What is Modiv Industrial Inc's earnings per share (EPS)?

Modiv Industrial Inc (MDV) reported diluted earnings per share of -$0.31 for fiscal year 2025. This represents a -224.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Modiv Industrial Inc Financials

MDV

Trailing 12 months to June 30, 2026

Revenue $46.2M -1.8% YoY

Net Income $7.5M +3470.1% YoY

EPS (Diluted) $0.36 +180.0% YoY

Free Cash Flow Not reported for the trailing 12 months

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 11, 2026 Currency USD FYE December

Modiv Industrial Inc (MDV) reported $46.2M in revenue over the twelve months to Jun 30, 2026, down 1.8% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI MDV FY2025 2026-08-29

An asset-heavy, debt-funded model turns operating earnings into thin net returns as interest and financing demands absorb cash generation.

From FY2024 to FY2025, operating income fell to $15.8M while interest expense rose to $16.9M, showing how financing costs can consume nearly all operating profit. That squeeze carried through to earnings quality: net margin dropped to 2.3% and return on assets was only 0.2%, despite positive reported net income.

FY2025 total assets were $476M against revenue of $46M, so the business depends more on asset utilization and financing structure than sales growth alone. Debt-to-equity increased from 1.5x in FY2024 to 1.6x in FY2025, keeping leverage central to the operating model.

Operating cash flow was $15.0M versus EBITDA of $30.9M in FY2025, meaning less than half of the pre-depreciation earnings measure became operating cash. Accounts receivable also climbed from $18.5M to $23.4M while revenue was broadly unchanged, pointing to more cash tied up in customer balances.

Financial Health Signals

Financial Health Score 49/100

Scored as: REITs peer group

Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Modiv Industrial Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

FFO Margin

FFO Growth

Leverage

Interest Cov.

AFFO Margin

Dividend Cov.

Not available for Modiv Industrial Inc, and counted as zero in the overall score.

Piotroski F-Score Partial

5/7

Modiv Industrial Inc passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

14.01x

For every $1 of reported earnings, Modiv Industrial Inc generates $14.01 in operating cash flow ($15.0M OCF vs $1.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk

0.94x

Modiv Industrial Inc earns $0.94 in operating income for every $1 of interest expense ($15.8M vs $16.9M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$46.4M

YoY-0.8%

5Y CAGR+3.7%

Modiv Industrial Inc generated $46.4M in revenue in fiscal year 2025. This represents a decrease of 0.8% from the prior year.

EBITDA

$30.9M

YoY-19.9%

Modiv Industrial Inc's EBITDA was $30.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 19.9% from the prior year.

Net Income

$1.1M

YoY-82.3%

Modiv Industrial Inc reported $1.1M in net income in fiscal year 2025. This represents a decrease of 82.3% from the prior year.

EPS (Diluted)

-$0.31

YoY-224.0%

Modiv Industrial Inc earned -$0.31 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 224.0% from the prior year.

Cash & Balance Sheet

Cash & Debt

$14.4M

YoY+24.7%

5Y CAGR+11.8%

Modiv Industrial Inc held $14.4M in cash against $261.5M in long-term debt as of fiscal year 2025.

Dividends Per Share

$1.17

YoY+1.7%

Modiv Industrial Inc paid $1.17 per share in dividends in fiscal year 2025. This represents an increase of 1.7% from the prior year.

Shares Outstanding

10M

YoY+3.5%

Modiv Industrial Inc had 10M shares outstanding in fiscal year 2025. This represents an increase of 3.5% from the prior year.

Free Cash Flow

Not reported for fiscal year 2025.

Margins & Returns

Operating Margin

34.1%

YoY-12.9pp

Modiv Industrial Inc's operating margin was 34.1% in fiscal year 2025, reflecting core business profitability. This is down 12.9 percentage points from the prior year.

Net Margin

2.3%

YoY-10.6pp

Modiv Industrial Inc's net profit margin was 2.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 10.6 percentage points from the prior year.

Return on Equity

0.7%

YoY-2.5pp

5Y CAGR+37.8pp

Modiv Industrial Inc's ROE was 0.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.5 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Capital Allocation

Share Buybacks

YoY-100.0%

Modiv Industrial Inc repurchased no shares in fiscal year 2025. This represents a decrease of 100.0% from the prior year.

R&D Spending

Not reported for fiscal year 2025.

Capital Expenditures

Not reported for fiscal year 2025.

