Modiv Industrial, Inc.(MDV)Earnings, Financials & Key Ratios

MDV•NYSE•REIT / Real Estate

$17.52

$181M mkt cap·Price updated May 6, 2026

SectorReal Estate IndustryDiversified REITs Sub-IndustryNet Lease and Ground Lease REITs

AboutModiv Inc., (the Company) was incorporated on May 14, 2015 as a Maryland corporation. The Company was formed to primarily invest, directly or indirectly, in real estate owning entities which own single-tenant income-producing properties located in the United States, which are leased to creditworthy tenants under long-term net leases. The Company's goal is to generate current income for investors and long-term capital appreciation in the value of its properties.Show more

Revenue$46M-0.8%
FFO$16M-28.6%
FFO/Share1.38-31.6%
FFO Payout20.67%+26.8%
FFO per Share1.38-31.6%
NOI Margin27.49%-70.2%
FFO Margin34.83%-28.0%
ROE0.51%-81.3%
ROA0.22%-81.3%
Debt/Assets56.36%+2.3%
Net Debt/EBITDA8.19+17.8%
Book Value/Share17.30-9.6%

Technical→

MDV Key Insights

Modiv Industrial, Inc. (MDV) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓Sustainable FFO payout ratio of 20.7%
✓Trading near 52-week high
✓Trading at only 1.0x book value

✗Weaknesses

✗Weak 3Y average ROE of 0.1%
✗FFO declining 28.6% TTM
✗Low NOI margin of 27.5%

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

MDV Price & Volume

Modiv Industrial, Inc. (MDV) stock price & volume — 10-year historical chart

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MDV Growth Metrics

Modiv Industrial, Inc. (MDV) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-

5 Years3.56%

3 Years1.91%

TTM-0.8%

Profit CAGR

10 Years-

5 Years-

3 Years-

TTM-82.25%

EPS CAGR

10 Years-

5 Years-

3 Years-

TTM-211.13%

Return on Capital

10 Years2.11%

5 Years2.96%

3 Years4.59%

Last Year4.37%

MDV Recent Earnings

Modiv Industrial, Inc. (MDV) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

●Beat EPS 4/12 qtrs (33%)●Beat Revenue 6/12 qtrs (50%)

Q2 2026Latest

Mar 25, 2026

EPS

$0.02

Est $0.37

-94.6%

Revenue

$11M

Est $11M

-2.4%

Q4 2025

Nov 14, 2025

EPS

$0.36

Est $0.34

+5.9%

Revenue

$12M

Est $11M

+4.9%

Q3 2025

Aug 7, 2025

EPS

$0.32

Est $0.36

-188.9%

Revenue

$12M

Est $12M

-2.5%

Q2 2025

May 7, 2025

EPS

$0.01

Est $0.31

-103.2%

Revenue

$12M

Est $12M

-0.6%

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q2 2026Latest	Mar 25, 2026	$0.02vs $0.37-94.6%	$11Mvs $11M-2.4%
Q4 2025	Nov 14, 2025	$0.36vs $0.34+5.9%	$12Mvs $11M+4.9%
Q3 2025	Aug 7, 2025	$0.32vs $0.36-188.9%	$12Mvs $12M-2.5%
Q2 2025	May 7, 2025	$0.01vs $0.31-103.2%	$12Mvs $12M-0.6%

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	Debt / Equity
IIPRInnovative Industrial Properties, Inc.Direct Competitor	1.65B	57.69	14.68	-13.8%	45.58%	6.41%	0.21
STAGSTAG Industrial, Inc.Direct Competitor	7.37B	38.55	26.40	10.14%	28.26%	6.8%	0.90
PLYMPlymouth Industrial REIT, Inc.Direct Competitor	979.23M	21.98	7.11	-0.75%	48.46%	16.78%	1.10
ILPTIndustrial Logistics Properties TrustDirect Competitor	523.99M	7.86	-7.86	1.48%	-11.93%	-5.93%	4.69
GIPRGeneration Income Properties, Inc.Direct Competitor	1.46M	0.27	-0.18	27.91%	-103.22%	-32.21%	2.14
PLDPrologis, Inc.Product Competitor	132.71B	142.90	35.64	2.22%	36.7%	5.61%	0.54
EGPEastGroup Properties, Inc.Product Competitor	10.91B	202.93	41.67	12.97%	39.7%	8.37%	0.50
FRFirst Industrial Realty Trust, Inc.Product Competitor	8.29B	62.52	33.43	8.58%	45.99%	12.35%	0.93

Compare MDV vs Peers

Modiv Industrial, Inc. (MDV) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs IIPR

Most directly comparable listed peer for MDV.

