Modine Manufacturing (MOD)


Market Price (7/22/2026): $246.01 | Market Cap: $13.1 BilSector: Consumer Discretionary | Industry: Automotive Parts & Equipment

Modine Manufacturing (MOD)


Market Price (7/22/2026): $246.01
Market Cap: $13.1 Bil
Sector: Consumer Discretionary
Industry: Automotive Parts & Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 23%

Megatrend and thematic drivers
Megatrends include Artificial Intelligence, Electric Vehicles & Autonomous Driving, and Electrification of Everything. Themes include Data Centers & Infrastructure, Show more.

Expensive valuation multiples
P/SPrice/Sales ratio is 4.1x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 60x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 53x, P/EPrice/Earnings or Price/(Net Income) is 108x

Stock price has recently run up significantly
12M Rtn12 month market price return is 164%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.5%

Key risks
MOD key risks include [1] a high customer concentration, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 23%
1 Megatrend and thematic drivers
Megatrends include Artificial Intelligence, Electric Vehicles & Autonomous Driving, and Electrification of Everything. Themes include Data Centers & Infrastructure, Show more.
2 Expensive valuation multiples
P/SPrice/Sales ratio is 4.1x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 60x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 53x, P/EPrice/Earnings or Price/(Net Income) is 108x
3 Stock price has recently run up significantly
12M Rtn12 month market price return is 164%
4 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.5%
5 Key risks
MOD key risks include [1] a high customer concentration, Show more.

MOD in ETFs

Weight = MOD's share of each fund

VTI0.02%
ITOT0.02%
IWB0.02%
VB0.17%
NUSC0.83%
VBK0.39%
IWP0.34%
SCHA0.25%
+12 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/21/2026

Modine Manufacturing (MOD) stock has gained about 15% since 3/31/2026 because of the following key factors:

1. Modine Manufacturing (MOD) reported strong financial results for its fiscal fourth quarter and full fiscal year 2026, which concluded on March 31, 2026, along with an optimistic outlook for fiscal year 2027.

For fiscal Q4 2026, the company announced record net sales of $954.4 million, a 47% increase year-over-year, surpassing analyst estimates of $920.67 million. Adjusted earnings per share (EPS) reached $1.71, beating the consensus estimate of $1.51. For the full fiscal year 2026, net sales increased 23% to $3.18 billion, and adjusted EBITDA rose 20% to $471.0 million, marking a fourth consecutive year of record financial results. The company further projected strong performance for fiscal year 2027, targeting net sales growth between 20% and 35% and adjusted EBITDA in the range of $650 million to $680 million, representing growth between 38% and 44%.

2. The company secured a landmark $4 billion long-term capacity agreement for data center cooling solutions and reported significant growth in its Climate Solutions segment.

In May 2026, Modine announced a strategic $4 billion long-term capacity agreement through 2029 with a major hyperscale data center customer for its Airedale by Modine™ cooling solutions. This agreement highlighted Modine's expanding role in the rapidly growing data center market. The Climate Solutions segment, which includes data center cooling, saw its sales increase by 87% in fiscal Q4 2026, with Data Centers sales specifically surging by 158% from the prior year. Modine is also expanding its manufacturing capacity for data center products, including a $100 million investment, to meet the increasing demand.

Show more
Updated on 7/21/2026

Modine Manufacturing (MOD) stock has gained about 15% since 3/31/2026 because of the following key factors:

1. Modine Manufacturing (MOD) reported strong financial results for its fiscal fourth quarter and full fiscal year 2026, which concluded on March 31, 2026, along with an optimistic outlook for fiscal year 2027.

For fiscal Q4 2026, the company announced record net sales of $954.4 million, a 47% increase year-over-year, surpassing analyst estimates of $920.67 million. Adjusted earnings per share (EPS) reached $1.71, beating the consensus estimate of $1.51. For the full fiscal year 2026, net sales increased 23% to $3.18 billion, and adjusted EBITDA rose 20% to $471.0 million, marking a fourth consecutive year of record financial results. The company further projected strong performance for fiscal year 2027, targeting net sales growth between 20% and 35% and adjusted EBITDA in the range of $650 million to $680 million, representing growth between 38% and 44%.

2. The company secured a landmark $4 billion long-term capacity agreement for data center cooling solutions and reported significant growth in its Climate Solutions segment.

In May 2026, Modine announced a strategic $4 billion long-term capacity agreement through 2029 with a major hyperscale data center customer for its Airedale by Modine™ cooling solutions. This agreement highlighted Modine's expanding role in the rapidly growing data center market. The Climate Solutions segment, which includes data center cooling, saw its sales increase by 87% in fiscal Q4 2026, with Data Centers sales specifically surging by 158% from the prior year. Modine is also expanding its manufacturing capacity for data center products, including a $100 million investment, to meet the increasing demand.

3. Several Wall Street analysts revised their price targets upwards and maintained positive ratings for Modine following the strong fiscal results and data center agreement.

Post-earnings and the data center contract announcement in late May 2026, analysts expressed increased confidence in Modine's future performance. For instance, UBS Group raised its price target for Modine Manufacturing shares to $310.00 in May 2026 and later to $355.00, maintaining a "buy" rating. Oppenheimer boosted its price target from $271.00 to $325.00, assigning an "outperform" rating. KeyCorp increased its price target from $250.00 to $370.00 with an "overweight" rating. As of late June 2026, the average analyst price target ranged from $327.14 to $343.50, implying a significant upside from the stock's price at the end of March 2026.

