Innovative Industrial Properties, Inc. (IIPR) Key Metrics
IIPR valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $1.44B
- Enterprise value
- $2.06B
- P/E (TTM)
- 11.9 10-yr median 26.3
- Forward P/E
- 12.4
- PEG ratio
- —
- Price / sales
- 5.5 10-yr median 14.1
- Price / book
- 0.9 10-yr median 1.4
- EV / EBITDA
- 8.7 10-yr median 18.0
- Dividend yield
- 14.51% $7.60 a year
- Beta
- 1.42
IIPR key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsIIPR valuation Price multiples at each fiscal year-end price.
IIPR returns How much profit the business earns on the capital it uses.
IIPR per-share figures Results divided by the shares outstanding at year-end.
IIPR financial health Debt, liquidity and how easily interest is covered.
IIPR efficiency & capital use Working capital cycle and where the cash goes.
IIPR valuation history
IIPR returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
IIPR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
IIPR cash returned to shareholders
IIPR price vs earnings per share
IIPR key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $1.34B | $1.90B | $2.85B | $2.80B | $6.90B | $3.58B | $810.6M | $330.7M | — | — |
| Enterprise value | $1.69B | $2.05B | $3.01B | $3.02B | $7.15B | $3.59B | $864.2M | $318.3M | — | — |
| P/E ratio | 11.7 | 11.8 | 17.2 | 18.2 | 60.6 | 54.5 | 34.5 | 47.3 | — | — |
| Price / sales | 5.1 | 6.2 | 9.2 | 10.1 | 33.8 | 30.6 | 18.1 | 22.4 | — | — |
| Price / book | 0.7 | 1.0 | 1.5 | 1.4 | 4.3 | 2.3 | 1.5 | 1.3 | — | — |
| Price / free cash flow | 7.7 | 7.4 | 27.0 | 12.0 | 36.6 | — | — | — | — | — |
| Price / operating cash flow | 6.8 | 7.4 | 11.1 | 12.0 | 36.6 | 32.3 | 18.0 | 21.1 | — | — |
| EV / sales | 6.4 | 6.7 | 9.7 | 10.9 | 35.0 | 30.7 | 19.3 | 21.5 | — | — |
| EV / EBITDA | 8.1 | 8.3 | 12.1 | 13.0 | 41.5 | 35.8 | 23.0 | 33.1 | — | — |
| EV / free cash flow | 9.7 | 7.9 | 28.5 | 12.9 | 37.9 | — | — | — | — | — |
| Earnings yield | 8.5% | 8.5% | 5.8% | 5.5% | 1.7% | 1.8% | 2.9% | 2.1% | — | — |
| Free cash flow yield | 13.0% | 13.6% | 3.7% | 8.4% | 2.7% | −11.7% | −36.9% | −2.0% | — | — |
| Dividend yield | 16.3% | 11.2% | 7.2% | 6.6% | 1.9% | 2.1% | 3.0% | 2.4% | — | — |
| Shareholder yield (dividends + buybacks) | 17.8% | 11.2% | 7.2% | 6.6% | 2.0% | 2.1% | 3.0% | 2.5% | — | — |
| Share price at fiscal year-end | $47.36 | $66.64 | $100.82 | $101.35 | $262.91 | $183.13 | $75.87 | $45.39 | $32.31 | $18.19 |
| Per share | ||||||||||
| Revenue per share | $9.37 | $10.81 | $10.95 | $9.99 | $7.79 | $5.98 | $4.18 | $2.03 | — | — |
| Earnings per share | $4.03 | $5.67 | $5.86 | $5.58 | $4.34 | $3.36 | $2.20 | $0.96 | — | — |
| Operating cash flow per share | $6.98 | $9.06 | $9.04 | $8.46 | $7.19 | $5.67 | $4.21 | $2.15 | — | — |
| Free cash flow per share | $6.16 | $9.06 | $3.73 | $8.46 | $7.19 | −$21.42 | −$27.98 | −$0.91 | — | — |
| Cash per share | $1.68 | $5.13 | $4.96 | $3.15 | $3.09 | $6.44 | $7.70 | $1.79 | — | — |
| Book value per share | $65.12 | $67.86 | $69.12 | $70.92 | $61.37 | $77.97 | $51.29 | $36.27 | — | — |
| Tangible book value per share | $64.90 | $67.60 | $68.83 | $70.59 | $61.02 | $77.97 | $51.29 | $36.27 | — | — |
| Dividends per share | $7.74 | $7.48 | $7.22 | $6.65 | $5.04 | $3.93 | $2.24 | $1.10 | — | — |
| Capex per share | $0.83 | $2.87 | $5.31 | $18.94 | $25.21 | $27.09 | $32.19 | $3.06 | — | — |
| Debt per share | $13.87 | $10.44 | $10.65 | $10.90 | $12.42 | $7.04 | $12.72 | $0.08 | — | — |
| Shares outstanding | 28.4M | 28.5M | 28.3M | 27.7M | 26.3M | 19.6M | 10.7M | 7.3M | — | — |
