Saturday 17 October 2026
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Innovative Industrial Properties, Inc.
IIPR Real Estate Reit Industrial
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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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
4 | 6 | 6 | 6 | 6 | 7 | 6 | 6 | — | — |
P/E ratio |
11.90 | 11.94 | 17.39 | 17.64 | 55.94 | 56.70 | 37.94 | 61.34 | 0.00 | 0.00 |
P/S ratio |
4.99 | 6.10 | 9.15 | 9.72 | 30.72 | 30.46 | 17.91 | 21.91 | 19.22 | 0.00 |
P/FCF ratio |
6.62 | 6.46 | 18.99 | 21.04 | 118.77 | 0.00 | 0.00 | 0.00 | 24.61 | 0.00 |
P/Operating CF |
26.58 | 32.54 | 42.84 | 48.53 | 131.50 | 104.01 | 40.31 | 52.76 | 35.07 | 0.00 |
P/B ratio |
0.74 | 0.98 | 1.46 | 1.38 | 3.93 | 2.36 | 1.50 | 1.29 | 2.07 | 18,999.20 |
Price to Tangible BV |
0.74 | 0.99 | 1.47 | 1.39 | 3.96 | 2.36 | 1.50 | 1.29 | 2.07 | 18,999.20 |
EV/Sales |
6.29 | 6.57 | 9.60 | 9.77 | 30.33 | 25.25 | 16.41 | 12.89 | 17.39 | 0.00 |
EV/EBITDA |
8.35 | 8.44 | 12.38 | 11.74 | 34.53 | 30.43 | 23.29 | 27.17 | 161.37 | 0.00 |
EV/Operating CF |
8.44 | 7.85 | 11.62 | 11.53 | 32.87 | 26.64 | 16.31 | 12.14 | 22.27 | 0.00 |
EV/FCF |
8.34 | 6.97 | 19.92 | 21.14 | 117.26 | (117.98) | (8.06) | (15.24) | 22.27 | 0.00 |
Quick Ratio |
4.38 | 14.32 | 14.22 | 27.14 | 52.60 | 160.59 | 59.07 | 67.83 | 11.07 | 471.47 |
Current Ratio |
4.38 | 14.32 | 14.22 | 27.14 | 52.60 | 160.59 | 59.07 | 67.83 | 11.07 | 471.47 |
Net Debt/EBITDA |
1.73 | 0.61 | 0.58 | 0.06 | (0.44) | (6.27) | (2.13) | (19.04) | (16.99) | 7.47 |
Debt/Assets |
16.58% | 12.53% | 12.58% | 12.49% | 15.64% | 7.73% | 18.05% | 0.00% | 0.00% | 0.00% |
Debt/Equity |
0.21 | 0.15 | 0.15 | 0.15 | 0.20 | 0.09 | 0.25 | 0.00 | 0.00 | 0.00 |
Asset Turnover |
0.11 | 0.13 | 0.13 | 0.12 | 0.11 | 0.09 | 0.09 | 0.08 | 0.09 | 0.01 |
Operating CF/Net income |
1.73 | 1.62 | 1.56 | 1.53 | 1.68 | 1.72 | 2.03 | 2.79 | (12.70) | (0.39) |
Capex/Depreciation |
0.03 | 0.13 | 0.00 | 0.39 | 0.00 | 0.00 | 0.00 | (13.32) | (6.46) | 0.00 |
Interest Coverage |
6.15 | 9.53 | 10.00 | 9.27 | 7.48 | 9.38 | 3.95 | — | — | (82.33) |
| 6.16% | 8.30% | 8.45% | 8.63% | 7.25% | 6.30% | 5.64% | 3.64% | (0.66%) | (7.29%) | |
| 4.82% | 6.70% | 6.83% | 6.80% | 5.85% | 5.12% | 4.31% | 3.12% | (0.55%) | (13.87%) | |
ROIC |
3.54% | 5.05% | 5.22% | 5.37% | 5.52% | 4.76% | 3.24% | 2.55% | (0.23%) | (10.13%) |
Return on Tangible Assets |
5.32% | 6.92% | 7.09% | 6.53% | 5.53% | 3.66% | 3.14% | 2.02% | (0.50%) | (6.97%) |
Average Days of Receivables |
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 |
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 |
12.68% | 12.14% | 13.84% | 13.94% | 11.23% | 12.13% | 21.98% | 43.11% | 85.62% | 310.11% |
Intangible Assets out of Total Assets |
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 |
