% | 281.98% | 56.34% | 987.5% | -107.34% | -83.28% | 638.84% | -161.88% | 652.04% | 118.13% | 73.6% | -65.58% | -254.96% | 454.01% | -87.61% | 52.49% | 219.26% | -45.74% | -54.96% | -20.75% | -11.5% | 1.93% | 13.64% | 3.91% |
| Net Income (Continuing) | 123.3M | 185.5M | 163.4M | 153.6M | 86.3M | -209.5M | -2M | 85.9M | 23.8M | 14.9M | -1M | 22.2M | 131.9M | -22.8M | 38M | 8.3M | -19.7M | -103.6M | -54.43M | 38.92M | 60.75M | 61.69M | 35.49M | 34.36M | 23.34M | 51.83M | 66.33M | 73.9M | 72.5M | 63.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 600K | 0 | 0 | 0 | 0 | -8.98M | -5.01M | -85K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 8.3M | 8M | 7.9M | 6.8M | 7.4M | 7.4M | 5.7M | 7.2M | 8.4M | 7.2M | 6.5M | 4.6M | 3.8M | 2.6M | 1.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.24 | 3.42 | 3.02 | 2.90 | 1.62 | -4.11 | -0.04 | 1.65 | 0.44 | 0.28 | -0.03 | 0.45 | 2.72 | -0.52 | 0.83 | 0.13 | -0.75 | -3.39 | -2.05 | 1.31 | 0.22 | 2.03 | 1.35 | 0.99 | 0.70 | 1.58 | 2.01 | 2.46 | 2.39 | 2.10 |
| EPS Growth % | -34.5% | 13.25% | 4.14% | 79.01% | 139.42% | -9413.89% | -102.62% | 275% | 57.14% | 928.4% | -107.51% | -83.46% | 623.08% | -162.65% | 538.46% | 117.33% | 77.88% | -65.37% | -256.49% | 495.45% | -89.16% | 50.37% | 36.36% | 41.43% | -55.7% | -21.39% | -18.29% | 2.93% | 13.81% | 3.96% |
| EPS (Basic) | 2.25 | 3.50 | 3.08 | 2.93 | 1.64 | -4.11 | -0.04 | 1.67 | 0.44 | 0.28 | -0.03 | 0.46 | 2.74 | -0.52 | 0.84 | 0.13 | -0.75 | -3.39 | -2.05 | 1.31 | 0.23 | 2.05 | 1.36 | 0.99 | 0.70 | 1.61 | 2.05 | 2.50 | 2.44 | 2.10 |
| Diluted Shares Outstanding | 54M | 53.9M | 53.4M | 52.8M | 52.5M | 51.3M | 50.8M | 51.3M | 50.9M | 50.1M | 47.4M | 47.9M | 47.6M | 46.6M | 46.88M | 46.73M | 39.3M | 32.08M | 32.03M | 32.31M | 34.73M | 30.38M | 29.95M | 33.75M | 33.35M | 32.8M | 33M | 30.04M | 30.34M | 30.42M |
| Basic Shares Outstanding | 54M | 52.6M | 52.4M | 52.3M | 52M | 51.3M | 50.8M | 50.7M | 50.5M | 47.8M | 47.3M | 47.2M | 47.31M | 46.54M | 46.48M | 46.17M | 39.3M | 32.08M | 32.03M | 32.31M | 33.22M | 30.08M | 29.73M | 33.62M | 33.35M | 32.19M | 32.36M | 29.56M | 29.71M | 30.42M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 53.49% | 312.5% | 35.05% | 46.16% | 132.91% | 124.14% | 56.54% | 41.44% | 33.56% | 31.17% | 31.82% |
Cyclical OEM demand volatility
According to the most recent quarterly filings, Modine achieved a significant revenue surge of 47.5% year-over-year in 2026Q4, marking a clear departure from the low-single-digit growth rates observed in previous periods and signaling a potential inflection point in demand for its thermal management solutions.
The dramatic top-line expansion suggests that the company's pivot toward high-density data center cooling is gaining substantial market traction. Investors should monitor whether this growth trajectory remains sustainable or if it reflects a temporary spike in project-based deliveries that may normalize in subsequent quarters.
As reported in financial statements, Modine maintained a gross margin of 22.5% in 2026Q4, demonstrating resilience despite the rapid scaling of operations and potential inflationary pressures on raw material inputs like aluminum and copper that typically impact industrial manufacturing cost structures.
The consistency in gross margins suggests that management has successfully implemented pricing strategies to offset commodity volatility. However, the modest net margin of 7.7% indicates that while gross profitability is stable, the company's ability to convert top-line growth into bottom-line earnings remains constrained by ongoing operational overhead.
Based on the provided income statement data, Modine's operating income reached $103.9M in 2026Q4, reflecting an operating margin of 10.9% that appears to scale effectively alongside the company's significant revenue growth, suggesting improved overhead management compared to the 7.8% margin reported in 2024Q4.
The ability to expand operating margins while simultaneously scaling revenue indicates that the company is successfully leveraging its fixed cost base. This trend warrants further investigation to determine if the current SG&A efficiency is a permanent structural improvement or a result of temporary cost-containment measures.
Analysis of the reported figures reveals that net income remains sensitive to non-operating items, as evidenced by the 2026Q3 net loss of $47.4M despite positive operating income, highlighting the potential for lumpy quarterly results that may obscure the underlying operational performance of the business.
The presence of significant quarterly fluctuations in net income suggests that investors should focus on operating income as a more reliable indicator of core business health. The impact of stock-based compensation, which reached $14.7M in 2026Q4, also warrants scrutiny as it represents a meaningful dilutionary factor for shareholders.
While recent growth is impressive, the company's heavy reliance on automotive and industrial OEM contracts, as noted in historical operational summaries, presents a material risk that a downturn in vehicle production or commercial construction could rapidly reverse the current positive momentum in the income statement.
Short-sellers may focus on the potential for margin compression if the company fails to pass through future commodity price increases to its large OEM customers. Furthermore, the concentration of revenue in specific EV platforms introduces significant execution risk should those programs face delays or reduced production volumes.
Quick answers to the most common questions about buying MOD stock.
For fiscal year 2026, Modine Manufacturing Company (MOD) reported total revenue of $3.18B. This represents a 218.4% increase compared to $999.0M in 1997.
Modine Manufacturing Company (MOD) is profitable, generating $121.8M in net income for the fiscal year ending 2026 with a net profit margin of 3.8%.
Modine Manufacturing Company (MOD) reported an operating income of $349.9M, resulting in an operating profit margin of 11.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Modine Manufacturing Company (MOD) generated $731.1M in gross profit for the year, representing a gross profit margin of 23.0%. This demonstrates the company's core pricing power and production efficiency.