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Side-by-side financial comparison of MODIV INDUSTRIAL, INC. (MDV) and PURE CYCLE CORP (PCYO). Click either name above to swap in a different company.
MODIV INDUSTRIAL, INC. is the larger business by last-quarter revenue ($11.1M vs $9.1M, roughly 1.2× PURE CYCLE CORP). PURE CYCLE CORP runs the higher net margin — 50.0% vs 11.0%, a 39.0% gap on every dollar of revenue. On growth, PURE CYCLE CORP posted the faster year-over-year revenue change (58.8% vs -5.6%). Over the past eight quarters, PURE CYCLE CORP's revenue compounded faster (69.0% CAGR vs -3.8%).
MODIV INDUSTRIAL, INC. is a U.S.-based industrial real estate enterprise focused on acquiring, owning and operating high-quality industrial properties mainly located in key logistics and distribution hubs across North America. It serves tenants from sectors including e-commerce fulfillment, manufacturing and third-party logistics, addressing rising demand for modern supply chain infrastructure.
Pure Cycles, is a bicycle company based in Los Angeles, California that was founded by Michael Fishman, Jordan Schau, Zachary Schau and Austin Stoffers in 2010, as Pure Fix Cycles.
MDV vs PCYO — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $11.1M | $9.1M |
| Net Profit | $1.2M | $4.6M |
| Gross Margin | — | 68.4% |
| Operating Margin | 45.8% | 48.0% |
| Net Margin | 11.0% | 50.0% |
| Revenue YoY | -5.6% | 58.8% |
| Net Profit YoY | -22.0% | 16.0% |
| EPS (diluted) | $0.02 | $0.19 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $11.1M | $9.1M | ||
| Q3 25 | $11.7M | $11.2M | ||
| Q2 25 | $11.8M | $5.1M | ||
| Q1 25 | $11.8M | $4.0M | ||
| Q4 24 | $11.7M | $5.8M | ||
| Q3 24 | $11.7M | $12.6M | ||
| Q2 24 | $11.4M | $7.6M | ||
| Q1 24 | $12.0M | $3.2M |
| Q4 25 | $1.2M | $4.6M | ||
| Q3 25 | $1.0M | $6.1M | ||
| Q2 25 | $-2.0M | $2.3M | ||
| Q1 25 | $829.0K | $809.0K | ||
| Q4 24 | $1.6M | $3.9M | ||
| Q3 24 | $-587.0K | $6.6M | ||
| Q2 24 | $1.3M | $2.8M | ||
| Q1 24 | $3.7M | $118.0K |
| Q4 25 | — | 68.4% | ||
| Q3 25 | — | 67.7% | ||
| Q2 25 | — | 63.4% | ||
| Q1 25 | — | 38.2% | ||
| Q4 24 | — | 63.8% | ||
| Q3 24 | — | 77.8% | ||
| Q2 24 | — | 64.0% | ||
| Q1 24 | — | 55.6% |
| Q4 25 | 45.8% | 48.0% | ||
| Q3 25 | 41.4% | 53.1% | ||
| Q2 25 | 9.8% | 26.0% | ||
| Q1 25 | 40.2% | -33.2% | ||
| Q4 24 | 45.4% | 29.9% | ||
| Q3 24 | 42.0% | 62.0% | ||
| Q2 24 | 44.6% | 40.3% | ||
| Q1 24 | 55.6% | -11.5% |
| Q4 25 | 11.0% | 50.0% | ||
| Q3 25 | 9.0% | 54.5% | ||
| Q2 25 | -17.1% | 43.9% | ||
| Q1 25 | 7.0% | 20.3% | ||
| Q4 24 | 13.3% | 68.4% | ||
| Q3 24 | -5.0% | 52.6% | ||
| Q2 24 | 11.6% | 37.2% | ||
