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MDV

Modiv Inc.

MDV

Modiv Inc. • NYSE
$14.90 ▲ 1.41% (+0.21)
Market Cap $153.10 M
52w High $17.14
52w Low $13.62
Dividend Yield 1.17%
P/E -55.19
Volume 14.59K
Outstanding Shares 10.27M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $11.936M ▼ $6.176M ▼ $1.048M ▲ 8.78% ▲ $0.025 ▲ $8.664M ▼
Q2-2025 $12.018M ▲ $10.025M ▲ $-2.022M ▼ -16.825% ▼ $-0.31 ▼ $8.966M ▲
Q1-2025 $11.793M ▲ $6.211M ▲ $829K ▼ 7.03% ▼ $-0.013 ▼ $8.874M ▼
Q4-2024 $11.73M ▲ $5.49M ▼ $1.555M ▲ 13.257% ▲ $0.065 ▲ $10.351M ▲
Q3-2024 $11.655M $5.731M $-586.402K -5.031% $-0.21 $8.131M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $8.264M ▲ $499.571M ▲ $294.769M ▲ $164.817M ▼
Q2-2025 $5.814M ▼ $498.852M ▼ $292.637M ▼ $165.603M ▼
Q1-2025 $6.165M ▼ $506.802M ▼ $293.426M ▼ $171.107M ▼
Q4-2024 $11.53M ▲ $507.829M ▲ $293.779M ▼ $190.146M ▲
Q3-2024 $6.825M $507.372M $295.621M $186.271M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.077M ▲ $4.138M ▲ $3.075M ▲ $-3.08M ▲ $4.133M ▲ $4.138M ▲
Q2-2025 $-2.633M ▼ $3.938M ▲ $1.152M ▲ $-5.441M ▲ $-351K ▲ $3.938M ▲
Q1-2025 $829K ▼ $3.05M ▼ $-864K ▲ $-7.551M ▼ $-5.365M ▼ $3.05M ▼
Q4-2024 $1.555M ▲ $5.406M ▲ $-1.486M ▲ $785.727K ▲ $4.705M ▲ $5.406M ▲
Q3-2024 $-1.048M $5.138M $-4.34M $-12.844M $-12.045M $5.138M

Five-Year Company Overview

Income Statement

Income Statement Modiv’s income statement shows a small but gradually improving business. Revenue has been fairly steady with a slight upward trend, and profitability has recently turned the corner from small losses to modest profits. Operating performance and cash-style earnings have been consistently positive, but not rapidly growing. The big story is that past volatility in earnings has settled into a more stable, mildly profitable profile, though on a relatively small scale and still sensitive to changes in occupancy, interest costs, and property values.

Balance Sheet

Balance Sheet The balance sheet looks reasonably solid but geared. Assets have grown steadily as the property portfolio has expanded. Debt makes up a meaningful portion of the capital structure, which is typical for a REIT, while equity has been building in recent years, suggesting some improvement in financial cushion. Cash balances are modest, so the company likely relies on ongoing cash generation and access to financing rather than large cash reserves. Overall, the structure is workable, but the reliance on debt means interest rates and refinancing conditions remain important risks.

Cash Flow

Cash Flow Cash flow is a relative strength. Modiv has been consistently generating positive cash from its operations, and free cash flow has also been positive and fairly steady. Investment spending on properties appears disciplined rather than aggressive, and there is no sign of heavy cash burn. This pattern supports the company’s ability to fund dividends and modest growth, provided tenants remain stable and financing costs do not spike dramatically.

Competitive Edge

Competitive Edge Modiv occupies a narrow, specialized corner of the REIT world: single-tenant, net-lease, mission-critical manufacturing properties. This specialization creates a focused identity and can support strong tenant relationships and long lease terms, especially because these facilities are essential to tenants’ operations. The triple-net structure shifts many property costs to tenants, which can stabilize margins. On the other hand, the niche focus, smaller size, and likely concentration in a limited number of tenants and properties can raise risk if one or two relationships sour or if industrial demand weakens in key regions. Larger diversified REITs may have more scale and lower funding costs, but less specialization in this exact segment.

Innovation and R&D

Innovation and R&D As a REIT, Modiv’s “innovation” is strategic rather than technological. Its key differentiators are its pure-play focus on mission-critical manufacturing sites, the use of triple-net leases, and a monthly dividend structure that is unusual and attractive to income-focused investors. The company is actively reshaping its portfolio away from non-core office assets toward its industrial niche, using “asset recycling” to sell lower-priority properties and reinvest in higher-conviction assets. Management emphasizes independent property appraisals and transparency, and there is room for further innovation in how it uses data and analytics for acquisitions and asset management. Future success will depend on disciplined execution of this strategy rather than on conventional R&D.

Summary

Modiv is a small, specialized industrial REIT that has moved from choppy, loss-making results to more stable and modest profitability, supported by steady cash generation. Its balance sheet is typical for a REIT—asset-heavy and meaningfully leveraged—but has been gradually strengthening as equity builds. The company’s clear niche in mission-critical manufacturing properties, triple-net leases, and monthly dividends gives it a distinct identity and potential tailwinds from onshoring and supply chain trends. At the same time, its size, leverage, tenant concentration, and exposure to interest rates and industrial cycles introduce meaningful risk. The overall picture is of a focused REIT with improving fundamentals and a differentiated strategy, but one that still operates with limited scale and must manage financial and tenant risks carefully.

NEWS

November 14, 2025 · 4:05 PM UTC

Modiv Industrial Announces Third Quarter 2025 Results

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October 17, 2025 · 6:00 AM UTC

Modiv Industrial Declares Monthly Distributions for Common Shareholders and Announces that it Will Report Third Quarter 2025 Financial Results on November 14, 2025

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September 12, 2025 · 6:00 AM UTC

Modiv Industrial Declares Quarterly Dividends for Preferred Shareholders

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