4. A notable insider selling transaction occurred during this period.

On June 18, 2026, Modine's VP Brian Jon Agen sold 38,282 shares of the company's stock for a total transaction value of approximately $11,299,697.94, exceeding the $5 million threshold. This transaction represented a 36.59% decrease in his direct holdings. Overall, insiders sold approximately $15.9 million worth of company stock in the three months leading up to July 20, 2026.

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Stock Movement Drivers

Fundamental Drivers

The 14.0% change in MOD stock from 3/31/2026 to 7/21/2026 was primarily driven by a 12.2% change in the company's Net Income Margin (%).
(LTM values as of)33120267212026Change
Stock Price ($)216.71247.0914.0%
Change Contribution By: 
Total Revenues ($ Mil)2,8743,18110.7%
Net Income Margin (%)3.4%3.8%12.2%
P/E Multiple117.0108.0-7.7%
Shares Outstanding (Mil)5353-0.6%
Cumulative Contribution14.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/21/2026
ReturnCorrelation
MOD14.0% 
Market (SPY)15.1%62.8%
Sector (XLY)5.4%32.0%

Fundamental Drivers

The 85.1% change in MOD stock from 12/31/2025 to 7/21/2026 was primarily driven by a 185.8% change in the company's P/E Multiple.
(LTM values as of)123120257212026Change
Stock Price ($)133.51247.0985.1%
Change Contribution By: 
Total Revenues ($ Mil)2,6863,18118.4%
Net Income Margin (%)6.9%3.8%-44.9%
P/E Multiple37.8108.0185.8%
Shares Outstanding (Mil)5353-0.8%
Cumulative Contribution85.1%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/21/2026
ReturnCorrelation
MOD85.1% 
Market (SPY)10.0%51.9%
Sector (XLY)-3.6%31.0%

Fundamental Drivers

The 150.9% change in MOD stock from 6/30/2025 to 7/21/2026 was primarily driven by a 283.5% change in the company's P/E Multiple.
(LTM values as of)63020257212026Change
Stock Price ($)98.50247.09150.9%
Change Contribution By: 
Total Revenues ($ Mil)2,5843,18123.1%
Net Income Margin (%)7.1%3.8%-46.4%
P/E Multiple28.2108.0283.5%
Shares Outstanding (Mil)5353-0.9%
Cumulative Contribution150.9%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/21/2026
ReturnCorrelation
MOD150.9% 
Market (SPY)22.1%50.6%
Sector (XLY)6.3%30.3%

Fundamental Drivers

The 648.3% change in MOD stock from 6/30/2023 to 7/21/2026 was primarily driven by a 851.9% change in the company's P/E Multiple.
(LTM values as of)63020237212026Change
Stock Price ($)33.02247.09648.3%
Change Contribution By: 
Total Revenues ($ Mil)2,2983,18138.4%
Net Income Margin (%)6.7%3.8%-42.7%
P/E Multiple11.3108.0851.9%
Shares Outstanding (Mil)5353-0.9%
Cumulative Contribution648.3%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/21/2026
ReturnCorrelation
MOD648.3% 
Market (SPY)74.8%55.2%
Sector (XLY)38.4%45.2%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
MOD Return-20%97%201%94%15%71%1714%
Peers Return7%-12%16%-21%15%52%53%
S&P 500 Return27%-19%24%23%16%9%98%

Monthly Win Rates [3]
MOD Win Rate42%50%67%67%67%57% 
Peers Win Rate55%40%47%35%58%54% 
S&P 500 Win Rate75%42%67%75%67%43% 

Max Drawdowns [4]
MOD Max Drawdown-48%-31%-27%-22%-51%-26% 
Peers Max Drawdown-32%-42%-32%-35%-33%-27% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: VC, PATK, CVGI, MGA, BWA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/21/2026 (YTD)

How Low Can It Go

EventMODS&P 500
2025 US Tariff Shock
  % Loss-22.1%-18.8%
  % Gain to Breakeven28.3%23.1%
  Time to Breakeven11 days79 days
2023 SVB Regional Banking Crisis
  % Loss-14.1%-6.7%
  % Gain to Breakeven16.5%7.1%
  Time to Breakeven21 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-26.2%-24.5%
  % Gain to Breakeven35.5%32.4%
  Time to Breakeven29 days427 days
2020 COVID-19 Crash
  % Loss-65.0%-33.7%
  % Gain to Breakeven185.9%50.9%
  Time to Breakeven217 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-33.9%-19.2%
  % Gain to Breakeven51.4%23.8%
  Time to Breakeven37 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-20.2%-3.7%
  % Gain to Breakeven25.3%3.9%
  Time to Breakeven10 days6 days