MDV Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

MDV quarterly income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16
Revenue	$46.2M	$46.4M-0.8%	$46.8M-1.0%	$47.2M+2.3%	$46.2M+21.9%	$37.9M-1.9%	$38.6M+57.4%	$24.5M+36.5%	$18.0M+143.4%	$7.4M+757.6%	$862K
SG&A Expenses	$5.3M	$5.8M-8.3%	$6.3M-4.6%	$6.6M-15.0%	$7.8M-19.6%	$9.7M-6.6%	$10.4M+283.5%	$2.7M+5.5%	$2.6M-31.3%	$3.7M+193.2%	$1.3M
Operating Income	$24.1M	$15.8M-28.0%	$22.0M+741.9%	$2.6M-47.0%	$4.9M+421.2%	-$1.5M+96.9%	-$48.7M-932.8%	-$4.7M	N/A	N/A	N/A
Interest Expense	$16.8M	$16.9M+4.3%	$16.2M+17.5%	$13.8M+70.3%	$8.1M+6.9%	$7.6M-33.8%	$11.5M+55.2%	$7.4M+32.4%	$5.6M+240.5%	$1.6M+314.6%	$395K
Net Income	$7.5M	$1.1M-82.3%	$6.0M+191.0%	-$6.6M-101.1%	-$3.3M-655.1%	-$436K+99.1%	-$49.1M-1012.8%	-$4.4M-145.1%	-$1.8M-107.5%	-$868K+29.8%	-$1.2M
EPS (Diluted)	$0.36	-$0.31-224.0%	$0.25	-$1.36-46.2%	-$0.93	-$0.20	-$6.14	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$11.7M-0.1%	$11.7M+5.7%	$11.1M-5.2%	$11.7M-1.2%	$11.8M+0.3%	$11.8M+0.5%	$11.7M+0.6%	$11.7M
SG&A Expenses	$1.2M-20.1%	$1.5M+20.9%	$1.2M-9.1%	$1.4M+14.0%	$1.2M-39.7%	$2.0M+58.0%	$1.3M-24.1%	$1.7M
Operating Income	$10.0M+137.4%	$4.2M-17.2%	$5.1M+4.8%	$4.8M+315.8%	$1.2M-75.4%	$4.7M-11.1%	$5.3M+8.8%	$4.9M
Interest Expense	$3.4M-25.6%	$4.6M-4.9%	$4.8M+18.4%	$4.1M+0.9%	$4.0M-0.8%	$4.0M+9.2%	$3.7M-39.3%	$6.1M
Net Income	$5.4M+6278.2%	-$87K-107.2%	$1.2M+15.7%	$1.0M+151.8%	-$2.0M-343.9%	$829K-46.7%	$1.6M+365.1%	-$587K
EPS (Diluted)	$0.45	-$0.11	$0.02	$0.00+100.0%	-$0.32-3100.0%	-$0.01-116.7%	$0.06	-$0.18

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Income Tax.

MDV Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

MDV quarterly balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16
Total Assets	$476.5M-6.2%	$507.8M-4.3%	$530.9M+16.8%	$454.4M+6.1%	$428.5M+5.2%	$407.5M-17.0%	$490.9M+94.5%	$252.4M+60.7%	$157.1M+280.3%	$41.3M
Cash & Equivalents	$14.4M+24.7%	$11.5M+268.5%	$3.1M-63.7%	$8.6M-84.6%	$56.0M+578.5%	$8.2M+20.9%	$6.8M+29.9%	$5.3M+62.2%	$3.2M-5.6%	$3.4M
Accounts Receivable	$23.4M+27.0%	$18.5M+44.3%	$12.8M+76.2%	$7.3M+21.1%	$6.0M-10.0%	$6.7M+7.1%	$6.2M	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	$0-100.0%	$17.3M0.0%	$17.3M-65.8%	$50.6M	$0	N/A	N/A
Total Liabilities	$274.4M-6.6%	$293.8M-3.9%	$305.8M+43.3%	$213.4M+3.6%	$206.1M-5.1%	$217.2M-8.2%	$236.7M+65.1%	$143.3M+84.3%	$77.8M+312.1%	$18.9M
Long-Term Debt	$261.5M-6.5%	$279.8M+0.1%	$279.5M+43.0%	$195.5M+22.0%	$160.2M-11.9%	$181.9M-11.9%	$206.5M+68.3%	$122.7M+69.3%	$72.5M+319.7%	$17.3M
Total Equity	$162.7M-14.4%	$190.1M+31.6%	$144.4M-9.6%	$159.8M-7.0%	$171.8M+29.9%	$132.3M-30.2%	$189.6M+83.9%	$103.1M+30.1%	$79.2M+256.5%	$22.2M
Retained Earnings	-$168.1M-9.1%	-$154.1M-5.9%	-$145.6M-23.4%	-$117.9M-16.1%	-$101.6M-10.4%	-$92.0M-195.2%	-$31.2M-92.8%	-$16.2M-165.7%	-$6.1M-330.0%	-$1.4M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$487.7M+0.7%	$484.3M+1.6%	$476.5M-4.6%	$499.6M+0.1%	$498.9M-1.6%	$506.8M-0.2%	$507.8M+0.1%	$507.4M
Cash & Equivalents	$21.6M+383.0%	$4.5M-68.9%	$14.4M+74.0%	$8.3M+42.1%	$5.8M-5.7%	$6.2M-46.5%	$11.5M+68.9%	$6.8M
Accounts Receivable	$25.8M+4.9%	$24.6M+4.9%	$23.4M+5.9%	$22.1M+6.3%	$20.8M+6.4%	$19.6M+6.0%	$18.5M+6.2%	$17.4M
Total Liabilities	$287.5M+0.3%	$286.6M+4.4%	$274.4M-6.9%	$294.8M+0.7%	$292.6M-0.3%	$293.4M-0.1%	$293.8M-0.6%	$295.6M
Long-Term Debt	$273.3M0.0%	$273.4M+4.6%	$261.5M-6.5%	$279.7M0.0%	$279.7M0.0%	$279.7M0.0%	$279.8M0.0%	$279.7M
Total Equity	$161.2M+1.2%	$159.3M-2.1%	$162.7M-1.3%	$164.8M-0.5%	$165.6M-3.2%	$171.1M-10.0%	$190.1M+2.1%	$186.3M
Retained Earnings	-$170.6M+0.9%	-$172.1M-2.4%	-$168.1M-1.6%	-$165.5M-1.7%	-$162.8M-3.7%	-$157.0M-1.9%	-$154.1M-1.4%	-$151.9M

