Modine Manufacturing (MOD) financial statements
Modine Manufacturing reported revenue of $3.2B in fiscal 2026, up 8.7% a year over 9 years.
Net income was $122M and the operating margin 10.8%, against 2.8% in 2017.
Free cash flow was $105M, and the company returned $7M in net buybacks.
The diluted share count rose 11% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Modine Manufacturing's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.5B | $2.1B | $2.2B | $2.0B | $1.8B | $2.1B | $2.3B | $2.4B | $2.6B | $3.2B |
| Cost of revenue | $1.2B | $1.7B | $1.8B | $1.7B | $1.5B | $1.7B | $1.9B | $1.9B | $1.9B | $2.5B |
| Gross profit | $254M | $356M | $366M | $308M | $293M | $309M | $389M | $526M | $644M | $731M |
| Research and development | $64M | $66M | $70M | $60M | $46M | $50M | $44M | $42M | $35M | $29M |
| Selling, general and admin | $203M | $246M | $244M | $250M | $211M | $215M | $234M | $274M | $332M | $360M |
| Operating income | $42M | $92M | $110M | $38M | -$98M | $119M | $150M | $241M | $284M | $342M |
| Interest expense | $17M | $26M | $25M | $23M | $19M | $16M | $21M | $24M | $26M | $32M |
| Pre-tax income | $21M | $63M | $81M | $10M | -$119M | $102M | $125M | $215M | $254M | $186M |
| Income tax | $6M | $40M | -$5M | $12M | $90M | $15M | -$28M | $51M | $68M | $63M |
| Net income | $14M | $22M | $85M | -$2M | -$211M | $85M | $153M | $162M | $184M | $122M |
| EPS (diluted) | $0.29 | $0.43 | $1.65 | -$0.04 | -$4.11 | $1.62 | $2.90 | $3.03 | $3.42 | $2.26 |
| Diluted shares | 48M | 51M | 51M | 51M | 51M | 52M | 53M | 53M | 54M | 54M |
| Gross margin | 16.9% | 17.0% | 16.5% | 15.6% | 16.2% | 15.1% | 16.9% | 21.8% | 24.9% | 23.0% |
| Operating margin | 2.8% | 4.4% | 5.0% | 1.9% | -5.4% | 5.8% | 6.5% | 10.0% | 11.0% | 10.8% |
| Net margin | 0.9% | 1.1% | 3.8% | -0.1% | -11.7% | 4.2% | 6.7% | 6.7% | 7.1% | 3.8% |
Balance sheet
Fiscal years, from Modine Manufacturing's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $39M | $45M | $46M | $74M | $42M | $49M | $71M | $60M | $72M | $74M |
| Receivables | $295M | $342M | $339M | $292M | $268M | $368M | $398M | $423M | $479M | $731M |
| Inventory | $168M | $191M | $201M | $207M | $196M | $281M | $325M | $358M | $341M | $506M |
| Total current assets | $553M | $643M | $647M | $633M | $645M | $758M | $846M | $894M | $961M | $1.4B |
| Property, plant and equipment | $459M | $504M | $485M | $448M | $270M | $315M | $314M | $366M | $390M | $521M |
| Goodwill | $165M | $174M | $168M | $166M | $171M | $168M | $166M | $231M | $234M | $292M |
| Total assets | $1.4B | $1.6B | $1.5B | $1.5B | $1.3B | $1.4B | $1.6B | $1.9B | $1.9B | $2.7B |
| Total current liabilities | $455M | $516M | $470M | $372M | $469M | $494M | $507M | $546M | $541M | $729M |
| Long-term debt | $406M | $386M | $382M | $452M | $311M | $348M | $329M | $400M | $297M | $385M |
| Total liabilities | $1.0B | $1.1B | $997M | $1.0B | $921M | $969M | $966M | $1.1B | $999M | $1.5B |
| Shareholders' equity | $414M | $490M | $534M | $488M | $349M | $451M | $593M | $748M | $910M | $1.2B |
| Net debt | $372M | $347M | $340M | $381M | $273M | $303M | $262M | $340M | $225M | $311M |
Cash flow
Fiscal years, from Modine Manufacturing's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $42M | $124M | $103M | $58M | $150M | $12M | $108M | $215M | $213M | $249M |
| Capital spending | $64M | $71M | $74M | $71M | $33M | $40M | $51M | $88M | $84M | $143M |
| Free cash flow | -$23M | $53M | $29M | -$13M | $117M | -$29M | $57M | $127M | $129M | $105M |
| Stock-based compensation | $7M | $10M | $8M | $7M | $6M | $6M | $7M | $11M | $26M | $22M |
| Share buybacks (net) | $0 | $0 | -$600,000 | -$2M | $0 | $0 | -$9M | -$18M | -$31M | -$7M |
| Net borrowing | $559M | $171M | $221M | $672M | $33M | $352M | $374M | $332M | $414M | $830M |
| Free cash flow margin | -1.5% | 2.5% | 1.3% | -0.7% | 6.5% | -1.4% | 2.5% | 5.3% | 5.0% | 3.3% |
Questions
What was Modine Manufacturing's revenue in 2026?
$3.2B in fiscal 2026, from its 10-K filing.
How much free cash flow does Modine Manufacturing generate?
$105M in fiscal 2026 (operating cash flow minus capital spending).
From Modine Manufacturing's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.