Innovative Industrial Properties, Inc. (IIPR) P/E Ratio History
UndervaluedTrading at 15.1x vs 5Y avg 22.4x · 45th percentile · Below historical baseline · Data 2018–2026
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P/E Ratio Analysis
As of June 23, 2026, Innovative Industrial Properties, Inc. (IIPR) trades at a price-to-earnings ratio of 15.1x, with a stock price of $59.32 and trailing twelve-month earnings per share of $4.21.
The current P/E is 33% below its 5-year average of 22.4x. Over the past five years, IIPR's P/E has ranged from a low of 10.4x to a high of 57.7x, placing the current valuation at the 45th percentile of its historical range.
Compared to the Real Estate sector median P/E of 24.1x, IIPR trades at a 37% discount to its sector peers. The sector includes 174 companies with P/E ratios ranging from 0.7x to 199.8x.
The PEG ratio of 4.05 (P/E divided by -29% EPS growth) suggests the stock may be expensive relative to its earnings growth. Peter Lynch popularized the rule that a PEG below 1.0 indicates an attractive entry point.
Relative to the broader market, IIPR trades at a notable discount to the S&P 500 median P/E of 24.3x. Investors should consider the company's growth prospects, competitive position, and earnings quality when evaluating whether the current valuation is justified.
For a comprehensive intrinsic value estimate using discounted cash flow analysis, see our IIPR DCF Valuation Calculator →
Note: P/E ratio is just one valuation metric. It does not account for balance sheet strength, cash flow quality, or growth sustainability. Always conduct comprehensive due diligence before making investment decisions.
IIPR Cross-Benchmark Valuation
How does the current P/E compare to sector peers and the broader market?
IIPR P/E vs Peers
Cold Storage and Specialty Industrial REITs peers sorted by market cap
| Company | Market Cap | P/E Ratio | PEG Ratio | EPS Growth (1Y) |
|---|---|---|---|---|
| $231M | 6.5Lowest | - | -11% | |
| $44M | 23.7 | - | +104%Best | |
| $56B | 51.8 | - | +19% | |
| $7B | 26.4 | 12.71 | +40% | |
| $2B | 24.3 | - | +8% | |
| $6B | 23.0 | 0.96Best | +11% | |
| $9B | 41.5 | - | -1% | |
| $1B | 9.6 | 1.52 | +7% |
Lower P/E can signal a discount or weaker growth expectations; PEG adds growth context.
IIPR Historical P/E Data (2018–2026)
Quarterly P/E ratios calculated from closing price and TTM EPS
| Quarter | Period End | Price | TTM EPS | P/E Ratio | vs Avg |
|---|---|---|---|---|---|
| FY2026 Q1 | - | $50.16 | $3.92 | 12.8x | -67% |
| FY2025 Q4 | Dec 31 2025 | $47.36 | $3.93 | 12.1x | -69% |
| FY2025 Q3 | - | $53.58 | $4.22 | 12.7x | -68% |
| FY2025 Q2 | Jun 30 2025 | $55.22 | $4.62 | 12.0x | -69% |
| FY2025 Q1 | Mar 31 2025 | $54.09 | $5.20 | 10.4x | -73% |
| FY2024 Q4 | - | $66.64 | $5.53 | 12.1x | -69% |
| FY2024 Q3 | Sep 30 2024 | $134.60 | $5.63 | 23.9x | -39% |
| FY2024 Q2 | Jun 30 2024 | $109.22 | $5.71 | 19.1x | -51% |
| FY2024 Q1 | Mar 31 2024 | $103.54 | $5.71 | 18.1x | -54% |
| FY2023 Q4 | Dec 31 2023 | $100.82 | $5.78 | 17.4x | -55% |
| FY2023 Q3 | Sep 30 2023 | $75.66 | $5.78 | 13.1x | -67% |
| FY2023 Q2 | Jun 30 2023 | $73.01 | $5.65 | 12.9x | -67% |
| FY2023 Q1 | Mar 31 2023 | $75.99 | $5.62 | 13.5x | -65% |
| FY2022 Q4 | Dec 31 2022 | $101.35 | $5.50 | 18.4x | -53% |
| FY2022 Q3 | Sep 30 2022 | $88.50 | $5.18 | 17.1x | -56% |
