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

Fold the line items

Columns are period end dates

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