MDRR Nasdaq Real Estate Investment Trusts Financials FY2018βFY2025
Medalist Diversified, Inc. had $10.4M of revenue in fiscal 2025, up 6.8% on the year before. Over five years, revenue changed +2.3% a year on average.
Last close Β· Oct 23, 2026
$9.46
16.5%Hi! I read Medalist Diversified, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+6.8%
Yes. Sales grew 6.8% last year.
Does it make a profit?
β23.0%
No. It lost money last year.
Is debt under control?
12.5x
Heavy. Repaying its debt would take 12.5 years of operating profit.
How is the share priced?
2.5x
One share costs 2.5 times its yearly profit per share.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Medalist Diversified, Inc. had $10.4M of revenue in fiscal 2025, up 6.8% on the year before. Over five years, revenue changed +2.3% a year on average. Its operating margin was 5.3%, down 33.1Β pts: of every 100 in sales, about 5 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Medalist Diversified, Inc. lost $2.4M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Medalist Diversified, Inc. returned $0.1M to shareholders in fiscal 2025. The diluted share count rose 11.1%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $2.2M and sold $1.8M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$2.2M
2 insiders
Sold, 12 months
$1.8M
2 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 9, 2026 | Charles Brent Winn Jr.Chief Financial Officer | Bought | 49 | $12.00 | $0.0M | Form 4 |
| Sep 8, 2026 | Charles Brent Winn Jr.Chief Financial Officer | Bought | 270 | $12.00 | $0.0M | Form 4 |
| Sep 4, 2026 | Charles Brent Winn Jr.Chief Financial Officer | Bought | 8 | $12.00 | $0.0M | Form 4 |
| Sep 3, 2026 | Charles Brent Winn Jr.Chief Financial Officer | Bought | 2 | $12.00 | $0.0M | Form 4 |
| Sep 2, 2026 | Charles Brent Winn Jr.Chief Financial Officer | Bought | 2 | $12.00 | $0.0M | Form 4 |
| Aug 31, 2026 | Charles Brent Winn Jr.Chief Financial Officer | Bought | 10 | $12.00 | $0.0M | Form 4 |
| Aug 28, 2026 | Charles Brent Winn Jr.Chief Financial Officer | Bought | 3 | $12.00 | $0.0M | Form 4 |
| Aug 27, 2026 | Charles Brent Winn Jr.Chief Financial Officer | Bought | 250 | $12.00 | $0.0M | Form 4 |
| Aug 26, 2026 | Charles Brent Winn Jr.Chief Financial Officer | Bought | 6 | $11.50 | $0.0M | Form 4 |
| Aug 20, 2026 | Charles Brent Winn Jr.Chief Financial Officer | Bought | 3 | $11.50 | $0.0M | Form 4 |
| Aug 19, 2026 | Charles Brent Winn Jr.Chief Financial Officer | Bought | 72 | $11.50 | $0.0M | Form 4 |
| May 22, 2026 | Charles Brent Winn Jr.Chief Financial Officer | Bought | 1,640 | $10.42 | $0.0M | Form 4 |
| May 21, 2026 | Charles Brent Winn Jr.Chief Financial Officer | Bought | 34 | $11.25 | $0.0M | Form 4 |
| May 20, 2026 | Charles Brent Winn Jr.Chief Financial Officer | Bought | 40 | $11.25 | $0.0M | Form 4 |
| May 19, 2026 | Charles Brent Winn Jr.Chief Financial Officer | Bought | 461 | $11.25 | $0.0M | Form 4 |
| May 18, 2026 | Charles Brent Winn Jr.Chief Financial Officer | Bought | 20 | $11.25 | $0.0M | Form 4 |
| Mar 13, 2026 | Frank KavanaughChairman, CEO & President, Director, 10% owner | Bought | 40,000 | $15.00 | $0.6M | Form 4 |
