MDV

MKT CAP:$166M

Modiv Industrial, Inc.

Market Cap

$166M

Real Estate·REIT - Industrial· PL·NYSE

Real Estate·REIT - Industrial·NYSE

Stock Price

$15.98+$1.57 (+10.90%)

Apr 17, 2026

Company Details

Modiv Industrial, Inc. is an internally managed REIT that is focused on single-tenant net-lease industrial manufacturing real estate. The Company actively acquires critical industrial manufacturing properties with long-term leases to tenant...

CEO

Aaron Scott Halfacre

IPO Date

Feb 11, 2022

Website

www.modiv.com

Key Metrics TTM

Revenue

$47M

+18.8% YoY

Net Income

$7M

EPS (Diluted)

$0.40

Free Cash Flow

$16M

Revenue / Share

$4.14

Gross Margin

92.7%

Operating Margin

46.5%

Net Margin

15.8%

FCF Margin

34.0%

P/S

3.5x

P/E

22.3x

Earnings Reports

Q2 2025

May 6, 2026

PENDING

Q1 2025

May 6, 2025

$12M-1.5%EPS -$0.01

Q4 2024

Mar 3, 2025

$12MEPS $0.06

Q2 2024

Aug 5, 2024

$11MEPS $0.03

Q1 2024

May 2, 2024

$12MEPS $0.33

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 18	$5M	$3M	$2M
Q1 19	$6M	$4M	$4M
Q2 19	$6M	$4M	$3M
Q3 19	$6M	$4M	$3M
Q1 20	$11M	$9M	$7M
Q2 20	$9M	$8M	$5M
Q4 20	$9M	$7M	$4M
Q1 21	$9M	$7M	-$2M
Q2 21	$9M	$7M	-$1M
Q3 21	$10M	$9M	$4M
Q4 21	$10M	$8M	-$2M
Q3 22	$10M	$9M	$7M
Q1 24	$12M	$11M	$7M
Q2 24	$11M	$11M	$5M
Q4 24	$12M	$11M	$5M
Q1 25	$12M	$11M	$5M

Valuation

Quarter	P/S	P/E
Q3 18	31.3x	—
Q1 19	24.8x	—
Q2 19	20.7x	—
Q3 19	19.1x	—
Q1 20	15.0x	—
Q2 20	13.4x	—
Q4 20	12.4x	—
Q1 21	11.4x	—
Q2 21	12.0x	—
Q3 21	11.7x	93.2x
Q4 21	11.5x	—
Q3 22	2.5x	22.2x
Q1 24	3.7x	17.1x
Q2 24	3.0x	19.3x
Q4 24	3.2x	13.8x
Q1 25	3.4x	21.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 18	$1M	$1M
Q1 19	$773.7K	$773.7K
Q2 19	$2M	$2M
Q3 19	$2M	$2M
Q1 20	$2M	-$210.0K
Q2 20	$1M	$1M
Q4 20	$2M	$2M
Q1 21	$100.6K	$100.6K
Q2 21	$3M	$3M
Q3 21	$3M	$3M
Q4 21	$3M	$4M
Q3 22	$5M	$3M
Q1 24	$3M	$3M
Q2 24	$5M	$5M
Q4 24	$5M	$5M
Q1 25	$3M	$3M

