Modiv Industrial, Inc. (MDV) Financials
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 11, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MDV SEC filings page.
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).
The business owns far more assets than it sells annually, relies heavily on liabilities, and converts operations to cash better than earnings.
In FY2025, operating cash flow was$15.0M against net income of$1.1M , so cash generation remained materially stronger than reported profit. Yet cash flow fell from$18.2M in FY2024, showing the earnings rebound did not translate into a sustained improvement in operating cash.
At FY2025 year-end, long-term debt was
The sharp FY2024-to-FY2025 drop in operating margin, from
Financial Health Signals
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 measures funds from operations against revenue, and funds from operations is net income with property depreciation added back, since a building written down a little further every year on paper is often worth more rather than less. Modiv Industrial, Inc. scores 70/100 on it among other REITs.
FFO Growth follows the three-year path of funds from operations, which is net income with property depreciation added back. Modiv Industrial, Inc. scores 82/100 on it among other REITs.
Modiv Industrial, Inc.'s net debt of $247.1M, being $261.5M of long-term debt less $14.4M of cash, came to 8.00 times its EBITDA in fiscal year 2025. REITs are ranked here on that debt against their EBITDA, where a lower multiple is the safer one, and Modiv Industrial, Inc. scores 27/100 among other REITs.
Modiv Industrial, Inc.'s operating income of $15.8M covered its interest expense of $16.9M 0.94 times over in fiscal year 2025. The interest coverage axis ranks REITs on operating income against interest owed, and Modiv Industrial, Inc. scores 42/100 among other REITs.
AFFO Margin takes funds from operations, subtracts the spending a REIT needs just to keep its properties in working order, and measures what is left against revenue. Modiv Industrial, Inc. scores 72/100 on it among other REITs.
Not available for Modiv Industrial, Inc., and counted as zero in the overall score.
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.
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.
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
Earnings & Revenue
Modiv Industrial, Inc. generated $11.7M in revenue in Q2 2026. This represents a decrease of 1.2% from the same quarter a year earlier. Against the prior quarter it is down 0.1%.
Modiv Industrial, Inc.'s EBITDA was $13.6M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 172.9% from the same quarter a year earlier. Against the prior quarter it is up 72.0%.
Modiv Industrial, Inc. reported $5.4M in net income in Q2 2026. This represents an increase of 365.8% from the same quarter a year earlier. Against the prior quarter it is up 6278.2%.
Cash & Balance Sheet
Modiv Industrial, Inc. held $21.6M in cash against $273.3M in long-term debt as of Q2 2026.
Modiv Industrial, Inc. paid $0.30 per share in dividends in Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Modiv Industrial, Inc.'s operating margin was 85.3% in Q2 2026, reflecting core business profitability. This is up 75.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 49.4 percentage points.
Modiv Industrial, Inc.'s net profit margin was 46.0% in Q2 2026, showing the share of revenue converted to profit. This is up 63.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 46.7 percentage points.
Modiv Industrial, Inc.'s ROE was 3.3% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 4.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.4 percentage points.
Not reported for Q2 2026.
Capital Allocation
None of these metrics is reported for Q2 2026.
MDV Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $11.7M-1.2% | $11.7M-0.8% | $11.1M-5.6% | $11.7M+0.3% | $11.8M+3.7% | $11.8M-1.5% | $11.7M-5.3% | $11.7M-7.3% |
| SG&A Expenses | $1.2M+0.2% | $1.5M-24.4% | $1.2M-1.2% | $1.4M-17.5% | $1.2M-15.3% | $2.0M-0.3% | $1.3M-10.1% | $1.7M-4.3% |
| Operating Income | $10.0M+756.7% | $4.2M-11.2% | $5.1M-4.8% | $4.8M-1.1% | $1.2M-77.1% | $4.7M-28.9% | $5.3M+38.9% | $4.9M+203.8% |
