MODINE MANUFACTURING CO — Form 8-K
Filed November 3, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 68/100
What the filing says
Modine completed the October 1, 2026 spin-off of Performance Technologies via Reverse Morris Trust with Gentherm. Q2 FY2027 net sales reached $994.4M (up 35% YoY); adjusted EBITDA grew 31% to $136.2M. Data Centers segment delivered 95% revenue growth ($439.7M) on record orders exceeding $1B quarterly intake; Commercial HVAC grew 23% ($285.5M). Company raised full-year guidance to $3.1-3.2B net sales (+50-55%) and $470-500M adjusted EBITDA (>50% growth), excluding Performance Technologies. Net debt increased $210.9M to $573.7M as of Sept 30, 2026, driven by working capital deployment and share repurchases. Free cash flow was negative $145.6M YTD due to inventory build supporting data center demand growth.
Why this rating
Spin-off materially reshapes portfolio; Data Centers explosive growth (95% revenue, 66% EBITDA) is transformational, though offset by margin compression and negative FCF from working capital deployment.
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