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Side-by-side financial comparison of MODINE MANUFACTURING CO (MOD) and Cloudflare, Inc. (NET). Click either name above to swap in a different company.
MODINE MANUFACTURING CO is the larger business by last-quarter revenue ($805.0M vs $614.5M, roughly 1.3× Cloudflare, Inc.). Cloudflare, Inc. runs the higher net margin — -2.0% vs -5.9%, a 3.9% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 30.5%). Cloudflare, Inc. produced more free cash flow last quarter ($105.2M vs $-17.1M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 15.5%).
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...
Cloudflare, Inc. is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.
MOD vs NET — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $805.0M | $614.5M |
| Net Profit | $-47.4M | $-12.1M |
| Gross Margin | 23.1% | 73.6% |
| Operating Margin | 11.1% | -8.0% |
| Net Margin | -5.9% | -2.0% |
| Revenue YoY | 30.5% | 33.6% |
| Net Profit YoY | -215.6% | 6.0% |
| EPS (diluted) | $-0.90 | $-0.03 |
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.
| Q4 25 | $805.0M | $614.5M | ||
| Q3 25 | $738.9M | $562.0M | ||
| Q2 25 | $682.8M | $512.3M | ||
| Q1 25 | $647.2M | $479.1M | ||
| Q4 24 | $616.8M | $459.9M | ||
| Q3 24 | $658.0M | $430.1M | ||
| Q2 24 | $661.5M | $401.0M | ||
| Q1 24 | $603.5M | $378.6M |
| Q4 25 | $-47.4M | $-12.1M | ||
| Q3 25 | $44.4M | $-1.3M | ||
| Q2 25 | $51.2M | $-50.4M | ||
| Q1 25 | $49.6M | $-38.5M | ||
| Q4 24 | $41.0M | $-12.8M | ||
| Q3 24 | $46.1M | $-15.3M | ||
| Q2 24 | $47.3M | $-15.1M | ||
| Q1 24 | $25.8M | $-35.5M |
| Q4 25 | 23.1% | 73.6% | ||
| Q3 25 | 22.3% | 74.0% | ||
| Q2 25 | 24.2% | 74.9% | ||
| Q1 25 | 25.6% | 75.9% | ||
| Q4 24 | 24.3% | 76.4% | ||
| Q3 24 | 25.2% | 77.7% | ||
| Q2 24 | 24.6% | 77.8% | ||
| Q1 24 | 22.4% | 77.5% |
| Q4 25 | 11.1% | -8.0% | ||
| Q3 25 | 9.9% | -6.7% | ||
| Q2 25 | 11.1% | -13.1% | ||
| Q1 25 | 11.5% | -11.1% | ||
| Q4 24 | 9.6% | -7.5% | ||
| Q3 24 | 11.4% | -7.2% | ||
| Q2 24 | 11.2% | -8.7% | ||
| Q1 24 | 7.8% | -14.4% |
| Q4 25 | -5.9% | -2.0% | ||
| Q3 25 | 6.0% | -0.2% | ||
| Q2 25 | 7.5% | -9.8% | ||
| Q1 25 | 7.7% | -8.0% | ||
| Q4 24 | 6.6% | -2.8% | ||
| Q3 24 | 7.0% | -3.6% | ||
| Q2 24 | 7.2% | -3.8% | ||
| Q1 24 | 4.3% | -9.4% |
| Q4 25 | $-0.90 | $-0.03 | ||
| Q3 25 | $0.83 | $0.00 | ||
| Q2 25 | $0.95 | $-0.15 | ||
| Q1 25 | $0.92 | $-0.11 | ||
| Q4 24 | $0.76 | $-0.05 | ||
| Q3 24 | $0.86 | $-0.04 | ||
| Q2 24 | $0.88 | $-0.04 | ||
| Q1 24 | $0.48 | $-0.10 |
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 | $943.5M |
