Comprehensive Stock Comparison
Compare Innovative Industrial Properties, Inc. (IIPR) vs Welltower Inc. (WELL) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | WELL | 38.0% revenue growth vs IIPR's -13.8% |
| Value | IIPR | Lower P/E (11.9x vs 73.3x) |
| Quality / Margins | IIPR | 44.5% net margin vs WELL's 8.6% |
| Stability / Safety | WELL | Beta 0.29 vs IIPR's 0.77, lower leverage |
| Dividends | IIPR | 0.1% yield; WELL pays no meaningful dividend |
| Momentum (1Y) | WELL | +36.8% vs IIPR's -15.8% |
| Efficiency (ROA) | IIPR | 5.0% ROA vs WELL's 1.4%, ROIC 4.3% vs 0.9% |
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
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.
Welltower is a healthcare-focused real estate investment trust that owns and invests in seniors housing communities, post-acute care facilities, and outpatient medical properties. It generates revenue primarily through rental income from its healthcare real estate portfolio — with seniors housing contributing roughly 60% of net operating income, outpatient medical properties about 25%, and post-acute care facilities the remainder. The company's competitive advantage lies in its scale and strategic partnerships with leading healthcare operators, creating a diversified portfolio concentrated in high-growth markets across the U.S., Canada, and the U.K.
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 3 of 6 categories (Financial Metrics, Valuation Metrics). WELL leads in 3 (Total Returns, Risk & Volatility).
Financial Metrics (TTM)
WELL is the larger business by revenue, generating $10.8B annually — 40.8x IIPR's $266M. IIPR is the more profitable business, keeping 44.5% of every revenue dollar as net income compared to WELL's 8.6%. On growth, WELL holds the edge at +46.3% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | IIPRInnovative Indust… | WELLWelltower Inc. |
|---|---|---|
| RevenueTrailing 12 months | $266M | $10.8B |
| EBITDAEarnings before interest/tax | $198M | $2.6B |
| Net IncomeAfter-tax profit | $118M | $934M |
| Free Cash FlowCash after capex | $198M | $2.1B |
| Gross MarginGross profit ÷ Revenue | +88.7% | +20.9% |
| Operating MarginEBIT ÷ Revenue | +46.7% | +4.9% |
| Net MarginNet income ÷ Revenue | +44.5% | +8.6% |
| FCF MarginFCF ÷ Revenue | +74.5% | +19.4% |
| Rev. Growth (YoY)Latest quarter vs prior year | -13.1% | +46.3% |
| EPS Growth (YoY)Latest quarter vs prior year | -21.3% | -26.3% |
Valuation Metrics
At 13.5x trailing earnings, IIPR trades at a 91% valuation discount to WELL's 149.0x P/E. On an enterprise value basis, IIPR's 9.2x EV/EBITDA is more attractive than WELL's 54.4x.
| Metric | IIPRInnovative Indust… | WELLWelltower Inc. |
|---|---|---|
| Market CapShares × price | $1.5B | $144.3B |
| Enterprise ValueMkt cap + debt − cash | $1.8B | $142.0B |
| Trailing P/EPrice ÷ TTM EPS | 13.48x | 149.01x |
| Forward P/EPrice ÷ next-FY EPS est. | 11.90x | 73.28x |
| PEG RatioP/E ÷ EPS growth rate | 3.60x | — |
| EV / EBITDAEnterprise value multiple | 9.23x | 54.40x |
| Price / SalesMarket cap ÷ Revenue | 5.58x | 13.31x |
| Price / BookPrice ÷ Book value/share | 0.81x | 3.26x |
| Price / FCFMarket cap ÷ FCF | 7.49x | 50.06x |
Profitability & Efficiency
IIPR delivers a 6.4% return on equity — every $100 of shareholder capital generates $6 in annual profit, vs $2 for WELL. WELL carries lower financial leverage with a 0.07x debt-to-equity ratio, signaling a more conservative balance sheet compared to IIPR's 0.21x. On the Piotroski fundamental quality scale (0–9), WELL scores 5/9 vs IIPR's 4/9, reflecting solid financial health.
| Metric | IIPRInnovative Indust… | WELLWelltower Inc. |
|---|---|---|
| ROE (TTM)Return on equity | +6.4% | +2.2% |
| ROA (TTM)Return on assets | +5.0% | +1.4% |
| ROICReturn on invested capital | +4.3% | +0.9% |
| ROCEReturn on capital employed | +5.8% | +0.9% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 5 |
| Debt / EquityFinancial leverage | 0.21x | 0.07x |
| Net DebtTotal debt minus cash | $346M | -$2.2B |
| Cash & Equiv.Liquid assets | $48M | $5.0B |
| Total DebtShort + long-term debt | $394M | $2.8B |
| Interest CoverageEBIT ÷ Interest expense | 6.15x | 0.81x |
Total Returns (with DRIP)
A $10,000 investment in WELL five years ago would be worth $32,119 today (with dividends reinvested), compared to $4,494 for IIPR. Over the past 12 months, WELL leads with a +36.8% total return vs IIPR's -15.8%. The 3-year compound annual growth rate (CAGR) favors WELL at 42.6% vs IIPR's -5.2% — a key indicator of consistent wealth creation.
