MOD earnings analysis
What we found in MOD's 10-K: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Modine Manufacturing Company reported substantial growth in net sales, reaching $3.18 billion for FY 2026, a 23% increase from the previous year, primarily driven by strong performance in the Climate Solutions segment, particularly data centers. The company has maintained solid operating income but faced margin pressure due to increased costs and operational inefficiencies during rapid expansion.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Net sales rose to $3,181 million in FY 2026, up 23% from $2,583 million in FY 2025.
- Data Center Expansion Drives Growth
- Sales in the Climate Solutions segment jumped $621 million, or 43%, mainly due to increased demand for data center products.
- Successful Acquisitions
- Modine completed acquisitions of three companies during FY 2026, contributing $119 million in incremental sales.
- Improved Cash Flow
- Cash provided by operating activities increased to $249 million, up from $213 million in FY 2025.
- EPS Surprised to the Upside
- Reported EPS for Q4 FY 2026 was $1.71, surpassing the estimate of $1.55 by 10.3%.
- Commitment to Growth
- The company is focused on expanding its Data Centers business, entering a multi-billion dollar agreement to support growth.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Supply Chain Challenges
- Supply shortages began impacting production schedules, particularly for data center products, affecting growth prospects.
- Pension Termination Charges
- A one-time $116 million charge impacted net earnings due to the termination of the primary U.S. pension plan.
- Market Weakness in Performance Technologies
- Sales in the Performance Technologies segment decreased by $31 million, or 3%, largely due to market weakness.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $2.26
- Gross margin
- 23.0%
- Operating margin
- 10.8%
- Segment
- Climate Solutions
- Segment
- Performance Technologies
What they said about what is next.
For FY 2027, Modine expects net sales growth of 20%-35%, supporting strong future performance.
The filing reads better than the one before it.
What came before.
- 10-Q · October 29, 2025
- Modine reported quarterly revenue of $738.9M, up $80.9M (≈12.3%) versus the prior-year quarter driven by Climate Solutions. Gross profit was essentially flat at $164.9M (gross margin ≈22.3%) while operating income fell…
- 10-Q · July 31, 2025
- Modine reported Q1 (three months ended June 30, 2025) revenue of $682.8M, up $21.3M (3.2%) versus $661.5M a year ago, with gross profit $165.4M (24.2% gross margin) and operating income $75.7M (11.1% operating margin).…
- 10-Q · October 30, 2024
- Modine reported quarterly net sales of $658.0 million and diluted EPS of $0.86 for the three months ended September 30, 2024. Revenue, gross profit and operating income all improved versus the prior-year quarter while…
- 10-K · May 22, 2024
- Modine reports progress on its multi-year transformation: fiscal 2024 net sales were $2.4 billion (up 5% from $2.3 billion in fiscal 2023) and operating income rose to $241 million, an increase of $91 million versus the…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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