Compare to VC, PATK, CVGI, MGA, BWA

In The Past

Modine Manufacturing's stock fell -22.1% during the 2025 US Tariff Shock. Such a loss loss requires a 28.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventMODS&P 500
2025 US Tariff Shock
  % Loss-22.1%-18.8%
  % Gain to Breakeven28.3%23.1%
  Time to Breakeven11 days79 days
2022 Inflation Shock & Fed Tightening
  % Loss-26.2%-24.5%
  % Gain to Breakeven35.5%32.4%
  Time to Breakeven29 days427 days
2020 COVID-19 Crash
  % Loss-65.0%-33.7%
  % Gain to Breakeven185.9%50.9%
  Time to Breakeven217 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-33.9%-19.2%
  % Gain to Breakeven51.4%23.8%
  Time to Breakeven37 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-20.2%-3.7%
  % Gain to Breakeven25.3%3.9%
  Time to Breakeven10 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-37.2%-12.2%
  % Gain to Breakeven59.2%13.9%
  Time to Breakeven28 days62 days
2014-2016 Oil Price Collapse
  % Loss-57.7%-6.8%
  % Gain to Breakeven136.6%7.3%
  Time to Breakeven307 days15 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-43.5%-17.9%
  % Gain to Breakeven76.9%21.8%
  Time to Breakeven750 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-48.1%-15.4%
  % Gain to Breakeven92.7%18.2%
  Time to Breakeven126 days125 days
2008-2009 Global Financial Crisis
  % Loss-95.0%-53.4%
  % Gain to Breakeven1899.3%114.4%
  Time to Breakeven690 days1085 days

Compare to VC, PATK, CVGI, MGA, BWA

In The Past

Modine Manufacturing's stock fell -22.1% during the 2025 US Tariff Shock. Such a loss loss requires a 28.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Modine Manufacturing (MOD)

Modine Manufacturing (MOD) is a global leader specializing in engineered heat transfer systems and components. The company designs and manufactures solutions critical for thermal management across diverse applications, primarily operating through its Building HVAC Systems and Heavy Duty Equipment and Automotive segments. Essentially, Modine ensures efficient heating, cooling, and ventilation for various industries and equipment worldwide.

Within its Building HVAC Systems segment, Modine provides a wide array of products for commercial, industrial, and data center environments. These offerings include various types of unit heaters, duct furnaces, infrared units, hydronic heating products, roof-mounted ventilation and makeup air units, precision air conditioning units for data centers, chillers, and specialized coils and coolers. These solutions are vital for maintaining comfortable indoor climates, ensuring air quality, and managing heat in critical infrastructure.

For the Heavy Duty Equipment and Automotive segment, Modine develops advanced cooling solutions for vehicles and industrial machinery. Its products encompass powertrain cooling components like engine cooling modules, radiators, charge air coolers, and oil coolers, along with on-engine cooling systems and complete battery thermal management systems for electric vehicles. Modine's primary customers are Original Equipment Manufacturers (OEMs) in the HVAC, automotive, truck, bus, agricultural, construction, and industrial equipment sectors, alongside construction professionals and heating equipment wholesalers globally.

AI Analysis | Feedback

Here are 1-2 brief analogies to describe Modine Manufacturing (MOD):

  • Like Carrier for commercial HVAC, but also a critical supplier of cooling systems for automotive and heavy industrial equipment.
  • The Parker-Hannifin of heat transfer systems, supplying specialized heating and cooling components for buildings, vehicles, and machinery.

AI Analysis | Feedback

  • HVAC Heating Products: Modine provides unit heaters, duct furnaces, infrared units, and various hydronic heating components for commercial and industrial applications.
  • HVAC Ventilation & Air Conditioning: The company offers makeup air units, rooftop ventilation units, air-handling units, chillers, and precision cooling systems for data centers.
  • Heat Transfer Coils & Coolers: Products include microchannel, heat recovery, and plate fin coils, alongside units for cooling fluids, transformer oil, and brine.
  • Protective Coatings: Modine supplies specialized coatings designed to enhance the corrosion resistance of its heat transfer components.
  • Automotive & Off-Highway Powertrain Cooling: Comprehensive systems and components are provided for managing engine, transmission, and auxiliary fluid temperatures in vehicles.
  • Battery & Electronics Thermal Management: Integrated solutions are offered for cooling electric vehicle batteries and critical electronic packages.

AI Analysis | Feedback

Modine Manufacturing (symbol: MOD) sells primarily to other companies (B2B). The company's major customers fall into the following categories:

  • Original Equipment Manufacturers (OEMs): This includes manufacturers of heating, ventilation, and cooling (HVAC) systems; automobile, truck, bus, and specialty vehicles; agricultural, industrial, and construction equipment; and other commercial and industrial equipment.
  • Construction Architects and Contractors: These professionals utilize Modine's HVAC and hydronic products for building applications.
  • Wholesalers of Heating Equipment: These companies act as distributors for Modine's heating solutions.

AI Analysis | Feedback

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Neil D. Brinker President and Chief Executive Officer

Neil D. Brinker was named President and Chief Executive Officer and a member of Modine's Board of Directors in December 2020. Before joining Modine, Mr. Brinker served as President and Chief Operating Officer of Advanced Energy Industries, Inc. from May 2020, and Executive Vice President and Chief Operating Officer from June 2018. He also spent six years with IDEX Corporation in various senior leadership roles, including Group President. Earlier in his career, he held management roles at Danaher Corporation and operations roles at General Motors. Mr. Brinker holds a Bachelor of Science in Mechanical Engineering from Michigan State University, a Master of Engineering from the University of Michigan, and a Master of Business Administration from Eastern Michigan University.

