Management has maintained a relatively stable capital structure with a debt-to-equity ratio ranging between 1.23 and 1.42 over the last ten quarters, even as total assets contracted from $530.9M to $484.3M.
| Total Assets | 484.28M | 476.46M | 507.83M | 530.9M | 454.43M | 428.49M | 407.45M | 490.92M | 252.43M | 157.07M | 41.3M | 200.81K |
| Asset Growth % | -16.14% | -6.18% | -4.34% | 16.83% | 6.05% | 5.16% | -17% | 94.48% | 60.71% | 280.3% | 20467.47% | - |
| Real Estate & Other Assets | -441.01M | -431.68M | 444.75M | 479.55M | 419.01M | 302M | 331.65M | 405.44M | -252.43M | -157.07M | -41.3M | 0 |
| PP&E (Net) | 0 | 0 | 153K | 1.35M | 540.55K | 0 | 0 | 2.39M | 210.1M | 128.09M | 29.33M | 0 |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 |
| Total Current Assets | 4.48M | 14.38M | 52.36M | 27.59M | 23.02M | 98.54M | 42.53M | 13.16M | 12.92M | 5.48M | 3.79M | 200.81K |
| Cash & Equivalents | 4.48M | 14.38M | 11.53M | 3.13M | 8.61M | 55.97M | 8.25M | 6.82M | 8.76M | 4.18M | 3.68M | 200.81K |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 108.43K | 0 |
| Other Current Assets | -24.58M | -23.44M | 0 | 0 | -2.25M | -232.03K | -1.5M | -1.75M | 502.45K | 0 | 0 | 0 |
| Intangible Assets | 1.16M | 1.17M | 1.24M | 1.31M | 1.85M | 691.02K | 5.95M | 8.95M | 15.13M | 7.83M | 3.57M | 0 |
| Total Liabilities | 286.57M | 274.41M | 293.78M | 305.77M | 213.4M | 206.06M | 217.2M | 236.68M | 149.33M | 77.78M | 19.07M | 7K |
| Total Debt | 280.26M | 268.55M | 279.9M | 279.73M | 196.01M | 184.08M | 191.54M | 209.89M | 132.01M | 72.49M | 17.27M | 0 |
| Net Debt | 275.78M | 254.17M | 268.38M | 276.6M | 187.41M | 128.11M | 183.29M | 203.06M | 123.25M | -3.04M | 13.59M | -200.81K |
| Long-Term Debt | 272.95M | 261.21M | 30.78M | 31.03M | 44.44M | 173.92M | 185.53M | 194.04M | 123.01M | 59.59M | 7.11M | 0 |
| Short-Term Borrowings | 470K | 269K | 249M | 248.51M | 151.02M | 8.02M | 6M | 12.45M | 9M | 12M | 10.16M | 0 |
| Capital Lease Obligations | 14.16M | 7.07M | 129K | 187K | 561.06K | 2.13M | 10.31K | 3.4M | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 470K | 269K | 254.93M | 265.21M | 158.22M | 18.12M | 17.36M | 24.13M | 12.81M | 12.89M | 10.4M | 6K |
| Accounts Payable | 0 | 0 | 365K | 561K | 1M | 1.77M | 1.14M | 660.11K | 227.79K | 244.43K | 82.2K | 0 |
| Deferred Revenue | 1.94M | 1.58M | 2.03M | 2.08M | 1.87M | 1.74M | 2.03M | 1.96M | 0 | 0 | 0 | 0 |
| Other Liabilities | 4.38M | 4.28M | 7.95M | 9.34M | 10.17M | 11.89M | 14.31M | 15.61M | 13.52M | 4.34M | -8.46M | 1K |
| Total Equity | 197.71M | 202.04M | 214.05M | 225.12M | 241.03M | 222.43M | 190.25M | 254.24M | 103.09M | 79.25M | 55.05M | 193.81K |
| Equity Growth % | -24.86% | -5.61% | -4.92% | -6.6% | 8.36% | 16.91% | -25.17% | 146.62% | 30.09% | 43.97% | 28301.49% | - |
| Shareholders Equity | 159.31M | 162.75M | 190.15M | 144.44M | 159.75M | 171.83M | 139.65M | 203.64M | 103.09M | 79.25M | 22.23M | 193.81K |
| Minority Interest | 38.4M | 39.3M | 23.9M | 80.68M | 81.28M | 50.6M | 50.6M | 50.6M | 125.55M | 69.89M | 13.74M | 0 |
| Common Stock | 11K | 11K | 10K | 8K | 7.76K | 7.49K | 7.37M | 14.09M | 6.01M | 55.19K | 2.46K | 20 |
| Additional Paid-in Capital | 337.62M | 337.03M | 349.48M | 292.62M | 278.34M | 273.44M | 224.29M | 220.71M | 119.25M | 85.32M | 23.64M | 199.98K |
| Retained Earnings | -172.08M | -168.1M | -154.07M | -145.55M | -117.94M | -101.62M | -92.01M | -31.17M | -16.17M | -6.08M | -1.41M | -6.18K |
| Preferred Stock | 2K | 2K | 2K | 2K | 2K | 2K | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 0.03% | 0.22% | 1.16% | -1.34% | -0.74% | -0.1% | -10.94% | -1.19% | -1.12% | -1.04% | -6.13% | -4.62% |
