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INNOVATIVE INDUSTRIAL PROPERTIES INC IIPR

NYSE · reit · Real Estate · website · IPO 2016-11-29 · LEI

INNOVATIVE INDUSTRIAL PROPERTIES INC statistics & valuation

Market cap$1.8B
P / E15.5×
P / S6.9×
P / B1.0×
Dividend yield11.79%
Net margin44.5%
Return on equity6.4%
Net debt$346.1M
Net debt / EBITDA1.7×
Enterprise value USD$2.2B
EV / EBITDA11×
Earnings yield EBIT/EV5.7%
Graham number +33.8%$75.88

Market cap as of 2026-06-30. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($75.88); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
-1.10% 47.20% 52.60% 56.20% 55.70% 55.90% 53.50% 52.40% 44.50% 201720182019202020212022202320242025
Gross margin (%)
201720182019202020212022202320242025
Operating margin (%)
-3.50% 36.10% 55.80% 59.70% 66.20% 61.40% 56.40% 54.60% 46.70% 201720182019202020212022202320242025
Return on equity (%)
-0.10% 2.60% 4.30% 4.30% 7.10% 7.90% 8.50% 8.30% 6.40% 201720182019202020212022202320242025
Shares outstanding
3.5M 9.8M 12.6M 23.9M 26.3M 28.0M 28.3M 28.5M 28.4M 201720182019202020212022202320242025
Net debt ($)
$52.4M $346.1M 201720182019202020212022202320242025
Share buybacks ($)
201720182019202020212022202320242025
Return on assets (%)
-0.10% 2.50% 3.10% 3.70% 5.50% 6.40% 6.90% 6.80% 5.00% 201720182019202020212022202320242025
Free cash flow margin (%)
201720182019202020212022202320242025
Debt / equity (×)
0.25× 0.21× 201720182019202020212022202320242025
EPS ($)
-$0.13 $0.75 $2.03 $3.27 $4.55 $5.52 $5.77 $5.52 $3.93 201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

INNOVATIVE INDUSTRIAL PROPERTIES INC trades at about 14.4× earnings — below its 10-year norm (10-year range 12.3×–82.6×, median 43.6×).

12.3× 82.6×

Shaded band = 10-year range (12.3×–82.6×); dot = today's 14.4×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Operating margin46.7%54.6%56.4%61.4%66.2%59.7%55.8%36.1%-3.5%
Net margin44.5%52.4%53.5%55.9%55.7%56.2%52.6%47.2%-1.1%
Return on assets5.0%6.8%6.9%6.4%5.5%3.7%3.1%2.5%-0.1%
Return on equity6.4%8.3%8.5%7.9%7.1%4.3%4.3%2.6%-0.1%
Debt / equity0.21×—————0.25×——

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.