Latest Ratios: P/E Ratio 105.0x · EV/EBITDA 30.1x · ROE 11.5%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $12.4B | $11.7B | $4.1B | $5.1B | $1.2B | $473M | $758M | $165M | $712M | $1.1B | $611M |
| Enterprise Value | $12.9B | $12.2B | $4.6B | $5.6B | $1.6B | $901M | $1.2B | $688M | $1.1B | $1.5B | $1.1B |
| P/E Ratio → | 105.00 | 96.75 | 22.44 | 31.52 | 7.95 | 5.56 | — | — | 8.41 | 48.07 | 43.57 |
| P/S Ratio | 3.90 | 3.68 | 1.60 | 2.11 | 0.53 | 0.23 | 0.42 | 0.08 | 0.32 | 0.51 | 0.41 |
| P/B Ratio | 10.56 | 9.73 | 4.51 | 6.73 | 2.03 | 1.03 | 2.13 | 0.33 | 1.31 | 2.16 | 1.45 |
| P/FCF | 117.85 | 111.03 | 31.99 | 40.31 | 21.43 | — | 6.47 | — | 24.20 | 20.39 | — |
| P/OCF | 49.95 | 47.05 | 19.39 | 23.69 | 11.32 | 41.13 | 5.06 | 2.85 | 6.89 | 8.70 | 14.69 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.84 | 1.78 | 2.32 | 0.70 | 0.44 | 0.64 | 0.35 | 0.51 | 0.72 | 0.72 |
| EV / EBITDA | 30.09 | 28.42 | 12.72 | 18.85 | 7.87 | 5.18 | — | 5.98 | 6.00 | 8.98 | 10.81 |
| EV / EBIT | 36.95 | 55.98 | 16.39 | 23.44 | 10.50 | 7.69 | — | 20.79 | 9.38 | 14.12 | 28.63 |
| EV / FCF | — | 115.83 | 35.54 | 44.36 | 28.38 | — | 9.87 | — | 38.08 | 28.72 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.0% | 23.0% | 25.0% | 21.9% | 16.9% | 15.1% | 16.2% | 15.6% | 16.5% | 17.0% | 17.2% |
| Operating Margin | 11.0% | 11.0% | 11.0% | 10.0% | 6.5% | 5.8% | -5.4% | 1.9% | 5.0% | 4.4% | 2.8% |
| Net Profit Margin | 3.8% | 3.8% | 7.1% | 6.7% | 6.7% | 4.2% | -11.7% | -0.1% | 3.8% | 1.1% | 0.9% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.5% | 11.5% | 22.0% | 23.8% | 28.9% | 20.9% | -49.6% | -0.4% | 16.3% | 4.8% | 3.5% |
| ROA | 5.3% | 5.3% | 9.8% | 9.5% | 10.2% | 6.3% | -15.0% | -0.1% | 5.5% | 1.5% | 1.2% |
| ROIC | 17.0% | 17.0% | 16.1% | 16.0% | 12.0% | 10.9% | -8.3% | 2.9% | 8.7% | 7.5% | 4.6% |
| ROCE | 21.1% | 21.1% | 21.1% | 20.4% | 15.1% | 13.7% | -9.9% | 3.4% | 10.3% | 9.0% | 5.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.48 | 0.48 | 0.58 | 0.76 | 0.77 | 1.03 | 1.22 | 1.20 | 0.83 | 0.96 | 1.21 |
| Debt / EBITDA | 1.35 | 1.35 | 1.47 | 1.92 | 2.26 | 2.72 | — | 5.16 | 2.41 | 2.84 | 5.08 |
| Net Debt / Equity | — | 0.42 | 0.50 | 0.68 | 0.66 | 0.93 | 1.12 | 1.06 | 0.75 | 0.88 | 1.13 |
| Net Debt / EBITDA | 1.18 | 1.18 | 1.27 | 1.72 | 1.93 | 2.46 | — | 4.55 | 2.19 | 2.61 | 4.74 |
| Debt / FCF | — | 4.81 | 3.55 | 4.05 | 6.96 | — | 3.39 | — | 13.88 | 8.34 | — |
| Interest Coverage | 6.90 | 6.90 | 10.62 | 9.90 | 7.42 | 7.51 | -5.15 | 1.46 | 4.81 | 4.20 | 2.21 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.94 | 1.94 | 1.78 | 1.64 | 1.67 | 1.53 | 1.37 | 1.70 | 1.38 | 1.25 | 1.21 |
| Quick Ratio | 1.25 | 1.25 | 1.15 | 0.98 | 1.03 | 0.96 | 0.96 | 1.14 | 0.95 | 0.88 | 0.84 |
| Cash Ratio | 0.10 | 0.10 | 0.13 | 0.11 | 0.14 | 0.10 | 0.08 | 0.19 | 0.09 | 0.08 | 0.08 |
| Asset Turnover | — | 1.19 | 1.35 | 1.30 | 1.47 | 1.44 | 1.42 | 1.29 | 1.44 | 1.34 | 1.04 |
| Inventory Turnover | 4.84 | 4.84 | 5.69 | 5.25 | 5.87 | 6.19 | 7.75 | 8.04 | 9.20 | 9.13 | 7.38 |
| Days Sales Outstanding | — | 83.88 | 67.66 | 64.11 | 63.22 | 65.43 | 54.07 | 54.04 | 55.85 | 59.42 | 71.69 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.0% | 1.0% | 4.5% | 3.2% | 12.6% | 18.0% | — | — | 11.9% | 2.1% | 2.3% |
| FCF Yield | 0.8% | 0.9% | 3.1% | 2.5% | 4.7% | — | 15.5% | — | 4.1% | 4.9% | — |
| Buyback Yield | 0.1% | 0.1% | 0.7% | 0.3% | 0.6% | 0.0% | 0.0% | 1.5% | 0.1% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.1% | 0.1% | 0.7% | 0.3% | 0.6% | 0.0% | 0.0% | 1.5% | 0.1% | 0.0% | 0.0% |
| Shares Outstanding | — | $54M | $54M | $53M | $53M | $53M | $51M | $51M | $51M | $51M | $50M |
Cyclical OEM demand volatility