Not reported in any period shown, so not listed: Current Assets, Inventory, Goodwill, Current Liabilities.

MDV Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

MDV quarterly cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16
Operating Cash Flow	$15.6M	$15.0M-17.9%	$18.2M+10.0%	$16.6M-0.4%	$16.6M+71.1%	$9.7M+74.4%	$5.6M+17.4%	$4.7M-19.3%	$5.9M+55.2%	$3.8M+664.0%	-$672K
Investing Cash Flow	$38.1M	$27.8M+231.2%	$8.4M+109.0%	-$93.6M-53.3%	-$61.1M-379.7%	$21.8M-11.9%	$24.8M+183.7%	-$29.6M+67.8%	-$92.0M+20.4%	-$115.6M-211.1%	-$37.2M
Financing Cash Flow	-$37.8M	-$39.9M-118.9%	-$18.2M-125.5%	$71.5M+1428.7%	-$5.4M-129.2%	$18.5M+163.9%	-$28.9M-225.5%	$23.0M-74.6%	$90.7M-19.2%	$112.3M+171.9%	$41.3M
Dividends Paid	N/A	N/A	N/A	N/A	$9.3M+1174.1%	$733K-85.4%	$5.0M+24.9%	$4.0M+142.6%	$1.7M+126.5%	$731K+1483.9%	$46K
Share Buybacks	N/A	$0-100.0%	$11.5M+921.6%	$1.1M-72.9%	$4.2M-78.2%	$19.1M+8.6%	$17.6M+44.7%	$12.1M+39.8%	$8.7M+251.4%	$2.5M+2849.0%	$84K

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$3.5M-15.3%	$4.1M+6.8%	$3.8M-7.2%	$4.1M+5.1%	$3.9M+29.1%	$3.0M-43.6%	$5.4M+5.2%	$5.1M
Investing Cash Flow	$18.5M+332.7%	-$8.0M-132.6%	$24.4M+694.7%	$3.1M+166.9%	$1.2M+233.3%	-$864K+41.9%	-$1.5M+65.8%	-$4.3M
Financing Cash Flow	-$4.9M+19.4%	-$6.0M+74.7%	-$23.8M-674.2%	-$3.1M+43.4%	-$5.4M+27.9%	-$7.6M-1061.9%	$785K+106.1%	-$12.8M
Share Buybacks	N/A	N/A	$0	N/A	N/A	N/A	$0-100.0%	$11.5M

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid.