Michael B. (Mick) Lucareli Executive Vice President and Chief Financial Officer

Michael B. (Mick) Lucareli was appointed Executive Vice President and Chief Financial Officer in May 2021. He previously served as Vice President, Finance and Chief Financial Officer since July 2010. Mr. Lucareli joined Modine in August 1999 and has held various leadership positions within the company, including Manager, Business Development and Investor Relations; Director, Financial Operations and Analysis; Managing Director, Financial Operations; and Vice President, Corporate Treasurer. Prior to Modine, Mr. Lucareli was Director of Research at Alpha Investments Group and a securities analyst and portfolio manager at Associated Investment Management Group. He earned a bachelor's degree in economics from the University of Wisconsin-Madison and a Master of Business Administration (MBA) from Loyola University in Chicago.

Eric S. McGinnis President, Climate Solutions

Eric S. McGinnis was named President, Climate Solutions in April 2022, overseeing Modine's Heating, Indoor Air Quality, Data Center, Heat Transfer Products, and Global Coolers and Power & Process businesses. Prior to this role, he was Vice President, Building HVAC since August 2021. Mr. McGinnis spent 11 years with General Electric, where he held various business leadership roles, including General Manager of its Commercial and Industrial Motors business and General Manager of GE Motors' first joint venture in China. He holds a Bachelor of Science in Mechanical Engineering from Michigan State University.

Kathleen T. Powers Vice President, Treasurer, Investor Relations and Tax

Kathleen T. Powers was named Vice President, Treasurer, Investor Relations and Tax in July 2016. She joined Modine in October 2011 as Vice President, Treasurer and Investor Relations, and took on responsibility for the corporate tax function in 2016. Before Modine, Ms. Powers was the Director of Global Treasury for Diversey, Inc. Her prior experience includes various financial leadership roles at CNH Global, including Treasurer of CNH Capital Europe, and work in public accounting at Arthur Andersen LLP. Ms. Powers holds a bachelor's degree in Accounting and Management from the University of Wisconsin-Madison and a Master of Business Administration (MBA) from Marquette University.

Erin J. Roth Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer

Erin J. Roth was appointed Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer in November 2023. In this role, she leads Modine's global Legal, Compliance, and Sustainability teams. Her previous experience includes leadership roles at Wabash National Corporation and MacLean-Fogg Company (now a subsidiary of MasTec, Inc.). Earlier in her career, Ms. Roth practiced law at Barnes & Thornburg, focusing on complex commercial and intellectual property litigation. She holds a Bachelor of Science in Accounting from Butler University and a Juris Doctorate from the Georgetown University Law Center.

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Key Risks to Modine Manufacturing (MOD)

  1. Disruption from the Transition to Electric Vehicles (EVs) and Alternative Powertrains: A significant portion of Modine's Heavy Duty Equipment and Automotive segments relies on powertrain cooling products for internal combustion engines (ICE), including engine cooling modules, radiators, charge air coolers, and various oil and fuel coolers. The accelerating global shift from ICE vehicles to electric vehicles and other alternative powertrains presents a substantial risk if the demand for these traditional components declines faster than Modine can expand its market share and offerings in battery thermal management systems and electronics cooling packages for EVs. This transition could lead to reduced demand for existing product lines and necessitate significant investment in new technologies and manufacturing capabilities.

  2. Sensitivity to Economic Cycles and Demand Volatility in Key End Markets: Modine Manufacturing serves diverse industries that are highly susceptible to economic fluctuations, including automotive, truck, bus, and specialty vehicle OEMs; agricultural, industrial, and construction equipment OEMs; and the broader construction and HVAC markets. Economic downturns, reduced consumer and business spending, or disruptions in these cyclical end markets can directly lead to decreased demand for Modine's engineered heat transfer systems and components, impacting sales volumes, revenue, and profitability.

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AI Analysis | Feedback

Modine Manufacturing Company participates in several addressable markets for its heat transfer systems and components. The market sizes for its main products and services are as follows:

Commercial HVAC Systems

The global commercial HVAC system market was valued at approximately USD 72.03 billion in 2025. This market is projected to grow to about USD 119.76 billion by 2034, exhibiting a Compound Annual Growth Rate (CAGR) of 5.90% during the forecast period. Another estimate indicates the global commercial HVAC market size was valued at around USD 61.88 billion in 2023 and is projected to reach USD 120.63 billion by 2032, growing at a CAGR of roughly 7.70% between 2024 and 2032. Asia Pacific dominated the commercial HVAC system market with a share of 49.80% in 2025.

Data Center Cooling

The global data center cooling market size was valued between USD 11.65 billion and USD 26.31 billion in 2025. It is projected to grow significantly, with estimates reaching between USD 30.99 billion and USD 128.31 billion by 2034/2033. One source indicated the market was valued at USD 18.78 billion in 2025 and is projected to reach USD 54.18 billion by 2034. North America held a significant share, with the U.S. market expected to be valued at USD 5.26 billion by 2026.

