Comprehensive Stock Comparison
Compare Americold Realty Trust, Inc. (COLD) vs Innovative Industrial Properties, Inc. (IIPR) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
Selected Stocks
Add up to 10 tickers. Use presets or search to get started.
Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | COLD | -2.4% revenue growth vs IIPR's -13.8% |
| Quality / Margins | IIPR | 44.5% net margin vs COLD's -4.4% |
| Stability / Safety | IIPR | Beta 0.77 vs COLD's 0.89, lower leverage |
| Dividends | IIPR | 0.1% yield; COLD pays no meaningful dividend |
| Momentum (1Y) | IIPR | -15.8% vs COLD's -37.6% |
| Efficiency (ROA) | IIPR | 5.0% ROA vs COLD's -1.4%, ROIC 4.3% vs 0.1% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Americold is a real estate investment trust that owns and operates temperature-controlled warehouses — primarily for food products — across North America, Australia, and New Zealand. It generates revenue primarily through rental income from long-term leases with food producers, processors, and retailers, supplemented by value-added services like inventory management. Its competitive advantage lies in its massive scale as the world's largest publicly traded refrigerated warehouse REIT, creating a network effect with strategic locations near key transportation hubs.
Innovative Industrial Properties is a specialized real estate investment trust that acquires and leases properties to state-licensed medical cannabis operators. It generates revenue primarily through long-term triple-net leases — collecting rent and property management fees — with additional income from property sales and development reimbursements. Its competitive advantage lies in being the first and largest publicly-traded REIT focused exclusively on the regulated U.S. cannabis industry, creating a specialized expertise and scale that's difficult to replicate.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
IIPR leads in 4 of 6 categories (Financial Metrics, Profitability & Efficiency). COLD leads in 1 (Analyst Outlook). 1 tied.
Financial Metrics (TTM)
COLD is the larger business by revenue, generating $2.6B annually — 9.8x IIPR's $266M. IIPR is the more profitable business, keeping 44.5% of every revenue dollar as net income compared to COLD's -4.4%. On growth, COLD holds the edge at -1.2% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | COLDAmericold Realty … | IIPRInnovative Indust… |
|---|---|---|
| RevenueTrailing 12 months | $2.6B | $266M |
| EBITDAEarnings before interest/tax | $375M | $198M |
| Net IncomeAfter-tax profit | -$115M | $118M |
| Free Cash FlowCash after capex | -$205M | $198M |
| Gross MarginGross profit ÷ Revenue | +23.9% | +88.7% |
| Operating MarginEBIT ÷ Revenue | +0.3% | +46.7% |
| Net MarginNet income ÷ Revenue | -4.4% | +44.5% |
| FCF MarginFCF ÷ Revenue | -7.9% | +74.5% |
| Rev. Growth (YoY)Latest quarter vs prior year | -1.2% | -13.1% |
| EPS Growth (YoY)Latest quarter vs prior year | -138.5% | -21.3% |
Valuation Metrics
On an enterprise value basis, IIPR's 9.2x EV/EBITDA is more attractive than COLD's 21.8x.
| Metric | COLDAmericold Realty … | IIPRInnovative Indust… |
|---|---|---|
| Market CapShares × price | $3.8B | $1.5B |
| Enterprise ValueMkt cap + debt − cash | $8.2B | $1.8B |
| Trailing P/EPrice ÷ TTM EPS | -33.48x | 13.48x |
| Forward P/EPrice ÷ next-FY EPS est. | — | 11.90x |
| PEG RatioP/E ÷ EPS growth rate | — | 3.60x |
| EV / EBITDAEnterprise value multiple | 21.83x | 9.23x |
| Price / SalesMarket cap ÷ Revenue | 1.47x | 5.58x |
| Price / BookPrice ÷ Book value/share | 1.31x | 0.81x |
| Price / FCFMarket cap ÷ FCF | — | 7.49x |
Profitability & Efficiency
IIPR delivers a 6.4% return on equity — every $100 of shareholder capital generates $6 in annual profit, vs $-4 for COLD. IIPR carries lower financial leverage with a 0.21x debt-to-equity ratio, signaling a more conservative balance sheet compared to COLD's 1.54x. On the Piotroski fundamental quality scale (0–9), IIPR scores 4/9 vs COLD's 1/9, reflecting mixed financial health.
