# Modine Manufacturing Company (MOD)

> Source: Nexqual · https://nexqual.com/MOD · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Modine Manufacturing Company (MOD), nexqual.com/MOD" · informational, not investment advice.

**Price:** USD 135.17 (-9.75% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 149.78 · day 133.98–145 · 52w 111.18–323.25 · market cap $7.19B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.37B, net income $144M (4.3% margin), free cash flow $100M (SEC filings).
- Valuation: P/E 49.9x (avg 50.0x at the last 3 fiscal year-ends), EV/EBITDA 18.0x, net debt $426M.
- 1 of 80 tracked superinvestors hold MOD (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $27.8M; 5 not under a Rule 10b5-1 plan ($16.5M); 2 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y -11.3% vs S&P 500 +14.9%; 5Y +1059.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 1.46, revenue estimate $944M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.05B | $2.30B | $2.41B | $2.58B | $3.18B | $3.37B |
| Gross profit | $309M | $389M | $526M | $644M | $731M | — |
| Operating income | $119M | $150M | $241M | $284M | $342M | $342M |
| Net income | $85.2M | $153M | $162M | $184M | $122M | $144M |
| EPS (diluted) | $1.62 | $2.90 | $3.03 | $3.42 | $2.26 | — |
| Free cash flow | -$28.8M | $56.8M | $127M | $129M | $105M | $100M |
| Gross margin | 15.1% | 16.9% | 21.8% | 24.9% | 23.0% | — |
| Operating margin | 5.8% | 6.5% | 10.0% | 11.0% | 10.8% | 10.1% |
| Net margin | 4.2% | 6.7% | 6.7% | 7.1% | 3.8% | 4.3% |
| Revenue growth | +13.4% | +12.1% | +4.8% | +7.3% | +23.1% | — |
| Cash + short-term investments | $48.9M | $70.6M | $60.1M | — | — | — |
| Total debt | $374M | $352M | $422M | $343M | $431M | — |
Fiscal years end Mar. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 49.9x · P/S 2.1x · EV/EBITDA 18.0x · EV/Sales 2.3x · P/FCF 71.8x · P/B 6.0x · FCF yield 1.39% · Earnings yield 2.01% · Buyback yield (TTM) 0.92% · Net debt $426M · EV $7.62B
P/E at fiscal year-ends: Mar 2026 96.0x, Mar 2025 22.5x, Mar 2024 31.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold MOD. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.07% | $7.8M | Added +1.0% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-10 | Agen Brian Jon | VP, CHRO | 4,306 | $776K | 6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-18 | Agen Brian Jon | VP, CHRO | 38,282 | $11.3M | 36.6% | Yes (adopted March 19, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-18 | McGinnis Eric S | President, Commercial HVAC | 1,020 | $301K | 3.5% | No | Too little history (no open-market trades in 2023) |
| 2026-06-16 | Ashleman Eric D | Director | 15,000 | $4.3M | 26.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-29…2026-06-01 | McGinnis Eric S | President, Commercial HVAC | 38,082 | $10.9M | 56.4% | No | Too little history (no open-market trades in 2023) |
| 2026-06-01 | Laszlo Arthur Jr. | President, Data Centers | 900 | $266K | 6.7% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Cantor Fitzgerald | Initiated | Overweight | $275 |
| 2026-10-06 | Baird | Initiated | Outperform | $300 |
| 2026-10-02 | Oppenheimer | Target lowered | Outperform | $300 → $260 |
| 2026-09-29 | DA Davidson | Maintained | Buy | $330 |
| 2026-09-02 | Keybanc | Reiterated | Overweight | $280 |
| 2026-07-30 | B. Riley Securities | Target lowered | Buy | $340 → $305 |
| 2026-07-30 | Keybanc | Target lowered | Overweight | $370 → $280 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -11.3% | +1059.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -11.3% | +63.0% |
| Volatility (annualized) | 71.8% | 58.4% |
| Max drawdown | -56.0% (Jun 2026→Oct 2026) | -54.5% (Jun 2026→Oct 2026) |

## Peers (Auto Parts)
ALV (Autoliv, Inc.) USD 118.88 +2.54% · ALSN (Allison Transmission Holdings, ) USD 109.57 -1.23% · APTV (Aptiv PLC) USD 43.81 -1.20% · AUR (Aurora Innovation, Inc.) USD 4.86 -2.99% · MBLY (Mobileye Global Inc.) USD 6.95 -1.00% · LEA (Lear Corporation) USD 118.61 +0.61%

## More
Full page: https://nexqual.com/MOD · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in MOD's own 10-K filed 2026-05-27 (https://www.sec.gov/Archives/edgar/data/67347/000110465926066795/mod-20260331x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Gentherm Inc (THRM) | "Uncertainties regarding the impacts of the pending Reverse Morris Trust transaction with Gentherm on our employees, customers, and suppliers could adversely affect our business and results of operations." |
| Customer | TMGcore | "In addition, we paid $12 million during fiscal 2024 to purchase intellectual property and related assets from TMGcore, Inc. These investments support our growth strategy by expanding our product portfolio and broadening …" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Data Center | $348.6M | 39.9% | +89.8% | $46.3M | 13.3% |
| Performance Technologies | $277.8M | 31.8% | -2.7% | $27.6M | 9.9% |
| Commercial Heating Ventilation & Air Conditioning | $261.6M | 29.9% | +22.1% | $31.4M | 12.0% |
| Total revenue | $874.1M | 100% | — | $74.8M | 8.6% |
The lines above cover 101.6% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Data Center Cooling Solutions | $348.4M | 39.9% | +89.8% |
| Heat Transfer Solutions | $172.5M | 19.7% | +6.6% |
| Liquid Cooled | $170.2M | 19.5% | -5.0% |
| Air Cooled | $107.6M | 12.3% | +1.2% |
| Hvac Technologies | $75.4M | 8.6% | +45.3% |
| Total revenue | $874.1M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $614.1M | 70.3% | +42.9% |
| Europe | $213.7M | 24.4% | +7.5% |
| Asia | $60.2M | 6.9% | +9.5% |
| Total revenue | $874.1M | 100% | — |
The lines above cover 101.6% of total revenue.

## Company outlook (8-K filed 2026-07-29)

- "Outlook "Our financial outlook for Fiscal 2027 remains unchanged, and we remain confident in our ability to deliver another year of record-breaking results," said Modine President and Chief Executive Officer, Neil D."
- "Our planned spin-off and merger of the Performance Technologies business with Gentherm remains firmly on schedule to close in the fourth calendar quarter of this year, having cleared several major milestones this past quarter." The current full-year guidance remains unchanged and continues to reflect the Performance Technologies business for the entirety of fiscal 2027."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.46 | $1.75 | -16.7% | $943.7M | 10 |
| Next quarter (ends 2026-12-31) | $1.60 | $2.13 | -24.9% | $792.1M | 4 |
| Current fiscal year (ends 2027-03-31) | $6.55 | $7.80 | -16.0% | $3.47B | 4 |
| Next fiscal year (ends 2028-03-31) | $10.30 | $11.33 | -9.1% | $4.13B | 5 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-03): ±21.3%; last 8 reports averaged ±8.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 95.0% | ±21.3% |
| 2026-12-18 | 56 | 83.2% | ±26.1% |
| 2027-01-15 | 84 | 77.2% | ±29.5% |
| 2027-02-19 | 119 | 77.1% | ±34.9% |
| 2027-03-19 | 147 | 74.8% | ±37.5% |
| 2027-06-17 | 237 | 72.7% | ±45.9% |
| 2027-09-17 | 329 | 71.9% | ±53.1% |