Comprehensive Stock Comparison
Compare Lineage, Inc. (LINE) vs Innovative Industrial Properties, Inc. (IIPR) 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 | LINE | 0.3% revenue growth vs IIPR's -13.8% |
| Value | IIPR | Better valuation composite |
| Quality / Margins | IIPR | 44.5% net margin vs LINE's -1.9% |
| Stability / Safety | IIPR | Beta 0.77 vs LINE's 0.92 |
| Dividends | LINE | 5.8% yield, 2-year raise streak, vs IIPR's 0.1% |
| Momentum (1Y) | IIPR | -15.8% vs LINE's -29.2% |
| Efficiency (ROA) | IIPR | 5.0% ROA vs LINE's -0.5%, ROIC 4.3% vs 1.4% |
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
Lineage is a temperature-controlled industrial real estate company that operates a global network of cold storage warehouses. It generates revenue primarily through warehouse leasing fees — with its Global Warehousing segment contributing the majority — supplemented by specialized cold-chain logistics services. The company's competitive advantage lies in its massive scale as the world's largest temperature-controlled warehouse operator, creating network effects and operational efficiencies across its global footprint.
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.
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
IIPR leads in 5 of 6 categories (Financial Metrics, Valuation Metrics). LINE leads in 1 (Analyst Outlook).
Financial Metrics (TTM)
LINE is the larger business by revenue, generating $5.4B annually — 20.1x IIPR's $266M. IIPR is the more profitable business, keeping 44.5% of every revenue dollar as net income compared to LINE's -1.9%. On growth, LINE holds the edge at -0.2% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | LINELineage, Inc. | IIPRInnovative Indust… |
|---|---|---|
| RevenueTrailing 12 months | $5.4B | $266M |
| EBITDAEarnings before interest/tax | $1.5B | $198M |
| Net IncomeAfter-tax profit | -$100M | $118M |
| Free Cash FlowCash after capex | $196M | $198M |
| Gross MarginGross profit ÷ Revenue | +47.7% | +88.7% |
| Operating MarginEBIT ÷ Revenue | +3.4% | +46.7% |
| Net MarginNet income ÷ Revenue | -1.9% | +44.5% |
| FCF MarginFCF ÷ Revenue | +3.7% | +74.5% |
| Rev. Growth (YoY)Latest quarter vs prior year | -0.2% | -13.1% |
| EPS Growth (YoY)Latest quarter vs prior year | +108.5% | -21.3% |
Valuation Metrics
On an enterprise value basis, IIPR's 9.2x EV/EBITDA is more attractive than LINE's 9.5x.
| Metric | LINELineage, Inc. | IIPRInnovative Indust… |
|---|---|---|
| Market CapShares × price | $9.2B | $1.5B |
| Enterprise ValueMkt cap + debt − cash | $10.9B | $1.8B |
| Trailing P/EPrice ÷ TTM EPS | -94.23x | 13.48x |
| Forward P/EPrice ÷ next-FY EPS est. | — | 11.90x |
| PEG RatioP/E ÷ EPS growth rate | — | 3.60x |
| EV / EBITDAEnterprise value multiple | 9.54x | 9.23x |
| Price / SalesMarket cap ÷ Revenue | 1.72x | 5.58x |
| Price / BookPrice ÷ Book value/share | 1.00x | 0.81x |
| Price / FCFMarket cap ÷ FCF | 46.92x | 7.49x |
Profitability & Efficiency
IIPR delivers a 6.4% return on equity — every $100 of shareholder capital generates $6 in annual profit, vs $-1 for LINE. LINE carries lower financial leverage with a 0.20x debt-to-equity ratio, signaling a more conservative balance sheet compared to IIPR's 0.21x.
| Metric | LINELineage, Inc. | IIPRInnovative Indust… |
|---|---|---|
| ROE (TTM)Return on equity | -1.1% | +6.4% |
| ROA (TTM)Return on assets | -0.5% | +5.0% |
| ROICReturn on invested capital | +1.4% | +4.3% |
| ROCEReturn on capital employed | +1.4% | +5.8% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 4 |
| Debt / EquityFinancial leverage | 0.20x | 0.21x |
| Net DebtTotal debt minus cash | $1.8B | $346M |
| Cash & Equiv.Liquid assets | $66M | $48M |
| Total DebtShort + long-term debt | $1.8B | $394M |
| Interest CoverageEBIT ÷ Interest expense | 0.94x | 6.15x |
Total Returns (with DRIP)
A $10,000 investment in LINE five years ago would be worth $5,390 today (with dividends reinvested), compared to $4,494 for IIPR. Over the past 12 months, IIPR leads with a -15.8% total return vs LINE's -29.2%. The 3-year compound annual growth rate (CAGR) favors IIPR at -5.2% vs LINE's -18.6% — a key indicator of consistent wealth creation.