Scale Benchmark

vs PLD

Larger-name benchmark to compare MDV against a more recognizable public peer.

Peer Set

Compare Top 5

vs IIPR, STAG, PLYM, ILPT

MDV Income Statement

Modiv Industrial, Inc. (MDV) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Revenue	7.36M	17.48M	24.78M	38.94M	37.89M	43.82M	47.23M	46.76M	46.39M
Revenue Growth %	771.49%	137.45%	41.78%	57.13%	-2.69%	15.66%	7.79%	-1%	-0.8%
Property Operating Expenses	8.8M	20.2M	8.18M	7M	6.88M	6.55M	5.16M	3.61M	33.63M
Net Operating Income (NOI)	-1.44M▲ 0%	-2.72M▼ 89.0%	16.6M▲ 709.1%	31.94M▲ 92.4%	31.01M▼ 2.9%	37.27M▲ 20.2%	42.07M▲ 12.9%	43.15M▲ 2.6%	12.75M▼ 70.4%
NOI Margin %	-19.58%	-15.59%	66.98%	82.02%	81.84%	85.06%	89.07%	92.27%	27.49%
Operating Expenses	-1.84M	-5.5M	2.38M	10.4M	32.54M	32.35M	39.46M	21.17M	-3.18M
G&A Expenses	1.27M	1.43M	2.38M	10.4M	12.46M	10.21M	17.81M	7.93M	5.81M
EBITDA	3.57M	9.86M	23.52M	37.76M	13.73M	19.86M	18.16M	38.58M	31.02M
EBITDA Margin %	48.49%	56.44%	94.9%	96.98%	36.24%	45.31%	38.45%	82.51%	66.86%
Depreciation & Amortization	3.17M	7.09M	9.3M	16.22M	15.27M	14.93M	15.55M	16.6M	15.09M
D&A / Revenue %	43.01%	40.55%	37.53%	41.66%	40.29%	34.07%	32.92%	35.5%	32.52%
Operating Income	403.41K▲ 0%	2.78M▲ 588.5%	14.22M▲ 411.9%	21.54M▲ 51.5%	-1.53M▼ 107.1%	4.93M▲ 421.2%	2.61M▼ 47.0%	21.98M▲ 741.9%	15.93M▼ 27.5%
Operating Margin %	5.48%	15.89%	57.38%	55.32%	-4.05%	11.24%	5.53%	47.01%	34.34%
Interest Expense	1.64M	5.58M	7.38M	0	7.59M	8.11M	17.5M	19.38M	17.55M
Interest Coverage	0.37x	0.54x	0.59x	-	0.96x	0.38x	0.50x	1.34x	1.03x
Non-Operating Income	-206.45K	-243.9K	9.85M	17.59M	-8.83M	1.82M	-6.2M	-3.89M	-2.17M
Pretax Income	-1.04M▲ 0%	-2.3M▼ 121.5%	-4.42M▼ 92.4%	-49.14M▼ 1012.8%	-435.5K▲ 99.1%	-4.51M▼ 935.9%	-8.7M▼ 92.8%	6.49M▲ 174.7%	554K▼ 91.5%
Pretax Margin %	-14.08%	-13.13%	-17.82%	-126.21%	-1.15%	-10.29%	-18.41%	13.89%	1.19%
Income Tax	0	0	0	0	0	0	0	0	0
Effective Tax Rate %	0%	0%	0%	0%	0%	0%	0%	0%	0%
Net Income	-1.04M▲ 0%	-2.3M▼ 121.5%	-4.42M▼ 92.4%	-49.14M▼ 1012.8%	-435.5K▲ 99.1%	-3.29M▼ 655.1%	-6.61M▼ 101.1%	6.02M▲ 191.0%	1.07M▼ 82.3%
Net Margin %	-14.08%	-13.13%	-17.82%	-126.21%	-1.15%	-7.5%	-14%	12.87%	2.3%
Net Income Growth %	18.54%	-121.54%	-92.4%	-1012.82%	99.11%	-655.11%	-101.12%	190.99%	-82.25%
Funds From Operations (FFO)	2.13M▲ 0%	4.79M▲ 125.0%	4.88M▲ 1.9%	-32.92M▼ 774.3%	14.83M▲ 145.1%	11.64M▼ 21.5%	8.94M▼ 23.2%	22.62M▲ 153.1%	16.16M▼ 28.6%
FFO Margin %	28.93%	27.41%	19.7%	-84.55%	39.14%	26.56%	18.92%	48.37%	34.83%
FFO Growth %	379.63%	124.99%	1.91%	-774.28%	145.05%	-21.51%	-23.23%	153.09%	-28.58%
FFO per Share	0.84	1.19	0.74	-4.11	1.97	1.55	1.18	2.02	1.38
FFO Payout Ratio %	34.34%	34.57%	82.29%	-15.25%	23.42%	62.2%	91.26%	16.3%	20.67%
EPS (Diluted)	-0.41▲ 0%	-0.57▼ 39.0%	-0.58▼ 1.8%	-6.14▼ 958.6%	-0.20▲ 96.7%	-0.93▼ 365.0%	-1.36▼ 46.2%	0.21▲ 115.4%	-0.31▼ 247.6%
EPS Growth %	73.55%	-39.02%	-1.75%	-958.62%	96.74%	-365%	-46.24%	115.44%	-247.62%
EPS (Basic)	-0.41	-0.57	-0.58	-6.14	-0.20	-0.93	-1.36	0.25	-0.31
Diluted Shares Outstanding	2.52M	4.03M	6.62M	8.01M	7.54M	7.49M	7.56M	11.19M	11.68M

