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Side-by-side financial comparison of MODINE MANUFACTURING CO (MOD) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
MODINE MANUFACTURING CO is the larger business by last-quarter revenue ($805.0M vs $425.9M, roughly 1.9× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs -5.9%, a 41.6% gap on every dollar of revenue. On growth, MODINE MANUFACTURING CO posted the faster year-over-year revenue change (30.5% vs 1.7%). Over the past eight quarters, MODINE MANUFACTURING CO's revenue compounded faster (15.5% CAGR vs 12.1%).
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...
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
MOD vs NFG — Head-to-Head
Income Statement — Q3 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $805.0M | $425.9M |
| Net Profit | $-47.4M | $152.0M |
| Gross Margin | 23.1% | — |
| Operating Margin | 11.1% | 81.5% |
| Net Margin | -5.9% | 35.7% |
| Revenue YoY | 30.5% | 1.7% |
| Net Profit YoY | -215.6% | — |
| EPS (diluted) | $-0.90 | $1.59 |
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 | — | $425.9M | ||
| Q4 25 | $805.0M | $637.9M | ||
| Q3 25 | $738.9M | $443.1M | ||
| Q2 25 | $682.8M | $527.4M | ||
| Q1 25 | $647.2M | $734.8M | ||
| Q4 24 | $616.8M | $513.8M | ||
| Q3 24 | $658.0M | $310.0M | ||
| Q2 24 | $661.5M | $338.6M |
| Q1 26 | — | $152.0M | ||
| Q4 25 | $-47.4M | $181.6M | ||
| Q3 25 | $44.4M | $107.3M | ||
| Q2 25 | $51.2M | $149.8M | ||
| Q1 25 | $49.6M | $216.4M | ||
| Q4 24 | $41.0M | $45.0M | ||
| Q3 24 | $46.1M | $-167.6M | ||
| Q2 24 | $47.3M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | 23.1% | 86.6% | ||
| Q3 25 | 22.3% | — | ||
| Q2 25 | 24.2% | 94.7% | ||
| Q1 25 | 25.6% | 81.6% | ||
| Q4 24 | 24.3% | 87.3% | ||
| Q3 24 | 25.2% | — | ||
| Q2 24 | 24.6% | 98.5% |
| Q1 26 | — | 81.5% | ||
| Q4 25 | 11.1% | 43.3% | ||
| Q3 25 | 9.9% | 40.6% | ||
| Q2 25 | 11.1% | 43.7% | ||
| Q1 25 | 11.5% | 43.2% | ||
| Q4 24 | 9.6% | 16.8% | ||
| Q3 24 | 11.4% | -63.4% | ||
| Q2 24 | 11.2% | -15.2% |
| Q1 26 | — | 35.7% | ||
| Q4 25 | -5.9% | 28.5% | ||
| Q3 25 | 6.0% | 24.2% | ||
| Q2 25 | 7.5% | 28.4% | ||
| Q1 25 | 7.7% | 29.4% | ||
| Q4 24 | 6.6% | 8.8% | ||
| Q3 24 | 7.0% | -54.1% | ||
| Q2 24 | 7.2% | -16.0% |
| Q1 26 | — | $1.59 | ||
| Q4 25 | $-0.90 | $1.98 | ||
| Q3 25 | $0.83 | $1.18 | ||
| Q2 25 | $0.95 | $1.64 | ||
| Q1 25 | $0.92 | $2.37 | ||
| Q4 24 | $0.76 | $0.49 | ||
| Q3 24 | $0.86 | $-1.81 | ||
| Q2 24 | $0.88 | $-0.59 |
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 | $300.0M |
| Stockholders' EquityBook value | $1.1B | — |
| Total Assets | $2.5B | $9.1B |
| Debt / EquityLower = less leverage | 0.51× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $98.7M | $271.4M | ||
