Modine Manufacturing Company

modine.com

What Do They Do?

Sells data center cooling systems, heat-transfer products, and HVAC and vehicle cooling equipment to data center operators, equipment makers, and vehicle manufacturers.

How Do They Make Money?

Customers usually pay for products when they ship; for a limited number of customized contracts, payment is tied to the work as it progresses. Coatings customers pay over the course of the application.

revenue

Segment	Share	How money arrives
Data centers Sold outright	35%	Sold outright
Heat Transfer Solutions Sold outright	18%	Sold outright
HVAC Technologies Sold outright	11%	Sold outright
Heavy-Duty Equipment Sold outright	13%	Sold outright
On-Highway Applications Sold outright	23%	Sold outright

Who Are Their Customers?

Data center operators, equipment makers, utilities, contractors and end users buy thermal products and systems. Sales are made directly to commercial and industrial customers and through wholesalers, distributors and contractors; heating products largely go through independent distributors.

Customers above 10% of revenue, FY2026

of revenue from one customer

FY2025: no customer at 10% or more of revenue

Do Revenues Turn Into Profits?

Yes. It kept 4 cents of every revenue dollar as net income in FY2026 and turned 3 cents into free cash flow.

Operating income, FY2026

11% of revenue

▲ +21% vs FY2025 ($283.5M, 11%)

Net income, FY2026

4% of revenue

▼ −34% vs FY2025 ($184M, 7%)

Free cash flow, FY2026

3% of revenue

▼ −18% vs FY2025 ($129.3M, 5%)

How Are They Changing?

Since the FY2026 annual report

Latest quarter: Q1 FY2027, the three months to Jun 30, 2026

Revenue: ▲ +28%; vs $682.8M in Q1 FY2026
Net income: ▲ +44%; vs $51.2M in Q1 FY2026

Sep 10, 2026 Modine plans to rename itself Modexus Solutions after the Gentherm transaction The transaction is expected to close on October 1, 2026, subject to customary closing conditions; the name change requires shareholder approval.
Jul 24, 2026 Modine plans to spin off Performance Technologies and combine it with Gentherm The company anticipates closing the transaction by the end of calendar 2026, subject to shareholder approval and other customary conditions.

Growing. Revenue grew 55% in 4 years, from $2.1B in FY2022 to $3.2B in FY2026, about 12% a year.

Data center focus The latest report adds data center management customers and a dedicated Data Centers business, with cooling systems, modular solutions, maintenance, replacement parts and controls. The older report described data center cooling as one of several Climate Solutions product areas.

Product-group organization The latest report organizes products into five market-based groups, including separate data center, heat transfer and HVAC technologies businesses. The older report described heat transfer, HVAC and data center cooling as three Climate Solutions verticals, alongside broad product groups.

Revenue over time

Data centers Heat Transfer Solutions HVAC Technologies Heavy-Duty Equipment On-Highway Applications

$5B$2.5B$0

FY2024 FY2025 FY2026

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