| Change in shares outstanding | −0.5% | +1.0% | +2.1% | +5.3% | +34.3% | +83.1% | +46.6% | — | — | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 6.0% | 8.3% | 8.5% | 8.6% | 7.3% | 6.3% | 5.8% | 4.1% | −0.1% | −7.3% |
| Return on invested capital (ROIC) | 4.6% | 8.0% | 8.1% | 8.4% | 6.7% | 5.8% | 4.3% | 3.4% | −0.0% | −0.0% |
| Return on assets (ROA) | 4.8% | 6.8% | 6.9% | 6.9% | 5.9% | 5.2% | 4.6% | 3.9% | −0.1% | −6.9% |
| Return on tangible assets | 4.8% | 6.8% | 6.9% | 6.4% | 5.5% | 3.7% | 3.1% | 2.5% | −0.1% | −9.9% |
| Free cash flow margin | 65.7% | 83.8% | 34.1% | 84.7% | 92.3% | −358.4% | −669.4% | −44.6% | −14.0% | — |
| Income quality (OCF / net income) | 1.73 | 1.60 | 1.54 | 1.52 | 1.66 | 1.69 | 1.91 | 2.25 | — | — |
| Financial health | ||||||||||
| Total debt | $393.7M | $297.9M | $300.9M | $301.5M | $326.1M | $137.8M | $135.9M | $614,000 | $482,000 | $60.76B |
| Cash & short-term investments | $47.6M | $146.2M | $140.2M | $87.1M | $81.1M | $126.0M | $82.2M | $13.1M | $11.8M | $33.0M |
| Net debt | $346.1M | $151.6M | $160.6M | $214.4M | $245.0M | $11.7M | $53.6M | −$12.4M | −$11.3M | $60.72B |
| Debt / equity | 0.21 | 0.15 | 0.15 | 0.15 | 0.20 | 0.09 | 0.25 | 0.00 | 0.01 | — |
| Debt / assets | 0.17 | 0.13 | 0.13 | 0.12 | 0.16 | 0.08 | 0.18 | 0.00 | 0.01 | 959.39 |
| Net debt / EBITDA | 1.66 | 0.61 | 0.65 | 0.92 | 1.42 | 0.12 | 1.43 | −1.29 | −16.29 | — |
| Current ratio | 0.15 | 1.27 | 1.24 | 0.71 | 0.68 | 1.20 | 1.89 | 0.76 | 1.83 | 12.74 |
| Quick ratio | 0.15 | 1.27 | 1.24 | 0.71 | −2.18 | 1.20 | 1.89 | 0.76 | 1.83 | — |
| Interest coverage | 6.1 | 10.4 | 10.8 | 9.3 | 7.5 | 9.4 | 4.0 | 3.2 | -1.5 | — |
| Working capital | −$271.7M | $36.3M | $31.5M | −$43.0M | −$46.3M | $20.6M | $55.3M | −$4.1M | $5.3M | $30.7M |
| Invested capital | $2.19B | $2.09B | $2.11B | $2.18B | $1.86B | $1.54B | $601.6M | $251.9M | $62.3M | $60.78B |
| Tangible asset value | $1.84B | $1.93B | $1.94B | $1.95B | $1.60B | $1.52B | $548.0M | $264.3M | $73.5M | $41.6M |
| Net current asset value | −$475.3M | −$272.9M | −$274.4M | −$346.4M | −$373.6M | −$117.1M | −$80.5M | −$4.1M | $5.3M | $30.4M |
| Graham number | $76.87 | $93.01 | $95.47 | $94.37 | $77.42 | $76.79 | $50.36 | $27.97 | — | — |
| Graham net-net per share | −$16.30 | −$9.77 | −$9.96 | −$12.74 | −$6.62 | −$5.99 | −$10.82 | −$0.57 | — | — |
| Capital allocation | ||||||||||
| Dividends paid | $219.5M | $213.5M | $204.1M | $183.9M | $132.3M | $76.8M | $23.9M | $8.0M | $1.1M | $1.1M |
| Share buybacks (net) | $20.1M | $0 | $568,000 | $0 | $3.4M | $0 | $0 | $390,000 | $298,000 | $1,000 |
| Dividend payout ratio | 191.8% | 132.1% | 123.2% | 119.1% | 116.1% | 116.9% | 102.0% | 114.2% | — | — |
| Dividends + buybacks / free cash flow | 137.1% | 82.6% | 194.0% | 78.6% | 71.9% | — | — | — | — | — |
| Capex / revenue | 8.8% | 26.5% | 48.5% | 189.6% | 323.7% | 453.2% | 770.0% | 150.8% | 92.1% | 9,355.8% |
| Capex / operating cash flow | 11.8% | 31.6% | 58.7% | 223.8% | 350.8% | 478.1% | 765.4% | 142.1% | 117.9% | 1,773.9% |
| Capex / depreciation | 0.32 | 1.15 | 2.23 | 8.55 | 15.85 | 18.91 | 39.99 | 8.48 | 6.46 | 1,112.30 |
| Stock-based compensation / revenue | 3.8% | 5.6% | 6.3% | 6.3% | 4.2% | 2.8% | 5.6% | 9.9% | 26.8% | 18.1% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 12.7% | 12.1% | 14.0% | 13.9% | 11.2% | 12.1% | 22.0% | 43.1% | 85.6% | 257.9% |
| Efficiency | ||||||||||
| Days sales outstanding | 27.2 | 26.5 | 23.6 | 20.4 | 23.0 | — | — | — | — | 65,902.4 |
| Days of inventory on hand | — | — | — | — | 34,226.9 | — | — | — | — | 25,026,363.4 |
| Days payables outstanding | 209.4 | 267.9 | 447.1 | 1,630.4 | 3,907.7 | 2,562.3 | 4,550.1 | 2,248.6 | 1,781.7 | 293.7 |
