{"slug":"modine","name":"Modine","name_en":"Modine Manufacturing","ticker":"MOD","updated_at":"2026-07-12T08:23:49.777+00:00","canonical":"https://valuechain.wiki/modine","same_as":["https://finance.yahoo.com/quote/MOD","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=67347"],"kicker":"NYSE · 열관리 · 데이터센터 냉각(CDU)","kicker_en":"NYSE · Thermal · Data-center cooling (CDU)","lead":"열관리 기업으로 데이터센터 냉각이 급성장축. 1MW CDU·냉각 AI 제어·액침냉각을 공급하며 2026 회계연도 데이터센터 매출 60%+ 성장, 사상 최대 $1.8억 수주(하이퍼스케일러)를 기록했다. 버티브·델타와 함께 냉각 레이어의 한 축.","lead_en":"A thermal-management firm whose datacenter cooling is the growth axis. It supplies 1MW CDUs, cooling AI controls and immersion cooling, with 60%+ datacenter revenue growth in FY2026 and a record $180M hyperscaler order. With Vertiv and Delta, a pillar of the cooling layer.","segments":{"fy":2026,"parts":[{"desc":"에어데일 1MW CDU·액침냉각. FY2026 매출 60%+ 성장, 40억 달러+ 장기 캐파계약(2027~2029).","name":"데이터센터 냉각(Airedale)"},{"desc":"산업·차량용 열교환·열관리 — 냉각 기술의 레거시 기반.","name":"산업·차량 열관리"}],"total":"DC 매출 60%+ 성장(FY26)","concentration":"1MW CDU·하이퍼스케일러 $180M 수주."},"segments_en":{"fy":2026,"parts":[{"desc":"Airedale 1MW CDUs and immersion cooling; FY2026 revenue +60%, a $4B+ long-term capacity agreement (2027-2029).","name":"Datacenter cooling (Airedale)"},{"desc":"Industrial and vehicle heat-exchange and thermal management — the legacy base of the cooling technology.","name":"Industrial/vehicle thermal"}],"total":"60%+ DC revenue growth (FY26)","concentration":"1MW CDU; $180M hyperscaler order."},"returns_yearly":{"2021":-19.7,"2022":96.8,"2023":200.6,"2024":94.2,"2025":15.2,"2026":84.2},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[],"analysis":"투자 논점은 레거시 열관리 회사가 데이터센터 냉각으로 사업 무게중심을 옮기는 전환이다. 에어데일 브랜드로 1MW CDU·액침냉각을 하이퍼스케일러에 공급하며 FY2026 데이터센터 매출이 60%+ 성장했고, 한 전략 고객과 2027~2029년 40억 달러+ 캐파를 보장하는 장기계약(선급 $165M)을 맺어 향후 매출의 바닥을 깔았다 — 최대 고객 한 곳이 매출의 11%, 상위 10곳이 49%로 고객이 집중돼 있어 이 장기계약의 실체가 밸류에이션의 핵심이다. $100M 증설로 캐파를 늘리는 국면이라 실적보다 계약·증설 소화가 주가를 끈다. 위험은 하이퍼스케일러 capex 사이클 의존과 버티브·델타 등과의 CDU 경쟁 심화이며, 엔비디아 냉각 레퍼런스 공급 주장은 10-K에 실명 근거가 없어 낮은 신뢰로 둔다.","analysis_en":"The thesis is a legacy thermal-management company shifting its center of gravity into data-center cooling. Under the Airedale brand it supplies 1MW CDUs and immersion cooling to hyperscalers, with FY2026 data-center revenue up 60%+, and it signed a long-term agreement guaranteeing $4B+ of capacity for 2027-2029 (with a $165M upfront) that floors future revenue — with one top customer at 11% of sales and the top 10 at 49%, the substance of that long-term deal is central to the valuation. It is adding capacity via a $100M expansion, so contracts and capacity absorption drive the stock more than quarterly results. Risks are dependence on the hyperscaler capex cycle and intensifying CDU competition with Vertiv and Delta; the claim of supplying NVIDIA's cooling reference is held at low confidence, with no named basis in the 10-K.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"전략 데이터센터 고객 (비공개)","counterparty_slug":null,"confidence":"high","metric":{"type":"contract","unit":"USD","as_of":"2026-05","basis":"장기 캐파 계약(선급 $165M)","value":4000000000,"period":"CY2027~2029","basis_en":"long-term capacity agreement ($165M upfront)"},"note":"에어데일 데이터센터 냉각 제품 40억달러+ 캐파를 2027~2029년 보장하는 장기 계약. 선급금 1억6,500만달러 수령. 