MDV · MODIV INDUSTRIAL, INC.

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 fuel the national economy and strengthen the nation's supply chains. Modiv Industrial, Inc. was incorporated in 2015 and is based in Denver, United States.

Cap structure and valuation

Cap structure
SP	$17.70
SO	10.3M
Options	0.0M
Warrants	0.0M
FD SO	10.3M
MC	$182.7M

Cash	$4.5M
Total debt	$273.4M
EV	$451.7M

TTM Multiples
EV / Revenue	9.8x
EV / EBITDA	14.9x
MC / Net Income	—
EV / FCF	—
MC / FCF	—

Ownership & coverage
Institutional	27.2%
Insiders	8.4%
# Institutions	134
Analysts	6
Consensus	—
Avg target	$18.67

Short % float	1.7%
Days to cover	2.44

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-05. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-29; the float denominator can be unreliable on tiny floats.

Financial statements

	3/31/26	12/31/25	9/30/25	6/30/25
Total Revenue	11.70	11.07	11.69	11.83
Revenue YoY %	(0.8%)	(5.6%)	0.3%	3.7%
Gross Profit	5.71	6.32	6.21	2.37
Gross Profit YoY %	(15.1%)	(4.1%)	(5.3%)	(63.7%)
Gross Margin %	48.8%	57.1%	53.2%	20.0%

SG&A	1.51	1.25	1.37	1.20

Operating Income	4.20	5.08	4.84	1.17
Operating Income YoY %	(11.2%)	(4.8%)	(1.1%)	(77.1%)
Operating Margin %	35.9%	45.8%	41.4%	9.8%
EBITDA	7.92	8.77	8.59	4.99
EBITDA Margin %	67.7%	79.2%	73.5%	42.2%

Interest Expense	4.56	4.80	4.05	4.02
Other Income / (Expense)	—	1.00	—	—
Pretax Income	(0.29)	1.28	1.08	(2.63)
Net Income	(0.29)	1.28	1.08	(2.63)
Net Income to Common	(0.09)	1.21	1.05	(2.02)
Net Margin %	(2.5%)	11.6%	9.2%	(22.3%)

Diluted EPS	-$0.11	$0.02	$0.00	-$0.32
Basic EPS	-$0.11	$0.02	$0.00	-$0.32
Diluted Avg Shares	11.9	—	11.8	11.7
Basic Avg Shares	10.3	—	10.2	10.1

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Total Revenue	46.30	46.39	46.76	47.23	46.17
Revenue YoY %	(0.2%)	(0.8%)	(1.0%)	2.3%	—
Gross Profit	20.61	21.63	28.32	9.25	12.74
Gross Profit YoY %	(4.7%)	(23.6%)	206.0%	(27.4%)	—
Gross Margin %	44.5%	46.6%	60.6%	19.6%	27.6%

SG&A	5.33	5.81	6.34	6.64	7.81

Operating Income	15.29	15.82	21.98	2.61	4.93
Operating Income YoY %	(3.4%)	(28.0%)	741.9%	(47.0%)	—
Operating Margin %	33.0%	34.1%	47.0%	5.5%	10.7%
EBITDA	30.27	30.91	38.58	18.16	19.86
EBITDA Margin %	65.4%	66.6%	82.5%	38.5%	43.0%

Interest Expense	17.43	16.92	16.22	13.81	8.11
Other Income / (Expense)	1.57	1.65	0.73	2.50	(1.33)
Pretax Income	(0.57)	0.55	6.49	(8.70)	(4.51)
Net Income	(0.57)	0.55	6.49	(8.70)	(4.51)
Net Income to Common	0.15	1.07	6.02	(6.61)	(3.29)
Net Margin %	(1.2%)	1.2%	13.9%	(18.4%)	(9.8%)

Diluted EPS	-$0.41	-$0.31	$0.25	-$1.36	-$0.93
Basic EPS	-$0.41	-$0.31	$0.25	-$1.36	-$0.93
Diluted Avg Shares	11.9	11.7	11.2	9.1	7.5
Basic Avg Shares	10.3	10.1	9.3	7.6	7.5

