NYSE · Thermal · Data-center cooling (CDU)
Modine Manufacturing
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.
MOD Updated Jul 12, 2026 4 AI consumers· 2 recurring
Annual return · 2026-07-10'21-19.7%'22+96.8%'23+200.6%'24+94.2%'25+15.2%YTD+84.2%
Money in ▸전략 데이터센터 고객 (비공개)●contract $4Bhyperscalers · datacenter (cooling)●Market share 11%NVIDIA cooling reference ecosystem (unverified)○
Modine Manufacturing60%+ DC revenue growth
▸ Money outmanufacturing & capacity expansion (undisclosed)○components · manufacturing (undisclosed)○
Financials & Segments
- Total revenue · 60%+ DC revenue growth (FY26)
- Customer concentration · 1MW CDU; $180M hyperscaler order.
- Segments · Datacenter cooling (Airedale) · Industrial/vehicle thermal
Revenue from
- 전략 데이터센터 고객 (비공개) High confidence· contract $4B · CY2027~2029 · long-term capacity agreement ($165M upfront)
Long-term agreement guaranteeing more than $4B of Airedale data-center cooling capacity for CY2027-2029, with a $165M upfront cash payment. Customer unnamed.Confirms EN Business Wire Published May 26, 2026: Modine announces landmark $4 billion long-term capacity agreement - hyperscalers · datacenter (cooling) High confidence· Market share 11% · FY2026 최대 고객 · 10-K (top-10 customers 49%)
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.Mentions EN Analyst consensus Published Jun 29, 2026: Modine (MOD) analysts: Strong Buy — Roth $263, DA Davidson $265 (data-center cooling) - NVIDIA cooling reference ecosystem (unverified) Low confidence
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.Mentions EN Data Center Frontier Published Jan 15, 2026: Data-center cooling: NVIDIA's published reference partner is Vertiv
Pays to
- manufacturing & capacity expansion (undisclosed) Low confidence
Cooling-equipment manufacturing and $100M capacity expansion. - components · manufacturing (undisclosed) Low confidence
Heat-exchange/cooling parts and manufacturing.
Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $342 · Price $245.91 (07-10) · Upside +39%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| KeyBanc Capital Markets · Jeffrey Hammond | Overweight | $370 | Jun 25, 2026 | Report ↗ |
| D.A. Davidson · Matt Summerville | Buy | $330 | Jun 22, 2026 | Report ↗ |
| Oppenheimer · Noah Kaye | Outperform | $325 | May 28, 2026 | Report ↗ |
All covering analysts remain at buy on surging data-center cooling demand, with price targets lifted to the $325-370 range.