Forensic Analysis · Automotive / Vehicle Manufacturing · as of Aug 11, 2026
Modine Manufacturing Co (MOD)
A forensic read on Modine Manufacturing Co built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
11.0
Distress distance
Clean
Earnings quality
4
Forensic signals
72.3
P / E (ttm)
10.2%
ROE
$10.2B
Market cap
23.1%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Modine Manufacturing Co earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 11.0, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+27.6%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +27.6% relative to their own average in FY2026 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by receivables up +53% against revenue +23% and inventory up +48% against +26% in cost of sales. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 10% of net operating assets, diverging from the balance-sheet accrual read.
12.0%
FY2026
Return on invested capital.Return on invested capital is 12.0% in the latest fiscal year and slipping from 14% — a modest positive spread over its ~9% cost of capital — growth adds value, though not dramatically.
+0.6%/yr
FY2023–FY2026
Share count.Diluted share count changed +2% over the last 3 years to FY2026 (+0.6%/yr). Roughly flat — buybacks ($7M) are about offsetting stock comp ($22M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
$500,000
FY2020–FY2020
Goodwill impairments.Took $500,000 of goodwill writedowns across 1 year (FY2020 ($500,000)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$3.18B
Revenue Growth YoY+23.1%
Revenue CAGR (3yr)+11.4%
Net Margin3.8%
Free Cash Flow$105.4M
Return on Equity10.2%
Debt / Equity0.36x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Modine Manufacturing Co's actual 10-K/10-Q/8-K filings?