Modiv Industrial, Inc. — Earnings Quality Grade F
MDV · Real Estate
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 40 days (144 → 184)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR outpaced revenue for 2 consecutive years
Revenue -0.8%, CFFO -17.9%. Cash follows revenue
Expense Quality
Inventory -82.6% vs COGS -4.2%. Normal
Insufficient data
SG&A/Gross Profit = 20.3%, excellent (<30%)
Gross margin 92.5%, change +0.3pp. Stable
Cash Flow Quality
CFFO far exceeds NI (ratio 14.0x). Non-cash charges depressing profits
FCF $0.0B, FCF/NI = 14.01
Accruals ratio = -2.9%. Low accruals
Cash $0.0B covers only 5% of debt $0.3B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 1% of equity. Manageable
Debt/EBITDA = 8.0x (>4x). Interest coverage = 1.1x (<2x). Financial stress
Other assets 3.1% vs revenue -0.8%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -6% YoY. Normal
Manipulation Score
M-Score = -2.38 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score — Not Applicable
Modiv Industrial, Inc. is a financial company. Z-Score is designed for non-financial companies.
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25