| FY2022 Q2 | - | $109.87 | $5.06 | 21.7x | -44% |
| FY2022 Q1 | - | $205.40 | $4.82 | 42.6x | +9% |
| FY2021 Q4 | Dec 31 2021 | $262.91 | $4.56 | 57.7x | +47% |
| FY2021 Q3 | - | $231.17 | $4.33 | 53.4x | +37% |
| FY2021 Q2 | Jun 30 2021 | $191.02 | $3.99 | 47.9x | +22% |
| FY2021 Q1 | Mar 31 2021 | $180.16 | $3.55 | 50.7x | +30% |
| FY2020 Q4 | - | $183.13 | $3.22 | 56.9x | +45% |
| FY2020 Q3 | Sep 30 2020 | $124.11 | $3.09 | 40.2x | +3% |
| FY2020 Q2 | - | $88.02 | $2.78 | 31.7x | -19% |
| FY2020 Q1 | - | $75.93 | $2.35 | 32.3x | -17% |
| FY2019 Q4 | - | $75.87 | $1.96 | 38.7x | -1% |
| FY2019 Q3 | Sep 30 2019 | $92.37 | $1.42 | 65.0x | +66% |
| FY2019 Q2 | Jun 30 2019 | $123.56 | $1.08 | 114.4x | +193% |
| FY2019 Q1 | Mar 31 2019 | $81.69 | $0.95 | 86.0x | +120% |
| FY2018 Q4 | Dec 31 2018 | $45.39 | $0.78 | 58.2x | +49% |
| FY2018 Q3 | Sep 30 2018 | $48.24 | $0.64 | 75.4x | +93% |
| FY2018 Q2 | Jun 30 2018 | $36.62 | $0.52 | 70.4x | +80% |
| FY2018 Q1 | Mar 31 2018 | $26.75 | $0.22 | 121.6x | +211% |
Average P/E for displayed period: 39.1x
Intrinsic Valuation
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Historical Returns
8+ years return with dividends reinvested.
DCA Calculator
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Peer Comparison
Compare growth, multiples, and margins vs sector.
IIPR — Frequently Asked Questions
Quick answers to the most common questions about buying IIPR stock.
What is IIPR's P/E ratio?
Innovative Industrial Properties, Inc. (IIPR) trailing twelve-month P/E ratio is 15.1x, based on TTM diluted EPS of $4.21. The 5-year average P/E is 22.4x and the historical range spans 10.4x to 57.7x.
Is IIPR stock overvalued or undervalued?
IIPR trades at 15.1x P/E, below its 5-year average of 22.4x. At the 45th percentile of its historical range (10.4x–57.7x), the stock is priced at a discount to its own history.
Is IIPR stock expensive?
No, IIPR is not expensive on a historical basis. The current P/E of 15.1x is below the 5-year average of 22.4x and sits at the 45th percentile of its valuation range.
What is IIPR's historical P/E range?
Over the past 5 years, IIPR's P/E ratio has ranged from 10.4x to 57.7x, with a median of 17.4x and an average of 22.4x. The current P/E of 15.1x places the stock at the 45th percentile of this range. Full historical data spans 2018–2026.
How does IIPR's P/E compare to the S&P 500?
IIPR trades at 15.1x P/E versus the S&P 500 median of 24.3x. The 38% discount to the market suggests lower growth expectations or perceived higher risk.
How does IIPR's valuation compare to Real Estate peers?
Innovative Industrial Properties, Inc. P/E of 15.1x compares to the Real Estate sector median of 24.1x. The discount suggests lower growth expectations, weaker margins, or higher perceived risk relative to peers. See the peer comparison table on this page for ticker-by-ticker P/E and PEG.
What is IIPR's PEG ratio?
IIPR PEG ratio is 4.05, based on a P/E of 15.1x and EPS growth of -28.8%. A PEG above 2.0 indicates a premium valuation relative to earnings growth — typically considered expensive.
What is IIPR's earnings yield?
IIPR earnings yield is 6.63%, the inverse of its 15.1x P/E ratio. Earnings yield represents the percentage of each dollar invested that the company earns. It can be compared directly to bond yields to assess relative attractiveness of stocks versus fixed income.