MDV Balance Sheet

Modiv Industrial, Inc. (MDV) balance sheet — assets, liabilities & shareholders' equity

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Total Assets	157.07M	252.43M	490.92M	407.45M	428.49M	454.43M	530.9M	507.83M	476.46M
Asset Growth %	280.3%	60.71%	94.48%	-17%	5.16%	6.05%	16.83%	-4.34%	-6.18%
Real Estate & Other Assets	-157.07M	-252.43M	405.44M	331.65M	302M	419.01M	479.55M	444.75M	-431.68M
PP&E (Net)	128.09M	210.1M	2.39M	0	0	540.55K	1.35M	153K	0
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets	5.48M	12.92M	13.16M	42.53M	98.54M	23.02M	27.59M	52.36M	14.38M
Cash & Equivalents	4.18M	8.76M	6.82M	8.25M	55.97M	8.61M	3.13M	11.53M	14.38M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	502.45K	-1.75M	-1.5M	-232.03K	-2.25M	0	0	-23.44M
Intangible Assets	7.83M	15.13M	8.95M	5.95M	691.02K	1.85M	1.31M	1.24M	1.17M
Total Liabilities	77.78M	149.33M	236.68M	217.2M	206.06M	213.4M	305.77M	293.78M	274.41M
Total Debt	72.49M	132.01M	209.89M	191.54M	184.08M	196.01M	279.73M	279.9M	268.55M
Net Debt	-3.04M	123.25M	203.06M	183.29M	128.11M	187.41M	276.6M	268.38M	254.17M
Long-Term Debt	59.59M	123.01M	194.04M	185.53M	173.92M	44.44M	31.03M	30.78M	261.21M
Short-Term Borrowings	12M	9M	12.45M	6M	8.02M	151.02M	248.51M	249M	269K
Capital Lease Obligations	0	0	3.4M	10.31K	2.13M	561.06K	187K	129K	7.07M
Total Current Liabilities	12.89M	12.81M	24.13M	17.36M	18.12M	158.22M	265.21M	254.93M	269K
Accounts Payable	244.43K	227.79K	660.11K	1.14M	1.77M	1M	561K	365K	0
Deferred Revenue	0	0	1.96M	2.03M	1.74M	1.87M	2.08M	2.03M	1.58M
Other Liabilities	4.34M	13.52M	15.61M	14.31M	11.89M	10.17M	9.34M	7.95M	4.28M
Total Equity	79.25M▲ 0%	103.09M▲ 30.1%	254.24M▲ 146.6%	190.25M▼ 25.2%	222.43M▲ 16.9%	241.03M▲ 8.4%	225.12M▼ 6.6%	214.05M▼ 4.9%	202.04M▼ 5.6%
Equity Growth %	43.97%	30.09%	146.62%	-25.17%	16.91%	8.36%	-6.6%	-4.92%	-5.61%
Shareholders Equity	79.25M	103.09M	203.64M	139.65M	171.83M	159.75M	144.44M	190.15M	162.75M
Minority Interest	69.89M	125.55M	50.6M	50.6M	50.6M	81.28M	80.68M	23.9M	39.3M
Common Stock	55.19K	6.01M	14.09M	7.37M	7.49K	7.76K	8K	10K	11K
Additional Paid-in Capital	85.32M	119.25M	220.71M	224.29M	273.44M	278.34M	292.62M	349.48M	337.03M
Retained Earnings	-6.08M	-16.17M	-31.17M	-92.01M	-101.62M	-117.94M	-145.55M	-154.07M	-168.1M
Preferred Stock	0	0	0	0	2K	2K	2K	2K	2K
Return on Assets (ROA)	-1.04%	-1.12%	-1.19%	-10.94%	-0.1%	-0.74%	-1.34%	1.16%	0.22%
Return on Equity (ROE)	-1.54%	-2.52%	-2.47%	-22.11%	-0.21%	-1.42%	-2.84%	2.74%	0.51%
Debt / Assets	46.15%	52.3%	42.75%	47.01%	42.96%	43.13%	52.69%	55.12%	56.36%
Debt / Equity	0.91x	1.28x	0.83x	1.01x	0.83x	0.81x	1.24x	1.31x	1.33x
Net Debt / EBITDA	-0.85x	12.50x	8.64x	4.85x	9.33x	9.44x	15.23x	6.96x	8.19x
Book Value per Share	31.40	25.61	38.39	23.76	29.48	32.19	29.78	19.13	17.30