| Mar 6, 2026 | Charles Brent Winn Jr.Chief Financial Officer | Bought | 337 | $11.40 | $0.0M | Form 4 |
| Mar 5, 2026 | Charles Brent Winn Jr.Chief Financial Officer | Bought | 851 | $11.48 | $0.0M | Form 4 |
| Dec 12, 2025 | Frank KavanaughChairman, CEO & President, Director, 10% owner | Bought | 2,582 | $12.99 | $0.0M | Form 4 |
| Dec 10, 2025 | Susan Finley10% owner | Sold | 100,000 | $15.00 | $1.5M | Form 4 |
| Dec 10, 2025 | Frank KavanaughChairman, CEO & President, Director, 10% owner | Bought | 70,000 | $14.71 | $1.0M | Form 4 |
| Dec 10, 2025 | Charles Brent Winn Jr.Chief Financial Officer | Bought | 400 | $12.66 | $0.0M | Form 4 |
| Dec 8, 2025 | Frank KavanaughChairman, CEO & President, Director, 10% owner | Bought | 958 | $13.50 | $0.0M | Form 4 |
| Dec 5, 2025 | Frank KavanaughChairman, CEO & President, Director, 10% owner | Bought | 7,063 | $14.03 | $0.1M | Form 4 |
| Dec 4, 2025 | Charles Brent Winn Jr.Chief Financial Officer | Bought | 140 | $13.50 | $0.0M | Form 4 |
| Dec 3, 2025 | Charles Brent Winn Jr.Chief Financial Officer | Bought | 112 | $13.33 | $0.0M | Form 4 |
| Dec 2, 2025 | Charles Brent Winn Jr.Chief Financial Officer | Bought | 59 | $13.35 | $0.0M | Form 4 |
| Nov 14, 2025 | Frank KavanaughChairman, CEO & President, Director, 10% owner | Bought | 20,000 | $13.50 | $0.3M | Form 4 |
| Nov 14, 2025 | Marc CarlsonDirector | Sold | 20,000 | $13.50 | $0.3M | Form 4 |
| Nov 13, 2025 | Frank KavanaughChairman, CEO & President, Director, 10% owner | Bought | 5,953 | $13.28 | $0.1M | Form 4 |
| Nov 12, 2025 | Frank KavanaughChairman, CEO & President, Director, 10% owner | Bought | 6 | $13.50 | $0.0M | Form 4 |
| Sep 5, 2025 | Charles Brent Winn Jr.Chief Financial Officer | Bought | 117 | $13.50 | $0.0M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Medalist Diversified, Inc. owes $48.7M more than it holds in cash, about 12.5 years of operating profit.
Cash, debt and the ratios that show how comfortably Medalist Diversified, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $4.4M | $3.9M | $2.2M | $4.8M | $2.6M |
| Debt incl. finance leases | $62.1M | β | $61.4M | β | $51.4M |
| Net debt / EBITDA | 13.4x | β | 16.5x | β | 12.5x |
| Debt / equity | 2.9x | β | 5.0x | β | 5.4x |
| Interest coverage | 0.1x | β0.4x | β0.3x | 1.2x | 0.2x |
| Total assets | $92.5M | $87.9M | $82.7M | $75.1M | $77.7M |
| Total liabilities | $69.5M | $69.2M | $69.0M | $54.1M | $53.6M |
| Shareholders' equity | $21.5M | $17.3M | $12.3M | $15.0M | $9.4M |
| Net debt (β = net cash) | $57.8M | β | $59.1M | β | $48.7M |
KIRA Β· Its return on capital was 0.7%: every 100 invested in the business earned about 1 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 3 / 8 | 2 / 8 | 5 / 7 | β / 6 | β / 6 | β / 6 | β / 6 |
| Accruals ratio | β4.4% | β5.6% | β8.0% | β6.0% | β6.6% | β5.5% | β2.2% | β5.1% |
| Altman Z'' | β | β | β | β | β | β | β | β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $6.6M | $8.3M | $9.3M | $11.5M | $11.1M | $10.3M | $9.7M | $10.4M |
| Gross profit | $6.2M | $7.8M | $8.7M | β | β | β | β | β |
| Operating income | β$1.1M | β$1.2M | β$5.7M | $0.8M | β$1.4M | β$1.0M | $3.7M | $0.5M |
| Interest expense | $1.9M | $2.5M | $4.0M | $5.5M | $3.6M | $3.5M | $3.0M | $2.6M |
