Saturday 17 October 2026 Export IIPR’s income statement to Excel — free account

Innovative Industrial Properties, Inc.

Innovative Industrial Properties, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $266.0 million, down 13.8% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS grew 59.8%, free cash flow grew 74.3% and total debt rose 110.1%, each against the same quarter a year earlier. Dividend growth for ten consecutive years; insiders bought in the last twelve months.

52.39 0.81 −1.52%

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Market cap: $1.5B
P/E: 11.7×
Fwd P/E: 13.7×
Dividend yield: 14.5%
F-score: 4/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

	Dec '16	Dec '17	Dec '18	Dec '19	Dec '20	Dec '21	Dec '22	Dec '23	Dec '24	Dec '25
Piotroski F-Score Full definition →	—	—	6	6	7	6	6	6	6	4
P/E ratio Full definition →	0.00	0.00	61.34	37.94	56.70	55.94	17.64	17.39	11.94	11.90
P/S ratio Full definition →	0.00	19.22	21.91	17.91	30.46	30.72	9.72	9.15	6.10	4.99
P/FCF ratio Full definition →	0.00	24.61	0.00	0.00	0.00	118.77	21.04	18.99	6.46	6.62
P/Operating CF Full definition →	0.00	35.07	52.76	40.31	104.01	131.50	48.53	42.84	32.54	26.58
P/B ratio Full definition →	18,999.20	2.07	1.29	1.50	2.36	3.93	1.38	1.46	0.98	0.74
Price to Tangible BV Full definition →	18,999.20	2.07	1.29	1.50	2.36	3.96	1.39	1.47	0.99	0.74
EV/Sales Full definition →	0.00	17.39	12.89	16.41	25.25	30.33	9.77	9.60	6.57	6.29
EV/EBITDA Full definition →	0.00	161.37	27.17	23.29	30.43	34.53	11.74	12.38	8.44	8.35
EV/Operating CF Full definition →	0.00	22.27	12.14	16.31	26.64	32.87	11.53	11.62	7.85	8.44
EV/FCF Full definition →	0.00	22.27	(15.24)	(8.06)	(117.98)	117.26	21.14	19.92	6.97	8.34
Quick Ratio Full definition →	471.47	11.07	67.83	59.07	160.59	52.60	27.14	14.22	14.32	4.38
Current Ratio Full definition →	471.47	11.07	67.83	59.07	160.59	52.60	27.14	14.22	14.32	4.38
Net Debt/EBITDA Full definition →	7.47	(16.99)	(19.04)	(2.13)	(6.27)	(0.44)	0.06	0.58	0.61	1.73
Debt/Assets Full definition →	0.00%	0.00%	0.00%	18.05%	7.73%	15.64%	12.49%	12.58%	12.53%	16.58%
Debt/Equity Full definition →	0.00	0.00	0.00	0.25	0.09	0.20	0.15	0.15	0.15	0.21
Asset Turnover Full definition →	0.01	0.09	0.08	0.09	0.09	0.11	0.12	0.13	0.13	0.11
Operating CF/Net income Full definition →	(0.39)	(12.70)	2.79	2.03	1.72	1.68	1.53	1.56	1.62	1.73
Capex/Depreciation Full definition →	0.00	(6.46)	(13.32)	0.00	0.00	0.00	0.39	0.00	0.13	0.03
Interest Coverage Full definition →	(82.33)	—	—	3.95	9.38	7.48	9.27	10.00	9.53	6.15
ROE Full definition →	(7.29%)	(0.66%)	3.64%	5.64%	6.30%	7.25%	8.63%	8.45%	8.30%	6.16%
ROA Full definition →	(13.87%)	(0.55%)	3.12%	4.31%	5.12%	5.85%	6.80%	6.83%	6.70%	4.82%
ROIC Full definition →	(10.13%)	(0.23%)	2.55%	3.24%	4.76%	5.52%	5.37%	5.22%	5.05%	3.54%
Return on Tangible Assets Full definition →	(6.97%)	(0.50%)	2.02%	3.14%	3.66%	5.53%	6.53%	7.09%	6.92%	5.32%
Average Days of Receivables Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Research and Development Expense of Revenue Full definition →	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Selling, General and Administrative Expense of Revenue Full definition →	310.11%	85.62%	43.11%	21.98%	12.13%	11.23%	13.94%	13.84%	12.14%	12.68%
