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Side-by-side financial comparison of Incyte (INCY) and MODINE MANUFACTURING CO (MOD). Click either name above to swap in a different company.
Incyte is the larger business by last-quarter revenue ($1.3B vs $805.0M, roughly 1.6× MODINE MANUFACTURING CO). Incyte runs the higher net margin — 23.8% vs -5.9%, a 29.7% gap on every dollar of revenue. On growth, MODINE MANUFACTURING CO posted the faster year-over-year revenue change (30.5% vs 19.8%). Over the past eight quarters, MODINE MANUFACTURING CO's revenue compounded faster (15.5% CAGR vs 10.4%).
Incyte Corporation is an American multinational pharmaceutical company with headquarters in Wilmington, Delaware. The company currently operates manufacturing and R&D locations in North America, Europe, and Asia.
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...
INCY vs MOD — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.3B | $805.0M |
| Net Profit | $303.3M | $-47.4M |
| Gross Margin | — | 23.1% |
| Operating Margin | 23.7% | 11.1% |
| Net Margin | 23.8% | -5.9% |
| Revenue YoY | 19.8% | 30.5% |
| Net Profit YoY | 91.7% | -215.6% |
| EPS (diluted) | $1.47 | $-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 | $1.3B | — | ||
| Q4 25 | $1.5B | $805.0M | ||
| Q3 25 | $1.4B | $738.9M | ||
| Q2 25 | $1.2B | $682.8M | ||
| Q1 25 | $1.1B | $647.2M | ||
| Q4 24 | $1.2B | $616.8M | ||
| Q3 24 | $1.1B | $658.0M | ||
| Q2 24 | $1.0B | $661.5M |
| Q1 26 | $303.3M | — | ||
| Q4 25 | $299.3M | $-47.4M | ||
| Q3 25 | $424.2M | $44.4M | ||
| Q2 25 | $405.0M | $51.2M | ||
| Q1 25 | $158.2M | $49.6M | ||
| Q4 24 | $201.2M | $41.0M | ||
| Q3 24 | $106.5M | $46.1M | ||
| Q2 24 | $-444.6M | $47.3M |
| Q1 26 | — | — | ||
| Q4 25 | 92.0% | 23.1% | ||
| Q3 25 | 92.8% | 22.3% | ||
| Q2 25 | 93.5% | 24.2% | ||
| Q1 25 | 93.0% | 25.6% | ||
| Q4 24 | 92.5% | 24.3% | ||
| Q3 24 | 92.4% | 25.2% | ||
| Q2 24 | 92.7% | 24.6% |
| Q1 26 | 23.7% | — | ||
| Q4 25 | 22.3% | 11.1% | ||
| Q3 25 | 32.5% | 9.9% | ||
| Q2 25 | 43.6% | 11.1% | ||
| Q1 25 | 19.5% | 11.5% | ||
| Q4 24 | 25.6% | 9.6% | ||
| Q3 24 | 12.8% | 11.4% | ||
| Q2 24 | -45.8% | 11.2% |
| Q1 26 | 23.8% | — | ||
| Q4 25 | 19.9% | -5.9% | ||
| Q3 25 | 31.1% | 6.0% | ||
| Q2 25 | 33.3% | 7.5% | ||
| Q1 25 | 15.0% | 7.7% | ||
| Q4 24 | 17.1% | 6.6% | ||
| Q3 24 | 9.4% | 7.0% | ||
| Q2 24 | -42.6% | 7.2% |
| Q1 26 | $1.47 | — | ||
| Q4 25 | $1.46 | $-0.90 | ||
| Q3 25 | $2.11 | $0.83 | ||
| Q2 25 | $2.04 | $0.95 | ||
| Q1 25 | $0.80 | $0.92 | ||
| Q4 24 | $0.90 | $0.76 | ||
| Q3 24 | $0.54 | $0.86 | ||
| Q2 24 | $-2.04 | $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 | — | $98.7M |
| Total DebtLower is stronger | — | $570.7M |
| Stockholders' EquityBook value | $5.6B | $1.1B |
| Total Assets | $7.3B | $2.5B |
| Debt / EquityLower = less leverage | — | 0.51× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $3.1B | $98.7M | ||
| Q3 25 | $2.5B | $83.8M | ||
| Q2 25 | $2.0B | $124.5M | ||
| Q1 25 | $1.9B | $71.6M | ||
| Q4 24 | $1.7B | $83.8M | ||
| Q3 24 | $1.3B | $78.6M | ||
| Q2 24 | $987.3M | $72.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | $570.7M | ||
| Q3 25 | — | $525.8M | ||
| Q2 25 | — | $482.1M | ||
| Q1 25 | — | $296.7M | ||
| Q4 24 | — | $330.0M | ||
| Q3 24 | — | $359.1M | ||
| Q2 24 | — | $405.7M |
| Q1 26 | $5.6B | — | ||
| Q4 25 | $5.2B | $1.1B | ||
| Q3 25 | $4.7B | $1.1B | ||
| Q2 25 | $4.2B | $1.0B | ||
| Q1 25 | $3.7B | $910.2M | ||
| Q4 24 | $3.4B | $855.1M | ||
| Q3 24 | $3.2B | $858.8M | ||
| Q2 24 | $3.0B | $788.4M |
| Q1 26 | $7.3B | — | ||
| Q4 25 | $7.0B | $2.5B | ||
| Q3 25 | $6.3B | $2.4B | ||
| Q2 25 | $5.8B | $2.2B | ||
| Q1 25 | $5.7B | $1.9B | ||
| Q4 24 | $5.4B | $1.8B | ||
| Q3 24 | $5.0B | $1.9B | ||
| Q2 24 | $4.7B | $1.9B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.51× | ||
| Q3 25 | — | 0.50× | ||
| Q2 25 | — | 0.48× | ||
| Q1 25 | — | 0.33× | ||
| Q4 24 | — | 0.39× | ||
| Q3 24 | — | 0.42× | ||
| Q2 24 | — | 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 | — | $24.7M |
| Free Cash FlowOCF − Capex | — | $-17.1M |
| FCF MarginFCF / Revenue | — | -2.1% |
| Capex IntensityCapex / Revenue | — | 5.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-20.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $543.3M | $24.7M | ||
| Q3 25 | $559.4M | $1.4M | ||
| Q2 25 | $44.7M | $27.7M | ||
| Q1 25 | $266.1M | $54.8M | ||
| Q4 24 | $381.2M | $60.7M | ||
| Q3 24 | $310.9M | $57.3M | ||
| Q2 24 | $-575.6M | $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 | — | — | ||
| 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 | — | — | ||
| Q4 25 | 1.82× | — | ||
| Q3 25 | 1.32× | 0.03× | ||
| Q2 25 | 0.11× | 0.54× | ||
| Q1 25 | 1.68× | 1.10× | ||
| Q4 24 | 1.89× | 1.48× | ||
| Q3 24 | 2.92× | 1.24× | ||
| Q2 24 | — | 0.86× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INCY
Segment breakdown not available.
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% |
