Innovative Industrial Properties, Inc. (IIPR) Financial Ratios
10 years of historical data (2016–2025) · Real Estate · REIT - Industrial
EV/EBITDA
↓
10.06
↓-39% vs avg
5yr avg: 16.60
30Y Low8.5·High40.4
P/FCF
↓
9.43
↓-40% vs avg
5yr avg: 15.69
30Y Low7.4·High36.6
P/B Ratio
↓
0.89
↓-50% vs avg
5yr avg: 1.78
30Y Low0.3·High4.3
ROE
↓
6.0%
↑-22% vs avg
5yr avg: 7.7%
30Y Low-7%·High9%
Debt/EBITDA
↑
1.99
↑+30% vs avg
5yr avg: 1.52
30Y Low1.2·High4.1
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
IIPR Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Innovative Industrial Properties, Inc. trades at 14.7x earnings, 38% below its 5-year average of 23.5x, sitting at the 25th percentile of its historical range. Compared to the Real Estate sector median P/E of 24.5x, the stock trades at a discount of 40%. On a free-cash-flow basis, the stock trades at 9.4x P/FCF, 40% below the 5-year average of 15.7x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.6B | $1.3B | $1.9B | $2.8B | $2.8B | $6.9B | $3.6B | $811M | $331M | $109M | $18M |
| Enterprise Value | $2.0B | $1.7B | $2.1B | $3.0B | $3.0B | $7.1B | $3.6B | $864M | $318M | $97M | $-15490123 |
| P/E Ratio → | 14.68 | 12.05 | 12.07 | 17.47 | 18.36 | 57.78 | 56.00 | 47.12 | 47.28 | — | — |
| P/S Ratio | 6.20 | 5.05 | 6.16 | 9.20 | 10.15 | 33.75 | 30.64 | 18.15 | 22.36 | 16.99 | 54.56 |
| P/B Ratio | 0.89 | 0.73 | 0.98 | 1.46 | 1.43 | 4.28 | 2.35 | 1.48 | 1.25 | 1.48 | 0.29 |
| P/FCF | 9.43 | 7.69 | 7.36 | 11.15 | — | 36.58 | — | — | — | — | — |
| P/OCF | 8.32 | 6.78 | 7.36 | 11.15 | 11.97 | 36.58 | 32.32 | 18.04 | 21.07 | 21.75 | 10.34 |
P/E links to full P/E history page with 30-year chart
IIPR EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Innovative Industrial Properties, Inc.'s enterprise value stands at 10.1x EBITDA, 39% below its 5-year average of 16.6x. The Real Estate sector median is 16.7x, placing the stock at a 40% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.35 | 6.65 | 9.72 | 10.92 | 34.95 | 30.74 | 19.35 | 21.48 | 15.16 | -48.26 |
| EV / EBITDA | 10.06 | 8.53 | 8.58 | 12.45 | 13.07 | 40.36 | 36.76 | 25.77 | 21.48 | 15.16 | -48.26 |
| EV / EBIT | 16.07 | 12.55 | 11.54 | 16.56 | 17.61 | 54.84 | 49.76 | 29.80 | 45.48 | — | — |
| EV / FCF | — | 9.67 | 7.94 | 11.78 | — | 37.88 | — | — | — | — | — |
IIPR Profitability
Margins and return-on-capital ratios measuring operating efficiency
Innovative Industrial Properties, Inc. earns an operating margin of 46.7%, significantly above the Real Estate sector average of 26.0%. Operating margins have compressed from 56.4% to 46.7% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 6.0% is modest. ROIC of 4.3% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 88.7% | 88.7% | 90.8% | 92.0% | 96.2% | 97.8% | 95.8% | 97.1% | 97.0% | 98.2% | 72.9% |
| Operating Margin | 46.7% | 46.7% | 54.6% | 56.4% | 61.4% | 66.2% | 59.7% | 55.8% | 36.1% | -3.5% | -1368.2% |
| Net Profit Margin | 43.0% | 43.0% | 52.4% | 53.5% | 55.9% | 55.7% | 56.2% | 52.6% | 47.2% | -1.1% | -1368.2% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.0% | 6.0% | 8.3% | 8.5% | 8.6% | 7.3% | 6.3% | 5.8% | 4.1% | -0.1% | -7.3% |
| ROA | 4.8% | 4.8% | 6.8% | 6.9% | 6.9% | 5.9% | 5.2% | 4.6% | 3.9% | -0.1% | -6.9% |
| ROIC | 4.3% | 4.3% | 6.0% | 6.1% | 6.3% | 6.0% | 4.9% | 4.4% | 2.6% | -0.4% | — |
| ROCE | 5.8% | 5.8% | 7.5% | 7.7% | 8.1% | 7.5% | 5.9% | 5.3% | 3.2% | -0.3% | -7.2% |
IIPR Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Innovative Industrial Properties, Inc. carries a Debt/EBITDA ratio of 2.0x, which is manageable (75% below the sector average of 7.9x). Net debt stands at $346M ($394M total debt minus $48M cash). Interest coverage of 6.7x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.21 | 0.21 | 0.15 | 0.15 | 0.15 | 0.20 | 0.09 | 0.25 | — | — | — |
| Debt / EBITDA | 1.99 | 1.99 | 1.25 | 1.24 | 1.31 | 1.84 | 1.41 | 4.05 | — | — | — |
| Net Debt / Equity | — | 0.19 | 0.08 | 0.08 | 0.11 | 0.15 | 0.01 | 0.10 | -0.05 | -0.16 | -0.55 |
| Net Debt / EBITDA | 1.75 | 1.75 | 0.63 | 0.66 | 0.93 | 1.38 | 0.12 | 1.60 | -0.88 | -1.83 | -102.81 |