| EBITDA | $13.6M+172.9% | $7.9M-7.4% | $8.8M-7.6% | $8.6M-5.3% | $5.0M-45.9% | $8.6M-20.7% | $9.5M+18.9% | $9.1M+1770.6% |
| Interest Expense | $3.4M-15.5% | $4.6M+12.7% | $4.8M+29.5% | $4.1M-33.6% | $4.0M-2.1% | $4.0M+75.5% | $3.7M-47.4% | $6.1M+108.8% |
| Net Income | $5.4M+365.8% | -$87K-110.5% | $1.2M-22.0% | $1.0M+278.5% | -$2.0M-252.6% | $829K-77.7% | $1.6M+220.1% | -$587K+89.4% |
| EPS (Basic) | N/A | -$0.11-1000.0% | $0.02-66.7% | $0.00+100.0% | -$0.32-1166.7% | -$0.01-103.0% | $0.06+120.7% | -$0.18+79.1% |
| EPS (Diluted) | $0.45 | -$0.11-1000.0% | $0.02 | $0.00+100.0% | -$0.32 | -$0.01-103.0% | $0.06 | -$0.18 |
| Diluted Shares (Avg) | 13M | 12M+5.2% | N/A | 12M+7.6% | 12M | 11M-0.4% | N/A | 11M |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $487.7M-2.2% | $484.3M-4.4% | $476.5M-6.2% | $499.6M-1.5% | $498.9M-4.0% | $506.8M-3.0% | $507.8M-4.3% | $507.4M-5.9% |
| Cash & Equivalents | $21.6M+272.0% | $4.5M-27.4% | $14.4M+24.7% | $8.3M+21.1% | $5.8M-69.2% | $6.2M-66.5% | $11.5M+268.5% | $6.8M+21.0% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $25.8M+23.9% | $24.6M+25.6% | $23.4M+27.0% | $22.1M+27.3% | $20.8M+29.6% | $19.6M+34.4% | $18.5M+44.3% | $17.4M+55.1% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $287.5M-1.7% | $286.6M-2.3% | $274.4M-6.6% | $294.8M-0.3% | $292.6M-0.4% | $293.4M-0.2% | $293.8M-3.9% | $295.6M-1.7% |
| Long-Term Debt | $273.3M-2.3% | $273.4M-2.3% | $261.5M-6.5% | $279.7M0.0% | $279.7M0.0% | $279.7M0.0% | $279.8M+0.1% | $279.7M-1.0% |
| Total Equity | $161.2M-2.6% | $159.3M-6.9% | $162.7M-14.4% | $164.8M-11.5% | $165.6M-11.4% | $171.1M-9.0% | $190.1M+31.6% | $186.3M+20.2% |
| Retained Earnings | -$170.6M-4.8% | -$172.1M-9.6% | -$168.1M-9.1% | -$165.5M-9.0% | -$162.8M-10.2% | -$157.0M-8.0% | -$154.1M-5.9% | -$151.9M-14.6% |
Not reported in any period shown, so not listed: Current Assets, Inventory, Goodwill, Current Liabilities, Non-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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.5M-11.7% | $4.1M+34.6% | $3.8M-28.9% | $4.1M-19.5% | $3.9M-16.4% | $3.0M+2.1% | $5.4M+0.7% | $5.1M+31.0% |
| Depreciation & Amortization | $3.6M-4.8% | $3.7M-2.6% | $3.7M-11.3% | $3.7M-10.1% | $3.8M-7.5% | $3.8M-7.6% | $4.2M+0.4% | $4.2M-0.2% |
| Stock-Based Compensation | $744K-8.1% | $804K+66.1% | N/A | $811K+981.3% | $810K+1109.0% | $484K-64.9% | N/A | $75K-99.1% |
| Investing Cash Flow | $18.5M+1509.2% | -$8.0M-822.2% | $24.4M+1744.5% | $3.1M+170.9% | $1.2M+349.9% | -$864K-105.9% | -$1.5M+43.0% | -$4.3M-188.9% |
| Financing Cash Flow | -$4.9M+10.5% | -$6.0M+20.0% | -$23.8M-3137.6% | -$3.1M+76.0% | -$5.4M-43.8% | -$7.6M-215.5% | $785K+114.9% | -$12.8M+1.8% |
| 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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 85.3%+75.5pp | 35.9%-4.2pp | 45.8%+0.4pp | 41.4%-0.6pp | 9.8%-34.8pp | 40.2%-15.5pp | 45.4%+14.5pp | 42.0%+79.6pp |
| Net Margin | 46.0%+63.1pp | -0.7%-7.8pp | 10.9%-2.3pp | 9.0%+14.0pp | -17.1%-28.7pp | 7.0%-24.1pp | 13.3%+23.7pp | -5.0%+39.0pp |
| Return on Equity | 3.3%+4.6pp | -0.1%-0.5pp | 0.8%-0.1pp | 0.6%+1.0pp | -1.2%-1.9pp | 0.5%-1.5pp | 0.8%+1.7pp | -0.3%+3.3pp |
| Return on Assets | 1.1%+1.5pp | 0.0%-0.2pp | 0.3%-0.1pp | 0.2%+0.3pp | -0.4%-0.7pp | 0.2%-0.6pp | 0.3%+0.5pp | -0.1%+0.9pp |
| Debt-to-Equity | 1.700.0x | 1.72+0.1x | 1.61+0.1x | 1.70+0.2x | 1.69+0.2x | 1.63+0.1x | 1.47-0.5x | 1.50-0.3x |
| Asset Turnover | 0.020.0x | 0.020.0x | 0.020.0x | 0.020.0x | 0.020.0x | 0.020.0x | 0.020.0x | 0.020.0x |
Not reported in any period shown, so not listed: Gross Margin, Current Ratio, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Modiv Industrial, Inc. MDV | FY2025 | $46.4M | $1.1M | 2.3% | $215.1M | 49/100 |
| Industrial Logistics Properties Trust ILPT | FY2025 | N/A | -$66.2M | N/A | $455.2M | — |
| Plymouth Industrial REIT, Inc. PLYM | FY2024 | $198.4M | $139.3M | 70.3% | $990.0M | 57/100 |
| Innovative Industrial Properties, Inc. IIPR | FY2025 | $266.0M | $118.2M | 44.5% | $1.4B | 71/100 |
| ACRES Commercial Realty Corp. ACR | FY2025 | $79.9M | $28.0M | 35.0% | $163.0M | 30/100 |
| NexPoint Diversified Real Estate Trust NXDT | FY2025 | $86.0M | -$127.0M | N/A | $260.2M | 5/100 |
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.
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.