Liquidity remains sensitive to asset disposition timing, with cash reserves falling from a peak of $18.9M in 2024Q2 to $4.5M in 2026Q1, complicating the company's ability to cover distributions.
| Cash from Operations | 16.02M | 14.97M | 18.24M | 16.58M | 16.65M | 9.73M | 5.58M | 4.75M | 4.68M | 2.36M | -262.83K | 1.22K |
| Operating CF Growth % | -30.25% | -17.95% | 10.02% | -0.42% | 71.13% | 74.45% | 17.43% | 1.43% | 98.37% | 998.01% | -21590.52% | - |
| Operating CF / Revenue % | 34.6% | 32.27% | 39.01% | 35.1% | 37.99% | 25.68% | 14.32% | 19.17% | 26.79% | 32.07% | -31.12% | - |
| Net Income | 152K | 554K | 6.49M | -8.7M | -4.51M | -435.5K | -49.14M | -4.42M | -2.3M | -356.75K | -1.24M | -9.28K |
| Depreciation & Amortization | 15.23M | 14.23M | 15.75M | 14.74M | 13.92M | 13.93M | 16.22M | 9.3M | 7.62M | 3.4M | 510.39K | 0 |
| Stock-Based Compensation | 3.23M | 2.92M | 1.59M | 11.17M | 2.4M | 2.74M | 712.22K | 372.5K | 167.84K | 163K | 98K | 0 |
| Other Non-Cash Items | -2.04M | -2.16M | -5.52M | -64K | 5.15M | -3.39M | -504.71K | -609.87K | -1.11M | -1.48M | -8.4K | 0 |
| Working Capital Changes | 161K | -579K | -68K | -575K | -314.9K | -3.12M | -3.57M | -1.51M | 308.14K | 1.96M | 374.62K | 10.5K |
| Cash from Investing | 20.7M | 27.8M | 8.39M | -93.6M | -61.06M | 21.83M | 24.78M | -29.6M | -92.02M | -115.63M | -37.16M | 0 |
| Acquisitions (Net) | 3.02M | 0 | 0 | 0 | 0 | 0 | 18.8K | 270.05K | 0 | 0 | 0 | 0 |
| Purchase of Investments | 0 | -4.2M | 0 | -811.81K | 0 | 0 | -18.8K | -3.49M | -87.49M | -111.04M | -37.13M | 0 |
| Sale of Investments | 4.9M | 4.88M | 652K | 0 | 84.45K | 0 | 7.54M | 1.02M | 0 | 0 | 0 | 0 |
| Other Investing | 12.77M | 27.12M | 7.74M | -92.79M | -61.15M | 22.03M | 17.8M | -21.5M | -100K | 28.57K | -28.57K | 0 |
| Cash from Financing | -38.41M | -39.92M | -18.23M | 71.54M | -5.38M | 18.47M | -28.91M | 23.03M | 91.91M | 113.78M | 40.89M | 300K |
| Dividends Paid | -12.93M | -15.91M | -14.13M | -11.84M | -11.07M | -3.47M | -5.02M | -4.02M | -1.66M | -731.21K | -46.16K | 0 |
| Common Dividends | -11.35M | -12.57M | -3.69M | -8.16M | -7.24M | -3.47M | -5.02M | -4.02M | -1.66M | -731.21K | -46.16K | 0 |
| Debt Issuance (Net) | -2.28M | -1000K | -281K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 0 |
| Share Repurchases | -2.79M | -7.11M | -11.53M | -1.13M | -4.16M | -19.08M | -17.58M | -12.15M | -8.69M | -2.47M | -83.84K | 0 |
| Other Financing | -3.68M | -802K | 0 | 0 | -4.75M | -1.8M | 9.82M | -2.32M | -550 | -700 | 33.76M | 300K |
| Net Change in Cash | -1.69M | 2.85M | 8.4M | -5.48M | -49.8M | 50.03M | 1.44M | -1.82M | 4.57M | 505.38K | 3.48M | 301.22K |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 14.38M | 11.53M | 3.13M | 8.61M | 58.41M | 8.38M | 6.94M | 8.76M | 4.18M | 3.68M | 200.81K | 0 |
| Cash at End | 4.48M | 14.38M | 11.53M | 3.13M | 8.61M | 58.41M | 8.38M | 6.94M | 8.76M | 4.18M | 3.68M | 301.22K |
| Free Cash Flow | 15.88M | 14.46M | 18.24M | 16.58M | 16.65M | 9.53M | 5.01M | -1.15M | 249.17K | -2.26M | -262.83K | 1.22K |
| FCF Growth % | -12.73% | -20.72% | 10.02% | -0.42% | 74.65% | 90.25% | 535.84% | -561.4% | 111.02% | -760.18% | -21590.52% | - |
| FCF / Revenue % | 34.29% | 31.17% | 39.01% | 35.1% | 37.99% | 25.16% | 12.87% | -4.64% | 1.43% | -30.72% | -31.12% | - |
Portfolio transition execution risk
As reported in quarterly financial statements, Modiv's FFO frequently deviates from GAAP operating cash flow, with the 2026Q1 FFO of $3.6M trailing the $4.1M in operating cash, highlighting the impact of non-cash adjustments and the ongoing volatility inherent in the company's current portfolio transition phase.
The inconsistent relationship between FFO and GAAP operating cash flow suggests that non-cash items, such as straight-line rent adjustments and amortization, are significantly clouding the underlying cash generation. Investors should monitor whether this conversion gap narrows as the company completes its shift toward a pure-play industrial manufacturing profile.
Based on the provided quarterly data, the dividend payout ratio relative to AFFO has fluctuated wildly, reaching a concerning 2.53x in 2025Q2, which indicates that the company's ability to sustain current distribution levels is heavily dependent on the timing of asset dispositions and non-recurring cash inflows.
The erratic nature of the dividend-to-AFFO ratio suggests that the current distribution may not be fully supported by recurring property-level cash flows. This lack of consistent coverage warrants further investigation into whether management is relying on capital recycling rather than organic growth to fund shareholder payouts.
According to historical financial filings, GAAP net income is consistently distorted by significant non-cash depreciation charges, as evidenced by the 2026Q1 net loss of $87,000 despite the company generating $3.6M in FFO, illustrating the limited utility of GAAP metrics for assessing this REIT's actual performance.
The persistent gap between GAAP net income and FFO confirms that investors must prioritize cash-based metrics to evaluate the company's true economic health. The reliance on FFO as a primary performance indicator is essential, given that GAAP figures appear to be structurally depressed by the accounting treatment of the legacy portfolio.
As indicated by the 2023Q4 data, the company reported a negative AFFO of $364,900, which highlights the potential for significant recurring capital expenditures to erode distributable cash flow during periods of portfolio repositioning and intensive tenant-specific asset upgrades required for specialized manufacturing facilities.
The volatility in AFFO suggests that the company's maintenance capital requirements may be higher than initially apparent, particularly as it integrates specialized manufacturing assets. Analysts should scrutinize whether these capital outlays are truly recurring or if they represent one-time costs that could stabilize as the portfolio matures.
Quick answers to the most common questions about buying MDV stock.
Modiv Industrial, Inc. (MDV) generated $15.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Modiv Industrial, Inc. (MDV) generated $14.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Modiv Industrial, Inc. (MDV) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Modiv Industrial, Inc. (MDV) returned $15.9M to shareholders via cash dividends and spent $7.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.