MDV Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

MDV quarterly financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16
Operating Margin	34.1%-12.9pp	47.0%+41.5pp	5.5%-5.1pp	10.7%+14.7pp	-4.0%	-126.1%	-19.2%	N/A	N/A	N/A
Net Margin	2.3%-10.6pp	12.9%+26.9pp	-14.0%-6.9pp	-7.1%-6.0pp	-1.1%	-127.2%	-18.0%-8.0pp	-10.0%+1.7pp	-11.8%	-143.6%
Return on Equity	0.7%-2.5pp	3.2%+7.7pp	-4.6%-2.5pp	-2.1%-1.8pp	-0.3%+36.9pp	-37.1%-34.8pp	-2.3%-0.6pp	-1.8%-0.7pp	-1.1%+4.5pp	-5.6%
Return on Assets	0.2%-1.0pp	1.2%+2.4pp	-1.3%-0.5pp	-0.7%-0.6pp	-0.1%+12.0pp	-12.1%-11.2pp	-0.9%-0.2pp	-0.7%-0.2pp	-0.5%+2.5pp	-3.0%
Debt-to-Equity	1.61+0.1x	1.47-0.5x	1.94+0.7x	1.22+0.3x	0.93-0.4x	1.38+0.3x	1.09-0.1x	1.19+0.3x	0.91+0.1x	0.78

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Margin	85.3%+49.4pp	35.9%-9.9pp	45.8%+4.4pp	41.4%+31.6pp	9.8%-30.3pp	40.2%-5.3pp	45.4%+3.4pp	42.0%
Net Margin	46.0%+46.7pp	-0.7%-11.7pp	10.9%+2.0pp	9.0%+26.1pp	-17.1%-24.1pp	7.0%-6.2pp	13.3%+18.3pp	-5.0%
Return on Equity	3.3%+3.4pp	-0.1%-0.8pp	0.8%+0.1pp	0.6%+1.9pp	-1.2%-1.7pp	0.5%-0.3pp	0.8%+1.1pp	-0.3%
Return on Assets	1.1%+1.1pp	0.0%-0.3pp	0.3%0.0pp	0.2%+0.6pp	-0.4%-0.6pp	0.2%-0.1pp	0.3%+0.4pp	-0.1%
Debt-to-Equity	1.700.0x	1.72+0.1x	1.61-0.1x	1.700.0x	1.69+0.1x	1.63+0.2x	1.470.0x	1.50

Not reported in any period shown, so not listed: Gross Margin, Current Ratio, FCF Margin.

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Where Modiv Industrial Inc Ranks

Frequently Asked Questions

What is Modiv Industrial Inc's annual revenue?

Modiv Industrial Inc (MDV) reported $46.4M in total revenue for fiscal year 2025. This represents a -0.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Modiv Industrial Inc's revenue growing?

Modiv Industrial Inc (MDV) revenue declined by 0.8% year-over-year, from $46.8M to $46.4M in fiscal year 2025.

Is Modiv Industrial Inc profitable?

Yes, Modiv Industrial Inc (MDV) reported a net income of $1.1M in fiscal year 2025, with a net profit margin of 2.3%.

What is Modiv Industrial Inc's EBITDA?

Modiv Industrial Inc (MDV) had EBITDA of $30.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Modiv Industrial Inc have?

As of fiscal year 2025, Modiv Industrial Inc (MDV) had $14.4M in cash and equivalents against $261.5M in long-term debt.

What is Modiv Industrial Inc's operating margin?

Modiv Industrial Inc (MDV) had an operating margin of 34.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Modiv Industrial Inc's net profit margin?

Modiv Industrial Inc (MDV) had a net profit margin of 2.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Modiv Industrial Inc pay dividends?

Yes, Modiv Industrial Inc (MDV) paid $1.17 per share in dividends during fiscal year 2025.

What is Modiv Industrial Inc's return on equity (ROE)?

Modiv Industrial Inc (MDV) has a return on equity of 0.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Modiv Industrial Inc's operating cash flow?

Modiv Industrial Inc (MDV) generated $15.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Modiv Industrial Inc's total assets?

Modiv Industrial Inc (MDV) had $476.5M in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Modiv Industrial Inc have outstanding?

Modiv Industrial Inc (MDV) had 10M shares outstanding as of fiscal year 2025.

What is Modiv Industrial Inc's debt-to-equity ratio?

Modiv Industrial Inc (MDV) had a debt-to-equity ratio of 1.61 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Modiv Industrial Inc's return on assets (ROA)?

Modiv Industrial Inc (MDV) had a return on assets of 0.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Modiv Industrial Inc's Piotroski F-Score?

Modiv Industrial Inc (MDV) has a Piotroski F-Score of 5 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Modiv Industrial Inc's earnings high quality?

Modiv Industrial Inc (MDV) has an earnings quality ratio of 14.01x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Modiv Industrial Inc cover its interest payments?

Modiv Industrial Inc (MDV) has an interest coverage ratio of 0.94x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Modiv Industrial Inc?

Modiv Industrial Inc (MDV) scores 49 out of 100 on our Financial Health Score, indicating moderate standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.