Automotive Thermal Management Systems

The global automotive thermal management system market size was valued between US$ 82.6 billion and USD 105.84 billion in 2025. It is projected to reach US$ 173.8 billion by 2036. Another estimate projects the market to grow from USD 112.9 billion in 2025 to reach USD 182.81 billion by 2033. The Asia Pacific region dominated this market in 2025, holding a revenue share of 41%.

Automotive Battery Thermal Management Systems

The global automotive battery thermal management system market size was valued between USD 3.83 billion and USD 4.2 billion in 2025. It is projected to reach USD 19.98 billion by 2034. Asia Pacific dominated the global market with a share of 45.93% in 2025.

AI Analysis | Feedback

Modine Manufacturing Company (MOD) is expected to drive future revenue growth over the next two to three years through several key initiatives:

  1. Expansion in Data Center Cooling Solutions: Modine is making significant investments to expand its capacity for data center cooling products, driven by the increasing demand for AI and high-density computing. The company announced a multi-year $100 million investment in July 2025 to scale production of its Airedale by Modine™ data center cooling solutions, including new manufacturing facilities in Franklin, Wisconsin, and Grand Prairie, Texas. Management is guiding for 50-70% annual growth in the data center business over the next two fiscal years, with anticipated total data center revenues approaching $2 billion by fiscal year 2028.

  2. Growth in Commercial Indoor Air Quality (IAQ) and Broader Climate Solutions Offerings: Modine is strategically expanding its Climate Solutions portfolio beyond core cooling through a series of acquisitions. Between 2024 and July 2025, Modine completed nine acquisitions, including Scott Springfield Manufacturing, Napps Technology, AbsolutAire, L.B. White, and Climate by Design International. These acquisitions enhance its capabilities in areas such as direct-fired heating, specialty heating and ventilation, desiccant dehumidification, and critical process air handling, diversifying its offerings and expanding its market reach within the commercial HVAC sector.

  3. Increased Adoption of Electric Vehicle (EV) Thermal Management Systems: Modine is positioning itself to capitalize on the growing global commercial electric vehicle market with its EVantage™ thermal management systems. The company expanded production of these battery thermal management and electronics cooling systems to its facility in Pontevico, Italy, starting in 2024, to serve heavy-duty, commercial, and specialty vehicle manufacturers in Europe. This addresses the unique thermal management needs of commercial EV batteries, supporting optimal performance, durability, range, and safety.

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Share Repurchases

  • Modine's Board of Directors authorized a new $100 million share repurchase program effective March 7, 2025, which does not expire and replaced a previous program that had expired in November 2024.
  • The company repurchased $18 million of common stock in fiscal year 2025.
  • Modine repurchased $13 million of its common stock in fiscal year 2024.

Outbound Investments

  • Modine acquired Scott Springfield Manufacturing for $184.1 million on March 1, 2024, with an additional $2.4 million paid in July 2024 for working capital adjustments.
  • The company entered into a definitive agreement to acquire L.B. White for approximately $112 million, with the transaction expected to close on May 31, 2025.
  • Modine plans to spin off and simultaneously combine its Performance Technologies business with Gentherm in a Reverse Morris Trust transaction, valued at approximately $1.0 billion, which is anticipated to close in the fourth quarter of calendar 2026.

Capital Expenditures

  • Capital expenditures totaled $84 million in fiscal year 2025, with $53 million allocated to the Climate Solutions segment, primarily for expanding data center cooling product capacity, and $30 million to the Performance Technologies segment for tooling and equipment related to vehicular customer programs.
  • In fiscal year 2024, capital expenditures were $88 million.
  • Modine announced a new $100 million investment over 12-18 months (from July 29, 2025) to expand its U.S. manufacturing capacity for data center cooling products, including a new facility in Dallas, TX, expansion in Grenada, MS, and potential repurposing of existing sites.

Better Bets vs. Modine Manufacturing (MOD)

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Peer Comparisons

Peers to compare with:

Financials

MODVCPATKCVGIMGABWAMedian
NameModine M.Visteon Patrick .Commerci.Magna In.BorgWarn. 
Mkt Price247.09104.0385.334.8867.8763.6376.60
Mkt Cap13.12.82.80.218.913.17.9
Rev LTM3,1813,7883,94565142,32214,3343,866
Op Inc LTM371298275-12,2461,350334
FCF LTM105212189182,9341,254201
FCF 3Y Avg121240267-01,674897253
CFO LTM249346275284,1981,718311
CFO 3Y Avg226376351163,6101,507363

Growth & Margins

MODVCPATKCVGIMGABWAMedian
NameModine M.Visteon Patrick .Commerci.Magna In.BorgWarn. 
Rev Chg LTM23.1%-2.0%4.2%-6.8%0.9%2.3%1.6%
Rev Chg 3Y Avg11.7%-1.0%-2.9%-6.1%3.0%1.6%0.3%
Rev Chg Q47.5%2.1%-0.6%1.0%3.1%0.5%1.6%
QoQ Delta Rev Chg LTM10.7%0.5%-0.2%0.3%0.7%0.1%0.4%
Op Inc Chg LTM19.0%-14.4%4.1%66.1%11.4%2.4%7.7%
Op Inc Chg 3Y Avg34.9%15.4%-9.4%-12.6%15.7%4.5%10.0%
Op Mgn LTM11.7%7.9%7.0%-0.2%5.3%9.4%7.4%
Op Mgn 3Y Avg11.4%8.1%7.2%1.1%5.0%9.3%7.6%
QoQ Delta Op Mgn LTM-0.3%-0.9%-0.0%-0.1%0.3%0.2%-0.1%
CFO/Rev LTM7.8%9.1%7.0%4.3%9.9%12.0%8.5%
CFO/Rev 3Y Avg8.3%9.8%9.5%2.1%8.5%10.6%9.0%
FCF/Rev LTM3.3%5.6%4.8%2.8%6.9%8.7%5.2%
FCF/Rev 3Y Avg4.5%6.2%7.3%-0.1%4.0%6.3%5.4%

