MODINE MANUFACTURING CO financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MODINE MANUFACTURING CO files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	1,503	2,103	2,213	1,976	1,808	2,050	2,298	2,408	2,584	3,181
Cost of revenue	1,249	1,747	1,847	1,668	1,515	1,741	1,909	1,882	1,940	2,450
Gross profit	254	357	366	308	293	309	389	526	644	731
Research and development	64.4	65.8	69.8	59.5	46.3	50.3	44	42	34.9	29.3
Selling, general and administrative	203	246	244	250	211	215	234	274	332	360
Operating income	42.3	92.2	110	37.9	-97.7	119	150	241	284	342
Interest expense	17.2	25.6	24.8	22.7	19.4	15.6	20.7	24.1	26.4	31.6
Interest income	0.4	0.4	0.4	0.4	0.5	0.4	1.3	4.3	2.7	2
Other non-operating income	-4.3	-3.3	-4.1	-4.8	-2.2	-2.1	-4.4	-2	-3.1	-8.2
Pre-tax income	20.8	63.3	80.8	10.4	-119	102	125	215	254	187
Income tax	5.9	39.5	-5.1	12.4	90.2	15.2	-28.3	51.2	68.5	63.2
Income from continuing operations	14
Net income to minority interests	0.7	1.6	1.1	0.2	1.2	1.1	0.5	1.9	1.5	1.8
Net income	14.2	22.2	84.8	-2.2	-211	85.2	153	162	184	122
EBITDA	101	169	187	115	-29.1	174	205	297	361	422
EPS, basic	0.29	0.44	1.67	-0.04	-4.11	1.64	2.93	3.08	3.50	2.30
EPS, diluted	0.29	0.43	1.65	-0.04	-4.11	1.62	2.90	3.03	3.42	2.26
Shares, basic (weighted)	47.8	49.9	50.5	50.8	51.3	52	52.3	52.4	52.6	52.8
Shares, diluted (weighted)	48.3	50.9	51.3	50.8	51.3	52.5	52.8	53.4	53.9	53.8

Balance sheet

	FY2016	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	34.2	39.3	41.7	70.9	37.8	45.2	67.1	60.1	71.6	73.5
Short-term investments	4.7	5.7	4.3	3.2	3.7	3.7	3.5	0
Receivables	295	342	339	293	268	368	398	423	479	731
Inventory	169	191	201	207	196	281	325	358	341	506
Other current assets	55.4	70.1	65.8	62.5	35.9	63.7	56.4	53.1	69.8	106
Total current assets	553	643	647	633	645	758	846	894	961	1,416
Property, plant and equipment	459	504	485	448	270	315	315	366	391	521
Lease right-of-use assets			61.3	61.4	54.1	52.1	59.1	76	97.2	139
Goodwill	165	174	169	166	171	168	166	231	234	292
Intangible assets	134	130	116	106	101	90.3	81.1	188	147	197
Other non-current assets	29.6	25.4	24.7	77.6	66.2	68.4	74.6	97.5	118	163
Total assets	1,450	1,573	1,538	1,536	1,277	1,427	1,566	1,852	1,918	2,675
Accounts payable	230	278	281	227	234	326	333	283	291	465
Accrued liabilities	74.8	97.3	81.7	65	66.5	85.1	89.8	102	103	95.1
Deferred revenue									33.2	23.9
Short-term debt	31.8	39.9	48.6	15.6	21.9	21.7	19.7	19.7	44.8	43.9
Total current liabilities	455	516	470	372	469	495	507	546	541	729
Long-term debt	406	386	382	452	311	348	329	400	297	385
Lease liabilities			48.9	50.3	44.8	41.2	48.9	62.1	80.6	118
Other non-current liabilities	38.1	53.6	34.8	79.5	75.7	72.9	84.9	92.6	108	332
Total liabilities	1,028	1,075	997	1,043	921	969	966	1,096	999	1,472
Total debt	438	426	431	468	333	370	349	420	342	429
Paid-in capital	216	230	239	245	255	262	271	284	311	336
Retained earnings	372	395	472	470	259	344	498	659	843	965
Treasury stock	-25.4	-27.1	-31.4	-37.1	-38.2	-40	-49	-66.7	-97.6	-105
Other comprehensive income	-182	-140	-178	-223	-161	-150	-161	-163	-181	-37.1
Shareholders' equity	414	490	534	488	349	451	593	748	910	1,195
Minority interests	7.2	8.4	7.2	5.7	7.4	7.4	6.8	7.9	8	8.3
Total equity	421	499	541	494	356	458	600	756	918	1,203
Total liabilities and equity	1,450	1,573	1,538	1,536	1,277	1,427	1,566	1,852	1,918	2,675

