MODMODINE MANUFACTURING CO

Motor Vehicle Parts & Accessories

Revenue: $3.2B; 23% YoY
Operating margin: 10.8%; 1.9% YoY
EBITDA: $422M; 17% YoY
Market cap: $6.9B
Employees: —
Net debt / EBITDA: 0.9×; $381M net debt
AI in 10-K: 2.7; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$9M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
205% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
3% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
10% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
2.7 per 10K words · 65th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$6.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$40M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$2.1B	$2.3B	$2.4B	$2.6B	$3.2B	23%
Operating income	$119M	$150M	$241M	$284M	$342M	21%
Net income	$85M	$153M	$162M	$184M	$122M	34%
Operating cash flow	$12M	$108M	$215M	$213M	$249M	17%
Capex	$40M	$51M	$88M	$84M	$143M	71%
Stock-based comp	$6M	$7M	$11M	$26M	$22M	16%
Buybacks	$0	$9M	$18M	$31M	$7M	77%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Feb 1, 2024	GAMCO INVESTORS, INC. ET AL	SC 13D/A	5.0%	Passive
Jul 21, 2023	GAMCO INVESTORS, INC. ET AL	SC 13D/A	1.6%	Passive
Oct 1, 2021	GAMCO INVESTORS, INC. ET AL	SC 13D/A	8.2%	Passive
Dec 2, 2020	GAMCO INVESTORS, INC. ET AL	SC 13D/A	7.2%	Passive
Oct 5, 2020	GAMCO INVESTORS, INC. ET AL	SC 13D/A	6.2%	Passive
Aug 27, 2020	GAMCO INVESTORS, INC. ET AL	SC 13D	5.2%	Passive
May 22, 2020	GAMCO INVESTORS, INC. ET AL	SC 13D/A	4.8%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $40M · 40
Net: −$40M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$10M	$80M	1467	178
FY2025	$13M	$10M	520	136
FY2024	$9M	$40M	644	147
FY2023	$5M	$8M	156	109
FY2022	$2M	$713K	61	104