Modine Manufacturing Company

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Mar 2026, Data Centers was 35% and On Highway Applications was 23% of revenue; Data Centers rose from 12% in the fiscal year to Mar 2024.

In the fiscal year to Mar 2026, Americas was 67% and Europe was 26% of revenue; Americas rose from 57% in the fiscal year to Mar 2024.

Quarters: Modine Manufacturing Company's SEC filings, named by the month they end. Fiscal years: Modine Manufacturing Company's annual reports to the SEC.

How it makes money

Of every $100 in revenue, $3.8 ends up as net income. Net margin fell from 6.7% to 3.8% over the past 3 years.

Circled: Mar 2023 (net 14.5%, operating 7.8%), Dec 2025 (net −5.9%, operating 11.1%). Net margin is usually about 3 points below operating margin; in those quarters something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: Modine Manufacturing Company's annual reports to the SEC; quarters: SEC filings.

Customers and suppliers

In its latest annual report Modine Manufacturing Company sells to Carrier, Caterpillar, Deere and 4 more; one customer it does not name accounts for 11% of its revenue; it names no suppliers.

 

MODModine Manufacturing Company

Customers

Unnamed customer 11%

Caterpillar CAT

Deere DE

Stellantis STLA

Trane TT

Carrier

Volkswagen VOW3.DE

Volvo VOLV-B.ST

Their customers

Applied Digital APLDfrom Caterpillar

Comfort Systems USA FIXfrom Caterpillar, Trane +1

Ballard Power Systems BLDPfrom Volkswagen

Show 3

Modine Manufacturing Company's 10-K for the year to Mar 2026 gives the share of revenue of a group of customers, not of any one: Top Ten Customers (49%).

From Modine Manufacturing Company's 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. A dash is a group of customers the filing gives (a government's agencies, the largest customers together, all the others): it can include the customers beside it, so the shares need not add up.

Only the companies Modine Manufacturing Company names in its 10-K filed May 27, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

P/E of 44.6x, above the peer median of 25.7x, so it needs earnings to keep growing to hold up.

Priced 73% above the peer median of 25.7x (excludes 1 unprofitable peer).

At 44.6× trailing earnings MOD is above most of its range since Jan 2022; the median is 26.7×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $211, 99% above the current price; 100% of 10 analysts rate it a buy; earnings beat estimates in 3 of the last 4 quarters.

Buy or Strong Buy: 10 analysts (100%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $185.00 to $241.86 (+31%), while MOD went from $128.73 to $106.10 (−18%). In the past three months targets were cut 6 times and never raised. No firm upgraded or downgraded it over the year.

The day after each of these reports the stock moved +2.9% (Dec 2025, beat); +7.5% (Mar 2026, beat); −6.8% (Jun 2026, beat); −20.1% (Sep 2026, missed).

For the quarter ending Dec 2026 (Modine Manufacturing Company reports on Feb 3, 2027), analysts expect adjusted earnings of $1.23 a share, 3% more than the $1.19 of a year earlier, and revenue of $802M, down 0.4% on a year earlier.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Capex of $173M exceeds operating cash flow of $163M, leaving free cash flow of −$10M. It still paid $67M to shareholders (dividends plus buybacks), so $77M had to come from cash on hand or borrowing.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter.

Financial health

Current ratio 1.9, no pressure to repay short-term debt; debt-to-equity 0.4, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 7 funds whose copy leaves MOD out (on the exchange, not in the app yet): Blue Whale Capital, CloudAlpha Capital Management Limited/Hong Kong, Polen Capital Management, Bridgewater Associates, Norges Bank, Swiss National Bank and 1 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 8 held MOD at the end of their latest quarter (for most, Q2 2026). Over that quarter 5 added shares, 1 cut and 2 bought new. The largest of them is Norges Bank, 587,047 shares worth $157M at Jun 30, 2026, 34.4% more than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of MOD at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $40.4M of MOD on the open market in the 12 months to Nov 12, 2026; none bought. 42% of the sales were made under 10b5-1 plans, set up in advance. The largest was Brian Jon Agen (VP, CHRO), who sold $12.1M in 15 sales.

From the Form 4s filed with the SEC about Modine Manufacturing Company (45 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 47 other transactions (grants, option exercises and shares withheld for tax).