Conventional modal analysis techniques are known to be inappropriate for asymmetrical rotor systems, when the equations of motion are written in the stationary coordinates, due to the presence of time varying parameters. This paper presents a generalized modal analysis method for asymmetrical rotor systems in the stationary coordinates, employing the modulated coordinates and the lambda matrix formulation. A numerical example with a flexible asymmetric rotor model is provided to demonstrate the effectiveness of the proposed modal analysis method. As an application of the proposed method, modal analysis is also performed with an open cracked rotor system.