| Debt / FCF | — | 1.98 | 0.59 | 0.63 | — | 1.30 | — | — | — | — | — |
| Interest Coverage | 6.67 | 6.67 | 10.94 | 11.29 | 9.36 | 7.21 | 9.72 | 4.60 | — | — | — |
IIPR Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.15x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 1.24x to 0.15x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.15 | 0.15 | 1.27 | 1.24 | 0.71 | 0.68 | 1.20 | 1.89 | 0.76 | 1.83 | 12.74 |
| Quick Ratio | 0.15 | 0.15 | 1.27 | 1.24 | 0.71 | 0.68 | 1.20 | 1.89 | 0.76 | 1.83 | 12.74 |
| Cash Ratio | 0.15 | 0.15 | 1.10 | 1.06 | 0.58 | 0.56 | 1.20 | 1.33 | 0.76 | 1.83 | 12.64 |
| Asset Turnover | — | 0.11 | 0.13 | 0.13 | 0.11 | 0.10 | 0.07 | 0.06 | 0.05 | 0.08 | 0.01 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
IIPR Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Innovative Industrial Properties, Inc. returns 14.4% to shareholders annually — split between a 13.2% dividend yield and 1.2% buyback yield. The payout ratio exceeds 100% at 189.0%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 6.8% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 13.2% | 16.1% | 11.1% | 7.1% | 6.6% | 1.9% | 2.1% | 2.8% | 2.0% | 1.0% | — |
| Payout Ratio | 189.0% | 189.0% | 131.1% | 122.4% | 119.1% | 114.9% | 114.8% | 96.2% | 95.1% | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.8% | 8.3% | 8.3% | 5.7% | 5.4% | 1.7% | 1.8% | 2.1% | 2.1% | — | — |
| FCF Yield | 10.6% | 13.0% | 13.6% | 9.0% | — | 2.7% | — | — | — | — | — |
| Buyback Yield | 1.2% | 1.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% |
| Total Shareholder Yield | 14.4% | 17.6% | 11.1% | 7.1% | 6.6% | 1.9% | 2.1% | 2.8% | 2.0% | 1.2% | 0.0% |
| Shares Outstanding | — | $28M | $29M | $28M | $28M | $26M | $20M | $11M | $7M | $3M | $962775 |
Peer Comparison
Compare IIPR with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 IIPRYou | $2B | 14.7 | 10.1 | 9.4 | 88.7% | 46.7% | 6.0% | 4.3% | 2.0 |
 REFI | $258M | 7.3 | — | 0.0 | — | — | 23.4% | — | — |
 SACH | $51M | 27.3 | 11.3 | 20.5 | 97.8% | 58.8% | 3.5% | 4.8% | 9.8 |
 O | $60B | 54.7 | 14.5 | 15.0 | 89.8% | 28.3% | 2.7% | 2.3% | — |
 STAG | $7B | 26.4 | 17.2 | 18.3 | 61.3% | 37.7% | 7.6% | 3.5% | 5.3 |
 COLD | $4B | -31.8 | 21.3 | — | — | 0.3% | -3.7% | 0.1% | 12.0 |
 GTY | $2B | 24.5 | 16.6 | 15.7 | 40.2% | 54.9% | 7.8% | 4.6% | 5.7 |
 EPRT | $7B | 24.5 | 17.9 | 17.8 | 84.0% | 64.5% | 6.5% | 4.4% | 4.9 |
 ADC | $9B | 43.2 | 20.3 | 18.2 | 87.7% | 47.4% | 3.5% | 2.8% | 5.4 |
 CGC | $124M | -0.3 | — | — | 29.6% | -43.5% | -121.1% | -10.2% | — |
 SAFE | $1B | 9.5 | 17.6 | 22.7 | 94.3% | 79.8% | 4.8% | 3.4% | 14.2 |
| Real Estate Median | — | 24.5 | 16.7 | 15.6 | 52.1% | 26.0% | 3.5% | 3.0% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonIIPR — Frequently Asked Questions
Quick answers to the most common questions about buying IIPR stock.
What is Innovative Industrial Properties, Inc.'s P/E ratio?
Innovative Industrial Properties, Inc.'s current P/E ratio is 14.7x. The historical average is 33.5x. This places it at the 25th percentile of its historical range.
What is Innovative Industrial Properties, Inc.'s EV/EBITDA?
Innovative Industrial Properties, Inc.'s current EV/EBITDA is 10.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.2x.
What is Innovative Industrial Properties, Inc.'s ROE?
Innovative Industrial Properties, Inc.'s return on equity (ROE) is 6.0%. The historical average is 4.8%.
Is IIPR stock overvalued?
Based on historical data, Innovative Industrial Properties, Inc. is trading at a P/E of 14.7x. This is at the 25th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Innovative Industrial Properties, Inc.'s dividend yield?
Innovative Industrial Properties, Inc.'s current dividend yield is 13.21% with a payout ratio of 189.0%.
What are Innovative Industrial Properties, Inc.'s profit margins?
Innovative Industrial Properties, Inc. has 88.7% gross margin and 46.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Innovative Industrial Properties, Inc. have?
Innovative Industrial Properties, Inc.'s Debt/EBITDA ratio is 2.0x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.