3.81% | 5.61% | 6.33% | 6.33% | 4.21% | 2.85% | 5.59% | 9.91% | 26.78% | 21.72% |
Graham Net Nets |
(0.36) | (0.15) | (0.10) | (0.06) | (0.01) | 0.14 | 0.01 | 0.36 | 0.04 | (0.04) |
Graham Number |
75.87 | 92.23 | 95.26 | 94.48 | 84.07 | 75.15 | 47.73 | 24.16 | 0.00 | 0.00 |
Earnings Yield |
8.40% | 8.37% | 5.75% | 5.67% | 1.79% | 1.76% | 2.64% | 1.63% | (0.38%) | (24.39%) |
Free Cash Flow Yield |
15.11% | 15.47% | 5.27% | 4.75% | 0.84% | (0.70%) | (11.36%) | (3.86%) | 4.06% | 0.00% |
Revenue per Share |
9.50 | 10.93 | 11.06 | 10.11 | 8.56 | 6.01 | 4.24 | 2.07 | 1.90 | 0.28 |
Operating CF per Share |
7.08 | 9.16 | 9.13 | 8.56 | 7.90 | 5.70 | 4.26 | 2.20 | 1.49 | 1.76 |
Capex per Share |
0.08 | 0.32 | 0.00 | 0.86 | 0.00 | 0.00 | 0.00 | (3.12) | (1.75) | 0.00 |
Free Cash Flow per Share |
7.16 | 9.48 | 9.13 | 9.42 | 7.90 | 5.70 | 4.26 | (0.92) | (0.27) | 1.76 |
Cash per Share |
1.70 | 5.36 | 5.80 | 10.53 | 16.98 | 38.33 | 19.14 | 18.70 | 3.48 | 34.27 |
Shareholders Equity per Share |
65.99 | 68.59 | 69.80 | 71.75 | 67.43 | 78.43 | 51.96 | 37.02 | 21.79 | 62.76 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
65.99 | 68.59 | 69.80 | 71.75 | 67.43 | 78.43 | 51.96 | 37.02 | 21.79 | 62.76 |
Free Cash Flow |
200.43 | 267.55 | 255.54 | 257.63 | 188.75 | 110.81 | 44.93 | (6.60) | (0.90) | 1.69 |
Working Capital |
36.73 | 140.68 | 150.79 | 277.44 | 398.27 | 740.64 | 198.42 | 131.53 | 10.70 | 32.93 |
Capital Expenditures |
2.24 | 9.10 | — | 23.50 | (374.54) | (289.52) | (84.68) | (22.29) | (5.91) | — |
Net Current Asset Value |
(475.26) | (290.74) | (275.92) | (164.89) | (66.92) | 502.17 | 3.99 | 116.32 | 5.28 | 30.12 |
EV/EBIT |
13.47 | 12.04 | 17.01 | 15.92 | 45.83 | 42.33 | 29.39 | 35.70 | 0.00 | 0.00 |
Capex to Sales |
(0.01) | (0.03) | 0.00 | (0.08) | 0.00 | 0.00 | 0.00 | 1.51 | 0.92 | 0.00 |
Price to Operating Income |
10.69 | 11.17 | 16.22 | 15.84 | 46.42 | 51.06 | 32.09 | 60.70 | 0.00 | 0.00 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.04 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.01 | 0.01 | 0.01 | 0.00 |
Cash ROIC |
8.76% | 11.22% | 10.58% | 10.10% | 8.05% | 4.60% | 5.08% | (1.66%) | (1.05%) | 1.81% |
Accounts Receivable Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Accounts Payable Turnover |
2.82 | 2.59 | 2.26 | 1.15 | 0.72 | 1.23 | 0.49 | 0.29 | 0.21 | 0.15 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
131.48 | 135.39 | 167.24 | 368.30 | 634.05 | 342.08 | 948.44 | 1,614.20 | 3,285.00 | 293.68 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Payables |
10.72 | 10.98 | 11.01 | 9.17 | 6.18 | 4.03 | 2.69 | 1.52 | 0.57 | 0.57 |
Average Assets |
2,374.45 | 2,384.57 | 2,402.96 | 2,249.72 | 1,926.34 | 1,256.97 | 513.66 | 180.75 | 71.68 | 31.66 |
Average Common Equity |
1,856.33 | 1,925.70 | 1,943.42 | 1,772.79 | 1,554.33 | 1,022.48 | 392.14 | 154.91 | 59.99 | 60.22 |
Columns are period end dates