| Metric | COLDAmericold Realty … | IIPRInnovative Indust… |
|---|---|---|
| ROE (TTM)Return on equity | -3.9% | +6.4% |
| ROA (TTM)Return on assets | -1.4% | +5.0% |
| ROICReturn on invested capital | +0.1% | +4.3% |
| ROCEReturn on capital employed | +0.1% | +5.8% |
| Piotroski ScoreFundamental quality 0–9 | 1 | 4 |
| Debt / EquityFinancial leverage | 1.54x | 0.21x |
| Net DebtTotal debt minus cash | $4.4B | $346M |
| Cash & Equiv.Liquid assets | $137M | $48M |
| Total DebtShort + long-term debt | $4.5B | $394M |
| Interest CoverageEBIT ÷ Interest expense | — | 6.15x |
Total Returns (with DRIP)
A $10,000 investment in COLD five years ago would be worth $5,057 today (with dividends reinvested), compared to $4,494 for IIPR. Over the past 12 months, IIPR leads with a -15.8% total return vs COLD's -37.6%. The 3-year compound annual growth rate (CAGR) favors IIPR at -5.2% vs COLD's -18.2% — a key indicator of consistent wealth creation.
| Metric | COLDAmericold Realty … | IIPRInnovative Indust… |
|---|---|---|
| YTD ReturnYear-to-date | +3.5% | +7.1% |
| 1-Year ReturnPast 12 months | -37.6% | -15.8% |
| 3-Year ReturnCumulative with dividends | -45.3% | -14.8% |
| 5-Year ReturnCumulative with dividends | -49.4% | -55.1% |
| 10-Year ReturnCumulative with dividends | +13.5% | +407.4% |
| CAGR (3Y)Annualised 3-year return | -18.2% | -5.2% |
Risk & Volatility
IIPR is the less volatile stock with a 0.77 beta — it tends to amplify market swings less than COLD's 0.89 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. IIPR currently trades 70.7% from its 52-week high vs COLD's 58.1% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | COLDAmericold Realty … | IIPRInnovative Indust… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.89x | 0.77x |
| 52-Week HighHighest price in past year | $23.05 | $74.92 |
| 52-Week LowLowest price in past year | $10.10 | $44.58 |
| % of 52W HighCurrent price vs 52-week peak | +58.1% | +70.7% |
| RSI (14)Momentum oscillator 0–100 | 58.8 | 70.7 |
| Avg Volume (50D)Average daily shares traded | 4.3M | 276K |
Analyst Outlook
Wall Street rates COLD as "Buy" and IIPR as "Hold". Consensus price targets imply 5.4% upside for COLD (target: $14) vs -16.9% for IIPR (target: $44).
| Metric | COLDAmericold Realty … | IIPRInnovative Indust… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold |
| Price TargetConsensus 12-month target | $14.11 | $44.00 |
| # AnalystsCovering analysts | 19 | 11 |
| Dividend YieldAnnual dividend ÷ price | — | +0.1% |
| Dividend StreakConsecutive years of raises | 1 | 0 |
| Dividend / ShareAnnual DPS | — | $0.03 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +1.4% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Americold Realty Tr… (COLD) | 100 | 38.65 | -61.4% |
| Innovative Industri… (IIPR) | 100 | 49.26 | -50.7% |
Americold Realty Tr… (COLD) returned -49% over 5 years vs Innovative Industri… (IIPR)'s -55%.
