Modine Manufacturing Co Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
- Long-Term Debt: not reported in this period (annual-only)
Liquid Liquidation Value
- Long-Term Debt: not reported in this period (annual-only)
Operating Liquidation Value
- Long-Term Debt: not reported in this period (annual-only)
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Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $-613.40M | $-11.64 |
| Liquid Liquidation Value | $-44.30M | $-0.84 |
| Operating Liquidation Value | $498.60M | $9.46 |
Key Components (as of 2025-12-31)
| Cash & Equivalents | $98.70M |
| Accounts Receivable | $569.10M |
| Inventory | $542.90M |
| Current Liabilities | $596.20M |
| Long-term Debt | $1.23B |
| Op. Lease Liability | $114.00M |
| Finance Lease | $1.90M |
| Shares Outstanding | 52.7M |
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Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2025-12-31 | $98.70M | $569.10M | $542.90M | $390.30M | $596.20M | N/A | $114.00M | $1.90M |
| 2025-09-30 | $83.80M | $559.00M | $528.80M | $395.80M | $625.90M | N/A | $86.70M | $2.10M |
| 2025-06-30 | $124.50M | $516.60M | $434.80M | $340.00M | $561.90M | N/A | $80.20M | $2.20M |
| 2025-03-31 | $71.60M | $478.90M | $340.90M | $290.80M | $541.00M | N/A | $80.60M | $2.20M |
| 2024-12-31 | $83.80M | $423.00M | $336.70M | $244.00M | $483.50M | N/A | $78.50M | $2.20M |
| 2024-09-30 | $78.60M | $452.90M | $366.50M | $295.10M | $536.90M | N/A | $75.40M | $2.50M |
| 2024-06-30 | $72.90M | $438.10M | $350.00M | $274.30M | $508.30M | N/A | $75.20M | $1.70M |
| 2024-03-31 | $60.10M | $422.90M | $357.90M | $283.40M | $545.80M | N/A | $62.10M | $1.90M |
SEC Filings
| Period | Form | Filed | Link |
|---|---|---|---|
| 2025-12-31 | 10-Q | 2026-02-05 | View |
| 2025-09-30 | 10-Q | 2025-10-29 | View |
| 2025-06-30 | 10-Q | 2025-07-31 | View |
| 2025-03-31 | 10-K | 2025-05-21 | View |
| 2024-12-31 | 10-Q | 2025-02-05 | View |
| 2024-09-30 | 10-Q | 2024-10-30 | View |
| 2024-06-30 | 10-Q | 2024-07-31 | View |
| 2024-03-31 | 10-K | 2024-05-22 | View |
AI Insights
Modine Manufacturing (MOD) as of December 31, 2025 presents a materially negative liquidation recovery posture, consistent with the MFFAIS CLV of -$613.4M. Under liquidation-lens assumptions, haircutted assets fall well short of face-value liabilities. Total reported assets of $2.48B compress to roughly $1.55-1.65B after applying standard haircuts: cash $98.7M at par, AR $569.1M at 90-95% (~$540M), inventory $542.9M at 60% (~$326M), PP&E net $479.6M at 50-70% (~$240-336M), and all intangibles ($293.4M goodwill + $203.4M finite-lived intangibles) zeroed. Against face-value liabilities of $1.35B plus off-balance sheet obligations, equity recovery is deeply negative.
The most significant balance-sheet developments this quarter are: (1) Debt materially escalated — total long-term debt and current maturities aggregate $616.6M versus a prior-quarter base that was lower, reflecting $258.3M net new borrowings YTD to fund three acquisitions ($182.4M cash) and $101.2M capex for data center capacity expansion. In December 2025 the revolving credit facility was further expanded by $150M to $550M total capacity, signaling continued draw risk. (2) The primary U.S. pension plan was terminated in Q3 FY2026, requiring a $14.9M cash contribution and generating a $116.1M non-cash charge to recognize actuarial losses previously parked in AOCI. This eliminates the primary U.S. pension obligation from the balance sheet (residual $11.8M noncurrent pension liability remains for other plans), removing a previously disclosed tail liability from liquidation analysis. (3) Working capital consumed $53.8M operating cash flow YTD (down from $158.5M prior year) as inventory surged $161.3M and AR grew $56.4M to support rapid data center sales growth, degrading asset liquidity quality. (4) The proposed Reverse Morris Trust spin-off of Performance Technologies to Gentherm, announced January 29, 2026, introduces contingent transaction costs and separation risk that would impair orderly liquidation. Operating lease obligations total $137.3M ($23.3M current + $114.0M noncurrent) and remain at face value in liquidation. The MFFAIS OLV of $498.6M reflects going-concern franchise value that evaporates in a liquidation scenario, explaining the large gap to CLV.
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