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Side-by-side financial comparison of MODINE MANUFACTURING CO (MOD) and WATTS WATER TECHNOLOGIES INC (WTS). Click either name above to swap in a different company.
MODINE MANUFACTURING CO is the larger business by last-quarter revenue ($805.0M vs $625.1M, roughly 1.3× WATTS WATER TECHNOLOGIES INC). WATTS WATER TECHNOLOGIES INC runs the higher net margin — 13.4% vs -5.9%, a 19.3% gap on every dollar of revenue. On growth, MODINE MANUFACTURING CO posted the faster year-over-year revenue change (30.5% vs 15.7%). WATTS WATER TECHNOLOGIES INC produced more free cash flow last quarter ($140.3M vs $-17.1M). Over the past eight quarters, MODINE MANUFACTURING CO's revenue compounded faster (15.5% CAGR vs 4.6%).
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...
AERCO International, Inc. is a manufacturer and supplier of commercial condensing boilers, high efficiency water heating equipment and energy recovery systems in the HVAC/plumbing industry across a variety of markets including education, lodging, government, office buildings, healthcare, industrial and multifamily housing. In 1949, AERCO introduced the industry's first semi-instantaneous, tankless steam-to-water water heater. In 1988, AERCO introduced the first condensing and fully modulating...
MOD vs WTS — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $805.0M | $625.1M |
| Net Profit | $-47.4M | $83.7M |
| Gross Margin | 23.1% | 49.5% |
| Operating Margin | 11.1% | 18.2% |
| Net Margin | -5.9% | 13.4% |
| Revenue YoY | 30.5% | 15.7% |
| Net Profit YoY | -215.6% | 24.0% |
| EPS (diluted) | $-0.90 | $2.50 |
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 | $625.1M | ||
| Q3 25 | $738.9M | $611.7M | ||
| Q2 25 | $682.8M | $643.7M | ||
| Q1 25 | $647.2M | $558.0M | ||
| Q4 24 | $616.8M | $540.4M | ||
| Q3 24 | $658.0M | $543.6M | ||
| Q2 24 | $661.5M | $597.3M | ||
| Q1 24 | $603.5M | $570.9M |
| Q4 25 | $-47.4M | $83.7M | ||
| Q3 25 | $44.4M | $82.2M | ||
| Q2 25 | $51.2M | $100.9M | ||
| Q1 25 | $49.6M | $74.0M | ||
| Q4 24 | $41.0M | $67.5M | ||
| Q3 24 | $46.1M | $69.1M | ||
| Q2 24 | $47.3M | $82.0M | ||
| Q1 24 | $25.8M | $72.6M |
| Q4 25 | 23.1% | 49.5% | ||
| Q3 25 | 22.3% | 48.8% | ||
| Q2 25 | 24.2% | 50.6% | ||
| Q1 25 | 25.6% | 48.8% | ||
| Q4 24 | 24.3% | 46.7% | ||
| Q3 24 | 25.2% | 47.3% | ||
| Q2 24 | 24.6% | 47.7% | ||
| Q1 24 | 22.4% | 46.9% |
| Q4 25 | 11.1% | 18.2% | ||
| Q3 25 | 9.9% | 18.2% | ||
| Q2 25 | 11.1% | 21.0% | ||
| Q1 25 | 11.5% | 15.7% | ||
| Q4 24 | 9.6% | 16.5% | ||
| Q3 24 | 11.4% | 17.1% | ||
| Q2 24 | 11.2% | 18.7% | ||
| Q1 24 | 7.8% | 16.9% |
| Q4 25 | -5.9% | 13.4% | ||
| Q3 25 | 6.0% | 13.4% | ||
| Q2 25 | 7.5% | 15.7% | ||
| Q1 25 | 7.7% | 13.3% | ||
| Q4 24 | 6.6% | 12.5% | ||
| Q3 24 | 7.0% | 12.7% | ||
| Q2 24 | 7.2% | 13.7% | ||
| Q1 24 | 4.3% | 12.7% |