MDV Cash Flow Statement

Modiv Industrial, Inc. (MDV) cash flow — operating, investing & free cash flow history

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Cash from Operations	2.36M	4.68M	4.75M	5.58M	9.73M	16.65M	16.58M	18.24M	14.97M
Operating CF Growth %	998.01%	98.37%	1.43%	17.43%	74.45%	71.13%	-0.42%	10.02%	-17.95%
Operating CF / Revenue %	32.07%	26.79%	19.17%	14.32%	25.68%	37.99%	35.1%	39.01%	32.27%
Net Income	-356.75K	-2.3M	-4.42M	-49.14M	-435.5K	-4.51M	-8.7M	6.49M	-2.13M
Depreciation & Amortization	3.4M	7.62M	9.3M	16.22M	13.93M	13.92M	14.74M	15.75M	15.72M
Stock-Based Compensation	163K	167.84K	372.5K	712.22K	2.74M	2.4M	11.17M	1.59M	2.92M
Other Non-Cash Items	-1.48M	-1.11M	-609.87K	-504.71K	-3.39M	5.15M	-64K	-5.52M	-951K
Working Capital Changes	1.96M	308.14K	-1.51M	-3.57M	-3.12M	-314.9K	-575K	-68K	-579K
Cash from Investing	-115.63M	-92.02M	-29.6M	24.78M	21.83M	-61.06M	-93.6M	8.39M	27.8M
Acquisitions (Net)	0	0	270.05K	18.8K	0	0	0	0	0
Purchase of Investments	-111.04M	-87.49M	-3.49M	-18.8K	0	0	-811.81K	0	0
Sale of Investments	0	0	1.02M	7.54M	0	84.45K	0	652K	24.62M
Other Investing	28.57K	-100K	-21.5M	17.8M	22.03M	-61.15M	-92.79M	7.74M	3.18M
Cash from Financing	113.78M	91.91M	23.03M	-28.91M	18.47M	-5.38M	71.54M	-18.23M	-39.92M
Dividends Paid	-731.21K	-1.66M	-4.02M	-5.02M	-3.47M	-11.07M	-11.84M	-14.13M	-3.34M
Common Dividends	-731.21K	-1.66M	-4.02M	-5.02M	-3.47M	-7.24M	-8.16M	-3.69M	0
Debt Issuance (Net)	1000K	1000K	1000K	-1000K	-1000K	1000K	1000K	-281K	-1000K
Share Repurchases	-2.47M	-8.69M	-12.15M	-17.58M	-19.08M	-4.16M	-1.13M	-11.53M	-7.11M
Other Financing	-700	-550	-2.32M	9.82M	-1.8M	-4.75M	0	0	-13.37M
Net Change in Cash	505.38K▲ 0%	4.57M▲ 804.9%	-1.82M▼ 139.8%	1.44M▲ 179.2%	50.03M▲ 3372.9%	-49.8M▼ 199.5%	-5.48M▲ 89.0%	8.4M▲ 253.3%	2.85M▼ 66.1%
Exchange Rate Effect	0	0	0	0	0	0	0	0	0
Cash at Beginning	3.68M	4.18M	8.76M	6.94M	8.38M	58.41M	8.61M	3.13M	11.53M
Cash at End	4.18M	8.76M	6.94M	8.38M	58.41M	8.61M	3.13M	11.53M	14.38M
Free Cash Flow	-2.26M▲ 0%	249.17K▲ 111.0%	-1.15M▼ 561.4%	5.01M▲ 535.8%	9.53M▲ 90.3%	16.65M▲ 74.6%	16.58M▼ 0.4%	18.24M▲ 10.0%	14.46M▼ 20.7%
FCF Growth %	-760.18%	111.02%	-561.4%	535.84%	90.25%	74.65%	-0.42%	10.02%	-20.72%
FCF / Revenue %	-30.72%	1.43%	-4.64%	12.87%	25.16%	37.99%	35.1%	39.01%	31.17%