| Metric | LINELineage, Inc. | IIPRInnovative Indust… |
|---|---|---|
| YTD ReturnYear-to-date | +14.4% | +7.1% |
| 1-Year ReturnPast 12 months | -29.2% | -15.8% |
| 3-Year ReturnCumulative with dividends | -46.1% | -14.8% |
| 5-Year ReturnCumulative with dividends | -46.1% | -55.1% |
| 10-Year ReturnCumulative with dividends | -46.1% | +407.4% |
| CAGR (3Y)Annualised 3-year return | -18.6% | -5.2% |
Risk & Volatility
IIPR is the less volatile stock with a 0.77 beta — it tends to amplify market swings less than LINE's 0.92 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 LINE's 65.0% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | LINELineage, Inc. | IIPRInnovative Indust… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.92x | 0.77x |
| 52-Week HighHighest price in past year | $62.30 | $74.92 |
| 52-Week LowLowest price in past year | $32.46 | $44.58 |
| % of 52W HighCurrent price vs 52-week peak | +65.0% | +70.7% |
| RSI (14)Momentum oscillator 0–100 | 63.4 | 70.7 |
| Avg Volume (50D)Average daily shares traded | 1.4M | 276K |
Analyst Outlook
Wall Street rates LINE as "Hold" and IIPR as "Hold". Consensus price targets imply -1.9% upside for LINE (target: $40) vs -16.9% for IIPR (target: $44). LINE is the only dividend payer here at 5.81% yield — a key consideration for income-focused portfolios.
| Metric | LINELineage, Inc. | IIPRInnovative Indust… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold |
| Price TargetConsensus 12-month target | $39.73 | $44.00 |
| # AnalystsCovering analysts | 16 | 11 |
| Dividend YieldAnnual dividend ÷ price | +5.8% | +0.1% |
| Dividend StreakConsecutive years of raises | 2 | 0 |
| Dividend / ShareAnnual DPS | $2.36 | $0.03 |
| Buyback YieldShare repurchases ÷ mkt cap | +1.0% | +1.4% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Jul 24 | Feb 26 | Change |
|---|---|---|---|
| Lineage, Inc. (LINE) | 100 | 43.64 | -56.4% |
| Innovative Industri… (IIPR) | 100 | 39.7 | -60.3% |
Lineage, Inc. (LINE) returned -46% over 5 years vs Innovative Industri… (IIPR)'s -55%.
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Lineage, Inc. (LINE) | $918M | $5.4B | +483.5% |
| Innovative Industri… (IIPR) | $321000.00 | $266M | +82752.0% |
Lineage, Inc.'s revenue grew from $918M (2016) to $5.4B (2025) — a 21.7% 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 |
|---|---|---|---|
| Lineage, Inc. (LINE) | -2.4% | -1.9% | +21.1% |
| Innovative Industri… (IIPR) | -13.7% | 43.0% | +414.5% |
Lineage, Inc.'s net margin went from -2% (2016) to -2% (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 |
|---|---|---|---|
| Innovative Industri… (IIPR) | 47.3 | 12.1 | -74.4% |
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 |
|---|---|---|---|
| Lineage, Inc. (LINE) | -6.16 | -0.43 | +93.0% |
| Innovative Industri… (IIPR) | -4.56 | 3.93 | +186.2% |
Lineage, Inc.'s EPS grew from $-6.16 (2016) to $-0.43 (2025). Innovative Industrial Properties, Inc.'s EPS grew from $-4.56 (2016) to $3.93 (2025).
Chart 6Free Cash Flow — 5 Years
Lineage, Inc. generated $196M FCF in 2025 (+155% vs 2021). Innovative Industrial Properties, Inc. generated $198M FCF in 2025 (+5% vs 2021).
LINE vs IIPR: Frequently Asked Questions
8 questions · data-driven answers · updated daily
01Is LINE 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 Lineage, Inc. (LINE) a "Hold" — based on 16 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 — LINE or IIPR?
Over the past 5 years, Lineage, Inc. (LINE) delivered a total return of -46.1%, compared to -55.1% for Innovative Industrial Properties, Inc. (IIPR). A $10,000 investment in LINE 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 LINE's -46.1%. 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 — LINE or IIPR?
By beta (market sensitivity over 5 years), Innovative Industrial Properties, Inc. (IIPR) is the lower-risk stock at 0.77β versus Lineage, Inc.'s 0.92β — meaning LINE is approximately 19% more volatile than IIPR relative to the S&P 500. On balance sheet safety, Lineage, Inc. (LINE) carries a lower debt/equity ratio of 20% versus 21% for Innovative Industrial Properties, Inc. — giving it more financial flexibility in a downturn.
04Which has better profit margins — LINE or IIPR?
Innovative Industrial Properties, Inc. (IIPR) is the more profitable company, earning 43.0% net margin versus -1.9% for Lineage, 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 4.7% for LINE. 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 LINE or IIPR more undervalued right now?
Analyst consensus price targets imply the most upside for LINE: -1.9% to $39.73.
06Which pays a better dividend — LINE or IIPR?
In this comparison, LINE (5.8% yield) pays a dividend. IIPR does not pay a meaningful dividend and should not be held primarily for income.
07Is LINE or IIPR better for a retirement portfolio?
For long-horizon retirement investors, Lineage, Inc. (LINE) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.92), 5.8% yield). Both have compounded well over 10 years (LINE: -46.1%, 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.
08What are the main differences between LINE 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: LINE is a small-cap income-oriented stock; IIPR is a small-cap deep-value stock. LINE pays a dividend while IIPR does not, making them suitable for different income and tax situations. 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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