Modine Manufacturing Gains Momentum in AI Cooling Sector Amid Anthropic IPO Hype
While much of Wall Street is focused on the anticipated $2 trillion IPO by Anthropic, Modine Manufacturing (NYSE: MOD) has quietly seen significant growth as a provider of data center cooling solutions. The company transformed from an auto parts supplier into a thermal management firm catering to hyperscalers and AI infrastructure needs. In its most recent fiscal quarter ending in 2027 Q1, Modine reported a 90% year-over-year increase in data center sales, reaching $348.6 million. Its backlog more than doubled during the same period, prompting management to raise full-year guidance and project over $2 billion in data center revenue for fiscal 2028. Despite its strong performance—driven by multiyear contracts—the stock remains below its 52-week high of $323. While Modine's trailing P/E ratio is elevated at above 70, the forward multiple stands at a more reasonable level around 24. The company offers exposure to AI infrastructure growth with lower valuation multiples compared to chipmakers.
Tickers: $MOD