	3/31/26	12/31/25	9/30/25	6/30/25
Cash & Equivalents	4.48	14.38	8.26	5.81

Other Assets	479.81	462.08	491.31	493.04
Total Assets	484.28	476.46	499.57	498.85

Long-term Debt	273.42	261.48	279.74	279.75
Other Liabilities	13.15	12.93	15.03	12.89
Total Liabilities	286.57	274.41	294.77	292.64

Retained Earnings	(172.08)	(168.10)	(165.50)	(162.76)
Total Equity	197.71	202.04	204.80	206.22

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Cash & Equivalents	4.48	14.38	11.53	3.13	8.61

Goodwill	—	—	—	—	0.00
Long-term Investments	—	—	9.32	—	10.01
Other Assets	479.81	462.08	486.98	527.77	435.81
Total Assets	484.28	476.46	507.83	530.90	454.43

Long-term Debt	273.42	261.48	279.78	279.54	195.45
Other Liabilities	13.15	12.93	14.00	26.23	17.94
Total Liabilities	286.57	274.41	293.78	305.77	213.40

Retained Earnings	(172.08)	(168.10)	(154.07)	(145.55)	(117.94)
Total Equity	197.71	202.04	214.05	225.12	241.03

	3/31/26	12/31/25	9/30/25	6/30/25
Net Income	(0.29)	1.28	1.08	(2.63)
D&A	3.72	3.69	3.75	3.83
Stock-Based Comp	0.80	0.81	0.81	0.81
Δ Working Cap & Other	(0.12)	(1.95)	(1.50)	1.93
Operating Cash Flow	4.10	3.84	4.14	3.94

Other Investing	(7.97)	24.44	3.08	1.15
Investing Cash Flow	(7.97)	24.44	3.08	1.15

Stock Issuance	0.00	0.00	1.08	0.40
Stock Buyback	—	0.00	—	—
Other Financing	(6.04)	(23.84)	(4.16)	(5.84)
Financing Cash Flow	(6.04)	(23.84)	(3.08)	(5.44)

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Net Income	(0.57)	0.55	6.49	(8.70)	(4.51)
D&A	14.99	15.09	16.60	15.55	14.93
Stock-Based Comp	3.23	2.92	1.59	11.17	2.40
Δ Working Cap & Other	(1.63)	(3.59)	(6.44)	(1.45)	3.83
Operating Cash Flow	16.02	14.97	18.24	16.58	16.65

Other Investing	20.70	27.80	8.39	(93.60)	(61.06)
Investing Cash Flow	20.70	27.80	8.39	(93.60)	(61.06)

Stock Issuance	1.49	2.75	7.71	0.83	0.11
Stock Buyback	—	0.00	(11.53)	(1.13)	(4.16)
Other Financing	(39.89)	(42.67)	(14.41)	71.84	(1.34)
Financing Cash Flow	(38.41)	(39.92)	(18.23)	71.54	(5.38)

	3/31/26	12/31/25	9/30/25	6/30/25
Current Ratio	—	—	—	—
Quick Ratio	—	—	—	—
Debt / Equity	1.45	1.36	1.44	1.42
EBITDA Margin %	67.7%	79.2%	73.5%	42.2%
Working Capital	—	—	—	—
Net Debt	268.94	247.10	271.48	273.93
ROE %	(0.1%)	0.6%	0.5%	(1.3%)
ROA %	(0.1%)	0.3%	0.2%	(0.5%)

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Current Ratio	—	—	—	—	—
Quick Ratio	—	—	—	—	—
Debt / Equity	1.45	1.36	1.37	1.36	0.89
EBITDA Margin %	65.4%	66.6%	82.5%	38.5%	43.0%
Working Capital	—	—	—	—	—
Net Debt	268.94	247.10	268.25	276.41	186.85
ROE %	(0.3%)	0.3%	3.0%	(3.9%)	(1.9%)
ROA %	(0.1%)	0.1%	1.3%	(1.6%)	(1.0%)