| Q4 25 | $-0.90 | $2.50 | ||
| Q3 25 | $0.83 | $2.45 | ||
| Q2 25 | $0.95 | $3.01 | ||
| Q1 25 | $0.92 | $2.21 | ||
| Q4 24 | $0.76 | $2.02 | ||
| Q3 24 | $0.86 | $2.06 | ||
| Q2 24 | $0.88 | $2.44 | ||
| Q1 24 | $0.48 | $2.17 |
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 | $405.5M |
| Total DebtLower is stronger | $570.7M | — |
| Stockholders' EquityBook value | $1.1B | $2.0B |
| Total Assets | $2.5B | $2.9B |
| Debt / EquityLower = less leverage | 0.51× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $98.7M | $405.5M | ||
| Q3 25 | $83.8M | $457.7M | ||
| Q2 25 | $124.5M | $369.3M | ||
| Q1 25 | $71.6M | $336.8M | ||
| Q4 24 | $83.8M | $386.9M | ||
| Q3 24 | $78.6M | $303.9M | ||
| Q2 24 | $72.9M | $279.4M | ||
| Q1 24 | $60.1M | $237.1M |
| 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 | $2.0B | ||
| Q3 25 | $1.1B | $2.0B | ||
| Q2 25 | $1.0B | $1.9B | ||
| Q1 25 | $910.2M | $1.8B | ||
| Q4 24 | $855.1M | $1.7B | ||
| Q3 24 | $858.8M | $1.7B | ||
| Q2 24 | $788.4M | $1.6B | ||
| Q1 24 | $747.6M | $1.6B |
| Q4 25 | $2.5B | $2.9B | ||
| Q3 25 | $2.4B | $2.7B | ||
| Q2 25 | $2.2B | $2.6B | ||
| Q1 25 | $1.9B | $2.5B | ||
| Q4 24 | $1.8B | $2.4B | ||
| Q3 24 | $1.9B | $2.4B | ||
| Q2 24 | $1.9B | $2.4B | ||
| Q1 24 | $1.9B | $2.3B |
| 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 | $154.7M |
| Free Cash FlowOCF − Capex | $-17.1M | $140.3M |
| FCF MarginFCF / Revenue | -2.1% | 22.4% |
| Capex IntensityCapex / Revenue | 5.2% | 2.3% |
| Cash ConversionOCF / Net Profit | — | 1.85× |
| TTM Free Cash FlowTrailing 4 quarters | $-20.3M | $356.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.7M | $154.7M | ||
| Q3 25 | $1.4M | $122.4M | ||
| Q2 25 | $27.7M | $69.7M | ||
| Q1 25 | $54.8M | $55.2M | ||
| Q4 24 | $60.7M | $139.5M | ||
| Q3 24 | $57.3M | $90.7M | ||
| Q2 24 | $40.5M | $85.3M | ||
| Q1 24 | $39.6M | $45.6M |
| Q4 25 | $-17.1M | $140.3M | ||
| Q3 25 | $-30.5M | $110.9M | ||
| Q2 25 | $200.0K | $59.5M | ||
| Q1 25 | $27.1M | $45.6M | ||
| Q4 24 | $44.7M | $127.5M | ||
| Q3 24 | $43.8M | $84.3M | ||
| Q2 24 | $13.7M | $78.5M | ||
| Q1 24 | $-4.3M | $35.5M |
| Q4 25 | -2.1% | 22.4% | ||
| Q3 25 | -4.1% | 18.1% | ||
| Q2 25 | 0.0% | 9.2% | ||
| Q1 25 | 4.2% | 8.2% | ||
| Q4 24 | 7.2% | 23.6% | ||
| Q3 24 | 6.7% | 15.5% | ||
| Q2 24 | 2.1% | 13.1% | ||
| Q1 24 | -0.7% | 6.2% |
| Q4 25 | 5.2% | 2.3% | ||
| Q3 25 | 4.3% | 1.9% | ||
| Q2 25 | 4.0% | 1.6% | ||
| Q1 25 | 4.3% | 1.7% | ||
| Q4 24 | 2.6% | 2.2% | ||
| Q3 24 | 2.1% | 1.2% | ||
| Q2 24 | 4.1% | 1.1% | ||
| Q1 24 | 7.3% | 1.8% |
| Q4 25 | — | 1.85× | ||
| Q3 25 | 0.03× | 1.49× | ||
| Q2 25 | 0.54× | 0.69× | ||
| Q1 25 | 1.10× | 0.75× | ||
| Q4 24 | 1.48× | 2.07× | ||
| Q3 24 | 1.24× | 1.31× | ||
| Q2 24 | 0.86× | 1.04× | ||
| Q1 24 | 1.53× | 0.63× |
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% |
WTS
Segment breakdown not available.