Cash flow statement

	FY2016	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	14.9	23.8	85.9	-2	-210	86.3	154	163	186	123
Depreciation and amortization	58.3	76.7	76.9	77.1	68.6	54.8	54.5	56.1	77.7	79.7
Stock-based compensation	7.4	9.5	7.9	6.6	6.3	5.7	6.6	10.8	26.4	22.1
Deferred income tax	-4.6	12.1	-4.4	1	67.9	-3.8	-59.6	6.2	6.5	-39.1
Change in receivables	-25.7	-26.1	-15.3	36.6	-17.1	-55.6	-40.7	-8.3	-61.2	-223
Change in inventory	-3.3	-12.5	-22	-12	-5	-70.7	-49.4	-17.3	13.6	-125
Change in payables	19.9	25.2	16.6	-37.7	44	55.1	10.2	-59.1	10.5	151
Cash from operations	41.7	124	103	57.9	150	11.5	108	215	213	249
Capital expenditures	-64.4	-71	-73.9	-71.3	-32.7	-40.3	-50.7	-87.7	-84	-143
Acquisitions	-364	0	0			0	0	-186	-3.4	-182
Purchases of investments	-3.5	-5.5	-3.8	-3.3	-3.6	-3.9	-3.4	0
Cash from investing	-422	-71.6	-72.8	-60.5	-31.3	-51	-50.4	-283	-86.6	-321
Debt issued	559	171	221	672	32.7	352	374	333	415	830
Share buybacks	0	0	-0.6	-2.4	0	0	-9	-17.7	-30.9	-7
Cash from financing	348	-50.1	-25.9	33.3	-145	39.2	-33.3	62.7	-114	73.1
Exchange rate effect	-1.7	3	-2.7	-1.6	1.4	-0.4
Net change in cash	-34.6	5.5	1.9	29.1	-25.2	-0.7	21.8	-6.9	11.6	1.8
Free cash flow	-22.7	53.2	29.4	-13.4	117	-28.8	56.8	127	129	105
Interest paid	15.4	23.4	22.3	21.4	17.9	14.1	18.4	23.3	26	30.2
Income taxes paid	12.7	20.1	22.2	18.8	19.7	21.8	31.9	45.1	53.9	75.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $198.07 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	22.2%	Gross profit / revenue.
Operating margin	10.1%	Operating income / revenue.
EBITDA margin	12.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	5.6%	Pre-tax income / revenue.
Net margin	4.3%	Net income / revenue.
FCF margin	3.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	7.8%	Cash from operations / revenue.
Effective tax rate	23.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	12.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.2%	Net income / average total assets.
Return on invested capital (ROIC)	16.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	11.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.8%	Capital expenditures / revenue.
D&A / revenue	2.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	23.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	13.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	23.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	20.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	20.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	31.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	16.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	27.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-34.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-7.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-33.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-8.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	16.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	32.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	10.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-18.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	22.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-2.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	31.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	26.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	27.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	39.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	19.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	15.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.04x	Current assets / current liabilities.
Quick ratio	1.01x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.13x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.43x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	18.6%	Total debt / total assets.
Liabilities / assets	56.7%	Total liabilities / total assets.
Net debt	$424.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.00x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	10.6x	Operating income / interest expense.
Working capital	$777.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	17.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$721.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.21x	Revenue / average total assets.
Fixed asset turnover	6.29x	Revenue / average property, plant and equipment.
Inventory turnover	4.31x	Cost of revenue / average inventory.
Days inventory	85 days	365 x average inventory / cost of revenue.
Receivables turnover	5.11x	Revenue / average receivables.
Days sales outstanding	71 days	365 x average receivables / revenue.
Days payables	71 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	85 days	Days inventory + days sales outstanding - days payables.
FCF conversion	69.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	61.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.67	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$62.45	Revenue / diluted weighted shares.
FCF per share	$1.86	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.86	Cash from operations / diluted weighted shares.
Book value per share	$22.25	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$13.35	Tangible book value / shares outstanding.
Cash per share	$1.76	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	66.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$10.52B	Share price x shares outstanding.
Enterprise value	$10.94B	Market cap + total debt - cash - short-term investments.
P/E	73.0x	Market cap / net income. Only when net income is positive.
P/S	3.12x	Market cap / revenue.
P/B	8.76x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	14.6x	Market cap / tangible book value, when positive.
P/FCF	105x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	40.1x	Market cap / cash from operations, when positive.
EV/Sales	3.25x	Enterprise value / revenue.
EV/EBIT	32.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	25.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	109x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.0%	Free cash flow / market cap.
Earnings yield	1.4%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.6%	(Dividends paid + share buybacks) / market cap.

What was MODINE MANUFACTURING CO's revenue in fiscal 2026?

MODINE MANUFACTURING CO reported revenue of $3.18B for fiscal 2026, 23.1% higher than the year before.

Was MODINE MANUFACTURING CO profitable in fiscal 2026?

Yes. Net income was $121.5M, a net margin of 3.8%.

How much free cash flow did MODINE MANUFACTURING CO generate in fiscal 2026?

Cash from operations of $248.7M minus capital expenditures of $143.3M left free cash flow of $105.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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