Latest Ratios: P/E Ratio -56.9x · EV/EBITDA 14.1x · ROE 0.5%. (2015–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $182M | $168M | $166M | $104M | $83M | — | — | — | — | — | — |
| Enterprise Value | $436M | $422M | $435M | $381M | $270M | — | — | — | — | — | — |
| P/E Ratio → | -56.90 | — | 70.86 | — | — | — | — | — | — | — | — |
| P/S Ratio | 3.93 | 3.62 | 3.56 | 2.20 | 1.89 | — | — | — | — | — | — |
| P/B Ratio | 1.02 | 0.83 | 0.78 | 0.46 | 0.34 | — | — | — | — | — | — |
| P/FCF | 12.59 | 11.62 | 9.13 | 6.27 | 4.98 | — | — | — | — | — | — |
| P/OCF | 12.17 | 11.23 | 9.13 | 6.27 | 4.98 | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.10 | 9.30 | 8.06 | 6.17 | — | — | — | — | — | — |
| EV / EBITDA | 14.07 | 13.61 | 11.27 | 20.95 | 13.61 | — | — | — | — | — | — |
| EV / EBIT | 27.39 | 23.33 | 16.81 | 43.21 | 87.01 | — | — | — | — | — | — |
| EV / FCF | — | 29.20 | 23.84 | 22.95 | 16.23 | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 27.5% | 27.5% | 92.3% | 89.1% | 85.1% | 81.8% | 82.0% | 67.0% | -15.6% | -19.6% | -111.1% |
| Operating Margin | 34.3% | 34.3% | 47.0% | 5.5% | 11.2% | -4.0% | 55.3% | 57.4% | 15.9% | 5.5% | -85.9% |
| Net Profit Margin | 2.3% | 2.3% | 12.9% | -14.0% | -7.5% | -1.1% | -126.2% | -17.8% | -13.1% | -14.1% | -150.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 0.5% | 0.5% | 2.7% | -2.8% | -1.4% | -0.2% | -22.1% | -2.5% | -2.5% | -1.5% | -4.6% |
| ROA | 0.2% | 0.2% | 1.2% | -1.3% | -0.7% | -0.1% | -10.9% | -1.2% | -1.1% | -1.0% | -6.1% |
| ROIC | 2.5% | 2.5% | 3.4% | 0.4% | 0.9% | -0.3% | 3.9% | 3.1% | 1.1% | 0.3% | -1.6% |
| ROCE | 4.4% | 4.4% | 8.5% | 0.9% | 1.4% | -0.4% | 5.0% | 4.0% | 1.4% | 0.5% | -4.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.33 | 1.33 | 1.31 | 1.24 | 0.81 | 0.83 | 1.01 | 0.83 | 1.28 | 0.91 | 0.31 |
| Debt / EBITDA | 8.66 | 8.66 | 7.25 | 15.40 | 9.87 | 13.40 | 5.07 | 8.93 | 13.38 | 20.31 | — |
| Net Debt / Equity | — | 1.26 | 1.25 | 1.23 | 0.78 | 0.58 | 0.96 | 0.80 | 1.20 | -0.04 | 0.25 |
| Net Debt / EBITDA | 8.19 | 8.19 | 6.96 | 15.23 | 9.44 | 9.33 | 4.85 | 8.64 | 12.50 | -0.85 | — |
| Debt / FCF | — | 17.58 | 14.71 | 16.68 | 11.26 | 13.44 | 36.58 | — | 494.65 | — | — |
| Interest Coverage | 1.03 | 1.03 | 1.34 | 0.50 | 0.38 | 0.96 | — | 0.59 | 0.54 | 0.37 | -2.22 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 53.46 | 53.46 | 0.21 | 0.10 | 0.15 | 5.44 | 2.45 | 0.55 | 1.01 | 0.43 | 0.36 |
| Quick Ratio | 53.46 | 53.46 | 0.12 | 0.06 | 0.11 | 3.66 | 0.97 | 0.55 | 1.01 | 0.43 | 0.36 |
| Cash Ratio | 53.46 | 53.46 | 0.05 | 0.01 | 0.05 | 3.09 | 0.48 | 0.28 | 0.68 | 0.32 | 0.35 |
| Asset Turnover | — | 0.10 | 0.09 | 0.09 | 0.10 | 0.09 | 0.10 | 0.05 | 0.07 | 0.05 | 0.02 |
| Inventory Turnover | — | — | 0.16 | 0.44 | 1.24 | 0.21 | 0.27 | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 6.1% | 7.5% | 2.2% | 7.8% | 8.7% | — | — | — | — | — | — |
| Payout Ratio | 1177.1% | 1177.1% | 61.3% | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 1.4% | — | — | — | — | — | — | — | — |
| FCF Yield | 7.9% | 8.6% | 11.0% | 16.0% | 20.1% | — | — | — | — | — | — |
| Buyback Yield | 3.9% | 4.2% | 6.9% | 1.1% | 5.0% | — | — | — | — | — | — |
| Total Shareholder Yield | 10.0% | 11.7% | 9.1% | 8.9% | 13.8% | — | — | — | — | — | — |
| Shares Outstanding | — | $12M | $11M | $8M | $7M | $8M | $8M | $7M | $4M | $3M | $819009 |
Portfolio transition execution risk
As reported in recent financial data, Modiv's P/FFO multiple has trended downward from 29.54 in 2023Q4 to 16.61 in 2026Q1, reflecting market skepticism regarding the company's ability to successfully execute its transition to a pure-play industrial manufacturing REIT while maintaining consistent earnings growth.
