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Side-by-side financial comparison of Alexandria Real Estate Equities (ARE) and MODINE MANUFACTURING CO (MOD). Click either name above to swap in a different company.
MODINE MANUFACTURING CO is the larger business by last-quarter revenue ($805.0M vs $671.0M, roughly 1.2× Alexandria Real Estate Equities). Alexandria Real Estate Equities runs the higher net margin — 59.4% vs -5.9%, a 65.3% gap on every dollar of revenue. On growth, MODINE MANUFACTURING CO posted the faster year-over-year revenue change (30.5% vs -11.5%). Over the past eight quarters, MODINE MANUFACTURING CO's revenue compounded faster (15.5% CAGR vs -6.4%).
Alexandria Real Estate Equities, Inc. (NYSE:ARE), an S&P 500® urban office real estate investment trust (REIT), is the first, longest-tenured, and pioneering owner, operator, and developer uniquely focused on collaborative life science, technology, and agtech campuses in AAA innovation cluster locations, with a total market capitalization of $31.9 billion as of December 31, 2020, and an asset base in North America of 49.7 million square feet (SF). The asset base in North America includes 31.9...
Modine Manufacturing is a thermal management company established in 1916 in the United States. The company started as Modine Manufacturing Company by Arthur B Modine who patented the Spirex radiator for tractors. The Modine company manufactured the Turbotube radiator for Ford Model T cars. The company built the world's first vehicular wind tunnel in Racine, Wisconsin in 1941. During WWII, Modine manufactured aftercoolers for the P-51 Mustang fighter plane. After WWII, Modine introduced the Ai...
ARE vs MOD — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $671.0M | $805.0M |
| Net Profit | $398.4M | $-47.4M |
| Gross Margin | — | 23.1% |
| Operating Margin | — | 11.1% |
| Net Margin | 59.4% | -5.9% |
| Revenue YoY | -11.5% | 30.5% |
| Net Profit YoY | 740.6% | -215.6% |
| EPS (diluted) | $2.10 | $-0.90 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $671.0M | — | ||
| Q4 25 | $754.4M | $805.0M | ||
| Q3 25 | $751.9M | $738.9M | ||
| Q2 25 | $762.0M | $682.8M | ||
| Q1 25 | $758.2M | $647.2M | ||
| Q4 24 | $788.9M | $616.8M | ||
| Q3 24 | $791.6M | $658.0M | ||
| Q2 24 | $766.7M | $661.5M |
| Q1 26 | $398.4M | — | ||
| Q4 25 | $-1.1B | $-47.4M | ||
| Q3 25 | $-232.8M | $44.4M | ||
| Q2 25 | $-107.0M | $51.2M | ||
| Q1 25 | $-8.9M | $49.6M | ||
| Q4 24 | $-62.2M | $41.0M | ||
| Q3 24 | $167.9M | $46.1M | ||
| Q2 24 | $46.7M | $47.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | 23.1% | ||
| Q3 25 | — | 22.3% | ||
| Q2 25 | — | 24.2% | ||
| Q1 25 | — | 25.6% | ||
| Q4 24 | — | 24.3% | ||
| Q3 24 | — | 25.2% | ||
| Q2 24 | — | 24.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | 11.1% | ||
| Q3 25 | — | 9.9% | ||
| Q2 25 | — | 11.1% | ||
| Q1 25 | — | 11.5% | ||
| Q4 24 | — | 9.6% | ||
| Q3 24 | — | 11.4% | ||
| Q2 24 | — | 11.2% |
| Q1 26 | 59.4% | — | ||
| Q4 25 | -143.3% | -5.9% | ||
| Q3 25 | -31.0% | 6.0% | ||
| Q2 25 | -14.0% | 7.5% | ||
| Q1 25 | -1.2% | 7.7% | ||
| Q4 24 | -7.9% | 6.6% | ||
| Q3 24 | 21.2% | 7.0% | ||
| Q2 24 | 6.1% | 7.2% |
| Q1 26 | $2.10 | — | ||
| Q4 25 | $-6.35 | $-0.90 | ||
| Q3 25 | $-1.38 | $0.83 | ||
| Q2 25 | $-0.64 | $0.95 | ||
| Q1 25 | $-0.07 | $0.92 | ||
| Q4 24 | $-0.38 | $0.76 | ||
