Modiv Inc. Class C (MDV)
NYSE:MDV
Top Page
Modiv
(NYSE:MDV)
Select Model
Select Model
Rating:55Neutral
Price Target:
$14.50
▼(-2.29% Downside)
Action:ReiteratedDate:03/26/26
Overall score reflects steady cash generation and supportive income characteristics (high yield and reiterated dividend), but is held back by uneven profitability/top-line softness and weak technical momentum. Earnings-call commentary and recent events are modestly positive due to improved liquidity/runway and ongoing asset-recycling plans.
Positive Factors
Consistent cash generation
Sustained positive operating and free cash flow provides a durable funding source for monthly dividends, transaction activity and selective buybacks. Even with modest FCF decline, ongoing cash generation reduces reliance on dilutive equity and supports execution of a multi‑year recycling plan.
Negative Factors
Volatile and negative GAAP profitability
Inconsistent GAAP earnings across recent years undermines earnings quality and makes long‑term payout coverage less certain. Repeated swings to loss reduce retained earnings and ROE, forcing reliance on cash flow or asset sales to sustain distributions and capital investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent cash generation
Sustained positive operating and free cash flow provides a durable funding source for monthly dividends, transaction activity and selective buybacks. Even with modest FCF decline, ongoing cash generation reduces reliance on dilutive equity and supports execution of a multi‑year recycling plan.
Read all positive factors
Modiv (MDV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$153.14M
Dividend Yield8.15%
Average Volume (3M)67.90K
Price to Earnings (P/E)136.7
Beta (1Y)0.37
Revenue Growth-0.59%
EPS Growth-160.22%
CountryUS
Employees12
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)0.02
Shares Outstanding10,319,480
10 Day Avg. Volume70,353
30 Day Avg. Volume67,904
Financial Highlights & Ratios
PEG Ratio-0.61
Price to Book (P/B)0.90
Price to Sales (P/S)3.15
P/FCF Ratio10.09
Enterprise Value/Market Cap2.68
Enterprise Value/Revenue8.84
Enterprise Value/Gross Profit32.14
Enterprise Value/Ebitda12.35
Forecast
1Y Price Target
$17.67Price Target Upside19.07% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.13
Revenue Forecast (FY)$46.08M
Modiv Business Overview & Revenue Model
Company Description
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 tenants that ...
How the Company Makes Money
Modiv primarily makes money by collecting contractual rent from tenants that lease its properties under net lease structures (commonly where the tenant is responsible for many property-level operating costs such as taxes, insurance, and maintenanc...
Modiv Earnings Call Summary
Earnings Call Date:Mar 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 18, 2026
Earnings Call Sentiment Neutral
The earnings call presents a balanced picture: operationally the company maintained liquidity, fixed its interest costs (100% hedged at a 4.15% weighted average), avoided near-term maturities and has an active, articulated plan to recycle non-core office assets into manufacturing industrial properties. However, near-term headwinds include a roughly 6% decline in rental income, pressure on AFFO per share driven by share issuance (-13.5%), increased reported interest expense from swap amortization, short WALTs and a cautious transaction market that complicates disposition/redeployment timing. Management conveyed confidence in executing the 24-month transformation plan and highlighted meaningful buyer interest, but acknowledged current market volatility and tax-sensitive constraints on certain large assets.Positive Updates
Liquidity and Available Capital
Total cash and cash equivalents of $14.4 million and $30 million available to draw on revolver as of December 31, 2025, providing near-term liquidity for operations and transactions.
Negative Updates
Decline in Rental Income
Fourth quarter rental income was $11.0 million versus $11.7 million in the prior-year quarter, a decline of approximately $0.7 million (~6.0%), driven in part by lease expirations (Costco at Issaquah and Solar Turbines in San Diego).
Read all updates
Q4-2025 Updates
Positive
Negative
Liquidity and Available Capital
Total cash and cash equivalents of $14.4 million and $30 million available to draw on revolver as of December 31, 2025, providing near-term liquidity for operations and transactions.