| Q3 25 | $83.8M | $43.2M | ||
| Q2 25 | $124.5M | $39.3M | ||
| Q1 25 | $71.6M | $40.0M | ||
| Q4 24 | $83.8M | $48.7M | ||
| Q3 24 | $78.6M | $38.2M | ||
| Q2 24 | $72.9M | $81.4M |
| Q1 26 | — | $300.0M | ||
| Q4 25 | $570.7M | $2.7B | ||
| Q3 25 | $525.8M | $2.7B | ||
| Q2 25 | $482.1M | $2.7B | ||
| Q1 25 | $296.7M | $2.7B | ||
| Q4 24 | $330.0M | $2.7B | ||
| Q3 24 | $359.1M | $2.7B | ||
| Q2 24 | $405.7M | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $3.6B | ||
| Q3 25 | $1.1B | $3.1B | ||
| Q2 25 | $1.0B | $3.0B | ||
| Q1 25 | $910.2M | $2.8B | ||
| Q4 24 | $855.1M | $-76.2M | ||
| Q3 24 | $858.8M | $-15.5M | ||
| Q2 24 | $788.4M | $5.0M |
| Q1 26 | — | $9.1B | ||
| Q4 25 | $2.5B | $9.2B | ||
| Q3 25 | $2.4B | $8.7B | ||
| Q2 25 | $2.2B | $8.4B | ||
| Q1 25 | $1.9B | $8.5B | ||
| Q4 24 | $1.8B | $8.3B | ||
| Q3 24 | $1.9B | $8.3B | ||
| Q2 24 | $1.9B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | 0.51× | 0.75× | ||
| Q3 25 | 0.50× | 0.87× | ||
| Q2 25 | 0.48× | 0.90× | ||
| Q1 25 | 0.33× | 0.99× | ||
| Q4 24 | 0.39× | — | ||
| Q3 24 | 0.42× | — | ||
| Q2 24 | 0.51× | 532.10× |
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 | $657.3M |
| Free Cash FlowOCF − Capex | $-17.1M | — |
| FCF MarginFCF / Revenue | -2.1% | — |
| Capex IntensityCapex / Revenue | 5.2% | 117.0% |
| Cash ConversionOCF / Net Profit | — | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | $-20.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | $24.7M | $274.9M | ||
| Q3 25 | $1.4M | $237.8M | ||
| Q2 25 | $27.7M | $388.4M | ||
| Q1 25 | $54.8M | $253.8M | ||
| Q4 24 | $60.7M | $220.1M | ||
| Q3 24 | $57.3M | $197.9M | ||
| Q2 24 | $40.5M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $-17.1M | $-2.7M | ||
| Q3 25 | $-30.5M | $-47.8M | ||
| Q2 25 | $200.0K | $195.3M | ||
| Q1 25 | $27.1M | $59.9M | ||
| Q4 24 | $44.7M | $-20.3M | ||
| Q3 24 | $43.8M | $-49.1M | ||
| Q2 24 | $13.7M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | -2.1% | -0.4% | ||
| Q3 25 | -4.1% | -10.8% | ||
| Q2 25 | 0.0% | 37.0% | ||
| Q1 25 | 4.2% | 8.2% | ||
| Q4 24 | 7.2% | -4.0% | ||
| Q3 24 | 6.7% | -15.8% | ||
| Q2 24 | 2.1% | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | 5.2% | 43.5% | ||
| Q3 25 | 4.3% | 64.4% | ||
| Q2 25 | 4.0% | 36.6% | ||
| Q1 25 | 4.3% | 26.4% | ||
| Q4 24 | 2.6% | 46.8% | ||
| Q3 24 | 2.1% | 79.7% | ||
| Q2 24 | 4.1% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | — | 1.51× | ||
| Q3 25 | 0.03× | 2.21× | ||
| Q2 25 | 0.54× | 2.59× | ||
| Q1 25 | 1.10× | 1.17× | ||
| Q4 24 | 1.48× | 4.89× | ||
| Q3 24 | 1.24× | — | ||
| Q2 24 | 0.86× | — |
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% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
