Filing Flows

Filing Flows › Companies › Modine Manufacturing › Cash flow

Modine Manufacturing cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow−$141M in Q2 FY27 · −$9.9M over twelve months

Operating cash flow−$98.5M
Capital spending−$42.1M
Free cash flow−$141M
Cash / net income-3.3×
Cash conversion cycle81 days

Analysis

In Q2 FY27, Modine Manufacturing generated −$98.5M of operating cash flow and spent $42.1M on capital projects, leaving free cash flow of −$141M. That is $110M less than in Q2 FY26 (−$30.5M).

Over the twelve months to Sep 30, 2026, operating cash flow was $162M; the largest uses were capital spending ($172M), buybacks ($67.0M), other financing ($10.9M); besides operations, cash came from net borrowing (+) / repaid (−) ($154M), other investing ($3.4M); the cash balance rose by $66.9M.

Operating cash flow was −$98.5M against net income of $30.3M — -3.3× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$137M, inventory −$89.1M, payables +$53.9M.

Its cash conversion cycle was 81 days (receivables 67 + inventory 76 − payables 63).

Free cash flow

Modine Manufacturing: free cash flow by quarterModine Manufacturing: free cash flow by quarter$44.7MQ3 FY25$27.1MQ4 FY25$200KQ1 FY26−$30.5MQ2 FY26−$17.1MQ3 FY26$153MQ4 FY26−$5.0MQ1 FY27−$141MQ2 FY27
Operating cash flow less capital spending.
Modine Manufacturing: operating cash flow against capital spendingModine Manufacturing: operating cash flow against capital spendingOperating cash flowCapital spending$60.7M$16.0MQ3 FY25$54.8M$27.7MQ4 FY25$27.7M$27.5MQ1 FY26$1.4M$31.9MQ2 FY26$24.7M$41.8MQ3 FY26$195M$42.1MQ4 FY26$41.4M$46.4MQ1 FY27−$98.5M$42.1MQ2 FY27
Latest (Q2 FY27): Operating cash flow −$98.5M, Capital spending $42.1M.

Capital allocation, year by year

Modine Manufacturing: where the cash came from (up) and went (down), by fiscal yearModine Manufacturing: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsBuybacksFY22: Operating cash flow $11.5MFY22: Net borrowing $44.5MFY22: Capital spending −$40.3M$56.0MFY22FY23: Operating cash flow $108MFY23: Net borrowing −$29.6MFY23: Capital spending −$50.7MFY23: Buybacks −$9.0M$108MFY23FY24: Operating cash flow $215MFY24: Net borrowing $71.6MFY24: Capital spending −$87.7MFY24: Acquisitions −$186MFY24: Buybacks −$17.7M$286MFY24FY25: Operating cash flow $213MFY25: Net borrowing −$82.4MFY25: Capital spending −$84.0MFY25: Acquisitions −$3.4MFY25: Buybacks −$30.9M$213MFY25FY26: Operating cash flow $249MFY26: Net borrowing $83.0MFY26: Capital spending −$143MFY26: Acquisitions −$182MFY26: Buybacks −$7.0M$332MFY26
Over these 5 years operating cash flow totalled $796M; the largest uses were capital spending ($406M) and acquisitions ($372M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$151M
Debt$726M
Net debt$575M
Due within a year$43.9M

Modine Manufacturing's operations bring cash in ($162M over twelve months), and it spends more than that on capital projects: a gap of $9.9M funded from its $151M of cash and investments and from borrowing ($726M of debt, $43.9M due within a year). That is a choice to invest, not a cash runway running down.

Modine Manufacturing: debt maturities by year (FY26)Modine Manufacturing: debt maturities by year (FY26)$43.9MYear 1$35.6MYear 2$35.5MYear 3$10.1MYear 4$305MYear 5$400KAfter year 5
Principal due in each year as disclosed in the annual report, against $151M of cash and investments now.

Where the cash came from and went

Modine Manufacturing: sources (+) and uses (−) of cash, Q2 FY27Modine Manufacturing: sources (+) and uses (−) of cash, Q2 FY27Net borrowing (+) / repaid (−)$204MOperating cash flow−$98.5MCash drawn (+) / kept (−)−$55.4MCapital spending−$42.1MOther financing−$9.2MOther investing$2.5MBuybacks−$1.1MExchange rates−$200K
Modine Manufacturing: sources (+) and uses (−) of cash, TTM to Q2 FY27Modine Manufacturing: sources (+) and uses (−) of cash, TTM to Q2 FY27Capital spending−$172MOperating cash flow$162MNet borrowing (+) / repaid (−)$154MBuybacks−$67.0MCash drawn (+) / kept (−)−$66.9MOther financing−$10.9MOther investing$3.4MPartners−$1.6MExchange rates−$1.0M

From profit to cash

Modine Manufacturing: net income to operating cash flow, Q2 FY27Modine Manufacturing: net income to operating cash flow, Q2 FY27Net income$30.3MDepreciation & amortization$21.3MStock-based pay$4.7MDeferred taxes−$4.8MOther non-cash$900KReceivables−$137MInventory−$89.1MPayables$53.9MDeferred revenue$10.2MContract assets$15.3MOther operating capital$21.0MOperating cash flow−$98.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY2767766381
Q1 FY2772736482
Q4 FY2661645273
Q3 FY2664805886
Q2 FY2667775985
Q1 FY2666685579
Q4 FY2563635076
Q3 FY2565695381

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 FY27−$98.5M−$42.1M—−$1.1M$204M−$55.4M−$141M
Q1 FY27$41.4M−$46.4M—−$64.6M$88.6M−$21.8M−$5.0M
Q4 FY26$195M−$42.1M—−$200K−$183M$25.2M$153M
Q3 FY26$24.7M−$41.8M−$300K−$1.1M$44.7M−$14.9M−$17.1M
Q2 FY26$1.4M−$31.9M−$63.1M−$600K$40.6M$40.7M−$30.5M
Q1 FY26$27.7M−$27.5M−$119M−$5.1M$182M−$52.8M$200K
Q4 FY25$54.8M−$27.7M—−$18.6M−$30.8M$12.2M$27.1M
Q3 FY25$60.7M−$16.0M—−$4.5M−$31.2M−$5.2M$44.7M

Modine Manufacturing: income statement and cash flow

Modine Manufacturing, Q2 FY27: revenue $994M (+35% year over year), operating margin 9.8%. The chart follows the revenue to costs, profit and cash.

Modine Manufacturing: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.