| Cash conversion cycle (days) | -182.2 | -241.4 | -423.5 | -1,610.0 | 30,342.3 | — | — | — | — | 25,091,972.2 |
| Receivables turnover | 13.43 | 13.77 | 15.47 | 17.87 | 15.84 | — | — | — | — | 0.01 |
| Payables turnover | 1.74 | 1.36 | 0.82 | 0.22 | 0.09 | 0.14 | 0.08 | 0.16 | 0.20 | 1.24 |
| Inventory turnover | — | — | — | — | 0.01 | — | — | — | — | 0.00 |
| Asset turnover | 0.11 | 0.13 | 0.13 | 0.12 | 0.11 | 0.09 | 0.09 | 0.08 | 0.09 | 0.01 |
| Average receivables | $19.8M | $22.4M | $20.0M | $15.5M | $12.9M | — | — | — | — | $58.0M |
| Average payables | $17.3M | $20.9M | $30.5M | $47.0M | $47.6M | $34.8M | $16.4M | $2.7M | $576,000 | $70,000 |
| Average inventory | — | — | — | — | $416.6M | — | — | — | $2.98B | $5.97B |
| Intangibles / total assets | 0.3% | 0.3% | 0.3% | 0.4% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 29.8% |
Computed from IIPR's annual financial statements (latest annual report filed February 24, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
IIPR valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Innovative Industrial traded at 11.7 times earnings, against a 10-year median of 26.3. Based on the latest twelve months, the trailing P/E is 11.9 and the forward P/E is 12.4. Innovative Industrial earned a return on equity of 6.0% and a return on invested capital of 4.6% in fiscal 2025. It ended the year with $393.7 million of debt and $47.6 million in cash and short-term investments, net debt of $346.1 million. It returned $239.6 million to shareholders: $219.5 million in dividends and $20.1 million in share buybacks, 137% of free cash flow.
See the IIPR income statement, the IIPR chart for price history, or the IIPR stock overview for the latest quote and news.
IIPR key metrics FAQ
What is Innovative Industrial's P/E ratio?
Innovative Industrial's trailing P/E ratio is 11.9 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 12.4. At the end of fiscal 2025 it was 11.7, compared with a 10-year median of 26.3.
What is Innovative Industrial's EV/EBITDA?
Innovative Industrial's enterprise value was 8.1 times EBITDA at the end of fiscal 2025 (enterprise value $1.7 billion, EBITDA $208.7 million); the current EV/EBITDA is 8.7.
What is Innovative Industrial's return on equity?
Innovative Industrial's return on equity (ROE) was 6.0% in fiscal 2025: net income of $114.4 million on average shareholders' equity of $1.9 billion.
What is Innovative Industrial's ROIC?
Innovative Industrial's return on invested capital was 4.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Innovative Industrial have?
Innovative Industrial had total debt of $393.7 million at the end of fiscal 2025, a debt-to-equity ratio of 0.21 and $346.1 million of net debt (1.66 times EBITDA).
What is Innovative Industrial's dividend yield?
Innovative Industrial's forward dividend yield is 14.51%. Innovative Industrial paid $219.5 million in dividends in fiscal 2025 ($7.74 per share), a payout ratio of 191.8%.
Does Innovative Industrial buy back its shares?
Yes. Innovative Industrial spent $20.1 million on net share repurchases in fiscal 2025 Shares outstanding changed −0.5% over the year, to 28.4M..
What is Innovative Industrial's free cash flow yield?
Innovative Industrial generated $174.8 million of free cash flow in fiscal 2025, a free cash flow yield of 13.0% on its market value at year-end ($1.3 billion).
What is Innovative Industrial's current ratio?
Innovative Industrial's current ratio was 0.15 at the end of fiscal 2025: current assets were 0.15 times current liabilities.