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Innovative Industrial Properties IIPR · USD

Real Estate · US listing · 🇺🇸 United States

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55.54

+1.29%

Close of 9 Nov 2026, in USD

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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.

At a glance

Figures in USD, from our data supplier.

FY2025

Revenue

$266.0m

FY2016FY2025

Net income

$114.4m

FY2016FY2025

Free cash flow

$174.8m

FY2016FY2025

Shareholders' equity

$1.85bn

FY2016FY2025

Income statement

Fiscal years

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue$266.0m$308.5m$309.5m$276.4m$204.6m$116.9m$44.7m$14.8m$6.4m$321,000
Gross profit$235.8m$280.0m$284.6m$265.8m$200.1m$111.9m$43.4m$14.3m$6.3m$234,000
Research and development——$1$1$1$1$1$0$0$14
Operating income$124.1m$168.3m$174.6m$169.6m$135.4m$69.7m$24.9m$5.3m−$223,000−$4.4m
Net income$114.4m$161.7m$165.6m$154.4m$114.0m$65.7m$23.5m$7.0m−$72,000−$4.4m
Diluted earnings per share4.045.665.865.484.342.621.950.73-0.01-1.31

Balance sheet

At each fiscal year end

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Total assets$2.37bn$2.38bn$2.39bn$2.41bn$2.08bn$1.77bn$745.9m$281.5m$80.0m$63.3m
Cash and short-term investments$47.6m$146.2m$140.2m$87.1m$81.1m$126.0m$82.2m$13.1m$11.8m$33.0m
Total liabilities$522.9m$442.0m$438.1m$452.9m$472.9m$243.1m$197.8m$17.2m$6.5m$2.9m
Debt$712.4m$297.9m$300.9m$301.5m$326.1m$136.7m$134.7m———
Shareholders' equity$1.85bn$1.94bn$1.95bn$1.96bn$1.61bn$1.52bn$548.0m$264.3m$73.5m$60.4m
Shares outstanding28m29m28m28m26m25m12m10m6m3m

Cash flow

Fiscal years

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash from operations$198.2m$258.4m$255.5m$234.1m$188.7m$110.8m$44.9m$15.7m$5.0m$1.7m
Capital spending−$23.4m−$81.8m−$150.1m−$524.0m−$662.1m−$529.8m−$343.9m−$22.3m−$5.9m−$30.0m
Free cash flow$174.8m$176.7m$105.5m−$289.8m−$473.4m−$419.0m−$299.0m−$6.6m−$896,000−$28.3m
Dividends paid−$219.5m−$213.5m−$204.1m−$183.9m−$132.3m−$76.8m−$23.9m−$8.0m−$1.1m−$1.1m

Latest quarters

By quarter end

Jun 2026Mar 2026Dec 2025Sept 2025Jun 2025Mar 2025Dec 2024Sept 2024
Revenue$63.3m$69.0m$66.7m$64.7m$62.9m$71.7m$76.7m$76.5m
Gross profit$63.3m$24.3m$21.6m$56.7m$56.0m$64.3m$69.1m$69.2m
Operating income$43.9m$32.6m$32.2m$29.4m$28.9m$34.0m$42.0m$42.0m
Net income$43.9m$32.8m$31.8m$29.3m$26.0m$31.1m$40.0m$40.2m
Diluted earnings per share1.461.091.121.040.921.101.401.41
Cash from operations$44.0m$56.0m$49.0m$45.0m$48.0m$54.0m$57.0m$64.0m
Capital spending−$2.0m−$2.0m−$31.0m−$28.0m−$7.0m−$16.0m−$17.0m−$36.0m
Free cash flow$42.0m$54.0m$18.0m$17.0m$41.0m$38.0m$40.0m$28.0m
Total assets$2.58bn$2.39bn$2.37bn$2.34bn$2.31bn$2.35bn$2.38bn$2.40bn
Cash and short-term investments$204.7m$89.1m$47.6m$36.7m$99.7m$128.0m$146.2m$147.1m
Debt$609.0m$657.2m$712.4m$390.2m$289.9m$289.5m$297.9m$297.5m
Shareholders' equity$1.85bn$1.89bn$1.85bn$1.86bn$1.88bn$1.92bn$1.94bn$1.95bn

Financial ratios

Data as of 4 Nov 2026

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Gross margin88.7%90.8%92.0%96.2%97.8%95.8%——
Operating margin50.6%57.7%58.7%62.0%63.7%61.8%——
Net margin43.0%52.4%53.5%55.9%55.7%56.2%——
Return on equity6.2%8.3%8.5%7.9%7.1%4.3%——
Return on assets4.8%6.8%6.9%6.4%5.5%3.7%——
Free cash flow yield14.2%21.7%26.1%48.9%58.9%46.4%——
Revenue growth-13.8%-0.3%12.0%35.1%75.0%161.7%——
Earnings growth-29.2%-2.4%7.3%35.4%73.4%180.0%——
Current ratio0.15x1.27x1.24x0.71x0.68x1.20x——
Debt to equity0.33x0.15x0.16x0.31x0.40x0.18x——
Equity ratio77.9%81.4%81.7%81.2%77.3%86.3%——
Interest coverage6.67x10.94x11.29x9.36x7.21x9.72x——
R&D as a share of sales——0.0%0.0%0.0%0.0%0.0%0.0%
Buybacks as a share of market value0.9%-1.0%-0.4%-7.2%-4.7%-108.2%——

Growth per year

Compound annual rate

3 years5 years10 years
Revenue-1.3%17.9%47.0%
Operating income-9.9%12.2%37.9%
Net income-9.5%11.7%36.8%

Average margins

Over each period

1 year3 years5 years10 years
Gross margin89.8%91.9%93.0%93.2%
Operating margin50.9%54.9%56.8%56.2%
Net margin48.1%51.4%52.4%51.9%

Valuation history

At each fiscal year end

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Price to earnings11.711.817.218.560.669.938.961.8-2640.3-13.9
Price to sales5.06.29.210.333.839.320.529.229.6189.8

Market value over time

30 Dec 2016 to 3 Nov 2026, in USD

$60.9m$1.54bn

Share price return

Finished calendar years

2025202420232022202120202019201820172016
Return-43%-2%-6%-55%23%172%45%96%41%-8%

Dividends and splits

Per share, in the currency the company pays

Paid for 9 years. Last went ex-dividend on 30 Sept 2026.

FY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Paid in the year5.707.607.527.227.105.724.472.83

Sources and methodology

Data on this tab
Our data supplier
Chart on the Overview
TradingView

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