| Q1 24 | 31.1% | 3.7% |
| Q4 25 | $0.02 | $0.19 | ||
| Q3 25 | $0.00 | $0.26 | ||
| Q2 25 | $-0.32 | $0.09 | ||
| Q1 25 | $-0.01 | $0.03 | ||
| Q4 24 | $0.07 | $0.16 | ||
| Q3 24 | $-0.18 | $0.27 | ||
| Q2 24 | $0.03 | $0.12 | ||
| Q1 24 | $0.33 | $0.00 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $14.4M | $17.1M |
| Total DebtLower is stronger | $261.5M | $8.0M |
| Stockholders' EquityBook value | $162.7M | $147.5M |
| Total Assets | $476.5M | $168.1M |
| Debt / EquityLower = less leverage | 1.61× | 0.05× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $14.4M | $17.1M | ||
| Q3 25 | $8.3M | $21.9M | ||
| Q2 25 | $5.8M | $14.4M | ||
| Q1 25 | $6.2M | $16.5M | ||
| Q4 24 | $11.5M | $19.0M | ||
| Q3 24 | $6.8M | $22.1M | ||
| Q2 24 | $18.9M | $20.5M | ||
| Q1 24 | $18.4M | $20.6M |
| Q4 25 | $261.5M | $8.0M | ||
| Q3 25 | $279.7M | $6.8M | ||
| Q2 25 | $279.7M | $6.9M | ||
| Q1 25 | $279.7M | $6.9M | ||
| Q4 24 | $279.8M | $6.9M | ||
| Q3 24 | $279.7M | $6.9M | ||
| Q2 24 | $279.7M | — | ||
| Q1 24 | $279.6M | — |
| Q4 25 | $162.7M | $147.5M | ||
| Q3 25 | $164.8M | $142.7M | ||
| Q2 25 | $165.6M | $136.7M | ||
| Q1 25 | $171.1M | $134.4M | ||
| Q4 24 | $190.1M | $133.6M | ||
| Q3 24 | $186.3M | $129.7M | ||
| Q2 24 | $187.0M | $123.2M | ||
| Q1 24 | $188.0M | $120.4M |
| Q4 25 | $476.5M | $168.1M | ||
| Q3 25 | $499.6M | $162.3M | ||
| Q2 25 | $498.9M | $151.7M | ||
| Q1 25 | $506.8M | $149.7M | ||
| Q4 24 | $507.8M | $149.7M | ||
| Q3 24 | $507.4M | $147.4M | ||
| Q2 24 | $519.5M | $140.4M | ||
| Q1 24 | $522.5M | $135.2M |
| Q4 25 | 1.61× | 0.05× | ||
| Q3 25 | 1.70× | 0.05× | ||
| Q2 25 | 1.69× | 0.05× | ||
| Q1 25 | 1.63× | 0.05× | ||
| Q4 24 | 1.47× | 0.05× | ||
| Q3 24 | 1.50× | 0.05× | ||
| Q2 24 | 1.50× | — | ||
| Q1 24 | 1.49× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $15.0M | $-979.0K |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 12.34× | -0.21× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $15.0M | $-979.0K | ||
| Q3 25 | $4.1M | $9.4M | ||
| Q2 25 | $3.9M | $-503.0K | ||
| Q1 25 | $3.0M | $-1.4M | ||
| Q4 24 | $18.2M | $5.7M | ||
| Q3 24 | $5.1M | $3.1M | ||
| Q2 24 | $4.7M | $892.0K | ||
| Q1 24 | $3.0M | $-457.0K |
| Q4 25 | 12.34× | -0.21× | ||
| Q3 25 | 3.95× | 1.53× | ||
| Q2 25 | — | -0.22× | ||
| Q1 25 | 3.68× | -1.70× | ||
| Q4 24 | 11.72× | 1.44× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | 3.55× | 0.32× | ||
| Q1 24 | 0.80× | -3.87× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MDV
Segment breakdown not available.
PCYO
| Construction | $6.5M | 71% |
| Water And Wastewater Resource Development Segment | $2.5M | 27% |