| Q3 24 | $0.96 | $0.86 | ||
| Q2 24 | $0.25 | $0.88 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $418.7M | $98.7M |
| Total DebtLower is stronger | — | $570.7M |
| Stockholders' EquityBook value | $19.4B | $1.1B |
| Total Assets | $34.2B | $2.5B |
| Debt / EquityLower = less leverage | — | 0.51× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $418.7M | — | ||
| Q4 25 | $549.1M | $98.7M | ||
| Q3 25 | $579.5M | $83.8M | ||
| Q2 25 | $520.5M | $124.5M | ||
| Q1 25 | $476.4M | $71.6M | ||
| Q4 24 | $552.1M | $83.8M | ||
| Q3 24 | $562.6M | $78.6M | ||
| Q2 24 | $561.0M | $72.9M |
| Q1 26 | — | — | ||
| Q4 25 | $12.4B | $570.7M | ||
| Q3 25 | $13.6B | $525.8M | ||
| Q2 25 | $13.3B | $482.1M | ||
| Q1 25 | $13.1B | $296.7M | ||
| Q4 24 | $12.2B | $330.0M | ||
| Q3 24 | $12.7B | $359.1M | ||
| Q2 24 | $12.4B | $405.7M |
| Q1 26 | $19.4B | — | ||
| Q4 25 | $15.5B | $1.1B | ||
| Q3 25 | $16.6B | $1.1B | ||
| Q2 25 | $17.2B | $1.0B | ||
| Q1 25 | $17.5B | $910.2M | ||
| Q4 24 | $17.9B | $855.1M | ||
| Q3 24 | $18.2B | $858.8M | ||
| Q2 24 | $18.3B | $788.4M |
| Q1 26 | $34.2B | — | ||
| Q4 25 | $34.1B | $2.5B | ||
| Q3 25 | $37.4B | $2.4B | ||
| Q2 25 | $37.6B | $2.2B | ||
| Q1 25 | $37.6B | $1.9B | ||
| Q4 24 | $37.5B | $1.8B | ||
| Q3 24 | $38.5B | $1.9B | ||
| Q2 24 | $37.8B | $1.9B |
| Q1 26 | — | — | ||
| Q4 25 | 0.80× | 0.51× | ||
| Q3 25 | 0.82× | 0.50× | ||
| Q2 25 | 0.77× | 0.48× | ||
| Q1 25 | 0.75× | 0.33× | ||
| Q4 24 | 0.68× | 0.39× | ||
| Q3 24 | 0.70× | 0.42× | ||
| Q2 24 | 0.68× | 0.51× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $475.0M | $24.7M |
| Free Cash FlowOCF − Capex | — | $-17.1M |
| FCF MarginFCF / Revenue | — | -2.1% |
| Capex IntensityCapex / Revenue | 76.0% | 5.2% |
| Cash ConversionOCF / Net Profit | 1.19× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-20.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $475.0M | — | ||
| Q4 25 | $312.4M | $24.7M | ||
| Q3 25 | $433.5M | $1.4M | ||
| Q2 25 | $460.2M | $27.7M | ||
| Q1 25 | $207.9M | $54.8M | ||
| Q4 24 | $274.2M | $60.7M | ||
| Q3 24 | $477.4M | $57.3M | ||
| Q2 24 | $411.8M | $40.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-17.1M | ||
| Q3 25 | — | $-30.5M | ||
| Q2 25 | — | $200.0K | ||
| Q1 25 | — | $27.1M | ||
| Q4 24 | — | $44.7M | ||
| Q3 24 | — | $43.8M | ||
| Q2 24 | — | $13.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | -2.1% | ||
| Q3 25 | — | -4.1% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 7.2% | ||
| Q3 24 | — | 6.7% | ||
| Q2 24 | — | 2.1% |
| Q1 26 | 76.0% | — | ||
| Q4 25 | — | 5.2% | ||
| Q3 25 | — | 4.3% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | 4.3% | ||
| Q4 24 | — | 2.6% | ||
| Q3 24 | — | 2.1% | ||
| Q2 24 | — | 4.1% |
| Q1 26 | 1.19× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 0.03× | ||
| Q2 25 | — | 0.54× | ||
| Q1 25 | — | 1.10× | ||
| Q4 24 | — | 1.48× | ||
| Q3 24 | 2.84× | 1.24× | ||
| Q2 24 | 8.82× | 0.86× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARE
| Same properties | $431.4M | 64% |
| Tenant recoveries | $178.2M | 27% |
| Non-same properties | $43.3M | 6% |
| Other | $18.0M | 3% |
MOD
| Data Centers | $296.9M | 37% |
| Performance Technologies | $266.0M | 33% |
| Hvac Technologies | $107.1M | 13% |
| Air Cooled | $92.4M | 11% |
| Lb White | $25.6M | 3% |
| Climate By Design | $10.2M | 1% |
| Absolutaire | $7.0M | 1% |
