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Side-by-side financial comparison of MODIV INDUSTRIAL, INC. (MDV) and TriSalus Life Sciences, Inc. (TLSI). Click either name above to swap in a different company.
TriSalus Life Sciences, Inc. is the larger business by last-quarter revenue ($13.2M vs $11.1M, roughly 1.2× MODIV INDUSTRIAL, INC.). MODIV INDUSTRIAL, INC. runs the higher net margin — 11.0% vs -73.9%, a 84.8% gap on every dollar of revenue. On growth, TriSalus Life Sciences, Inc. posted the faster year-over-year revenue change (59.8% vs -5.6%). Over the past eight quarters, TriSalus Life Sciences, Inc.'s revenue compounded faster (43.0% 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.
TriSalus Life Sciences, Inc. is a clinical-stage biotechnology company focused on advancing immuno-oncology and interventional oncology solutions. It develops proprietary targeted drug delivery technologies designed to improve treatment efficacy for patients with liver, pancreatic and other hard-to-treat solid tumors, primarily operating in North American markets via partnerships with clinical care and research institutions.
MDV vs TLSI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $11.1M | $13.2M |
| Net Profit | $1.2M | $-9.8M |
| Gross Margin | — | 86.7% |
| Operating Margin | 45.8% | -24.8% |
| Net Margin | 11.0% | -73.9% |
| Revenue YoY | -5.6% | 59.8% |
| Net Profit YoY | -22.0% | 3.5% |
| EPS (diluted) | $0.02 | $-0.22 |
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 | $13.2M | ||
| Q3 25 | $11.7M | $11.6M | ||
| Q2 25 | $11.8M | $11.2M | ||
| Q1 25 | $11.8M | $9.2M | ||
| Q4 24 | $11.7M | $8.3M | ||
| Q3 24 | $11.7M | $7.3M | ||
| Q2 24 | $11.4M | $7.4M | ||
| Q1 24 | $12.0M | $6.5M |
| Q4 25 | $1.2M | $-9.8M | ||
| Q3 25 | $1.0M | $-10.8M | ||
| Q2 25 | $-2.0M | $-8.3M | ||
| Q1 25 | $829.0K | $-10.4M | ||
| Q4 24 | $1.6M | $-10.1M | ||
| Q3 24 | $-587.0K | $-2.4M | ||
| Q2 24 | $1.3M | $-4.3M | ||
| Q1 24 | $3.7M | $-13.2M |
| Q4 25 | — | 86.7% | ||
| Q3 25 | — | 83.5% | ||
| Q2 25 | — | 83.9% | ||
| Q1 25 | — | 83.7% | ||
| Q4 24 | — | 85.3% | ||
| Q3 24 | — | 86.3% | ||
| Q2 24 | — | 87.6% | ||
| Q1 24 | — | 85.0% |
| Q4 25 | 45.8% | -24.8% | ||
| Q3 25 | 41.4% | -77.9% | ||
| Q2 25 | 9.8% | -65.4% | ||
| Q1 25 | 40.2% | -79.9% | ||
| Q4 24 | 45.4% | -91.8% | ||
| Q3 24 | 42.0% | -118.9% | ||
| Q2 24 | 44.6% | -111.0% | ||
| Q1 24 | 55.6% | -180.8% |
| Q4 25 | 11.0% | -73.9% | ||
| Q3 25 | 9.0% | -93.5% | ||
| Q2 25 | -17.1% | -73.9% | ||
| Q1 25 | 7.0% | -113.2% | ||
| Q4 24 | 13.3% | -122.4% | ||
| Q3 24 | -5.0% | -32.6% | ||
| Q2 24 | 11.6% | -58.8% | ||
| Q1 24 | 31.1% | -204.5% |
| Q4 25 | $0.02 | $-0.22 | ||
| Q3 25 | $0.00 | $-0.96 | ||
| Q2 25 | $-0.32 | $-0.27 | ||
| Q1 25 | $-0.01 | $-0.39 | ||
| Q4 24 | $0.07 | $-0.38 | ||
| Q3 24 | $-0.18 | $-0.12 | ||