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-06-29	Halfacre Aaron Scott	Director, Officer (CEO and President)	2026-06-26	P	4,766	$17.50	$83,409
2026-06-29	Halfacre Aaron Scott	Director, Officer (CEO and President)	2026-06-26	P	1,000	$17.45	$17,450
2026-05-15	Gingras Christopher Raymond	Director	2026-05-15	J	29	$18.17	$544
2026-04-15	Gingras Christopher Raymond	Director	2026-04-15	J	34	$15.65	$541
2026-04-15	Gingras Christopher Raymond	Director	2026-04-15	J	43	$24.97	$1,075
2026-04-01	SMITH KIMBERLY J	Director	2026-03-31	A	1,047	$14.32	$15,000
2026-04-01	NOLAN THOMAS H JR	Director	2026-03-31	A	1,047	$14.32	$15,000
2026-04-01	Gingras Christopher Raymond	Director	2026-03-31	A	1,047	$14.32	$15,000
2026-04-01	Tirondola Connie	Director	2026-03-31	A	1,047	$14.32	$15,000
2026-03-16	Gingras Christopher Raymond	Director	2026-03-13	J	36	$14.61	$537
2026-02-17	Halfacre Aaron Scott	Director, Officer (CEO and President)	2026-02-13	J	895	$14.24	$12,757
2026-02-17	Gingras Christopher Raymond	Director	2026-02-13	J	44	$14.24	$637
2026-02-17	Gingras Christopher Raymond	Director	2026-02-13	J	35	$15.04	$534
2026-02-17	SMITH KIMBERLY J	Director	2026-02-13	J	120	$14.24	$1,720
2026-01-20	Gingras Christopher Raymond	Director	2026-01-15	J	45	$13.70	$617
2026-01-20	Gingras Christopher Raymond	Director	2026-01-15	J	34	$14.84	$517
2026-01-20	Halfacre Aaron Scott	Director, Officer (CEO and President)	2026-01-15	J	901	$13.70	$12,352
2026-01-20	SMITH KIMBERLY J	Director	2026-01-15	J	121	$13.70	$1,665
2026-01-02	Tirondola Connie	Director	2025-12-31	A	1,042	$14.39	$15,000
2026-01-02	SMITH KIMBERLY J	Director	2025-12-31	A	1,042	$14.39	$15,000
2026-01-02	Gingras Christopher Raymond	Director	2025-12-31	A	1,042	$14.39	$15,000
2026-01-02	NOLAN THOMAS H JR	Director	2025-12-31	A	1,042	$14.39	$15,000
2025-12-16	Halfacre Aaron Scott	Director, Officer (CEO and President)	2025-12-15	J	881	$13.91	$12,263
2025-12-15	SMITH KIMBERLY J	Director	2025-12-15	J	111	$13.91	$1,552
2025-12-15	Gingras Christopher Raymond	Director	2025-12-15	J	36	$13.91	$512
2025-12-15	Gingras Christopher Raymond	Director	2025-12-15	J	34	$14.89	$514
2025-11-17	Halfacre Aaron Scott	Director, Officer (CEO and President)	2025-11-14	J	880	$13.83	$12,176
2025-11-17	SMITH KIMBERLY J	Director	2025-11-14	J	111	$13.83	$1,541
2025-11-17	Gingras Christopher Raymond	Director	2025-11-14	J	36	$13.83	$508
2025-11-17	Gingras Christopher Raymond	Director	2025-11-14	J	35	$14.35	$510
2025-10-16	Halfacre Aaron Scott	Director, Officer (CEO and President)	2025-10-15	J	889	$13.59	$12,095
2025-10-15	SMITH KIMBERLY J	Director	2025-10-15	J	112	$13.59	$1,531
2025-10-15	Gingras Christopher Raymond	Director	2025-10-15	J	34	$14.57	$507
2025-10-15	Gingras Christopher Raymond	Director	2025-10-15	J	37	$13.59	$505
