MeritValue

MODIV INDUSTRIAL, INC.

MDVdata completeness 88%10 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

MODIV INDUSTRIAL, INC. earns about -1% on equity, but has diluted owners by 55% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$37.9M1$46.2M1$47.2M2$46.8M3$46.4M3
Net income−$435,5054−$3.29M5−$6.61M6$6.02M7$1.07M7
Operating cash flow$9.73M8$16.6M9$16.6M10$18.2M11$15M11
Capital expenditure—————
Free cash flow (derived)—————
Total debt$160.2M12$195.5M13$279.5M14$279.8M14$261.5M15
Cash & equivalents$56M16$8.61M17$3.13M18$11.5M19$14.4M19
Diluted shares7.5M7.5M9.1M11.2M11.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$139.38
your share of equity
Profit it earned you last year
$0.91
Free cash flow it threw off
—
Debt you’d be carrying
$223.93

10 shares is a claim on $139.38 of net worth that earned you $0.91 last year, against $223.93 of debt.

iii. Is this a good business?
Moat signal · return on equity
-1% avg · 5y
FY21 -0%FY22 -2%FY23 -5%FY24 3%FY25 1%

It earned an average -1% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+55% shares · 5y

Share count is up 55% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 63% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001645873-23-000046 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001645873-25-000027 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001645873-26-000040 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001645873-23-000046 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001645873-24-000030 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001645873-25-000027 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001645873-26-000040 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001645873-23-000046 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001645873-24-000030 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001645873-25-000027 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001645873-26-000040 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001645873-22-000045 (LongTermDebt)
  13. 10-K · period ending 2022-12-31 · accession 0001645873-24-000030 (LongTermDebt)
  14. 10-K · period ending 2023-12-31 · accession 0001645873-25-000027 (LongTermDebt)
  15. 10-K · period ending 2025-12-31 · accession 0001645873-26-000040 (LongTermDebt)
  16. 10-K · period ending 2021-12-31 · accession 0001645873-23-000046 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001645873-24-000030 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001645873-25-000027 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001645873-26-000040 (CashAndCashEquivalentsAtCarryingValue)