Forensic Analysis · Parts & Accessories Manufacturing · as of Nov 9, 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.
C · Mixed — selective
Forensic grade
Safe
Financial health
4.6
Distress distance
1
Forensic signals
11.5%
ROE
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 (auditor quality, say on pay, board independence, going concern). 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 C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 4.6, placing it in the Safe zone. 1 forensic signal was flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+19.5%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +19.5% relative to their own average in FY2026 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. Net operating assets also rose $108.5M through acquisitions (increase in goodwill and intangibles); that purchase is investing and is excluded from this ratio. The build is led by receivables up +53% against revenue +23% and inventory up +48% against +26% in cost of sales. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 10% of net operating assets, against an accruals ratio of 19.5%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
Key fundamentals
Latest Revenue$3.18B
Revenue Growth YoY+23.1%
Revenue CAGR (2yr)+14.9%
Net Margin3.8%
Free Cash Flow$105.4M
Return on Equity11.5%
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?