Valuation

MODVCPATKCVGIMGABWAMedian
NameModine M.Visteon Patrick .Commerci.Magna In.BorgWarn. 
Mkt Cap13.12.82.80.218.913.17.9
P/S4.10.70.70.30.40.90.7
P/Op Inc35.49.410.1-127.78.49.79.5
P/EBIT60.29.111.161.713.218.215.7
P/E108.016.720.3-9.528.136.124.2
P/CFO52.88.110.16.04.57.67.8
Total Yield0.9%6.6%7.0%-10.5%6.4%3.8%5.1%
Dividend Yield0.0%0.6%2.1%0.0%2.9%1.0%0.8%
FCF Yield 3Y Avg1.9%8.9%10.1%-13.0%11.6%9.6%9.3%
D/E0.00.20.60.60.40.30.3
Net D/E0.0-0.10.60.40.30.20.2

Returns

MODVCPATKCVGIMGABWAMedian
NameModine M.Visteon Patrick .Commerci.Magna In.BorgWarn. 
1M Rtn-16.9%-8.6%-2.3%0.8%3.9%-11.4%-5.5%
3M Rtn-0.2%3.0%-17.2%16.7%10.9%16.5%6.9%
6M Rtn81.2%14.3%-32.6%212.8%28.5%37.5%33.0%
12M Rtn163.7%-3.5%-9.5%182.1%69.1%82.2%75.7%
3Y Rtn574.6%-33.5%63.5%-53.2%22.8%43.4%33.1%
1M Excs Rtn-17.0%-8.7%-2.4%0.7%3.7%-11.5%-5.6%
3M Excs Rtn-7.4%-2.7%-22.9%12.5%4.6%8.8%0.9%
6M Excs Rtn72.3%3.6%-41.0%178.9%17.5%27.4%22.4%
12M Excs Rtn133.5%-23.0%-28.7%156.5%50.8%65.1%57.9%
3Y Excs Rtn488.9%-99.0%-4.6%-120.7%-37.1%-21.6%-29.4%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20262025202420232022
Climate Solutions2,0621,4411,0551,012 
Performance Technologies1,1321,1641,3781,316 
Corporate and eliminations-13-21-25-30 
Automotive    308
Building heating, ventilating, air conditioning (BHVAC)    335
Commercial and Industrial Solutions (CIS)    620
Heavy Duty Equipment (HDE)    788
Total3,1812,5842,4082,2982,050


Operating Income by Segment
$ Mil20262025202420232022
Climate Solutions321248167124 
Performance Technologies11010812366 
Corporate and eliminations-88-73-50-39-32
Automotive    35
Building heating, ventilating, air conditioning (BHVAC)    46
Commercial and Industrial Solutions (CIS)    35
Heavy Duty Equipment (HDE)    35
Total342284241150119


Assets by Segment
$ Mil20262025202420232022
Other1,4381,0981,071843778
Climate Solutions834449413335292
Performance Technologies403371368388357
Total2,6751,9181,8521,5661,427


Price Behavior

Price Behavior
Market Price$247.09 
Market Cap ($ Bil)13.1 
First Trading Date03/26/1990 
Distance from 52W High-19.5% 
   50 Days200 Days
DMA Price$262.01$201.80
DMA Trendupup
Distance from DMA-5.7%22.4%
 3M1YR
Volatility72.3%68.7%
Downside Capture541.29263.84
Upside Capture406.16324.47
Correlation (SPY)63.2%50.5%
MOD Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta3.053.453.242.712.722.32
Up Beta0.510.592.332.342.572.05
Down Beta3.472.152.652.582.772.36
Up Capture408%577%457%650%919%9904%
Bmk +ve Days11244067140429
Stock +ve Days10213164126407
Down Capture320%412%379%188%168%112%
Bmk -ve Days10172358112321
Stock -ve Days11203260124342

