Last 38 quarters of trend data · Real Estate · REIT - Industrial
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Innovative Industrial Properties, Inc.'s quarterly P/E stands at 11.1x, down 9.7% year-over-year.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 13.48 | 11.07 | 13.81 | 16.05 | 13.13 | 12.25 | 24.56 | 18.96 | 19.03 | 17.26 | 13.04 | 12.68 | 13.28 |
| — | -9.7% | -43.8% | -15.3% | -31.0% | -29.0% | +88.3% | +49.6% | +43.3% | -0.5% | -22.2% | -34.9% | -66.1% | |
| P/S Ratio | 5.58 | 5.03 | 5.86 | 6.22 | 5.39 | 6.20 | 12.57 | 9.78 | 9.76 | 9.00 | 6.87 | 6.75 | 7.05 |
| — | -18.9% | -53.4% | -36.4% | -44.8% | -31.2% | +82.9% | +44.9% | +38.5% | -11.1% | -21.8% | -38.2% | -66.4% | |
| P/B Ratio | 0.81 | 0.73 | 0.81 | 0.83 | 0.80 | 0.98 | 1.98 | 1.60 | 1.51 | 1.46 | 1.10 | 1.06 | 1.10 |
| — | -26.2% | -58.8% | -48.1% | -46.6% | -32.7% | +80.1% | +51.7% | +37.6% | +0.4% | -13.4% | -32.3% | -66.7% | |
| P/FCF | 7.49 | 6.71 | 8.32 | 8.07 | 7.13 | 11.71 | 14.83 | 12.15 | 10.29 | 10.79 | 8.48 | 8.35 | 8.30 |
| — | -42.7% | -43.9% | -33.6% | -30.8% | +8.6% | +74.9% | +45.5% | +24.1% | — | -56.8% | — | -63.3% | |
| EV / EBITDA | 9.23 | 8.37 | 9.47 | 9.25 | 8.15 | 8.53 | 16.68 | 13.78 | 13.05 | 12.33 | 9.59 | 9.44 | 10.02 |
| — | -1.8% | -43.2% | -32.9% | -37.5% | -30.9% | +73.9% | +45.9% | +30.3% | -2.7% | -19.1% | -32.8% | -62.0% | |
| EV / EBIT | 14.75 | 12.13 | 13.45 | 14.39 | 12.00 | 11.91 | 22.38 | 17.80 | 17.63 | 16.96 | 12.64 | 12.41 | 13.19 |
| — | +1.9% | -39.9% | -19.1% | -31.9% | -29.8% | +77.1% | +43.4% | +33.7% | -1.3% | -21.6% | -33.5% | -62.9% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Innovative Industrial Properties, Inc.'s operating margin was 47.8% in Q4 2025, up 2.3 pp QoQ and down 7.0 pp YoY. The trailing four-quarter average of 46.6% lags the current quarter, suggesting the recent improvement is above-trend.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 88.7% | 88.0% | 87.7% | 89.1% | 89.7% | 90.1% | 90.5% | 91.4% | 91.1% | 90.9% | 91.9% | 92.5% | 92.6% |
| — | -2.3% | -3.0% | -2.5% | -1.5% | -0.9% | -1.5% | -1.2% | -1.6% | -4.6% | -4.3% | -4.2% | -4.5% | |
| Operating Margin | 46.7% | 47.8% | 45.5% | 45.9% | 47.4% | 54.7% | 54.8% | 53.1% | 55.7% | 55.5% | 56.3% | 56.8% | 57.0% |
| — | -12.7% | -17.1% | -13.4% | -15.0% | -1.4% | -2.7% | -6.6% | -2.3% | -11.6% | -3.4% | -9.3% | -7.8% | |
| Net Margin | 43.0% | 47.8% | 45.3% | 41.4% | 43.3% | 52.2% | 52.6% | 52.6% | 52.3% | 52.6% | 53.4% | 54.0% | 54.0% |
| — | -8.4% | -13.8% | -21.4% | -17.1% | -0.8% | -1.7% | -2.5% | -3.3% | -10.7% | +0.7% | -5.4% | -0.6% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.0% | 1.7% | 1.6% | 1.4% | 1.6% | 2.1% | 2.1% | 2.2% | 2.0% | 2.1% | 2.1% | 2.1% | 2.1% |
| — | -16.8% | -24.2% | -36.4% | -20.2% | -3.4% | -3.1% | +2.0% | -3.8% | +1.0% | +11.7% | -5.0% | -2.6% | |
| ROA | 4.8% | 1.4% | 1.3% | 1.1% | 1.3% | 1.7% | 1.7% | 1.8% | 1.6% | 1.7% | 1.7% | 1.7% | 1.7% |
| — | -19.4% | -25.0% | -36.4% | -20.2% | -3.7% | -3.2% | +2.3% | -3.3% | +1.7% | +12.2% | -3.3% | +1.8% | |
| ROIC | 4.3% | 1.1% | 1.0% | 1.0% | 1.2% | 1.5% | 1.5% | 1.5% | 1.5% | 1.6% | 1.5% | 1.5% | 1.5% |
| — | -27.3% | -30.2% | -30.6% | -18.4% | -3.0% | -2.7% | +1.2% | +1.2% | +2.2% | +9.2% | -7.1% | -6.9% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Innovative Industrial Properties, Inc.'s Debt/EBITDA ratio is 7.8x, up from 7.1x last quarter — elevated, raising questions about debt serviceability. The current ratio has weakened 88.3% YoY to 0.15x, tightening the short-term liquidity position. Debt/Equity has risen for 4 consecutive quarters, indicating increasing financial leverage that investors should watch closely.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.21 | 0.21 | 0.18 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 |
| — | +38.5% | +19.5% | +1.0% | -0.8% | -0.1% | -0.9% | -0.7% | -0.9% | +0.3% | +0.7% | +0.9% | -16.9% | |
| Debt / EBITDA | 1.99 | 7.81 | 7.08 | 6.12 | 5.53 | 4.94 | 4.97 | 4.97 | 5.01 | 4.93 | 4.97 | 4.99 | 4.99 |
| — | +58.1% | +42.6% | +23.1% | +10.3% | +0.3% | +0.0% | -0.5% | +0.5% | -1.0% | -5.6% | -1.5% | -11.6% | |
| Current Ratio | 0.15 | 0.15 | 0.91 | 1.00 | 1.16 | 1.27 | 1.21 | 1.10 | 1.30 | 1.24 | 1.03 | 0.82 | 0.38 |
| — | -88.3% | -24.6% | -9.0% | -10.8% | +2.8% | +17.7% | +33.6% | +243.9% | +73.7% | +71.2% | +90.3% | -2.8% | |
| Quick Ratio | 0.15 | 0.15 | 0.91 | 1.00 | 1.16 | 1.27 | 1.21 | 1.10 | 1.30 | 1.24 | 1.03 | 0.82 | 0.38 |
| — | -88.3% | -24.6% | -9.0% | -10.8% | +2.8% | +17.7% | +33.6% | +243.9% | +73.7% | +71.2% | +90.3% | -2.8% | |
| Interest Coverage | 6.15 | 4.73 | 6.50 | 6.50 | 7.55 | 13.46 | 9.48 | 9.80 | 9.58 | 15.85 | 10.13 | 9.71 | 9.59 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 38 years · Updated daily
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Start ComparisonInnovative Industrial Properties, Inc.'s current P/E is 13.5x. The average P/E over the last 4 quarters is 13.5x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Innovative Industrial Properties, Inc.'s current operating margin is 46.7%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Innovative Industrial Properties, Inc.'s business trajectory between earnings reports.