| Return on Equity (ROE) | 0.07% | 0.51% | 2.74% | -2.84% | -1.42% | -0.21% | -22.11% | -2.47% | -2.52% | -1.54% | -4.6% | -4.79% |
| Debt / Assets | 57.87% | 56.36% | 55.12% | 52.69% | 43.13% | 42.96% | 47.01% | 42.75% | 52.3% | 46.15% | 41.81% | - |
| Debt / Equity | 1.42x | 1.33x | 1.31x | 1.24x | 0.81x | 0.83x | 1.01x | 0.83x | 1.28x | 0.91x | 0.31x | - |
| Net Debt / EBITDA | 9.08x | 8.19x | 6.96x | 15.23x | 9.44x | 9.33x | 4.85x | 8.64x | 12.50x | -0.85x | - | - |
| Book Value per Share | 16.61 | 17.30 | 19.13 | 29.78 | 32.19 | 29.48 | 23.76 | 38.39 | 25.61 | 31.40 | 67.21 | 9.69 |
Portfolio transition execution risk
As reported in recent financial filings, Modiv's total assets have declined from $530.9M in 2023Q4 to $484.3M in 2026Q1, reflecting a deliberate strategy of shedding legacy assets that appears to be outpacing the company's ability to deploy capital into new industrial manufacturing acquisitions.
The reduction in total assets suggests that the company is currently in a contractionary phase as it attempts to refine its portfolio composition. Investors should monitor whether this shrinkage is a temporary byproduct of the pivot or if it indicates a lack of accretive investment opportunities in the current interest rate environment.
Based on the provided quarterly data, Modiv has maintained a relatively consistent debt-to-equity ratio, hovering between 1.23 and 1.42 over the last ten quarters, which suggests that management is exercising discipline in its capital structure despite the ongoing transition of the underlying property portfolio.
While the D/E ratio appears stable, the reliance on debt to fund operations in a high-rate environment warrants close scrutiny of the maturity ladder. The consistency in debt levels suggests that the company is not aggressively deleveraging, which may limit its flexibility if property values face downward pressure.
According to the balance sheet data, cash reserves have fluctuated significantly, dropping from a high of $18.9M in 2024Q2 to just $4.5M in 2026Q1, which indicates that the company's liquidity position is highly sensitive to the timing of asset dispositions and capital expenditure requirements.
The depletion of cash reserves may limit the company's ability to fund immediate tenant improvements or opportunistic acquisitions without tapping into external financing. This trend suggests that liquidity management is becoming increasingly tight, potentially forcing the company to prioritize capital preservation over growth initiatives in the near term.
As indicated by the near-zero net property, plant, and equipment (PPE) figures reported in recent quarters, the company's balance sheet may be masking the true economic value of its holdings due to aggressive depreciation or accounting reclassifications, as noted in historical financial statements.
The rapid decline in reported PPE suggests that the book value of the portfolio may not reflect current market realities, which complicates the assessment of the company's net asset value. Investors should be wary that this accounting treatment could obscure potential impairments or the true replacement cost of the specialized manufacturing assets.
Quick answers to the most common questions about buying MDV stock.
As of 2025, Modiv Industrial, Inc. (MDV) had total assets of $476.5M including $14.4M in current assets.
Modiv Industrial, Inc. (MDV) carries total debt of $268.6M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Modiv Industrial, Inc. (MDV) has total shareholders' equity (book value) of $162.7M ($17.30 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Modiv Industrial, Inc. (MDV) reported a current ratio of 53.46x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.