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with MOD
MOD153.7%68.7%1.63-
Sector ETF (XLY)4.0%18.7%0.0830.7%
Equity (SPY)20.3%12.6%1.1950.7%
Gold (GLD)21.6%28.1%0.6917.2%
Commodities (DBC)31.4%19.1%1.30-9.0%
Real Estate (VNQ)15.0%14.0%0.7612.9%
Bitcoin (BTCUSD)-44.6%42.9%-1.2515.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with MOD
MOD70.9%60.7%1.13-
Sector ETF (XLY)5.7%23.9%0.2044.0%
Equity (SPY)12.9%17.1%0.5850.2%
Gold (GLD)17.3%18.4%0.767.0%
Commodities (DBC)8.9%19.5%0.358.6%
Real Estate (VNQ)2.9%18.9%0.0528.5%
Bitcoin (BTCUSD)14.9%53.4%0.4619.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with MOD
MOD39.1%58.9%0.81-
Sector ETF (XLY)12.1%22.1%0.5043.3%
Equity (SPY)15.2%17.9%0.7246.4%
Gold (GLD)11.2%16.1%0.571.8%
Commodities (DBC)7.2%17.9%0.3214.5%
Real Estate (VNQ)5.1%20.7%0.2132.7%
Bitcoin (BTCUSD)58.7%66.2%0.9913.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date6302026
Short Interest: Shares Quantity2.4 Mil
Short Interest: % Change Since 6152026-28.6%
Average Daily Volume2.2 Mil
Days-to-Cover Short Interest1.1 days
Basic Shares Quantity53.1 Mil
Short % of Basic Shares4.4%

Earnings Returns History

Updated 6/29/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/26/2026-5.4%3.7%-4.1%
2/4/20262.9%10.0%-6.1%
10/28/2025-4.2%-9.8%-1.9%
7/30/202518.4%20.2%25.4%
5/20/2025-11.7%-14.0%-8.4%
2/4/20256.7%-1.4%-22.8%
10/29/2024-7.2%-13.4%2.3%
7/30/202418.9%2.5%15.8%
...
SUMMARY STATS   
# Positive151615
# Negative989
Median Positive13.3%19.4%24.6%
Median Negative-5.4%-7.3%-6.1%
Max Positive30.4%37.7%58.9%
Max Negative-14.8%-14.0%-24.8%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/26/2026-5.4%3.7%-4.1%
2/4/20262.9%10.0%-6.1%
10/28/2025-4.2%-9.8%-1.9%
7/30/202518.4%20.2%25.4%
5/20/2025-11.7%-14.0%-8.4%
2/4/20256.7%-1.4%-22.8%
10/29/2024-7.2%-13.4%2.3%
7/30/202418.9%2.5%15.8%
5/21/2024-4.7%-4.9%-7.3%
1/30/20243.5%1.7%34.3%
11/1/2023-1.9%3.4%25.9%
8/2/202313.3%22.7%24.6%
5/24/202323.8%37.6%58.1%
2/1/2023-6.1%-4.3%10.0%
11/2/202212.1%21.4%26.0%
8/3/20228.1%20.8%10.6%
5/25/202224.7%37.7%30.3%
2/2/202216.3%18.5%1.5%
11/2/20210.6%4.8%-3.5%
8/4/2021-14.8%-11.0%-24.8%
5/26/2021-1.9%7.1%-1.8%
2/4/20211.0%-0.2%9.7%
11/5/202030.4%36.3%58.9%
8/4/202018.6%23.6%17.3%
SUMMARY STATS   
# Positive151615
# Negative989
Median Positive13.3%19.4%24.6%
Median Negative-5.4%-7.3%-6.1%
Max Positive30.4%37.7%58.9%
Max Negative-14.8%-14.0%-24.8%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/27/202610-K
12/31/202502/05/202610-Q
09/30/202510/29/202510-Q
06/30/202507/31/202510-Q
03/31/202505/21/202510-K
12/31/202402/05/202510-Q
09/30/202410/30/202410-Q
06/30/202407/31/202410-Q
03/31/202405/22/202410-K
12/31/202301/31/202410-Q
09/30/202311/02/202310-Q
06/30/202308/03/202310-Q
03/31/202305/25/202310-K
12/31/202202/02/202310-Q
09/30/202211/03/202210-Q
06/30/202208/04/202210-Q
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/27/202610-K
12/31/202502/05/202610-Q
09/30/202510/29/202510-Q
06/30/202507/31/202510-Q
03/31/202505/21/202510-K
12/31/202402/05/202510-Q
09/30/202410/30/202410-Q
06/30/202407/31/202410-Q
03/31/202405/22/202410-K
12/31/202301/31/202410-Q
09/30/202311/02/202310-Q
06/30/202308/03/202310-Q
03/31/202305/25/202310-K
12/31/202202/02/202310-Q
09/30/202211/03/202210-Q
06/30/202208/04/202210-Q
03/31/202205/26/202210-K
12/31/202102/03/202210-Q
09/30/202111/03/202110-Q
06/30/202108/05/202110-Q
03/31/202105/27/202110-K
12/31/202002/05/202110-Q
09/30/202011/06/202010-Q
06/30/202008/05/202010-Q
03/31/202005/29/202010-K
12/31/201902/05/202010-Q
09/30/201911/08/201910-Q
06/30/201908/01/201910-Q

Recent Forward Guidance

Updated 7/12/2026

Latest: Q4 2026 Earnings Reported 5/26/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2027 Net Sales Growth20.0%27.5%35.0% 5.0%Higher NewGuidance: 22.5% for 2026
2027 Adjusted EBITDA650.00 Mil665.00 Mil680.00 Mil43.0% Higher NewGuidance: 465.00 Mil for 2026

Prior: Q3 2026 Earnings Reported 2/4/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Net Sales Growth20.0%22.5%25.0% 5.0%RaisedGuidance: 17.5% for 2026
2026 Adjusted EBITDA455.00 Mil465.00 Mil475.00 Mil2.2% RaisedGuidance: 455.00 Mil for 2026
2026 Data Center Revenue Growth 70.0%  10.0%RaisedGuidance: 60.0% for 2026

