Modine Manufacturing Company
Financial Performance
Modine Revenue & Financials
Revenue
$3.2B (FY2026)
Market Cap
$9.5B
Net Income
$121.5M
Employees
13,200
What is Modine's revenue?
Modine had $3.2B in revenue for fiscal year 2026, up 23.1% from 2025. Net income was $121.5M.
- Latest revenue
- $3.2B (FY2026)
- Year-over-year
- +23.1%
- Growth rate (CAGR)
- 8.7% over 9 years
- Peak revenue
- $3.2B (FY2026)
- Years of data
- 10
- Employees
- 13,200
Financial Analysis
Modine has posted four straight years of record revenue. Net sales rose from $2.30 billion in fiscal 2023 to $2.41 billion in fiscal 2024, $2.58 billion in fiscal 2025 and $3.18 billion in fiscal 2026, a 23% increase. Fourth-quarter fiscal 2026 sales jumped 47% to $954.4 million, and adjusted EBITDA for the quarter rose 40% to $146.1 million. GAAP net income fell to $121.5 million in fiscal 2026 from $184.0 million a year earlier, mainly because of a $116.1 million non-cash pension termination charge. For fiscal 2027 management guided to net sales growth of 20% to 35%, adjusted EBITDA of $650 million to $680 million, and data center sales growth of 60% to 80%.
Revenue Trend Analysis
YoY Change
+23.1%
9-Year CAGR
+8.7%
Peak Year
2026
Trend
Consistent Growth
Modine Manufacturing Company has 10 full fiscal year figures on this page, compounding at +8.7% annually over 9 years. The most recent year saw a 23.1% increase versus the prior year. Annual revenue peaked in fiscal year 2026 at $3.2B. Of 9 comparable year-over-year steps, 7 showed growth and 2 showed a decline.
Annual revenue history
Click any row to see year details.
Modine Manufacturing Company balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2026ended Mar 31, 2026 | $248.7M | $143.3M | $2.7B | $1.5B | $1.2B | $105.4M | Form 10-K |
| FY2025ended Mar 31, 2025 | $213.3M | $84M | $1.9B | $999.4M | $910.2M | $129.3M | Form 10-K |
| FY2024ended Mar 31, 2024 | $214.6M | $87.7M | $1.9B | $1.1B | $747.6M | $126.9M | Form 10-K |
| FY2023ended Mar 31, 2023 | $107.5M | $50.7M | $1.6B | $966.3M | $592.8M | $56.8M | Form 10-K |
| FY2022ended Mar 31, 2022 | $11.5M | $40.3M | $1.4B | $968.9M | $450.7M | -$28.8M | Form 10-K |
| FY2021ended Mar 31, 2021 | $149.8M | $32.7M | $1.3B | $920.6M | $348.7M | $117.1M | Form 10-K |
| FY2020ended Mar 31, 2020 | $57.9M | $71.3M | $1.5B | $1B | $487.9M | -$13.4M | Form 10-K |
| FY2019ended Mar 31, 2019 | $103.3M | $73.9M | $1.5B | $996.9M | $533.9M | $29.4M | Form 10-K |
| FY2018ended Mar 31, 2018 | $124.2M | $71M | $1.6B | $1.1B | $490.1M | $53.2M | Form 10-K |
| FY2017ended Mar 31, 2017 | $41.7M | $64.4M | $1.4B | $1B | $414M | -$22.7M | Form 10-K |
Keep researching Modine
Modine Revenue and Financial FAQ
What was Modine's revenue in fiscal 2026?
Modine reported fiscal 2026 net sales of $3.181 billion, up 23% from $2.584 billion in fiscal 2025.
Why did Modine's net income fall in fiscal 2026?
GAAP net income fell to $121.5 million from $184.0 million, mainly because of a $116.1 million non-cash pension termination charge.
What is Modine's fiscal 2027 guidance?
Management guided to net sales growth of 20% to 35% and adjusted EBITDA of $650 million to $680 million, with data center sales growth of 60% to 80%.
What is Modine's market cap?
Modine traded around $175 to $190 per share in late September 2026, giving it a market value of roughly $9.5 billion to $10.5 billion.
Why did Modine's stock price surge by over 800% between 2022 and 2024?
Modine executed one of the most successful operational turnarounds in the industrial sector. By applying 80/20 discipline to shed dilutive auto contracts and capturing massive hyperscale contracts for data center cooling during the generative AI boom, Modine doubled its operating margins, expanded adjusted EBITDA from ~$150M to over $350M+, and achieved record free cash flow generation.
How does Modine manage working capital during rapid datacenter cooling expansion?
Modine maintains strict working capital discipline by securing long-term customer purchase orders with upfront milestone payments from hyperscale datacenter developers, funding inventory and manufacturing tooling while preserving positive free cash flow.
What is Modine's long-term operating margin target under Climate Solutions?
Modine targets adjusted EBITDA margins exceeding 16% to 18% in its Climate Solutions division, driven by high-value proprietary chiller controls, ongoing 80/20 product line rationalization, and scale advantages in custom air-handling units.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Modine Revenue & Financials." CorpDigest, https://corpdigest.com/company/modine/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Modine reported $3.2B in revenue (FY2026).</strong><br>Source: <a href="https://corpdigest.com/company/modine/financials" target="_blank" rel="noopener">CorpDigest — Modine financials</a></div>Related Financial Audits
Compare revenue, net income, and market cap scale
Explore Modine
Core profile pages, founders and related research hubs for this company.