MODIV INDUSTRIAL, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MODIV INDUSTRIAL, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	0.86	7.39	18	24.5	38.6	37.9	46.2	47.2	46.8	46.4
General and administrative	1.28	3.74	2.57	2.71	10.4	9.72	7.81	6.64	6.34	5.81
Operating expenses	3	10.9	21.2
Operating income				-4.72	-48.7	-1.53	4.93	2.61	22	15.8
Interest expense	0.4	1.64	5.58	7.38	11.5	7.59	8.11	13.8	16.2	16.9
Interest income	0	0.01	0.02	0.07	0	0.02	0.02	0.33	0.47
Other non-operating income	-0.08	0.21	0.24	0.3	-0.43	1.1	-9.44	-11.3	-15.5	-15.3
Net income to minority interests						0	-1.22	-2.08	0.48	-0.51
Net income	-1.24	-0.87	-1.8	-4.42	-49.1	-0.44	-3.29	-6.61	6.02	1.07
EBITDA				5.13	-31.1	13.7	19.9	18.2	38.6	30.9
EPS, basic	-8.77	-0.46	-0.49	-0.88	-6.14	-0.20	-0.93	-1.36	0.25	-0.31
EPS, diluted	-8.77	-0.46	-0.49	-0.88	-6.14	-0.20	-0.93	-1.36	0.25	-0.31
Shares, basic (weighted)	0.14	1.97	3.65	5.01	8.01	7.54	7.49	7.56	9.29	10.1
Shares, diluted (weighted)	0.14	1.97	0	5.01	8.01	7.54	7.49	9.09	11.2	11.7
Dividend per share	0.97	2.12	2.13	2.11	1.46				1.15	1.17

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	3.43	3.24	5.25	6.82	8.25	56	8.61	3.13	11.5	14.4
Other current assets	0.48	1.1	0.23	1.87	2.19	5.86	6.1	4.17	2.69	1.99
Lease right-of-use assets				2.39	0
Goodwill			0	50.6	17.3	17.3	0
Intangible assets			0	7.7	5.13	0
Total assets	41.3	157	252	491	407	428	454	531	508	476
Total liabilities	18.9	77.8	143	237	217	206	213	306	294	274
Total debt	17.3	72.5	123	206	182	160	195	280	280	261
Paid-in capital	23.6	85.3	119	221	224	273	278	293	349	337
Retained earnings	-1.41	-6.08	-16.2	-31.2	-92	-102	-118	-146	-154	-168
Treasury stock						0	-4.16	-5.29	-7.11	-7.11
Other comprehensive income						0	3.5	2.66	1.84	0.92
Shareholders' equity	22.2	79.2	103	190	132	172	160	144	190	163
Minority interests			0	50.6	50.6	50.6	81.3	80.7	23.9	39.3
Total equity	22.2	79.2	103	240	183	222	241	225	214	202
Total liabilities and equity	41.3	157	252	491	407	428	454	531	508	476
Shares outstanding	0.81

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-1.24	-0.87	-1.8	-4.42	-49.1	-0.44	-4.51	-8.7	6.49	0.55
Depreciation and amortization	0.49	3.08	6.99	9.85	17.6	15.3	14.9	15.6	16.6	15.1
Stock-based compensation	0.1	0.16	0.17	0.37	0.71	2.74	2.4	11.2	1.59	2.92
Change in receivables	0	-0.18	-1.16	-0.95	0.12	-0.91	0.14	0.39	0.07	-0.01
Change in payables	0.23	1.32	1.37	1.77	-2.7	0.98	-1.39	-0.9	-0.6	-0.54
Cash from operations	-0.67	3.79	5.88	4.75	5.58	9.73	16.6	16.6	18.2	15
Cash from investing	-37.2	-116	-92	-29.6	24.8	21.8	-61.1	-93.6	8.4	27.8
Stock issued	24.8	62.6	44.2	34.6	10.9	4.34	0.11	0.83	7.71	2.75
Share buybacks	-0.08	-2.47	-8.69	-12.1	-17.6	-19.1	-4.16	-1.13	-11.5	0
Dividends paid	-0.05	-0.73	-1.66	-4.02	-5.02	-3.47
Cash from financing	41.3	112	90.7	23	-28.9	18.5	-5.38	71.5	-18.2	-39.9
Net change in cash	3.48	0.51	4.57	-1.82	1.44	50	-49.8	-5.48	8.4	2.85
Interest paid	0.35	1.29	4.24	5.86	9.12	8.05	7.77	12	13.5	12.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $18.05 on August 11, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	52.2%	Operating income / revenue.
EBITDA margin	84.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	16.4%	Net income / revenue.
Operating cash flow margin	33.7%	Cash from operations / revenue.
Return on equity (ROE)	4.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.5%	Net income / average total assets.
Return on invested capital (ROIC)	4.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	6.9%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	32.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-0.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-28.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	47.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-19.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	15.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-82.3%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-224.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-17.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-3.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	21.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	1.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 5y	-4.3%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-14.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-6.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	4.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	16.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	7.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	1.70x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	56.1%	Total debt / total assets.
Liabilities / assets	59.0%	Total liabilities / total assets.
Net debt	$251.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	6.47x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.43x	Operating income / interest expense.
Tangible book value	$161.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.09x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.59	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$3.60	Revenue / diluted weighted shares.
Operating cash flow per share	$1.21	Cash from operations / diluted weighted shares.
Book value per share	$12.59	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$12.59	Tangible book value / shares outstanding.
Cash per share	$1.69	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$186.3M	Share price x shares outstanding.
Enterprise value	$438.1M	Market cap + total debt - cash - short-term investments.
P/E	24.7x	Market cap / net income. Only when net income is positive.
P/S	4.04x	Market cap / revenue.
P/B	1.16x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.16x	Market cap / tangible book value, when positive.
P/OCF	12.0x	Market cap / cash from operations, when positive.
EV/Sales	9.49x	Enterprise value / revenue.
EV/EBIT	18.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.3x	Enterprise value / EBITDA, when both are positive.
Earnings yield	4.1%	Net income / market cap (the inverse of P/E).

What was MODIV INDUSTRIAL, INC.'s revenue in fiscal 2025?

MODIV INDUSTRIAL, INC. reported revenue of $46.4M for fiscal 2025, 0.8% lower than the year before.

Was MODIV INDUSTRIAL, INC. profitable in fiscal 2025?

Yes. Net income was $1.1M, a net margin of 2.3%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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