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Americold Realty Tr… (COLD) | $1.5B | $2.6B | +74.6% |
| Innovative Industri… (IIPR) | $321000.00 | $266M | +82752.0% |
Americold Realty Trust, Inc.'s revenue grew from $1.5B (2016) to $2.6B (2025) — a 6.4% CAGR. Innovative Industrial Properties, Inc.'s revenue grew from $0M (2016) to $266M (2025) — a 111.0% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Americold Realty Tr… (COLD) | 0.3% | -4.4% | -1430.1% |
| Innovative Industri… (IIPR) | -13.7% | 43.0% | +414.5% |
Americold Realty Trust, Inc.'s net margin went from 0% (2016) to -4% (2025). Innovative Industrial Properties, Inc.'s net margin went from -14% (2016) to 43% (2025).
Chart 4P/E Ratio History — 8 Years
| Stock | 2018 | 2025 | Change |
|---|---|---|---|
| Americold Realty Tr… (COLD) | 82.4 | 311.1 | +277.5% |
| Innovative Industri… (IIPR) | 47.3 | 12.1 | -74.4% |
Americold Realty Trust, Inc. has traded in a 82x–311x P/E range over 3 years; current trailing P/E is ~-33x. Innovative Industrial Properties, Inc. has traded in a 12x–58x P/E range over 8 years; current trailing P/E is ~13x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Americold Realty Tr… (COLD) | -0.35 | -0.4 | -14.3% |
| Innovative Industri… (IIPR) | -4.56 | 3.93 | +186.2% |
Americold Realty Trust, Inc.'s EPS grew from $-0.35 (2016) to $-0.40 (2025). Innovative Industrial Properties, Inc.'s EPS grew from $-4.56 (2016) to $3.93 (2025).
Chart 6Free Cash Flow — 5 Years
Americold Realty Trust, Inc. generated $0M FCF in 2025 (+100% vs 2021). Innovative Industrial Properties, Inc. generated $198M FCF in 2025 (+5% vs 2021).
COLD vs IIPR: Frequently Asked Questions
8 questions · data-driven answers · updated daily
01Is COLD or IIPR a better buy right now?
Innovative Industrial Properties, Inc. (IIPR) offers the better valuation at 13.5x trailing P/E (11.9x forward), making it the more compelling value choice. Analysts rate Americold Realty Trust, Inc. (COLD) a "Buy" — based on 19 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which is the better long-term investment — COLD or IIPR?
Over the past 5 years, Americold Realty Trust, Inc. (COLD) delivered a total return of -49.4%, compared to -55.1% for Innovative Industrial Properties, Inc. (IIPR). A $10,000 investment in COLD five years ago would be worth approximately $5K today (assuming dividends reinvested). Over 10 years, the gap is even starker: IIPR returned +407.4% versus COLD's +13.5%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
03Which is safer — COLD or IIPR?
By beta (market sensitivity over 5 years), Innovative Industrial Properties, Inc. (IIPR) is the lower-risk stock at 0.77β versus Americold Realty Trust, Inc.'s 0.89β — meaning COLD is approximately 15% more volatile than IIPR relative to the S&P 500. On balance sheet safety, Innovative Industrial Properties, Inc. (IIPR) carries a lower debt/equity ratio of 21% versus 154% for Americold Realty Trust, Inc. — giving it more financial flexibility in a downturn.
04Which has better profit margins — COLD or IIPR?
Innovative Industrial Properties, Inc. (IIPR) is the more profitable company, earning 43.0% net margin versus -4.4% for Americold Realty Trust, Inc. — meaning it keeps 43.0% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: IIPR leads at 46.7% versus 0.3% for COLD. At the gross margin level — before operating expenses — IIPR leads at 88.7%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
05Is COLD or IIPR more undervalued right now?
Analyst consensus price targets imply the most upside for COLD: 5.4% to $14.11.
06Which pays a better dividend — COLD or IIPR?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
07Is COLD or IIPR better for a retirement portfolio?
For long-horizon retirement investors, Innovative Industrial Properties, Inc. (IIPR) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.77), +407.4% 10Y return). Both have compounded well over 10 years (IIPR: +407.4%, COLD: +13.5%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
08What are the main differences between COLD and IIPR?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: COLD is a small-cap quality compounder stock; IIPR is a small-cap deep-value stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
Find Stocks Like These
Explore pre-built screens for each stock's profile, or build a custom screen to find stocks that beat both.