Read all positive updates
Company Guidance
Management's guidance and metrics included Q4 rental income of $11.0M (down from $11.7M) and AFFO of $4.0M (down from $4.1M), with AFFO per share falling to $0.32 from $0.37 after a 1.7M increase in diluted shares; the AFFO change reflected a $554k decline in cash rents partially offset by $299k lower cash interest, $138k lower preferred dividends, $40k lower property expenses and $15k lower G&A, while GAAP interest expense was $1.1M higher due to amortization of off‑market swaps. Balance‑sheet and liquidity metrics: cash and cash equivalents $14.4M, $30M available on the revolver, consolidated debt $262.1M (including $250M drawn on a $280M credit facility and a $12.1M consolidated mortgage; a separate $12.1M mortgage on Santa Clara was unconsolidated), no debt maturities until July 2028 after the Jan‑2026 facility extension, and 100% of indebtedness fixed at a weighted‑average rate of 4.15% based on a 45.1% leverage ratio. Transaction outlook: management said asset recycling will pick up (aiming for a 100% pure‑play manufacturing portfolio in ~24 months, potentially ~12 months in a rosier market), expects to market the San Diego flex/office (estimated ~$7–8M) after a lot split, is being patient on a ~$70M Kia non‑core asset to enable 1031 rollover, has a Melbourne, FL office sale slated to close in Q2 with ~$400k of deposited/earned money, noted the January Kalera sale produced a tax loss to shelter gains, observed an internal NAV of $22.19 (implying ~6.8% cap) and market cap‑rate chatter of roughly 6.75%–7.5%, and reiterated the $0.10/share per month dividend (≈$1.20 annualized) will not be cut.Modiv Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
52
Neutral
Cash Flow
63
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 46.39M | 46.76M | 47.23M | 43.82M | 37.89M |
| Gross Profit | 12.75M | 43.15M | 42.07M | 37.27M | 31.01M |
| EBITDA | 33.19M | 42.47M | 24.36M | 18.04M | 22.56M |
| Net Income | 1.07M | 6.02M | -6.61M | -3.29M | -435.50K |
Balance Sheet | |||||
| Total Assets | 476.46M | 507.83M | 530.90M | 454.43M | 428.49M |
| Cash, Cash Equivalents and Short-Term Investments | 14.38M | 11.53M | 3.13M | 8.61M | 55.97M |
| Total Debt | 268.55M | 279.90M | 279.73M | 196.01M | 184.08M |
| Total Liabilities | 274.41M | 293.78M | 305.77M | 213.40M | 206.06M |
| Stockholders Equity | 162.75M | 190.15M | 144.44M | 159.75M | 171.83M |
Cash Flow | |||||
| Free Cash Flow | 14.46M | 18.24M | 16.58M | 16.65M | 9.53M |
| Operating Cash Flow | 14.97M | 18.24M | 16.58M | 16.65M | 9.73M |
| Investing Cash Flow | 27.80M | 8.39M | -93.60M | -61.06M | 21.83M |
| Financing Cash Flow | -39.92M | -18.23M | 71.54M | -5.38M | 18.47M |
Modiv Technical Analysis
Positive
14.84
Price Trends
14.78
Positive
14.51
Positive
14.23
Positive
Market Momentum
-0.02
Negative
55.19
Neutral
85.79
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MDV, the sentiment is Positive. The current price of 14.84 is above the 20-day moving average (MA) of 14.47, above the 50-day MA of 14.78, and above the 200-day MA of 14.23, indicating a bullish trend. The MACD of -0.02 indicates Negative momentum. The RSI at 55.19 is Neutral, neither overbought nor oversold. The STOCH value of 85.79 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MDV.
Modiv Risk Analysis
Modiv disclosed 58 risk factors in its most recent earnings report. Modiv reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Modiv Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $455.46M | -76.15 | -1.04% | 5.74% | ― | ― | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
55 Neutral | $153.14M | 136.69 | 0.64% | 8.15% | -0.59% | -160.22% | |
49 Neutral | $28.72M | -6.48 | -20.24% | 2.06% | -0.05% | -150.66% | |
43 Neutral | $6.88M | -0.37 | -38.08% | 86.42% | 26.56% | -20.97% | |
41 Neutral | $3.56M | -0.49 | -27.98% | ― | -2.79% | 72.36% | |
40 Underperform | $1.44M | -0.32 | -1149.68% | ― | -4.77% | 23.08% |
* Real Estate Sector Average
MDV
Modiv
15.09
1.71
12.81%
MDRR
Medalist Diversified REIT
11.31
0.26
2.33%
GIPR
Generation Income Properties
0.26
-1.22
-82.23%
SQFT
Presidio Property Trust
2.47
-3.91
-61.29%
FVR
FrontView REIT, Inc.
16.22
5.70
54.21%
MKZR
MacKenzie Realty Capital, Inc.
3.50
-10.50
-75.00%
Modiv Corporate Events
Business Operations and StrategyDividendsFinancial DisclosuresM&A Transactions
Modiv Industrial Explores Strategic Alternatives Amid Portfolio Recycling
Positive
Mar 25, 2026
Modiv Industrial, the only public REIT dedicated exclusively to industrial manufacturing real estate, reported fourth-quarter 2025 net income attributable to common stockholders of $0.4 million and AFFO of $4.0 million, while full-year 2025 result...
DividendsFinancial Disclosures
Modiv Industrial Announces Q4 2025 Results Schedule, Dividends
Positive
Mar 19, 2026
Modiv Industrial, Inc., a NYSE-listed, internally managed REIT, specializes in acquiring and managing single-tenant net-lease industrial manufacturing properties that support key segments of the U.S. economy and national supply chains. The company...
DividendsRegulatory Filings and Compliance
Modiv Industrial Details 2025 Dividend Tax Treatment
Neutral
Jan 22, 2026
On January 22, 2026, Modiv Industrial announced the tax characterization of its 2025 dividends for both common and preferred stock, detailing how these payments will be reported for shareholders on Form 1099-DIV. For common stock, total 2025 distr...
Business Operations and StrategyExecutive/Board ChangesStock BuybackDividendsM&A TransactionsPrivate Placements and Financing
Modiv Extends Credit Facility and Announces CFO Transition
Positive
Jan 20, 2026
On January 16, 2026, Modiv Industrial amended its existing credit agreement, extending the maturity of its credit facility by 18 months to July 18, 2028, eliminating a 10-basis-point SOFR adjustment and loosening distribution covenants to permit r...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.