Modine Manufacturing Co (NYSE: MOD) is a thermal management company that designs and manufactures heat transfer systems, components, and solutions for industrial, commercial, and vehicular applications. Revenue is transactional, generated through the sale of thermal products and systems to OEMs, commercial customers, and distributors across two segments: Climate Solutions and Performance Technologies. Modine was incorporated in Wisconsin on June 23, 1916 by Arthur B. Modine, whose early radiator and unit heater inventions established the company's core expertise. Consolidated net sales were $2.6 billion in fiscal 2025, a 7 percent increase from $2.4 billion in fiscal 2024, driven primarily by Climate Solutions growth, particularly to data center customers. The top ten customers accounted for 43 percent of sales in fiscal 2025, with the top five drawn from data center, commercial vehicle, and off-highway markets. Technology centers operate in the United States, United Kingdom, Italy, Sweden, Hungary, and Brazil.
- Revenue model
- Modine earns revenue through direct product sales of thermal management systems, components, and engineered solutions to OEMs, contractors, distributors, and end users. Revenue is transactional with no disclosed subscription or recurring service component. The Climate Solutions segment, which saw significant growth in fiscal 2025, and the Performance Technologies segment together produced $2.6 billion in consolidated net sales for fiscal 2025.
- Products and services
- Climate Solutions segment products include data center cooling solutions (air, liquid, and hybrid cooling), air handling units (including those from the Scott Springfield Manufacturing acquisition completed March 2024), heating products, HVAC equipment, and commercial and industrial refrigeration products such as evaporator unit coolers, remote condensers, fluid coolers, gas coolers, and dry and brine coolers. Performance Technologies segment products include oil coolers, charge-air coolers, EGR coolers, radiators, air conditioning condensers, and battery thermal management systems for trucks, buses, cars, specialty vehicles, and off-highway equipment.
- Customers and end markets
- Key end markets include data centers, commercial vehicles (medium- and heavy-duty trucks), off-highway equipment (agriculture, construction, mining), automotive, power generation, and commercial and industrial refrigeration (supermarkets, cold storage, hospitality). The top ten customers represented 43 percent of fiscal 2025 sales. Customers include OEMs, wholesalers, distributors, contractors, and end users. Data center customers were the primary growth driver in fiscal 2025.
- Value-chain role
- Modine operates as a Tier 1 or direct supplier of engineered thermal systems and components, working alongside customers in a systems-based design approach. The company maintains technology centers in eight locations across four continents dedicated to product development and testing. Modine positions itself as a design and engineering partner, not a commodity component supplier.
- Geographic exposure
- Modine operates globally with technology centers in Racine, Wisconsin; Grenada, Mississippi; Allen, Texas (United States); Leeds, United Kingdom; Pocenia, Italy; Söderköping, Sweden; Mezökövesd, Hungary; and Sao Paulo, Brazil. The Climate Solutions segment serves customers in the U.S. and Canada through Scott Springfield Manufacturing. The Performance Technologies segment serves commercial vehicle markets in North America, Europe, India, and Brazil, and automotive markets in Europe, North America, and China. Refrigeration products are sold in EMEA, China, and North America.
