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 Aug 9, 2026, 10:15 UTC 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

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
2025	$266M	$118M	0.0%	46.7%	6.4%	5.0%	—	$394M	$48M
2024	$309M	$162M	0.0%	54.6%	8.3%	6.8%	—	—	$146M
2023	$310M	$166M	0.0%	56.4%	8.5%	6.9%	—	—	$140M
2022	$276M	$154M	0.0%	61.4%	7.9%	6.4%	—	—	$87M
2021	$205M	$114M	0.0%	66.2%	7.1%	5.5%	—	—	$81M
2020	$117M	$66M	0.0%	59.7%	4.3%	3.7%	—	—	$126M
2019	$45M	$23M	0.0%	55.8%	4.3%	3.1%	—	$135M	$82M
2018	$15M	$7M	0.0%	36.1%	2.6%	2.5%	—	—	$13M
2017	$6M	-$72000	0.0%	-3.5%	-0.1%	-0.1%	-$896000	—	$12M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
Jun '26	$63M	$44M	0.0%	65.5%	2.4%	1.7%	—	—	$205M
Mar '26	$69M	$33M	0.0%	47.7%	1.7%	1.4%	—	—	$89M
Dec '25	$67M	$32M	0.0%	47.8%	1.7%	1.3%	—	$394M	$48M
Sep '25	$65M	$29M	0.0%	45.5%	1.6%	1.3%	—	—	$37M
Jun '25	$63M	$26M	0.0%	45.9%	1.4%	1.1%	—	—	$100M
Mar '25	$72M	$31M	0.0%	47.4%	1.6%	1.3%	—	—	$128M
Dec '24	$77M	$40M	0.0%	54.7%	2.1%	1.7%	—	—	$146M
Sep '24	$77M	$40M	0.0%	54.8%	2.1%	1.7%	—	—	$147M
Jun '24	$80M	$42M	0.0%	53.1%	2.2%	1.8%	—	—	$121M
Mar '24	$75M	$39M	0.0%	55.7%	2.0%	1.6%	—	—	$154M
Dec '23	$79M	$42M	0.0%	55.5%	2.1%	1.7%	—	—	$140M
Sep '23	$78M	$42M	0.0%	56.3%	2.1%	1.7%	—	—	$117M
Jun '23	$76M	$41M	0.0%	56.8%	2.1%	1.7%	—	—	$93M
Mar '23	$76M	$41M	0.0%	57.0%	2.1%	1.7%	—	—	$38M
Dec '22	$70M	$42M	0.0%	62.8%	2.1%	1.7%	—	—	$87M
Sep '22	$71M	$38M	0.0%	58.3%	1.9%	1.5%	—	—	$77M
Jun '22	$71M	$40M	0.0%	62.6%	2.0%	1.7%	—	—	$45M
Mar '22	$65M	$35M	0.0%	61.8%	2.1%	1.7%	—	—	$43M
Dec '21	$59M	$29M	0.0%	65.3%	1.8%	1.4%	—	—	$81M
Sep '21	$54M	$30M	0.0%	67.4%	2.0%	1.4%	—	—	$127M

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 fallen from 13.6× (Mar '23) to 12.7× (Nov '26).
The price-to-sales ratio has fallen from 7.6× (Mar '23) to 5.6× (Nov '26).
The dividend yield has risen from 8.8% (Mar '23) to 14.4% (Nov '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?

Innovative Industrial Properties Inc's P/E (TTM) is 10.89 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the IIPR stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 12.7× as of Nov '26) can differ. 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), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.