| Metric | IIPRInnovative Indust… | WELLWelltower Inc. |
|---|---|---|
| YTD ReturnYear-to-date | +7.1% | +11.2% |
| 1-Year ReturnPast 12 months | -15.8% | +36.8% |
| 3-Year ReturnCumulative with dividends | -14.8% | +190.2% |
| 5-Year ReturnCumulative with dividends | -55.1% | +221.2% |
| 10-Year ReturnCumulative with dividends | +407.4% | +270.5% |
| CAGR (3Y)Annualised 3-year return | -5.2% | +42.6% |
Risk & Volatility
WELL is the less volatile stock with a 0.29 beta — it tends to amplify market swings less than IIPR's 0.77 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. WELL currently trades 96.1% from its 52-week high vs IIPR's 70.7% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | IIPRInnovative Indust… | WELLWelltower Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.77x | 0.29x |
| 52-Week HighHighest price in past year | $74.92 | $215.56 |
| 52-Week LowLowest price in past year | $44.58 | $130.29 |
| % of 52W HighCurrent price vs 52-week peak | +70.7% | +96.1% |
| RSI (14)Momentum oscillator 0–100 | 70.7 | 69.0 |
| Avg Volume (50D)Average daily shares traded | 276K | 2.5M |
Analyst Outlook
Wall Street rates IIPR as "Hold" and WELL as "Buy". Consensus price targets imply 6.9% upside for WELL (target: $221) vs -16.9% for IIPR (target: $44).
| Metric | IIPRInnovative Indust… | WELLWelltower Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $44.00 | $221.45 |
| # AnalystsCovering analysts | 11 | 34 |
| Dividend YieldAnnual dividend ÷ price | +0.1% | — |
| Dividend StreakConsecutive years of raises | 0 | 1 |
| Dividend / ShareAnnual DPS | $0.03 | — |
| Buyback YieldShare repurchases ÷ mkt cap | +1.4% | 0.0% |
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 |
|---|---|---|---|
| Innovative Industri… (IIPR) | 100 | 49.26 | -50.7% |
| Welltower Inc. (WELL) | 100 | 249.04 | +149.0% |
Welltower Inc. (WELL) returned +221% over 5 years vs Innovative Industri… (IIPR)'s -55%. A $10,000 investment in WELL 5 years ago would be worth $32,119 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Innovative Industri… (IIPR) | $321000.00 | $266M | +82752.0% |
| Welltower Inc. (WELL) | $4.3B | $10.8B | +154.9% |
Innovative Industrial Properties, Inc.'s revenue grew from $0M (2016) to $266M (2025) — a 111.0% CAGR. Welltower Inc.'s revenue grew from $4.3B (2016) to $10.8B (2025) — a 11.0% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Innovative Industri… (IIPR) | -13.7% | 43.0% | +414.5% |
| Welltower Inc. (WELL) | 25.4% | 8.6% | -65.9% |
Innovative Industrial Properties, Inc.'s net margin went from -14% (2016) to 43% (2025). Welltower Inc.'s net margin went from 25% (2016) to 9% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Innovative Industri… (IIPR) | 47.3 | 12.1 | -74.4% |
| Welltower Inc. (WELL) | 50.6 | 133.5 | +163.8% |
Innovative Industrial Properties, Inc. has traded in a 12x–58x P/E range over 8 years; current trailing P/E is ~13x. Welltower Inc. has traded in a 27x–219x P/E range over 9 years; current trailing P/E is ~149x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Innovative Industri… (IIPR) | -4.56 | 3.93 | +186.2% |
| Welltower Inc. (WELL) | 2.81 | 1.39 | -50.5% |
Innovative Industrial Properties, Inc.'s EPS grew from $-4.56 (2016) to $3.93 (2025). Welltower Inc.'s EPS grew from $2.81 (2016) to $1.39 (2025) — a -8% CAGR.
Chart 6Free Cash Flow — 5 Years
Innovative Industrial Properties, Inc. generated $198M FCF in 2025 (+5% vs 2021). Welltower Inc. generated $3B FCF in 2025 (+129% vs 2021).
IIPR vs WELL: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is IIPR or WELL 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 Welltower Inc. (WELL) a "Buy" — based on 34 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 has the better valuation — IIPR or WELL?
On trailing P/E, Innovative Industrial Properties, Inc. (IIPR) is the cheapest at 13.5x versus Welltower Inc. at 149.0x. On forward P/E, Innovative Industrial Properties, Inc. is actually cheaper at 11.9x.
03Which is the better long-term investment — IIPR or WELL?
Over the past 5 years, Welltower Inc. (WELL) delivered a total return of +221.2%, compared to -55.1% for Innovative Industrial Properties, Inc. (IIPR). A $10,000 investment in WELL five years ago would be worth approximately $32K today (assuming dividends reinvested). Over 10 years, the gap is even starker: IIPR returned +407.4% versus WELL's +270.5%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — IIPR or WELL?
By beta (market sensitivity over 5 years), Welltower Inc. (WELL) is the lower-risk stock at 0.29β versus Innovative Industrial Properties, Inc.'s 0.77β — meaning IIPR is approximately 167% more volatile than WELL relative to the S&P 500. On balance sheet safety, Welltower Inc. (WELL) carries a lower debt/equity ratio of 7% versus 21% for Innovative Industrial Properties, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — IIPR or WELL?
Innovative Industrial Properties, Inc. (IIPR) is the more profitable company, earning 43.0% net margin versus 8.6% for Welltower 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 4.9% for WELL. 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.
06Is IIPR or WELL more undervalued right now?
On forward earnings alone, Innovative Industrial Properties, Inc. (IIPR) trades at 11.9x forward P/E versus 73.3x for Welltower Inc. — 61.4x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for WELL: 6.9% to $221.45.
07Which pays a better dividend — IIPR or WELL?
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.
08Is IIPR or WELL better for a retirement portfolio?
For long-horizon retirement investors, Welltower Inc. (WELL) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.29), +270.5% 10Y return). Both have compounded well over 10 years (WELL: +270.5%, IIPR: +407.4%), 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.
09What are the main differences between IIPR and WELL?
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: IIPR is a small-cap deep-value stock; WELL is a mid-cap quality compounder 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.
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