| Pretax income | β$2.9M | β$3.8M | β$9.7M | β$4.7M | β$5.0M | β$4.5M | $0.7M | β$2.1M |
| Income tax | $0.1M | $0.0M | β | $0.0M | β | β | $0.0M | $0.0M |
| Net income | β$2.7M | β$3.0M | β$8.2M | β$4.4M | β$4.8M | β$4.6M | $0.0M | β$2.4M |
| Diluted EPS | β$1.39 | β$0.82 | β$1.74 | β$0.33 | β$2.23 | β$4.12 | $0.03 | β$1.90 |
| Diluted shares | 0.00B | 0.00B | 0.00B | 0.01B | 0.00B | 0.00B | 0.00B | 0.00B |
| Cash flow | ||||||||
| Cash from operations | β$0.4M | $0.8M | β$1.7M | $0.8M | $1.2M | $0.1M | $1.8M | $1.5M |
| Depreciation and amortization | $2.0M | $2.8M | $4.0M | $3.5M | $4.7M | $4.6M | $3.9M | $3.3M |
| Stock-based compensation | $0.8M | $0.1M | $0.6M | $0.2M | $0.5M | β | $0.3M | $0.4M |
| Share buybacks | β | β | β | β | $0.3M | β | $0.0M | $0.1M |
| Dividends paid | $1.2M | $2.4M | $0.9M | $1.2M | $1.3M | $0.4M | β | β |
| Dividends and buybacks | $1.2M | $2.4M | $0.9M | $1.2M | $1.6M | $0.4M | $0.0M | $0.1M |
| Balance sheet | ||||||||
| Cash and short-term investments | $1.3M | $0.6M | $2.9M | $4.4M | $3.9M | $2.2M | $4.8M | $2.6M |
| Total debt | $33.2M | $59.5M | $61.2M | $62.1M | β | $61.4M | β | $51.4M |
| Intangible assets | $2.6M | $4.5M | $3.3M | $4.2M | $3.7M | $2.7M | $2.2M | $1.3M |
| Total assets | $53.1M | $83.2M | $79.3M | $92.5M | $87.9M | $82.7M | $75.1M | $77.7M |
| Total liabilities | $34.5M | $62.4M | $67.6M | $69.5M | $69.2M | $69.0M | $54.1M | $53.6M |
| Shareholders' equity | $15.0M | $18.2M | $10.9M | $21.5M | $17.3M | $12.3M | $15.0M | $9.4M |
| Margins | ||||||||
| Gross margin | 94.8% | 94.1% | 93.5% | β | β | β | β | β |
| Operating margin | β16.2% | β15.1% | β61.9% | 7.1% | β12.7% | β9.7% | 38.3% | 5.3% |
| EBITDA margin | 14.8% | 18.4% | β19.0% | 37.7% | 29.7% | 34.8% | 78.6% | 37.5% |
| Net margin | β41.6% | β36.4% | β88.2% | β38.0% | β43.0% | β44.5% | 0.3% | β23.0% |
| Returns | ||||||||
| Return on capital | β1.8% | β1.3% | β6.6% | 0.8% | β | β1.1% | β | 0.7% |
| Return on equity | β18.2% | β18.1% | β56.3% | β27.0% | β24.6% | β30.9% | 0.2% | β19.5% |
| Return on assets | β5.2% | β4.4% | β10.1% | β5.1% | β5.3% | β5.4% | 0.0% | β3.1% |
| Return on tangible equity | β22.0% | β21.9% | β107.6% | β25.3% | β35.3% | β47.6% | 0.2% | β29.2% |
| Growth | ||||||||
| Revenue growth | β | 25.6% | 12.1% | 23.7% | β3.3% | β7.4% | β5.2% | 6.8% |
| Net income growth | β | β | β | β | β | β | β | β8,786.5% |
| EPS growth | β | β | β | β | β | β | β | β6,433.3% |
| Share count change | β | 81.9% | 23.7% | 178.0% | β83.7% | β48.2% | 2.1% | 11.1% |
| Financial health | ||||||||
| Net debt / EBITDA | 32.6x | 38.6x | β | 13.4x | β | 16.5x | β | 12.5x |
| Debt / equity | 2.2x | 3.3x | 5.6x | 2.9x | β | 5.0x | β | 5.4x |
| Interest coverage | β0.6x | β0.5x | β1.4x | 0.1x | β0.4x | β0.3x | 1.2x | 0.2x |
| Capital allocation | ||||||||
| Stock comp / revenue | 12.0% | 0.7% | 6.1% | 1.3% | 4.4% | β | 2.9% | 3.8% |
| Quality scores | ||||||||
| Piotroski F-score | β | 3.0 | 2.0 | 5.0 | β | β | β | β |
| Accruals ratio | β4.4% | β5.6% | β8.0% | β6.0% | β6.6% | β5.5% | β2.2% | β5.1% |
Source: SEC EDGAR XBRL filings (CIK 0001654595). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