The contraction in valuation multiples suggests that investors are applying a discount to the company's earnings until the portfolio pivot is fully realized. The current P/FFO level warrants investigation into whether the market is pricing in a permanent risk premium due to the specialized nature of the manufacturing assets.
Based on quarterly filings, Modiv's NOI margin has exhibited extreme instability, ranging from a negative 191.8% in 2025Q4 to a high of 94.1% in 2023Q4, which indicates that non-recurring charges and accounting adjustments are significantly obscuring the underlying profitability of the property portfolio.
The erratic nature of these margins suggests that the company's property-level performance is currently being masked by the costs of disposing of legacy assets. Investors should monitor whether NOI margins stabilize as the portfolio composition shifts more heavily toward industrial manufacturing.
According to historical financial statements, the FFO payout ratio has fluctuated significantly, reaching a peak of 114.5% in 2023Q4 and a low of 2.5% in 2025Q2, highlighting the high sensitivity of dividend coverage to the timing of asset dispositions and non-recurring cash inflows.
The wide variance in payout ratios suggests that the dividend is not yet supported by a stable, recurring cash flow base. This volatility implies that the current distribution policy may be subject to adjustment if the company fails to achieve consistent AFFO growth.
As indicated by reported figures, Modiv has maintained a consistent debt-to-equity ratio between 1.23 and 1.42 over the last ten quarters, suggesting that management is exercising capital discipline despite the ongoing reduction in the total asset base during the portfolio transition.
While the leverage ratio appears stable, the low interest coverage ratios observed in several quarters suggest that the company's ability to service debt remains tight. Further investigation into the maturity profile is necessary to assess refinancing risks in the current interest rate environment.
The most commonly misapplied metric for Modiv is GAAP net income, which, as noted in recent filings, frequently reports near-zero or negative figures due to non-cash depreciation charges that fail to reflect the actual cash-generating capacity of the industrial manufacturing portfolio.
Relying on GAAP net income obscures the REIT's true economic performance by penalizing the company for non-cash accounting entries. Analysts should instead prioritize FFO and AFFO, which provide a more accurate representation of the cash available for distributions and capital reinvestment.
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying MDV stock.
Modiv Industrial, Inc.'s current P/E ratio is -56.9x. The historical average is 70.9x.
Modiv Industrial, Inc.'s current EV/EBITDA is 14.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.9x.
Modiv Industrial, Inc.'s return on equity (ROE) is 0.5%. The historical average is -3.6%.
Based on historical data, Modiv Industrial, Inc. is trading at a P/E of -56.9x. Compare with industry peers and growth rates for a complete picture.
Modiv Industrial, Inc.'s current dividend yield is 6.10% with a payout ratio of 1177.1%.
Modiv Industrial, Inc. has 27.5% gross margin and 34.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Modiv Industrial, Inc.'s Debt/EBITDA ratio is 8.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.