MOD NYSE Russell 1000 Earnings call
Modine Manufacturing (MOD) · Q2 2026 results and valuation
Share price: $106.67 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · fiscal Q1 2027 · published 30 Jul 2026 and 27 May 2026
Net income up 0.8% on the previous quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+0.8%
Net income vs Q1 2026
Outlook given
Net income 73.9M vs 73.3M
Revenue −8.4%
2 · How management spoke
Typical
Less upbeat than 56% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
Figure
Data center segment revenues increased 90% from the prior year but decreased sequentially from the previous quarter.
Valuation
Is Modine Manufacturing undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2026-03-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 11.5% growth a year (3-year revenue growth), the model's fair value is $44.08 a share — the stock trades 142% above it. Today's price assumes 22.2% growth a year.
Current price
$106.67
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+22.2% for 10 yrs
Fair value / share
$44.08
Buy below
$33.06
Price vs fair value
Overvalued 142%
Price vs buy-below price
Overvalued >200%
Read between the lines
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Key theme
Adjusted EBITDA grew 27%, resulting in an adjusted EBITDA margin of 14.8%.
Source quote
“Adjusted EBITDA grew 27%, resulting in an adjusted EBITDA margin of 14.8%. And despite a few challenges this quarter, the segment was able to deliver well above average earnings growth. As expected, the adjusted EBITDA margin was down versus the prior year.”
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Guidance
Revenue guidance calls for sharp year-over-year growth alongside an expected sequential drop from Q4, as previewed last quarter.
Source quote
“As we discussed last quarter, we anticipated that Q1 revenue would be up significantly year-over-year, But down sequentially from Q4.”
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Guidance
The company expects commercial agreements to contribute to a sequential margin improvement in the next quarter.
Source quote
“These will be addressed through our commercial agreements, and we expect this will contribute to sequential margin improvement next quarter.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Overall, commercial HVAC is on track for the year, with great opportunities for this leadership team to drive both growth and margin expansion through new 80/20 initiatives.”
“We are focused on improving margins throughout the segment while driving organic growth and pursuing inorganic growth opportunities.”
“Commercial HVAC also delivered strong revenue growth with a 22% increase in sales.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 874.1M | 954.4M | −8.4% | 682.8M | +28.0% |
| Gross profit | 182.0M | 214.7M | −15.2% | 165.4M | +10.0% |
| Operating income | 74.8M | 103.9M | −28.0% | 75.7M | −1.2% |
| Net income | 73.9M | 73.3M | +0.8% | 51.2M | +44.3% |
| EPS | 1.37 | 1.36 | +0.7% | 0.95 | +44.2% |
| P/E today 68.2 | 99.6 | 95.9 | +3.7 | 28.2 | +71.4 |
Topics
Most discussed now
- New With Modine Manufacturing decisively engaged its current suppliers and it is expanding its own capacity and it is aggressively taking…
- Modine Manufacturing is focused on improving margins throughout the segment while driving organic growth and pursuing inorganic growth…
- Modine Manufacturing is very excited to have Michael join its team bringing extensive experience managing global P&Ls, executing portfolio…
- Modine Manufacturing expects to create significant value in this segment through its ongoing 20 work and through the integration of its...
- Americas sales grew a 112% and EMEA sales increased 18%.
Faded since Q1 2026
- Dropped Modine Manufacturing looks at it has projects at different levels of scale in its funnels that go beyond So if it...
- Fading Even more importantly, Modine Manufacturing has built strong business momentum and significantly advanced its strategic transformation…
- Fading When completed, investment to expand Modine Manufacturing's operations footprint in the US will provide critical capacity close to its…
- Fading These acquisitions added key products to Modine Manufacturing's portfolio and new end markets and channel partners for its HVAC businesses.
Latest announcements
Official filings, newest first.
- Material agreement; Acquisition or disposal; Director or officer change; Regulation FD disclosure; Other events · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Other events · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
- Material agreement · SEC 8-K