| Total DebtLower is stronger | $570.7M | — |
| Stockholders' EquityBook value | $1.1B | $1.5B |
| Total Assets | $2.5B | $6.0B |
| Debt / EquityLower = less leverage | 0.51× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $98.7M | $943.5M | ||
| Q3 25 | $83.8M | $1.1B | ||
| Q2 25 | $124.5M | $1.5B | ||
| Q1 25 | $71.6M | $204.5M | ||
| Q4 24 | $83.8M | $147.7M | ||
| Q3 24 | $78.6M | $182.9M | ||
| Q2 24 | $72.9M | $157.0M | ||
| Q1 24 | $60.1M | $254.4M |
| 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 24 | $399.9M | — |
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $1.1B | $1.3B | ||
| Q2 25 | $1.0B | $1.2B | ||
| Q1 25 | $910.2M | $1.4B | ||
| Q4 24 | $855.1M | $1.0B | ||
| Q3 24 | $858.8M | $973.1M | ||
| Q2 24 | $788.4M | $881.5M | ||
| Q1 24 | $747.6M | $797.2M |
| Q4 25 | $2.5B | $6.0B | ||
| Q3 25 | $2.4B | $5.8B | ||
| Q2 25 | $2.2B | $5.6B | ||
| Q1 25 | $1.9B | $3.7B | ||
| Q4 24 | $1.8B | $3.3B | ||
| Q3 24 | $1.9B | $3.1B | ||
| Q2 24 | $1.9B | $2.9B | ||
| Q1 24 | $1.9B | $2.8B |
| 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× | — | ||
| Q1 24 | 0.53× | — |
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 | $190.4M |
| Free Cash FlowOCF − Capex | $-17.1M | $105.2M |
| FCF MarginFCF / Revenue | -2.1% | 17.1% |
| Capex IntensityCapex / Revenue | 5.2% | 13.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-20.3M | $287.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.7M | $190.4M | ||
| Q3 25 | $1.4M | $167.1M | ||
| Q2 25 | $27.7M | $99.8M | ||
| Q1 25 | $54.8M | $145.8M | ||
| Q4 24 | $60.7M | $127.3M | ||
| Q3 24 | $57.3M | $104.7M | ||
| Q2 24 | $40.5M | $74.8M | ||
| Q1 24 | $39.6M | $73.6M |
| Q4 25 | $-17.1M | $105.2M | ||
| Q3 25 | $-30.5M | $82.5M | ||
| Q2 25 | $200.0K | $39.9M | ||
| Q1 25 | $27.1M | $59.9M | ||
| Q4 24 | $44.7M | $54.2M | ||
| Q3 24 | $43.8M | $54.5M | ||
| Q2 24 | $13.7M | $45.2M | ||
| Q1 24 | $-4.3M | $41.5M |
| Q4 25 | -2.1% | 17.1% | ||
| Q3 25 | -4.1% | 14.7% | ||
| Q2 25 | 0.0% | 7.8% | ||
| Q1 25 | 4.2% | 12.5% | ||
| Q4 24 | 7.2% | 11.8% | ||
| Q3 24 | 6.7% | 12.7% | ||
| Q2 24 | 2.1% | 11.3% | ||
| Q1 24 | -0.7% | 11.0% |
| Q4 25 | 5.2% | 13.9% | ||
| Q3 25 | 4.3% | 15.1% | ||
| Q2 25 | 4.0% | 11.7% | ||
| Q1 25 | 4.3% | 17.9% | ||
| Q4 24 | 2.6% | 15.9% | ||
| Q3 24 | 2.1% | 11.7% | ||
| Q2 24 | 4.1% | 7.4% | ||
| Q1 24 | 7.3% | 8.5% |
| Q4 25 | — | — | ||
| Q3 25 | 0.03× | — | ||
| Q2 25 | 0.54× | — | ||
| Q1 25 | 1.10× | — | ||
| Q4 24 | 1.48× | — | ||
| Q3 24 | 1.24× | — | ||
| Q2 24 | 0.86× | — | ||
| Q1 24 | 1.53× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
