In this paper, the influence of rotor topology on the electromagnetic performances of dual-rotor axial-flux permanent magnet (DRAFPM) machines with modular stator (MS) and fractional slot non-overlapping winding (FSNW) is investigated by comparing four different rotor structures, including surface-mounted PM (SPM), consequent-pole PM (CPM), Halbach CPM (HCPM) and interior PM rotor (IPM) structures. In order to reduce the PM flux leakage in CPM rotor, the air-barrier introduced beside the PM is optimized by the three-dimensional finite-element method. Then, the main electromagnetic characteristics of the investigated machines, such as open-circuit airgap flux density, back-EMF, average torque, torque ripple, PM eddy-current loss and PM demagnetization are compared quantitatively. Consequently, the machine with SPM rotor accommodates the highest back-EMF and output torque; meanwhile, the CPM machine possesses the highest torque per PM volume and inductance of d-axis. Moreover, both CPM and IPM machine generate reluctance torque, and the IPM machine features larger salient pole ratio and stronger resistance to irreversible demagnetization, as well as the highest machine efficiency.