Q2 2026 Earnings Reported 10/28/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Net Sales Growth15.0%17.5%20.0% 5.0%RaisedGuidance: 12.5% for 2026
2026 Adjusted EBITDA440.00 Mil455.00 Mil470.00 Mil0 AffirmedGuidance: 455.00 Mil for 2026
2026 Data Centers Revenue Growth 60.0%    
2026 Non-cash pension settlement charges120.00 Mil122.50 Mil125.00 Mil   

Insider Activity

Updated 6/22/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1McGinnis, Eric SPresident, Commercial HVACDirectSell6222026295.061,020300,9668,369,224Form
2Agen, Brian JonVP, CHRODirectSell6222026295.1738,28211,299,59819,582,291Form
3Ashleman, Eric DDirectSell6182026288.5415,0004,328,16212,219,843Form
4Laszlo, Arthur JRPresident, Data CentersDirectSell6022026295.76900266,1843,710,310Form
5McGinnis, Eric SPresident, Commercial HVACDirectSell6022026287.8924,0026,909,9288,459,350Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1McGinnis, Eric SPresident, Commercial HVACDirectSell6222026295.061,020300,9668,369,224Form
2Agen, Brian JonVP, CHRODirectSell6222026295.1738,28211,299,59819,582,291Form
3Ashleman, Eric DDirectSell6182026288.5415,0004,328,16212,219,843Form
4Laszlo, Arthur JRPresident, Data CentersDirectSell6022026295.76900266,1843,710,310Form
5McGinnis, Eric SPresident, Commercial HVACDirectSell6022026287.8924,0026,909,9288,459,350Form
6McGinnis, Eric SPresident, Commercial HVACDirectSell6022026280.2614,0803,946,06115,147,773Form
7Williams, Marsha CDirectSell2262026234.7112,0002,816,52025,971,366Form
8Lucareli, Michael BEVP, CFODirectSell2182026219.1219,5954,293,67112,178,293Form
9Garimella, Suresh VDirectSell2032026184.071,100202,47714,699,094Form
10Garimella, Suresh VDirectSell1232026150.001,100165,00012,143,400Form
11Brinker, Neil DavidPresident and CEODirectSell12042025160.5631,8715,117,33738,264,343Form
12McGinnis, Eric SPresident, Climate SolutionsDirectSell8262025140.8625,1733,545,9212,812,452Form
13Garimella, Suresh VDirectSell8252025140.2914,2041,992,64211,511,421Form
14Williams, Marsha CDirectSell8132025134.7725,7613,471,90816,265,715Form
15Lucareli, Michael BEVP, CFODirectSell8062025140.4740,4225,678,1665,888,593Form
16Lucareli, Michael BEVP, CFODirectSell8042025128.3380,66110,351,4858,588,059Form
17Lucareli, Michael BEVP, CFODirectSell7312025115.005,778664,47013,931,330Form
18Agen, Brian JonVP, CHRODirectSell7312025110.5047,9395,297,1819,946,510Form

Investor Activity (13F)

Updated Jul 22, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Paradigm Capital Management Inc/Ny$315.4 Mil12.1%174Hold13F
CloudAlpha Capital Management Limited/Hong Kong$92.6 Mil10.2%37New13F
WT Asset Management Ltd$252.0 Mil5.3%32ADD +124.2%13F
XN LP$140.1 Mil5.1%23New13F
Southernsun Asset Management, LLC$23.9 Mil3.5%31TRIM -55.6%13F
E20 Capital Ltd$24.9 Mil2.3%22New13F
Neumeier Poma Investment Counsel LLC$24.8 Mil2.0%41TRIM -6.2%13F
FengHe Fund Management Pte. Ltd.$13.6 Mil1.9%31New13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
XN LP$140.1 Mil5.1%23New13F
CloudAlpha Capital Management Limited/Hong Kong$92.6 Mil10.2%37New13F
E20 Capital Ltd$24.9 Mil2.3%22New13F
FengHe Fund Management Pte. Ltd.$13.6 Mil1.9%31New13F
WT Asset Management Ltd$252.0 Mil5.3%32ADD +124.2%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Southernsun Asset Management, LLC$23.9 Mil3.5%31TRIM -55.6%13F
Neumeier Poma Investment Counsel LLC$24.8 Mil2.0%41TRIM -6.2%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Paradigm Capital Management Inc/Ny$315.4 Mil12.1%174Hold13F
WT Asset Management Ltd$252.0 Mil5.3%32ADD +124.2%13F
XN LP$140.1 Mil5.1%23New13F
CloudAlpha Capital Management Limited/Hong Kong$92.6 Mil10.2%37New13F
E20 Capital Ltd$24.9 Mil2.3%22New13F
Neumeier Poma Investment Counsel LLC$24.8 Mil2.0%41TRIM -6.2%13F
Southernsun Asset Management, LLC$23.9 Mil3.5%31TRIM -55.6%13F
FengHe Fund Management Pte. Ltd.$13.6 Mil1.9%31New13F
Core Cache Last Updated: 7/21/2026