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Modine Manufacturing Co key statistics and ratios

In fiscal 2026, Modine Manufacturing Co had return on equity of 11.5%, an operating margin of 10.8%, debt equal to 36.7% of equity and a current ratio of 1.94. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2010Mar 20102011Mar 20112012Mar 20122013Mar 20132014Mar 20142015Mar 20152016Mar 20162017Mar 20172018Mar 20182019Mar 20192020Mar 20202021Mar 20212022Mar 20222023Mar 20232024Mar 20242025Mar 20252026Mar 2026LTMJun 2026
Gross margin14.8%16.0%16.3%15.2%16.1%16.5%17.3%16.9%17.0%16.5%15.6%16.2%15.1%16.9%21.8%24.9%23.0%22.2%
Operating margin0.4%3.0%4.3%−0.0%2.5%3.5%2.7%2.8%4.4%5.0%1.9%−5.4%5.8%6.5%10.0%11.0%10.8%10.1%
Net margin−2.7%0.4%2.4%−1.8%8.8%1.5%−0.1%0.9%1.1%3.8%−0.1%−11.7%4.2%6.7%6.7%7.1%3.8%4.3%
Free-cash-flow margin0.1%−2.4%−1.2%−0.1%3.5%0.3%0.7%−1.5%2.5%1.3%−0.7%6.5%−1.4%2.5%5.3%5.0%3.3%3.0%
Return on equity−10.2%1.6%11.4%−8.2%37.8%5.6%−0.4%3.6%4.9%16.6%−0.4%−50.4%21.3%29.3%24.1%22.2%11.5%12.0%
Return on assets—0.6%4.3%−2.8%14.1%2.2%−0.2%1.2%1.5%5.5%−0.1%−15.0%6.3%10.2%9.5%9.8%5.3%5.3%
Asset turnover—1.581.741.611.601.521.461.271.391.421.291.291.521.541.411.371.391.23
Current ratio—1.311.441.421.401.451.511.221.251.381.701.371.531.671.641.781.942.04
Debt to equity0.0%39.4%50.6%61.6%38.7%36.5%43.2%125.0%98.9%85.0%99.9%97.1%84.6%60.0%58.0%38.7%36.7%44.1%
Interest cover (operating income ÷ interest)0.2x1.3x5.4xn/m3.0x4.5x3.3x2.5x3.6x4.4x1.7xn/m7.6x7.3x10.0x10.7x10.8x10.6x
Effective tax rate—35.2%20.7%——46.1%—28.4%62.4%−6.3%——15.0%−22.6%23.9%27.0%33.9%23.0%
R&D as % of revenue—4.6%4.5%5.0%4.2%4.1%4.5%4.3%3.1%3.2%3.0%2.6%2.5%1.9%1.7%1.4%0.9%—
SG&A as % of revenue14.5%12.8%11.8%12.1%12.3%12.3%12.6%13.5%11.7%11.0%12.6%11.7%10.5%10.2%11.4%12.9%11.3%11.2%
Capital spending as % of revenue5.2%3.8%4.1%3.6%3.6%3.9%4.6%4.3%3.4%3.3%3.6%1.8%2.0%2.2%3.6%3.3%4.5%4.8%
Free cash flow ÷ net income—−659.6%−48.3%—39.4%23.9%—−159.9%239.6%34.7%——−33.8%37.1%78.6%70.3%86.7%69.5%
Dividends and buybacks ÷ free cash flow1.6%———0.0%0.0%71.9%—0.0%2.0%—0.0%—15.8%13.9%23.9%6.6%66.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

5 of 7 checks passed · June 30, 2026
What it owns · $2.8bn
Short-term assets $1.5bnLonger-term assets $1.3bn
What it owes, and who funded it · $2.8bn
Short-term liabilities $750mLonger-term liabilities $836mShareholders' equity $1.2bn
  • Short-term assets cover short-term liabilities $1.5bn of assets due within a year against $750m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.5bn short-term assets against $836m of longer-dated liabilities.
  • More cash than debt $95m of cash against $484m of debt.
  • Debt below 40% of shareholders' equity Debt is 40% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 86% to 40% over five years.
  • A year's operating cash flow covers at least 20% of debt $262m of operating cash flow against $484m of debt.
  • Operating profit covers interest at least five times over Operating income of $342m against $32m of interest.

From Modine Manufacturing Co's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

34 /100

Weak moat

How hard Modine Manufacturing's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 8 / 20

    Cash operating profit has been a median 7.0% of total assets over 10 years.

  • Pricing power 7 / 20

    Gross margin has been a median 16.8%, moving by 3.3 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 5.6%; its worst year was -4.4%.

  • Cash conversion 9 / 20

    Free cash flow was positive in 8 of 10 years, at a median 2.3% of revenue.

  • Discipline 15 / 20

    The diluted share count rose 4.2% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (39 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: MOD vs WMSJELD vs MODAOS vs MOD

More: Building Products stocks compared, Industrials sector, rankings of US companies

Figures from Modine Manufacturing Co's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Modine Manufacturing Co.