IIPR Financials Innovative Industrial Properties Inc

9 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 28 h ago Overview →

Growth & profitability

Revenue has grown 17.9% per year over the past 5 years.
Net income has grown slower than revenue (12.5% vs 17.9% per year).
Operating margin has contracted, at 46.7% in the latest year.

Financial health

Total debt ($394M) exceeds cash ($48M); net debt is $346M.
Operating income covered interest expense 6.1× in the latest year.
Total debt is 2.0× EBITDA.

Shareholder returns

Dividends have been paid for 9 consecutive years, consuming 182.9% of earnings.
The dividend has grown 23.4% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
2025	$266M	$118M	0.0%	46.7%	—	$394M	$48M
2024	$309M	$162M	0.0%	54.6%	—	—	$146M
2023	$310M	$166M	0.0%	56.4%	—	—	$140M
2022	$276M	$154M	0.0%	61.4%	—	—	$87M
2021	$205M	$114M	0.0%	66.2%	—	—	$81M
2020	$117M	$66M	0.0%	59.7%	—	—	$126M
2019	$45M	$23M	0.0%	55.8%	—	$135M	$82M
2018	$15M	$7M	0.0%	36.1%	—	—	$13M
2017	$6M	-$72000	0.0%	-3.5%	-$896000	—	$12M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
Mar '26	$69M	$33M	0.0%	47.7%	—	—	$89M
Dec '25	$67M	$32M	0.0%	47.8%	—	$394M	$48M
Sep '25	$65M	$29M	0.0%	45.5%	—	—	$37M
Jun '25	$63M	$26M	0.0%	45.9%	—	—	$100M
Mar '25	$72M	$31M	0.0%	47.4%	—	—	$128M
Dec '24	$77M	$40M	0.0%	54.7%	—	—	$146M
Sep '24	$77M	$40M	0.0%	54.8%	—	—	$147M
Jun '24	$80M	$42M	0.0%	53.1%	—	—	$121M
Mar '24	$75M	$39M	0.0%	55.7%	—	—	$154M
Dec '23	$79M	$42M	0.0%	55.5%	—	—	$140M
Sep '23	$78M	$42M	0.0%	56.3%	—	—	$117M
Jun '23	$76M	$41M	0.0%	56.8%	—	—	$93M
Mar '23	$76M	$41M	0.0%	57.0%	—	—	$38M
Dec '22	$70M	$42M	0.0%	62.8%	—	—	$87M
Sep '22	$71M	$38M	0.0%	58.3%	—	—	$77M
Jun '22	$71M	$40M	0.0%	62.6%	—	—	$45M
Mar '22	$65M	$35M	0.0%	61.8%	—	—	$43M
Dec '21	$59M	$29M	0.0%	65.3%	—	—	$81M
Sep '21	$54M	$30M	0.0%	67.4%	—	—	$127M
Jun '21	$49M	$29M	0.0%	67.4%	—	—	$156M

Valuation over time

How the market has priced IIPR against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 14.2× (Mar '23) to 14.9× (Jun '26).
The price-to-sales ratio has fallen from 7.9× (Mar '23) to 6.6× (Jun '26).
The dividend yield has risen from 8.4% (Mar '23) to 12.3% (Jun '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is IIPR growing its revenue and profit?

Over the past 5 years, Innovative Industrial Properties Inc's revenue has grown 17.9% per year, and net income grown 12.5% per year. These are computed facts, not advice.

How much debt does IIPR have?

As of FY2025, Innovative Industrial Properties Inc reported $394M of total debt against $48M of cash; operating income covered interest expense 6.1×.

What is IIPR's profit margin?

In FY2025, gross margin was —, operating margin 46.7%, and net margin 44.5%.

What is IIPR's P/E ratio?

As of Jun '26, Innovative Industrial Properties Inc traded at a price-to-earnings ratio of about 14.9× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.