2025-10-15	Gingras Christopher Raymond	Director	2025-10-15	J	40	$25.49	$1,037
2025-10-01	SMITH KIMBERLY J	Director	2025-09-30	A	1,024	$14.64	$15,000
2025-10-01	NOLAN THOMAS H JR	Director	2025-09-30	A	1,024	$14.64	$15,000
2025-10-01	Tirondola Connie	Director	2025-09-30	A	1,024	$14.64	$15,000
2025-10-01	Gingras Christopher Raymond	Director	2025-09-30	A	1,024	$14.64	$15,000
2025-09-18	Halfacre Aaron Scott	Director, Officer (CEO and President)	2025-09-15	J	847	$14.16	$12,006
2025-09-18	Gingras Christopher Raymond	Director	2025-09-15	J	28	$14.16	$402
2025-09-18	Gingras Christopher Raymond	Director	2025-09-15	J	33	$14.88	$504
2025-09-18	SMITH KIMBERLY J	Director	2025-09-15	J	100	$14.16	$1,421
2025-08-15	SMITH KIMBERLY J	Director	2025-08-15	J	98	$14.27	$1,407
2025-08-15	Halfacre Aaron Scott	Director, Officer (CEO and President)	2025-08-15	J	833	$14.32	$11,930
2025-08-15	Gingras Christopher Raymond	Director	2025-08-15	J	27	$14.27	$398
2025-08-15	Gingras Christopher Raymond	Director	2025-08-15	J	33	$14.97	$500
2025-07-17	Halfacre Aaron Scott	Director, Officer (CEO and President)	2025-07-15	J	847	$13.99	$11,850
2025-07-16	Gingras Christopher Raymond	Director	2025-07-15	J	28	$13.94	$395
2025-07-16	Gingras Christopher Raymond	Director	2025-07-15	J	33	$14.76	$497
2025-07-16	Gingras Christopher Raymond	Director	2025-07-15	J	41	$24.51	$1,018
2025-07-16	SMITH KIMBERLY J	Director	2025-07-15	J	100	$13.94	$1,397
2025-07-02	Tirondola Connie	Director	2025-06-30	A	1,065	$14.08	$15,000
2025-07-02	Gingras Christopher Raymond	Director	2025-06-30	A	1,065	$14.08	$15,000
2025-07-02	SMITH KIMBERLY J	Director	2025-06-30	A	1,065	$14.08	$15,000
2025-07-02	NOLAN THOMAS H JR	Director	2025-06-30	A	1,065	$14.08	$15,000
2025-06-27	Halfacre Aaron Scott	Director, Officer (CEO and President)	2025-06-27	P	500	$14.10	$7,050
2025-06-26	Halfacre Aaron Scott	Director, Officer (CEO and President)	2025-06-26	P	129	$14.10	$1,819
2025-06-25	Gingras Christopher Raymond	Director	2025-06-25	P	100	$14.20	$1,420
2025-06-25	Gingras Christopher Raymond	Director	2025-06-25	P	300	$14.25	$4,275
2025-06-17	Halfacre Aaron Scott	Director, Officer (CEO and President)	2025-06-16	J	828	$13.76	$11,399
2025-06-16	SMITH KIMBERLY J	Director	2025-06-16	J	93	$13.71	$1,284
2025-06-16	Gingras Christopher Raymond	Director	2025-06-16	J	21	$13.71	$289
2025-06-16	Gingras Christopher Raymond	Director	2025-06-16	J	30	$14.75	$455
2025-06-16	Halfacre Aaron Scott	Director, Officer (CEO and President)	2025-06-13	P	43	$14.09	$606
2025-06-03	Halfacre Aaron Scott	Director, Officer (CEO and President)	2025-06-03	P	3,121	$14.10	$44,006
2025-05-16	Halfacre Aaron Scott	Director, Officer (CEO and President)	2025-05-15	J	796	$13.89	$11,060
2025-05-16	Gingras Christopher Raymond	Director	2025-05-15	J	20	$13.84	$287