| Q2 24 | $0.03 | $-0.21 | ||
| Q1 24 | $0.33 | $-0.60 |
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 | $20.4M |
| Total DebtLower is stronger | $261.5M | — |
| Stockholders' EquityBook value | $162.7M | $-33.9M |
| Total Assets | $476.5M | $35.3M |
| Debt / EquityLower = less leverage | 1.61× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $14.4M | $20.4M | ||
| Q3 25 | $8.3M | $22.7M | ||
| Q2 25 | $5.8M | $26.5M | ||
| Q1 25 | $6.2M | $13.0M | ||
| Q4 24 | $11.5M | $8.5M | ||
| Q3 24 | $6.8M | $11.3M | ||
| Q2 24 | $18.9M | $16.5M | ||
| Q1 24 | $18.4M | $4.0M |
| Q4 25 | $261.5M | — | ||
| Q3 25 | $279.7M | — | ||
| Q2 25 | $279.7M | — | ||
| Q1 25 | $279.7M | — | ||
| Q4 24 | $279.8M | — | ||
| Q3 24 | $279.7M | — | ||
| Q2 24 | $279.7M | — | ||
| Q1 24 | $279.6M | — |
| Q4 25 | $162.7M | $-33.9M | ||
| Q3 25 | $164.8M | $-26.7M | ||
| Q2 25 | $165.6M | $-19.4M | ||
| Q1 25 | $171.1M | $-34.4M | ||
| Q4 24 | $190.1M | $-25.9M | ||
| Q3 24 | $186.3M | $-20.4M | ||
| Q2 24 | $187.0M | $-25.3M | ||
| Q1 24 | $188.0M | $-36.0M |
| Q4 25 | $476.5M | $35.3M | ||
| Q3 25 | $499.6M | $36.5M | ||
| Q2 25 | $498.9M | $41.3M | ||
| Q1 25 | $506.8M | $28.6M | ||
| Q4 24 | $507.8M | $24.0M | ||
| Q3 24 | $507.4M | $27.5M | ||
| Q2 24 | $519.5M | $32.4M | ||
| Q1 24 | $522.5M | $17.9M |
| Q4 25 | 1.61× | — | ||
| Q3 25 | 1.70× | — | ||
| Q2 25 | 1.69× | — | ||
| Q1 25 | 1.63× | — | ||
| Q4 24 | 1.47× | — | ||
| Q3 24 | 1.50× | — | ||
| 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 | $-2.5M |
| Free Cash FlowOCF − Capex | — | $-2.5M |
| FCF MarginFCF / Revenue | — | -19.1% |
| Capex IntensityCapex / Revenue | — | 0.3% |
| Cash ConversionOCF / Net Profit | 12.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-19.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $15.0M | $-2.5M | ||
| Q3 25 | $4.1M | $-3.7M | ||
| Q2 25 | $3.9M | $-7.3M | ||
| Q1 25 | $3.0M | $-4.5M | ||
| Q4 24 | $18.2M | $-5.7M | ||
| Q3 24 | $5.1M | $-10.8M | ||
| Q2 24 | $4.7M | $-13.4M | ||
| Q1 24 | $3.0M | $-10.9M |
| Q4 25 | — | $-2.5M | ||
| Q3 25 | — | $-3.9M | ||
| Q2 25 | — | $-7.4M | ||
| Q1 25 | — | $-5.3M | ||
| Q4 24 | — | $-5.8M | ||
| Q3 24 | — | $-11.0M | ||
| Q2 24 | — | $-13.5M | ||
| Q1 24 | — | $-10.9M |
| Q4 25 | — | -19.1% | ||
| Q3 25 | — | -33.9% | ||
| Q2 25 | — | -66.1% | ||
| Q1 25 | — | -57.3% | ||
| Q4 24 | — | -69.7% | ||
| Q3 24 | — | -149.9% | ||
| Q2 24 | — | -183.1% | ||
| Q1 24 | — | -169.3% |
| Q4 25 | — | 0.3% | ||
| Q3 25 | — | 1.9% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | — | 0.8% | ||
| Q1 24 | — | 1.0% |
| Q4 25 | 12.34× | — | ||
| Q3 25 | 3.95× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 3.68× | — | ||
| Q4 24 | 11.72× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 3.55× | — | ||
| Q1 24 | 0.80× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