Intangible Assets out of Total Assets Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Based Compensation of Revenue Full definition →	21.72%	26.78%	9.91%	5.59%	2.85%	4.21%	6.33%	6.33%	5.61%	3.81%
Graham Net Nets Full definition →	(0.04)	0.04	0.36	0.01	0.14	(0.01)	(0.06)	(0.10)	(0.15)	(0.36)
Graham Number Full definition →	0.00	0.00	24.16	47.73	75.15	84.07	94.48	95.26	92.23	75.87
Earnings Yield Full definition →	(24.39%)	(0.38%)	1.63%	2.64%	1.76%	1.79%	5.67%	5.75%	8.37%	8.40%
Free Cash Flow Yield Full definition →	0.00%	4.06%	(3.86%)	(11.36%)	(0.70%)	0.84%	4.75%	5.27%	15.47%	15.11%
Revenue per Share Full definition →	0.28	1.90	2.07	4.24	6.01	8.56	10.11	11.06	10.93	9.50
Operating CF per Share Full definition →	1.76	1.49	2.20	4.26	5.70	7.90	8.56	9.13	9.16	7.08
Capex per Share Full definition →	0.00	(1.75)	(3.12)	0.00	0.00	0.00	0.86	0.00	0.32	0.08
Free Cash Flow per Share Full definition →	1.76	(0.27)	(0.92)	4.26	5.70	7.90	9.42	9.13	9.48	7.16
Cash per Share Full definition →	34.27	3.48	18.70	19.14	38.33	16.98	10.53	5.80	5.36	1.70
Shareholders Equity per Share Full definition →	62.76	21.79	37.02	51.96	78.43	67.43	71.75	69.80	68.59	65.99
Interest Debt per Share Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Book value per Share Full definition →	62.76	21.79	37.02	51.96	78.43	67.43	71.75	69.80	68.59	65.99
Free Cash Flow Full definition →	1.69	(0.90)	(6.60)	44.93	110.81	188.75	257.63	255.54	267.55	200.43
Working Capital Full definition →	32.93	10.70	131.53	198.42	740.64	398.27	277.44	150.79	140.68	36.73
Capital Expenditures Full definition →	—	(5.91)	(22.29)	(84.68)	(289.52)	(374.54)	23.50	—	9.10	2.24
Net Current Asset Value Full definition →	30.12	5.28	116.32	3.99	502.17	(66.92)	(164.89)	(275.92)	(290.74)	(475.26)
EV/EBIT Full definition →	0.00	0.00	35.70	29.39	42.33	45.83	15.92	17.01	12.04	13.47
Capex to Sales Full definition →	0.00	0.92	1.51	0.00	0.00	0.00	(0.08)	0.00	(0.03)	(0.01)
Price to Operating Income Full definition →	0.00	0.00	60.70	32.09	51.06	46.42	15.84	16.22	11.17	10.69
Other line items
Depreciation/Fixed assets Full definition →	0.00	0.01	0.01	0.01	0.03	0.03	0.03	0.03	0.03	0.04
Cash ROIC Full definition →	1.81%	(1.05%)	(1.66%)	5.08%	4.60%	8.05%	10.10%	10.58%	11.22%	8.76%
Accounts Receivable Turnover Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover Full definition →	0.15	0.21	0.29	0.49	1.23	0.72	1.15	2.26	2.59	2.82
Inventory Turnover Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Average Days of Payables Full definition →	293.68	3,285.00	1,614.20	948.44	342.08	634.05	368.30	167.24	135.39	131.48
Days of Inventory on Hand Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Average Payables Full definition →	0.57	0.57	1.52	2.69	4.03	6.18	9.17	11.01	10.98	10.72
Average Assets Full definition →	31.66	71.68	180.75	513.66	1,256.97	1,926.34	2,249.72	2,402.96	2,384.57	2,374.45
Average Common Equity Full definition →	60.22	59.99	154.91	392.14	1,022.48	1,554.33	1,772.79	1,943.42	1,925.70	1,856.33

Fold the line items

Columns are period end dates

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