고객명 비공개.","note_en":"Long-term agreement guaranteeing more than $4B of Airedale data-center cooling capacity for CY2027-2029, with a $165M upfront cash payment. Customer unnamed.","sources":[{"stance":"confirms","publisher":"Business Wire","publisher_en":"Business Wire","kind":"ir","lang":"en","published_at":"2026-05-26","url":"https://www.stocktitan.net/news/MOD/modine-announces-landmark-4-billion-long-term-capacity-agreement-3dz0l7nqvlwt.html","title":"모다인, 40억달러 장기 캐파 계약 발표","title_en":"Modine announces landmark $4 billion long-term capacity agreement","excerpt":"Modine will guarantee capacity to supply more than $4 billion of its Airedale data center cooling products to the customer during calendar years 2027 through 2029, with a $165 million upfront cash payment.","excerpt_en":"Capacity guarantee for $4B+ of Airedale cooling products, CY2027-2029, with $165M upfront."}]},{"direction":"revenue","counterparty":"하이퍼스케일러·데이터센터 (냉각)","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"%","as_of":"2026-03","basis":"10-K (상위 10개 고객 합산 49%)","value":11,"period":"FY2026 최대 고객","basis_en":"10-K (top-10 customers 49%)"},"note":"하이퍼스케일러에 1MW CDU·액침냉각 공급(FY2026 DC 매출 +60%). 최대 고객 한 곳이 FY2026 매출의 약 11%, 상위 10곳이 49%로 고객 집중이 높다.","note_en":"Supplies 1MW CDUs and immersion cooling to hyperscalers (FY2026 DC revenue +60%); the top customer was ~11% of FY2026 sales and the top 10 were 49% — high customer concentration.","sources":[{"stance":"mentions","publisher":"애널리스트 컨센서스","publisher_en":"Analyst consensus","kind":"research","lang":"en","published_at":"2026-06-29","url":"https://public.com/stocks/mod/forecast-price-target","title":"Modine(MOD) 애널리스트: Strong Buy — Roth $263·DA Davidson $265 매수 (데이터센터 냉각)","title_en":"Modine (MOD) analysts: Strong Buy — Roth $263, DA Davidson $265 (data-center cooling)","excerpt":"애널리스트 7인 Strong Buy 컨센서스. Roth Capital 매수 목표가 $263 커버리지 개시, DA Davidson $255→$265 상향. 데이터센터 냉각(Climate Solutions) 매출 $400M+·장기 $4B 캐파계약, DC 매출 FY25→27 +64%로 ~$2B 접근, FY2027 매출 +20~35% 가이던스.","excerpt_en":"7 analysts Strong Buy. Roth Capital initiated Buy at $263; DA Davidson raised to $265 from $255. Climate Solutions (data-center cooling) revenue $400M+ and a long-term $4B capacity agreement; DC revenue +64% FY25→27 approaching ~$2B; FY2027 net-sales growth guidance +20-35%."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-05-27","url":"https://www.sec.gov/Archives/edgar/data/67347/000110465926066795/mod-20260331x10k.htm","title":"Modine 10-K FY2026","title_en":"Modine 10-K FY2026","excerpt":"In fiscal 2026, one global technology customer accounted for approximately 11 percent of our sales... our ten largest customers accounted for 49 percent of our net sales.","excerpt_en":"One global technology customer at ~11% of sales in FY2026; top ten customers at 49% of net sales."},{"stance":"confirms","publisher":"위키백과","publisher_en":"Wikipedia","kind":"news","lang":"ko","published_at":"2026-01-01","url":"https://ko.wikipedia.org/wiki/모딘","title":"모딘(Modine, 열관리·데이터센터 냉각)","title_en":"Modine (thermal management, datacenter cooling)","excerpt":"FY2026 데이터센터 매출 60%+ 성장.","excerpt_en":"60%+ datacenter revenue growth in FY2026."},{"stance":"confirms","publisher":"AInvest","publisher_en":"AInvest","kind":"news","lang":"en","published_at":"2025-07-01","url":"https://www.ainvest.com/news/modine-100m-data-center-cooling-expansion-strategic-play-2b-growth-opportunity-2507/","title":"Modine 데이터센터 냉각 $100M 증설·$180M 수주","title_en":"Modine $100M datacenter-cooling expansion, $180M order","excerpt":"FY2026 데이터센터 매출 60%+ 성장.","excerpt_en":"60%+ datacenter revenue growth in FY2026."