Capital Expenditures

Quarter	CapEx
Q3 18	$0
Q1 19	$0
Q2 19	$0
Q3 19	$0
Q1 20	$2M
Q2 20	$0
Q4 20	$0
Q1 21	$0
Q2 21	$91.1K
Q3 21	$84.0K
Q4 21	$84.0K
Q3 22	$2M
Q1 24	$101.1K
Q2 24	$113.0K
Q4 24	$0
Q1 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 18	+188.9%	+116.5%
Q1 19	+157.2%	+21.0%
Q2 19	+141.9%	+16.1%
Q3 19	+39.4%	-12.7%
Q1 20	+131.0%	+37.5%
Q2 20	+57.8%	+81.6%
Q4 20	+48.0%	+70.0%
Q1 21	+46.8%	+254.5%
Q2 21	-17.1%	+129.2%
Q3 21	+9.7%	+61.3%
Q4 21	+9.2%	+167.0%
Q3 22	+14.6%	-64.2%
Q1 24	+30.3%	-48.6%
Q2 24	+10.6%	-7.3%
Q4 24	+21.9%	-46.4%
Q1 25	+13.7%	+85.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 18	$48.2K	1.0%
Q1 19	$100.0K	1.7%
Q2 19	$76.7K	1.3%
Q3 19	$105.0K	1.7%
Q1 20	$0	0.0%
Q2 20	$190.0K	2.0%
Q4 20	$190.0K	2.2%
Q1 21	$604.6K	6.7%
Q2 21	$767.1K	8.4%
Q3 21	$743.6K	7.2%
Q4 21	$629.5K	6.5%
Q3 22	$0	0.0%
Q1 24	$1M	11.5%
Q2 24	$67.0K	0.6%
Q4 24	$65.0K	0.6%
Q1 25	$484.0K	4.1%

OpEx Breakdown

Quarter	G&A	S&M
Q3 18	$299.9K	—
Q1 19	$451.5K	—
Q2 19	$705.7K	—
Q3 19	$822.5K	—
Q1 20	$3M	—
Q2 20	$2M	—
Q4 20	$2M	$607.8K
Q1 21	$3M	$604.6K
Q2 21	$2M	$767.1K
Q3 21	$3M	$743.6K
Q4 21	$2M	$592.4K
Q3 22	$2M	$549.2K
Q1 24	$3M	—
Q2 24	$1M	—
Q4 24	$1M	—
Q1 25	$2M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$25M	$0	$25M
Q2 22	$12M	$0	$12M
Q3 22	$6M	$0	$6M
Q4 22	$9M	$0	$9M
Q1 23	$13M	$0	$13M
Q2 23	$10M	$0	$10M
Q3 23	$6M	$0	$6M
Q4 23	$3M	$0	$3M
Q1 24	$18M	$0	$18M
Q2 24	$19M	$0	$19M
Q3 24	$7M	$0	$7M
Q4 24	$12M	$0	$12M
Q1 25	$6M	$0	$6M
Q2 25	$6M	$0	$6M
Q3 25	$8M	$0	$8M
Q4 25	$14M	$0	$14M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 18	4M	+9.5%	+119.3%
Q1 19	5M	+16.3%	+96.5%
Q2 19	5M	+9.9%	+79.5%
Q3 19	5M	+6.5%	+49.1%
Q1 20	8M	+50.9%	+105.4%
Q2 20	8M	+1.0%	+78.5%
Q4 20	8M	-6.1%	+52.5%
Q1 21	8M	0.0%	+43.2%
Q2 21	7M	-0.9%	-6.0%
Q3 21	9M	+17.1%	+8.9%
Q4 21	8M	-13.9%	-0.2%
Q3 22	10M	+35.2%	+34.9%
Q1 24	11M	+11.6%	+52.0%
Q2 24	11M	+0.5%	+30.5%
Q4 24	11M	-3.5%	+46.4%
Q1 25	11M	+2.7%	+11.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 18	$342.5K	14
Q1 19	$993.2K	6
Q2 19	$992.0K	6
Q3 19	$1M	6
Q1 20	$443.0K	25
Q2 20	$376.1K	25
Q4 20	$463.6K	19
Q1 21	$476.2K	19
Q2 21	$483.3K	19
Q3 21	$543.0K	19
Q4 21	$481.0K	20
Q3 22	$518.4K	20
Q1 24	$997.3K	12
Q2 24	$950.8K	12
Q4 24	$977.5K	12
Q1 25	$982.8K	12

Revenue / Employee