2025-05-16	Gingras Christopher Raymond	Director	2025-05-15	J	24	$14.74	$355
2025-05-16	SMITH KIMBERLY J	Director	2025-05-15	J	92	$13.84	$1,275
2025-05-14	Halfacre Aaron Scott	Director, Officer (CEO and President)	2025-05-14	P	671	$14.27	$9,575
2025-05-14	Gingras Christopher Raymond	Director	2025-05-14	P	1,000	$14.59	$14,590
2025-05-08	Halfacre Aaron Scott	Director, Officer (CEO and President)	2025-05-08	P	250	$14.40	$3,600
2025-05-08	Halfacre Aaron Scott	Director, Officer (CEO and President)	2025-05-08	P	1,750	$14.49	$25,358
2025-04-29	Gingras Christopher Raymond	Director	2025-04-25	J	19	$14.97	$285
2025-04-29	Gingras Christopher Raymond	Director	2025-04-25	J	21	$16.36	$353
2025-04-29	Gingras Christopher Raymond	Director	2025-04-15	J	41	$24.28	$999
2025-04-28	SMITH KIMBERLY J	Director	2025-04-25	J	84	$14.97	$1,267
2025-04-28	Halfacre Aaron Scott	Director, Officer (CEO and President)	2025-04-25	J	731	$15.02	$10,983
2025-04-01	SMITH KIMBERLY J	Director	2025-03-31	A	934	$16.05	$15,000
2025-04-01	Gingras Christopher Raymond	Director	2025-03-31	A	934	$16.05	$15,000
2025-04-01	Tirondola Connie	Director	2025-03-31	A	934	$16.05	$15,000
2025-04-01	NOLAN THOMAS H JR	Director	2025-03-31	A	934	$16.05	$15,000
2025-03-26	Halfacre Aaron Scott	Director, Officer (CEO and President)	2025-03-25	J	729	$14.59	$10,649
2025-03-26	SMITH KIMBERLY J	Director	2025-03-25	J	78	$14.90	$1,168
2025-03-26	Gingras Christopher Raymond	Director	2025-03-25	J	12	$14.90	$193
2025-03-26	Gingras Christopher Raymond	Director	2025-03-25	J	21	$16.22	$351
2025-02-26	Halfacre Aaron Scott	Director, Officer (CEO and President)	2025-02-25	J	771	$14.06	$10,842
2025-02-26	Gingras Christopher Raymond	Director	2025-02-25	J	13	$14.01	$192
2025-02-26	SMITH KIMBERLY J	Director	2025-02-25	J	82	$14.01	$1,161
2025-02-05	Pacini Raymond J	Officer (CFO)	2025-02-03	A	65,000	—	$0
2025-02-05	Pacini Raymond J	Officer (CFO)	2025-02-03	G	(65,000)	—	$-0
2025-02-05	Pacini Raymond J	Officer (CFO)	2025-02-03	G	65,000	—	$0
2025-02-05	Raney John Connor	Officer (COO and General Counsel)	2025-02-03	A	162,500	—	$0
2025-02-05	Raney John Connor	Officer (COO and General Counsel)	2025-02-03	G	(162,500)	—	$-0
2025-02-05	Raney John Connor	Officer (COO and General Counsel)	2025-02-03	G	162,500	—	$0
2025-02-05	Halfacre Aaron Scott	Director, Officer (CEO and President)	2025-02-03	A	546,542	—	$0
2025-02-05	Halfacre Aaron Scott	Director, Officer (CEO and President)	2025-02-03	G	(546,542)	—	$-0
2025-02-05	Halfacre Aaron Scott	Director, Officer (CEO and President)	2025-02-03	G	546,542	—	$0
2025-01-28	Halfacre Aaron Scott	Director, Officer (CEO and President)	2025-01-27	J	743	$14.23	$10,585
2025-01-28	Gingras Christopher Raymond	Director	2025-01-27	J	13	$14.18	$188