}]},{"direction":"cost","counterparty":"제조·증설 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"냉각 장비 제조·증설($100M).","note_en":"Cooling-equipment manufacturing and $100M capacity expansion.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-05-21","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=MOD&type=10-K","title":"Modine 연차보고서(10-K, SEC)","title_en":"Modine annual report (10-K, SEC)","excerpt":"데이터센터 냉각 증설 $100M.","excerpt_en":"$100M datacenter-cooling expansion."}]},{"direction":"cost","counterparty":"부품·제조 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"열교환·냉각 부품·제조.","note_en":"Heat-exchange/cooling parts and manufacturing.","sources":[{"stance":"confirms","publisher":"AInvest","publisher_en":"AInvest","kind":"news","lang":"en","published_at":"2025-07-01","url":"https://www.ainvest.com/news/modine-100m-data-center-cooling-expansion-strategic-play-2b-growth-opportunity-2507/","title":"Modine 데이터센터 냉각 $100M 증설·$180M 수주","title_en":"Modine $100M datacenter-cooling expansion, $180M order","excerpt":"Airedale 냉각 제품 제조.","excerpt_en":"Makes Airedale cooling products."}]},{"direction":"revenue","counterparty":"NVIDIA 냉각 레퍼런스 생태계 (미검증)","counterparty_slug":null,"confidence":"low","metric":null,"note":"엔비디아 AI 랙 액체냉각(CDU) 레퍼런스 생태계 공급 주장은 매체(어그리게이터) 보도뿐이다. Modine FY2026 10-K는 엔비디아를 실명 언급하지 않고, 엔비디아의 공식 냉각 레퍼런스 파트너는 Vertiv로 확인된다. 실제 매출 흐름은 하이퍼스케일러·데이터센터 고객이며 엔비디아는 직접 구매자가 아니다 — 트레인-NVIDIA 판례(파트너십≠흐름)에 따라 counterparty_id 보류. 검증 시까지 낮은 신뢰.","note_en":"The claim of supplying into NVIDIA's AI-rack liquid-cooling (CDU) reference ecosystem rests only on media/aggregator reports. Modine's FY2026 10-K does not name NVIDIA, and NVIDIA's published cooling reference partner is confirmed to be Vertiv. The actual revenue flow is to hyperscaler/datacenter customers, not NVIDIA as a direct buyer — so counterparty_id is held per the Trane-NVIDIA precedent (partnership ≠ flow). Kept at low confidence pending verification.","sources":[{"stance":"mentions","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-05-27","url":"https://www.sec.gov/Archives/edgar/data/67347/000110465926066795/mod-20260331x10k.htm","title":"Modine 10-K FY2026","title_en":"Modine 10-K FY2026","excerpt":"Modine FY2026 10-K: 데이터센터 냉각(Airedale) 매출 공시, 엔비디아 실명 미언급.","excerpt_en":"Modine FY2026 10-K: discloses datacenter cooling (Airedale) revenue; does not name NVIDIA."},{"stance":"mentions","publisher":"Data Center Frontier","publisher_en":"Data Center Frontier","kind":"news","lang":"en","published_at":"2026-01-15","url":"https://www.datacenterfrontier.com/cooling/news/55360274/coolings-new-reality-its-not-air-vs-liquid-anymore-its-architecture","title":"데이터센터 냉각: 엔비디아 공식 레퍼런스 파트너는 Vertiv","title_en":"Data-center cooling: NVIDIA's published reference partner is Vertiv","excerpt":"엔비디아 GB200 NVL72 공식 냉각 레퍼런스 파트너는 Vertiv로 확인(Modine 아님).","excerpt_en":"NVIDIA's published GB200 NVL72 cooling reference partner is confirmed to be Vertiv (not Modine)."},{"stance":"mentions","publisher":"AInvest","publisher_en":"AInvest","kind":"news","lang":"en","published_at":"2025-07-01","url":"https://www.ainvest.com/news/modine-100m-data-center-cooling-expansion-strategic-play-2b-growth-opportunity-2507/","title":"Modine 데이터센터 냉각 $100M 증설·$180M 수주","title_en":"Modine $100M datacenter-cooling expansion, $180M order","excerpt":"엔비디아 AI 랙 액체냉각(CDU) 레퍼런스 생태계 공급 주장(어그리게이터 — 미검증).","excerpt_en":"Claim of supplying NVIDIA AI-rack liquid-cooling (CDU) reference ecosystem (aggregator; unverified)."}]}]}