MDV Key Ratios

Modiv Industrial, Inc. (MDV) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
FFO per Share	-0.93	0.84	1.19	0.74	-4.11	1.97	1.55	1.18	2.02	1.38
FFO Payout Ratio	-6.06%	34.34%	34.57%	82.29%	-15.25%	23.42%	62.2%	91.26%	16.3%	20.67%
NOI Margin	-111.11%	-19.58%	-15.59%	66.98%	82.02%	81.84%	85.06%	89.07%	92.27%	27.49%
Net Debt / EBITDA	-	-0.85x	12.50x	8.64x	4.85x	9.33x	9.44x	15.23x	6.96x	8.19x
Debt / Assets	41.81%	46.15%	52.3%	42.75%	47.01%	42.96%	43.13%	52.69%	55.12%	56.36%
Interest Coverage	-2.22x	0.37x	0.54x	0.59x	-	0.96x	0.38x	0.50x	1.34x	1.03x
Book Value / Share	67.21	31.4	25.61	38.39	23.76	29.48	32.19	29.78	19.13	17.3
Revenue Growth	-	771.49%	137.45%	41.78%	57.13%	-2.69%	15.66%	7.79%	-1%	-0.8%

MDV SEC Filings & Documents

Modiv Industrial, Inc. (MDV) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

May 4, 2026·SEC

Material company update

Mar 25, 2026·SEC

Material company update

Mar 19, 2026·SEC

10-K Annual Reports

FY 2026

Mar 25, 2026·SEC

FY 2025

Mar 4, 2025·SEC

FY 2024

Mar 7, 2024·SEC

10-Q Quarterly Reports

FY 2025

Nov 14, 2025·SEC

FY 2025

Aug 7, 2025·SEC

FY 2025

May 7, 2025·SEC

MDV Frequently Asked Questions

Modiv Industrial, Inc. (MDV) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Modiv Industrial, Inc. (MDV) reported $46.4M in revenue for fiscal year 2025.

Modiv Industrial, Inc. (MDV) saw revenue decline by 0.8% over the past year.

Yes, Modiv Industrial, Inc. (MDV) is profitable, generating $1.1M in net income for fiscal year 2025 (2.3% net margin).

Dividend & Returns

Yes, Modiv Industrial, Inc. (MDV) pays a dividend with a yield of 1.63%. This makes it attractive for income-focused investors.

Modiv Industrial, Inc. (MDV) has a return on equity (ROE) of 0.5%. This is below average, suggesting room for improvement.

Industry Metrics

Modiv Industrial, Inc. (MDV) generated Funds From Operations (FFO) of $16.2M in the trailing twelve months. FFO is the primary profitability metric for REITs.

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Modiv Industrial, Inc. (MDV) financial analysis — history, returns, DCA and operating performance tools

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Dividend History

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

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Modiv Industrial, Inc.(MDV)Earnings, Financials & Key Ratios

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