2025-01-28	SMITH KIMBERLY J	Director	2025-01-27	J	79	$14.18	$1,133
2025-01-02	SMITH KIMBERLY J	Director	2024-12-31	A	1,176	$14.88	$17,500
2025-01-02	Tirondola Connie	Director	2024-12-31	A	672	$14.88	$10,000
2025-01-02	Gingras Christopher Raymond	Director	2024-12-31	A	1,512	$14.88	$22,500
2025-01-02	NOLAN THOMAS H JR	Director	2024-12-31	A	1,008	$14.88	$15,000
2024-12-26	SMITH KIMBERLY J	Director	2024-12-24	J	68	$14.76	$1,014
2024-12-26	Gingras Christopher Raymond	Director	2024-12-24	J	2	$14.76	$43
2024-12-26	Halfacre Aaron Scott	Director, Officer (CEO and President)	2024-12-24	J	710	$14.81	$10,515
2024-11-26	Halfacre Aaron Scott	Director, Officer (CEO and President)	2024-11-25	J	665	$15.70	$10,454
2024-11-25	SMITH KIMBERLY J	Director	2024-11-25	J	64	$15.65	$1,009
2024-10-28	Halfacre Aaron Scott	Director, Officer (CEO and President)	2024-10-25	J	622	$16.69	$10,393
2024-10-25	NOLAN THOMAS H JR	Director	2024-10-25	J	137	$16.64	$2,280
2024-10-25	SMITH KIMBERLY J	Director	2024-10-25	J	60	$16.64	$1,003
2024-10-02	Gingras Christopher Raymond	Director	2024-09-30	A	446	$16.80	$7,500
2024-10-02	NOLAN THOMAS H JR	Director	2024-09-30	A	892	$16.80	$15,000
2024-10-02	Tirondola Connie	Director	2024-09-30	A	595	$16.80	$10,000
2024-10-02	SMITH KIMBERLY J	Director	2024-09-30	A	744	$16.80	$12,500
2024-09-27	NOLAN THOMAS H JR	Director	2024-09-25	J	135	$16.04	$2,180
2024-09-27	SMITH KIMBERLY J	Director	2024-09-25	J	57	$16.04	$926
2024-09-27	Halfacre Aaron Scott	Director, Officer (CEO and President)	2024-09-25	J	641	$16.09	$10,328
2024-08-27	SMITH KIMBERLY J	Director	2024-08-26	J	62	$14.76	$920
2024-08-27	Halfacre Aaron Scott	Director, Officer (CEO and President)	2024-08-26	J	693	$14.81	$10,265
2024-08-27	MARKMAN ADAM SCOTT	Director	2024-08-26	J	127	$16.40	$2,091
2024-08-27	NOLAN THOMAS H JR	Director	2024-08-26	J	146	$14.76	$2,167
2024-08-05	First City Investment Group, LLC	10% Owner	2024-08-01	S	(123,809)	$14.80	-$1,832,373
2024-08-05	First City Investment Group, LLC	10% Owner	2024-08-01	S	(656,191)	$14.80	-$9,711,627
2024-08-02	First City Investment Group, LLC	10% Owner	2024-07-31	P	5,000	$14.94	$74,710
2024-07-29	MARKMAN ADAM SCOTT	Director	2024-07-25	J	140	$14.80	$2,077
2024-07-26	Halfacre Aaron Scott	Director, Officer (CEO and President)	2024-07-25	J	706	$14.44	$10,199
2024-07-26	NOLAN THOMAS H JR	Director	2024-07-25	J	149	$14.39	$2,152
2024-07-26	SMITH KIMBERLY J	Director	2024-07-25	J	63	$14.39	$914
2024-07-01	NOLAN THOMAS H JR	Director	2024-06-28	A	1,060	$14.14	$15,000
2024-07-01	McWilliams Curtis B	Director	2024-06-28	A	1,060	$14.14	$15,000
2024-07-01	Tirondola Connie	Director	2024-06-28	A	707	$14.14	$10,000
2024-07-01	SMITH KIMBERLY J	Director	2024-06-28	A	884	$14.14	$12,500
2024-07-01	MARKMAN ADAM SCOTT	Director	2024-06-28	A	1,060	$14.14	$15,000