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Side-by-side financial comparison of MODINE MANUFACTURING CO (MOD) and Natera, Inc. (NTRA). Click either name above to swap in a different company.
MODINE MANUFACTURING CO is the larger business by last-quarter revenue ($805.0M vs $665.5M, roughly 1.2× Natera, Inc.). Natera, Inc. runs the higher net margin — 7.1% vs -5.9%, a 13.0% gap on every dollar of revenue. On growth, Natera, Inc. posted the faster year-over-year revenue change (39.8% vs 30.5%). Natera, Inc. produced more free cash flow last quarter ($37.8M vs $-17.1M). Over the past eight quarters, Natera, Inc.'s revenue compounded faster (34.5% 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...
Natera, Inc. is a clinical genetic testing company based in Austin, Texas that specializes in non-invasive, cell-free DNA (cfDNA) testing technology, with a focus on women’s health, cancer, and organ health. Natera’s proprietary technology combines novel molecular biology techniques with a suite of bioinformatics software that allows detection down to a single molecule in a tube of blood. Natera operates CAP-accredited laboratories certified under the Clinical Laboratory Improvement Amendment...
MOD vs NTRA — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $805.0M | $665.5M |
| Net Profit | $-47.4M | $47.3M |
| Gross Margin | 23.1% | — |
| Operating Margin | 11.1% | -3.4% |
| Net Margin | -5.9% | 7.1% |
| Revenue YoY | 30.5% | 39.8% |
| Net Profit YoY | -215.6% | 187.9% |
| EPS (diluted) | $-0.90 | $0.36 |
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 | $665.5M | ||
| Q3 25 | $738.9M | $592.2M | ||
| Q2 25 | $682.8M | $546.6M | ||
| Q1 25 | $647.2M | $501.8M | ||
| Q4 24 | $616.8M | $476.1M | ||
| Q3 24 | $658.0M | $439.8M | ||
| Q2 24 | $661.5M | $413.4M | ||
| Q1 24 | $603.5M | $367.7M |
| Q4 25 | $-47.4M | $47.3M | ||
| Q3 25 | $44.4M | $-87.5M | ||
| Q2 25 | $51.2M | $-100.9M | ||
| Q1 25 | $49.6M | $-66.9M | ||
| Q4 24 | $41.0M | $-53.8M | ||
| Q3 24 | $46.1M | $-31.6M | ||
| Q2 24 | $47.3M | $-37.5M | ||
| Q1 24 | $25.8M | $-67.6M |
| 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 24 | 22.4% | — |
| Q4 25 | 11.1% | -3.4% | ||
| Q3 25 | 9.9% | -16.5% | ||
| Q2 25 | 11.1% | -20.2% | ||
| Q1 25 | 11.5% | -15.8% | ||
| Q4 24 | 9.6% | -13.6% | ||
| Q3 24 | 11.4% | -8.9% | ||
| Q2 24 | 11.2% | -10.6% | ||
| Q1 24 | 7.8% | -20.2% |
| Q4 25 | -5.9% | 7.1% | ||
| Q3 25 | 6.0% | -14.8% | ||
| Q2 25 | 7.5% | -18.5% | ||
| Q1 25 | 7.7% | -13.3% | ||
| Q4 24 | 6.6% | -11.3% | ||
| Q3 24 | 7.0% | -7.2% | ||
| Q2 24 | 7.2% | -9.1% | ||
| Q1 24 | 4.3% | -18.4% |
| Q4 25 | $-0.90 | $0.36 | ||
| Q3 25 | $0.83 | $-0.64 | ||
| Q2 25 | $0.95 | $-0.74 | ||
| Q1 25 | $0.92 | $-0.50 | ||
| Q4 24 | $0.76 | $-0.41 | ||
| Q3 24 | $0.86 | $-0.26 | ||
| Q2 24 | $0.88 | $-0.30 | ||
| Q1 24 | $0.48 | $-0.56 |
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 | $1.1B | $1.7B |
| Total Assets | $2.5B | $2.4B |
| Debt / EquityLower = less leverage | 0.51× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $98.7M | — | ||
| Q3 25 | $83.8M | $1.0M | ||
| Q2 25 | $124.5M | $16.0M | ||
| Q1 25 | $71.6M | $17.8M | ||
| Q4 24 | $83.8M | $22.7M | ||
| Q3 24 | $78.6M | $29.5M | ||
| Q2 24 | $72.9M | $90.3M | ||
| Q1 24 | $60.1M | $69.1M |
| 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 | $1.7B | ||
| Q3 25 | $1.1B | $1.3B | ||
| Q2 25 | $1.0B | $1.2B | ||
| Q1 25 | $910.2M | $1.2B | ||
| Q4 24 | $855.1M | $1.2B | ||
| Q3 24 | $858.8M | $878.5M | ||
| Q2 24 | $788.4M | $836.5M | ||
| Q1 24 | $747.6M | $794.1M |
| Q4 25 | $2.5B | $2.4B | ||
| Q3 25 | $2.4B | $1.8B | ||
| Q2 25 | $2.2B | $1.8B | ||
| Q1 25 | $1.9B | $1.7B | ||
| Q4 24 | $1.8B | $1.7B | ||
| Q3 24 | $1.9B | $1.6B | ||
| Q2 24 | $1.9B | $1.5B | ||
| Q1 24 | $1.9B | $1.5B |
| 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 | $73.9M |
| Free Cash FlowOCF − Capex | $-17.1M | $37.8M |
| FCF MarginFCF / Revenue | -2.1% | 5.7% |
| Capex IntensityCapex / Revenue | 5.2% | 5.4% |
| Cash ConversionOCF / Net Profit | — | 1.56× |
| TTM Free Cash FlowTrailing 4 quarters | $-20.3M | $109.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.7M | $73.9M | ||
| Q3 25 | $1.4M | $59.4M | ||
| Q2 25 | $27.7M | $37.6M | ||
| Q1 25 | $54.8M | $44.5M | ||
| Q4 24 | $60.7M | $52.9M | ||
| Q3 24 | $57.3M | $51.8M | ||
| Q2 24 | $40.5M | $4.0M | ||
| Q1 24 | $39.6M | $27.0M |
| Q4 25 | $-17.1M | $37.8M | ||
| Q3 25 | $-30.5M | $37.0M | ||
| Q2 25 | $200.0K | $11.7M | ||
| Q1 25 | $27.1M | $22.6M | ||
| Q4 24 | $44.7M | $34.8M | ||
| Q3 24 | $43.8M | $35.5M | ||
| Q2 24 | $13.7M | $-7.7M | ||
| Q1 24 | $-4.3M | $6.7M |
| Q4 25 | -2.1% | 5.7% | ||
| Q3 25 | -4.1% | 6.2% | ||
| Q2 25 | 0.0% | 2.1% | ||
| Q1 25 | 4.2% | 4.5% | ||
| Q4 24 | 7.2% | 7.3% | ||
| Q3 24 | 6.7% | 8.1% | ||
| Q2 24 | 2.1% | -1.9% | ||
| Q1 24 | -0.7% | 1.8% |
| Q4 25 | 5.2% | 5.4% | ||
| Q3 25 | 4.3% | 3.8% | ||
| Q2 25 | 4.0% | 4.7% | ||
| Q1 25 | 4.3% | 4.3% | ||
| Q4 24 | 2.6% | 3.8% | ||
| Q3 24 | 2.1% | 3.7% | ||
| Q2 24 | 4.1% | 2.8% | ||
| Q1 24 | 7.3% | 5.5% |
| Q4 25 | — | 1.56× | ||
| 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% |
NTRA
Segment breakdown not available.