According to current market data, Modine trades at a forward P/E of 49.42, which suggests that investors are pricing in a significant re-rating of the company from a cyclical auto-parts manufacturer to a high-growth infrastructure provider, despite the inherent volatility in its historical earnings profile.
The current valuation multiples, including an EV/EBITDA of 32.65, appear to command a premium relative to traditional industrial peers, likely driven by the secular tailwinds in data center cooling. This valuation implies that the market expects sustained margin expansion and consistent double-digit growth, which warrants careful monitoring of quarterly execution against these elevated expectations.
Based on reported figures, Modine's ROIC has trended toward 4.3% in 2026Q4, indicating that while the company is successfully deploying capital into higher-value thermal management projects, it still faces the challenge of generating returns that consistently exceed its cost of capital in a capital-intensive manufacturing environment.
The modest improvement in ROIC from 3.0% in 2024Q4 suggests that the strategic pivot toward Climate Solutions is beginning to bear fruit in terms of capital productivity. However, investors should monitor whether this trend can be sustained as the company scales its footprint, as the current return profile remains below the levels typically seen in high-moat infrastructure businesses.
As reported in financial statements, the company's cash conversion cycle reached 73 days in 2026Q4, reflecting the inherent friction of managing complex inventory and project-based receivables in a business model that is increasingly shifting toward longer-cycle, high-spec industrial cooling installations for large-scale data center clients.
The persistent working capital drag, evidenced by the 64-day inventory turnover period, suggests that Modine must maintain significant buffer stocks to mitigate supply chain risks. This operational reality implies that cash flow generation will remain lumpy, requiring disciplined management of accounts receivable to ensure that revenue growth does not outpace the company's ability to convert sales into liquidity.
The P/E ratio is frequently misapplied to Modine because it fails to account for the lumpy nature of restructuring costs and the transition from legacy automotive segments to high-growth data center infrastructure, which often distorts the denominator and masks the underlying improvement in core operating cash flow.
Analysts should prioritize EV/EBITDA or FCF-based metrics to better evaluate the company's true earning power, as these measures are less sensitive to the non-recurring charges that have historically clouded GAAP net income. Relying solely on P/E may lead to an inaccurate assessment of the company's valuation, as it ignores the significant cash-generating potential of the evolving Climate Solutions segment.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying MOD stock.
Modine Manufacturing Company's current P/E ratio is 105.0x. The historical average is 32.2x. This places it at the 91th percentile of its historical range.
Modine Manufacturing Company's current EV/EBITDA is 30.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.8x.
Modine Manufacturing Company's return on equity (ROE) is 11.5%. The historical average is 6.2%.
Based on historical data, Modine Manufacturing Company is trading at a P/E of 105.0x. This is at the 91th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Modine Manufacturing Company has 23.0% gross margin and 11.0% operating margin. Operating margin between 10-20% is typical for established companies.
Modine Manufacturing Company's Debt/EBITDA ratio is 1.4x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.